# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000898531-23-000118
**Filing Date:** 2023-3
**Character Count:** 652037
**Document Hash:** 352c883a505626f1a1fb7876d6db0701
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898531-23-000118.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0000898531-23-000118

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**EFFECTIVENESS DATE**: 20230307

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 23711625

**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           |
| C000116567 | Advisor Shares       |  |

### 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 Equity Income Fund (Series ID: S000038480)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118715 | Investor Shares      | BIADX           |
| C000118716 | Institutional Shares | BAFDX           |
| C000118717 | Advisor Shares       | BADAX           |

### 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           |
| C000118734 | Institutional Shares |  |
| C000118735 | Advisor Shares       |  |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118736 | Investor Shares      | BIAIX           |
| C000118737 | Institutional Shares |  |
| 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           |
| C000135281 | Advisor Shares       |  |

### Brown Advisory Total Return Fund (Series ID: S000047213)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000147943 | Institutional Shares | BAFTX           |
| C000147944 | Investor Shares      | BIATX           |
| C000147945 | Advisor Shares       |  |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000154927 | Institutional Shares | BAFLX           |
| C000154928 | Investor Shares      | BIALX           |
| C000154929 | Advisor Shares       |  |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000191095 | Institutional Shares | BAISX           |
| C000191096 | Investor Shares      | BASBX           |
| C000191097 | Advisor Shares       |  |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000192739 | Institutional Shares | BAFMX           |
| C000192740 | Investor Shares      | BMIDX           |
| C000192741 | Advisor Shares       |  |

### 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           |
| C000198530 | Advisor Shares       |  |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000216254 | Investor Shares      | BITEX           |
| C000216255 | Institutional Shares |  |
| C000216256 | Advisor Shares       |  |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000229576 | Institutional Shares | BAFYX           |
| C000229577 | Investor Shares      | BIAYX           |
| C000229578 | Advisor Shares       |  |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000234308 | Institutional Shares | BAILX           |
| C000234309 | Investor Shares      | BISLX           |
| C000234310 | Advisor Shares       |  |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> 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>**<br> (Exact name of Registrant as specified in charter)

#### 901 South Bond Street Suite 400
**<u>Baltimore, MD 21231</u>**<br> (Address of principal executive offices) (Zip code)

#### Paul J. Chew

#### Principal Executive Officer

#### Brown Advisory Funds

#### 901 South Bond Street Suite 400
**<u>Baltimore, MD 21231</u>**<br> (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, 2022</u>**

------

#### Item 1. Reports to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), is as follows:

![](brown_advisory-logo.jpg)

### <br>

### SEMI-ANNUAL REPORT

December 31, 2022

Brown Advisory Growth Equity Fund

Brown Advisory Flexible Equity Fund

Brown Advisory Equity Income 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 Global Leaders Fund

Brown Advisory Sustainable International Leaders Fund

Brown Advisory Intermediate Income Fund

Brown Advisory Total Return 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

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Brown Advisory Growth Equity Fund | 1 |
| Brown Advisory Flexible Equity Fund | 4 |
| Brown Advisory Equity Income Fund | 7 |
| Brown Advisory Sustainable Growth Fund | 10 |
| Brown Advisory Mid-Cap Growth Fund | 13 |
| Brown Advisory Small-Cap Growth Fund | 16 |
| Brown Advisory Small-Cap Fundamental Value Fund | 20 |
| Brown Advisory Sustainable Small-Cap Core Fund | 23 |
| Brown Advisory Global Leaders Fund | 27 |
| Brown Advisory Sustainable International Leaders Fund | 30 |
| Brown Advisory Intermediate Income Fund | 33 |
| Brown Advisory Total Return Fund | 37 |
| Brown Advisory Sustainable Bond Fund | 43 |
| Brown Advisory Maryland Bond Fund | 49 |
| Brown Advisory Tax-Exempt Bond Fund | 53 |
| Brown Advisory Tax-Exempt Sustainable Bond Fund | 58 |
| Brown Advisory Mortgage Securities Fund | 63 |
| Brown Advisory – WMC Strategic European Equity Fund | 73 |
| Brown Advisory Emerging Markets Select Fund | 76 |
| Brown Advisory – Beutel Goodman Large-Cap Value Fund | 79 |
| Statements of Assets and Liabilities | 82 |
| Statements of Operations | 87 |
| Statements of Changes in Net Assets | 92 |
| Financial Highlights | 102 |
| Notes to Financial Statements | 110 |
| Additional Information | 125 |

---

*The views in the report contained herein were those of the Funds' investment adviser, Brown Advisory LLC, or, for the sub-advised funds, of the respective sub-adviser, as of December 31, 2022 and may not reflect their views on the date this report is first published or anytime thereafter. This report may contain discussions about certain investments both held and not held in the portfolio as of December 31, 2022. All current and future holdings are subject to risk and are subject to change. While these views are intended to assist shareholders in understanding their investment in each Fund, they do not constitute investment advice, are not a guarantee of future performance and are not intended as an offer or solicitation with respect to the purchase or sale of any security. Performance figures include the reinvestment of dividend and capital gain distributions.*

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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.

------

#### GLOSSARY OF TERMS
**Absolute basis** is to express as a fixed amount rather than referring to variable factors.

**Absolute performance** refers to the percentage rise or fall in the share price of a security over a stated period.

**Absolute return** refers to the percent amount that an asset rises or declines in value in a given period.

**Alpha** refers to the abnormal rate of return on a security or portfolio in excess of what would be predicted by an equilibrium model like the capital asset pricing model (CAPM).

**American Rescue Plan (ARP)** is a $1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the United States' recovery from the economic and health effects of the COVID-19 pandemic and the ongoing recession.

**Bloomberg 1-10 Year Blended Municipal Bond Index** is a market index of high quality, domestic fixed income securities with maturities of less than 10 years.

**Bloomberg Intermediate US Aggregate Bond Index** represents domestic taxable investment-grade bonds with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities with average maturities and durations in the intermediate range. This index represents a sector of the Bloomberg US Aggregate Bond Index.

**Bloomberg Mortgage Backed Securities Index** is a market value-weighted index which covers the mortgage-backed securities component of the Bloomberg US Aggregate Bond Index. The index is composed of agency mortgage-backed passthrough securities of the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) with a minimum $150 million par amount outstanding and a weighted-average maturity of at least 1 year. The index includes reinvestment of income.

**Bloomberg US Aggregate Bond Index** is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS, ABS and CMBS.

**Bloomberg US Corporate High Yield Index** measures the US Dollar denominated, high-yield, fixed-rate corporate bond market.

**Basis point(s) (bps)** is a unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security. 1% is equal to 100 basis points.

**Beta** is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.

**Book value** is the net asset value of a company, calculated by total assets minus intangible assets (patents, goodwill) and liabilities.

**CAPEX**, or capital expenditures, are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. It is often used to undertake new projects or investments by the firm. This type of outlay is also made by companies to maintain or increase the scope of their operations.

**Cash flow** measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

**Consumer Price Index (CPI)** is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.

**Coronavirus Aid, Relief, and Economic Security Act (CARES Act)**, also known as the CARES Act, is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States.

**Correlation** is a statistical measurement of how two securities move in relation to each other.

**Credit spread** is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality. Credit spreads between U.S. Treasuries and other bond issuances are measured in basis points, with a 1% difference in yield equal to a spread of 100 basis points.

**Dividend Yield** is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock.

**Downside Capture** is a statistical measure of a fund's performance in down markets. For example, a fund with downside capture of 90% would only have declined 90% as much as the related index during the same down market period.

**Duration** is a measure of the sensitivity of the price of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years.

------

**Duration contribution** equals the spread duration, or the measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates, of a security or market segment multiplied by the size of the allocation to it.

**Earnings growth** is a measure of growth in a company's net income over a specific period, often one year. The term can apply to actual data from previous periods or estimated data for future periods.

**Earnings per share (EPS)** is calculated by taking the total earnings divided by the number of shares outstanding.

**Earnings Yield** is the earnings per share for the most recent 12-month period divided by the current market price per share. The earnings yield shows the percentage of each dollar invested in the stock that was earned by the company.

**EBITDA** is the Earnings Before Interest, Taxes, Depreciation and Amortization. An approximate measure of a company's operating cash flow based on data from the company's income statement.

**Enterprise Value (EV)** is a measure of a company's value, often used as an alternative to straightforward market capitalization. Enterprise Value is calculated as market capitalization plus debt, minority interest and preferred shares, minus total cash and cash equivalents.

**Environmental, Social and Governance (ESG)** is an evaluation of a firm's collective conscientiousness for social and environmental factors. The criteria are a set of standards for a company's operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company's leadership, executive pay, audits, internal controls, and shareholder rights.

**FTSE All-World Index** is a market capitalization weighted index representing the performance of large and mid-capitalization stocks from the FTSE Global Equity Index Series.

**FTSE Emerging Index** is a market capitalization weighted index representing the performance of over 790 large and mid-capitalization companies in 22 emerging markets.

**Forward price to earnings ratio** uses forecasted earnings, rather than current earnings, to calculate the price to earnings ratio.

**Free Cash Flow** is the operating cash flows (net income plus amortization and depreciation) minus capital expenditures and dividends. Free cash flow is the amount of cash that a company has left over after it has paid all of its expenses, including investments.

**Free Cash Flow (FCF) Conversion** represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets. Unlike earnings or net income, free cash flow is a measure of profitability that excludes the non-cash expenses of the income statement and includes spending on equipment and assets as well as changes in working capital from the balance sheet.

**Free Cash Flow (FCF) Yield** is a financial ratio that compares the free cash flow per share a company is expected to earn against its market value per share. The ratio is calculated by taking the free cash flow per share divided by the current share price.

**Global Financial Crisis** refers to the financial crisis of 2007-2008, which was a severe worldwide economic crisis. Prior to the COVID-19 recession in 2020, it was considered by many economists to have been the most serious financial crisis since the Great Depression.

**Government agency residential mortgage-backed security** is an instrument whose principal and interest payments are guaranteed by a government agency such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

**Gross Domestic Product (GDP)** is the monetary value of all the goods and services produced by an economy over a specified period. It includes consumption, government purchases, investments, and exports minus imports.

**ICE BofAML 0-3 Month US Treasury Bill Index** is a subset of the ICE BofAML US Treasury Bill Index and includes all securities with a remaining term to final maturity less than 3 months.

**Inflation rate** refers to the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.

**Internal rate of return (IRR)** is a metric used in financial analysis to estimate the profitability of potential investments. IRR is a discount rate that makes the net present value (NPV) of all cash flows equal to zero in a discounted cash flow analysis.

**Mandatory convertible** is a bond issued by a company which must be converted into shares to common stock on or before a specific date.

**Meme stocks** are stocks that see dramatic price increases, mostly fueled by people on social media (primarily Reddit, Twitter and Tik Tok). These stocks rarely have company fundamentals that back the rise in price and are often highly volatile.

**Mortgage-backed security (MBS)** is an investment similar to a bond that is made up of a bundle of home loans bought from the banks that issued them. Investors in MBS receive periodic payments similar to bond coupon payments.

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**MSCI ACWI ex USA Index** is an index that captures large and mid cap representation across Developed Markets countries (excluding the US) and Emerging Markets countries. The index covers the majority of the global equity opportunity set outside the US.

**MSCI All Country World Index (ACWI)** is a free float-adjusted market capitalization index that is designed to measure equity market performance in the large- and mid-cap segments of certain developed markets and global emerging markets countries.

**MSCI Emerging Markets Index** is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

**MSCI Emerging Markets Small Cap Index** is a free float-adjusted market capitalization index that is designed to measure small cap equity market performance in the global emerging markets.

**MSCI Europe Index** is an index that captures large and mid cap representation across 15 developed market countries in Europe.

**Net present value (NPV)** is the difference between the present value of cash inflows and the present value of cash outflows over a period of time. NPV is used in capital budgeting and investment planning to analyze the profitability of a projected investment or project.

**90% active share** is an active share that was developed to quantify the degree of active management and measures the fraction of portfolio (based on position weights) that differs from the benchmark index. A portfolio with an active share of more than 60% is considered actively managed. Therefore, a 90% active share portfolio significantly differs from its index.

**Positive Convexity** is a measure describing the sensitivity of a bond's duration to changes in yield where a fall in yields leads to a greater increase in price than price declines due to an increase in yields providing downside protection for investors.

**Price to Book Value Ratio (P/B)** is ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.

**Price to earnings ratio (P/E)** is a common tool for comparing the prices of different common stocks and is calculated by dividing the current market price of a stock by the earnings per share.

**Quantitative Easing** is an expansionary monetary policy implemented by a central bank aiming to increase the money supply and decrease interest rates by buying bonds in order to inject liquidity into the economy.

**Relative performance** measures how a stock is performing relative to a specific market or index.

**Return of Capital (ROC)** is a return from an investment that is not considered income. The return of capital is when some or all of the money an investor has in an investment is paid back to him or her, thus decreasing the value of the investment.

**Return on Capital Employed (ROCE)** is a financial ratio that measures a company's profitability and the efficiency with which its capital is employed. Return on Capital Employed (ROCE) is calculated as: ROCE = Earnings Before Interest and Tax (EBIT) / Capital Employed.

**Return on Equity (ROE)** is the amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested.

**Return on Invested Capital (ROIC)** is a calculation used to assess a company's efficiency at allocating the capital under its control to profitable investments. ROIC is typically calculated by taking a company's net income, subtracting dividends the company paid out and dividing that amount by the company's total capital.

**Risk-adjusted return** refers to a calculation of the profit or potential profit from an investment that takes into account the degree of risk that must be accepted in order to achieve it. The risk is usually measured in comparison to U.S. Treasuries.

**Russell Midcap Growth Index** measures the performance of the mid-capitalization growth sector of the U.S. equity market.

**Russell 1000**<sup>®</sup> **Growth Index** measures the performance of the large-cap growth segment of the of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with higher price to book value ratios and higher forecasted growth values.

**Russell 1000**<sup>®</sup> **Value Index** measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price to book value ratios and lower expected growth values.

**Russell 2000**<sup>®</sup> **Growth Index** measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000<sup>®</sup> companies with higher price to book value ratios and higher forecasted growth values.

**Russell 2000**<sup>®</sup> **Index** measures the performance of the 2,000 smallest companies in the Russell 3000<sup>®</sup> Index.

**Russell 2000**<sup>®</sup> **Value Index** measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000<sup>®</sup> companies with lower price to book value ratios and lower forecasted growth values.

**Russell 3000**<sup>®</sup> **Index** measures the performance of the 3,000 largest U.S. companies representing approximately 98% of the investable U.S. equity market.

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**S&P 500 Index ("S&P 500")** is a market-value weighted index representing the performance of 500 widely held, publicly traded large capitalization stocks.

**Securitized credit** refers to the transformation of illiquid, nonmarketed assets into liquid, marketable assets, or in other words, securities.

**Sell-side research** is investment research issued by an investment bank or brokerage firm that is circulated to the firm's clients. The ultimate outcome of the research is to provide a report including a set of financial estimates, a price target, and a recommendation of a stock's expected performance.

**Standard deviation** is a statistical measure of the extent to which returns of an asset vary from its average.

**Sustainable Business Advantage Drivers (SBA Drivers)** refers to characteristic determined to help drive material value for customers and meaningful differentiation versus peers, as well as strong ESG risk management.

**Tangible Book Value ("TBV")** is a valuation ratio expressing the price of a security compared to its hard, or tangible, book value as reported in the company's balance sheet. The tangible book value number is equal to the company's total book value less the value of any intangible assets.

**Tier 1 Capital Ratio** is a comparison between a banking firm's core equity capital and total risk-weighted assets. A firm's core equity capital is known as its Tier 1 capital and is the measure of a bank's financial strength based on the sum of its equity capital and disclosed reserves, and sometimes non-redeemable, non-cumulative preferred stock. A firm's risk-weighted assets include all assets that the firm holds that are systematically weighted for credit risk. Central banks typically develop the weighting scale for different asset classes, such as cash and coins, which have zero risk, versus a letter or credit, which carries more risk.

**Turnover** refers to a fund buying or selling securities. (The fund "turns over" its portfolio.) A fund pays transaction costs, such as commissions, when it buys and sells securities. Additionally, a higher turnover rate may result in higher taxes when the fund shares are held in a taxable account.

**Yield concessions** is when an investor gives up some yield by buying a lower yielding bond that if one were to invest in a higher yielding bond.

**Yield Curve** is a line that plots the yields of securities having equal credit quality but different maturity dates.

**Yield Spread** is the difference between yields on differing securities, calculated by deducting the yield of one security from another.

The broad based market indexes referenced in the following management commentaries are considered representative of their indicated market, the indexes are unmanaged and do not reflect the deduction of fees, such as, investment management and fund accounting fees, or taxes associated with a mutual fund. Investors cannot invest directly in an index.

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#### Brown Advisory Growth Equity Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholders:

During the six-month period ended December 31, 2022, the Brown Advisory Growth Equity Fund Institutional Shares (the "Fund") decreased 2.62% in value. During the same period, the Russell 1000 Growth Index, the Fund's benchmark, decreased 1.48%.

U.S. markets and the global economy continue to be impacted by numerous macro factors: heightened inflation, rising interest rates, supply-chain constraints, and China's COVID-Zero policy. Rising rates meaningfully impacted valuations during the year, even for companies with dominant market positions and meaningful growth opportunities. During the fourth quarter, business fundamentals played a bigger role, as interest rates, although volatile, were mostly unchanged. While it is uncertain when some of these global economic challenges will subside, our focus remains entirely on monitoring the Fund's holdings.

From a sector perspective, communication services and health care were the largest detractors to performance on a relative basis during the period. Match Group, the online dating platform, underperformed during the period as uncertainty regarding the macroeconomic environment led the company to lower guidance for 2023. The new management team, who joined earlier in the year, has reinvigorated the focus on Tinder, the company's largest brand. We are confident in the management team's ability to leverage the healthy subscription trends across the dating platforms and improve the monetization of the user-base. Regarding health care, Edwards Lifesciences has seen Transcatheter Aortic Valve Replacement (TAVR) procedures slow, primarily due to the ongoing hospital staffing issues in the United States. Longer-term, the company's TAVR procedure continues to be mission-critical and we feel the growth opportunity is still well intact.

Consumer discretionary and industrials were the largest positive contributing sectors to relative performance during the period. Despite Lululemon recently reporting increased inventory levels and lower gross margins, the company's sales continue to be impressive across their product-base. In addition to better-than-expected sales, even in a challenging macroeconomic environment, product and apparel markdowns remain low- giving us confidence in the company's ability to manage this planned increase to inventory. Several of the Fund's industrial holdings, IDEX Corporation, Cintas and Roper, were top performers during the period. The uniform rental and facility services company, Cintas, has navigated the inflationary environment incredibly well in our view, posting double-digit organic growth and better-than-expected margins. In addition, the company has successfully provided higher value goods to their customers, cross-sold ancillary products, and increased asset utilization, which have been financially accretive.

From an activity perspective, the volatility in the markets during the period provided opportunities for two upgrades in the Fund. The Fund exited Sherwin-Williams to initiate a position in Generac. Generac is a leading provider of standby generators that attach to homes and automatically kick in to provide backup electricity during power outages. We believe that the number of households with this equipment could double or triple over the next decade, due to the increased severity of weather events and instability in the electric grid. Coupa was also eliminated from the Fund following our purchase of Atlassian. Atlassian is a leader in collaboration and workflow management software-as-a-service solutions and we believe the company has a larger total-addressable market and higher growth rate versus Coupa.

Considering the contraction in valuations seen across large-cap growth stocks this year, we are pleased to see the continued long-term fundamental strength and multi-year growth opportunities for the companies in the Fund.

Sincerely,

Kenneth M. Stuzin, CFA

Portfolio Manager

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www.brownadvisory.com/mf

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A Message to Our Shareholders

December 31, 2022

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#### <br>

#### Past performance is not a guarantee of future results.

#### Mutual fund investing involves risk. Principal loss is possible.
**Investments in smaller and medium capitalization companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock.**

**The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.**

**Investments in foreign securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. These risks are greater for investments in emerging markets.**

**The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

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www.brownadvisory.com/mf

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#### Brown Advisory Growth Equity Fund
Schedule of Investments

December 31, 2022 (Unaudited)

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---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 94.4%** | **Common Stocks — 94.4%** | |
| **Communication Services — 5.4%** | **Communication Services — 5.4%** | |
| 886019 | Alphabet, Inc. — Class C\* | 78616466 |
| 905293 | Match Group, Inc.\* | 37560607 |
|  |  | 116177073 |
| **Consumer Discretionary — 7.2%** | **Consumer Discretionary — 7.2%** |  |
| 598350 | Amazon.com, Inc.\* | 50261400 |
| 1173400 | Chewy, Inc.\* | 43509672 |
| 190724 | Lululemon Athletica, Inc.\* | 61104155 |
|  |  | 154875227 |
| **Consumer Staples — 9.1%** | **Consumer Staples — 9.1%** |  |
| 507447 | Brown-Forman Corp. | 33329119 |
| 162245 | Costco Wholesale Corp. | 74064842 |
| 353832 | Estee Lauder Companies, Inc. | 87789258 |
|  |  | 195183219 |
| **Financials — 2.7%** | **Financials — 2.7%** |  |
| 174902 | S&P Global, Inc. | 58581676 |
| **Health Care — 23.3%** | **Health Care — 23.3%** |  |
| 181519 | Align Technology, Inc.\* | 38282357 |
| 511762 | DexCom, Inc.\* | 57951929 |
| 970881 | Edwards Lifesciences Corp.\* | 72437431 |
| 409065 | Intuitive Surgical, Inc.\* | 108545398 |
| 173464 | Thermo Fisher Scientific, Inc. | 95524890 |
| 322476 | Veeva Systems, Inc.\* | 52041177 |
| 510036 | Zoetis, Inc. | 74745776 |
|  |  | 499528958 |
| **Industrials — 15.2%** | **Industrials — 15.2%** |  |
| 201080 | Cintas Corp. | 90811750 |
| 324778 | Generac Holdings, Inc.\* | 32692153 |
| 331969 | IDEX Corp. | 75798482 |
| 201368 | L3Harris Technologies, Inc. | 41926831 |
| 194176 | Roper Technologies, Inc. | 83901508 |
|  |  | 325130724 |
| **Information Technology — 31.5%** | **Information Technology — 31.5%** |  |
| 180368 | Adobe, Inc.\* | 60699243 |
| 210286 | Atlassian Corp.\* | 27059602 |
| 388928 | Autodesk, Inc.\* | 72678975 |
| 222080 | Intuit, Inc. | 86437978 |
| 272710 | MasterCard, Inc. | 94829448 |
| 393243 | Microsoft Corp. | 94307536 |
| 343476 | NVIDIA Corp. | 50195583 |
| 361024 | NXP Semiconductors NV | 57052623 |
| 251710 | ServiceNow, Inc.\* | 97731442 |
| 937799 | Shopify, Inc.\* | 32551003 |
|  |  | 673543433 |
| Total Common Stocks (Cost $1,445,476,418) | Total Common Stocks (Cost $1,445,476,418) | 2023020310 |
| **Real Estate Investment Trusts — 2.8%** | **Real Estate Investment Trusts — 2.8%** |  |
| 210861 | SBA Communications Corp. | 59106447 |
| Total Real Estate Investment Trusts (Cost $19,046,808) | Total Real Estate Investment Trusts (Cost $19,046,808) | 59106447 |
| **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** |  |
| **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** |  |
| 56730992 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 56730992 |
| Total Short-Term Investments (Cost $56,730,992) | Total Short-Term Investments (Cost $56,730,992) | 56730992 |
| Total Investments — 99.9% (Cost $1,521,254,218) | Total Investments — 99.9% (Cost $1,521,254,218) | 2138857749 |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | 1765185 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**2140622934** |

---

\* Non-Income Producing <br> # Annualized seven-day yield as of the date of this report.

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Information Technology | 31.5% |
| Health Care | 23.3% |
| Industrials | 15.2% |
| Consumer Staples | 9.1% |
| Consumer Discretionary | 7.2% |
| Communication Services | 5.4% |
| Real Estate Investment Trusts | 2.8% |
| Financials | 2.7% |
| Money Market Funds | 2.7% |
| Other Assets and Liabilities | 0.1% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Flexible Equity Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Flexible Equity Fund Investor Shares (the "Fund") returned 0.99%. During the same period, the S&P 500 Index (the "Index"), the Fund's benchmark, returned 2.31%. Our near-term performance has lagged the benchmark, but on a longer-term basis it compares more favorably.

In 2022, the Federal Reserve hit the reset button on financial markets. Call it the Great Reset. It only took over a decade of quantitative easing (QE) and a 40+ year inflation peak to get the Fed to move. The dramatic transition from QE to quantitative tightening (QT) negatively impacted investors. The thirteen years of QE since the Great Financial Crisis broke down the price discovery mechanism in markets and flooded financial markets with excess liquidity. Bond investors got lulled into believing central banks would always be there to support the market. Equity investors ratcheted down their discount rates while expecting COVID-driven earnings to continue as a trend, lifting many segments of the equity market to unsustainable levels. Numbed by global QE for so long, both groups of investors downplayed the drivers of interest rates – real return, inflation, and risk premium (for stock discount rates). In other words, the old rules of economics and finance no longer applied. Until, they did. The long length of the QE era reminds one of the John Maynard Keynes truism, "Markets can stay irrational longer than you [investors] can remain solvent."

Today, the yield curve is sharply inverted, global QT is in full swing, and inflation remains a sticky problem. Stock and bond valuations still look slightly elevated. Many are bearish. Whereas, in 2022 inflation and interest rates were the biggest driver of stock prices, earnings growth (or lack of it) and sentiment set up as the primary drivers of stock returns in 2023.

In the six-month period, the financials, industrials and information technology sectors had positive returns and contributed the most to the portfolio's return relative to the Index. As compared to the Index, consumer staples, energy and health care detracted the most from the results. All three had lower weightings and declined while the sectors in the Index increased.

The largest contributors to returns in the six-month period were financials Ameriprise Financial and Berkshire Hathaway, as well as United Rentals, an equipment rental business. Ameriprise Financial has been accelerating its business progress despite the tough macro environment given the company's positive leverage to rising interest rates, strong organic growth in wealth management and high capital return. Berkshire Hathaway's share price rebounded from near its low for the year at the start of the fourth quarter which could be attributed to its earnings report showing growth in operating earnings. United Rentals reported strong results and provided a favorable outlook.

The biggest detractors were Alphabet (the holding company of Google and related businesses), online used car retailer CarMax, and Edwards Lifesciences, whose products primarily treat late-stage cardiovascular disease.

Alphabet's growth accelerated in 2021 due to the pandemic recovery but in 2022, growth slowed against very difficult comparisons. CarMax reported earnings that fell shy of expectations. The poor results were driven by across-the-board weakness in unit comparable sales, wholesale units, finance income and profit margin as consumer demand for used cars dropped due to lack of affordability (especially relative to new cars), higher interest rates, and inflation adversely impacting consumer spending power. Edwards Lifesciences continued to see procedure demand impacted by ongoing macro issues across its hospital customer base, namely staffing shortage issues (primarily nursing).

We added four new investments and eliminated four since our June 30, 2022 annual report.

We initiated a new investment in Netflix, and funded this position by exiting Alibaba, the Chinese e-commerce company, as we find the former's prospects more attractive.

We eliminated PayPal in favor of investing in Fiserv, given some of the challenges PayPal is facing. Fiserv's key businesses are merchant acceptance, bank core processing and payments. A large portion of its revenue is recurring in nature.

Stericycle's waste management business has struggled for some time with its turnaround plans. We exited the position to purchase Adobe, a more compelling opportunity in our view. Adobe is a leading software franchise in the digital content creation and delivery markets.

Finally, we exited Disney, which faces cyclical as well as secular challenges, and reinvested the proceeds in Align Technology, makers of the popular Invisalign dental products.

As a reminder of our approach, the Flexible Equity team searches for investment bargains among long-term attractive businesses with shareholder-oriented managers—those with productive assets and productive managers. Bargains in these types of stocks can

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www.brownadvisory.com/mf

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A Message to Our Shareholders

December 31, 2022

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arise for various reasons but are often due to short-term investor perceptions, temporary business challenges that should improve, company or industry changes for the better, or as-yet-unrecognized potential for long-term growth and development. Despite the occasional investment that will go awry and stretches when the general stock market is unrewarding, we are optimistic about the long-term outlook for equities of good businesses purchased at reasonable prices and our ability to find them.

Sincerely,

Maneesh Bajaj

Portfolio Manager

#### Past performance is not a guarantee of future results.

#### Mutual fund investing involves risk. Principal loss is possible.
**Investments in smaller and medium-sized capitalization companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock.**

**Investments in foreign securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. These risks are greater for investments in emerging markets.**

**The value of the Fund's investments in REITS may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

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www.brownadvisory.com/mf

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#### Brown Advisory Flexible Equity Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 96.3%** | **Common Stocks — 96.3%** | |
| **Communication Services — 10.9%** | **Communication Services — 10.9%** | |
| 128683 | Alphabet, Inc. — Class A\* | 11353701 |
| 218467 | Alphabet, Inc. — Class C\* | 19384577 |
| 86059 | Meta Platforms, Inc.\* | 10356340 |
| 30661 | Netflix, Inc.\* | 9041315 |
| 193992 | Pinterest, Inc.\* | 4710126 |
| 68214 | T-Mobile US, Inc.\* | 9549960 |
|  |  | 64396019 |
| **Consumer Discretionary — 10.5%** | **Consumer Discretionary — 10.5%** |  |
| 161502 | Amazon.com, Inc.\* | 13566168 |
| 7940 | Booking Holdings, Inc.\* | 16001323 |
| 76662 | Bright Horizons Family Solutions, Inc.\* | 4837372 |
| 150158 | CarMax, Inc.\* | 9143121 |
| 42310 | Lowe's Companies, Inc. | 8429845 |
| 129977 | TJX Companies, Inc. | 10346169 |
|  |  | 62323998 |
| **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** |  |
| 530946 | Nomad Foods, Ltd.\* | 9153509 |
| **Energy — 4.0%** | **Energy — 4.0%** |  |
| 319296 | Baker Hughes Co. | 9428811 |
| 445700 | Suncor Energy, Inc. | 14142061 |
|  |  | 23570872 |
| **Financials — 17.6%** | **Financials — 17.6%** |  |
| 51334 | Ameriprise Financial, Inc. | 15983867 |
| 479748 | Bank of America Corp. | 15889254 |
| 87752 | Berkshire Hathaway, Inc.\* | 27106593 |
| 64201 | Blackstone, Inc. | 4763072 |
| 168139 | Charles Schwab Corp. | 13999253 |
| 14780 | First Citizens BancShares, Inc. | 11208561 |
| 336193 | KKR & Co., Inc. | 15606079 |
|  |  | 104556679 |
| **Health Care — 15.4%** | **Health Care — 15.4%** |  |
| 39774 | Agilent Technologies, Inc. | 5952179 |
| 29337 | Align Technology, Inc.\* | 6187173 |
| 460244 | Avantor, Inc.\* | 9706546 |
| 203879 | Edwards Lifesciences Corp.\* | 15211412 |
| 34234 | Elevance Health, Inc. | 17561015 |
| 79998 | Merck & Co., Inc. | 8875778 |
| 51859 | UnitedHealth Group, Inc. | 27494605 |
|  |  | 90988708 |
| **Industrials — 6.4%** | **Industrials — 6.4%** |  |
| 60950 | Canadian National Railway Co. | 7245736 |
| 261037 | Carrier Global Corp. | 10767776 |
| 93593 | Otis Worldwide Corp. | 7329268 |
| 35267 | United Rentals, Inc.\* | 12534597 |
|  |  | 37877377 |
| **Information Technology — 30.0%** | **Information Technology — 30.0%** |  |
| 32507 | Accenture PLC | 8674168 |
| 24854 | Adobe, Inc.\* | 8364117 |
| 61391 | Analog Devices, Inc. | 10069966 |
| 161976 | Apple, Inc. | 21045542 |
| 60350 | Fiserv, Inc.\* | 6099574 |
| 27817 | Intuit, Inc. | 10826933 |
| 88785 | MasterCard, Inc. | 30873208 |
| 155779 | Microsoft Corp. | 37358920 |
| 174301 | Taiwan Semiconductor |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing Co., Ltd. ADR | 12983681 |
| 149904 | Visa, Inc. | 31144055 |
|  |  | 177440164 |
| Total Common Stocks (Cost $303,529,775) | Total Common Stocks (Cost $303,529,775) | 570307326 |
| **Real Estate Investment Trusts — 1.5%** | **Real Estate Investment Trusts — 1.5%** |  |
| 30560 | SBA Communications Corp. | 8566273 |
| Total Real Estate Investment Trusts (Cost $5,125,230) | Total Real Estate Investment Trusts (Cost $5,125,230) | 8566273 |
| **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** |  |
| **Money Market Funds — 2.2%** | **Money Market Funds — 2.2%** |  |
| 13255850 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 13255850 |
| Total Short-Term Investments (Cost $13,255,850) | Total Short-Term Investments (Cost $13,255,850) | 13255850 |
| Total Investments — 100.0% (Cost $321,910,855) | Total Investments — 100.0% (Cost $321,910,855) | 592129449 |
| Liabilities in Excess of Other Assets — (0.0)% | Liabilities in Excess of Other Assets — (0.0)% | (35668) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**592093781** |

---

\* Non-Income Producing

ADR — American Depositary Receipt

# Annualized seven-day yield as of the date of this report.

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Information Technology | 30.0% |
| Financials | 17.6% |
| Health Care | 15.4% |
| Communication Services | 10.9% |
| Consumer Discretionary | 10.5% |
| Industrials | 6.4% |
| Energy | 4.0% |
| Money Market Funds | 2.2% |
| Consumer Staples | 1.5% |
| Real Estate Investment Trusts | 1.5% |
| Other Assets and Liabilities | (0.0)% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Equity Income Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Equity Income Fund Investor Shares (the "Fund") increased 4.74% in value. During the same period, the S&P 500 Index (the "Index"), the Fund's benchmark, increased 2.31%.

U.S. stocks gyrated but ended up advancing over the past six months as seven of the Index's eleven sectors managed to rise during the period. Notably, stock prices rose despite investor concerns about the challenging combination of rising interest rates and persistently high inflation in the U.S. during the period.

In terms of sector performance, consumer discretionary, communication services, and information technology stocks performed the best on a relative basis for the Fund during the period. All of the strategy's consumer discretionary holdings rose in price during a period when the overall sector in the Index declined. In particular, retailers Best Buy, Home Depot, and Lowe's gained as consumer spending remained resilient throughout the important year-end holiday selling season. In information technology, payroll processor holding Automatic Data Processing (ADP) was a standout performer as the tight labor market fueled demand for its various employment-related software products. The Fund trimmed its position in ADP as the stock price rallied during the period.

In contrast, the energy, industrials, and utilities sectors detracted the most from the Fund's relative performance during the period. Energy was the best performing sector for the Index during the period, and the Fund's holdings detracted from relative performance. In particular, oil and gas services provider Baker Hughes struggled with a host of idiosyncratic issues including parts shortages, project delays, and disruptions related to its ongoing exit from Russia. The company's stock price declined early in the period and the Fund added to its position amid the weakness. In utilities, Dominion Energy fell after announcing an unexpected business review, which called into question the company's ability to meet its earnings growth target over the next few years. Additionally, higher commodity input costs, wages, and interest rates have become near-term headwinds for the earnings of large electric utilities like Dominion.

There were no additions or deletions to the Fund during the period. Looking to 2023, inflation remains high on an absolute level, interest rates are still rising, and there are growing indications that global economic growth is slowing. As earnings growth expectations continue to adjust to the cloudy near-term economic backdrop, the stock market's day-to-day volatility has increased. We believe such an environment can create investment opportunities for patient investors.

The Fund's consistent orientation toward dividend yield, future growth opportunities, and attractive valuation remains a reasonable way for investors to navigate through the current challenging and uncertain macroeconomic environment. In the end, the ultimate goal is to build the best possible portfolio of investments that offer above-average yields with a strong potential for future growth at reasonable valuations.

Sincerely,

Brian Graney, CFA

Portfolio Manager

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www.brownadvisory.com/mf

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A Message to Our Shareholders

December 31, 2022

------

#### <br>

#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities and ADRs entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets.**

Diversification does not assure a profit nor protect against loss in a declining market.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Dividends are not guaranteed and a company's future abilities to pay dividends may be limited. A company currently paying dividends may cease paying dividends at any time.

Definitions for terms and indices are provided in the Glossary of Terms.

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www.brownadvisory.com/mf

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#### Brown Advisory Equity Income Fund
Schedule of Investments

December 31, 2022 (Unaudited)

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---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 91.0%** | **Common Stocks — 91.0%** | |
| **Communication Services — 2.2%** | **Communication Services — 2.2%** | |
| 45868 | Comcast Corp. | 1604004 |
| **Consumer Discretionary — 11.1%** | **Consumer Discretionary — 11.1%** |  |
| 13487 | Best Buy Co., Inc. | 1081792 |
| 6134 | Home Depot, Inc. | 1937485 |
| 6762 | Lowe's Companies, Inc. | 1347261 |
| 8228 | McDonald's Corp. | 2168325 |
| 11122 | Target Corp. | 1657623 |
|  |  | 8192486 |
| **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** |  |
| 14731 | Procter & Gamble Co. | 2232630 |
| 35084 | Unilever PLC ADR | 1766480 |
|  |  | 3999110 |
| **Energy — 3.7%** | **Energy — 3.7%** |  |
| 39784 | Baker Hughes Co. | 1174822 |
| 84741 | Kinder Morgan, Inc. | 1532117 |
|  |  | 2706939 |
| **Financials — 14.7%** | **Financials — 14.7%** |  |
| 9262 | Ameriprise Financial, Inc. | 2883909 |
| 46718 | Bank of America Corp. | 1547300 |
| 21702 | Blackstone, Inc. | 1610071 |
| 9595 | Chubb Ltd. | 2116657 |
| 13549 | JPMorgan Chase & Co. | 1816921 |
| 7907 | T. Rowe Price Group, Inc. | 862338 |
|  |  | 10837196 |
| **Health Care — 20.6%** | **Health Care — 20.6%** |  |
| 15938 | AbbVie, Inc. | 2575740 |
| 22675 | CVS Health Corp. | 2113083 |
| 16677 | Gilead Sciences, Inc. | 1431721 |
| 6713 | Johnson & Johnson | 1185851 |
| 13573 | Medtronic PLC | 1054894 |
| 28575 | Merck & Co., Inc. | 3170396 |
| 18365 | Novartis AG ADR | 1666073 |
| 3683 | UnitedHealth Group, Inc. | 1952653 |
|  |  | 15150411 |
| **Industrials — 6.7%** | **Industrials — 6.7%** |  |
| 6171 | Cummins, Inc. | 1495172 |
| 3621 | L3Harris Technologies, Inc. | 753928 |
| 11196 | Otis Worldwide Corp. | 876759 |
| 10393 | United Parcel Service, Inc. | 1806719 |
|  |  | 4932578 |
| **Information Technology — 19.9%** | **Information Technology — 19.9%** |  |
| 5025 | Accenture PLC | 1340871 |
| 9989 | Analog Devices, Inc. | 1638496 |
| 27516 | Apple, Inc. | 3575154 |
| 11110 | Automatic Data Processing, Inc. | 2653734 |
| 33416 | Cisco Systems, Inc. | 1591938 |
| 16111 | Microsoft Corp. | 3863740 |
|  |  | 14663933 |
| **Materials — 4.2%** | **Materials — 4.2%** |  |
| 16911 | Dow, Inc. | 852145 |
| 6750 | Linde PLC | 2201715 |
|  |  | 3053860 |
| **Utilities — 2.4%** | **Utilities — 2.4%** |  |
| 28982 | Dominion Energy, Inc. | 1777176 |
| Total Common Stocks (Cost $36,393,609) | Total Common Stocks (Cost $36,393,609) | 66917693 |
| **Preferred Stocks — 1.3%** | **Preferred Stocks — 1.3%** |  |
| **Financials — 0.5%** | **Financials — 0.5%** |  |
| 6811 | KKR & Co., Inc. — Series C, 6.00% | 389930 |
| **Health Care — 0.8%** | **Health Care — 0.8%** |  |
| 11627 | Becton, Dickinson & Co. Depositary Shares^ | 582280 |
| Total Preferred Stocks (Cost $941,219) | Total Preferred Stocks (Cost $941,219) | 972210 |
| **Real Estate Investment Trusts — 4.7%** | **Real Estate Investment Trusts — 4.7%** |  |
| 6787 | American Tower Corp. | 1437894 |
| 25410 | Hannon Armstrong Sustainable |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Infrastructure Capital, Inc. | 736382 |
| 16616 | W.P. Carey, Inc. | 1298540 |
| Total Real Estate Investment Trusts (Cost $2,493,691) | Total Real Estate Investment Trusts (Cost $2,493,691) | 3472816 |
| **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** |  |
| **Money Market Funds — 3.1%** | **Money Market Funds — 3.1%** |  |
| 2287109 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 2287109 |
| Total Short-Term Investments (Cost $2,287,109) | Total Short-Term Investments (Cost $2,287,109) | 2287109 |
| Total Investments — 100.1% (Cost $42,115,628) | Total Investments — 100.1% (Cost $42,115,628) | 73649828 |
| Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | (58486) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**73591342** |

---

ADR — American Depositary Receipt

---

| | |
|:---|:---|
| ^ | Each depositary share represents 1/20th interest in a share of Becton, Dickinson and Co. 6.00% Mandatory Convertible Preferred Stock, Series B. Each outstanding depositary share will automatically convert on June 1, 2023 into a number of shares of common stock. Refer to the company's filings at sec.gov for additional information. |
| # | Annualized seven-day yield as of the date of this report. |

---

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Health Care | 21.4% |
| Information Technology | 19.9% |
| Financials | 15.2% |
| Consumer Discretionary | 11.1% |
| Industrials | 6.7% |
| Consumer Staples | 5.5% |
| Real Estate Investment Trusts | 4.7% |
| Materials | 4.2% |
| Energy | 3.7% |
| Money Market Funds | 3.1% |
| Utilities | 2.4% |
| Communication Services | 2.2% |
| Other Assets and Liabilities | (0.1)% |
|  | 100.0% |

---

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

------

www.brownadvisory.com/mf

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#### Brown Advisory Sustainable Growth Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholders:

During the six-month period ended December 31, 2022, the Brown Advisory Sustainable Growth Fund Institutional Shares (the "Fund") declined 2.34% in value. During the same period, the Russell 1000 Growth Index, the Fund's benchmark, declined 1.48%.

The third quarter of 2022 was marked by the same volatile downdraft that characterized the first half of the year. The quarter began favorably, as moderating inflation and a better-than-expected earnings season led equity markets to arguably their best July in decades. That brief-but-bright period of optimism to start the quarter was followed by an even sharper sell-off in August and September driven once again by recessionary fears. Against that backdrop of extreme volatility, the Fund slightly underperformed the Russell 1000 Growth Index for the quarter. In down and volatile markets, we typically remain active and look for opportunities to upgrade the portfolio. We evaluate company valuations using three-year upside/downside scenario analyses, which helps us keep our focus on the long term. In the third quarter, we trimmed back top-performing names United Health and Enphase, and used the proceeds to add to our positions in other portfolio names at valuations we considered to be very favorable on a three-year forward horizon, including Home Depot, NVIDIA, American Tower, and Marvell, among others. Despite persistent uncertainty about the macro environment, we are enthusiastic about these opportunities to increase our stake in some of our highest conviction ideas at compelling discounts relative to our view of their fundamental strengths and forward upside potential.

The fourth quarter also started with a strong rally that once again coincided with earnings season, followed again by a sharp sell-off in the tail-end of the quarter driven by macro concerns. In this case, however, the rally in October and November was stronger than the sell-off in December as the market – and our Fund – closed the quarter with modestly positive gains. Led by strong rebounds from several of our consumer discretionary and information technology names, the Fund's gains for the quarter slightly outpaced the benchmark. Nike and NVIDIA were among the top performers in the Fund for the quarter, and we had added to both during the third quarter. Visa, Analog Devices, and IDEXX Laboratories were also solid Q4 contributors. The strong performance from our technology and consumer discretionary names was slightly offset by disadvantageous stock selection in health care and industrials, as well as the continued drag from our lack of exposure to energy and consumer staples. Trading activity for the quarter once again focused on maximizing the opportunities we saw with existing portfolio holdings. We took advantage of continued strength from United Health, Enphase and Analog Devices by trimming back those positions, and we redeployed proceeds to names that we felt had been overly discounted, including Adobe, Amazon, Marvell and others.

We remain true to our one-in/one-out philosophy, our disciplined approach to valuation, and our multi-year investment perspective. This approach helps us separate short-term macro-related headwinds/tailwinds from our underlying long-term fundamental theses. As it has since inception, the Fund remains committed to its quality-growth mandate and continues to seek investment opportunities at the intersection of strong fundamentals, sustainable business advantages, and attractive valuation. This philosophy has served us well over the last thirteen years and we believe it will continue to do so in the years ahead.

Sincerely,

David Powell, Karina Funk

Portfolio Managers

------

www.brownadvisory.com/mf

------

A Message to Our Shareholders

December 31, 2022

------

#### <br>

#### Past performance is not a guarantee of future results.

#### Mutual fund investing involves risk. Principal loss is possible.
**The Adviser assesses a company's Environmental, Social and Governance ("ESG") profile through conducting ESG research and leveraging engagement when appropriate through dialogue with company management teams as part of its fundamental due diligence process. The Adviser views ESG characteristics as material to fundamentals and seeks to understand their impact on companies in which the Fund may invest. The Fund's consideration of ESG characteristics as part of the investment process could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not take ESG characteristics into consideration.**

**Investments in smaller and medium-sized capitalization companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock.**

**The value of the Fund's investments in REITS may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Because the Fund's ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to the funds that do not use these criteria.

Definitions for terms and indices are provided in the Glossary of Terms.

------

www.brownadvisory.com/mf

------

#### Brown Advisory Sustainable Growth Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 93.3%** | **Common Stocks — 93.3%** | |
| **Communication Services — 3.8%** | **Communication Services — 3.8%** | |
| 2459661 | Alphabet, Inc. — Class A\* | 217015890 |
| **Consumer Discretionary — 10.9%** | **Consumer Discretionary — 10.9%** |  |
| 2186365 | Amazon.com, Inc.\* | 183654660 |
| 91342 | Chipotle Mexican Grill, Inc.\* | 126736112 |
| 432596 | Home Depot, Inc. | 136639773 |
| 1432245 | NIKE, Inc. | 167586987 |
|  |  | 614617532 |
| **Financials — 4.8%** | **Financials — 4.8%** |  |
| 1296327 | Blackstone, Inc. | 96174500 |
| 374137 | MSCI, Inc. | 174037308 |
|  |  | 270211808 |
| **Health Care — 24.0%** | **Health Care — 24.0%** |  |
| 340523 | Bio-Rad Laboratories, Inc.\* | 143186516 |
| 1027416 | Danaher Corp. | 272696755 |
| 1807843 | Edwards Lifesciences Corp.\* | 134883166 |
| 418712 | IDEXX Laboratories, Inc.\* | 170817748 |
| 442096 | Thermo Fisher Scientific, Inc. | 243457846 |
| 518093 | UnitedHealth Group, Inc. | 274682547 |
| 502747 | West Pharmaceutical Services, Inc. | 118321506 |
|  |  | 1358046084 |
| **Industrials — 7.5%** | **Industrials — 7.5%** |  |
| 349292 | Enphase Energy, Inc.\* | 92548408 |
| 2035103 | Fortive Corp. | 130755368 |
| 1138488 | Verisk Analytics, Inc. | 200852053 |
|  |  | 424155829 |
| **Information Technology — 40.5%** | **Information Technology — 40.5%** |  |
| 396059 | Adobe, Inc.\* | 133285735 |
| 826282 | Analog Devices, Inc. | 135535036 |
| 593262 | Atlassian Corp.\* | 76340954 |
| 771658 | Autodesk, Inc.\* | 144199730 |
| 1252483 | Block, Inc.\* | 78706032 |
| 1084363 | Cadence Design Systems, Inc.\* | 174192072 |
| 3945980 | Dynatrace, Inc.\* | 151131034 |
| 584590 | Intuit, Inc. | 227534120 |
| 3497320 | Marvell Technology, Inc. | 129540733 |
| 1104144 | Microsoft Corp. | 264795814 |
| 439173 | Monolithic Power Systems, Inc. | 155295965 |
| 1165526 | NVIDIA Corp. | 170329970 |
| 404098 | ServiceNow, Inc.\* | 156899130 |
| 1413976 | Visa, Inc. | 293767654 |
|  |  | 2291553979 |
| **Materials — 1.8%** | **Materials — 1.8%** |  |
| 712469 | Ecolab, Inc. | 103706988 |
| Total Common Stocks (Cost $4,590,639,530) | Total Common Stocks (Cost $4,590,639,530) | 5279308110 |
| **Real Estate Investment Trusts — 4.3%** | **Real Estate Investment Trusts — 4.3%** |  |
| 1147257 | American Tower Corp. | 243057868 |
| Total Real Estate Investment Trusts (Cost $248,620,273) | Total Real Estate Investment Trusts (Cost $248,620,273) | 243057868 |
| **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** |  |
| **Money Market Funds — 2.1%** | **Money Market Funds — 2.1%** |  |
| 118084973 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 118084973 |
| Total Short-Term Investments (Cost $118,084,973) | Total Short-Term Investments (Cost $118,084,973) | 118084973 |
| Total Investments — 99.7% (Cost $4,957,344,776) | Total Investments — 99.7% (Cost $4,957,344,776) | 5640450951 |
| Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | 19002198 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**5659453149** |

---

\* Non-Income Producing <br> # Annualized seven-day yield as of the date of this report.

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Information Technology | 40.5% |
| Health Care | 24.0% |
| Consumer Discretionary | 10.9% |
| Industrials | 7.5% |
| Financials | 4.8% |
| Real Estate Investment Trusts | 4.3% |
| Communication Services | 3.8% |
| Money Market Funds | 2.1% |
| Materials | 1.8% |
| Other Assets and Liabilities | 0.3% |
|  | 100.0% |

---

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

------

www.brownadvisory.com/mf

------

#### Brown Advisory Mid-Cap Growth Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Mid-Cap Growth Fund Investor Shares (the "Fund") increased 3.10% in value. During the same period, the Russell Midcap<sup>®</sup> Growth Index (the "Index"), the Fund's benchmark, increased 6.20%.

The Fund seeks to produce attractive, risk-adjusted returns over a full market cycle by owning companies that we believe are well-positioned to grow their enterprise value meaningfully (or compound) over time. We define a firm's potential to compound with a set of traits we call the three Gs—durable growth, sound governance and scalable go-to market strategies. This philosophy typically leads us to own higher-quality, less-cyclical businesses. Finally, we strive to mitigate risk through deep due diligence, a valuation sensitivity, and by employing a structured sell discipline.

During the second half of 2022, signs of economic growth slowing emerged, the pace of inflation eased but remained elevated, and the U.S. 10-year Treasury yield jumped 90 basis points to end the year at 3.88%. With that backdrop, an odd combination of biotech, large-cap value, and mid-cap growth led returns in the U.S. markets while large cap growth lagged due to a pullback in mega-cap tech. In the midcap range, energy and cyclicals drove returns. Despite a pullback in the price of oil during the period, energy was the top performing sector in the Index, followed by utilities and industrials. The communication services and information technology sectors lagged. The Fund underperformed during this period due to a lack of exposure to the energy sector as well as selection effects in the health care sector.

From an individual stock perspective, continuous glucose monitor maker Dexcom's stock price benefited from the company's continued solid results and the approval of its next-generation sensor. At CoStar, one of the Fund's largest positions, growth accelerated in the segments—CoStar suite and multifamily—that should drive profit growth over the coming years. Despite posting neutral selection effects in the information technology and communication services sectors combined, our largest detractors in the period were in those verticals. Heading into the quarter, IT security spend was viewed as a relatively insulated budget area within the enterprise. However, CrowdStrike (amongst others) saw increased budget scrutiny in the quarter resulting in elongated deal cycles that hit its multiple and share price. In communication services, while subscription trends at Match Group have remained healthy, the company continues to see weakness in its "a-la-carte" businesses. This weakening transactional revenue has stoked fears of further deterioration as the macro environment for the consumer potentially gets more difficult in the next twelve months.

The Fund added 17 new investments during the period, including seven in technology, four in industrials, three in health care, two in consumer discretionary, and one in the consumer staples vertical. The Fund exited 12 investments during the period to fund those opportunities.

As always, we remain committed to seeking attractive, risk-adjusted returns over a full market cycle by owning a diversified portfolio of companies, each of which we believe could one day grow much larger. We thank you for your support and interest and look forward to updating you in more detail in our next letter.

Sincerely,

George Sakellaris, CFA

Portfolio Manager

------

www.brownadvisory.com/mf

------

A Message to Our Shareholders

December 31, 2022

------

#### <br>

#### Past performance is not a guarantee of future results.

#### Mutual fund investing involves risk. Principal loss is possible.
**Investments in smaller and medium-sized capitalization companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock.**

**The value of the Fund's investments in REITS may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.**

**Investments in foreign securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

------

www.brownadvisory.com/mf

------

#### Brown Advisory Mid-Cap Growth Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 93.6%** | **Common Stocks — 93.6%** | |
| **Communication Services — 3.7%** | **Communication Services — 3.7%** | |
| 33085 | Match Group, Inc.\* | 1372697 |
| 83555 | Pinterest, Inc.\* | 2028715 |
|  |  | 3401412 |
| **Consumer Discretionary — 13.8%** | **Consumer Discretionary — 13.8%** |  |
| 27569 | Bright Horizons Family Solutions, Inc.\* | 1739604 |
| 1584 | Chipotle Mexican Grill, Inc.\* | 2197784 |
| 7453 | Dollar General Corp. | 1835301 |
| 2230 | Etsy, Inc.\* | 267109 |
| 9152 | Five Below, Inc.\* | 1618715 |
| 6542 | Lululemon Athletica, Inc.\* | 2095926 |
| 1459 | Pool Corp. | 441099 |
| 4947 | Ulta Beauty, Inc.\* | 2320490 |
|  |  | 12516028 |
| **Consumer Staples — 3.7%** | **Consumer Staples — 3.7%** |  |
| 7893 | Casey's General Stores, Inc. | 1770795 |
| 19428 | Church & Dwight Co., Inc. | 1566091 |
|  |  | 3336886 |
| **Financials — 1.9%** | **Financials — 1.9%** |  |
| 36318 | KKR & Co., Inc. | 1685882 |
| **Health Care — 22.3%** | **Health Care — 22.3%** |  |
| 4916 | Align Technology, Inc.\* | 1036784 |
| 6486 | Alnylam Pharmaceuticals, Inc.\* | 1541398 |
| 2640 | argenx SE ADR\* | 1000111 |
| 5338 | Ascendis Pharma A/S ADR\* | 651930 |
| 5731 | Bio-Rad Laboratories, Inc.\* | 2409828 |
| 3362 | Charles River Laboratories International, Inc.\* | 732580 |
| 23126 | DexCom, Inc.\* | 2618789 |
| 32855 | Edwards Lifesciences Corp.\* | 2451312 |
| 21346 | HealthEquity, Inc.\* | 1315767 |
| 4054 | IDEXX Laboratories, Inc.\* | 1653870 |
| 14009 | Inari Medical, Inc.\* | 890412 |
| 4045 | Teleflex, Inc. | 1009753 |
| 12259 | Veeva Systems, Inc.\* | 1978357 |
| 3940 | West Pharmaceutical Services, Inc. | 927279 |
|  |  | 20218170 |
| **Industrials — 20.8%** | **Industrials — 20.8%** |  |
| 2008 | Carlisle Cos, Inc. | 473185 |
| 5868 | Cintas Corp. | 2650106 |
| 22906 | Copart, Inc.\* | 1394746 |
| 46752 | CoStar Group, Inc.\* | 3612994 |
| 4817 | Equifax, Inc. | 936232 |
| 4027 | Generac Holdings, Inc.\* | 405358 |
| 16453 | IAA, Inc.\* | 658120 |
| 10441 | IDEX Corp. | 2383994 |
| 3574 | SiteOne Landscape Supply, Inc.\* | 419302 |
| 10251 | Trex Co, Inc.\* | 433925 |
| 9679 | Verisk Analytics, Inc. | 1707569 |
| 29159 | Waste Connections, Inc. | 3865317 |
|  |  | 18940848 |
| **Information Technology — 27.4%** | **Information Technology — 27.4%** |  |
| 10443 | Autodesk, Inc.\* | 1951483 |
| 110568 | AvidXchange Holdings, Inc.\* | 1099046 |
| 9566 | Azenta, Inc. | 556933 |
| 13486 | Booz Allen Hamilton Holding Corp. | 1409557 |
| 7759 | Crowdstrike Holdings, Inc.\* | 816945 |
| 48499 | Dynatrace, Inc.\* | 1857512 |
| 7192 | Elastic NV\* | 370388 |
| 1490 | Fair Isaac Corp.\* | 891884 |
| 4257 | Gartner, Inc.\* | 1430948 |
| 58201 | Genpact, Ltd. | 2695870 |
| 13517 | GoDaddy, Inc.\* | 1011342 |
| 5515 | Jack Henry & Associates, Inc. | 968213 |
| 2432 | KLA Corp. | 916937 |
| 31910 | Marvell Technology, Inc. | 1181947 |
| 1922 | Monolithic Power Systems, Inc. | 679638 |
| 5945 | NXP Semiconductors NV | 939488 |
| 7348 | Paycom Software, Inc.\* | 2280158 |
| 20329 | Trade Desk, Inc.\* | 911349 |
| 10443 | WEX, Inc.\* | 1708997 |
| 15013 | Workiva, Inc.\* | 1260642 |
|  |  | 24939277 |
| Total Common Stocks (Cost $74,210,555) | Total Common Stocks (Cost $74,210,555) | 85038503 |
| **Real Estate Investment Trusts — 2.6%** | **Real Estate Investment Trusts — 2.6%** |  |
| 8508 | SBA Communications Corp. | 2384877 |
| Total Real Estate Investment Trusts (Cost $1,760,325) | Total Real Estate Investment Trusts (Cost $1,760,325) | 2384877 |
| **Short-Term Investments — 4.8%** | **Short-Term Investments — 4.8%** |  |
| **Money Market Funds — 4.8%** | **Money Market Funds — 4.8%** |  |
| 4315752 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 4315752 |
| Total Short-Term Investments (Cost $4,315,752) | Total Short-Term Investments (Cost $4,315,752) | 4315752 |
| Total Investments — 101.0% (Cost $80,286,632) | Total Investments — 101.0% (Cost $80,286,632) | 91739132 |
| Liabilities in Excess of Other Assets — (1.0)% | Liabilities in Excess of Other Assets — (1.0)% | (879580) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**90859552** |

---

\* Non-Income Producing

ADR — American Depositary Receipt

# Annualized seven-day yield as of the date of this report.

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Information Technology | 27.4% |
| Health Care | 22.3% |
| Industrials | 20.8% |
| Consumer Discretionary | 13.8% |
| Money Market Funds | 4.8% |
| Communication Services | 3.7% |
| Consumer Staples | 3.7% |
| Real Estate Investment Trusts | 2.6% |
| Financials | 1.9% |
| Other Assets and Liabilities | (1.0)% |
|  | 100.0% |

---

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

------

www.brownadvisory.com/mf

------

#### Brown Advisory Small-Cap Growth Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Small-Cap Growth Fund Institutional Shares (the "Fund") returned 3.94%. During the same period, the Russell 2000<sup>®</sup> Growth Index, the Fund's benchmark, returned 4.38%.

For the six-month period, the largest contributors to the Fund's overall performance were the information technology and financials sectors. The largest detractors were our consumer discretionary and communication services holdings.

From an individual stock perspective, EVO Payments, Inc. Class A was the top contributor during the six-month period. EVO Payments, Inc. Class A operates as a global merchant acquirer and payment processor servicing company and has recently entered into an agreement to be acquired by Global payments (GPN) for $34 per share in an all-cash transaction that we expect will close in early 2023.

The largest detractor for the period was Clarus Corporation, which manufactures outdoor sporting equipment and was the victim of inventory rationalization of national accounts despite the sell through of their SKUs generally performing well. This caused the company to reduce their short-term financial projections. In addition, Clarus Corporation's Adventure segment is suffering through low inventory on new off-road vehicle introductions in key markets such as Australia.

There were 8 new investments over the course of the six-month period. The additions were diversified, with 3 in consumer discretionary, 2 in health care, 1 in energy, 1 in communication services, and 1 in financials. A notable addition in the consumer discretionary sector was Mister Car Wash, Inc.

Mister Car Wash, Inc. is one of the largest operators of car washes with industry-leading margins thanks to attractive unit economics and a growing subscription base at 60% of total revenues. They are a leader in an underlying industry that is fragmented and unsophisticated which we believe provides Mister Car Wash a durable advantage to take share. The management team is tenured, highly respected by other operators, and is focused on wash innovation and customer experience. We decided the general uncertainty around quarterly results provided an attractive entry point to take a position.

There were 9 exits during the period. A majority of the exits were in the health care and information technology sectors.

As we enter 2023, we are humbled by the difficulty of outperforming the market consistently, but are confident that, if we remain tirelessly focused on the task at hand, we have the right people in the right seats to continue to generate sound risk-adjusted returns over time.

Sincerely,

Chris Berrier

Portfolio Manager

------

www.brownadvisory.com/mf

------

A Message to Our Shareholders

December 31, 2022

------

#### Past performance is not a guarantee of future results.

#### Mutual fund investing involves risk. Principal loss is possible.
**Investments in smaller companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock.**

**The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.**

**The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses.**

**Earnings growth is not representative of the fund's future performance. Diversification does not assure a profit, nor does it protect against a loss in a declining market.**

**Privately Placement issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

------

www.brownadvisory.com/mf

------

#### Brown Advisory Small-Cap Growth Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 88.4%** | **Common Stocks — 88.4%** | |
| **Communication Services — 4.1%** | **Communication Services — 4.1%** | |
| 2568082 | Angi, Inc.\* | 6034993 |
| 378179 | Cogent Communications Holdings, Inc. | 21586457 |
| 1257883 | Pinterest, Inc.\* | 30541399 |
| 131869 | Take-Two Interactive Software, Inc.\* | 13731519 |
| 1160683 | Vizio Holding Corp.\* | 8600661 |
|  |  | 80495029 |
| **Consumer Discretionary — 11.1%** | **Consumer Discretionary — 11.1%** |  |
| 687723 | Bright Horizons Family Solutions, Inc.\* | 43395321 |
| 218685 | Choice Hotels International, Inc. | 24632678 |
| 169775 | Churchill Downs, Inc. | 35895528 |
| 1529261 | Clarus Corp. | 11989406 |
| 348293 | First Watch Restaurant Group, Inc.\* | 4712404 |
| 760085 | Leslie's, Inc.\* | 9280638 |
| 986056 | MakeMyTrip, Ltd.\* | 27185564 |
| 2597152 | Mister Car Wash, Inc.\* | 23971713 |
| 702949 | Rentokil Initial PLC ADR | 21657859 |
| 73651 | TopBuild Corp.\* | 11525645 |
| 61778 | XPEL, Inc.\* | 3710387 |
|  |  | 217957143 |
| **Consumer Staples — 3.6%** | **Consumer Staples — 3.6%** |  |
| 212623 | Casey's General Stores, Inc. | 47701970 |
| 602153 | Simply Good Foods Co.\* | 22899879 |
|  |  | 70601849 |
| **Energy — 5.3%** | **Energy — 5.3%** |  |
| 564131 | Cactus, Inc. | 28353224 |
| 1504145 | ChampionX Corp. | 43605164 |
| 375505 | Denbury, Inc.\* | 32676445 |
|  |  | 104634833 |
| **Financials — 2.9%** | **Financials — 2.9%** |  |
| 790909 | Prosperity Bancshares, Inc. | 57483266 |
| **Health Care — 18.9%** | **Health Care — 18.9%** |  |
| 1798072 | Abcam PLC ADR\* | 27978000 |
| 1205866 | agilon health, Inc.\* | 19462677 |
| 1171633 | Alignment Healthcare, Inc.\* | 13778404 |
| 142794 | Arvinas, Inc.\* | 4884983 |
| 114210 | Ascendis Pharma A/S ADR\* | 13948467 |
| 111794 | Biohaven Ltd.\* | 1551701 |
| 171203 | Blueprint Medicines Corp.\* | 7500403 |
| 530596 | Bruker Corp. | 36266237 |
| 42402 | Charles River Laboratories International, Inc.\* | 9239396 |
| 504171 | Encompass Health Corp. | 30154467 |
| 472481 | Establishment Labs Holdings, Inc.\* | 31018378 |
| 578968 | HealthEquity, Inc.\* | 35687587 |
| 342011 | Inari Medical, Inc.\* | 21738219 |
| 80124 | Karuna Therapeutics, Inc.\* | 15744366 |
| 2037760 | NeoGenomics, Inc.\* | 18828902 |
| 323797 | Neurocrine Biosciences, Inc.\* | 38674314 |
| 78261 | Nevro Corp.\* | 3099136 |
| 469334 | OrthoPediatrics Corp.\* | 18646640 |
| 1179350 | SI-BONE, Inc.\* | 16039160 |
| 28652 | Teleflex, Inc. | 7152399 |
|  |  | 371393836 |
| **Industrials — 12.9%** | **Industrials — 12.9%** |  |
| 511630 | AZEK Co., Inc.\* | 10396321 |
| 128238 | Casella Waste Systems, Inc.\* | 10170556 |
| 139640 | FTI Consulting, Inc.\* | 22174832 |
| 386048 | IAA, Inc.\* | 15441920 |
| 49471 | IDEX Corp. | 11295713 |
| 210954 | John Bean Technologies Corp. | 19266429 |
| 240543 | Knight-Swift Transportation Holdings, Inc. | 12606859 |
| 234721 | MSA Safety, Inc. | 33844421 |
| 62394 | SiteOne Landscape Supply, Inc.\* | 7320064 |
| 85533 | Valmont Industries, Inc. | 28283197 |
| 271932 | Waste Connections, Inc. | 36047306 |
| 254164 | Woodward, Inc. | 24554784 |
| 1009007 | Zurn Elkay Water Solutions Corp. | 21340498 |
|  |  | 252742900 |
| **Information Technology — 25.5%** | **Information Technology — 25.5%** |  |
| 1591950 | Accolade, Inc.\* | 12401291 |
| 585240 | Azenta, Inc. | 34072673 |
| 493910 | Bentley Systems, Inc. | 18254914 |
| 478724 | BlackLine, Inc.\* | 32203763 |
| 816037 | Dynatrace, Inc.\* | 31254217 |
| 366775 | Entegris, Inc. | 24056772 |
| 430241 | Envestnet, Inc.\* | 26545870 |
| 1320194 | EVO Payments, Inc.\* | 44675365 |
| 1494685 | Genpact, Ltd. | 69233809 |
| 3572533 | Infinera Corp.\* | 24078872 |
| 207133 | Lattice Semiconductor Corp.\* | 13438789 |
| 91879 | Littelfuse, Inc. | 20231756 |
| 956004 | Phreesia, Inc.\* | 30936289 |
| 318429 | Power Integrations, Inc. | 22837728 |
| 673845 | PROS Holdings, Inc.\* | 16347480 |
| 531297 | Sumo Logic, Inc.\* | 4303506 |
| 174324 | WEX, Inc.\* | 28528123 |
| 516154 | Workiva, Inc.\* | 43341451 |
| 698712 | Zuora, Inc.\* | 4443808 |
|  |  | 501186476 |
| **Materials — 3.7%** | **Materials — 3.7%** |  |
| 554793 | HB Fuller Co. | 39734275 |
| 192008 | Quaker Houghton | 32046135 |
|  |  | 71780410 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** |  |
| 764721 | DigitalBridge Group, Inc. | 8366048 |
| Total Common Stocks (Cost $1,582,452,743) | Total Common Stocks (Cost $1,582,452,743) | 1736641790 |
| **Private Placements — 0.1%** | **Private Placements — 0.1%** |  |
| 19200 | StepStone VC Global Partners IV-B, L.P.\*^† | 1234964 |
| 91769 | StepStone VC Global Partners V-B, L.P.\*~† | 122163 |
| Total Private Placements (Cost $–) | Total Private Placements (Cost $–) | 1357127 |
| **Real Estate Investment Trusts — 1.5%** | **Real Estate Investment Trusts — 1.5%** |  |
| 203830 | EastGroup Properties, Inc. | 30179070 |
| Total Real Estate Investment Trusts (Cost $22,030,297) | Total Real Estate Investment Trusts (Cost $22,030,297) | 30179070 |
| **Exchange Traded Funds — 2.8%** | **Exchange Traded Funds — 2.8%** |  |
| 670429 | SPDR S&P Biotech Exchange Traded Fund\* | 55645607 |
| Total Exchange Traded Funds (Cost $54,209,422) | Total Exchange Traded Funds (Cost $54,209,422) | 55645607 |

---

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Short-Term Investments — 7.0%** | **Short-Term Investments — 7.0%** | |
| **Money Market Funds — 7.0%** | **Money Market Funds — 7.0%** | |
| 138390341 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 138390341 |
| Total Short-Term Investments (Cost $138,390,341) | Total Short-Term Investments (Cost $138,390,341) | 138390341 |
| Total Investments — 99.8% (Cost $1,797,082,803) | Total Investments — 99.8% (Cost $1,797,082,803) | 1962213935 |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | 3350392 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**1965564327** |

---

\* Non-Income Producing

ADR — American Depositary Receipt

---

| |
|:---|
| 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. |
| 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. |
| These securities are being fair valued, using significant unobservable inputs (Level 3), under the supervision of the Board of Trustees. 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. |
| Annualized seven-day yield as of the date of this report. |

---

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Information Technology | 25.5% |
| Health Care | 18.9% |
| Industrials | 12.9% |
| Consumer Discretionary | 11.1% |
| Money Market Funds | 7.0% |
| Energy | 5.3% |
| Communication Services | 4.1% |
| Materials | 3.7% |
| Consumer Staples | 3.6% |
| Financials | 2.9% |
| Exchange Traded Funds | 2.8% |
| Real Estate Investment Trusts | 1.5% |
| Real Estate | 0.4% |
| Private Placements | 0.1% |
| Other Assets and Liabilities | 0.2% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Small-Cap Fundamental Value Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Small-Cap Fundamental Value Fund Investor Shares (the "Fund") increased 9.55% in value. During the same period, the Russell 2000<sup>®</sup> Value Index, the Fund's benchmark, increased 3.42%.

For the six-month period, the consumer services and health care holdings were the largest detractors to overall performance, while our energy and industrials holdings were the biggest positive contributors.

From an individual stock perspective, Oceaneering International, Inc. (OII) was the top contributor during the period. OII provides engineered services and products for the offshore oil and gas industry. After a disappointing 1H22, OII's strong 3Q22 results coupled with a favorable outlook for 2023 drove the stock performance during the period.

WideOpenWest, Inc. provides internet, digital cable television and digital telephony services and was the largest detractor for the six-month period. The company reported a tough 3Q and an implied 4Q subscriber loss, which continued to fuel poor industry sentiment driven by slowing broadband subscriber growth/competitive concerns from fixed wireless and fiber to the home.

The Fund made 6 new investments over the course of the six-month period. Notable additions include Amalgamated Financial Corp and Cable One, Inc.

Amalgamated Financial Corp strives to be "America's socially responsible bank," empowering organizations such as philanthropies, nonprofits, unions, political organizations, etc. The company's strong brand allows it to maintain what we view as a very sticky and inexpensive core deposit franchise. With this source of funding, Amalgamated has been able to operate profitably while limiting risk with a relatively conservative credit profile, and we believe it has been trading at a discounted valuation.

Cable One, Inc. is a rural-focused cable company that is at an all-time low valuation given industry competitive concerns. While concerns are warranted to an extent, we were able to underwrite the business at what we believe are very conservative subscriber and pricing assumptions.

The Fund sold 5 of its investments during the period. The exits were diversified, with 1 in the energy sector, 1 in the financials sector, 1 in the consumer discretionary sector, and 2 in the industrials sector.

As we head into 2023, we feel that we will be able to navigate the challenges of persistent inflation, the Federal Reserve's response, and the potential for a recession. Our investment team is strong and we continue to be pleased with how our portfolio has been able to navigate this environment.

Sincerely,

J. David Schuster

Portfolio Manager

#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. Investments in smaller companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock.**

**The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.**

**The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses.**

#### Diversification does not assure a profit, nor does it protect against a loss in a declining market.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

------

www.brownadvisory.com/mf

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#### Brown Advisory Small-Cap Fundamental Value Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 88.4%** | **Common Stocks — 88.4%** | |
| **Communication Services — 6.0%** | **Communication Services — 6.0%** | |
| 32637 | Cable One, Inc. | 23232975 |
| 184621 | Nexstar Media Group, Inc. | 32314213 |
| 1405673 | WideOpenWest, Inc.\* | 12805681 |
|  |  | 68352869 |
| **Consumer Discretionary — 9.0%** | **Consumer Discretionary — 9.0%** |  |
| 160408 | Civeo Corp.\* | 4988689 |
| 297612 | Culp, Inc. | 1366039 |
| 86762 | Helen of Troy Ltd.\* | 9622773 |
| 893174 | La-Z-Boy, Inc. | 20382231 |
| 235400 | Monarch Casino & Resort, Inc.\* | 18099906 |
| 94832 | Murphy USA, Inc. | 26509337 |
| 848112 | Vista Outdoor, Inc.\* | 20668490 |
|  |  | 101637465 |
| **Consumer Staples — 5.7%** | **Consumer Staples — 5.7%** |  |
| 627845 | Sprouts Farmers Market, Inc.\* | 20323343 |
| 417330 | TreeHouse Foods, Inc.\* | 20607755 |
| 593207 | United Natural Foods, Inc.\* | 22963043 |
|  |  | 63894141 |
| **Energy — 8.8%** | **Energy — 8.8%** |  |
| 1412735 | ChampionX Corp. | 40955188 |
| 2107500 | Oceaneering International, Inc.\* | 36860175 |
| 406905 | REX American Resources Corp.\* | 12963993 |
| 706199 | Star Group L.P. | 8509698 |
|  |  | 99289054 |
| **Financials — 27.0%** | **Financials — 27.0%** |  |
| 137817 | Alerus Financial Corp. | 3218027 |
| 512835 | Amalgamated Financial Corp. | 11815718 |
| 166461 | Assurant, Inc. | 20817613 |
| 598924 | Bancorp, Inc.\* | 16997463 |
| 427082 | Dime Community Bancshares, Inc. | 13594020 |
| 1481673 | Eastern Bankshares, Inc. | 25558859 |
| 273736 | First Bancorp | 11726850 |
| 151665 | Hanover Insurance Group, Inc. | 20494491 |
| 837350 | International Money Express, Inc.\* | 20406220 |
| 1872437 | MGIC Investment Corp. | 24341681 |
| 922431 | Pacific Premier Bancorp, Inc. | 29111922 |
| 312073 | Peapack Gladstone Financial Corp. | 11615357 |
| 448605 | Premier Financial Corp. | 12098877 |
| 132496 | Primerica, Inc. | 18790583 |
| 333931 | UMB Financial Corp. | 27889917 |
| 84408 | Virtus Investment Partners, Inc. | 16159068 |
| 455667 | WSFS Financial Corp. | 20659942 |
|  |  | 305296608 |
| **Health Care — 3.4%** | **Health Care — 3.4%** |  |
| 759668 | Owens & Minor, Inc.\* | 14836316 |
| 837014 | Patterson Cos, Inc. | 23461502 |
|  |  | 38297818 |
| **Industrials — 14.1%** | **Industrials — 14.1%** |  |
| 251541 | Albany International Corp. | 24799427 |
| 163098 | Comfort Systems USA, Inc. | 18769318 |
| 111983 | CRA International, Inc. | 13710079 |
| 140904 | Curtiss-Wright Corp. | 23529559 |
| 590517 | Federal Signal Corp. | 27441325 |
| 80708 | Kadant, Inc. | 14336162 |
| 1265778 | Mueller Water Products, Inc. | 13619771 |
| 190001 | SPX Technologies, Inc.\* | 12473566 |
| 517543 | Thermon Group Holdings, Inc.\* | 10392263 |
|  |  | 159071470 |
| **Information Technology — 6.7%** | **Information Technology — 6.7%** |  |
| 727721 | CTS Corp. | 28686762 |
| 628517 | EchoStar Corp.\* | 10483663 |
| 538729 | NCR Corp.\* | 12611646 |
| 298285 | Onto Innovation, Inc.\* | 20310226 |
| 91470 | PC Connection, Inc. | 4289943 |
|  |  | 76382240 |
| **Materials — 5.9%** | **Materials — 5.9%** |  |
| 63894 | Chase Corp. | 5511497 |
| 267347 | Eagle Materials, Inc. | 35517049 |
| 358144 | Ingevity Corp.\* | 25227663 |
|  |  | 66256209 |
| **Utilities — 1.8%** | **Utilities — 1.8%** |  |
| 410941 | Portland General Electric Co. | 20136109 |
| Total Common Stocks (Cost $766,884,171) | Total Common Stocks (Cost $766,884,171) | 998613983 |
| **Real Estate Investment Trusts — 7.9%** | **Real Estate Investment Trusts — 7.9%** |  |
| 201771 | CTO Realty Growth, Inc. | 3688374 |
| 119381 | EastGroup Properties, Inc. | 17675551 |
| 869970 | Essential Properties Realty Trust, Inc. | 20418196 |
| 492994 | Getty Realty Corp. | 16687847 |
| 669544 | Global Medical REIT, Inc. | 6347277 |
| 2388971 | Ladder Capital Corp. | 23985269 |
| Total Real Estate Investment Trusts (Cost $72,244,769) | Total Real Estate Investment Trusts (Cost $72,244,769) | 88802514 |

---

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

------

www.brownadvisory.com/mf

------

Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | |
| **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** | |
| 41092732 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 41092732 |
| Total Short-Term Investments (Cost $41,092,732) | Total Short-Term Investments (Cost $41,092,732) | 41092732 |
| Total Investments — 99.9% (Cost $880,221,672) | Total Investments — 99.9% (Cost $880,221,672) | 1128509229 |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | 1275537 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**1129784766** |

---

\* Non-Income Producing <br> # Annualized seven-day yield as of the date of this report.

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Financials | 27.0% |
| Industrials | 14.1% |
| Consumer Discretionary | 9.0% |
| Energy | 8.8% |
| Real Estate Investment Trusts | 7.9% |
| Information Technology | 6.7% |
| Communication Services | 6.0% |
| Materials | 5.9% |
| Consumer Staples | 5.7% |
| Money Market Funds | 3.6% |
| Health Care | 3.4% |
| Utilities | 1.8% |
| Other Assets and Liabilities | 0.1% |
|  | 100.0% |

---

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

------

www.brownadvisory.com/mf

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#### Brown Advisory Sustainable Small-Cap Core Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Sustainable Small-Cap Core Fund Institutional Shares (the "Fund") increased 5.68% in value. During the same period, the Russell 2000<sup>®</sup> Index, the Fund's benchmark, increased 3.91%.

The Fund leverages proprietary fundamental and environmental, social and governance (ESG) research to pursue attractive investment returns. The investment approach seeks outperformance versus its benchmark, the Russell 2000 Index, through a concentrated, low-turnover portfolio of companies with strong business fundamentals, attractive valuations and strong or improving Sustainable Drivers that stem from a company's products, services or operations.

For the trailing six-month period ended December 31, 2022, markets experienced a continuation of many of the economic themes observed in the first half of 2022. Admittedly, there is quite a lot to be excited about - the pandemic is largely in the rearview, associated logistical bottlenecks have eased considerably, business activity remains quite robust despite the threat that inflation and rising interest rates pose to bottom lines, consumer balance sheets are strong and the job market is stubbornly healthy. Yet, sentiment has continued to move lower for as many, albeit different reasons. The Federal Reserve's hawkish stance, the same leading financial institutions that point to a healthy consumer are also noting depleting deposit account balances and less personal expenditure, affordability measures are down across the board, business spend in certain areas of the economy are starting to moderate, slight pockets of credit are beginning to surface, capital markets have dried up, and public consensus seems universal in its anticipation of a recession in 2023. The market seems stuck between these two narratives, with many speculating that asset prices have the potential to stabilize and move directionally only once we have more clarity around many of these driving factors, notably interest rates and inflation.

The Fund's performance during the period was largely driven by strong stock selection within information technology and industrials. The largest detractor to performance was the Fund's relative underweight to the energy sector, coupled with stock selection within the health care sector.

From an individual stock perspective, Comfort Systems and The Bancorp represented the two largest contributors to returns. Comfort Systems generally executed well throughout 2022 and was one of the few companies that saw improved visibility and an acceleration in its business trends. We believe the company's value proposition around supporting the efficiency and sustainability of customers' buildings and operations, combined with the company's track record of execution, has helped Comfort Systems generate attractive free cash flow. The Bancorp raised guidance and increased share repurchases during the period; we believe the bank is well-positioned given its relatively low credit risk and relatively high asset sensitivity. We trimmed both positions during the period as strength in the stocks brought both companies closer to being fairly valued.

The Fund's two largest detractors during the period included DigitalBridge and Owens & Minor. DigitalBridge fell during the period, largely in reaction to rising interest rates, but we believe that there has been no change in the company's fundamental competitive position. Owens & Minor cut its annual guidance during the period, largely due to temporary industry challenges (hospital procedure volumes, industry de-stocking, and foreign exchange rates) and company-specific issues (communication with the Street, limited visibility into said de-stocking, and execution of proprietary product sales against a tough backdrop).

We took advantage of the challenged market environment to add several new positions to the Fund. In the health care sector, we added Arvinas, Azenta, and Karuna Therapeutics. Arvinas is a platform biotech company with clinical assets in oncology and neurodegenerative diseases; its focus on targeted protein degradation seeks to open up previously "undruggable" targets and potentially improve on the efficacy of existing small molecule inhibitors. Azenta is a leading provider of products and services to store the increasing number of biologic samples used when developing and commercializing advanced therapeutics like biologics and cell & gene therapy. In particular, Azenta helps customers optimize onsite freezer/refrigeration with its offsite storage solutions, resulting in reduced carbon emissions. Karuna's phase three schizophrenia drug could alter the treatment paradigm for this disease, where a small percentage of the patient population is considered "well controlled" given a lack of effective therapies. We also added Cable One and United Natural Foods to the Fund during the period. As a leading rural broadband communications provider, Cable One helps to close the digital divide in many unserved and underserved U.S. markets where access to quality broadband is often lacking. Lastly, United Natural Foods is one of the largest retail food distributors in North America with a longstanding expertise in natural and organic products, which represent nearly half of its business, positioning it as the market share leader in these rapid-growth categories. After years of having a highly leveraged balance sheet following its acquisition of SuperValu, we believe United Natural Foods is now on much stronger financial footing.

------

www.brownadvisory.com/mf

------

A Message to Our Shareholders

December 31, 2022

------

We eliminated several positions from the Fund during the trialing six-month period, including Denny's Corporation, Simpson Manufacturing, and Veritex Holdings. The capital allocation picture has changed at Denny's, as the new management team is more focused on growing its new concept, Keke's, which we believe requires investment of dollars and time during a difficult operating environment. After a strong 2021, Simpson began facing increasingly difficult comparisons in the face of a slowing North American housing market. This, coupled with increased execution risk from the upcoming integration of Etanco Group in Europe, led to our decision to exit this name. Lastly, we exited Veritex as the bank began to lean heavily into construction lending, and this resulting construction loan concentration meaningfully changed the risk profile of the company to a degree that we were no longer comfortable given the economic backdrop.

Two positions, Biohaven and CMC Materials, were acquired during the trailing six-month period. Earlier in the year, Pfizer announced its plans to acquire Biohaven's calcitonin gene-related peptide (CGRP) franchise for what we consider an attractive premium. The acquisition was finalized during the period, and the Fund subsequently received shares of "new Biohaven," a publicly traded company that retains Biohaven's non-CGRP development stage pipeline compounds. CMC Materials was acquired by Entegris, with the deal closing in early July. Entegris enables key technologies across the semiconductor value chain and has been gaining market share owing to its superior offering for higher complexity manufacturers who are looking to achieve faster compute and improved energy efficiency.

As bottom-up investors, we find times like these both quite exciting and unique, especially relative to the most recent chapter of the market's history, post the great financial crisis. When compared to other asset classes, small-cap valuations have fallen to historically low levels. Asset price correlations are dropping, resilient business models are becoming distinguishable again, and investors are increasingly focused on valuation frameworks that underpin true economic value as we see it. In our opinion, this provides us with opportunity to take advantage of our team's strengths in selecting business models that we believe have the potential to outperform in a variety of economic environments, particularly one as uncertain as 2023 is shaping up to be.

Sincerely,

Timothy Hathaway, CFA

Portfolio Manager; Head of U.S. Institutional Business

Emily Dwyer

Portfolio Manager

#### Past performance is not a guarantee of future results.

#### Mutual fund investing involves risk. Principal loss is possible.
**Investments in smaller companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock. The value of the Fund's investments in REITS may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.**

**The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses.**

**Earnings growth is not representative of the fund's future performance. Diversification does not assure a profit, nor does it protect against a loss in a declining market.**

**The Fund's consideration of ESG characteristics as part of the investment process could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not take ESG characteristics into consideration. Because the Fund's ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to the funds that do not use these criteria.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

------

www.brownadvisory.com/mf

------

#### Brown Advisory Sustainable Small-Cap Core Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 74.8%** | **Common Stocks — 74.8%** | |
| **Communication Services — 3.6%** | **Communication Services — 3.6%** | |
| 61747 | Angi, Inc.\* | 145105 |
| 735 | Cable One, Inc. | 523217 |
| 4961 | Nexstar Media Group, Inc. | 868324 |
|  |  | 1536646 |
| **Consumer Discretionary — 4.9%** | **Consumer Discretionary — 4.9%** |  |
| 9921 | Bright Horizons Family Solutions, Inc.\* | 626015 |
| 4210 | Choice Hotels International, Inc. | 474214 |
| 12961 | National Vision Holdings, Inc.\* | 502369 |
| 2498 | TopBuild Corp.\* | 390912 |
| 7511 | Warby Parker, Inc.\* | 101323 |
|  |  | 2094833 |
| **Consumer Staples — 4.1%** | **Consumer Staples — 4.1%** |  |
| 21677 | Sprouts Farmers Market, Inc.\* | 701685 |
| 11074 | TreeHouse Foods, Inc.\* | 546834 |
| 12888 | United Natural Foods, Inc.\* | 498894 |
|  |  | 1747413 |
| **Financials — 12.3%** | **Financials — 12.3%** |  |
| 21624 | Bancorp, Inc.\* | 613689 |
| 57153 | Eastern Bankshares, Inc. | 985890 |
| 56105 | MGIC Investment Corp. | 729365 |
| 20419 | Pacific Premier Bancorp, Inc. | 644424 |
| 5223 | Primerica, Inc. | 740726 |
| 9293 | Prosperity Bancshares, Inc. | 675415 |
| 10620 | UMB Financial Corp. | 886982 |
|  |  | 5276491 |
| **Health Care — 11.7%** | **Health Care — 11.7%** |  |
| 15755 | Abcam PLC ADR\* | 245148 |
| 31493 | Alignment Healthcare, Inc.\* | 370358 |
| 2725 | Arvinas, Inc.\* | 93222 |
| 4140 | Ascendis Pharma A/S ADR\* | 505618 |
| 2410 | Biohaven Ltd.\* | 33451 |
| 5083 | Blueprint Medicines Corp.\* | 222686 |
| 1537 | Charles River Laboratories International, Inc.\* | 334912 |
| 1624 | Fate Therapeutics, Inc.\* | 16386 |
| 10585 | HealthEquity, Inc.\* | 652460 |
| 6026 | Inari Medical, Inc.\* | 383013 |
| 1048 | Karuna Therapeutics, Inc.\* | 205932 |
| 38375 | NeoGenomics, Inc.\* | 354585 |
| 3546 | Neurocrine Biosciences, Inc.\* | 423534 |
| 2934 | Nevro Corp.\* | 116186 |
| 10498 | OrthoPediatrics Corp.\* | 417086 |
| 20751 | Owens & Minor, Inc. | 405267 |
| 16594 | SI-BONE, Inc.\* | 225678 |
|  |  | 5005522 |
| **Industrials — 14.4%** | **Industrials — 14.4%** |  |
| 22341 | AZEK Co., Inc.\* | 453969 |
| 9362 | Comfort Systems USA, Inc. | 1077379 |
| 22166 | Federal Signal Corp. | 1030053 |
| 13939 | IAA, Inc.\* | 557560 |
| 2376 | John Bean Technologies Corp. | 217000 |
| 4786 | McGrath RentCorp | 472570 |
| 65065 | Mueller Water Products, Inc. | 700099 |
| 1886 | SiteOne Landscape Supply, Inc.\* | 221266 |
| 12751 | SPX Technologies, Inc.\* | 837103 |
| 2096 | Woodward, Inc. | 202495 |
| 18306 | Zurn Elkay Water Solutions Corp. | 387172 |
|  |  | 6156666 |
| **Information Technology — 19.1%** | **Information Technology — 19.1%** |  |
| 22934 | Accolade, Inc.\* | 178656 |
| 1188 | Aspen Technology, Inc.\* | 244015 |
| 51389 | AvidXchange Holdings, Inc.\* | 510806 |
| 7214 | Azenta, Inc. | 419999 |
| 5310 | BlackLine, Inc.\* | 357204 |
| 17485 | CTS Corp. | 689259 |
| 8419 | Dynatrace, Inc.\* | 322448 |
| 30201 | EchoStar Corp.\* | 503753 |
| 2166 | Entegris, Inc. | 142068 |
| 4664 | Envestnet, Inc.\* | 287769 |
| 12541 | EVO Payments, Inc.\* | 424387 |
| 9974 | Genpact, Ltd. | 461996 |
| 1834 | Littelfuse, Inc. | 403847 |
| 14655 | Onto Innovation, Inc.\* | 997859 |
| 16384 | Phreesia, Inc.\* | 530185 |
| 4769 | Power Integrations, Inc. | 342033 |
| 3913 | WEX, Inc.\* | 640362 |
| 8594 | Workiva, Inc.\* | 721638 |
|  |  | 8178284 |
| **Materials — 3.9%** | **Materials — 3.9%** |  |
| 11231 | HB Fuller Co. | 804364 |
| 12297 | Ingevity Corp.\* | 866201 |
|  |  | 1670565 |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** |  |
| 33188 | DigitalBridge Group, Inc. | 363077 |
| Total Common Stocks (Cost $33,570,658) | Total Common Stocks (Cost $33,570,658) | 32029497 |
| **Real Estate Investment Trusts — 3.4%** | **Real Estate Investment Trusts — 3.4%** |  |
| 3511 | EastGroup Properties, Inc. | 519839 |
| 17607 | Essential Properties Realty Trust, Inc. | 413236 |
| 10410 | Hannon Armstrong Sustainable |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Infrastructure Capital, Inc. | 301682 |
| 2865 | W.P. Carey, Inc. | 223900 |
| Total Real Estate Investment Trusts (Cost $1,572,591) | Total Real Estate Investment Trusts (Cost $1,572,591) | 1458657 |

---

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Short-Term Investments — 7.3%** | **Short-Term Investments — 7.3%** | |
| **Money Market Funds — 7.3%** | **Money Market Funds — 7.3%** | |
| 3117773 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 3117773 |
| Total Short-Term Investments (Cost $3,117,773) | Total Short-Term Investments (Cost $3,117,773) | 3117773 |
| Total Investments — 85.5% (Cost $38,261,022) | Total Investments — 85.5% (Cost $38,261,022) | 36605927 |
| Other Assets in Excess of Liabilities — 14.5% | Other Assets in Excess of Liabilities — 14.5% | 6197190 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**42803117** |

---

\* Non-Income Producing

ADR — American Depositary Receipt

# Annualized seven-day yield as of the date of this report.

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Information Technology | 19.1% |
| Industrials | 14.4% |
| Financials | 12.3% |
| Health Care | 11.7% |
| Money Market Funds | 7.3% |
| Consumer Discretionary | 4.9% |
| Consumer Staples | 4.1% |
| Materials | 3.9% |
| Communication Services | 3.6% |
| Real Estate Investment Trusts | 3.4% |
| Real Estate | 0.8% |
| Other Assets and Liabilities | 14.5% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Global Leaders Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholders:

During the six-month period ended December 31, 2022, the Brown Advisory Global Leaders Fund Investor Shares (the "Fund") increased 3.72% in value. During the same period, the MSCI All Country World Index (ACWI), the Fund's benchmark, increased 2.28%.

For the six-month period ended December 31, 2022, the main drivers of outperformance were consumer discretionary and financials companies. We hold a diversified range of business models in the financials sector with disparate end markets and services. Our investments typically provide a critical piece of financial infrastructure to their clients—often based on proprietary data—which helps improve their clients' daily lives.

Our securities exchanges benefitted from volatility and the acceleration in contract volumes traded this year. Charles Schwab ("Schwab") which was a top contributor has been a long-term investment. What started as a "discount brokerage" is today one of the largest wealth managers in the U.S. with one of the lowest costs and broadest range of products. We believe Schwab delivers a terrific outcome to its customers by opening up the world of investments to clients in a relatively inexpensive, easy way. Within consumer discretionary we have historically struggled to find investments with multiple and widening moats at a reasonable valuation. Our exposure to the sector is therefore selective and through companies we believe have competitive advantages in brand, scale and long-standing relationships with their customers. Negative attribution was due to our underweights in the energy and health care sectors. Within energy, the lack of capital or technology barriers, high output price attracting competition, and lack of product differentiation, make it a very difficult place for us to find a superior customer outcome, a sustainable business advantage (SBA) or durable 20+% return on invested capital (RoIC).

During the reporting period we initiated one new investment and exited one. We invested in Danish medical device manufacturer Coloplast. Coloplast is a global market leader in developing products and services that make life easier for people with intimate medical conditions in ostomy, continence care, urology and skin and wound care. The company sustains this loyalty though its first mover position and leading innovation across its product portfolio and has exhibited end market growth, driven by aging populations, new patient growth and increased access to health care. We exited Chinese technology company Tencent. Typically, supply-side is our biggest risk as it means a rival is stealing one's customer and can result in terminal business decline. The hardest to calibrate is regulatory risk as the winds can change or unexpected outcomes emerge. We have seen a decline in governance principles for the company as the government increasingly intervenes directly and multiple changes in regulation across business lines make the calibration of outcomes increasingly difficult.

The Global Leaders strategy is focused on delivering attractive long-term performance by investing in a concentrated portfolio of companies that can uniquely solve a problem for their customer and generate attractive economics for shareholders. Given its concentrated nature, the Global Leaders strategy's performance is primarily an output of our investment selection. The Global Leaders team remains dedicated to executing on our investment process that we believe will deliver value for our investors over the long run.

Sincerely,

Mick Dillon, Bertie Thomson

Portfolio Managers

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www.brownadvisory.com/mf

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A Message to Our Shareholders

December 31, 2022

------

#### Past performance is not a guarantee of future results.

#### Mutual fund investing involves risk. Principal loss is possible.
**The Fund invests in small and medium capitalization companies which carry greater risk than is associated with larger companies for various reasons, such as narrower markets, limited financial resources and less liquid stock.**

**The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses.**

**Investments in foreign securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. These risks are greater for investments in emerging markets.**

**The Adviser assesses a company's Environmental, Social and Governance ("ESG") profile through conducting ESG research and leveraging engagement when appropriate through dialogue with company management teams as part of its fundamental due diligence process. The Adviser views ESG characteristics as material to fundamentals and seeks to understand their impact on companies in which the Fund may invest. The Fund's consideration of ESG characteristics as part of the investment process could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not take ESG characteristics into consideration.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

The Fund's ESG criteria may exclude securities of certain issuers for nonfinancial reasons, therefore the Fund may forgo some market opportunities available to funds that do not use these criteria.

Definitions for terms and indices are provided in the Glossary of Terms.

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www.brownadvisory.com/mf

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#### Brown Advisory Global Leaders Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 95.8%** | **Common Stocks — 95.8%** | |
| **Brazil — 2.2%** | **Brazil — 2.2%** | |
| 10315553 | B3 S.A. — Brasil Bolsa Balcao | 25774680 |
| **China — 3.3%** | **China — 3.3%** |  |
| 3602244 | AIA Group, Ltd. | 39780991 |
| **Denmark — 1.6%** | **Denmark — 1.6%** |  |
| 166615 | Coloplast A/S | 19519400 |
| **France — 4.1%** | **France — 4.1%** |  |
| 384233 | Safran S.A. | 48126542 |
| **Germany — 6.8%** | **Germany — 6.8%** |  |
| 511342 | CTS Eventim AG & Co. KGaA\* | 32459347 |
| 281133 | Deutsche Boerse AG | 48408167 |
|  |  | 80867514 |
| **India — 3.7%** | **India — 3.7%** |  |
| 2216499 | HDFC Bank, Ltd. | 43473430 |
| **Indonesia — 3.1%** | **Indonesia — 3.1%** |  |
| 117426564 | Bank Rakyat Indonesia Persero | 37230123 |
| **Netherlands — 5.8%** | **Netherlands — 5.8%** |  |
| 55262 | ASML Holding NV ADR | 30195157 |
| 370538 | Wolters Kluwer NV | 38771217 |
|  |  | 68966374 |
| **Sweden — 2.2%** | **Sweden — 2.2%** |  |
| 2486898 | Atlas Copco AB | 26534332 |
| **Switzerland — 3.2%** | **Switzerland — 3.2%** |  |
| 120994 | Roche Holding AG | 38020859 |
| **Taiwan — 3.1%** | **Taiwan — 3.1%** |  |
| 491610 | Taiwan Semiconductor |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing Co., Ltd. ADR | 36620029 |
| **United Kingdom — 4.6%** | **United Kingdom — 4.6%** |  |
| 1087795 | Unilever PLC | 54920691 |
| **United States — 52.1%** | **United States — 52.1%** |  |
| **Communication Services — 4.4%** | **Communication Services — 4.4%** |  |
| 590984 | Alphabet, Inc. — Class C\* | 52438011 |
| **Consumer Discretionary — 5.1%** | **Consumer Discretionary — 5.1%** |  |
| 9409 | Booking Holdings, Inc.\* | 18961770 |
| 529357 | TJX Companies, Inc. | 42136817 |
|  |  | 61098587 |
| **Consumer Staples — 2.3%** | **Consumer Staples — 2.3%** |  |
| 110620 | Estee Lauder Companies, Inc. | 27445928 |
| **Financials — 6.6%** | **Financials — 6.6%** |  |
| 561551 | Charles Schwab Corp. | 46754736 |
| 113638 | Moody's Corp. | 31661820 |
|  |  | 78416556 |
| **Health Care — 2.0%** | **Health Care — 2.0%** |  |
| 321476 | Edwards Lifesciences Corp.\* | 23985324 |
| **Industrials — 3.9%** | **Industrials — 3.9%** |  |
| 227130 | Allegion PLC | 23907704 |
| 284497 | Otis Worldwide Corp. | 22278960 |
|  |  | 46186664 |
| **Information Technology — 25.4%** | **Information Technology — 25.4%** |  |
| 85188 | Adobe, Inc.\* | 28668318 |
| 132723 | Autodesk, Inc.\* | 24801947 |
| 82756 | Intuit, Inc. | 32210290 |
| 558903 | Marvell Technology, Inc. | 20701767 |
| 131795 | MasterCard, Inc. | 45829075 |
| 357197 | Microsoft Corp. | 85662985 |
| 309094 | Visa, Inc. | 64217369 |
|  |  | 302091751 |
| **Materials — 2.4%** | **Materials — 2.4%** |  |
| 119347 | Sherwin-Williams Co. | 28324624 |
| Total United States | Total United States | 619987445 |
| Total Common Stocks (Cost $927,445,635) | Total Common Stocks (Cost $927,445,635) | 1139822410 |
| **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** |  |
| **Money Market Funds — 2.8%** | **Money Market Funds — 2.8%** |  |
| 33197364 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 33197364 |
| Total Short-Term Investments (Cost $33,197,364) | Total Short-Term Investments (Cost $33,197,364) | 33197364 |
| Total Investments — 98.6% (Cost $960,642,999) | Total Investments — 98.6% (Cost $960,642,999) | 1173019774 |
| Other Assets in Excess of Liabilities — 1.4% | Other Assets in Excess of Liabilities — 1.4% | 17082229 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**1190102003** |

---

\* Non-Income Producing

ADR — American Depositary Receipt

# Annualized seven-day yield as of the date of this report.

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Information Technology | 34.3% |
| Financials | 22.9% |
| Industrials | 10.2% |
| Communication Services | 7.1% |
| Consumer Staples | 6.9% |
| Health Care | 6.9% |
| Consumer Discretionary | 5.1% |
| Money Market Funds | 2.8% |
| Materials | 2.4% |
| Other Assets and Liabilities | 1.4% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Sustainable International Leaders Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Sustainable International Leaders Fund Institutional Shares (the "Fund") increased 8.10% in value. During the same period, the MSCI ACWI ex USA Index, the Fund's benchmark, increased 2.96%.

Over this period, broad-based outperformance was led by consumer discretionary, consumer staples and industrials. Information technology, energy and materials were small detractors from relative performance. Industrials, the second largest exposure in the portfolio following financials, recovered meaningfully towards the end of 2022 and ahead of the benchmark. Our industrials exposure is mainly focused on quality cyclical companies such as Safran, Atlas Copco and Kone, all of which benefited from a strong recovery. Our lack of exposure to the energy sector arises from not having found an investment in this space to date that fulfills our investment criteria, particularly around our return on capital requirements.

During the reporting period we initiated one new investment and exited two. We exited Taiwan Semiconductor Manufacturing Company (TSM). While TSM continues to be the innovation leader in semiconductor manufacturing, we believe the risk profile has changed, with more geopolitical and regulatory risk as well as increasing capital intensity required for it to maintain this leadership position. We also exited Chinese technology company Tencent when our ability to fundamentally analyze this company had become permanently impaired. The trigger for our decision to exit the position was the consolidation of Xi Jinping's power at the 20th National Congress in October and the implication that could have in terms of undermining sound governance principles for the company and a general change in the direction of regulation in China.

Over the reporting period, market inflation expectations, policy rates and implied cost of capital assumptions in many of our key markets had continued to meaningfully correct upwards. This has once again changed the operating environment for many of our businesses in less than two years from the severe disruption of the COVID-19 pandemic. In this environment our philosophy of investing in great businesses and great management teams at the right valuation has contributed positively. The Sustainable International Leaders strategy's key belief is that competitively advantaged businesses that can invest at high returns on invested capital (ROIC), are run by capable management teams and are attractively valued, have the ability to generate attractive shareholder returns over a long investment horizon. We believe that this philosophy and our time-tested investing principles will help enable us to perform well going forward.

Sincerely,

Priyanka Agnihotri

Portfolio Manager

------

www.brownadvisory.com/mf

------

A Message to Our Shareholders

December 31, 2022

------

#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. The Fund invests in small and medium capitalization companies which carry greater risk than is associated with larger companies for various reasons, such as narrower markets, limited financial resources and less liquid stock.**

**The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses.**

**Investments in foreign securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. These risks are greater for investments in emerging markets.**

**The Adviser assesses a company's Environmental, Social and Governance ("ESG") profile through conducting ESG research and leveraging engagement when appropriate through dialogue with company management teams as part of its fundamental due diligence process. The Adviser views ESG characteristics as material to fundamentals and seeks to understand their impact on companies in which the Fund may invest. The Fund's consideration of ESG characteristics as part of the investment process could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not take ESG characteristics into consideration.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Because the Fund's ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria.

In addition, the Sub-Adviser utilizes the services of third-party data providers for purposes of conducting its ESG due diligence process and such data is inherently subject to interpretation, restatement, delay and omission outside the Sub-Adviser's control.

The Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size.

Definitions for terms and indices are provided in the Glossary of Terms.

------

www.brownadvisory.com/mf

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#### Brown Advisory Sustainable International Leaders Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 98.1%** | **Common Stocks — 98.1%** | |
| **Brazil — 2.9%** | **Brazil — 2.9%** | |
| 189578 | B3 S.A. — Brasil Bolsa Balcao | 473684 |
| **Canada — 4.1%** | **Canada — 4.1%** |  |
| 5009 | Waste Connections, Inc. | 663970 |
| **China — 4.5%** | **China — 4.5%** |  |
| 65400 | AIA Group, Ltd. | 722238 |
| **Denmark — 3.8%** | **Denmark — 3.8%** |  |
| 5294 | Coloplast A/S | 620206 |
| **Finland — 3.4%** | **Finland — 3.4%** |  |
| 10637 | Kone OYJ | 550694 |
| **France — 10.5%** | **France — 10.5%** |  |
| 972 | LVMH Moet Hennessy Louis Vuitton SE | 707315 |
| 7957 | Safran S.A. | 996643 |
|  |  | 1703958 |
| **Germany — 7.6%** | **Germany — 7.6%** |  |
| 5160 | CTS Eventim AG & Co. KGaA\* | 327550 |
| 5243 | Deutsche Boerse AG | 902789 |
|  |  | 1230339 |
| **India — 4.5%** | **India — 4.5%** |  |
| 10604 | HDFC Bank, Ltd. ADR | 725420 |
| **Indonesia — 3.2%** | **Indonesia — 3.2%** |  |
| 1634283 | Bank Rakyat Indonesia Persero | 518150 |
| **Japan — 5.2%** | **Japan — 5.2%** |  |
| 1188 | Keyence Corp. | 461235 |
| 7800 | Shiseido Co., Ltd. | 382307 |
|  |  | 843542 |
| **Netherlands — 8.8%** | **Netherlands — 8.8%** |  |
| 318 | Adyen NV\* | 441462 |
| 704 | ASML Holding NV | 383856 |
| 5763 | Wolters Kluwer NV | 603011 |
|  |  | 1428329 |
| **Sweden — 4.1%** | **Sweden — 4.1%** |  |
| 62115 | Atlas Copco AB | 662745 |
| **Switzerland — 6.9%** | **Switzerland — 6.9%** |  |
| 1759 | Roche Holding AG | 552744 |
| 2395 | Sika AG | 575766 |
|  |  | 1128510 |
| **United Kingdom — 21.8%** | **United Kingdom — 21.8%** |  |
| 24072 | Compass Group PLC | 555874 |
| 18243 | Experian PLC | 617863 |
| 45430 | Howden Joinery Group PLC | 306762 |
| 7170 | London Stock Exchange Group PLC | 616058 |
| 125185 | Rentokil Initial PLC | 769112 |
| 13267 | Unilever PLC | 669826 |
|  |  | 3535495 |
| **United States — 6.8%** | **United States — 6.8%** |  |
| 235 | Booking Holdings, Inc.\* | 473591 |
| 2328 | NXP Semiconductors NV | 367894 |
| 7371 | Shopify, Inc.\* | 255916 |
|  |  | 1097401 |
| Total Common Stocks (Cost $14,992,201) | Total Common Stocks (Cost $14,992,201) | 15904681 |
| **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** |  |
| **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** |  |
| 271873 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 271873 |
| Total Short-Term Investments (Cost $271,873) | Total Short-Term Investments (Cost $271,873) | 271873 |
| Total Investments — 99.8% (Cost $15,264,074) | Total Investments — 99.8% (Cost $15,264,074) | 16176554 |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | 33448 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**16210002** |

---

\* Non-Income Producing

ADR — American Depositary Receipt

# Annualized seven-day yield as of the date of this report.

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| United Kingdom | 21.8% |
| France | 10.5% |
| Netherlands | 8.8% |
| Germany | 7.6% |
| Switzerland | 6.9% |
| United States | 6.8% |
| Japan | 5.2% |
| India | 4.5% |
| China | 4.5% |
| Canada | 4.1% |
| Sweden | 4.1% |
| Denmark | 3.8% |
| Finland | 3.4% |
| Indonesia | 3.2% |
| Brazil | 2.9% |
| Money Market Funds | 1.7% |
| Other Assets and Liabilities | 0.2% |
|  | 100.0% |

---

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

------

www.brownadvisory.com/mf

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#### Brown Advisory Intermediate Income Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholders:

During the six-month period ended December 31, 2022, the Brown Advisory Intermediate Income Fund Investor Shares (the "Fund") returned -2.59%, slightly behind the -2.19% return for the Bloomberg Intermediate US Aggregate Bond Index, the Fund's benchmark.

The Fund aims to generate performance primarily through individual security analysis, supported by a detailed and disciplined research process focused on capital preservation. Duration and sector weightings are determined mainly by an analysis of the intermediate-term risk/reward as opposed to any particular macro forecast.

The second half of 2022 was a momentous one for the Federal Reserve as it placed its resolve to lower inflation on full display at its annual Jackson Hole Economic Symposium. At this meeting, Chair Jerome Powell noted that "while higher rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and consumers." Up to this point, the market could have been described as sanguine in regard to the overall monetary cycle, but the shock of Powell's comments in combination with commentary that the expectations of peak rates were not yet priced in sent shockwaves through the market.

Those comments followed the first of four consecutive 75 basis point increases to the Federal Funds Rate in one of the most aggressive monetary tightening cycles in history. In total, the Federal Reserve raised its target rate by a total of 275 basis points during the period and a total of 425 basis points in 2022. The move higher in interest rates was not parallel with shorter Treasury yields moving aggressively higher, thus inverting the yield curve as investors priced in the growing risk of recession. During this time, we continued to maintain a defensive posture in regard to interest rates. We began to reduce our duration underweight as year-end approached as we believed markets were pricing a reasonable terminal Fed Funds rate of approximately 5.00%.

Over the period, we also closed our underweight to high-quality corporate bonds. Given the continued resilience of corporate balance sheets and a more attractive yield profile, we invested in some technology-focused businesses that we believe will exhibit less cyclicality if a recession does occur. Corporate bonds had a strong period which led to some underperformance of the Fund. We also lowered our exposure to commercial mortgage-backed bonds, specifically bonds backed by multifamily housing units. Although we primarily utilize Treasuries for liquidity and duration management of the Fund, we continued to hold an elevated amount in Treasuries as we look to navigate the last leg of the monetary cycle.

Looking forward, we expect to move back to a neutral duration stance but will, however, remain cautious regarding additions of corporate and securitized bonds given the increasing probability of a recessionary period that could negatively impact spreads. Lastly, we believe over the cycle our research-focused investment process will continue to generate attractive income as individual security selection returns to the forefront of relative performance.

Sincerely,

Jason T. Vlosich

Portfolio Manager

#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. The Fund is subject to interest rate risk which is the risk that debt securities in the Fund's portfolio will decline in value because of increases in market interest rates. Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in debt securities typically decrease in value when interest rates rise.**

**The risk is usually greater for longer-term debt securities. Inflation-indexed bonds see the principal value of the security increased as the Consumer Price Index increases. Should the Consumer Price Index decline, those securities should be adversely impacted. Diversification does not assure a profit, nor does it protect against a loss in a declining market.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

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www.brownadvisory.com/mf

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#### Brown Advisory Intermediate Income Fund
Schedule of Investments

December 31, 2022 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Mortgage Backed Securities — 28.1%** | **Mortgage Backed Securities — 28.1%** |  |  | |
| 925000 | BAMLL Commercial Mortgage Securities Trust, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-DSNY C (1 Month LIBOR USD + 1.35%)^ | 5.67% | 09/15/2034 | 886781 |
| 1701806 | Bayview MSR Opportunity Master Fund Trust, Series 2021-INV5 A-5#^ | 2.50% | 11/25/2051 | 1472882 |
| 1793687 | Bayview Opportunity Master Fund VI Trust, Series 2021-INV6 A-5#^ | 2.50% | 10/25/2051 | 1548101 |
| 1250000 | BX Trust, Series 2021-SDMF B (1 Month LIBOR USD + 0.74%)^ | 5.06% | 09/15/2034 | 1179513 |
| 500000 | DBGS Mortgage Trust, Series 2018-C1 7EA^ | 4.64% | 10/17/2051 | 475568 |
| 3 | FHLMC PC, Pool# C0-0210 | 8.00% | 01/01/2023 | 3 |
| 1671862 | FHLMC PC, Pool# WA-3311 | 2.21% | 04/01/2038 | 1243107 |
| 1567472 | FHLMC PC, Pool# SD-0913 | 2.50% | 02/01/2052 | 1338606 |
| 877220 | FHLMC PC, Pool# QE-0622 | 2.00% | 04/01/2052 | 723907 |
| 1382993 | FHLMC PC, Pool# RA-7927 | 4.50% | 09/01/2052 | 1335190 |
| 992242 | FHLMC PC, Pool# QF-0492 | 5.50% | 09/01/2052 | 1000230 |
| 489643 | FHLMC REMIC, Series 5145 AB | 1.50% | 09/25/2049 | 396510 |
| 924332 | FHLMC REMIC, Series 4634 MA | 4.50% | 11/15/2054 | 918252 |
| 127738 | FHMS, Series Q-006 APT2# | 2.76% | 10/25/2028 | 120830 |
| 91829 | FHMS, Series Q-010 APT1# | 3.06% | 04/25/2046 | 92099 |
| 99311 | FHMS, Series Q-007 APT1# | 4.04% | 10/25/2047 | 99035 |
| 750000 | FNMA, Pool# BL1160 | 3.64% | 01/01/2026 | 726504 |
| 8641 | FNMA, Pool# 628837 | 6.50% | 03/01/2032 | 8868 |
| 417394 | FNMA, Pool# MA2998 | 3.50% | 04/01/2032 | 403231 |
| 12911 | FNMA, Pool# 663238 | 5.50% | 09/01/2032 | 12967 |
| 19066 | FNMA, Pool# 744805 (6 Month LIBOR USD + 1.52%) | 3.27% | 11/01/2033 | 18626 |
| 9370 | FNMA, Pool# 741373 (1 Year CMT Rate + 2.28%) | 4.41% | 12/01/2033 | 9215 |
| 21462 | FNMA, Pool# 764342 (6 Month LIBOR USD + 1.52%) | 2.90% | 02/01/2034 | 21077 |
| 1574862 | FNMA, Pool# BQ3248 | 2.00% | 11/01/2050 | 1290623 |
| 1468473 | FNMA, Pool# BQ6307 | 2.00% | 11/01/2050 | 1203679 |
| 789614 | FNMA, Pool# MA4208 | 2.00% | 12/01/2050 | 647737 |
| 856675 | FNMA, Pool# BR5634 | 2.00% | 03/01/2051 | 705406 |
| 1116150 | FNMA, Pool# FM6555 | 2.00% | 04/01/2051 | 915205 |
| 1204286 | FNMA, Pool# MA4492 | 2.00% | 12/01/2051 | 985061 |
| 1592554 | FNMA, Pool# FS0348 | 2.00% | 01/01/2052 | 1310814 |
| 1406370 | FNMA, Pool# CB2548 | 2.50% | 01/01/2052 | 1196550 |
| 700109 | FNMA, Pool# BW0025 | 4.00% | 07/01/2052 | 659554 |
| 69784 | FNMA REMIC Trust, Series 2013-115 AI~ | 3.00% | 04/25/2031 | 564 |
| 352772 | FNMA REMIC Trust, Series 2016-M10 AV1 | 2.35% | 11/25/2045 | 337474 |
| 210568 | FREMF Mortgage Trust, Series 2020-KF74 B (1 Month LIBOR USD + 2.15%)^ | 6.29% | 01/25/2027 | 205622 |
| 682949 | FREMF Mortgage Trust, Series 2019-KF59 B (1 Month LIBOR USD + 2.35%)^ | 6.49% | 02/25/2029 | 638196 |
| 1017133 | FREMF Mortgage Trust, Series 2020-KF76 B (1 Month LIBOR USD + 2.75%)^ | 6.89% | 01/25/2030 | 968007 |
| 2490105 | GNMA REMIC Trust, Series 2021-084 ED | 1.00% | 07/16/2060 | 1947381 |
| 11350 | GNMA, Pool# 781186X | 9.00% | 06/15/2030 | 11349 |
| 779437 | GNMA, Pool# CM0214H (1 Year CMT Rate + 2.09%) | 6.84% | 02/20/2072 | 825975 |
| 706050 | GNMA, Pool# CM0231H (1 Year CMT Rate + 2.12%) | 6.87% | 02/20/2072 | 749324 |
| 1414832 | GS Mortgage-Backed Securities Trust, Series 2022-LTV1 A8#^ | 3.00% | 06/25/2052 | 1272354 |
| 1075566 | JP Morgan Mortgage Trust, Series 2020-LTV2 A15#^ | 3.00% | 11/25/2050 | 1004437 |
| 1426338 | JP Morgan Mortgage Trust, Series 2022-LTV2 A4#^ | 3.50% | 09/25/2052 | 1311189 |
| 1861709 | RCKT Mortgage Trust, Series 2022-1 A5#^ | 2.50% | 01/25/2052 | 1606809 |
| 1823708 | RCKT Mortgage Trust, Series 2022-2 A6#^ | 2.50% | 02/25/2052 | 1583094 |
| Total Mortgage Backed Securities (Cost $38,396,838) | Total Mortgage Backed Securities (Cost $38,396,838) |  |  | 35407506 |
| **Corporate Bonds & Notes — 17.5%** | **Corporate Bonds & Notes — 17.5%** |  |  |  |
| 732000 | Alexandria Real Estate Equities, Inc. | 3.38% | 08/15/2031 | 643133 |
| 686000 | American Tower Corp. | 3.60% | 01/15/2028 | 632682 |
| 1485000 | Analog Devices, Inc. | 1.70% | 10/01/2028 | 1263933 |
| 754000 | Aptiv PLC | 3.25% | 03/01/2032 | 621383 |
| 1349000 | Citigroup, Inc. | 3.20% | 10/21/2026 | 1251213 |
| 1311000 | Clorox Co. | 4.40% | 05/01/2029 | 1268384 |
| 712000 | Colonial Enterprises, Inc.^ | 3.25% | 05/15/2030 | 618943 |

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Corporate Bonds & Notes — 17.5% (Continued)** | **Corporate Bonds & Notes — 17.5% (Continued)** |  |  | |
| 694000 | Comcast Corp. | 3.40% | 04/01/2030 | 635745 |
| 701000 | Consolidated Edison Co. of New York, Inc. | 3.35% | 04/01/2030 | 633889 |
| 719000 | Crown Castle, Inc. | 3.30% | 07/01/2030 | 631551 |
| 1315000 | Dollar General Corp. | 3.88% | 04/15/2027 | 1257608 |
| 1296000 | Dollar Tree, Inc. | 4.20% | 05/15/2028 | 1244378 |
| 680000 | Fortis, Inc. | 3.06% | 10/04/2026 | 632462 |
| 1325000 | Hasbro, Inc. | 3.55% | 11/19/2026 | 1245983 |
| 644000 | JB Hunt Transport Services, Inc. | 3.88% | 03/01/2026 | 625677 |
| 1291000 | Keysight Technologies, Inc. | 4.60% | 04/06/2027 | 1263354 |
| 625000 | Morgan Stanley | 3.75% | 02/25/2023 | 623756 |
| 1314000 | NXP BV | 3.88% | 06/18/2026 | 1253741 |
| 610000 | Oracle Corp. | 6.15% | 11/09/2029 | 636081 |
| 764000 | PerkinElmer, Inc. | 1.90% | 09/15/2028 | 635527 |
| 658000 | Roper Technologies, Inc. | 4.20% | 09/15/2028 | 638038 |
| 604000 | SYSCO Corp. | 5.95% | 04/01/2030 | 628226 |
| 1451000 | Verizon Communications, Inc. | 2.10% | 03/22/2028 | 1264140 |
| 1354000 | Wells Fargo & Co. | 3.00% | 10/23/2026 | 1254825 |
| 730000 | Xylem, Inc. | 1.95% | 01/30/2028 | 629117 |
| Total Corporate Bonds & Notes (Cost $24,553,352) | Total Corporate Bonds & Notes (Cost $24,553,352) |  |  | 22033769 |
| **Asset Backed Securities — 7.2%** | **Asset Backed Securities — 7.2%** |  |  |  |
| 510000 | American Homes 4 Rent Trust, Series 2015-SFR2 C^ | 4.69% | 10/18/2052 | 487305 |
| 900000 | CarMax Auto Owner Trust, Series 2021-2 C | 1.34% | 02/16/2027 | 814604 |
| 396380 | Dext ABS LLC, Series 2021-1 A^ | 1.12% | 02/15/2028 | 379180 |
| 451817 | FHF Trust, Series 2021-2A A^ | 0.83% | 12/15/2026 | 429657 |
| 103093 | FHF Trust, Series 2021-1A A^ | 1.27% | 03/15/2027 | 98823 |
| 1700000 | FREED ABS Trust, Series 2022-1FP B^ | 1.91% | 03/19/2029 | 1649737 |
| 770398 | GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS A^ | 2.31% | 10/20/2048 | 562591 |
| 590000 | GTP Acquisition Partners I LLC, Series 2015-1-2^ | 3.48% | 06/15/2050 | 550700 |
| 1575000 | HPEFS Equipment Trust, Series 2021-2A B^ | 0.61% | 09/20/2028 | 1513266 |
| 500000 | HPEFS Equipment Trust, Series 2020-1A D^ | 2.26% | 02/20/2030 | 494976 |
| 577418 | JPMorgan Chase Bank NA — CACLN, Series 2021-3 B^ | 0.76% | 02/25/2029 | 544431 |
| 318890 | MVW Owner Trust, Series 2017-1A A^ | 2.42% | 12/20/2034 | 311726 |
| 145000 | Oportun Funding XIV LLC, Series 2021-A A^ | 1.21% | 03/08/2028 | 135089 |
| 293372 | Santander Drive Auto Receivables Trust, Series 2019-3 D | 2.68% | 10/15/2025 | 292027 |
| 400000 | SBA Tower Trust, Series 2020-1-2^ | 1.88% | 07/15/2050 | 352665 |
| 39121 | Tesla Auto Lease Trust, Series 2020-A A3^ | 0.68% | 12/20/2023 | 38953 |
| 445000 | Tesla Auto Lease Trust, Series 2021-A C^ | 1.18% | 03/20/2025 | 422935 |
| Total Asset Backed Securities (Cost $9,785,059) | Total Asset Backed Securities (Cost $9,785,059) |  |  | 9078665 |
| **U.S. Treasury Notes — 32.5%** | **U.S. Treasury Notes — 32.5%** |  |  |  |
| 2450000 | United States Treasury Note | 0.13% | 01/31/2023 | 2442626 |
| 820000 | United States Treasury Note | 2.75% | 05/15/2025 | 791428 |
| 6775000 | United States Treasury Note | 2.25% | 03/31/2026 | 6393377 |
| 6395000 | United States Treasury Note | 2.88% | 05/15/2028 | 6046772 |
| 6200000 | United States Treasury Note | 3.25% | 06/30/2029 | 5948125 |
| 4385000 | United States Treasury Note | 0.88% | 11/15/2030 | 3516907 |
| 18635000 | United States Treasury Note | 1.88% | 02/15/2032 | 15867412 |
| Total U.S. Treasury Notes (Cost $44,483,545) | Total U.S. Treasury Notes (Cost $44,483,545) |  |  | 41006647 |

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

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| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Affiliated Mutual Funds (Note 3) — 12.0%** | **Affiliated Mutual Funds (Note 3) — 12.0%** | |
| 1654617 | Brown Advisory Mortgage Securities Fund — Institutional Shares | 15090110 |
|  | Total Affiliated Mutual Funds (Cost $16,952,513) | 15090110 |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |  |
| **Money Market Funds — 1.9%** | **Money Market Funds — 1.9%** |  |
| 2427485 | First American Government Obligations Fund — Class Z, 4.05%\* | 2427485 |
| Total Short-Term Investments (Cost $2,427,485) | Total Short-Term Investments (Cost $2,427,485) | 2427485 |
| Total Investments — 99.2% (Cost $136,598,792) | Total Investments — 99.2% (Cost $136,598,792) | 125044182 |
| Other Assets in Excess of Liabilities — 0.8% | Other Assets in Excess of Liabilities — 0.8% | 1079236 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**126123418** |

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---

| | |
|:---|:---|
| ^ | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| # | Variable rate security. Rate disclosed is as of the date of this report. |
| ~ | Interest only security. |
| \* | Annualized seven-day yield as of the date of this report. |

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#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| U.S. Treasury Notes | 32.5% |
| Mortgage Backed Securities | 28.1% |
| Corporate Bonds & Notes | 17.5% |
| Affiliated Mutual Funds | 12.0% |
| Asset Backed Securities | 7.2% |
| Money Market Funds | 1.9% |
| Other Assets and Liabilities | 0.8% |
|  | 100.0% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts — Long (Note 6)** |  |  | | | |
|  |  |  | **Notional** | **Notional** | **Unrealized Appreciation** |
| **<u>Issue</u>** | **Contracts** | **Expiration Date** | **Amount** | **Value** | (Depreciation) |
| U.S. Treasury 5-Year Note Futures | 55 | 03/31/2023 | $5935923 | $5936133 | $210 |
| U.S. Treasury 2-Year Note Futures | 68 | 03/31/2023 | 13933759 | 13945313 | 11554 |
| U.S. Treasury Long Bond Futures | 23 | 03/22/2023 | 2881521 | 2882906 | 1385 |
|  |  |  | $22751203 | $22764352 | $13149 |
| **Futures Contracts — Short (Note 6)** |  |  |  |  |  |
|  |  |  | **Notional** | **Notional** | **Unrealized Appreciation** |
| **<u>Issue</u>** | **Contracts** | **Expiration Date** | **Amount** | **Value** | (Depreciation) |
| U.S. Treasury 10-Year Note Futures | (28) | 03/22/2023 | $(3151252) | $(3144312) | $6940 |
| U.S. Treasury 10-Year Ultra Futures | (108) | 03/22/2023 | (12791782) | (12774375) | 17407 |
| U.S. Treasury Ultra Bond Futures | (1) | 03/22/2023 | (133506) | (134313) | (807) |
|  |  |  | $(16076540) | $(16053000) | $23540 |

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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.

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www.brownadvisory.com/mf

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#### Brown Advisory Total Return Fund
A Message to Our Shareholders

December 31, 2022

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Dear Shareholders:

During the six-month period ended December 31, 2022, the Brown Advisory Total Return Fund Institutional Shares (the "Fund") decreased 3.60% in value. During the same period, the Bloomberg US Aggregate Bond Index, the Fund's benchmark, declined 2.97%.

In the past six months, the US economy has shown impressive resiliency in the face of significant headwinds. Inflation at multi-decade highs, weak global activity, a challenging geopolitical environment, a rapid Federal Reserve tightening cycle, negative inflection points within the housing market, and waning fiscal stimulus have all posed challenges, yet growth has bounced firmly back from the negative readings in the first half of 2022. This better-than-expected outcome can be attributed to many factors, including the still robust labor market, declining level of inflation, albeit from an extreme level, and relatively strong balance sheets across healthier consumer and corporate segments. The unemployment rate held steady at the exceptionally low level of 3.5%. We believe this is both good and bad news for the economic outlook. The Federal Reserve and financial markets have cheered strong output growth with declining inflation but the question remains if inflation can move to an acceptable level in an elevated growth environment. What started as a commodity- and supply chain-led discussion has now moved into one of needing to weaken the labor market to tame wage pressures, and thus, inflation. Ultimately, in our view, a requirement for keeping the US economy out of recession and producing the elusive "soft landing" will be a gradual reduction in the demand for labor while still maintaining a low unemployment rate. Given the recent performance of stocks and bonds, along with market expectations that the Federal Reserve will be lowering rates in 2023, we would conclude the "soft landing" thesis remains intact.

While the Federal Reserve increased the overnight interest rate by 2.75% during the period, longer maturity US Treasury yields were generally higher and volatility remained heightened. The lack of a negative central bank surprise, together with stronger-than-expected economic output and declining inflation, helped riskier asset classes perform better during the period. The S&P 500 Index, and the Bloomberg US Corporate High Yield Index returned 2.30% and 3.50%, respectively. The Bloomberg US Corporate Index and the Bloomberg US Treasury Index returned -1.61% and -3.66%, respectively. This period was also a continuation of the unusual positive correlation of fixed income and equity returns.

Over the period, relative underperformance in the Fund was primarily driven by security selection factors within securitized assets and an underweight position in US corporate bonds. Unlike much of 2022, riskier assets produced positive total return albeit with heightened volatility in the second half of the year.

We still expect significant weakness for the US economy is ahead of us, rather than behind us. The full effects of interest rate increases have yet to be felt and economic leading indicators continue to deteriorate. The housing sector is already in recession due to the rapid increase in mortgage rates and is unlikely to experience a meaningful bounce in the near future, in our view. The key, however, to the accuracy of our forecast will be how the labor market evolves over the course of the year. Recently, the Federal Reserve has shifted their focus in the fight of inflation. Their new stated goal is to weaken the labor market in order to exert downward pressure on wage gains. We remain skeptical of their ability to strike the right balance. Therefore, if the unemployment rate moves higher, along with weakness in other sectors, we believe a recession will be the most likely outcome. In this environment, we are particularly concerned about eroding fundamentals in corporate credit, while weaker revenue and higher wage costs will likely pressure operating margins and earnings. We expect credit spreads to widen and will continue to hold an underweight position with the expectation of adding at more attractive valuations. We do not expect longer-term US Treasury yields to be nearly as volatile as 2022, and are biased for lower rates later in the year. We believe higher-quality securitized assets should hold up well, yet we remain cautious on securitized credit, particularly those backed by collateral we view most at risk. Overall, we expect a less eventful year for fixed income and one that produces meaningful positive return.

Sincerely,

Chris Diaz, CFA

Portfolio Manager

Ryan Myerberg

Portfolio Manager

Colby Stilson

Portfolio Manager

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www.brownadvisory.com/mf

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A Message to Our Shareholders

December 31, 2022

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#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. The Fund is subject to interest rate risk which is the risk that debt securities in the Fund's portfolio will decline in value because of increases in market interest rates. Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities. Inflation-indexed bonds see the principal value of the security increased as the Consumer Price Index increases. Should the Consumer Price Index decline, those securities should be adversely impacted. Diversification does not assure a profit, nor does it protect against a loss in a declining market.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

------

www.brownadvisory.com/mf

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#### Brown Advisory Total Return Fund
Schedule of Investments

December 31, 2022 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Mortgage Backed Securities — 33.9%** | **Mortgage Backed Securities — 33.9%** |  |  | |
| 4440887 | Bayview MSR Opportunity Master Fund Trust INV5, Series 2021-5 A2#^ | 2.50% | 11/25/2051 | 3603551 |
| 4613163 | Bayview MSR Opportunity Master Fund Trust INV6, Series 2021-6 A1^ | 3.00% | 10/25/2051 | 3873302 |
| 3445000 | BX Trust, Series 2021-SDMF B (1 Month LIBOR USD + 0.74%)^ | 5.06% | 09/15/2034 | 3250739 |
| 4000000 | DBGS Mortgage Trust, Series 2018-C1 7EA^ | 4.64% | 10/17/2051 | 3804542 |
| 657456 | FHLMC PC, Pool# G3-1063 | 3.50% | 11/01/2037 | 630669 |
| 1852820 | FHLMC PC, Pool# QD-7054 | 3.00% | 02/01/2052 | 1631597 |
| 1901812 | FHLMC PC, Pool# RA-6699 | 3.50% | 02/01/2052 | 1734440 |
| 1967227 | FHLMC PC, Pool# QD-5888 | 3.50% | 02/01/2052 | 1794115 |
| 1911165 | FHLMC PC, Pool# QD-7450 | 3.00% | 03/01/2052 | 1686245 |
| 170633 | FHLMC PC, Pool# QE-0380 | 2.50% | 04/01/2052 | 145771 |
| 368497 | FHLMC REMIC, Series 4094 NI~ | 2.50% | 03/15/2027 | 7210 |
| 1608247 | FHLMC REMIC, Series 4107 LI~ | 3.00% | 08/15/2027 | 130764 |
| 1268445 | FHLMC REMIC, Series 4143 IA~ | 3.50% | 09/15/2042 | 116486 |
| 117335 | FHLMC SCRTT, Series 2017-1 M1#^ | 4.00% | 01/25/2056 | 115764 |
| 8800909 | FHMS, Series K-C02 X1#~ | 0.38% | 03/25/2024 | 35652 |
| 4198432 | FHMS, Series K-038 X1#~ | 1.08% | 03/25/2024 | 40236 |
| 60854976 | FHMS, Series K-047 X1#~ | 0.10% | 05/25/2025 | 168915 |
| 7163091 | FHMS, Series Q-013 XPT1#~ | 1.66% | 05/25/2025 | 171363 |
| 645577 | FHMS, Series K-058 X1#~ | 0.92% | 08/25/2026 | 17546 |
| 5578280 | FHMS, Series Q-013 XPT2#~ | 1.81% | 05/25/2027 | 158942 |
| 1268921 | FHMS, Series K-W03 X1#~ | 0.83% | 06/25/2027 | 32059 |
| 4949878 | FHMS, Series K-087 X1#~ | 0.36% | 12/25/2028 | 93168 |
| 3978086 | FHMS, Series K-092 X1#~ | 0.71% | 04/25/2029 | 146018 |
| 3526506 | FHMS, Series K-094 X1#~ | 0.88% | 06/25/2029 | 159283 |
| 4488283 | FHMS, Series K-103 X1#~ | 0.64% | 11/25/2029 | 158905 |
| 91829 | FHMS, Series Q-010 APT1# | 3.06% | 04/25/2046 | 92099 |
| 465096 | FNMA, Pool# MA2897 | 3.00% | 02/01/2037 | 432615 |
| 249900 | FNMA, Pool# 467095 | 5.90% | 01/01/2041 | 261045 |
| 164686 | FNMA, Pool# 469130 | 4.87% | 10/01/2041 | 159725 |
| 98667 | FNMA, Pool# BH7686 | 4.50% | 12/01/2047 | 96102 |
| 72034 | FNMA, Pool# BK5105 | 5.50% | 05/01/2048 | 73128 |
| 107746 | FNMA, Pool# BK8032 | 5.50% | 06/01/2048 | 109624 |
| 73566 | FNMA, Pool# BN4936 | 5.50% | 12/01/2048 | 74073 |
| 73626 | FNMA, Pool# BN4921 | 5.50% | 01/01/2049 | 74114 |
| 2884476 | FNMA, Pool# FM8754 | 3.00% | 09/01/2051 | 2557219 |
| 655586 | FNMA, Pool# FS1480 | 2.50% | 11/01/2051 | 559917 |
| 1122992 | FNMA, Pool# FS0731 | 2.00% | 02/01/2052 | 924587 |
| 1855637 | FNMA, Pool# CB2909 | 3.50% | 02/01/2052 | 1691854 |
| 1853561 | FNMA, Pool# BV4532 | 3.50% | 03/01/2052 | 1690248 |
| 19263104 | FNMA REMIC Trust, Series 2019-M23 X3#~ | 0.32% | 10/27/2031 | 340730 |
| 5640234 | FNMA REMIC Trust, Series 2021-95 WI#~ | 0.00% | 05/25/2035 | 127902 |
| 206691 | FNMA REMIC Trust, Series 2012-65 HJ | 5.00% | 07/25/2040 | 206556 |
| 3159488 | FNMA REMIC Trust, Series 2021-47 IO~ | 2.50% | 07/25/2053 | 440696 |
| 25660000 | FNMA, 2.0%, Due TBA January | 2.00% | 01/15/2053 | 20923752 |
| 15145000 | FNMA, 2.5%, Due TBA January | 2.50% | 01/15/2053 | 12849542 |
| 900000 | FNMA, 3.0%, Due TBA January | 3.00% | 01/15/2053 | 791337 |
| 6350000 | FNMA, 3.5%, Due TBA January | 3.50% | 01/15/2053 | 5778293 |
| 24700000 | FNMA, 4.0%, Due TBA January | 4.00% | 01/15/2053 | 23197766 |
| 7200000 | FNMA, 4.5%, Due TBA January | 4.50% | 01/15/2053 | 6937875 |
| 257301 | GNMA, Pool# 723334X | 5.00% | 09/15/2039 | 262935 |
| 4013083 | GNMA, Pool# CM0214H (1 Year CMT Rate + 2.09%) | 6.21% | 02/20/2072 | 4252693 |
| 3818568 | GNMA, Pool# CM0231H (1 Year CMT Rate + 2.12%) | 6.24% | 02/20/2072 | 4052607 |
| 2500000 | GNMA, 2.50%, Due TBA January | 2.50% | 01/15/2053 | 2170696 |
| 2063868 | GNMA REMIC Trust, Series 2017-167 SE (1 Month LIBOR USD + 6.20%)~ | 1.85% | 11/20/2047 | 228470 |
| 925147 | GNMA REMIC Trust, Series 2022-009 CD | 2.00% | 01/20/2052 | 784609 |
| 415542 | GNMA REMIC Trust, Series 2014-45 B1#~ | 0.60% | 07/16/2054 | 5572 |

---

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Mortgage Backed Securities — 33.9% (Continued)** | **Mortgage Backed Securities — 33.9% (Continued)** |  |  | |
| 236256 | GNMA REMIC Trust, Series 2014-135 I0#~ | 0.42% | 01/16/2056 | 4311 |
| 237493 | GNMA REMIC Trust, Series 2015-172 I0#~ | 0.62% | 03/16/2057 | 5328 |
| 447981 | GNMA REMIC Trust, Series 2016-40 I0#~ | 0.62% | 07/16/2057 | 10312 |
| 301102 | GNMA REMIC Trust, Series 2016-56 I0#~ | 1.00% | 11/16/2057 | 12568 |
| 455276 | GNMA REMIC Trust, Series 2016-98 I0#~ | 0.87% | 05/16/2058 | 18453 |
| 4559022 | GNMA REMIC Trust, Series 2021-084 ED | 1.00% | 07/16/2060 | 3565372 |
| 1886443 | GS Mortgage-Backed Securities Trust, Series 2022-LTV1 A8# ^ | 3.00% | 06/25/2052 | 1696473 |
| 1926556 | JP Morgan Mortgage Trust, Series 2022-LTV2 A3# ^ | 3.50% | 09/25/2052 | 1712178 |
| 2075806 | RCKT Mortgage Trust, Series 2022-1 A5#^ | 2.50% | 01/25/2052 | 1791593 |
| Total Mortgage Backed Securities (Cost $131,259,107) | Total Mortgage Backed Securities (Cost $131,259,107) |  |  | 124672251 |
| **Corporate Bonds & Notes — 17.9%** | **Corporate Bonds & Notes — 17.9%** |  |  |  |
| 4695000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.00% | 10/29/2028 | 3949873 |
| 3990000 | Alexandria Real Estate Equities, Inc. | 4.90% | 12/15/2030 | 3905614 |
| 4630000 | Aptiv PLC | 3.25% | 03/01/2032 | 3815656 |
| 3780000 | AT&T, Inc. | 4.35% | 03/01/2029 | 3617209 |
| 3965000 | Booking Holdings, Inc. | 4.63% | 04/13/2030 | 3848890 |
| 4380000 | Colonial Enterprises, Inc.^ | 3.25% | 05/15/2030 | 3807546 |
| 4475000 | Crown Castle, Inc. | 3.30% | 07/01/2030 | 3930723 |
| 4015000 | Equinix, Inc. | 3.20% | 11/18/2029 | 3509129 |
| 2280000 | Ford Motor Co. | 3.25% | 02/12/2032 | 1714173 |
| 4325000 | Fortis, Inc. | 3.06% | 10/04/2026 | 4022643 |
| 3984000 | Marvell Technology, Inc. | 4.88% | 06/22/2028 | 3811396 |
| 4177000 | NXP BV | 3.88% | 06/18/2026 | 3985445 |
| 1250000 | Oracle Corp. | 6.15% | 11/09/2029 | 1303445 |
| 4990000 | PerkinElmer, Inc. | 2.25% | 09/15/2031 | 3936588 |
| 4890000 | Physicians Realty L.P. | 2.63% | 11/01/2031 | 3842113 |
| 2435000 | Roper Technologies, Inc. | 1.75% | 02/15/2031 | 1887778 |
| 4200000 | Societe Generale S.A. (Fixed until 01/19/2027, then 1 Year CMT Rate + 1.30%)^ | 2.80% | 01/19/2028 | 3686046 |
| 3415000 | Sprint LLC | 7.63% | 02/15/2025 | 3533658 |
| 4675000 | VMware, Inc. | 2.20% | 08/15/2031 | 3570365 |
| Total Corporate Bonds & Notes (Cost $72,918,178) | Total Corporate Bonds & Notes (Cost $72,918,178) |  |  | 65678290 |
| **Asset Backed Securities — 5.4%** | **Asset Backed Securities — 5.4%** |  |  |  |
| 540000 | American Homes 4 Rent, Series 2014-SFR2 D^ | 5.15% | 10/17/2036 | 520639 |
| 520000 | American Homes 4 Rent, Series 2015-SFR1 D^ | 4.41% | 04/18/2052 | 497069 |
| 1000000 | AmeriCredit Automobile Receivables Trust, Series 2020-2 C | 1.48% | 02/18/2026 | 948358 |
| 2255000 | CarMax Auto Owner Trust, Series 2021-2 C | 1.34% | 02/16/2027 | 2041036 |
| 500000 | CNH Equipment Trust, Series 2020-A A4 | 1.51% | 04/15/2027 | 475561 |
| 224520 | Dext ABS LLC, Series 2020-1 A^ | 1.46% | 02/16/2027 | 221508 |
| 1082793 | Dext ABS LLC, Series 2021-1 A^ | 1.12% | 02/15/2028 | 1035810 |
| 540000 | Dext ABS LLC, Series 2021-1 B^ | 1.76% | 02/15/2028 | 494833 |
| 967619 | Drive Auto Receivables Trust, Series 2019-3 D | 3.18% | 10/15/2026 | 956256 |
| 1320000 | Drive Auto Receivables Trust, Series 2020-1 D | 2.70% | 05/15/2027 | 1295810 |
| 661349 | FHF Trust, Series 2021-1A A^ | 1.27% | 03/15/2027 | 633960 |
| 1000000 | GM Financial Automobile Leasing Trust, Series 2021-2 C | 1.01% | 05/20/2025 | 956634 |
| 2112102 | GoodLeap Sustainable Home Solutions Trust, Series 2021-5 A^ | 2.31% | 10/20/2048 | 1542385 |
| 302718 | HPEFS Equipment Trust, Series 2020-1A C^ | 2.03% | 02/20/2030 | 301502 |
| 1000000 | HPEFS Equipment Trust, Series 2020-1A D^ | 2.26% | 02/20/2030 | 989953 |
| 1380000 | HPEFS Equipment Trust, Series 2021-1 TR^ | 1.03% | 03/20/2031 | 1302534 |
| 1582276 | JPMorgan Chase Bank NA — CACLN, Series 2021-3 B^ | 0.76% | 02/25/2029 | 1491883 |
| 892893 | MVW Owner Trust, Series 2017-1A A^ | 2.42% | 12/20/2034 | 872832 |
| 346698 | Newtek Small Business Loan Trust, Series 2018-1 A (PRIME + -0.55%)^ | 6.95% | 02/25/2044 | 341142 |
| 640000 | Oportun Funding XIV LLC, Series 2021-A A^ | 1.21% | 03/08/2028 | 596253 |
| 386274 | Santander Drive Auto Receivables Trust, Series 2019-3 D | 2.68% | 10/15/2025 | 384502 |
| 2180000 | Tesla Auto Lease Trust, Series 2021-A C^ | 1.18% | 03/20/2025 | 2071908 |
| Total Asset Backed Securities (Cost $21,491,465) | Total Asset Backed Securities (Cost $21,491,465) |  |  | 19972368 |

---

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares/** |  |  |  | |
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Municipal Bonds — 0.4%** | **Municipal Bonds — 0.4%** |  |  | |
| 230000 | American Municipal Power, Inc. | 6.05% | 02/15/2043 | 242211 |
| 1200000 | Health Care Authority for Baptist Health | 5.50% | 11/15/2043 | 1073766 |
| Total Municipal Bonds (Cost $1,522,586) | Total Municipal Bonds (Cost $1,522,586) |  |  | 1315977 |
| **U.S. Treasury Notes — 34.9%** | **U.S. Treasury Notes — 34.9%** |  |  |  |
| 32025000 | United States Treasury Note | 0.13% | 01/31/2023 | 31928608 |
| 19295000 | United States Treasury Note | 2.75% | 04/30/2023 | 19187527 |
| 2809000 | United States Treasury Note | 2.50% | 04/30/2024 | 2730216 |
| 2000000 | United States Treasury Note | 1.75% | 07/31/2024 | 1914062 |
| 6955000 | United States Treasury Note | 2.63% | 04/15/2025 | 6700165 |
| 8389500 | United States Treasury Note | 2.75% | 05/15/2025 | 8097178 |
| 5350000 | United States Treasury Note | 4.25% | 10/15/2025 | 5350836 |
| 17945000 | United States Treasury Note | 2.75% | 04/30/2027 | 17035133 |
| 2365000 | United States Treasury Note | 3.25% | 06/30/2027 | 2290724 |
| 11910000 | United States Treasury Note | 2.88% | 05/15/2028 | 11261463 |
| 3800000 | United States Treasury Note | 2.88% | 04/30/2029 | 3567473 |
| 7115000 | United States Treasury Note | 0.88% | 11/15/2030 | 5706452 |
| 14990000 | United States Treasury Note | 1.88% | 02/15/2032 | 12763751 |
| Total U.S. Treasury Notes (Cost $131,453,673) | Total U.S. Treasury Notes (Cost $131,453,673) |  |  | 128533588 |
| **Short-Term Investments — 26.5%** | **Short-Term Investments — 26.5%** |  |  |  |
| **Money Market Funds — 20.6%** | **Money Market Funds — 20.6%** |  |  |  |
| 75734077 | First American Government Obligations Fund — Class Z, 4.05%\* |  |  | 75734077 |
| **U.S. Treasury Bills — 5.9%** | **U.S. Treasury Bills — 5.9%** |  |  |  |
| 1800000 | United States Treasury Bill, 01/12/2023, 3.66%† |  |  | 1798440 |
| 20192000 | United States Treasury Bill, 04/20/2023, 2.46%+ |  |  | 19929043 |
|  |  |  |  | 21727483 |
| Total Short-Term Investments (Cost $97,576,681) | Total Short-Term Investments (Cost $97,576,681) |  |  | 97461560 |
| Total Investments — 119.0% (Cost $456,221,690) | Total Investments — 119.0% (Cost $456,221,690) |  |  | 437634034 |
| Liabilities in Excess of Other Assets — (19.0)% | Liabilities in Excess of Other Assets — (19.0)% |  |  | (69826990) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  |  | $**367807044** |

---

---

| | |
|:---|:---|
| # | Variable rate security. Rate disclosed is as of the date of this report. |
| ^ | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| ~ | Interest only security. |
| \* | Annualized seven-day yield as of the date of this report. |
| † | This security is pledged as collateral in connection with open futures contracts. Rate disclosed is yield to maturity as of the date of this report. |
| + | Zero coupon bond. Rate disclosed is calculated yield to maturity as of the date of this report. |

---

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| U.S. Treasury Notes | 34.9% |
| Mortgage Backed Securities | 33.9% |
| Money Market Funds | 20.6% |
| Corporate Bonds & Notes | 17.9% |
| U.S. Treasury Bills | 5.9% |
| Asset Backed Securities | 5.4% |
| Municipal Bonds | 0.4% |
| Other Assets and Liabilities | (19.0)% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Total Return Fund
Schedule of Investments

December 31, 2022 (Unaudited)

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts — Long (Note 6)** |  |  | | | |
|  |  |  | **Notional** | **Notional** | **Unrealized Appreciation** |
| **<u>Issue</u>** | **Contracts** | **Expiration Date** | **Amount** | **Value** | (Depreciation) |
| Canadian 10-Year Bond Futures\* | 53 | 3/22/23 | $4957609 | $4797009 | $(160600) |
| U.S. Treasury 5-Year Note Futures | 113 | 3/31/23 | 12195627 | 12196054 | 427 |
| U.S. Treasury Long Bond Futures | 61 | 3/22/23 | 7642292 | 7645969 | 3677 |
| U.S. Treasury Ultra Bond Futures | 347 | 3/22/23 | 46333788 | 46606438 | 272650 |
|  |  |  | $71129316 | $71245470 | $116154 |
| **Futures Contracts — Short (Note 6)** |  |  |  |  |  |
|  |  |  | **Notional** | **Notional** | **Unrealized Appreciation** |
| **<u>Issue</u>** | **Contracts** | **Expiration Date** | **Amount** | **Value** | (Depreciation) |
| Long Gilt Futures^ | (45) | 3/29/23 | $(5651752) | $(5434861) | $216891 |
| U.S. Treasury 2-Year Note Futures | (116) | 3/31/23 | (23899414) | (23789063) | 110351 |
| U.S. Treasury 10-Year Note Futures | (154) | 3/22/23 | (17413462) | (17293718) | 119744 |
| U.S. Treasury 10-Year Ultra Note Futures | (78) | 3/22/23 | (9238506) | (9225938) | 12568 |
|  |  |  | $(56203134) | $(55743580) | $459554 |

---

There is no variation margin due to or from the Fund as of the date of this report.

---

| | |
|:---|:---|
| \* | These futures contracts are denominated in Canadian Dollars. Notional Amount, Notional Value, and Unrealized Appreciation (Depreciation) have been translated into U.S. Dollars as of December 31, 2022. |
| ^ | These futures contracts are denominated in British Pound Sterling. Notional Amount, Notional Value, and Unrealized Appreciation (Depreciation) have been translated into U.S. Dollars as of December 31, 2022. |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Sustainable Bond Fund
A Message to Our Shareholders

December 31, 2022

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Dear Shareholder:

During the six-month period ending December 31, 2022, the Brown Advisory Sustainable Bond Fund Investor Shares (the "Fund") returned -3.93%, trailing its benchmark, the Bloomberg US Aggregate Bond Index, which returned -2.97%.

The Fund aims to generate performance primarily through a comprehensive top-down macro analysis, combined with rigorous bottom-up security selection. The Fund integrates ESG research alongside fundamental analysis, which we believe helps us identify high-quality investments with low ESG risks, and strong sustainable opportunities with a focus on both performance and impact.

The US economy has shown impressive resiliency in the face of significant headwinds. Inflation at multi-decade highs, weak global activity, a challenging geopolitical environment, a rapid Federal Reserve tightening cycle, negative inflection points within the housing market, and waning fiscal stimulus have all posed challenges, yet growth has bounced firmly back from the negative readings in the first half of 2022. GDP in the third quarter was 3.2% and the fourth quarter is likely to produce another above-trend reading. This better-than-expected outcome can be attributed to many factors, including the still-robust labor market, the declining level of inflation, albeit from an extreme level, and relatively strong balance sheets across healthier consumer and corporate segments.

Over the period, the Fund underperformed its benchmark. The combination of Fed tightening and higher-than-expected inflation warranted a more defensive asset allocation posture in the third quarter. We meaningfully reduced risk in the Fund during this period by shifting our asset allocation from credit-heavy sectors to more liquid, government-backed securities. The underweight position in corporate credit contributed to underperformance in the fourth quarter, alongside security selection factors within securitized assets.

We still expect significant weakness for the US economy to be ahead of us rather than behind us. The full effects of interest rate increases have yet to be felt, in our view, and economic leading indicators continue to deteriorate. In this uncertain environment, we are particularly concerned about eroding fundamentals in corporate credit. Weaker revenue and higher wage costs will likely pressure operating margins and earnings. Additionally, firms will likely be refinancing at materially higher rates than in the recent past. We expect credit spreads to widen and will continue to hold an underweight position with the expectation of adding at more attractive valuations. We do not expect longer-term US Treasury yields to be nearly as volatile as 2022 and are biased for lower rates later in the year. The shape of the yield curve is likely to steepen, in our view, as expected rate cuts become more likely as the year progresses. Overall, we expect a less eventful year for fixed income and one that produces a meaningful positive return.

Sincerely,

Chris Diaz, CFA

Portfolio Manager

Amy Hauter, CFA

Portfolio Manager

Colby Stilson

Portfolio Manager

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www.brownadvisory.com/mf

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A Message to Our Shareholders

December 31, 2022

------

#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified which means it may invest a large percentage of its assets in the securities of fewer issuers. Concentration in a limited number of issuers exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. The Fund is also subject to interest rate risk which is the risk that debt securities in the Fund's portfolio will decline in value because of an increase in market interest rates. This risk is usually greater for longer- term debt securities. Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Federal Alternative minimum tax for certain investors. The Adviser utilizes ESG analysis in connection with the Fund's investments in fixed-income securities. ESG factors are considered systematically and comprehensively through leveraging a repeatable process that strives to minimize risk and capture opportunity.**

Diversification does not assure a profit nor protect against loss in a declining market.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Because the Fund's ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to the funds that do not use these criteria.

Credit Quality weights by rating are derived from the highest bond rating as determined by Standard & Poor's ("S&P"), Moody's or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as S&P, Moody's and Fitch. These firms evaluate a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.

Definitions for terms and indices are provided in the Glossary of Terms.

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www.brownadvisory.com/mf

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#### Brown Advisory Sustainable Bond Fund
Schedule of Investments

December 31, 2022 (Unaudited)

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Mortgage Backed Securities — 30.2%** | **Mortgage Backed Securities — 30.2%** |  |  | |
| 1104200 | FHLMC, Pool# QC-5510 | 3.50% | 07/01/2051 | 1007564 |
| 5515714 | FHLMC, Pool# RA-6064 | 2.50% | 09/01/2051 | 4780897 |
| 94864 | FHLMC STACR, Series 2015-HQ2 M3 (1 Month LIBOR USD + 3.25%) | 7.64% | 05/27/2025 | 95135 |
| 543823 | FHMS, Series K-W03 X1#~ | 0.83% | 06/25/2027 | 13740 |
| 300000 | FHMS, Series K-W03 A2 | 3.02% | 06/25/2027 | 281932 |
| 91829 | FHMS, Series Q-010 APT1# | 3.06% | 04/25/2046 | 92099 |
| 183343 | FHMS, Series Q-007 APT1# | 4.04% | 10/25/2047 | 182835 |
| 1620000 | FNMA, Pool# BS4700 | 2.43% | 02/01/2032 | 1350518 |
| 72034 | FNMA, Pool# BK5105 | 5.50% | 05/01/2048 | 73128 |
| 107746 | FNMA, Pool# BK8032 | 5.50% | 06/01/2048 | 109624 |
| 73566 | FNMA, Pool# BN4936 | 5.50% | 12/01/2048 | 74073 |
| 73626 | FNMA, Pool# BN4921 | 5.50% | 01/01/2049 | 74114 |
| 2884476 | FNMA, Pool# FM8754 | 3.00% | 09/01/2051 | 2557219 |
| 2139553 | FNMA, Pool# BT7699 | 4.00% | 09/01/2051 | 2072222 |
| 2874986 | FNMA, Pool# FS0491 | 3.50% | 01/01/2052 | 2622034 |
| 2598171 | FNMA, Pool# MA4565 | 3.50% | 03/01/2052 | 2367445 |
| 598296 | GNMA, Pool# 781950X | 4.50% | 07/15/2035 | 591301 |
| 710221 | GNMA, Pool# MA7106M | 2.00% | 01/20/2036 | 635213 |
| 700925 | GNMA, Pool# MA7164M | 2.00% | 02/20/2036 | 626949 |
| 2920202 | GNMA, Pool# 783467X | 4.00% | 10/15/2041 | 2834822 |
| 1127060 | GNMA, Pool# MA2754M | 3.50% | 04/20/2045 | 1055947 |
| 3408638 | GNMA, Pool# 784507X | 4.00% | 12/20/2047 | 3256497 |
| 325418 | GNMA, Pool# MA7774M | 6.00% | 11/20/2051 | 344060 |
| 541166 | GNMA REMIC Trust, Series 2020-167 EC | 1.00% | 02/20/2049 | 442150 |
| 2378369 | GNMA REMIC Trust, Series 2021-015 GC | 1.00% | 01/20/2051 | 1889572 |
| 920152 | GNMA REMIC Trust, Series 2021-125 UL | 1.50% | 07/20/2051 | 698489 |
| 1343418 | GNMA REMIC Trust, Series 2021-158 JD | 1.50% | 09/20/2051 | 1017996 |
| 2184160 | GNMA REMIC Trust, Series 2021-160 DK | 2.00% | 09/20/2051 | 1463665 |
| 1383690 | GNMA REMIC Trust, Series 2021-177 KD | 2.00% | 10/20/2051 | 1163738 |
| 1850293 | GNMA REMIC Trust, Series 2022-009 CD | 2.00% | 01/20/2052 | 1569218 |
| 3994351 | GNMA REMIC Trust, Series 2021-084 ED | 1.00% | 07/16/2060 | 3123773 |
| 18785000 | GNMA, 2.00%, Due TBA January | 2.00% | 01/15/2053 | 15775605 |
| 14300000 | GNMA, 2.50%, Due TBA January | 2.50% | 01/15/2053 | 12416381 |
| 8800000 | GNMA, 3.00%, Due TBA January | 3.00% | 01/15/2053 | 7850270 |
| 5350000 | GNMA, 3.50%, Due TBA January | 3.50% | 01/15/2053 | 4923497 |
| 14434000 | GNMA, 4.00%, Due TBA January | 4.00% | 01/15/2053 | 13677922 |
| 4915000 | GNMA, 4.50%, Due TBA January | 4.50% | 01/15/2053 | 4773694 |
| 1250000 | GNMA, 5.00%, Due TBA January | 5.00% | 01/15/2053 | 1239893 |
| Total Mortgage Backed Securities (Cost $105,797,384) | Total Mortgage Backed Securities (Cost $105,797,384) |  |  | 99125231 |
| **Foreign Government Bonds — 27.1%** | **Foreign Government Bonds — 27.1%** |  |  |  |
| 10200000 | Asian Development Bank | 1.88% | 03/15/2029 | 8958942 |
| 9100000 | Council Of Europe Development Bank | 3.00% | 06/16/2025 | 8800865 |
| 3150000 | European Investment Bank | 2.88% | 08/15/2023 | 3114287 |
| 24655000 | European Investment Bank | 1.38% | 03/15/2027 | 22097590 |
| 22405000 | Inter-American Development Bank | 0.50% | 05/24/2023 | 22042190 |
| 10625000 | Inter-American Development Bank (SOFR + 0.28%) | 3.97% | 04/12/2027 | 10627035 |
| 14700000 | International Bank for Reconstruction & Development | 0.63% | 04/22/2025 | 13499936 |
| Total Foreign Government Bonds (Cost $91,646,583) | Total Foreign Government Bonds (Cost $91,646,583) |  |  | 89140845 |
| **Corporate Bonds & Notes — 17.7%** | **Corporate Bonds & Notes — 17.7%** |  |  |  |
| 3880000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.00% | 10/29/2028 | 3264219 |
| 3350000 | Alexandria Real Estate Equities, Inc. | 4.90% | 12/15/2030 | 3279150 |
| 3810000 | Amphenol Corp. | 2.80% | 02/15/2030 | 3269917 |
| 3935000 | Aptiv PLC | 3.25% | 03/01/2032 | 3242895 |
| 3425000 | AT&T, Inc. | 4.35% | 03/01/2029 | 3277498 |
| 1810000 | Consolidated Edison Co. of New York, Inc. | 3.35% | 04/01/2030 | 1636719 |

---

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Corporate Bonds & Notes — 17.7% (Continued)** | **Corporate Bonds & Notes — 17.7% (Continued)** |  |  | |
| 3725000 | Crown Castle, Inc. | 3.30% | 07/01/2030 | 3271942 |
| 3375000 | CVS Health Corp. | 4.30% | 03/25/2028 | 3276266 |
| 3730000 | Equinix, Inc. | 3.20% | 11/18/2029 | 3260037 |
| 2135000 | Ford Motor Co. | 3.25% | 02/12/2032 | 1605158 |
| 3530000 | Fortis, Inc. | 3.06% | 10/04/2026 | 3283221 |
| 3410000 | Marvell Technology, Inc. | 4.88% | 06/22/2028 | 3262264 |
| 3445000 | NXP BV | 3.88% | 06/18/2026 | 3287014 |
| 1010000 | Oracle Corp. | 6.15% | 11/09/2029 | 1053183 |
| 4145000 | PerkinElmer, Inc. | 2.25% | 09/15/2031 | 3269971 |
| 4155000 | Physicians Realty L.P. | 2.63% | 11/01/2031 | 3264617 |
| 1945000 | Roper Technologies, Inc. | 1.75% | 02/15/2031 | 1507897 |
| 3730000 | Societe Generale S.A. (Fixed until 01/19/2027, then 1 Year CMT Rate + 1.30%)^ | 2.80% | 01/19/2028 | 3273560 |
| 3165000 | Sprint LLC | 7.63% | 02/15/2025 | 3274971 |
| 3990000 | VMware, Inc. | 1.80% | 08/15/2028 | 3272343 |
| Total Corporate Bonds & Notes (Cost $64,560,878) | Total Corporate Bonds & Notes (Cost $64,560,878) |  |  | 58132842 |
| **Asset Backed Securities — 4.4%** | **Asset Backed Securities — 4.4%** |  |  |  |
| 500000 | CNH Equipment Trust, Series 2020-A A4 | 1.51% | 04/15/2027 | 475561 |
| 2650000 | CNH Equipment Trust, Series 2021-C B | 1.41% | 04/16/2029 | 2363671 |
| 108102 | Dext ABS LLC, Series 2020-1 A^ | 1.46% | 02/16/2027 | 106652 |
| 663855 | Dext ABS LLC, Series 2021-1 A^ | 1.12% | 02/15/2028 | 635050 |
| 330000 | Dext ABS LLC, Series 2021-1 B^ | 1.76% | 02/15/2028 | 302398 |
| 654728 | FHF Trust, Series 2021-2A A^ | 0.83% | 12/15/2026 | 622616 |
| 313168 | FHF Trust, Series 2021-1A A^ | 1.27% | 03/15/2027 | 300199 |
| 171622 | FREED ABS Trust, Series 2021-1CP B^ | 1.41% | 03/20/2028 | 170261 |
| 1294095 | GoodLeap Sustainable Home Solutions Trust, Series 2021-5 A^ | 2.31% | 10/20/2048 | 945027 |
| 1975000 | HPEFS Equipment Trust, Series 2021-2 B^ | 0.61% | 09/20/2028 | 1897588 |
| 1000000 | HPEFS Equipment Trust, Series 2020-1A D^ | 2.26% | 02/20/2030 | 989953 |
| 620000 | HPEFS Equipment Trust, Series 2021-1 TR^ | 1.03% | 03/20/2031 | 585197 |
| 346698 | Newtek Small Business Loan Trust, Series 2018-1 A (PRIME + -0.55%)^ | 6.95% | 02/25/2044 | 341142 |
| 236244 | Oportun Funding XIII LLC, Series 2019-A A^ | 3.08% | 08/08/2025 | 233241 |
| 305000 | Oportun Funding XIV LLC, Series 2021-A A^ | 1.21% | 03/08/2028 | 284152 |
| 1075000 | PFS Financing Corp., Series 2021-A A^ | 0.71% | 04/15/2026 | 1012271 |
| 342466 | SoFi Consumer Loan Program Trust, Series 2021-1 A^ | 0.49% | 09/25/2030 | 334372 |
| 1540000 | SoFi Consumer Loan Program Trust, Series 2021-1 B^ | 1.30% | 09/25/2030 | 1446145 |
| 39121 | Tesla Auto Lease Trust, Series 2020-A A3^ | 0.68% | 12/20/2023 | 38953 |
| 750000 | Tesla Auto Lease Trust, Series 2020-A C^ | 1.68% | 02/20/2024 | 744547 |
| 525000 | Tesla Auto Lease Trust, Series 2021-A C^ | 1.18% | 03/20/2025 | 498969 |
| Total Asset Backed Securities (Cost $15,436,034) | Total Asset Backed Securities (Cost $15,436,034) |  |  | 14327965 |
| **Municipal Bonds — 3.0%** | **Municipal Bonds — 3.0%** |  |  |  |
| 2650000 | California Health Facilities Financing Authority | 3.03% | 06/01/2034 | 2162682 |
| 1325000 | Colorado Health Facilities Authority | 3.36% | 12/01/2030 | 1154252 |
| 100000 | Honolulu, City & County Hawaii | 3.00% | 09/01/2027 | 93430 |
| 30000 | Los Angeles California Community College District | 6.60% | 08/01/2042 | 36074 |
| 430000 | Los Angeles California Wastewater System Revenue | 3.49% | 06/01/2029 | 396215 |
| 15000 | Maryland Community Development Administration | 3.24% | 09/01/2048 | 14507 |
| 2175000 | Metropolitan Atlanta Georgia Rapid Transit Authority | 2.41% | 07/01/2033 | 1705896 |
| 3300000 | Metropolitan Pier & Exposition Authority | 3.96% | 12/15/2026 | 3098881 |
| 1000000 | New York City Housing Development Corp. | 2.71% | 08/01/2031 | 824839 |
| 355000 | University of California | 2.99% | 05/15/2026 | 333732 |
| 25000 | University of North Texas System | 3.69% | 04/15/2030 | 22863 |
| Total Municipal Bonds (Cost $11,382,591) | Total Municipal Bonds (Cost $11,382,591) |  |  | 9843371 |

---

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares/** |  |  |  | |
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **U.S. Treasury Notes — 6.2%** | **U.S. Treasury Notes — 6.2%** |  |  | |
| 3295000 | United States Treasury Note | 2.75% | 05/15/2025 | 3180190 |
| 3880000 | United States Treasury Note | 0.88% | 11/15/2030 | 3111881 |
| 4565000 | United States Treasury Note | 1.88% | 02/15/2032 | 3887026 |
| 1560000 | United States Treasury Note | 2.63% | 04/15/2025 | 1502841 |
| 6645000 | United States Treasury Note | 2.75% | 04/30/2027 | 6308077 |
| 2440000 | United States Treasury Note | 3.25% | 06/30/2027 | 2363369 |
| Total U.S. Treasury Notes (Cost $21,140,279) | Total U.S. Treasury Notes (Cost $21,140,279) |  |  | 20353384 |
| **Short-Term Investments — 28.2%** | **Short-Term Investments — 28.2%** |  |  |  |
| **Money Market Funds — 22.1%** | **Money Market Funds — 22.1%** |  |  |  |
| 72466804 | First American Government Obligations Fund — Class Z, 4.05%# |  |  | 72466804 |
| **U.S. Treasury Bills — 6.1%** | **U.S. Treasury Bills — 6.1%** |  |  |  |
| 250000 | United States Treasury Bill, 01/12/2023, 3.66%† |  |  | 249783 |
| 20000000 | United States Treasury Bill, 03/23/2023, 4.23%+ |  |  | 19814070 |
|  |  |  |  | 20063853 |
| Total Short-Term Investments (Cost $92,528,016) | Total Short-Term Investments (Cost $92,528,016) |  |  | 92530657 |
| Total Investments — 116.8% (Cost $402,491,765) | Total Investments — 116.8% (Cost $402,491,765) |  |  | 383454295 |
| Liabilities in Excess of Other Assets — (16.8)% | Liabilities in Excess of Other Assets — (16.8)% |  |  | (55134028) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  |  | $**328320267** |

---

---

| | |
|:---|:---|
| # | Variable rate security. Rate disclosed is as of the date of this report. |
| ^ | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| ~ | Interest only security. |
| \* | Annualized seven-day yield as of the date of this report. |
| † | This security is pledged as collateral in connection with open futures contracts. Rate disclosed is yield to maturity as of the date of this report. |
| + | Zero coupon bond. Rate disclosed is calculated yield to maturity as of the date of this report. |

---

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Mortgage Backed Securities | 30.2% |
| Foreign Government Bonds | 27.1% |
| Money Market Funds | 22.1% |
| Corporate Bonds & Notes | 17.7% |
| U.S. Treasury Notes | 6.2% |
| U.S. Treasury Bills | 6.1% |
| Asset Backed Securities | 4.4% |
| Municipal Bonds | 3.0% |
| Other Assets and Liabilities | (16.8)% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Sustainable Bond Fund
Schedule of Investments

December 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts — Long (Note 6)** |  |  | | | |
|  |  |  | **Notional** | **Notional** | **Unrealized Appreciation** |
| **<u>Issue</u>** | **Contracts** | **Expiration Date** | **Amount** | **Value** | (Depreciation) |
| Canadian 10-Year Bond Futures\* | 43 | 03/22/2023 | $4022211 | $3891913 | $(130298) |
| U.S. Treasury Long Bond Futures | 41 | 03/22/2023 | 5158184 | 5139094 | (19090) |
| U.S. Treasury 10-Year Ultra Note Futures | 8 | 03/22/2023 | 960516 | 946250 | (14266) |
| U.S. Treasury Ultra Bond Futures | 312 | 03/22/2023 | 41794069 | 41905500 | 111431 |
|  |  |  | $51934980 | $51882757 | $(52223) |
| **Futures Contracts — Short (Note 6)** |  |  |  |  |  |
|  |  |  | **Notional** | **Notional** | **Unrealized Appreciation** |
| **<u>Issue</u>** | **Contracts** | **Expiration Date** | **Amount** | **Value** | (Depreciation) |
| U.S. Treasury 5-Year Note Futures | (69) | 03/31/2023 | $(7448623) | $(7447149) | $1474 |
| Long Gilt Futures^ | (36) | 03/29/2023 | (4521402) | (4347889) | 173513 |
| U.S. Treasury 2-Year Note Futures | (132) | 03/31/2023 | (27189041) | (27070313) | 118728 |
| U.S. Treasury 10-Year Note Futures | (48) | 03/22/2023 | (5402146) | (5390250) | 11896 |
|  |  |  | $(44561212) | $(44255601) | $305611 |

---

There is no variation margin due to or from the Fund as of the date of this report.

---

| | |
|:---|:---|
| \* | These futures contracts are denominated in Canadian Dollars. Notional Amount, Notional Value, and Unrealized Appreciation (Depreciation) have been translated into U.S. Dollars as of December 31, 2022. |
| ^ | These futures contracts are denominated in British Pound Sterling. Notional Amount, Notional Value, and Unrealized Appreciation (Depreciation) have been translated into U.S. Dollars as of December 31, 2022. |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Maryland Bond Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Maryland Bond Fund Investor Shares(the "Fund") increased 0.62% in value. During the same period, the Bloomberg 1-10 Year Blended Municipal Bond Index the Fund's benchmark, increased 0.75%.

2022 will be remembered as the worst period of broad bond market returns in more than a generation, as persistently high inflation led to aggressive monetary policy tightening and ever-higher Fed target rate expectations. The interest rate reaction from the policy tightening caused the largely retail-oriented investor base for municipal bonds to reverse demand sharply as macroeconomic uncertainty, higher interest rates, and negative returns fueled a negative feedback loop for much of the early part of the year.

Volatility persisted into the second half of the year, but as inflation started to moderate, and broad interest rates began to stabilize, investor demand did begin to slowly return to the market. The secular tailwinds that helped drive demand for municipal bonds in recent years still exist. These include solid household balance sheets, demographics including the aging of the U.S. population, and a continued upward pressure on tax rates. While these long-term demand drivers remained in place last year, the aforementioned negative feedback loop derailed demand in the short term. As incremental demand began to return late in the year, it was primarily focused in short-maturity bonds. Demand segmentation helped push short-maturity muni yields lower (retail investor based), while intermediate and longer-maturity muni yields remained relatively high as the muni mutual fund industry experienced record outflows during the year. This demand imbalance has kept the municipal yield curve steep on a relative basis, while also creating an environment where bond valuations can look quite different based on underlying maturity and coupon structure.

In terms of curve positioning for the Fund, we have added to our defensive exposure in short-term floating rate municipals and other ultra-short duration bonds. Income generation on these has remained reasonably attractive as short-term rates ratcheted higher during the period. We continue to pair this exposure with an overweight in 10-year and longer maturity bonds due to relative attractive valuations given the upward-sloping muni yield curve. From a performance attribution standpoint, the Fund's active curve positioning modestly lagged the benchmark early in the period and outperformed the benchmark later in the period. We do believe this relative duration barbell makes sense going forward given an environment where the Fed could keep short-term rates elevated, and slowing economic growth could keep intermediate and longer-maturity yields somewhat rangebound.

Within municipal credit, we are aware that certain issuers and sectors are likely to face credit-specific pressures, given the mounting risks to broad economic growth as well as inflation concerns. We see an increased value in maintaining high levels of liquidity to take advantage of possible dislocations. Additionally, staying true to our long-term, bottom-up approach to credit and sector selection, we are very focused on how our issuers may fare with both inflationary pressures and late-cycle credit dynamics. That being said, we are still encouraged by the solid fundamentals within much of the broad investment grade muni market.

Sincerely,

Stephen M. Shutz, CFA

Portfolio Manager

Joshua R. Perry, CFA, CAIA, FRM

Portfolio Manager

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www.brownadvisory.com/mf

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A Message to Our Shareholders

December 31, 2022

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#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified which means it may invest a large percentage of its assets in the securities of fewer issuers. Investment in a limited number of issuers exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. The Fund is also subject to interest rate risk which is the risk that debt securities in the Fund's portfolio will decline in value because of an increase in market interest rates. Municipal securities are subject to adverse political or economic factors, including changes in the tax law. Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report. Credit Quality weights by rating are derived from the highest bond rating as determined by Standard & Poor's ("S&P"), Moody's or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as S&P, Moody's and Fitch. These firms evaluate a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.

Definitions for terms and indices are provided in the Glossary of Terms.

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www.brownadvisory.com/mf

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#### Brown Advisory Maryland Bond Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Municipal Bonds — 96.4%** | **Municipal Bonds — 96.4%** |  |  | |
| **General Obligation Bonds — 18.9%** | **General Obligation Bonds — 18.9%** |  |  | |
| 1650000 | Baltimore County Maryland | 5.00% | 08/01/2028 | 1711871 |
| 1000000 | Baltimore County Maryland | 5.00% | 03/01/2029 | 1117315 |
| 2700000 | Baltimore County Maryland | 5.00% | 03/01/2030 | 3015705 |
| 4065000 | Baltimore County Maryland | 5.00% | 03/01/2031 | 4688736 |
| 1520000 | Baltimore County Maryland | 4.00% | 02/01/2033 | 1537517 |
| 5000000 | Baltimore County Maryland | 4.00% | 03/01/2036 | 5139847 |
| 1000000 | Maryland State | 5.00% | 08/01/2025 | 1060143 |
| 1400000 | Maryland State | 5.00% | 08/01/2031 | 1573893 |
| 1485000 | Montgomery County Maryland | 4.00% | 11/01/2028 | 1597052 |
| 3370000 | Montgomery County Maryland | 3.00% | 10/01/2034 | 3164461 |
| 1350000 | Prince George's County Maryland | 5.00% | 10/01/2024 | 1401154 |
| 1500000 | Prince George's County Maryland | 5.00% | 10/01/2025 | 1590185 |
| 1550000 | Prince George's County Maryland | 5.00% | 10/01/2026 | 1676315 |
| 1290000 | St Mary's County Maryland | 5.00% | 05/01/2028 | 1440015 |
|  |  |  |  | 30714209 |
| **Revenue Bonds — 77.5%** | **Revenue Bonds — 77.5%** |  |  |  |
| 975000 | Austin, Texas | 7.88% | 09/01/2026 | 977050 |
| 520000 | Baltimore, Maryland | 5.00% | 06/15/2030 | 531892 |
| 225000 | Baltimore, Maryland^ | 3.25% | 06/01/2031 | 193893 |
| 1550000 | Baltimore, Maryland | 4.50% | 06/01/2033 | 1492511 |
| 670000 | Baltimore, Maryland | 5.00% | 06/15/2033 | 684319 |
| 1260000 | Baltimore, Maryland^ | 3.50% | 06/01/2039 | 999573 |
| 1750000 | California Municipal Finance Authority^ | 5.00% | 11/01/2039 | 1719397 |
| 1000000 | Cedar Rapids, Iowa# | 6.74% | 08/15/2029 | 998750 |
| 1550000 | Franklin County Ohio | 5.00% | 11/15/2034 | 1562520 |
| 1000000 | Frederick County Maryland^ | 5.00% | 09/01/2027 | 1003499 |
| 2000000 | Frederick County Maryland | 5.00% | 07/01/2029 | 2208295 |
| 5050000 | Frederick County Maryland^ | 5.00% | 09/01/2032 | 4973719 |
| 1110000 | Frederick County Maryland^ | 5.00% | 09/01/2037 | 1058852 |
| 1410000 | Frederick County Maryland | 3.75% | 07/01/2039 | 1185449 |
| 1000000 | Gaithersburg, City of Maryland | 5.00% | 01/01/2028 | 1022365 |
| 2000000 | Gaithersburg, City of Maryland | 5.00% | 01/01/2033 | 2009631 |
| 2000000 | Lancaster County Pennsylvania Hospital Authority | 5.00% | 07/01/2035 | 1949242 |
| 2650000 | Lehigh County Pennsylvania (SIFMA Municipal Swap Index + 1.10%) | 4.76% | 08/15/2038 | 2617310 |
| 1245000 | Maryland Community Development Administration | 5.00% | 09/01/2030 | 1371686 |
| 1030000 | Maryland Community Development Administration | 5.00% | 09/01/2031 | 1130087 |
| 3930000 | Maryland Community Development Administration | 4.60% | 03/01/2042 | 3929343 |
| 2660000 | Maryland Community Development Administration | 2.41% | 07/01/2043 | 1969536 |
| 1140000 | Maryland Community Development Administration Local Government Infrastructure | 4.00% | 06/01/2035 | 1172093 |
| 1000000 | Maryland Economic Development Corp. | 5.00% | 07/01/2028 | 1056434 |
| 750000 | Maryland Economic Development Corp. | 5.00% | 07/01/2029 | 796469 |
| 1500000 | Maryland Economic Development Corp. | 4.00% | 07/01/2040 | 1369015 |
| 4500000 | Maryland Economic Development Corp. | 4.50% | 07/01/2044 | 4005253 |
| 1100000 | Maryland Stadium Authority | 1.42% | 05/01/2025 | 1024118 |
| 3000000 | Maryland Stadium Authority | 5.00% | 05/01/2030 | 3177113 |
| 1000000 | Maryland Stadium Authority | 4.00% | 06/01/2037 | 1002980 |
| 5000000 | Maryland Stadium Authority | 5.00% | 05/01/2038 | 5319000 |
| 1340000 | Maryland Stadium Authority Built to Learn | 4.00% | 06/01/2035 | 1370175 |
| 1715000 | Maryland State Department of Transportation | 5.00% | 10/01/2027 | 1862638 |
| 1260000 | Maryland State Department of Transportation | 4.00% | 12/01/2029 | 1312581 |
| 1000000 | Maryland State Department of Transportation | 5.00% | 08/01/2033 | 1085693 |
| 1150000 | Maryland State Department of Transportation | 4.00% | 08/01/2038 | 1077610 |
| 500000 | Maryland State Health & Higher Educational Facilities | 5.00% | 08/15/2023 | 504975 |
| 420000 | Maryland State Health & Higher Educational Facilities | 5.00% | 07/01/2026 | 440918 |

---

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

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www.brownadvisory.com/mf

------

Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares/** |  |  |  | |
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Municipal Bonds — 96.4% (Continued)** | **Municipal Bonds — 96.4% (Continued)** |  |  | |
| **Revenue Bonds — 77.5% (Continued)** | **Revenue Bonds — 77.5% (Continued)** |  |  | |
| 4000000 | Maryland State Health & Higher Educational Facilities | 5.00% | 08/15/2027 | 4139254 |
| 3500000 | Maryland State Health & Higher Educational Facilities | 5.00% | 07/01/2029 | 3717969 |
| 100000 | Maryland State Health & Higher Educational Facilities | 4.00% | 10/01/2030 | 101226 |
| 300000 | Maryland State Health & Higher Educational Facilities | 4.00% | 10/01/2031 | 303316 |
| 1250000 | Maryland State Health & Higher Educational Facilities | 5.00% | 08/15/2033 | 1286797 |
| 1955000 | Maryland State Health & Higher Educational Facilities | 5.00% | 07/01/2034 | 2027734 |
| 5000000 | Maryland State Health & Higher Educational Facilities | 5.00% | 05/15/2037 | 5160336 |
| 1200000 | Maryland State Health & Higher Educational Facilities | 5.00% | 07/01/2037 | 1243824 |
| 1500000 | Maryland State Health & Higher Educational Facilities | 5.00% | 07/01/2038 | 1532469 |
| 4335000 | Maryland State Health & Higher Educational Facilities | 5.00% | 05/15/2042 | 4454197 |
| 2650000 | Maryland State Health & Higher Educational Facilities (SIFMA Municipal Swap Index + 0.28%) | 3.94% | 07/01/2042 | 2627616 |
| 1310000 | Maryland State Health & Higher Educational Facilities | 5.00% | 07/01/2043 | 1322511 |
| 4000000 | Maryland State Health & Higher Educational Facilities# | 5.00% | 07/01/2045 | 4252973 |
| 2500000 | Maryland State Transportation Authority | 5.00% | 07/01/2023 | 2524907 |
| 3000000 | Maryland State Transportation Authority | 5.00% | 07/01/2025 | 3169162 |
| 1510000 | Maryland State Transportation Authority | 5.00% | 07/01/2025 | 1595145 |
| 4420000 | Maryland State Transportation Authority | 5.00% | 07/01/2028 | 4860222 |
| 4330000 | Maryland State Transportation Authority | 4.00% | 06/01/2035 | 4200333 |
| 1500000 | Metropolitan Washington DC Airports Authority | 5.00% | 10/01/2040 | 1551415 |
| 5000000 | Miami-Dade County Florida Expressway Authority (1 Month LIBOR USD + 1.05%) | 5.17% | 07/01/2032 | 5016770 |
| 365000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.50% | 07/01/2046 | 182500 |
| 820000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.75% | 07/01/2051 | 410000 |
| 2000000 | Newport News Virginia Economic Development Authority | 5.00% | 12/01/2031 | 2016047 |
| 2000000 | North Carolina Medical Care Commission | 5.00% | 10/01/2031 | 1944669 |
| 1000000 | St Mary's College of Maryland | 4.00% | 09/01/2024 | 1014111 |
| 3280000 | Washington State Housing Finance Commission^ | 4.00% | 01/01/2026 | 3113915 |
|  |  |  |  | 125935402 |
| Total Municipal Bonds (Cost $164,765,271) | Total Municipal Bonds (Cost $164,765,271) |  |  | 156649611 |
| **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** |  |  |  |
| **Money Market Funds — 2.4%** | **Money Market Funds — 2.4%** |  |  |  |
| 3930494 | First American Government Obligations Fund — Class Z, 4.05%\* |  |  | 3930494 |
| Total Short-Term Investments (Cost $3,930,494) | Total Short-Term Investments (Cost $3,930,494) |  |  | 3930494 |
| Total Investments — 98.8% (Cost $168,695,765) | Total Investments — 98.8% (Cost $168,695,765) |  |  | 160580105 |
| Other Assets in Excess of Liabilities — 1.2% | Other Assets in Excess of Liabilities — 1.2% |  |  | 1943784 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  |  | $**162523889** |

---

---

| | |
|:---|:---|
| ^ | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| # | Variable rate security. Rate disclosed is as of the date of this report. |
| \* | Annualized seven-day yield as of the date of this report. |

---

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Revenue Bonds | 77.5% |
| General Obligation Bonds | 18.9% |
| Money Market Funds | 2.4% |
| Other Assets and Liabilities | 1.2% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Tax-Exempt Bond Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Tax-Exempt Bond Fund Investor Shares (the "Fund") increased 0.29% in value. During the same period, the Bloomberg 1-10 Year Blended Municipal Bond Index, the Fund's benchmark, increased 0.75%.

2022 will be remembered as the worst period of broad bond market returns in more than a generation, as persistently high inflation led to aggressive monetary policy tightening and ever-higher Fed target rate expectations. The interest rate reaction from the policy tightening caused the largely retail-oriented investor base for municipal bonds to reverse demand sharply as macroeconomic uncertainty, higher interest rates, and negative returns fueled a negative feedback loop for much of the early part of the year.

Volatility persisted into the second half of the year, but as inflation started to moderate, and broad interest rates began to stabilize, investor demand did begin to slowly return to the market. The secular tailwinds that helped drive demand for municipal bonds in recent years still exist. These include solid household balance sheets, demographics including the aging of the U.S. population, and a continued upward pressure on tax rates. While these long-term demand drivers remained in place last year, the aforementioned negative feedback loop derailed demand in the short-term. As incremental demand began to return late in the year, it was primarily focused in short-maturity bonds. Demand segmentation helped push short-maturity muni yields lower (retail investor based), while intermediate and longer-maturity muni yields remained relatively high as the muni mutual fund industry experienced record outflows during the year. This demand imbalance has kept the municipal yield curve steep on a relative basis, while also creating an environment where bond valuations can look quite different based on underlying maturity and coupon structure.

In terms of curve positioning for the Fund, we have added to our defensive exposure in short-term floating rate municipals and other ultra-short duration bonds. Income generation on these has remained reasonably attractive as short-term rates ratcheted higher during the period. We continue to pair this exposure with an overweight in 10-year and longer maturity bonds due to relative attractive valuations given the upward sloping muni yield curve. From a performance attribution standpoint, the Fund's active curve positioning modestly lagged the benchmark early in the period, and outperformed the benchmark later in the period. We do believe this relative duration barbell makes sense going forward given an environment where the Fed could keep short-term rates elevated, and slowing economic growth could keep intermediate and longer-maturity yields somewhat rangebound.

Within municipal credit, we are aware that certain issuers and sectors are likely to face credit specific pressures, given the mounting risks to broad economic growth as well as inflation concerns. We see an increased value in maintaining high levels of liquidity to take advantage of possible dislocations. Additionally, staying true to our long-term, bottom-up approach to credit and sector selection, we are very focused on how our issuers may fare with both inflationary pressures and late-cycle credit dynamics. That being said, we are still encouraged by the solid fundamentals within much of the broad investment grade muni market.

Sincerely,

Stephen M. Shutz, CFA

Portfolio Manager

Joshua R. Perry, CFA, CAIA, FRM

Portfolio Manager

------

www.brownadvisory.com/mf

------

A Message to Our Shareholders

December 31, 2022

------

#### <br>

#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified which means it may invest a large percentage of its assets in the securities of fewer issuers. Concentration in a limited number of issuers exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. The Fund is also subject to interest rate risk which is the risk that debt securities in the Fund's portfolio will decline in value because of an increase in market interest rates. This risk is usually greater for longer- term debt securities. Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Federal Alternative minimum tax for certain investors.**

#### Diversification does not assure a profit nor protect against loss in a declining market.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Credit Quality weights by rating are derived from the highest bond rating as determined by Standard & Poor's ("S&P"), Moody's or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as S&P, Moody's and Fitch. These firms evaluate a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.

Definitions for terms and indices are provided in the Glossary of Terms.

------

www.brownadvisory.com/mf

------

#### Brown Advisory Tax-Exempt Bond Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Municipal Bonds — 97.7%** | **Municipal Bonds — 97.7%** |  |  | |
| **General Obligation Bonds — 8.0%** | **General Obligation Bonds — 8.0%** |  |  | |
| 9000000 | Chicago Illinois Park District | 5.00% | 01/01/2044 | 9478331 |
| 3470000 | Illinois, State of | 5.00% | 11/01/2024 | 3536424 |
| 14050000 | Illinois, State of | 5.00% | 12/01/2025 | 14412224 |
| 4220000 | Illinois, State of | 5.50% | 05/01/2030 | 4485984 |
| 1300000 | Illinois, State of | 5.00% | 10/01/2033 | 1315419 |
| 1700000 | Illinois, State of | 4.00% | 10/01/2033 | 1592229 |
| 8980000 | Illinois, State of | 5.00% | 05/01/2039 | 8919978 |
| 830000 | Massachusetts, Commonwealth of (3 Month LIBOR USD + 0.57%) | 3.55% | 05/01/2037 | 813664 |
| 2000000 | New York, City of New York | 4.00% | 08/01/2038 | 1974903 |
| 5005000 | New York, City of New York | 4.00% | 08/01/2038 | 4944542 |
| 3543800 | Puerto Rico, Commonwealth of | 5.25% | 07/01/2023 | 3544305 |
|  |  |  |  | 55018003 |
| **Revenue Bonds — 89.7%** | **Revenue Bonds — 89.7%** |  |  |  |
| 4735000 | American Municipal Power, Inc. | 4.00% | 02/15/2037 | 4678341 |
| 5940000 | American Municipal Power, Inc. | 4.00% | 02/15/2038 | 5830064 |
| 4200000 | Austin, Texas | 7.88% | 09/01/2026 | 4208831 |
| 17000000 | Black Belt Energy Gas District# | 4.00% | 12/01/2048 | 17017202 |
| 4185000 | Black Belt Energy Gas District (SIFMA Municipal Swap Index + 0.62%) | 4.28% | 12/01/2048 | 4162431 |
| 8500000 | Black Belt Energy Gas District (SIFMA Municipal Swap Index + 0.35%) | 4.01% | 10/01/2052 | 8078086 |
| 4870000 | Board of Governors of Colorado State University System | 4.00% | 03/01/2038 | 4847292 |
| 10325000 | Buckeye Ohio Tobacco Settlement Financing Authority | 4.00% | 06/01/2037 | 9815612 |
| 10000000 | California Earthquake Authority | 5.60% | 07/01/2027 | 10089096 |
| 2500000 | California Health Facilities Financing Authority | 1.68% | 06/01/2028 | 2115180 |
| 1050000 | California Infrastructure & Economic Development Bank (SIFMA Municipal Swap Index + 0.35%) | 4.01% | 08/01/2047 | 1035588 |
| 7150000 | Central Plains Energy Project# | 5.00% | 03/01/2050 | 7218057 |
| 3000000 | Chicago Illinois Midway International Airport | 5.00% | 01/01/2035 | 3001936 |
| 4095000 | Chicago Illinois Waterworks Revenue | 5.00% | 11/01/2044 | 4114032 |
| 7715000 | Colorado Health Facilities Authority | 5.00% | 12/01/2035 | 7798443 |
| 815000 | Colorado Housing and Finance Authority | 1.55% | 04/01/2023 | 811740 |
| 3000000 | Delaware Valley Pennsylvania Regional Finance Authority (SIFMA Municipal Swap Index + 0.40%) | 4.06% | 03/01/2057 | 2950164 |
| 3000000 | Glendale Arizona Industrial Development Authority | 5.00% | 11/15/2048 | 3021567 |
| 5000000 | Grand Forks, County of North Dakota^(d) | 6.63% | 12/15/2031 | 2750000 |
| 2500000 | Grand Forks, County of North Dakota^(d)~ | 9.00% | 06/15/2044 | 1375000 |
| 1560000 | Grand Forks, City of North Dakota | 4.00% | 12/01/2036 | 1479075 |
| 8925000 | Grand Forks, City of North Dakota | 4.00% | 12/01/2035 | 8563831 |
| 4050000 | Harris County Texas Sports Authority+ | 4.48% | 11/15/2034 | 2285530 |
| 2000000 | Illinois Sales Tax Revenue | 1.80% | 06/15/2027 | 1704006 |
| 1750000 | Illinois Sales Tax Revenue | 2.00% | 06/15/2028 | 1452643 |
| 3000000 | Illinois State Toll Highway Authority | 5.00% | 01/01/2031 | 3004762 |
| 4923923 | Industrial Development Authority of the City of St. Louis Missouri | 2.22% | 12/01/2038 | 4057043 |
| 1585000 | Kentucky Public Energy Authority# | 4.00% | 12/01/2049 | 1570728 |
| 4100000 | Kentucky Public Energy Authority (1 Month LIBOR USD + 1.30%) | 4.06% | 12/01/2049 | 4075548 |
| 3000000 | Lancaster County Pennsylvania Hospital Authority | 5.00% | 07/01/2035 | 2923862 |
| 2280000 | Las Vegas Nevada Redevelopment Agency | 5.00% | 06/15/2028 | 2382261 |
| 9800000 | Lehigh County Pennsylvania (SIFMA Municipal Swap Index + 1.10%) | 4.76% | 08/15/2038 | 9679110 |
| 7950000 | Los Angeles California Department of Airports | 4.00% | 05/15/2042 | 7487712 |
| 5000000 | Louisville/Jefferson County Kentucky Metropolitan Government | 5.75% | 10/01/2042 | 5059124 |
| 17720000 | Love Field Texas Airport Modernization Corp. | 4.00% | 11/01/2036 | 16954785 |
| 17000000 | Main Street Natural Gas, Inc. (1 Month LIBOR USD + 0.83%) | 3.59% | 08/01/2048 | 16900377 |
| 5000000 | Main Street Natural Gas, Inc. (SIFMA Municipal Swap Index + 0.57%) | 4.23% | 08/01/2048 | 4983617 |
| 5485000 | Maricopa County Arizona Industrial Development Authority (SIFMA Municipal Swap Index + 0.57%) | 4.23% | 01/01/2035 | 5463092 |
| 5000000 | Maryland Community Development Administration | 2.41% | 07/01/2043 | 3702136 |
| 3220000 | Massachusetts Housing Finance Agency | 4.00% | 12/01/2033 | 3176182 |
| 1495000 | Metropolitan Pier & Exposition Authority+ | 2.37% | 12/15/2033 | 929529 |

---

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

------

www.brownadvisory.com/mf

------

Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Municipal Bonds — 97.7% (Continued)** | **Municipal Bonds — 97.7% (Continued)** |  |  | |
| **Revenue Bonds — 89.7% (Continued)** | **Revenue Bonds — 89.7% (Continued)** |  |  | |
| 5000000 | Metropolitan Pier & Exposition Authority+ | 5.58% | 06/15/2036 | 2658733 |
| 10165000 | Metropolitan Pier & Exposition Authority+ | 4.24% | 06/15/2037 | 5085679 |
| 15000000 | Metropolitan Pier & Exposition Authority+ | 5.26% | 12/15/2037 | 7326962 |
| 5365000 | Metropolitan Pier & Exposition Authority+ | 2.99% | 06/15/2038 | 2524953 |
| 1705000 | Metropolitan Transportation Authority+ | 3.19% | 11/15/2029 | 1299785 |
| 5050000 | Metropolitan Transportation Authority | 5.00% | 11/15/2032 | 5137092 |
| 6000000 | Metropolitan Transportation Authority+ | 3.59% | 11/15/2033 | 3765811 |
| 5000000 | Metropolitan Transportation Authority | 5.00% | 11/15/2038 | 5011602 |
| 5835000 | Metropolitan Transportation Authority | 5.00% | 11/15/2038 | 5840261 |
| 15000000 | Metropolitan Transportation Authority | 5.00% | 11/15/2038 | 15034806 |
| 17590000 | Metropolitan Transportation Authority | 5.00% | 11/15/2038 | 17605861 |
| 5000000 | Metropolitan Transportation Authority | 5.25% | 11/15/2044 | 5017925 |
| 6055000 | Miami-Dade County Florida Expressway Authority (1 Month LIBOR USD + 1.05%) | 5.17% | 07/01/2026 | 6062178 |
| 5260000 | Miami-Dade County Florida Expressway Authority (1 Month LIBOR USD + 1.05%) | 5.17% | 07/01/2029 | 5273115 |
| 8260000 | Miami-Dade County Florida Expressway Authority (1 Month LIBOR USD + 1.05%) | 5.17% | 07/01/2032 | 8287704 |
| 1080000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.00% | 07/01/2031 | 540000 |
| 1750000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.25% | 07/01/2036 | 875000 |
| 4000000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.00% | 07/01/2046 | 2200000 |
| 250000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.50% | 07/01/2046 | 125000 |
| 2000000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.75% | 07/01/2051 | 1000000 |
| 5900000 | New Jersey Economic Development Authority | 3.38% | 06/15/2026 | 5578013 |
| 5000000 | New Jersey Economic Development Authority | 3.47% | 06/15/2027 | 4667017 |
| 2350000 | New Jersey Economic Development Authority (SIFMA Municipal Swap Index + 1.55%) | 5.21% | 09/01/2027 | 2350046 |
| 2835000 | New Jersey Economic Development Authority (SIFMA Municipal Swap Index + 1.60%) | 5.26% | 03/01/2028 | 2835026 |
| 12000000 | New Jersey Economic Development Authority | 7.43% | 02/15/2029 | 12932483 |
| 1000000 | New Jersey Transportation Trust Fund Authority+ | 2.19% | 12/15/2035 | 576944 |
| 10050000 | New Jersey Transportation Trust Fund Authority+ | 4.20% | 12/15/2037 | 5174099 |
| 5000000 | New Jersey Transportation Trust Fund Authority+ | 5.13% | 12/15/2038 | 2428914 |
| 9675000 | New Jersey Transportation Trust Fund Authority+ | 5.31% | 12/15/2039 | 4420284 |
| 13565000 | New Mexico Municipal Energy Acquisition Authority# | 5.00% | 11/01/2039 | 13906205 |
| 2000000 | New York Convention Center Development Corp.+ | 2.47% | 11/15/2032 | 1320611 |
| 8730000 | New York Convention Center Development Corp.+ | 2.53% | 11/15/2035 | 4854486 |
| 3000000 | New York Convention Center Development Corp.+ | 2.78% | 11/15/2037 | 1477677 |
| 2750000 | New York Convention Center Development Corp.+ | 3.09% | 11/15/2037 | 1414865 |
| 8970000 | New York State Dormitory Authority | 4.00% | 03/15/2039 | 8754024 |
| 6850000 | New York State Urban Development Corp. | 4.00% | 03/15/2045 | 6409156 |
| 15000000 | New York State Urban Development Corp. | 4.00% | 03/15/2046 | 13947078 |
| 5500000 | New York Transportation Development Corp. | 5.00% | 07/01/2041 | 5356508 |
| 3375000 | Newport News Virginia Economic Development Authority | 5.00% | 12/01/2031 | 3402079 |
| 1760000 | Niagara County New York Tobacco Asset Securitization Corp. | 5.00% | 05/15/2024 | 1775827 |
| 2000000 | North Carolina Medical Care Commission | 5.00% | 10/01/2031 | 1944669 |
| 6170000 | Ohio State University | 4.00% | 06/01/2030 | 6189842 |
| 1000000 | Park Creek Colorado Metropolitan District | 5.00% | 12/01/2034 | 1037848 |
| 8000000 | Permanent University Fund — University of Texas System | 5.00% | 07/01/2041 | 8049650 |
| 16249000 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue+ | 5.92% | 07/01/2031 | 10605266 |
| 1234000 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue+ | 5.04% | 07/01/2033 | 719364 |
| 4230000 | Sales Tax Securitization Corp. | 5.50% | 01/01/2032 | 4657584 |
| 4520000 | San Diego California Tobacco Settlement Revenue Funding Corp. | 4.00% | 06/01/2032 | 4327949 |
| 1100000 | Tampa, City of Florida+ | 4.67% | 09/01/2039 | 508492 |
| 1280000 | Tampa, City of Florida+ | 4.76% | 09/01/2041 | 530032 |
| 1850000 | Tampa, City of Florida+ | 3.74% | 09/01/2045 | 615105 |
| 27140000 | Tennessee Energy Acquisition Corp.# | 4.00% | 05/01/2048 | 27184786 |
| 3045000 | Terrebonne Parish Louisiana+ | 3.15% | 04/01/2036 | 1784406 |
| 15115000 | Texas Municipal Gas Acquisition & Supply Corp II (3 Month LIBOR USD + 0.87%) | 4.07% | 09/15/2027 | 14925195 |
| 7870000 | Texas Municipal Gas Acquisition & Supply Corp II (SIFMA Municipal Swap Index + 0.55%) | 4.21% | 09/15/2027 | 7630448 |

---

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

------

www.brownadvisory.com/mf

------

Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares/** |  |  |  | |
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Municipal Bonds — 97.7% (Continued)** | **Municipal Bonds — 97.7% (Continued)** |  |  | |
| **Revenue Bonds — 89.7% (Continued)** | **Revenue Bonds — 89.7% (Continued)** |  |  | |
| 15345000 | Texas Municipal Gas Acquisition & Supply Corp II (3 Month LIBOR USD + 0.69%) | 3.84% | 09/15/2027 | 15047404 |
| 1630000 | Texas Municipal Power Agency | 3.00% | 09/01/2035 | 1449023 |
| 460000 | Tobacco Settlement Authority | 5.25% | 06/01/2032 | 460409 |
| 6235000 | Tobacco Settlement Financing Corp. | 5.00% | 06/01/2029 | 6553484 |
| 4870000 | Tobacco Settlement Financing Corp. | 5.00% | 06/01/2031 | 5110848 |
| 21405000 | Tobacco Settlement Financing Corp. | 5.00% | 06/01/2035 | 21680921 |
| 5000000 | Tobacco Settlement Financing Corp. | 5.25% | 06/01/2046 | 5018414 |
| 7960000 | TSASC, Inc. | 5.00% | 06/01/2030 | 8216775 |
| 1070000 | TSASC, Inc. | 5.00% | 06/01/2031 | 1104081 |
| 5721988 | Utah Housing Corp. | 3.00% | 01/21/2052 | 5501709 |
| 9923616 | Utah Housing Corp. | 4.50% | 06/21/2052 | 9897986 |
| 4988493 | Utah Housing Corp. | 5.00% | 10/21/2052 | 4993660 |
| 13742197 | Vermont Student Assistance Corp. (1 Month LIBOR USD + 1.00%) | 5.12% | 06/02/2042 | 13634995 |
| 1230000 | Virginia Small Business Financing Authority | 4.00% | 12/01/2036 | 1085102 |
| 2540000 | Washington Health Care Facilities Authority | 5.00% | 10/01/2033 | 2549277 |
| 1000000 | Washington State Housing Finance Commission^ | 4.00% | 01/01/2026 | 949364 |
| 2655000 | Washington State Housing Finance Commission^ | 5.00% | 01/01/2031 | 2466057 |
| 1610000 | Wisconsin Health & Educational Facilities Authority | 5.00% | 05/01/2027 | 1640333 |
|  |  |  |  | 615077902 |
| Total Municipal Bonds (Cost $697,976,611) | Total Municipal Bonds (Cost $697,976,611) |  |  | 670095905 |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |  |  |  |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |  |  |  |
| 1500769 | First American Government Obligations Fund — Class Z, 4.05%# |  |  | 1500769 |
| Total Short-Term Investments (Cost $1,500,769) | Total Short-Term Investments (Cost $1,500,769) |  |  | 1500769 |
| Total Investments — 97.9% (Cost $699,477,380) | Total Investments — 97.9% (Cost $699,477,380) |  |  | 671596674 |
| Other Assets in Excess of Liabilities — 2.1% | Other Assets in Excess of Liabilities — 2.1% |  |  | 14275661 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  |  | $**685872335** |

---

---

| | |
|:---|:---|
| + | Zero coupon bond. Rate disclosed is calculated yield to maturity as of the date of this report. |
| # | Variable rate security. Rate disclosed is as of the date of this report. |
| ^ | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (d) | Security is in default and missed its last payment of interest as of the date of this report. |
| ~ | Non-Income Producing. |
| \* | Annualized seven-day yield as of the date of this report. |

---

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Revenue Bonds | 89.7% |
| General Obligation Bonds | 8.0% |
| Money Market Funds | 0.2% |
| Other Assets and Liabilities | 2.1% |
|  | 100.0% |

---

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

------

www.brownadvisory.com/mf

------

#### Brown Advisory Tax-Exempt Sustainable Bond Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Tax-Exempt Sustainable Bond Fund Investor Shares (the "Fund") increased 0.43% in value. During the same period, the Bloomberg 1-10 Year Blended Municipal Bond Index, the Fund's benchmark, increased 0.75%.

2022 will be remembered as the worst period of broad bond market returns in more than a generation, as persistently high inflation led to aggressive monetary policy tightening and ever-higher Fed target rate expectations. The interest rate reaction from the policy tightening caused the largely retail-oriented investor base for municipal bonds to reverse demand sharply as macroeconomic uncertainty, higher interest rates, and negative returns fueled a negative feedback loop for much of the early part of the year.

Volatility persisted into the second half of the year, but as inflation started to moderate, and broad interest rates began to stabilize, investor demand did begin to slowly return to the market. The secular tailwinds that helped drive demand for municipal bonds in recent years still exist: solid household balance sheets, demographics including the aging of the U.S. population, and a continued upward pressure on tax rates. While these long-term demand drivers remained in place last year, the aforementioned negative feedback loop derailed demand in the short-term. As incremental demand began to return late in the year, it was primarily focused in short-maturity bonds. Demand segmentation helped push short-maturity muni yields lower (retail investor based), while intermediate and longer-maturity muni yields remained relatively high as the muni mutual fund industry experienced record outflows during the year. This demand imbalance has kept the municipal yield curve steep on a relative basis, while also creating an environment where bond valuations can look quite different based on underlying maturity and coupon structure.

In terms of curve positioning for the Fund, we have added to our defensive exposure in short-term floating rate municipals and other ultra-short duration bonds. Income generation on these has remained reasonably attractive as short-term rates ratcheted higher during the period. We continue to pair this exposure with an overweight in 10-year and longer maturity bonds due to relative attractive valuations given the upward sloping muni yield curve. From a performance attribution standpoint, the Fund's active curve positioning modestly lagged the benchmark early in the period, and outperformed the benchmark later in the period. We do believe this relative duration barbell makes sense going forward given an environment where the Fed could keep short-term rates elevated, and slowing economic growth could keep intermediate and longer-maturity yields somewhat rangebound.

Within municipal credit, we are aware that certain issuers and sectors are likely to face credit specific pressures, given the mounting risks to broad economic growth as well as inflation concerns. We see an increased value in maintaining high levels of liquidity to take advantage of possible dislocations. Additionally, staying true to our long-term, bottom-up approach to credit and sector selection, we are very focused on how our issuers may fare with both inflationary pressures and late-cycle credit dynamics. That being said, we are still encouraged by the solid fundamentals within much of the broad investment grade muni market.

Sincerely,

Stephen M. Shutz, CFA

Portfolio Manager

Amy Hauter, CFA

Portfolio Manager

------

www.brownadvisory.com/mf

------

A Message to Our Shareholders

December 31, 2022

------

#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified which means it may invest a large percentage of its assets in the securities of fewer issuers. Concentration in a limited number of issuers exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. The Fund is also subject to interest rate risk which is the risk that debt securities in the Fund's portfolio will decline in value because of an increase in market interest rates. This risk is usually greater for longer- term debt securities. Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Federal Alternative minimum tax for certain investors. The Adviser utilizes ESG analysis in connection with the Fund's investments in fixed-income securities. ESG factors are considered systematically and comprehensively through leveraging a repeatable process that strives to minimize risk and capture opportunity.**

#### Diversification does not assure a profit nor protect against loss in a declining market.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Because the Fund's ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to the funds that do not use these criteria.

Credit Quality weights by rating are derived from the highest bond rating as determined by Standard & Poor's ("S&P"), Moody's or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as S&P, Moody's and Fitch. These firms evaluate a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.

Definitions for terms and indices are provided in the Glossary of Terms.

------

www.brownadvisory.com/mf

------

#### Brown Advisory Tax-Exempt Sustainable Bond Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Municipal Bonds — 95.2%** | **Municipal Bonds — 95.2%** |  |  | |
| **General Obligation Bonds — 12.6%** | **General Obligation Bonds — 12.6%** |  |  | |
| 2425000 | Chicago Illinois Park District | 4.00% | 01/01/2034 | 2424844 |
| 2930000 | Chicago Illinois Park District | 4.00% | 01/01/2036 | 2863668 |
| 3750000 | Chicago Illinois Park District | 5.00% | 01/01/2040 | 3919579 |
| 6000000 | Chicago Illinois Park District | 5.00% | 01/01/2044 | 6318887 |
| 1125000 | Detroit City Michigan School District | 5.00% | 05/01/2039 | 1207871 |
| 1950000 | Illinois, State of | 5.00% | 11/01/2024 | 1987328 |
| 2205000 | Illinois, State of | 5.00% | 10/01/2027 | 2279987 |
| 2290000 | Illinois, State of | 5.25% | 07/01/2029 | 2300387 |
| 4950000 | Illinois, State of | 5.00% | 02/01/2039 | 4922777 |
| 2540000 | Mansfield Texas Independent School District | 4.00% | 02/15/2024 | 2573192 |
| 1900000 | New York, City of New York# | 4.00% | 10/01/2046 | 1900000 |
| 2000000 | Will County Illinois Community High School District | 5.00% | 01/01/2028 | 2000000 |
|  |  |  |  | 34698520 |
| **Revenue Bonds — 82.6%** | **Revenue Bonds — 82.6%** |  |  |  |
| 1750000 | Allegheny County Pennsylvania Hospital Development Authority |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(SIFMA Municipal Swap Index + 0.58%) | 4.24% | 11/15/2026 | 1700694 |
| 1000000 | American Municipal Power, Inc. | 5.00% | 02/15/2036 | 1076881 |
| 1200000 | Arizona Industrial Development Authority | 4.00% | 07/01/2041 | 1044251 |
| 2290000 | Arizona State University | 5.00% | 07/01/2041 | 2373133 |
| 2250000 | Austin, Texas | 7.88% | 09/01/2026 | 2254731 |
| 1000000 | Baltimore County Maryland | 4.00% | 01/01/2039 | 940584 |
| 1525000 | Baltimore County Maryland | 4.00% | 01/01/2040 | 1422090 |
| 750000 | Buffalo New York Sewer Authority | 4.00% | 06/15/2051 | 689734 |
| 4210000 | California Earthquake Authority | 5.39% | 07/01/2023 | 4218449 |
| 3000000 | California Earthquake Authority | 5.60% | 07/01/2027 | 3026729 |
| 1005000 | California Infrastructure & Economic Development Bank | 5.00% | 08/01/2038 | 1092890 |
| 1000000 | California Infrastructure & Economic Development Bank | 5.00% | 08/01/2039 | 1083358 |
| 2000000 | California Infrastructure & Economic Development Bank | 4.00% | 05/01/2046 | 1863434 |
| 4360000 | California Infrastructure & Economic Development Bank (SIFMA Municipal Swap Index + 0.35%) | 4.01% | 08/01/2047 | 4300154 |
| 1170000 | California Municipal Finance Authority^ | 5.00% | 11/01/2029 | 1207666 |
| 1575000 | California Municipal Finance Authority^ | 5.00% | 11/01/2049 | 1493261 |
| 1180000 | California School Finance Authority^ | 5.00% | 07/01/2037 | 1209468 |
| 2540000 | Charlotte North Carolina Airport | 5.00% | 07/01/2031 | 2610221 |
| 1500000 | Colorado Health Facilities Authority | 4.00% | 12/01/2040 | 1306807 |
| 3000000 | Dallas Fort Worth Texas International Airport | 5.00% | 11/01/2034 | 3466186 |
| 2390000 | Denver Colorado Airport System Revenue | 5.25% | 11/15/2026 | 2441297 |
| 2495000 | Du Page County Illinois | 3.00% | 05/15/2047 | 1808962 |
| 2205000 | El Paso Texas Water & Sewer | 5.00% | 03/01/2024 | 2262341 |
| 2722000 | Fairfax County Virginia Redevelopment & Housing Authority# | 5.00% | 01/01/2025 | 2743803 |
| 2000000 | Florida Development Finance Corp. | 4.00% | 11/15/2035 | 1973286 |
| 2375000 | Glendale Arizona Industrial Development Authority | 5.00% | 11/15/2042 | 2400537 |
| 2500000 | Grand Forks County North Dakota^(d) | 7.00% | 12/15/2043 | 1375000 |
| 2500000 | Grand Forks County North Dakota^(d)~ | 9.00% | 06/15/2044 | 1375000 |
| 2461961 | Industrial Development Authority of the City of St. Louis Missouri | 2.22% | 12/01/2038 | 2028522 |
| 7500000 | Lakeland Florida Hospital System | 5.00% | 11/15/2040 | 7647173 |
| 2380000 | Lancaster County Pennsylvania Hospital Authority | 5.00% | 08/15/2042 | 2463225 |
| 1050000 | Loudon County Virginia Industrial Development Authority# | 3.76% | 10/01/2039 | 1050000 |
| 1000000 | Louisiana Public Facilities Authority# | 3.11% | 01/01/2037 | 1000000 |
| 15020000 | Louisville/Jefferson County Kentucky Metropolitan Government | 5.75% | 10/01/2042 | 15197606 |
| 2500000 | Maryland Community Development Administration | 2.41% | 07/01/2043 | 1851068 |
| 1275000 | Maryland Economic Development Corp. | 4.00% | 07/01/2040 | 1163662 |
| 8970000 | Maryland Stadium Authority | 5.00% | 05/01/2038 | 9542287 |
| 1500000 | Maryland State Health & Higher Educational Facilities# | 3.63% | 07/01/2036 | 1500000 |
| 10000000 | Maryland State Health & Higher Educational Facilities | 5.00% | 08/15/2038 | 10026269 |

---

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Municipal Bonds — 95.2% (Continued)** | **Municipal Bonds — 95.2% (Continued)** |  |  | |
| **Revenue Bonds — 82.6% (Continued)** | **Revenue Bonds — 82.6% (Continued)** |  |  | |
| 6880000 | Maryland State Health & Higher Educational Facilities# | 5.00% | 07/01/2045 | 7315113 |
| 6000000 | Memphis Tennesee Health Educational and Housing Facility Board# | 5.00% | 07/01/2027 | 6250664 |
| 135000 | Metropolitan Pier & Exposition Authority+ | 2.26% | 12/15/2031 | 93342 |
| 3000000 | Metropolitan Pier & Exposition Authority+ | 5.10% | 06/15/2033 | 1911407 |
| 270000 | Metropolitan Pier & Exposition Authority+ | 2.82% | 06/15/2034 | 162331 |
| 175000 | Metropolitan Pier & Exposition Authority+ | 2.93% | 06/15/2037 | 87555 |
| 1175000 | Metropolitan Pier & Exposition Authority+ | 3.52% | 12/15/2038 | 539668 |
| 375000 | Metropolitan Pier & Exposition Authority+ | 3.42% | 12/15/2051 | 87837 |
| 590000 | Metropolitan Pier & Exposition Authority+ | 3.58% | 12/15/2052 | 130797 |
| 5000000 | Metropolitan Transportation Authority | 5.00% | 11/15/2038 | 5011602 |
| 1250000 | Metropolitan Transportation Authority | 5.00% | 11/15/2038 | 1319455 |
| 1870000 | Metropolitan Transportation Authority | 5.00% | 11/15/2042 | 1830505 |
| 4455000 | Miami Beach Florida Health Facilities | 5.00% | 11/15/2039 | 4481801 |
| 1000000 | Michigan Finance Authority | 5.00% | 07/01/2029 | 1039941 |
| 3500000 | Michigan Finance Authority | 5.00% | 07/01/2032 | 3593833 |
| 2775000 | Nevada Housing Division# | 5.00% | 12/01/2025 | 2844053 |
| 2000000 | New Hope Texas Cultural Education Facilities Finance Corp. | 4.00% | 08/15/2033 | 2024285 |
| 2075000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.50% | 07/01/2046 | 1037500 |
| 6910000 | New Jersey Economic Development Authority (SIFMA Municipal Swap Index + 1.25%) | 4.91% | 09/01/2025 | 6913286 |
| 1000000 | New Jersey Economic Development Authority | 3.47% | 06/15/2027 | 933403 |
| 4230000 | New Jersey Economic Development Authority | 5.00% | 03/01/2035 | 4232128 |
| 2665000 | New Jersey Economic Development Authority | 4.00% | 06/15/2036 | 2596601 |
| 1805000 | New Jersey Housing & Mortgage Finance Agency | 1.60% | 10/01/2026 | 1673974 |
| 2000000 | New York City Housing Development Corp. | 2.60% | 11/01/2034 | 1704378 |
| 3000000 | New York City Municipal Water Finance Authority# | 4.00% | 06/15/2033 | 3000000 |
| 2000000 | New York City Municipal Water Finance Authority | 4.00% | 06/15/2047 | 1871161 |
| 5000000 | New York City Transitional Finance Authority# | 3.65% | 08/01/2042 | 5000000 |
| 6340000 | New York Liberty Development Corp. | 3.00% | 09/15/2043 | 4969996 |
| 4660000 | New York Liberty Development Corp. | 3.13% | 09/15/2050 | 3582312 |
| 2010000 | New York State Dormitory Authority | 5.00% | 07/01/2042 | 2100215 |
| 2320000 | New York State Housing Finance Agency | 1.60% | 11/01/2024 | 2238691 |
| 1353064 | New York State Housing Finance Agency | 1.65% | 05/15/2039 | 937950 |
| 1500000 | Ohio, State of (SIFMA Municipal Swap Index + 0.40%) | 4.06% | 01/01/2052 | 1499914 |
| 1500000 | Portland Maine General Airport Revenue | 4.00% | 01/01/2038 | 1425299 |
| 2550000 | San Antonio Texas Water System | 4.00% | 05/15/2040 | 2522030 |
| 7000000 | Seattle Washington Municipal Light & Power (SIFMA Municipal Swap Index + 0.49%) | 4.15% | 11/01/2046 | 7003572 |
| 10000000 | Tampa Bay Florida Water | 5.00% | 10/01/2038 | 10091855 |
| 1125000 | Texas Woman's University Financing System | 5.00% | 07/01/2023 | 1136263 |
| 1957000 | Utah Housing Corp.# | 5.00% | 08/01/2025 | 1995159 |
| 1907329 | Utah Housing Corp. | 3.00% | 01/21/2052 | 1833903 |
| 4962094 | Utah Housing Corp. | 4.50% | 06/21/2052 | 4949279 |
| 2494247 | Utah Housing Corp. | 5.00% | 10/21/2052 | 2496830 |
| 2250000 | Virginia Small Business Financing Authority | 4.00% | 01/01/2036 | 2147004 |
|  |  |  |  | 226847651 |
| Total Municipal Bonds (Cost $275,262,718) | Total Municipal Bonds (Cost $275,262,718) |  |  | 261546171 |

---

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

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---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Short-Term Investments — 4.0%** | **Short-Term Investments — 4.0%** | |
| **Money Market Funds — 4.0%** | **Money Market Funds — 4.0%** | |
| 11135962 | First American Government Obligations Fund — Class Z, 4.05%# | 11135962 |
| Total Short-Term Investments (Cost $11,135,962) | Total Short-Term Investments (Cost $11,135,962) | 11135962 |
| Total Investments — 99.2% (Cost $286,398,680) | Total Investments — 99.2% (Cost $286,398,680) | 272682133 |
| Other Assets in Excess of Liabilities — 0.8% | Other Assets in Excess of Liabilities — 0.8% | 2106105 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**274788238** |

---

---

| | |
|:---|:---|
| + | Zero coupon bond. Rate disclosed is calculated yield to maturity as of the date of this report. |
| # | Variable rate security. Rate disclosed is as of the date of this report. |
| ^ | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (d) | Security is in default and missed its last payment of interest as of the date of this report. |
| ~ | Non-Income Producing. |
| \* | Annualized seven-day yield as of the date of this report. |

---

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Revenue Bonds | 82.6% |
| General Obligation Bonds | 12.6% |
| Money Market Funds | 4.0% |
| Other Assets and Liabilities | 0.8% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Mortgage Securities Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Mortgage Securities Fund Investor Shares (the "Fund") decreased 3.61% in value. During the same period, the Bloomberg Mortgage Backed Securities Index, the Fund's benchmark, declined 3.32%.

The Fund aims to generate performance primarily through strong current income generation from high quality mortgage-related securities selected to have favorable relative valuations and principal repayment characteristics. This is supplemented by select securitized credit positions in mortgage and asset backed securities. We believe this combination can deliver attractive income generation with relatively low correlation to equity and corporate credit.

Conditions over the past six months remained challenging for fixed income, if somewhat tempered from the tumultuous start of the year. While inflation began to moderate from its peak at the beginning of the third quarter, it remained stubbornly high and, combined with an ongoing hot labor market, induced the Federal Reserve to continue with its aggressive tightening policy through year's end. U.S. Treasury yields, particularly at the short maturity part of the curve, continued their rise through much of the second half of the year and reached heights not breached since before the 2008-09 global financial crisis. We maintained a duration underweight as well as an additional underweight to short-term interest rates throughout much of this rise, which benefited relative performance for the Fund. We have since moved to a more neutral position as we anticipate a nearing of the end to the Fed's tightening cycle.

While the labor market continues its ostensibly strong run with high employment and increasing nominal wages, there is another side to the story. Inflation has incessantly eroded the purchasing power of consumers, who have endured negative real hourly earnings since early 2021. The pandemic, low rate, and stimulus-fueled hot housing market of 2021 drove home prices to the highest point in history. Mortgage rates, under the pressure of the Fed's rate hiking policy, increased an additional 77 basis points in the second half of 2022, at one point reaching as high as 7.42% from only 3.47% at the start of the year. These factors combined into a perfect storm that has brought home affordability to its lowest point in decades. Unsurprisingly, with so many existing homeowners locked into fixed rates meaningfully lower than the rate on new mortgages, housing market activity has stalled to a virtual standstill.

Mortgage performance was mixed over the second half of the year with rising rates and interest rate volatility, an end to the Fed's mortgage-backed securities buying program, and weak institutional investor demand exerting significant pressure on mortgage returns in the early fall. This was followed by strong performance going into the end of the year as Treasury yields began to exhibit some stability and interest rate volatility finally began to ease. Mortgage security selection was a negative contributor over this period as our positions lagged the year-end rebound in the market. Our exposure to out-of-index asset-backed and commercial mortgage-backed credit positions was an additional slight negative contributor, as these sectors were pressured by a low liquidity environment.

We believe that the investment landscape in the near-term will be dominated by macroeconomic forces and performance in the mortgage market will be highly influenced by the path of inflation and the strength of the labor market. Consumers are feeling the pressures of inflation and a tightening borrowing environment. With forecasts placing the probability of recession at greater than 60% within the next year, we continue to view defensive positioning as prudent. That being said, we believe the collateral backing and, in many cases, government guarantee of mortgage- and asset-backed securities may be well positioned to weather an environment of continued business cycle risks while interest rate volatility and policy risk decline and we approach the latter stages of the tightening cycle.

Sincerely,

Garritt Conover, CFA, CAIA

Portfolio Manager

Chris Roof

Associate Portfolio Manager

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www.brownadvisory.com/mf

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A Message to Our Shareholders

December 31, 2022

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#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. The Fund is subject to interest rate risk which is the risk that debt securities in the Fund's portfolio will decline in value because of increases in market interest rates. Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities. Inflation-indexed bonds see the principal value of the security increased as the Consumer Price Index increases. Should the Consumer Price Index decline, those securities should be adversely impacted. Diversification does not assure a profit, nor does it protect against a loss in a declining market.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

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www.brownadvisory.com/mf

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#### Brown Advisory Mortgage Securities Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Mortgage Backed Securities — 98.7%** | **Mortgage Backed Securities — 98.7%** |  |  | |
| 2400029 | Angel Oak Mortgage Trust, Series 2022-1 A1^+ | 2.88% | 12/25/2066 | 2111680 |
| 2080000 | BAMLL Commercial Mortgage Securities Trust, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-DSNY A (1 Month LIBOR USD + 0.85%)^ | 5.17% | 09/15/2034 | 2042413 |
| 3098949 | Bayview MSR Opportunity Master Fund Trust INV2, Series 2022-2 A1#^ | 3.00% | 12/25/2051 | 2601939 |
| 4440887 | Bayview MSR Opportunity Master Fund Trust INV5, Series 2021-5 A2#^ | 2.50% | 11/25/2051 | 3603551 |
| 4613163 | Bayview MSR Opportunity Master Fund Trust INV6, Series 2021-6 A1#^ | 3.00% | 10/25/2051 | 3873302 |
| 3500000 | BBCMS Mortgage Trust, Series 2017-DELC C (1 Month LIBOR USD + 1.33%)^ | 5.64% | 08/15/2036 | 3411278 |
| 2305000 | BX Trust, Series 2021-SDMF B (1 Month LIBOR USD + 0.74%)^ | 5.06% | 09/15/2034 | 2175022 |
| 1977126 | BX Trust, Series 2022-PSB (1 Month SOFR + 2.45%)^ | 6.79% | 08/15/2039 | 1975707 |
| 483727 | COMM Mortgage Trust, Series 2013-CCRE6 A4 | 3.10% | 03/10/2046 | 482197 |
| 986000 | DBGS Mortgage Trust, Series 2018-C1 7EA^ | 4.64% | 10/17/2051 | 937820 |
| 37464 | FHLMC PC, Pool# N3-0530 | 5.50% | 01/01/2029 | 37723 |
| 51203 | FHLMC PC, Pool# C5-3878 | 5.50% | 12/01/2030 | 51981 |
| 114589 | FHLMC PC, Pool# C9-1366 | 4.50% | 04/01/2031 | 114054 |
| 51266 | FHLMC PC, Pool# C6-6421 | 6.50% | 02/01/2032 | 52993 |
| 164637 | FHLMC PC, Pool# N7-0078 | 5.50% | 01/01/2033 | 162991 |
| 41685 | FHLMC PC, Pool# A1-4256 | 5.50% | 10/01/2033 | 42224 |
| 133273 | FHLMC PC, Pool# G3-0932 | 4.50% | 03/01/2034 | 132650 |
| 406567 | FHLMC PC, Pool# C9-1826 | 3.00% | 05/01/2035 | 378602 |
| 19681 | FHLMC PC, Pool# 1J-0204 (12 Month LIBOR USD + 1.75%) | 3.12% | 05/01/2035 | 19619 |
| 125045 | FHLMC PC, Pool# N7-0071 | 6.00% | 06/01/2035 | 125188 |
| 37135 | FHLMC PC, Pool# A4-6629 | 5.00% | 08/01/2035 | 37900 |
| 241613 | FHLMC PC, Pool# K9-3365 | 3.50% | 11/01/2035 | 231775 |
| 235553 | FHLMC PC, Pool# K9-3349 | 4.00% | 11/01/2035 | 227568 |
| 17222 | FHLMC PC, Pool# 1L-1263 (1 Year CMT Rate + 2.25%) | 2.61% | 03/01/2036 | 17412 |
| 16068 | FHLMC PC, Pool# 1H-1348 (1 Year CMT Rate + 2.14%) | 4.09% | 10/01/2036 | 16388 |
| 126222 | FHLMC PC, Pool# G2-0028 | 7.50% | 12/01/2036 | 129943 |
| 67615 | FHLMC PC, Pool# B3-1891 | 5.38% | 01/01/2037 | 68493 |
| 4401 | FHLMC PC, Pool# 84-7727 (12 Month LIBOR USD + 1.74%) | 3.49% | 02/01/2037 | 4344 |
| 85184 | FHLMC PC, Pool# B3-1900 | 5.38% | 02/01/2037 | 86412 |
| 42197 | FHLMC PC, Pool# B3-1934 | 5.38% | 04/01/2037 | 42804 |
| 85641 | FHLMC PC, Pool# B3-1976 | 5.10% | 05/01/2037 | 85928 |
| 22827 | FHLMC PC, Pool# 1J-1681 (12 Month LIBOR USD + 1.98%) | 3.73% | 06/01/2037 | 23099 |
| 49650 | FHLMC PC, Pool# U3-0653 | 5.13% | 07/01/2037 | 50230 |
| 63404 | FHLMC PC, Pool# U3-0606 | 5.10% | 09/01/2037 | 63650 |
| 204006 | FHLMC PC, Pool# U3-0681 | 5.10% | 09/01/2037 | 206384 |
| 44844 | FHLMC PC, Pool# 1G-2249 (12 Month LIBOR USD + 1.78%) | 4.03% | 10/01/2037 | 44011 |
| 126244 | FHLMC PC, Pool# T3-0346 | 5.38% | 10/01/2037 | 128342 |
| 657456 | FHLMC PC, Pool# G3-1063 | 3.50% | 11/01/2037 | 630669 |
| 76428 | FHLMC PC, Pool# U3-0800 | 5.10% | 11/01/2037 | 76644 |
| 3207323 | FHLMC PC, Pool# WA-3311 | 2.21% | 04/01/2038 | 2384793 |
| 132504 | FHLMC PC, Pool# U3-1874 | 5.38% | 04/01/2038 | 134511 |
| 296474 | FHLMC PC, Pool# N7-0082 | 6.00% | 07/01/2038 | 297170 |
| 117739 | FHLMC PC, Pool# G0-4655 | 6.00% | 08/01/2038 | 123420 |
| 135181 | FHLMC PC, Pool# G0-4540 | 6.00% | 08/01/2038 | 141742 |
| 95605 | FHLMC PC, Pool# U3-2470 | 5.10% | 11/01/2038 | 95958 |
| 65116 | FHLMC PC, Pool# G0-8348 | 5.00% | 06/01/2039 | 66198 |
| 289236 | FHLMC PC, Pool# C0-3427 | 5.50% | 10/01/2039 | 300753 |
| 154764 | FHLMC PC, Pool# G0-8828 | 5.50% | 04/01/2048 | 155895 |
| 1408233 | FHLMC PC, Pool# QC-5310 | 3.00% | 08/01/2051 | 1240713 |
| 3816481 | FHLMC PC, Pool# QD-5779 | 3.00% | 01/01/2052 | 3360099 |
| 3298164 | FHLMC PC, Pool# SD-0846 | 2.50% | 02/01/2052 | 2820193 |
| 5423382 | FHLMC PC, Pool# SD-8196 | 3.50% | 02/01/2052 | 4945008 |
| 3983316 | FHLMC PC, Pool# RA-6966 | 2.00% | 03/01/2052 | 3272567 |
| 1911165 | FHLMC PC, Pool# QD-7450 | 3.00% | 03/01/2052 | 1686245 |
| 4222153 | FHLMC PC, Pool# QD-7999 | 4.00% | 03/01/2052 | 3971323 |

---

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

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www.brownadvisory.com/mf

------

Schedule of Investments

December 31, 2022 (Unaudited)

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Mortgage Backed Securities — 98.7% (Continued)** | **Mortgage Backed Securities — 98.7% (Continued)** |  |  | |
| 594560 | FHLMC PC, Pool# QE-0622 | 2.00% | 04/01/2052 | 490648 |
| 999422 | FHLMC PC, Pool# QE-0380 | 2.50% | 04/01/2052 | 853804 |
| 2859171 | FHLMC PC, Pool# QD-9775 | 4.00% | 04/01/2052 | 2690388 |
| 3411548 | FHLMC PC, Pool# QD-9382 | 4.00% | 04/01/2052 | 3209153 |
| 2871768 | FHLMC PC, Pool# QE-0898 | 4.50% | 04/01/2052 | 2769849 |
| 3864994 | FHLMC PC, Pool# RA-7374 | 3.00% | 05/01/2052 | 3409531 |
| 3230725 | FHLMC PC, Pool# QE-2358 | 3.50% | 05/01/2052 | 2945411 |
| 3237697 | FHLMC PC, Pool# QE-3174 | 3.50% | 06/01/2052 | 2951077 |
| 2989938 | FHLMC PC, Pool# QF-0493 | 5.50% | 09/01/2052 | 3015847 |
| 3379694 | FHLMC PC, Pool# QF-0773 | 5.50% | 09/01/2052 | 3403615 |
| 3567754 | FHLMC PC, Pool# SD-1846 | 4.50% | 10/01/2052 | 3449068 |
| 5499 | FHLMC REMIC, Series 1843 Z | 7.00% | 04/15/2026 | 5517 |
| 46001 | FHLMC REMIC, Series 2517 Z | 5.50% | 10/15/2032 | 44733 |
| 658227 | FHLMC REMIC, Series 2907 VZ | 4.50% | 05/15/2034 | 640263 |
| 182203 | FHLMC REMIC, Series 2890 ZA | 5.00% | 11/15/2034 | 181595 |
| 329976 | FHLMC REMIC, Series 3150 DZ | 5.50% | 05/15/2036 | 335084 |
| 212886 | FHLMC REMIC, Series 3294 CB | 5.50% | 03/15/2037 | 216392 |
| 334668 | FHLMC REMIC, Series 3830 NB | 4.50% | 02/15/2039 | 332986 |
| 762233 | FHLMC REMIC, Series 4121 DH | 2.00% | 10/15/2042 | 552795 |
| 455343 | FHLMC REMIC, Series 4872 AB | 4.00% | 08/15/2047 | 444898 |
| 142143 | FHLMC REMIC, Series 4891 PA | 3.50% | 07/15/2048 | 136961 |
| 722129 | FHLMC REMIC, Series 4888 AC | 3.50% | 01/15/2049 | 657929 |
| 2259180 | FHLMC REMIC, Series 5080 PB | 1.25% | 03/25/2050 | 1792169 |
| 2777846 | FHLMC REMIC, Series 5083 UB | 1.25% | 03/25/2051 | 2143018 |
| 391116 | FHLMC SCRTT, Series 2017-1 M1#^ | 4.00% | 01/25/2056 | 385880 |
| 12147654 | FHMS, Series K-035 X1#~ | 0.31% | 08/25/2023 | 20375 |
| 63008915 | FHMS, Series K-C02 X1#~ | 0.38% | 03/25/2024 | 255243 |
| 19312786 | FHMS, Series K-038 X1#~ | 1.08% | 03/25/2024 | 185086 |
| 41170293 | FHMS, Series K-040 X1#~ | 0.70% | 09/25/2024 | 353451 |
| 16994513 | FHMS, Series K-C03 X1#~ | 0.48% | 11/25/2024 | 165309 |
| 126181004 | FHMS, Series K-047 X1#~ | 0.10% | 05/25/2025 | 350241 |
| 7581154 | FHMS, Series Q-013 XPT1#~ | 1.66% | 05/25/2025 | 181364 |
| 14175912 | FHMS, Series K-053 X1#~ | 0.88% | 12/25/2025 | 294950 |
| 8879638 | FHMS, Series K-055 X1#~ | 1.35% | 03/25/2026 | 308915 |
| 5810190 | FHMS, Series K-058 X1#~ | 0.92% | 08/25/2026 | 157916 |
| 6234418 | FHMS, Series K-059 X1#~ | 0.30% | 09/25/2026 | 56713 |
| 26455830 | FHMS, Series K-737 X1#~ | 0.64% | 10/25/2026 | 492690 |
| 53346809 | FHMS, Series K-063 X1#~ | 0.28% | 01/25/2027 | 502143 |
| 20905012 | FHMS, Series K-064 X1#~ | 0.60% | 03/25/2027 | 444397 |
| 5639449 | FHMS, Series Q-013 XPT2#~ | 1.81% | 05/25/2027 | 160685 |
| 5275991 | FHMS, Series K-W03 X1#~ | 0.83% | 06/25/2027 | 133298 |
| 12196395 | FHMS, Series K-068 X1#~ | 0.42% | 08/25/2027 | 204005 |
| 28736341 | FHMS, Series K-069 X1#~ | 0.35% | 09/25/2027 | 417355 |
| 31140871 | FHMS, Series K-072 X1#~ | 0.37% | 12/25/2027 | 478853 |
| 596112 | FHMS, Series Q-006 APT2# | 2.76% | 10/25/2028 | 563872 |
| 24749389 | FHMS, Series K-087 X1#~ | 0.36% | 12/25/2028 | 465840 |
| 17908678 | FHMS, Series K-091 X1#~ | 0.56% | 03/25/2029 | 521569 |
| 12610821 | FHMS, Series K-092 X1#~ | 0.71% | 04/25/2029 | 462886 |
| 6249815 | FHMS, Series K-093 X1#~ | 0.95% | 05/25/2029 | 298576 |
| 10939793 | FHMS, Series K-094 X1#~ | 0.88% | 06/25/2029 | 494121 |
| 14462244 | FHMS, Series K-103 X1#~ | 0.64% | 11/25/2029 | 512026 |
| 65392313 | FHMS, Series K-139 X1#~ | 0.09% | 01/25/2032 | 539303 |
| 367399 | FHMS, Series Q-004 A2H# | 3.17% | 01/25/2046 | 365218 |
| 153048 | FHMS, Series Q-010 APT1# | 3.06% | 04/25/2046 | 153498 |
| 840931 | FHMS, Series Q-004 A4H# | 3.01% | 08/25/2046 | 836035 |
| 870903 | FHMS, Series Q-007 APT1# | 4.04% | 10/25/2047 | 868487 |

---

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

------

www.brownadvisory.com/mf

------

Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Mortgage Backed Securities — 98.7% (Continued)** | **Mortgage Backed Securities — 98.7% (Continued)** |  |  | |
| 837830 | FHS, Series 366 IO, Pool~ | 4.00% | 08/01/2049 | 151513 |
| 1000000 | FNMA, Pool# AN9202 | 3.32% | 05/01/2025 | 964468 |
| 11595 | FNMA, Pool# 336422 (3 Year CMT Rate + 2.30%) | 3.43% | 10/01/2025 | 11488 |
| 23473 | FNMA, Pool# 344903 | 5.50% | 10/01/2025 | 23575 |
| 42084 | FNMA, Pool# 356232 | 6.50% | 01/01/2026 | 43193 |
| 18802 | FNMA, Pool# 406521 (1 Year CMT Rate + 2.52%) | 3.90% | 05/01/2026 | 18304 |
| 34341 | FNMA, Pool# 356329 (1 Year CMT Rate + 2.65%) | 4.78% | 01/01/2027 | 33629 |
| 12605 | FNMA, Pool# 363850 (1 Year CMT Rate + 2.13%) | 2.90% | 04/01/2027 | 12383 |
| 22667 | FNMA, Pool# 406380 (1 Year CMT Rate + 2.17%) | 3.47% | 11/01/2027 | 22300 |
| 150000 | FNMA, Pool# AN8842 | 3.32% | 04/01/2028 | 141143 |
| 2717353 | FNMA, Pool# BL0387 | 4.28% | 05/01/2028 | 2691804 |
| 423276 | FNMA, Pool# 257203 | 5.00% | 05/01/2028 | 426203 |
| 779786 | FNMA, Pool# 958720 | 5.65% | 10/01/2028 | 805088 |
| 335690 | FNMA, Pool# 957502 | 3.98% | 07/01/2029 | 327297 |
| 29669 | FNMA, Pool# 520478 (1 Year CMT Rate + 2.10%) | 4.22% | 11/01/2029 | 29117 |
| 66339 | FNMA, Pool# AL0898 | 5.00% | 02/01/2031 | 66801 |
| 1253657 | FNMA, Pool# AI4717 | 4.50% | 07/01/2031 | 1246416 |
| 29321 | FNMA, Pool# 656181 (1 Year CMT Rate + 2.16%) | 3.26% | 08/01/2031 | 28575 |
| 2150000 | FNMA, Pool# BL4313 | 2.31% | 09/01/2031 | 1831994 |
| 30584 | FNMA, Pool# 723313 (1 Year CMT Rate + 2.54%) | 4.54% | 09/01/2031 | 30237 |
| 8478 | FNMA, Pool# 642122 (1 Year CMT Rate + 2.27%) | 3.40% | 03/01/2032 | 8148 |
| 800242 | FNMA, Pool# 470828 | 3.53% | 03/01/2032 | 745753 |
| 8101 | FNMA, Pool# 628837 | 6.50% | 03/01/2032 | 8314 |
| 13286 | FNMA, Pool# 640225 (1 Year CMT Rate + 2.27%) | 3.40% | 04/01/2032 | 12768 |
| 33308 | FNMA, Pool# 662138 (1 Year CMT Rate + 2.30%) | 4.30% | 09/01/2032 | 32924 |
| 27384 | FNMA, Pool# 668309 (1 Year CMT Rate + 2.02%) | 4.02% | 11/01/2032 | 26984 |
| 25356 | FNMA, Pool# 696546 (6 Month LIBOR USD + 2.26%) | 3.63% | 03/01/2033 | 24725 |
| 5577 | FNMA, Pool# 555819 (6 Month LIBOR USD + 1.03%) | 3.28% | 07/01/2033 | 5469 |
| 28402 | FNMA, Pool# 744805 (6 Month LIBOR USD + 1.52%) | 3.27% | 11/01/2033 | 27747 |
| 11944 | FNMA, Pool# 751498 (1 Year CMT Rate + 2.22%) | 4.34% | 11/01/2033 | 11702 |
| 23853 | FNMA, Pool# 741373 (1 Year CMT Rate + 2.28%) | 4.41% | 12/01/2033 | 23458 |
| 25676 | FNMA, Pool# 764342 (6 Month LIBOR USD + 1.52%) | 2.90% | 02/01/2034 | 25215 |
| 25889 | FNMA, Pool# 774969 (1 Year CMT Rate + 2.28%) | 3.28% | 04/01/2034 | 25510 |
| 103593 | FNMA, Pool# 783554 (1 Year CMT Rate + 2.21%) | 4.21% | 07/01/2034 | 102515 |
| 2914 | FNMA, Pool# 819649 (12 Month LIBOR USD + 1.52%) | 2.12% | 03/01/2035 | 2848 |
| 38456 | FNMA, Pool# 889829 | 5.00% | 07/01/2035 | 39340 |
| 31264 | FNMA, Pool# 830970 (12 Month LIBOR USD + 1.83%) | 4.07% | 08/01/2035 | 30903 |
| 450145 | FNMA, Pool# AL7654 | 3.00% | 09/01/2035 | 419097 |
| 20806 | FNMA, Pool# 837329 (1 Year CMT Rate + 2.04%) | 4.04% | 09/01/2035 | 20575 |
| 48383 | FNMA, Pool# 836715 (12 Month LIBOR USD + 1.77%) | 4.02% | 10/01/2035 | 47813 |
| 112402 | FNMA, Pool# 842006 | 4.25% | 10/01/2035 | 110012 |
| 19088 | FNMA, Pool# 922680 (12 Month LIBOR USD + 1.91%) | 3.70% | 11/01/2035 | 19468 |
| 236371 | FNMA, Pool# 850232 | 4.25% | 12/01/2035 | 231761 |
| 11508 | FNMA, Pool# 865849 (12 Month LIBOR USD + 1.54%) | 1.94% | 03/01/2036 | 11251 |
| 219702 | FNMA, Pool# AB0577 | 4.00% | 03/01/2036 | 207855 |
| 10394 | FNMA, Pool# 877009 (12 Month LIBOR USD + 2.38%) | 4.24% | 03/01/2036 | 10571 |
| 17350 | FNMA, Pool# 868568 (12 Month LIBOR USD + 1.74%) | 2.61% | 04/01/2036 | 17223 |
| 34958 | FNMA, Pool# 882017 (6 Month LIBOR USD + 1.56%) | 3.31% | 05/01/2036 | 34126 |
| 17635 | FNMA, Pool# 745626 (1 Year CMT Rate + 2.14%) | 3.53% | 05/01/2036 | 17342 |
| 4314 | FNMA, Pool# 872895 (12 Month LIBOR USD + 1.88%) | 4.13% | 06/01/2036 | 4251 |
| 15881 | FNMA, Pool# 886163 (12 Month LIBOR USD + 1.83%) | 4.08% | 07/01/2036 | 15728 |
| 221559 | FNMA, Pool# 896838 | 5.45% | 07/01/2036 | 220002 |
| 74478 | FNMA, Pool# 745818 | 6.50% | 09/01/2036 | 77388 |
| 27406 | FNMA, Pool# 995521 (12 Month LIBOR USD + 1.82%) | 3.32% | 05/01/2037 | 26861 |
| 43790 | FNMA, Pool# 950382 (6 Month LIBOR USD + 1.08%) | 3.54% | 08/01/2037 | 44090 |
| 26894 | FNMA, Pool# 941050 (12 Month LIBOR USD + 1.70%) | 3.95% | 08/01/2037 | 26539 |

---

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

------

www.brownadvisory.com/mf

------

Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Mortgage Backed Securities — 98.7% (Continued)** | **Mortgage Backed Securities — 98.7% (Continued)** |  |  | |
| 31245 | FNMA, Pool# 952835 (1 Year CMT Rate + 2.32%) | 4.16% | 09/01/2037 | 31636 |
| 1485454 | FNMA, Pool# MA3208 | 4.50% | 10/01/2037 | 1456686 |
| 69231 | FNMA, Pool# 955233 | 6.50% | 12/01/2037 | 72083 |
| 5837 | FNMA, Pool# 982237 (12 Month LIBOR USD + 1.84%) | 3.59% | 05/01/2038 | 5694 |
| 217046 | FNMA, Pool# AD0100 | 7.00% | 12/01/2038 | 232899 |
| 85420 | FNMA, Pool# 930507 | 6.50% | 02/01/2039 | 87976 |
| 1464212 | FNMA, Pool# AS2249 | 4.00% | 04/01/2039 | 1409285 |
| 218106 | FNMA, Pool# AL0407 | 6.50% | 04/01/2039 | 224323 |
| 162962 | FNMA, Pool# AD0427 | 5.50% | 10/01/2039 | 169264 |
| 238216 | FNMA, Pool# AD0941 | 5.50% | 04/01/2040 | 247428 |
| 583099 | FNMA, Pool# 467095 | 5.90% | 01/01/2041 | 609105 |
| 282108 | FNMA, Pool# AH8447 | 5.50% | 04/01/2041 | 285032 |
| 905775 | FNMA, Pool# 469130 | 4.87% | 10/01/2041 | 878486 |
| 232683 | FNMA, Pool# BC1738 | 4.50% | 09/01/2043 | 228706 |
| 220524 | FNMA, Pool# AS1429 | 4.00% | 12/01/2043 | 212990 |
| 238782 | FNMA, Pool# AV7739 | 4.00% | 01/01/2044 | 232781 |
| 139703 | FNMA, Pool# AW6485 | 4.00% | 06/01/2044 | 135448 |
| 192398 | FNMA, Pool# AY0382 | 4.00% | 11/01/2044 | 185630 |
| 343651 | FNMA, Pool# AW9534 | 4.00% | 03/01/2045 | 335011 |
| 178505 | FNMA, Pool# AZ4154 | 4.00% | 06/01/2045 | 175764 |
| 1022724 | FNMA, Pool# AZ7828 | 4.00% | 08/01/2045 | 981774 |
| 518052 | FNMA, Pool# BA3674 | 4.50% | 10/01/2045 | 510024 |
| 320725 | FNMA, Pool# BC6366 | 4.50% | 02/01/2046 | 315492 |
| 194247 | FNMA, Pool# BD1241 | 4.50% | 05/01/2046 | 190327 |
| 702806 | FNMA, Pool# BD5189 | 4.50% | 07/01/2046 | 691776 |
| 169741 | FNMA, Pool# BD8599 | 4.50% | 11/01/2046 | 167084 |
| 294737 | FNMA, Pool# BH7686 | 4.50% | 12/01/2047 | 287076 |
| 514740 | FNMA, Pool# BJ8287 | 4.50% | 01/01/2048 | 503296 |
| 353253 | FNMA, Pool# BK5105 | 5.50% | 05/01/2048 | 358618 |
| 381602 | FNMA, Pool# BK8032 | 5.50% | 06/01/2048 | 388257 |
| 1000000 | FNMA, Pool# AN9931 | 4.24% | 08/01/2048 | 916522 |
| 183867 | FNMA, Pool# BN4936 | 5.50% | 12/01/2048 | 185136 |
| 105981 | FNMA, Pool# BN4921 | 5.50% | 01/01/2049 | 106685 |
| 2687557 | FNMA, Pool# BP5419 | 3.00% | 05/01/2050 | 2415520 |
| 1468473 | FNMA, Pool# BQ6307 | 2.00% | 11/01/2050 | 1203679 |
| 3006420 | FNMA, Pool# BQ3248 | 2.00% | 11/01/2050 | 2463807 |
| 1026498 | FNMA, Pool# MA4208 | 2.00% | 12/01/2050 | 842058 |
| 856675 | FNMA, Pool# BR5634 | 2.00% | 03/01/2051 | 705406 |
| 3845969 | FNMA, Pool# FM8754 | 3.00% | 09/01/2051 | 3409626 |
| 480992 | FNMA, Pool# FS1480 | 2.50% | 11/01/2051 | 410802 |
| 5292504 | FNMA, Pool# FM9760 | 3.50% | 11/01/2051 | 4829880 |
| 1203285 | FNMA, Pool# MA4492 | 2.00% | 12/01/2051 | 984243 |
| 3470832 | FNMA, Pool# FS0348 | 2.00% | 01/01/2052 | 2856804 |
| 3209533 | FNMA, Pool# CB2539 | 2.50% | 01/01/2052 | 2744136 |
| 3181208 | FNMA, Pool# CB2548 | 2.50% | 01/01/2052 | 2706597 |
| 1122992 | FNMA, Pool# FS0731 | 2.00% | 02/01/2052 | 924587 |
| 2783455 | FNMA, Pool# CB2909 | 3.50% | 02/01/2052 | 2537781 |
| 4180684 | FNMA, Pool# CB3103 | 2.50% | 03/01/2052 | 3587915 |
| 2921775 | FNMA, Pool# FS0832 | 3.50% | 03/01/2052 | 2664648 |
| 1468202 | FNMA, Pool# FS0922 | 3.50% | 03/01/2052 | 1339146 |
| 2712995 | FNMA, Pool# BV4532 | 3.50% | 03/01/2052 | 2473959 |
| 2041420 | FNMA, Pool# MA4565 | 3.50% | 03/01/2052 | 1860135 |
| 4548885 | FNMA, Pool# FS0945 | 4.00% | 03/01/2052 | 4280039 |
| 3877288 | FNMA, Pool# FS1521 | 3.00% | 04/01/2052 | 3437647 |
| 758452 | FNMA, Pool# BW0025 | 4.00% | 07/01/2052 | 714517 |
| 19585 | FNMA REMIC Trust, Series 1996-23 G | 6.50% | 07/25/2026 | 19656 |

---

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

------

www.brownadvisory.com/mf

------

Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Mortgage Backed Securities — 98.7% (Continued)** | **Mortgage Backed Securities — 98.7% (Continued)** |  |  | |
| 1994845 | FNMA REMIC Trust, Series 2017-T1 A | 2.90% | 06/25/2027 | 1864617 |
| 696278 | FNMA REMIC Trust, Series 2012-139 HI~ | 2.50% | 12/25/2027 | 28694 |
| 53096 | FNMA REMIC Trust, Series 2013-15 QI~ | 3.00% | 03/25/2028 | 2711 |
| 131514 | FNMA REMIC Trust, Series 2013-115 AI~ | 3.00% | 04/25/2031 | 1063 |
| 5652029 | FNMA REMIC Trust, Series 2020-M15 X1#~ | 1.48% | 09/25/2031 | 319028 |
| 23849558 | FNMA REMIC Trust, Series 2019-M23 X3#~ | 0.32% | 10/27/2031 | 421856 |
| 107934 | FNMA REMIC Trust, Series 2001-80 Z | 6.00% | 01/25/2032 | 108280 |
| 161105 | FNMA REMIC Trust, Series 2006-M2 A2A# | 5.27% | 10/25/2032 | 158318 |
| 292746 | FNMA REMIC Trust, Series 2003-71 MB | 5.50% | 08/25/2033 | 299580 |
| 1283287 | FNMA REMIC Trust, Series 2014-8 IQ~ | 4.00% | 03/25/2034 | 158205 |
| 7251728 | FNMA REMIC Trust, Series 2021-95 WI#~ | 0.00% | 05/25/2035 | 164445 |
| 1744679 | FNMA REMIC Trust, Series 2005-73 EZ | 5.50% | 08/25/2035 | 1757408 |
| 634266 | FNMA REMIC Trust, Series 2005-110 GL | 5.50% | 12/25/2035 | 645608 |
| 289860 | FNMA REMIC Trust, Series 2006-21 Z | 5.50% | 04/25/2036 | 294161 |
| 889789 | FNMA REMIC Trust, Series 2006-112 QC | 5.50% | 11/25/2036 | 904378 |
| 410923 | FNMA REMIC Trust, Series 2007-22 A | 5.50% | 03/25/2037 | 420634 |
| 418000 | FNMA REMIC Trust, Series 2008-2 PH | 5.50% | 02/25/2038 | 428306 |
| 616971 | FNMA REMIC Trust, Series 2009-20 DS (1 Month LIBOR USD + 7.40%)~ | 3.01% | 04/25/2039 | 65786 |
| 1033456 | FNMA REMIC Trust, Series 2012-65 HJ | 5.00% | 07/25/2040 | 1032778 |
| 854598 | FNMA REMIC Trust, Series 2012-27 PI~ | 4.50% | 02/25/2042 | 80787 |
| 53721 | FNMA REMIC Trust, Series 2012-10 UF (1 Month LIBOR USD + 0.55%) | 4.94% | 02/25/2042 | 52868 |
| 307862 | FNMA REMIC Trust, Series 2013-34 IG~ | 3.00% | 05/25/2042 | 40018 |
| 6744 | FNMA REMIC Trust, Series 2003-W10 3A5 | 4.30% | 06/25/2043 | 6416 |
| 1873 | FNMA REMIC Trust, Series 2003-W12 1A9 | 4.48% | 06/25/2043 | 1826 |
| 11240 | FNMA REMIC Trust, Series 2003-W12 1A8 | 4.55% | 06/25/2043 | 10909 |
| 6437 | FNMA REMIC Trust, Series 2003-W12 2A7 | 4.68% | 06/25/2043 | 6225 |
| 7509 | FNMA REMIC Trust, Series 2003-W12 2A6 | 5.00% | 06/25/2043 | 7374 |
| 355434 | FNMA REMIC Trust, Series 2015-40 LI~ | 4.50% | 03/25/2045 | 69803 |
| 203286 | FNMA REMIC Trust, Series 2018-86 JA | 4.00% | 05/25/2047 | 196798 |
| 930866 | FNMA REMIC Trust, Series 2019-37 IM~ | 5.00% | 07/25/2049 | 134386 |
| 4814457 | FNMA REMIC Trust, Series 2021-47 IO~ | 2.50% | 07/25/2051 | 671537 |
| 24700000 | FNMA, 2.00%, Due TBA January | 2.00% | 01/15/2053 | 20140946 |
| 1500000 | FNMA, 2.50%, Due TBA January | 2.50% | 01/15/2053 | 1272652 |
| 13650000 | FNMA, 3.50%, Due TBA January | 3.50% | 01/15/2053 | 12421056 |
| 19450000 | FNMA, 4.00%, Due TBA January | 4.00% | 01/15/2053 | 18267067 |
| 696139 | FREMF Mortgage Trust, Series 2020-KF74 B (1 Month LIBOR USD + 2.15%)^ | 6.29% | 01/25/2027 | 679785 |
| 1672047 | FREMF Mortgage Trust, Series 2019-KF59 B (1 Month LIBOR USD + 2.35%)^ | 6.49% | 02/25/2029 | 1562481 |
| 860410 | FREMF Mortgage Trust, Series 2019-KF73 B (1 Month LIBOR USD + 2.45%)^ | 6.59% | 11/25/2029 | 834526 |
| 700000 | FREMF Mortgage Trust, Series 2017-K68 B#^ | 3.84% | 10/25/2049 | 643051 |
| 16121 | GNMA, Pool# 783374X | 5.50% | 02/15/2023 | 16066 |
| 32798 | GNMA, Pool# 728160X | 5.25% | 11/15/2024 | 33624 |
| 166773 | GNMA, Pool# 623145X | 5.50% | 10/15/2028 | 169637 |
| 778841 | GNMA, Pool# 589694X | 4.50% | 08/15/2029 | 765074 |
| 27864 | GNMA, Pool# 728157X | 3.75% | 11/15/2029 | 27021 |
| 237460 | GNMA, Pool# 770225C | 4.25% | 08/20/2031 | 240416 |
| 277535 | GNMA, Pool# 003160M | 6.00% | 11/20/2031 | 290943 |
| 370890 | GNMA, Pool# 003489M | 6.00% | 12/20/2033 | 392215 |
| 197273 | GNMA, Pool# 782173M | 5.50% | 05/20/2035 | 205577 |
| 710221 | GNMA, Pool# MA7106M | 2.00% | 01/20/2036 | 635213 |
| 700925 | GNMA, Pool# MA7164M | 2.00% | 02/20/2036 | 626949 |
| 51456 | GNMA, Pool# 784315X | 6.00% | 06/15/2036 | 53699 |
| 266123 | GNMA, Pool# 770226C | 4.75% | 06/20/2036 | 265357 |
| 119068 | GNMA, Pool# 004194M | 5.50% | 07/20/2038 | 122019 |
| 406226 | GNMA, Pool# MA7834M | 6.00% | 01/20/2052 | 430217 |
| 1898379 | GNMA, Pool# CJ2171C | 4.00% | 05/20/2052 | 1794214 |
| 705019 | GNMA, Pool# AC0521C | 5.50% | 05/20/2042 | 740925 |

---

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

------

www.brownadvisory.com/mf

------

Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Mortgage Backed Securities — 98.7% (Continued)** | **Mortgage Backed Securities — 98.7% (Continued)** |  |  | |
| 882127 | GNMA, Pool# BM9287C | 4.00% | 08/20/2049 | 842144 |
| 3408276 | GNMA, Pool# CM0231H (1 Year CMT Rate + 2.12%) | 5.49% | 02/20/2072 | 3617169 |
| 3619670 | GNMA, Pool# CM0214H (1 Year CMT Rate + 2.09%) | 5.46% | 02/20/2072 | 3835791 |
| 257154 | GNMA REMIC Trust, Series 2013-168 IA~ | 2.50% | 11/16/2028 | 10261 |
| 382502 | GNMA REMIC Trust, Series 2004-93 PD | 5.00% | 11/16/2034 | 380048 |
| 67860 | GNMA REMIC Trust, Series 2006-40 B | 6.00% | 08/20/2036 | 69117 |
| 412006 | GNMA REMIC Trust, Series 2012-52 WA# | 6.20% | 04/20/2038 | 427646 |
| 690734 | GNMA REMIC Trust, Series 2016-012 KI~ | 5.00% | 09/20/2038 | 100232 |
| 422213 | GNMA REMIC Trust, Series 2017-083 ID~ | 7.00% | 01/20/2039 | 58714 |
| 484470 | GNMA REMIC Trust, Series 2011-2 DP# | 5.46% | 03/20/2039 | 490483 |
| 681907 | GNMA REMIC Trust, Series 2010-105 IB~ | 4.50% | 01/16/2040 | 69700 |
| 491682 | GNMA REMIC Trust, Series 2016-68 IC#~ | 6.00% | 01/20/2040 | 73801 |
| 682000 | GNMA REMIC Trust, Series 2011-156 PM | 2.00% | 04/20/2040 | 544085 |
| 883825 | GNMA REMIC Trust, Series 2017-083 IK~ | 6.00% | 05/20/2040 | 174102 |
| 246576 | GNMA REMIC Trust, Series 2016-112 AW# | 7.02% | 12/20/2040 | 261584 |
| 1146834 | GNMA REMIC Trust, Series 2012-143 IC~ | 5.00% | 10/16/2041 | 187295 |
| 831612 | GNMA REMIC Trust, Series 2012-97 GB | 2.00% | 08/16/2042 | 675562 |
| 577711 | GNMA REMIC Trust, Series 2013-86 IA~ | 5.00% | 06/20/2043 | 69272 |
| 830676 | GNMA REMIC Trust, Series 2017-103 IM~ | 5.00% | 06/20/2043 | 116947 |
| 371236 | GNMA REMIC Trust, Series 2014-06 IG~ | 4.50% | 01/16/2044 | 46428 |
| 958844 | GNMA REMIC Trust, Series 2011-127 C# | 3.50% | 03/16/2047 | 899621 |
| 315167 | GNMA REMIC Trust, Series 2018-127 PB | 3.00% | 09/20/2047 | 295067 |
| 4299 | GNMA REMIC Trust, Series 2018-166 AB | 4.00% | 10/20/2047 | 4273 |
| 2063868 | GNMA REMIC Trust, Series 2017-167 SE (1 Month LIBOR USD + 6.20%)~ | 1.85% | 11/20/2047 | 228470 |
| 108395 | GNMA REMIC Trust, Series 2018-166 BA | 3.50% | 11/20/2047 | 106644 |
| 2108383 | GNMA REMIC Trust, Series 2018-036 LI~ | 5.00% | 03/20/2048 | 298071 |
| 535358 | GNMA REMIC Trust, Series 2018-153 QA | 3.50% | 11/20/2048 | 512628 |
| 579422 | GNMA REMIC Trust, Series 2019-162 KB | 2.00% | 12/20/2049 | 388103 |
| 552000 | GNMA REMIC Trust, Series 2021-050 PL | 1.25% | 03/20/2051 | 263167 |
| 1840304 | GNMA REMIC Trust, Series 2021-125 UL | 1.50% | 07/20/2051 | 1396979 |
| 1089459 | GNMA REMIC Trust, Series 2021-160 DK | 2.00% | 09/20/2051 | 730076 |
| 1791418 | GNMA REMIC Trust, Series 2021-177 KD | 2.00% | 10/20/2051 | 1506653 |
| 2828173 | GNMA REMIC Trust, Series 2022-009 CD | 2.00% | 01/20/2052 | 2398550 |
| 1122218 | GNMA REMIC Trust, Series 2014-135 I0#~ | 0.42% | 01/16/2056 | 20479 |
| 1128093 | GNMA REMIC Trust, Series 2015-172 I0#~ | 0.62% | 03/16/2057 | 25306 |
| 2181409 | GNMA REMIC Trust, Series 2016-40 I0#~ | 0.62% | 07/16/2057 | 50212 |
| 1468324 | GNMA REMIC Trust, Series 2016-56 I0#~ | 1.00% | 11/16/2057 | 61287 |
| 2162559 | GNMA REMIC Trust, Series 2016-98 I0#~ | 0.87% | 05/16/2058 | 87650 |
| 3772887 | GS Mortgage-Backed Securities Trust, Series 2022-LTV1 A8#^ | 3.00% | 06/25/2052 | 3392945 |
| 4392829 | JP Morgan Mortgage Trust, Series 2021-INV4 A2#^ | 3.00% | 01/25/2052 | 3682426 |
| 3371474 | JP Morgan Mortgage Trust, Series 2022-LTV2 A3#^ | 3.50% | 09/25/2052 | 2996311 |
| 6076183 | Mello Mortgage Capital Acceptance, Series 2021-INV4 A3#^ | 2.50% | 12/26/2051 | 4888954 |
| 3422517 | Mello Mortgage Capital Acceptance, Series 2022-INV2 A2#^ | 3.50% | 04/25/2052 | 2973579 |
| 3217899 | RCKT Mortgage Trust, Series 2021-6 A1#^ | 2.50% | 12/25/2051 | 2603146 |
| 3043895 | RCKT Mortgage Trust, Series 2022-1 A5#^ | 2.50% | 01/25/2052 | 2627133 |
| 3167694 | RCKT Mortgage Trust, Series 2022-4 A1#^ | 4.00% | 06/25/2052 | 2860205 |
| 298529 | SBA, Pool# 522053 (PRIME + 0.60%) | 6.85% | 05/25/2026 | 300639 |
| 2088853 | Sequoia Mortgage Trust, Series 2021-1 A1#^ | 2.50% | 03/25/2051 | 1692396 |
| Total Mortgage Backed Securities (Cost $316,016,898) | Total Mortgage Backed Securities (Cost $316,016,898) |  |  | 295984119 |
| **Asset Backed Securities — 6.8%** | **Asset Backed Securities — 6.8%** |  |  |  |
| 3500000 | American Express Credit Account Master Trust, Series 2022-2 A | 3.39% | 05/17/2027 | 3402317 |
| 1887718 | American Homes 4 Rent Trust, Series 2014-SFR2 A^ | 3.79% | 10/17/2036 | 1823087 |
| 2130000 | American Homes 4 Rent Trust, Series 2014-SFR2 B^ | 4.29% | 10/17/2036 | 2062845 |
| 2316966 | American Homes 4 Rent Trust, Series 2014-SFR3 A^ | 3.68% | 12/18/2036 | 2232858 |
| 312913 | American Homes 4 Rent Trust, Series 2015-SFR1 A^ | 3.47% | 04/18/2052 | 298376 |
| 215035 | American Homes 4 Rent Trust, Series 2015-SFR2 A^ | 3.73% | 10/18/2052 | 203638 |

---

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares/** |  |  |  | |
| **Par Value** | **<u>Security Description</u>** | **Rate** | **Maturity** | **Value $** |
| **Asset Backed Securities — 6.8% (Continued)** | **Asset Backed Securities — 6.8% (Continued)** |  |  | |
| 250000 | American Homes 4 Rent Trust, Series 2015-SFR2 C^ | 4.69% | 10/18/2052 | 238875 |
| 1404000 | AmeriCredit Automobile Receivables Trust, Series 2021-1 D | 1.21% | 12/18/2026 | 1257729 |
| 1505000 | CarMax Auto Owner Trust, Series 2021-2 C | 1.34% | 02/16/2027 | 1362199 |
| 757311 | Dext ABS LLC, Series 2021-1 A^ | 1.12% | 02/15/2028 | 724451 |
| 380000 | Dext ABS LLC, Series 2021-1 B^ | 1.76% | 02/15/2028 | 348216 |
| 787297 | FHF Trust, Series 2021-2A A^ | 0.83% | 12/15/2026 | 748683 |
| 439603 | FHF Trust, Series 2021-1A A^ | 1.27% | 03/15/2027 | 421397 |
| 1449906 | GoodLeap Sustainable Home Solutions Trust, Series 2021-5 A^ | 2.31% | 10/20/2048 | 1058810 |
| 1089846 | JPMorgan Chase Bank NA — CACLN, Series 2021-3 B^ | 0.76% | 02/25/2029 | 1027584 |
| 410000 | Oportun Funding XIV LLC, Series 2021-A A^ | 1.21% | 03/08/2028 | 381975 |
| 1505000 | PFS Financing Corp., Series 2021-A A^ | 0.71% | 04/15/2026 | 1417180 |
| 1500000 | Verizon Master Trust, Series 2022-4 A+ | 3.40% | 11/20/2028 | 1454987 |
| Total Asset Backed Securities (Cost $21,874,522) | Total Asset Backed Securities (Cost $21,874,522) |  |  | 20465207 |
| **U.S. Treasury Notes — 0.3%** | **U.S. Treasury Notes — 0.3%** |  |  |  |
| 1000000 | United States Treasury Note | 2.88% | 05/15/2032 | 925000 |
| Total U.S. Treasury Notes (Cost $1,009,032) | Total U.S. Treasury Notes (Cost $1,009,032) |  |  | 925000 |
| **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** |  |  |  |
| 505000 | Colorado Health Facilities Authority | 2.80% | 12/01/2026 | 468463 |
| Total Municipal Bonds (Cost $505,000) | Total Municipal Bonds (Cost $505,000) |  |  | 468463 |
| **Short-Term Investments — 10.9%** | **Short-Term Investments — 10.9%** |  |  |  |
| **Money Market Funds — 10.9%** | **Money Market Funds — 10.9%** |  |  |  |
| 32811634 | First American Government Obligations Fund — Class Z, 4.05%\* |  |  | 32811634 |
| Total Short-Term Investments (Cost $32,811,634) | Total Short-Term Investments (Cost $32,811,634) |  |  | 32811634 |
| Total Investments — 116.9% (Cost $372,217,086) | Total Investments — 116.9% (Cost $372,217,086) |  |  | 350654423 |
| Liabilities in Excess of Other Assets — (16.9)% | Liabilities in Excess of Other Assets — (16.9)% |  |  | (50820065) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  |  | $**299834358** |

---

---

| | |
|:---|:---|
| # | Variable rate security. Rate disclosed is as of the date of this report. |
| ^ | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| ~ | Interest only security. |
| \* | Annualized seven-day yield as of the date of this report. |
| + | Step bond. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown is the rate in effect as of the date of this report. |

---

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Mortgage Backed Securities | 98.7% |
| Money Market Funds | 10.9% |
| Asset Backed Securities | 6.8% |
| U.S. Treasury Notes | 0.3% |
| Municipal Bonds | 0.2% |
| Other Assets and Liabilities | (16.9)% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Mortgage Securities Fund
Schedule of Investments

December 31, 2022 (Unaudited)

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts — Long (Note 6)** |  |  | | | |
|  |  |  | **Notional** | **Notional** | **Unrealized Appreciation** |
| **Issue** | **Contracts** | **Expiration Date** | **Amount** | **Value** | (Depreciation) |
| U.S. Treasury 10-Year Note Futures | 38 | 03/22/2023 | $4277160 | $4267281 | $(9879) |
| U.S. Treasury Long Bond Futures | 7 | 03/22/2023 | 876984 | 877406 | 422 |
| U.S. 10-Year Ultra Futures | 39 | 03/22/2023 | 4621585 | 4612969 | (8616) |
| U.S. Treasury Ultra Bond Futures | 15 | 03/22/2023 | 2002901 | 2014687 | 11786 |
|  |  |  | $11778630 | $11772343 | $(6287) |
| **Futures Contracts — Short (Note 6)** |  |  |  |  |  |
|  |  |  | **Notional** | **Notional** | **Unrealized Appreciation** |
| **Issue** | **Contracts** | **Expiration Date** | **Amount** | **Value** | (Depreciation) |
| U.S. Treasury 5-Year Note Futures | (44) | 03/31/2023 | $(4762857) | $(4748906) | $13951 |
| U.S. Treasury 2-Year Note Futures | (152) | 03/31/2023 | (31222961) | (31171875) | 51086 |
|  |  |  | $(35985818) | $(35920781) | $65037 |

---

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.

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www.brownadvisory.com/mf

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#### Brown Advisory – WMC Strategic European Equity Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory – WMC Strategic European Equity Fund Institutional Shares (the "Fund") increased 4.58% in value. During the same period, the MSCI Europe Index, the Fund's benchmark, increased 7.24%.

For the 6 months ended December 31, 2022, the portfolio underperformed the benchmark. Sector allocation, a result of our bottom-up stock selection process, was the primary driver of relative underperformance, driven by the Fund's overweight to communication services and underweights to energy and consumer discretionary. This was partially offset by an overweight to industrials and financials. Security selection also detracted from relative performance. Selection in health care, industrials, and consumer discretionary detracted most, while stronger selection within financials, communication services, and consumer staples contributed.

From an individual stock perspective, our top relative contributors were Publicis Groupe (communication services), Erste Group (financials), and Beazley (financials). Our top relative detractors were United Internet (communication services), Grifols (health care), and Fresenius SE & Co (health care). During the period, we purchased new positions in Haleon, Bayer, and AIB Group. We sold our positions in GSK and Fresenius SE & Co.

Haleon is a British consumer health care company. It is the consumer spin off from GSK (July 2022), and key brands include Sensodyne, Advil, Centrum, Voltarol, Panadol, and Tums. We expect that Haleon will be resilient in a weaker economic environment due to its exposure to attractive consumer categories creating lower cyclicality. We like that the stock is trading at a discount and we believe it will continue to deliver moderate growth over the long term. In December, a series of lawsuits around legacy drug, Zantac, were dismissed by US courts. We believe this to be positive for the outlook of the stock removing any overhanging concerns for investors, increasing our position.

GSK is one of the largest pharmaceutical companies in the world. The company focuses on several therapeutic classes, including respiratory, oncology, and antiviral, as well as vaccines and consumer health care. GSK benefits from patents, economies of scale, a diversified portfolio of brands, solid brand power and a strong distribution network. We have owned the stock since 2011 and it has been a positive contributor to performance, however we sold our position over the period amid heightened fears around the company's Zantac litigation, purchasing Haleon instead.

Sincerely,

Carl Dirk Enderlein, CFA, Senior Managing Director, and Equity Portfolio Manager

#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. Investments focused in a single geographic region may be exposed to greater risk than investments diversified among various geographies. Investments in foreign securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. These risks are greater in emerging markets. Investments in smaller and medium capitalization companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock. The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. The value of investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Investors will indirectly bear the principal risks and its share of the fees and expenses of the Fund's investment in other Investment Companies.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

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www.brownadvisory.com/mf

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#### Brown Advisory – WMC Strategic European Equity Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 92.9%** | **Common Stocks — 92.9%** | |
| **Austria — 3.8%** | **Austria — 3.8%** | |
| 164719 | Erste Group Bank AG | 5270205 |
| 30367 | Porr AG | 380816 |
| 53565 | Vienna Insurance Group AG |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Wiener Versicherung Gruppe | 1280118 |
|  |  | 6931139 |
| **Belgium — 4.0%** | **Belgium — 4.0%** |  |
| 28386 | KBC Group NV | 1827635 |
| 68952 | UCB S.A. | 5432953 |
|  |  | 7260588 |
| **Czech Republic — 0.9%** | **Czech Republic — 0.9%** |  |
| 54007 | Komercni banka, as | 1560690 |
| **Denmark — 0.7%** | **Denmark — 0.7%** |  |
| 16885 | Royal Unibrew A/S | 1200024 |
| **France — 13.4%** | **France — 13.4%** |  |
| 35830 | Amundi S.A. | 2031874 |
| 104096 | Bureau Veritas S.A. | 2743336 |
| 5782 | Dassault Aviation S.A. | 980584 |
| 292616 | Elis S.A. | 4319318 |
| 9266 | Legrand S.A. | 742961 |
| 66580 | Publicis Groupe S.A. | 4253269 |
| 29285 | Safran S.A. | 3668050 |
| 3862 | Somfy S.A. | 590144 |
| 162927 | Technip Energies NV | 2561460 |
| 16744 | Thales S.A. | 2139353 |
|  |  | 24030349 |
| **Germany — 14.4%** | **Germany — 14.4%** |  |
| 63357 | Bayer AG | 3260979 |
| 15612 | Beiersdorf AG | 1784006 |
| 66041 | Brenntag SE | 4211741 |
| 5980 | Hannover Rueck SE | 1179896 |
| 108193 | Hensoldt AG | 2563093 |
| 50588 | Jenoptik AG | 1375902 |
| 31553 | Rheinmetall AG | 6281430 |
| 20594 | Siemens Healthineers AG | 1027259 |
| 179457 | United Internet AG | 3618667 |
| 14835 | Washtec AG | 548249 |
|  |  | 25851222 |
| **Ireland — 1.6%** | **Ireland — 1.6%** |  |
| 776679 | AIB Group PLC | 2981200 |
| **Italy — 0.1%** | **Italy — 0.1%** |  |
| 22931 | MARR SpA | 279955 |
| **Netherlands — 2.6%** | **Netherlands — 2.6%** |  |
| 18486 | Heineken NV | 1741232 |
| 49242 | QIAGEN NV\* | 2475413 |
| 3920 | Wolters Kluwer NV | 410169 |
|  |  | 4626814 |
| **Portugal — 1.0%** | **Portugal — 1.0%** |  |
| 83352 | Jeronimo Martins SGPS S.A. | 1803356 |
| **Spain — 4.7%** | **Spain — 4.7%** |  |
| 142847 | Almirall S.A. | 1381226 |
| 493045 | Bankinter S.A. | 3303162 |
| 87511 | Fluidra S.A. | 1360707 |
| 205731 | Grifols S.A.\* | 2375858 |
|  |  | 8420953 |
| **Sweden — 4.3%** | **Sweden — 4.3%** |  |
| 61395 | Alfa Laval AB | 1775994 |
| 58106 | Assa Abloy AB | 1249818 |
| 92592 | Hexpol AB | 987954 |
| 60292 | Sandvik AB | 1089572 |
| 111667 | Trelleborg AB | 2579354 |
|  |  | 7682692 |
| **Switzerland — 6.6%** | **Switzerland — 6.6%** |  |
| 23818 | Julius Baer Group, Ltd. | 1386234 |
| 49416 | Novartis AG | 4472022 |
| 321616 | UBS Group AG | 5977628 |
|  |  | 11835884 |
| **United Kingdom — 34.8%** | **United Kingdom — 34.8%** |  |
| 530382 | BAE Systems PLC | 5478026 |
| 388377 | Beazley PLC | 3176325 |
| 170825 | British American Tobacco PLC | 6757555 |
| 100701 | Bunzl PLC | 3350355 |
| 70689 | Compass Group PLC | 1632361 |
| 1014833 | ConvaTec Group PLC | 2842226 |
| 112509 | CRH PLC | 4474486 |
| 1508245 | Haleon PLC\* | 5967576 |
| 109349 | Hikma Pharmaceuticals PLC | 2037827 |
| 125882 | IMI PLC | 1966014 |
| 33398 | Next PLC | 2340235 |
| 362796 | Prudential PLC | 4946855 |
| 452010 | Rotork PLC | 1679774 |
| 297367 | RS Group PLC | 3201812 |
| 120902 | Savills PLC | 1204177 |
| 314119 | Smith & Nephew PLC | 4195026 |
| 157140 | Smiths Group PLC | 3015857 |
| 52714 | Spectris PLC | 1909661 |
| 254600 | WPP PLC | 2515457 |
|  |  | 62691605 |
| Total Common Stocks (Cost $141,602,368) | Total Common Stocks (Cost $141,602,368) | 167156471 |
| **Preferred Stocks — 1.5%** | **Preferred Stocks — 1.5%** |  |
| **Germany — 1.1%** | **Germany — 1.1%** |  |
| 56327 | Fuchs Petrolub SE | 1968880 |
| **Spain — 0.4%** | **Spain — 0.4%** |  |
| 80360 | Grifols S.A.\* | 676891 |
| Total Preferred Stocks (Cost $2,791,641) | Total Preferred Stocks (Cost $2,791,641) | 2645771 |

---

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

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www.brownadvisory.com/mf

------

Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Short-Term Investments — 3.6%** | **Short-Term Investments — 3.6%** | |
| **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** | |
| 6485797 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 6485797 |
| Total Short-Term Investments (Cost $6,485,797) | Total Short-Term Investments (Cost $6,485,797) | 6485797 |
| Total Investments — 98.0% (Cost $150,879,806) | Total Investments — 98.0% (Cost $150,879,806) | 176288039 |
| Other Assets in Excess of Liabilities — 2.0% | Other Assets in Excess of Liabilities — 2.0% | 3604385 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**179892424** |

---

\* Non-Income Producing. <br> # Annualized seven-day yield as of the date of this report.

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| United Kingdom | 34.8% |
| Germany | 15.5% |
| France | 13.4% |
| Switzerland | 6.6% |
| Spain | 5.1% |
| Sweden | 4.3% |
| Belgium | 4.0% |
| Austria | 3.8% |
| Money Market Funds | 3.6% |
| Netherlands | 2.6% |
| Ireland | 1.6% |
| Portugal | 1.0% |
| Czech Republic | 0.9% |
| Denmark | 0.7% |
| Italy | 0.1% |
| Other Assets and Liabilities | 2.0% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory Emerging Markets Select Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory Emerging Markets Select Fund Institutional Shares (the "Fund") fell 0.82% in value. During the same period, the MSCI Emerging Markets Index, the Fund's benchmark, fell 2.99%.

Rising inflation and interest rates continued to negatively impact higher-valuation growth stocks in the second half of 2022. For example, the MSCI Emerging Markets Value Index fell 2.26%, outperforming its counterpart, the MSCI Emerging Markets Growth Index, which fell 3.66%. This benefited the Fund given the strategy's emphasis on reducing valuation risk. Stock selection within the consumer discretionary, financials, and information technology sectors drove the Fund's positive relative performance, offsetting slightly negative selection within materials, communication services, and real estate. Sector allocation, primarily a result of the bottom-up stock selection process, was not a material driver of relative performance during the period. On a regional basis, the strategy's overweight to the Asia Pacific region was a slight drag on performance but this was offset by a slight overweight to Central Asia (India).

The top individual stock contributor was Turkish bank Akbank which announced a string of results that bested expectations as the company benefitted from robust net interest income. The position in Akbank was trimmed during the period given its increased valuation. The second largest contributor, Flex Ltd., an American and Singaporean leading outsourced electronics assembler, rose after reporting earnings that beat consensus and prior guidance, driven by strength across all end markets (excluding consumer electronics). The largest detractor was the Fund's investment in Baidu, a Chinese internet company, due to concerns over weaker enterprise advertising spend and softer consumer sentiment in China. China Overseas Land & Investment, a partially state-owned homebuilder, was another top detractor. Despite continued weakness in the Chinese real estate market, the company has maintained a strong balance sheet and bought property counter-cyclically which could drive returns should the housing market rebound.

New names added to the portfolio emphasized regions that have lagged such as the markets in Greater China and reducing exposure in regions that have performed better like India. New positions in the period included Credicorp (Peruvian Bank), Ping An Insurance (Chinese P&C and Life Insurance), Midea Group (Chinese Household Appliances), Tencent Holdings (Chinese Internet & Gaming), and Li Ning (Chinese Sportwear).

Overall, the period can be characterized by a relatively volatile Chinese economy and the ongoing war in Ukraine, which have contributed to slower global GDP growth, higher global interest rates, and weaker emerging market currencies. The outlook for China has improved as the government reversed its zero-Covid policy and reopened the economy while it has also taken measures to support the real estate market. The market volatility associated with these macro crosswinds has highlighted the quality of the businesses already owned by the Fund. It should also lead to a growing number of opportunities to buy high quality businesses at discounted valuations, which we believe provides the potential to outperform the broader market.

Sincerely,

Jordan Wruble

Portfolio Manager

#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The Fund invests in smaller and medium-sized companies which carry greater risk than is associated with larger companies for various reasons, such as narrower markets, limited financial resources and less liquid stock.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

------

www.brownadvisory.com/mf

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#### Brown Advisory Emerging Markets Select Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 94.6%** | **Common Stocks — 94.6%** | |
| **Brazil — 1.9%** | **Brazil — 1.9%** | |
| 2384800 | Ambev S.A. | 6518067 |
| 865900 | Neoenergia S.A. | 2542469 |
|  |  | 9060536 |
| **China — 39.6%** | **China — 39.6%** |  |
| 948664 | AIA Group, Ltd. | 10476468 |
| 566100 | Alibaba Group Holding, Ltd.\* | 6211766 |
| 380757 | ANTA Sports Products, Ltd. | 4952414 |
| 399278 | Baidu, Inc.\* | 5693999 |
| 44007 | Baidu, Inc. ADR\* | 5033521 |
| 1636000 | Brilliance China Automotive Holdings, Ltd.\* | 915940 |
| 4513000 | China Construction Bank Corp. | 2822383 |
| 977827 | China Mengniu Dairy Co., Ltd. | 4409133 |
| 2201246 | China Overseas Land & Investment, Ltd. | 5760380 |
| 1603400 | China Pacific Insurance Group Co.. Ltd. | 3545623 |
| 399898 | China Resources Beer Holdings Co., Ltd. | 2781523 |
| 137381 | China Tourism Group Duty Free Corp., Ltd. | 4252445 |
| 38700 | Contemporary Amperex Technology Co., Ltd. | 2180662 |
| 1100000 | Dongfeng Motor Group Co., Ltd. | 628518 |
| 1067000 | Galaxy Entertainment Group, Ltd. | 7015158 |
| 2203400 | GF Securities Co., Ltd. | 3154295 |
| 135248 | H World Group Ltd. | 576622 |
| 77232 | H World Group Ltd. ADR | 3276182 |
| 914200 | Haier Smart Home Co., Ltd. | 3102868 |
| 262600 | Hangzhou Tigermed Consulting Co., Ltd. | 3944334 |
| 146157 | Hong Kong Exchanges & Clearing Ltd. | 6280404 |
| 504995 | Inner Mongolia Yili Industrial Group Co., Ltd. | 2245530 |
| 489505 | KE Holdings, Inc.\* | 2283500 |
| 130648 | KE Holdings, Inc. ADR\* | 1823846 |
| 13283 | Kweichow Moutai Co., Ltd. | 3285897 |
| 4718000 | Lenovo Group, Ltd. | 3842801 |
| 472500 | Li Ning Co., Ltd. | 4063030 |
| 408002 | Meituan\* | 9039625 |
| 267200 | Midea Group Co., Ltd. | 1982970 |
| 270018 | NetEase, Inc. | 3916345 |
| 7991000 | Pacific Basin Shipping Ltd. | 2692045 |
| 299500 | Ping An Insurance Group Co. of China, Ltd. | 1967639 |
| 1237200 | Sany Heavy Industry Co., Ltd. | 2801051 |
| 84000 | Shenzhen Mindray Bio-Medical |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Electronics Co., Ltd. | 3809194 |
| 242400 | Shenzhou International Group Holdings Ltd. | 2703210 |
| 315605 | Techtronic Industries Co., Ltd. | 3505376 |
| 472741 | Tencent Holdings, Ltd. | 20044390 |
| 189017 | Trip.com Group, Ltd.\* | 6519120 |
| 171529 | Trip.com Group, Ltd. ADR\* | 5900598 |
| 268203 | Tsingtao Brewery Co., Ltd. | 2641022 |
| 215994 | Yifeng Pharmacy Chain Co., Ltd. | 1984269 |
| 757500 | YTO Express Group Co., Ltd. | 2185602 |
| 2099500 | Yue Yuen Industrial Holdings, Ltd. | 2938189 |
| 61290 | Yum China Holdings, Inc. | 3349499 |
| 91374 | ZTO Express Cayman, Inc. | 2475386 |
| 100570 | ZTO Express Cayman, Inc. ADR | 2702316 |
|  |  | 187717088 |
| **Hungary — 0.9%** | **Hungary — 0.9%** |  |
| 163961 | OTP Bank PLC | 4455002 |
| **India — 12.4%** | **India — 12.4%** |  |
| 516605 | Aurobindo Pharma, Ltd. | 2735592 |
| 490570 | Axis Bank, Ltd. | 5520700 |
| 431742 | Container Corp. of India, Ltd. | 3849457 |
| 243913 | Godrej Consumer Products, Ltd.\* | 2573461 |
| 151826 | Godrej Properties, Ltd.\* | 2244111 |
| 216587 | HDFC Bank, Ltd. | 4248042 |
| 686424 | ICICI Bank, Ltd. | 7383023 |
| 195850 | Larsen & Toubro, Ltd. | 4922559 |
| 276291 | Macrotech Developers, Ltd.\* | 3636716 |
| 259756 | Mahindra & Mahindra, Ltd. | 3910559 |
| 244080 | Reliance Industries, Ltd. | 7493406 |
| 298111 | Shriram Finance Ltd. | 4948716 |
| 84602 | Siemens, Ltd. | 2884596 |
| 321664 | State Bank of India | 2378699 |
|  |  | 58729637 |
| **Indonesia — 2.6%** | **Indonesia — 2.6%** |  |
| 8837800 | Bank Central Asia Tbk PT | 4846104 |
| 5486800 | Bank Mandiri Persero Tbk PT | 3498903 |
| 6346400 | Bank Negara Indonesia Persero Tbk | 3760036 |
|  |  | 12105043 |
| **Malaysia — 0.8%** | **Malaysia — 0.8%** |  |
| 1969400 | Malayan Banking Bhd | 3889537 |
| **Russia — 0.0%** | **Russia — 0.0%** |  |
| 184769 | Sberbank of Russia PJSC ADR†+\* | 1848 |
| **Singapore — 3.6%** | **Singapore — 3.6%** |  |
| 226924 | DBS Group Holdings, Ltd. | 5743810 |
| 1637100 | Singapore Telecommunications Ltd. | 3138800 |
| 150200 | United Overseas Bank, Ltd. | 3440458 |
| 1588508 | Wilmar International, Ltd. | 4948800 |
|  |  | 17271868 |
| **South Africa — 1.1%** | **South Africa — 1.1%** |  |
| 316543 | Sasol, Ltd. | 5051594 |
| **South Korea — 12.7%** | **South Korea — 12.7%** |  |
| 124399 | DB Insurance Co., Ltd. | 6448218 |
| 243229 | Hankook Tire & Technology Co., Ltd. | 6006255 |
| 40317 | Hyundai Mipo Dockyard Co., Ltd.\* | 2699633 |
| 48620 | KB Financial Group, Inc. | 1862761 |
| 19167 | Korea Shipbuilding & Offshore |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Engineering Co., Ltd.\* | 1077800 |
| 10585 | NCSoft Corp. | 3781214 |
| 31061 | POSCO Holdings, Inc. | 6797760 |
| 552883 | Samsung Electronics Co., Ltd. | 24267828 |
| 226245 | Samsung Engineering Co., Ltd.\* | 4002445 |
| 118140 | Shinhan Financial Group Co., Ltd. | 3288957 |
|  |  | 60232871 |
| **Taiwan — 13.2%** | **Taiwan — 13.2%** |  |
| 217756 | Advantech Co., Ltd. | 2331610 |
| 8111000 | Compal Electronics, Inc. | 6075280 |
| 5981000 | CTBC Financial Holding Co., Ltd. | 4291871 |
| 322693 | Delta Electronics, Inc. | 2991361 |
| 467000 | Elite Material Co., Ltd. | 2585945 |
| 3381000 | Hon Hai Precision Industry Co., Ltd. | 10958606 |

---

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

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www.brownadvisory.com/mf

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Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 94.6% (Continued)** | **Common Stocks — 94.6% (Continued)** | |
| **Taiwan — 13.2% (Continued)** | **Taiwan — 13.2% (Continued)** | |
| 1783000 | Lite-On Technology Corp. | 3684858 |
| 2030457 | Taiwan Semiconductor |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing Co., Ltd. | 29489268 |
|  |  | 62408799 |
| **Thailand — 1.4%** | **Thailand — 1.4%** |  |
| 436800 | Bangkok Bank PCL | 1894838 |
| 217700 | Bangkok Bank PCL NVDR | 929297 |
| 1223500 | SCB X PCL | 3769129 |
|  |  | 6593264 |
| **Turkey — 0.4%** | **Turkey — 0.4%** |  |
| 1756743 | Akbank T.A.S. | 1836374 |
| **United Arab Emirates — 0.8%** | **United Arab Emirates — 0.8%** |  |
| 1554633 | Abu Dhabi Commercial Bank PJSC | 3804677 |
| **United Kingdom — 0.8%** | **United Kingdom — 0.8%** |  |
| 534436 | Standard Chartered PLC | 3986121 |
| **United States — 2.4%** | **United States — 2.4%** |  |
| 102734 | Cognizant Technology Solutions Corp. | 5875357 |
| 19368 | Credicorp Ltd. | 2627463 |
| 130149 | Flex, Ltd.\* | 2792998 |
|  |  | 11295818 |
| Total Common Stocks (Cost $427,472,348) | Total Common Stocks (Cost $427,472,348) | 448440077 |
| **Preferred Stocks — 1.7%** | **Preferred Stocks — 1.7%** |  |
| **Brazil — 1.7%** | **Brazil — 1.7%** |  |
| 2244595 | Cia Energetica de Minas Gerais | 4643755 |
| 766300 | Itau Unibanco Holding S.A. | 3629314 |
| Total Preferred Stocks (Cost $7,303,616) | Total Preferred Stocks (Cost $7,303,616) | 8273069 |
| **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** |  |
| **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** |  |
| 15335109 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 15335109 |
| Total Short-Term Investments (Cost $15,335,109) | Total Short-Term Investments (Cost $15,335,109) | 15335109 |
| Total Investments — 99.5% (Cost $450,111,073) | Total Investments — 99.5% (Cost $450,111,073) | 472048255 |
| Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | 2322626 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**474370881** |

---

\* Non-Income Producing.

ADR — American Depositary Receipt.

---

| | |
|:---|:---|
| † | This security is being fair valued, using significant unobservable inputs (Level 3), under the supervision of the Board of Trustees. |
| + | 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. |

---

NVDR — Non-Voting Depositary Receipt.

# Annualized seven-day yield as of the date of this report.

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| China | 39.6% |
| Taiwan | 13.2% |
| South Korea | 12.7% |
| India | 12.4% |
| Brazil | 3.6% |
| Singapore | 3.6% |
| Money Market Funds | 3.2% |
| Indonesia | 2.6% |
| United States | 2.4% |
| Thailand | 1.4% |
| South Africa | 1.1% |
| Hungary | 0.9% |
| United Kingdom | 0.8% |
| Malaysia | 0.8% |
| United Arab Emirates | 0.8% |
| Turkey | 0.4% |
| Russia | 0.0% |
| Other Assets and Liabilities | 0.5% |
|  | 100.0% |

---

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

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www.brownadvisory.com/mf

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#### Brown Advisory – Beutel Goodman Large-Cap Value Fund
A Message to Our Shareholders

December 31, 2022

------

Dear Shareholder:

During the six-month period ended December 31, 2022, the Brown Advisory – Beutel Goodman Large-Cap Value Fund Institutional Shares (the "Fund") increased 10.70%. During the same period, the Russell 1000 Value Index, the Fund's benchmark, increased 6.11%.

The early stages of the period saw an increase in volatility as persistently high inflation and aggressive interest rate hikes by central banks around the world set off a wave of indiscriminate selling. Equity markets rallied in the fourth quarter as inflation started to show signs of easing. This rally came to an abrupt halt in December, however, with investors discounting the prospect of a recession in 2023.

Relative outperformance was driven primarily by stock selection in communication services, health care, and a combination of both stock selection and overweight in consumer discretionary. The main detractor was a zero-weight allocation to energy.

From an individual stock perspective, Biogen, Omnicom Group and Ameriprise Financial were among the top contributors on an absolute-return basis. Biogen and its development partner, Eisai, announced their drug candidate (lecanemab) had achieved the primary goals in a large-scale Phase III trial to slow down the progression of Alzheimer's disease. Market sentiment has improved meaningfully for Biogen and led to a rally of the stock price after the announcement. Global marketing communications firm Omnicom rose in part on a positive third-quarter earnings report, delivering 7.5% organic revenue growth. Profitability remained strong despite a challenging economic environment and management increased guidance for growth for the full year 2022. Despite a volatile period, Ameriprise turned in a solid performance.

The primary detractors from performance included MillerKnoll, Comcast and Carlyle Group. MillerKnoll's fiscal year-end results showed the company making steady progress in a challenging environment. However, share underperformance has been the result of a dreadful inflationary hit to margins. While Comcast reported strong second-quarter earnings that beat market expectations, the company failed to add new broadband subscribers during the quarter. Carlyle Group was a recent addition to the portfolio.

We took advantage of market uncertainty during the period and initiated positions in three new stocks: Masco, Carlyle Group and Qualcomm. We exited positions in AutoZone, after deeming the company to be fully valued following process-driven trims conducted over the past year, and Verizon Communications.

The current environment is demonstrating how well-run businesses can operate and compete effectively during times of uncertainty. The guidance coming from companies we hold in the portfolios has, to date, reflected generally strong demand, although there is varying sensitivity around pricing as inflation works its way through the system.

In our experience, periods of volatility and uncertainty in markets create opportunities to add to our portfolios at depressed multiples, which is what we have done. We expect volatility in equity markets to continue, but in our view, with valuations and expectations for earnings already low, the portfolio is well positioned for the long term.

We thank you for your support and continued investment in the Fund.

Sincerely,

Rui Cardoso, CFA

Portfolio Manager

Glenn Fortin, CFA

Portfolio Manager

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www.brownadvisory.com/mf

------

A Message to Our Shareholders

December 31, 2022

------

#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers. Investment by the Fund in securities of a limited number of issuers exposes it to greater risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers. The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. In addition, the Fund is susceptible to risks from investments in derivatives, private placements, REITs, and its investments in other investment companies.**

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report.

Definitions for terms and indices are provided in the Glossary of Terms.

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www.brownadvisory.com/mf

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#### Brown Advisory – Beutel Goodman Large-Cap Value Fund
Schedule of Investments

December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** | **<u>Security Description</u>** | **Value $** |
| **Common Stocks — 96.6%** | **Common Stocks — 96.6%** | |
| **Communication Services — 10.8%** | **Communication Services — 10.8%** | |
| 1007685 | Comcast Corp. | 35238744 |
| 1482675 | Interpublic Group of Companies, Inc. | 49387904 |
| 911152 | Omnicom Group, Inc. | 74322669 |
|  |  | 158949317 |
| **Consumer Discretionary — 14.3%** | **Consumer Discretionary — 14.3%** |  |
| 949275 | eBay, Inc. | 39366434 |
| 1082110 | Gentex Corp. | 29509140 |
| 1551364 | Harley-Davidson, Inc. | 64536742 |
| 446030 | Polaris, Inc. | 45049030 |
| 955250 | Tempur Sealy International, Inc. | 32793733 |
|  |  | 211255079 |
| **Consumer Staples — 12.3%** | **Consumer Staples — 12.3%** |  |
| 1067380 | Campbell Soup Co. | 60573815 |
| 818141 | Kellogg Co. | 58284365 |
| 459125 | Kimberly-Clark Corp. | 62326219 |
|  |  | 181184399 |
| **Financials — 14.5%** | **Financials — 14.5%** |  |
| 337210 | American Express Co. | 49822778 |
| 132760 | Ameriprise Financial, Inc. | 41337481 |
| 68735 | BlackRock, Inc. | 48707683 |
| 871880 | Carlyle Group Inc. | 26016899 |
| 830310 | SEI Investments Co. | 48407073 |
|  |  | 214291914 |
| **Health Care — 13.9%** | **Health Care — 13.9%** |  |
| 197531 | AmerisourceBergen Corp. | 32732862 |
| 264645 | Amgen, Inc. | 69506363 |
| 201100 | Biogen, Inc.\* | 55688612 |
| 426855 | Merck & Co., Inc. | 47359562 |
|  |  | 205287399 |
| **Industrials — 15.5%** | **Industrials — 15.5%** |  |
| 187985 | Cummins, Inc. | 45546886 |
| 1378959 | Flowserve Corp. | 42306462 |
| 909330 | Masco Corp. | 42438432 |
| 1157540 | MillerKnoll, Inc. | 24319915 |
| 78120 | Parker-Hannifin Corp. | 22732920 |
| 506060 | Westinghouse Air Brake Technologies Corp. | 50509849 |
|  |  | 227854464 |
| **Information Technology — 14.6%** | **Information Technology — 14.6%** |  |
| 784177 | Amdocs, Ltd. | 71281689 |
| 759955 | NetApp, Inc. | 45642897 |
| 2441355 | Gen Digital, Inc. | 52318238 |
| 412380 | QUALCOMM, Inc. | 45337057 |
|  |  | 214579881 |
| **Materials — 0.7%** | **Materials — 0.7%** |  |
| 83280 | PPG Industries, Inc. | 10471627 |
| Total Common Stocks (Cost $1,311,082,969) | Total Common Stocks (Cost $1,311,082,969) | 1423874080 |
| **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** |  |
| **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** |  |
| 39556811 | First American Government |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Obligations Fund — Class Z, 4.05%# | 39556811 |
| Total Short-Term Investments (Cost $39,556,811) | Total Short-Term Investments (Cost $39,556,811) | 39556811 |
| Total Investments — 99.3% (Cost $1,350,639,780) | Total Investments — 99.3% (Cost $1,350,639,780) | 1463430891 |
| Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | 10062404 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**1473493295** |

---

\* Non-Income Producing. <br> # Annualized seven-day yield as of the date of this report.

#### PORTFOLIO HOLDINGS
% of Net Assets

---

| | |
|:---|:---|
| Industrials | 15.5% |
| Information Technology | 14.6% |
| Financials | 14.5% |
| Consumer Discretionary | 14.3% |
| Health Care | 13.9% |
| Consumer Staples | 12.3% |
| Communication Services | 10.8% |
| Money Market Funds | 2.7% |
| Materials | 0.7% |
| Other Assets and Liabilities | 0.7% |
|  | 100.0% |

---

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

------

www.brownadvisory.com/mf

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#### Statements of Assets and Liabilities
December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN** | **BROWN** | **BROWN** | **BROWN** |
|  | **ADVISORY** | **ADVISORY** | **ADVISORY** | **ADVISORY** |
|  | **GROWTH** | **FLEXIBLE** | **EQUITY** | **SUSTAINABLE** |
|  | **EQUITY** | **EQUITY** | **INCOME** | **GROWTH** |
|  | **FUND** | **FUND** | **FUND** | **FUND** |
| **ASSETS** | | | | |
| &nbsp;&nbsp;&nbsp; Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | $1521254218 | $321910855 | $42115628 | $4957344776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 617603531 | 270218594 | 31534200 | 683106175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 2138857749 | 592129449 | 73649828 | 5640450951 |
| &nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 4772947 | 690701 |  | 27732838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 652026 | 248844 | 109143 | 3230678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  | 16859 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 109597 | 60081 | 49727 | 267879 |
| Total Assets | 2144392319 | 593129075 | 73825557 | 5671682346 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2274993 | 656997 | 166397 | 8531551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend withholding tax | 46504 | 16518 |  |  |
| &nbsp;&nbsp;&nbsp; Accrued Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1093292 | 224421 | 36032 | 2643858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 83089 | 51520 | 7303 | 263848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 91898 | 24920 | 3073 | 242196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business management fees | 93599 | 25929 | 3236 | 245283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 15037 | 5572 | 451 | 36266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 2324 | 936 | 225 | 63305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 27156 | 16805 | 11713 | 64036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 10524 | 3893 | 643 | 32682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 30969 | 7783 | 5142 | 106172 |
| Total Liabilities | 3769385 | 1035294 | 234215 | 12229197 |
| **NET ASSETS** | $2140622934 | $592093781 | $73591342 | $5659453149 |
| **COMPONENTS OF NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $1556831042 | $316809687 | $40057333 | $5060559951 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 583791892 | 275284094 | 33534009 | 598893198 |
| **NET ASSETS** | $2140622934 | $592093781 | $73591342 | $5659453149 |
| **COMPUTATION OF NET ASSET VALUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1514204903 | $196792278 | $18370343 | $3646810950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 69909286 | 7404038 | 1408663 | 105438402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $21.66 | $26.58 | $13.04 | $34.59 |
| &nbsp;&nbsp;&nbsp; Investor Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $615388443 | $391039831 | $54186031 | $1721297978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 29058209 | 14746042 | 4156414 | 50652469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $21.18 | $26.52 | $13.04 | $33.98 |
| &nbsp;&nbsp;&nbsp; Advisor Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $11029588 | $4261672 | $1034968 | $291344221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 570444 | 161131 | 79453 | 8816459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $19.34 | $26.45 | $13.03 | $33.05 |

---

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

------

www.brownadvisory.com/mf

------

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN** | **BROWN** | **BROWN** | **BROWN** |
|  | **ADVISORY** | **ADVISORY** | **ADVISORY** | **ADVISORY** |
|  | **MID-CAP** | **SMALL-CAP** | **SMALL-CAP** | **SUSTAINABLE** |
|  | **GROWTH** | **GROWTH** | **FUNDAMENTAL** | **SMALL-CAP** |
|  | **FUND** | **FUND** | **VALUE FUND** | **CORE FUND** |
| **ASSETS** | | | | |
| &nbsp;&nbsp;&nbsp; Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | $80286632 | $1797082803 | $880221672 | $38261022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 11452500 | 165131132 | 248287557 | (1655095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 91739132 | 1962213935 | 1128509229 | 36605927 |
| &nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 423740 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 162966 | 5844773 | 1049660 | 6522753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 27678 | 1534278 | 1990778 | 36519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 762 |  |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 34623 | 102845 | 59149 | 38961 |
| Total Assets | 91965161 | 1970119571 | 1131608816 | 43204160 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 282518 | 437823 | 325445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1023545 | 2445983 | 309760 | 35748 |
| &nbsp;&nbsp;&nbsp; Accrued Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees, net | 49173 | 1444117 | 848986 | 14708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 2948 | 101244 | 76499 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 4794 | 82311 | 48488 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business management fees | 4104 | 84948 | 49940 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 340 | 11761 | 7541 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees |  | 2005 | 634 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 11101 | 30377 | 22925 | 9563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1863 | 12128 | 6915 | 4085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 7741 | 57852 | 14539 | 7523 |
| Total Liabilities | 1105609 | 4555244 | 1824050 | 401043 |
| **NET ASSETS** | $90859552 | $1965564327 | $1129784766 | $42803117 |
| **COMPONENTS OF NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $99805920 | $1848677906 | $866971675 | $49498264 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (8946368) | 116886421 | 262813091 | (6695147) |
| **NET ASSETS** | $90859552 | $1965564327 | $1129784766 | $42803117 |
| **COMPUTATION OF NET ASSET VALUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $68045023 | $1182612348 | $538242128 | $41190740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 5721672 | 29242814 | 19986722 | 5031518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $11.89 | $40.44 | $26.93 | $8.19 |
| &nbsp;&nbsp;&nbsp; Investor Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $22814529 | $773712422 | $588655319 | $1612377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 1934165 | 38446361 | 21884889 | 197357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $11.80 | $20.12 | $26.90 | $8.17 |
| &nbsp;&nbsp;&nbsp; Advisor Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $— | $9239557 | $2887319 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) |  | 484629 | 108016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $— | $19.07 | $26.73 | $— |

---

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

------

www.brownadvisory.com/mf

------

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN** | **BROWN** | **BROWN** | **BROWN** |
|  | **ADVISORY** | **ADVISORY** | **ADVISORY** | **ADVISORY** |
|  | **GLOBAL** | **SUSTAINABLE** | **INTERMEDIATE** | **TOTAL** |
|  | **LEADERS** | **INTERNATIONAL** | **INCOME** | **RETURN** |
|  | **FUND** | **LEADERS FUND** | **FUND** | **FUND** |
| **ASSETS** | | | | |
| &nbsp;&nbsp;&nbsp; Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments – unaffiliated, at cost | $960642999 | $15264074 | $119646279 | $456221690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments – affiliated, at cost (Note 3) |  |  | 16952513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | 960642999 | 15264074 | 136598792 | 456221690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) – unaffiliated | 212376775 | 912480 | (9692207) | (18587656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) – affiliated (Note 3) |  |  | (1862403) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net unrealized appreciation (depreciation) | 212376775 | 912480 | (11554610) | (18587656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments – unaffiliated, at value | 1173019774 | 16176554 | 109954072 | 437634034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments – affiliated, at value (Note 3) |  |  | 15090110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 1173019774 | 16176554 | 125044182 | 437634034 |
| &nbsp;&nbsp;&nbsp; Cash – segregated for open TBA transactions |  |  |  | 785000 |
| &nbsp;&nbsp;&nbsp; Cash deposit at broker – futures contracts (Note 6) |  |  | 553902 | 928489 |
| &nbsp;&nbsp;&nbsp; Gross unrealized appreciation – futures contracts (Note 6) |  |  | 37496 | 736308 |
| &nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 16463126 | 14600 |  | 446940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from adviser, net |  | 1950 | 17000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 364128 | 8106 | 602986 | 1695721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1138377 | 4381 |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 50320 | 29069 | 32458 | 47188 |
| Total Assets | 1191035725 | 16234660 | 126288024 | 442273680 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross unrealized depreciation – futures contracts (Note 6) |  |  | 807 | 160600 |
| &nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  |  | 73574277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 107220 |  | 94831 | 571681 |
| &nbsp;&nbsp;&nbsp; Accrued Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees, net | 657360 |  | 28704 | 95179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 10019 | 182 | 5433 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 48433 | 933 | 9672 | 19179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business management fees | 50566 | 687 | 5433 | 15863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 6101 | 212 | 819 | 2602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees |  |  | 686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 23776 | 8546 | 12659 | 16401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 22976 | 5058 | 2419 | 3162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 7271 | 9040 | 3143 | 7409 |
| Total Liabilities | 933722 | 24658 | 164606 | 74466636 |
| **NET ASSETS** | $1190102003 | $16210002 | $126123418 | $367807044 |
| **COMPONENTS OF NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $1053947893 | $15697034 | $142930419 | $431533500 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 136154110 | 512968 | (16807001) | (63726456) |
| **NET ASSETS** | $1190102003 | $16210002 | $126123418 | $367807044 |
| **COMPUTATION OF NET ASSET VALUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1112579318 | $14792732 | $— | $364785411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 59118427 | 1628693 |  | 41862398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $18.82 | $9.08 | $— | $8.71 |
| &nbsp;&nbsp;&nbsp; Investor Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $77522685 | $1417270 | $122967756 | $3021633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 4131363 | 156346 | 12786195 | 346927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $18.76 | $9.06 | $9.62 | $8.71 |
| &nbsp;&nbsp;&nbsp; Advisor Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $— | $— | $3155662 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) |  |  | 335903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $— | $— | $9.39 | $— |

---

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

------

www.brownadvisory.com/mf

------

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **BROWN** |
|  | **BROWN** | **BROWN** | **BROWN** | **ADVISORY** |
|  | **ADVISORY** | **ADVISORY** | **ADVISORY** | **TAX-EXEMPT** |
|  | **SUSTAINABLE** | **MARYLAND** | **TAX-EXEMPT** | **SUSTAINABLE** |
|  | **BOND FUND** | **BOND FUND** | **BOND FUND** | **BOND FUND** |
| **ASSETS** | | | | |
| &nbsp;&nbsp;&nbsp; Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | $402491765 | $168695765 | $699477380 | $286398680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | (19037470) | (8115660) | (27880706) | (13716547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 383454295 | 160580105 | 671596674 | 272682133 |
| &nbsp;&nbsp;&nbsp; Cash – segregated for open TBA transactions | 586000 |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash deposit at broker – futures contracts (Note 6) | 2506984 |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross unrealized appreciation – futures contracts (Note 6) | 417042 |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1491141 | 1333994 | 17341729 | 6415300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 1556199 | 2249654 | 5042898 | 2962724 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 45095 | 17900 | 65574 | 65842 |
| Total Assets | 390056756 | 164181653 | 694046875 | 282125999 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross unrealized depreciation – futures contracts (Note 6) | 163654 |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 61367763 |  | 3327135 | 2500448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 60426 | 1260119 | 3009455 | 4309745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution to shareholders |  | 311691 | 1558557 | 404073 |
| &nbsp;&nbsp;&nbsp; Accrued Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 83376 | 41272 | 179152 | 64488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 419 | 6879 | 337 | 10748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 21583 | 10779 | 35284 | 15364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business management fees | 13896 | 6879 | 29859 | 10748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 1737 | 2340 | 4235 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 14237 | 14153 | 17102 | 13263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 3615 | 877 | 6858 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 5783 | 2775 | 6566 | 4340 |
| Total Liabilities | 61736489 | 1657764 | 8174540 | 7337761 |
| **NET ASSETS** | $328320267 | $162523889 | $685872335 | $274788238 |
| **COMPONENTS OF NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $376771449 | $178129601 | $787521788 | $301309493 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (48451182) | (15605712) | (101649453) | (26521255) |
| **NET ASSETS** | $328320267 | $162523889 | $685872335 | $274788238 |
| **COMPUTATION OF NET ASSET VALUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $318508729 | $— | $678338560 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 36693756 |  | 73968267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.68 | $— | $9.17 | $— |
| &nbsp;&nbsp;&nbsp; Investor Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $9811538 | $162523889 | $7533775 | $274788238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 1129730 | 16707638 | 821120 | 30442994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $8.68 | $9.73 | $9.18 | $9.03 |
| &nbsp;&nbsp;&nbsp; Advisor Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $— | $— | $— | $— |

---

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

------

www.brownadvisory.com/mf

------

December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **BROWN** | | |
|  | | **ADVISORY –** | | **BROWN** |
|  | **BROWN** | **WMC** | **BROWN** | **ADVISORY –** |
|  | **ADVISORY** | **STRATEGIC** | **ADVISORY** | **BEUTEL** |
|  | **MORTGAGE** | **EUROPEAN** | **EMERGING** | **GOODMAN** |
|  | **SECURITIES** | **EQUITY** | **MARKETS** | **LARGE-CAP** |
|  | **FUND** | **FUND** | **SELECT FUND** | **VALUE FUND** |
| **ASSETS** | | | | |
| &nbsp;&nbsp;&nbsp; Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost | $372217086 | $150879806 | $450111073 | $1350639780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | (21562663) | 25408233 | 21937182 | 112791111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value | 350654423 | 176288039 | 472048255 | 1463430891 |
| &nbsp;&nbsp;&nbsp; Cash – segregated for open TBA transactions | 357000 |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency (Cost of $—, $57,390, $633,357, and $—, respectively.) |  | 57690 | 633314 |  |
| &nbsp;&nbsp;&nbsp; Cash deposit at broker – futures contracts (Note 6) | 366751 |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross unrealized appreciation – futures contracts (Note 6) | 77245 |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 27666 |  | 28152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 100084 | 123617 | 1466727 | 8167841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 1262341 | 233174 | 2147887 | 2780207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 3413242 | 25363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 44637 | 48647 | 56003 | 65541 |
| Total Assets | 352890147 | 180164409 | 476405701 | 1474444480 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross unrealized depreciation – futures contracts (Note 6) | 18495 |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 52772447 | 55581 | 60377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 120016 | 19769 | 1456844 | 200635 |
| &nbsp;&nbsp;&nbsp; Accrued Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 79076 | 139010 | 361232 | 569812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 74 | 1852 | 547 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 25877 | 8107 | 18182 | 62148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business management fees | 13179 | 7723 | 20068 | 63312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 2279 | 2213 | 2714 | 7099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees |  | 545 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 15249 | 13331 | 17730 | 24932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 4627 | 17043 | 85726 | 12349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 4470 | 6811 | 11394 | 10800 |
| Total Liabilities | 53055789 | 271985 | 2034820 | 951185 |
| **NET ASSETS** | $299834358 | $179892424 | $474370881 | $1473493295 |
| **COMPONENTS OF NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $340455729 | $180811134 | $537892706 | $1373546095 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (40621371) | (918710) | (63521825) | 99947200 |
| **NET ASSETS** | $299834358 | $179892424 | $474370881 | $1473493295 |
| **COMPUTATION OF NET ASSET VALUE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $298193648 | $165483887 | $470032839 | $1472669539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 32713300 | 15735142 | 47382835 | 114425909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $9.12 | $10.52 | $9.92 | $12.87 |
| &nbsp;&nbsp;&nbsp; Investor Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1640710 | $11841218 | $4307792 | $823756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 179667 | 1129274 | 434272 | 64108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $9.13 | $10.49 | $9.92 | $12.85 |
| &nbsp;&nbsp;&nbsp; Advisor Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $— | $2567319 | $30250 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) |  | 248250 | 3037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $— | $10.34 | $9.96 | $— |

---

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

------

www.brownadvisory.com/mf

------

#### Statements of Operations
For the Six Months Ended December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN** | **BROWN** | **BROWN** | **BROWN** |
|  | **ADVISORY** | **ADVISORY** | **ADVISORY** | **ADVISORY** |
|  | **GROWTH** | **FLEXIBLE** | **EQUITY** | **SUSTAINABLE** |
|  | **EQUITY** | **EQUITY** | **INCOME** | **GROWTH** |
|  | **FUND** | **FUND** | **FUND** | **FUND** |
| **INVESTMENT INCOME** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend income | $5683166 | $2862265 | $922633 | $18978665 |
| &nbsp;&nbsp;&nbsp; Less: foreign taxes withheld | (143273) | (93406) | (1307) |  |
| &nbsp;&nbsp;&nbsp; Interest Income | 871940 | 317709 | 31473 | 1644522 |
| Total investment income | 6411833 | 3086568 | 952799 | 20623187 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 6777334 | 1355841 | 231733 | 15776510 |
| &nbsp;&nbsp;&nbsp; Service fees – Investor Shares (Note 3) | 521026 | 308714 | 42592 | 1365737 |
| &nbsp;&nbsp;&nbsp; Service fees – Advisor Shares (Note 3) | 8546 | 3381 | 833 | 231522 |
| &nbsp;&nbsp;&nbsp; Business management fees | 581750 | 156877 | 19311 | 1465697 |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 299218 | 80145 | 10567 | 754972 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses | 55681 | 17848 | 12204 | 181093 |
| &nbsp;&nbsp;&nbsp; Professional fees | 50213 | 22681 | 12439 | 119070 |
| &nbsp;&nbsp;&nbsp; Trustee fees | 71363 | 20288 | 2297 | 169377 |
| &nbsp;&nbsp;&nbsp; Distribution fees – Advisor Shares (Note 3) | 14244 | 5635 | 1389 | 385870 |
| &nbsp;&nbsp;&nbsp; Custodian fees | 37515 | 10333 | 1621 | 88967 |
| &nbsp;&nbsp;&nbsp; Registration fees | 48444 | 20557 | 19892 | 148139 |
| &nbsp;&nbsp;&nbsp; Insurance fees | 19290 | 4506 | 565 | 38737 |
| Total Expenses | 8484624 | 2006806 | 355443 | 20725691 |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser – expense cap (Note 3) |  |  | (17101) |  |
| Net Expenses | 8484624 | 2006806 | 338342 | 20725691 |
| **NET INVESTMENT INCOME (LOSS)** | (2072791) | 1079762 | 614457 | (102504) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (21364790) | 8737945 | 3349637 | (7843963) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (34141079) | (3935400) | (333670) | (162336573) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (55505869) | 4802545 | 3015967 | (170180536) |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $(57578660) | $5882307 | $3630424 | $(170283040) |

---

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

------

www.brownadvisory.com/mf

------

For the Six Months Ended December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN** | **BROWN** | **BROWN** | **BROWN** |
|  | **ADVISORY** | **ADVISORY** | **ADVISORY** | **ADVISORY** |
|  | **MID-CAP** | **SMALL-CAP** | **SMALL-CAP** | **SUSTAINABLE** |
|  | **GROWTH** | **GROWTH** | **FUNDAMENTAL** | **SMALL-CAP** |
|  | **FUND** | **FUND** | **VALUE FUND** | **CORE FUND** |
| **INVESTMENT INCOME** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend income | $187306 | $5764736 | $9745403 | $165892 |
| &nbsp;&nbsp;&nbsp; Less: foreign taxes withheld | (5437) | (38796) |  | (271) |
| &nbsp;&nbsp;&nbsp; Interest Income | 79265 | 2443377 | 579454 | 36945 |
| Total investment income | 261134 | 8169317 | 10324857 | 202566 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 369358 | 8556195 | 5110508 | 155204 |
| &nbsp;&nbsp;&nbsp; Service fees – Investor Shares (Note 3) | 17682 | 581621 | 449308 | 1044 |
| &nbsp;&nbsp;&nbsp; Service fees – Advisor Shares (Note 3) |  | 7235 | 2383 |  |
| &nbsp;&nbsp;&nbsp; Business management fees | 28412 | 503306 | 300618 | 9130 |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 16276 | 257271 | 153664 | 6566 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses | 14905 | 135623 | 30236 | 13935 |
| &nbsp;&nbsp;&nbsp; Professional fees | 12400 | 47926 | 34300 | 9899 |
| &nbsp;&nbsp;&nbsp; Trustee fees | 3272 | 56468 | 34964 | 744 |
| &nbsp;&nbsp;&nbsp; Distribution fees – Advisor Shares (Note 3) |  | 12058 | 3972 |  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 6802 | 33443 | 21182 | 9983 |
| &nbsp;&nbsp;&nbsp; Registration fees | 16990 | 59516 | 25870 | 18324 |
| &nbsp;&nbsp;&nbsp; Insurance fees | 1008 | 15092 | 8311 | 189 |
| &nbsp;&nbsp;&nbsp; Interest expense on line of credit | 557 |  |  |  |
| Total Expenses | 487662 | 10265754 | 6175316 | 225018 |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser – expense cap (Note 3) | (4184) |  |  | (54163) |
| Net Expenses | 483478 | 10265754 | 6175316 | 170855 |
| **NET INVESTMENT INCOME (LOSS)** | (222344) | (2096437) | 4149541 | 31711 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (9035629) | (26495871) | 71823900 | (3954350) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 12958666 | 103392077 | 32902633 | 5742995 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 3923037 | 76896206 | 104726533 | 1788645 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $3700693 | $74799769 | $108876074 | $1820356 |

---

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

------

www.brownadvisory.com/mf

------

For the Six Months Ended December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN** | **BROWN** | **BROWN** | **BROWN** |
|  | **ADVISORY** | **ADVISORY** | **ADVISORY** | **ADVISORY** |
|  | **GLOBAL** | **SUSTAINABLE** | **INTERMEDIATE** | **TOTAL** |
|  | **LEADERS** | **INTERNATIONAL** | **INCOME** | **RETURN** |
|  | **FUND** | **LEADERS FUND** | **FUND** | **FUND** |
| **INVESTMENT INCOME** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend income – unaffiliated | $5020404 | $48943 | $— | $— |
| &nbsp;&nbsp;&nbsp; Dividend income – affiliated (Note 3) |  |  | 232084 |  |
| &nbsp;&nbsp;&nbsp; Less: foreign taxes withheld | (251641) | (5758) |  |  |
| &nbsp;&nbsp;&nbsp; Interest Income | 375697 | 5172 | 1614617 | 5045924 |
| Total investment income | 5144460 | 48357 | 1846701 | 5045924 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 3793549 | 41006 | 202609 | 579158 |
| &nbsp;&nbsp;&nbsp; Service fees – Investor Shares (Note 3) | 57962 | 592 | 32946 | 2145 |
| &nbsp;&nbsp;&nbsp; Service fees – Advisor Shares (Note 3) |  |  | 822 |  |
| &nbsp;&nbsp;&nbsp; Business management fees | 291812 | 2734 | 33768 | 96526 |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 154110 | 2483 | 28273 | 61671 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses | 21980 | 18626 | 10747 | 14347 |
| &nbsp;&nbsp;&nbsp; Professional fees | 35262 | 8598 | 13865 | 19700 |
| &nbsp;&nbsp;&nbsp; Trustee fees | 33564 | 316 | 4053 | 11617 |
| &nbsp;&nbsp;&nbsp; Distribution fees – Advisor Shares (Note 3) |  |  | 4112 |  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 75287 | 16033 | 5321 | 8957 |
| &nbsp;&nbsp;&nbsp; Registration fees | 23188 | 19377 | 18166 | 19641 |
| &nbsp;&nbsp;&nbsp; Insurance fees | 8255 | 73 | 918 | 2902 |
| Total Expenses | 4494969 | 109838 | 355600 | 816664 |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser – expense cap (Note 3) |  | (62772) |  |  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser – investments in affiliates (Note 3) |  |  | (24327) |  |
| Net Expenses | 4494969 | 47066 | 331273 | 816664 |
| **NET INVESTMENT INCOME (LOSS)** | 649491 | 1291 | 1515428 | 4229260 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments – unaffiliated | (40796275) | (333511) | (2783806) | (7941205) |
| &nbsp;&nbsp;&nbsp; Investments – affiliated (Note 3) |  |  | (178456) |  |
| &nbsp;&nbsp;&nbsp; Less: foreign capital gains taxes paid | (55597) |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) |  |  | 91071 | (10481668) |
| Net realized gain (loss) | (40851872) | (333511) | (2871191) | (18422873) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments – unaffiliated | 81780926 | 1759737 | (1795257) | (2078366) |
| &nbsp;&nbsp;&nbsp; Investments – affiliated (Note 3) |  |  | (650586) |  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) |  |  | 36689 | 1755125 |
| Net change in unrealized appreciation (depreciation) | 81780926 | 1759737 | (2409154) | (323241) |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 40929054 | 1426226 | (5280345) | (18746114) |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $41578545 | $1427517 | $(3764917) | $(14516854) |

---

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

------

www.brownadvisory.com/mf

------

For the Six Months Ended December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **BROWN** |
|  | **BROWN** | **BROWN** | **BROWN** | **ADVISORY** |
|  | **ADVISORY** | **ADVISORY** | **ADVISORY** | **TAX-EXEMPT** |
|  | **SUSTAINABLE** | **MARYLAND** | **TAX-EXEMPT** | **SUSTAINABLE** |
|  | **BOND FUND** | **BOND FUND** | **BOND FUND** | **BOND FUND** |
| **INVESTMENT INCOME** | | | | |
| &nbsp;&nbsp;&nbsp; Interest Income | $4143668 | $2315884 | $11782417 | $4171024 |
| Total investment income | 4143668 | 2315884 | 11782417 | 4171024 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 470125 | 255201 | 1147680 | 480164 |
| &nbsp;&nbsp;&nbsp; Service fees – Investor Shares (Note 3) | 2884 | 42533 | 2253 | 80027 |
| &nbsp;&nbsp;&nbsp; Business management fees | 78354 | 42533 | 191280 | 80027 |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 56255 | 32698 | 106754 | 54834 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses | 13832 | 10351 | 13138 | 14236 |
| &nbsp;&nbsp;&nbsp; Professional fees | 16562 | 15881 | 23159 | 15406 |
| &nbsp;&nbsp;&nbsp; Trustee fees | 8697 | 6418 | 23557 | 10931 |
| &nbsp;&nbsp;&nbsp; Custodian fees | 8866 | 2900 | 13708 | 5237 |
| &nbsp;&nbsp;&nbsp; Registration fees | 26649 | 6602 | 31017 | 24947 |
| &nbsp;&nbsp;&nbsp; Insurance fees | 2701 | 1050 | 4852 | 1802 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees on floating rate note obligations |  |  | 202936 | 46270 |
| Total expenses | 684925 | 416167 | 1760334 | 813881 |
| **NET INVESTMENT INCOME (LOSS)** | 3458743 | 1899717 | 10022083 | 3357143 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (9504017) | (3079991) | (37534676) | (11673576) |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | (7012609) |  |  |  |
| Net realized gain (loss) | (16516626) | (3079991) | (37534676) | (11673576) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (361004) | 1514700 | 28800636 | 6140493 |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | 702022 |  |  |  |
| Net change in unrealized appreciation (depreciation) | 341018 | 1514700 | 28800636 | 6140493 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (16175608) | (1565291) | (8734040) | (5533083) |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $(12716865) | $334426 | $1288043 | $(2175940) |

---

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

------

www.brownadvisory.com/mf

------

For the Six Months Ended December 31, 2022 (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **BROWN** | | |
|  | | **ADVISORY –** | | **BROWN** |
|  | **BROWN** | **WMC** | **BROWN** | **ADVISORY –** |
|  | **ADVISORY** | **STRATEGIC** | **ADVISORY** | **BEUTEL** |
|  | **MORTGAGE** | **EUROPEAN** | **EMERGING** | **GOODMAN** |
|  | **SECURITIES** | **EQUITY** | **MARKETS** | **LARGE-CAP** |
|  | **FUND** | **FUND** | **SELECT FUND** | **VALUE FUND** |
| **INVESTMENT INCOME** | | | | |
| &nbsp;&nbsp;&nbsp; Dividend income | $— | $1719966 | $6364277 | $16334874 |
| &nbsp;&nbsp;&nbsp; Less: foreign taxes withheld |  | (26762) | (929400) |  |
| &nbsp;&nbsp;&nbsp; Interest Income | 4803248 | 76491 | 210602 | 486269 |
| Total investment income | 4803248 | 1769695 | 5645479 | 16821143 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 474146 | 941092 | 2176610 | 3096628 |
| &nbsp;&nbsp;&nbsp; Service fees – Investor Shares (Note 3) | 511 | 11218 | 3072 | 320 |
| &nbsp;&nbsp;&nbsp; Service fees – Advisor Shares (Note 3) |  | 1762 | 21 |  |
| &nbsp;&nbsp;&nbsp; Business management fees | 79024 | 52283 | 120923 | 344070 |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 81514 | 31041 | 69735 | 176102 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses | 13527 | 18211 | 43473 | 25188 |
| &nbsp;&nbsp;&nbsp; Professional fees | 18146 | 16403 | 22714 | 35828 |
| &nbsp;&nbsp;&nbsp; Trustee fees | 9660 | 8354 | 14694 | 36208 |
| &nbsp;&nbsp;&nbsp; Distribution fees – Advisor Shares (Note 3) |  | 2937 | 35 |  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 12636 | 44698 | 241781 | 26849 |
| &nbsp;&nbsp;&nbsp; Registration fees | 17460 | 22006 | 22719 | 30162 |
| &nbsp;&nbsp;&nbsp; Insurance fees | 2178 | 2633 | 3690 | 8571 |
| &nbsp;&nbsp;&nbsp; Interest expense on line of credit |  | 5246 | 26 |  |
| Total Expenses | 708802 | 1157884 | 2719493 | 3779926 |
| **NET INVESTMENT INCOME (LOSS)** | 4094446 | 611811 | 2925986 | 13041217 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (916252) | (6741335) | (37582113) | 16009618 |
| &nbsp;&nbsp;&nbsp; Less: foreign capital gains taxes paid |  |  | (634676) |  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | (1085484) |  |  |  |
| Net realized gain (loss) | (2001736) | (6741335) | (38216789) | 16009618 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (13242652) | 7533264 | 20485173 | 107965938 |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | (151560) |  |  |  |
| Net change in unrealized appreciation (depreciation) | (13394212) | 7533264 | 20485173 | 107965938 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (15395948) | 791929 | (17731616) | 123975556 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $(11301502) | $1403740 | $(14805630) | $137016773 |

---

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

------

www.brownadvisory.com/mf

------

#### <br> Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY** |
|  | **GROWTH EQUITY FUND** | **GROWTH EQUITY FUND** | **FLEXIBLE EQUITY FUND** | **FLEXIBLE EQUITY FUND** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | **Fiscal** | **Ended** | **Fiscal** |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
|  | **2022** | **June 30,** | **2022** | **June 30,** |
|  | (Unaudited) | **2022** | (Unaudited) | **2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2072791) | $(10136680) | $1079762 | $1272601 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (21364790) | 320512928 | 8737945 | 25839531 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (34141079) | (1249655850) | (3935400) | (153627836) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets from Operations | (57578660) | (939279602) | 5882307 | (126515704) |
| **DISTRIBUTIONS FROM EARNINGS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (107640660) | (275948219) | (7731108) | (8262600) |
| &nbsp;&nbsp;&nbsp; Investor Shares | (45764956) | (138356314) | (14223370) | (18655194) |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (871243) | (5590446) | (147568) | (219055) |
| Total Distributions from earnings | (154276859) | (419894979) | (22102046) | (27136849) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 166580144 | 381560551 | 32804131 | 70583169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 21855703 | 80619358 | 19920417 | 40988352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 4937974 | 26896936 | 111634 | 620867 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 100552878 | 253768575 | 4788472 | 5836134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 40450324 | 118404207 | 9054154 | 12052985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 620663 | 4917946 | 123434 | 183082 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (217159274) | (435493543) | (31729285) | (31443322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (88692960) | (236840067) | (27656956) | (50904012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | (6938335) | (34397837) | (340655) | (1078121) |
| &nbsp;&nbsp;&nbsp; Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 5496 | 11465 | 775 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 2344 | 5389 | 1461 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 40 | 189 | 16 | 12 |
| Increase (Decrease) from Capital Share Transactions | 22214997 | 159453169 | 7077598 | 46840562 |
| Increase (Decrease) in Net Assets | (189640522) | (1199721412) | (9142141) | (106811991) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 2330263456 | 3529984868 | 601235922 | 708047913 |
| &nbsp;&nbsp;&nbsp; End of period | $2140622934 | $2330263456 | $592093781 | $601235922 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 7042612 | 12166771 | 1167085 | 2178083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 951932 | 2669038 | 718815 | 1250402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 214331 | 879009 | 3982 | 18139 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 4371864 | 7470373 | 173202 | 170965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 1798592 | 3553548 | 327852 | 354732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 30232 | 160194 | 4487 | 5407 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (9167972) | (14049474) | (1136770) | (1040187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (3860787) | (7987226) | (1007150) | (1543659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | (323034) | (1383504) | (12247) | (33585) |
| Increase (Decrease) in shares outstanding | 1057770 | 3478729 | 239256 | 1360297 |

---

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

------

www.brownadvisory.com/mf

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY** |
|  | **EQUITY INCOME FUND** | **EQUITY INCOME FUND** | **SUSTAINABLE GROWTH FUND** | **SUSTAINABLE GROWTH FUND** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | **Fiscal** | **Ended** | **Fiscal** |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
|  | **2022** | **June 30,** | **2022** | **June 30,** |
|  | (Unaudited) | **2022** | (Unaudited) | **2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $614457 | $1207032 | $(102504) | $(11031544) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3349637 | 5457390 | (7843963) | (16664224) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (333670) | (11189300) | (162336573) | (1339789979) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets from Operations | 3630424 | (4524878) | (170283040) | (1367485747) |
| **DISTRIBUTIONS FROM EARNINGS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (1609413) | (2468228) | (10470) | (78187846) |
| &nbsp;&nbsp;&nbsp; Investor Shares | (4778184) | (6587623) |  | (43902480) |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (88707) | (115648) |  | (9653371) |
| Total Distributions from earnings | (6476304) | (9171499) | (10470) | (131743697) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 146231 | 478781 | 992521875 | 2005175548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 489495 | 2046470 | 336093897 | 1030622970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 7744 | 321496 | 29694361 | 123776024 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 1247186 | 2152132 | 6609 | 56556940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 2943280 | 3880879 |  | 41803230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 81936 | 106378 |  | 8653932 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (2309220) | (3116960) | (609959484) | (1135113014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (2388698) | (4323081) | (282347695) | (718411760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | (280270) | (177341) | (28379965) | (180098827) |
| &nbsp;&nbsp;&nbsp; Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 92 | 3 | 26948 | 71351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 272 | 9 | 13104 | 38236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 5 |  | 2214 | 8071 |
| Increase (Decrease) from Capital Share Transactions | (61947) | 1368766 | 437671864 | 1233082701 |
| Increase (Decrease) in Net Assets | (2907827) | (12327611) | 267378354 | (266146743) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 76499169 | 88826780 | 5392074795 | 5658221538 |
| &nbsp;&nbsp;&nbsp; End of period | $73591342 | $76499169 | $5659453149 | $5392074795 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 11173 | 31118 | 27117980 | 44847524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 36572 | 130733 | 9434543 | 23190272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 557 | 22390 | 823663 | 2850773 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 92016 | 136846 | 192 | 1164442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 216438 | 245871 |  | 874545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 6053 | 6775 |  | 185707 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (166095) | (201386) | (17056533) | (26141586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (173161) | (281899) | (8006365) | (16972925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | (19164) | (11181) | (822994) | (4579686) |
| Increase (Decrease) in shares outstanding | 4389 | 79267 | 11490486 | 25419066 |

---

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

------

www.brownadvisory.com/mf

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY** |
|  | **MID-CAP GROWTH FUND** | **MID-CAP GROWTH FUND** | **SMALL-CAP GROWTH FUND** | **SMALL-CAP GROWTH FUND** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | **Fiscal** | **Ended** | **Fiscal** |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
|  | **2022** | **June 30,** | **2022** | **June 30,** |
|  | (Unaudited) | **2022** | (Unaudited) | **2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(222344) | $(936942) | $(2096437) | $(14384338) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9035629) | 2710782 | (26495871) | 286916765 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 12958666 | (60667176) | 103392077 | (850780591) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets from Operations | 3700693 | (58893336) | 74799769 | (578248164) |
| **DISTRIBUTIONS FROM EARNINGS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (4694458) | (13572347) | (90997761) | (172748427) |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1478899) | (2932131) | (59674115) | (97870446) |
| &nbsp;&nbsp;&nbsp; Advisor Shares |  |  | (715728) | (1547788) |
| Total Distributions from earnings | (6173357) | (16504478) | (151387604) | (272166661) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 13047430 | 43107130 | 166759643 | 372938090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 1045230 | 3875663 | 111760629 | 252904768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | 575747 | 1726282 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 3302277 | 9182645 | 81812340 | 154065376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 1478899 | 2932130 | 48936409 | 76826888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | 562578 | 1239714 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (41296278) | (54921938) | (187392085) | (585487048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1896453) | (3688971) | (62000085) | (133061987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | (843436) | (3897674) |
| &nbsp;&nbsp;&nbsp; Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | 304 | 646 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | 73 | 400 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | 5 | 20 |
| Increase (Decrease) from Capital Share Transactions | (24318895) | 487036 | 160172791 | 137258463 |
| Increase (Decrease) in Net Assets | (26791559) | (74910778) | 83584956 | (713156362) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 117651111 | 192561889 | 1881979371 | 2595135733 |
| &nbsp;&nbsp;&nbsp; End of period | $90859552 | $117651111 | $1965564327 | $1881979371 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 1024969 | 2774064 | 3880272 | 7339569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 82298 | 239082 | 5164625 | 9959575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | 28129 | 67703 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 265456 | 543030 | 1951630 | 2953141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 119846 | 174428 | 2345945 | 2954880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | 28456 | 50191 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (3281524) | (3620568) | (4345102) | (10441879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (144838) | (225993) | (2897302) | (5242403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | (41343) | (148477) |
| Increase (Decrease) in shares outstanding | (1933793) | (115957) | 6115310 | 7492300 |

---

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

------

www.brownadvisory.com/mf

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY SMALL-CAP** | **BROWN ADVISORY SMALL-CAP** | **BROWN ADVISORY SUSTAINABLE** | **BROWN ADVISORY SUSTAINABLE** |
|  | **FUNDAMENTAL VALUE FUND** | **FUNDAMENTAL VALUE FUND** | **SMALL-CAP CORE FUND** | **SMALL-CAP CORE FUND** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | **Fiscal** | **Ended** | **Fiscal** |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
|  | **2022** | **June 30,** | **2022** | **June 30,** |
|  | (Unaudited) | **2022** | (Unaudited) | **2022**<br>**\*** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4149541 | $2737257 | $31711 | $(45905) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 71823900 | 63768049 | (3954350) | (1070893) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 32902633 | (217250624) | 5742995 | (7398090) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets from Operations | 108876074 | (150745318) | 1820356 | (8514888) |
| **DISTRIBUTIONS FROM EARNINGS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (33185482) | (4049873) | (587) |  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (34842760) | (3302606) | (28) |  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (166836) | (25337) |  |  |
| Total Distributions from earnings | (68195078) | (7377816) | (615) |  |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 50420973 | 140051213 | 19436953 | 46059576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 25499498 | 66382144 | 1230414 | 1451889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 27751 | 979581 |  |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 20951164 | 2331041 | 389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 24128958 | 1810880 | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 138370 | 23318 |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (117489873) | (92456588) | (12943344) | (4797874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (44249626) | (73150092) | (468340) | (471459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | (547537) | (5249287) |  |  |
| &nbsp;&nbsp;&nbsp; Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | 745 |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | 783 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  | 9 |  |  |
| Increase (Decrease) from Capital Share Transactions | (41120322) | 40723747 | 7256100 | 42242164 |
| Increase (Decrease) in Net Assets | (439326) | (117399387) | 9075841 | 33727276 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1130224092 | 1247623479 | 33727276 |  |
| &nbsp;&nbsp;&nbsp; End of period | $1129784766 | $1130224092 | $42803117 | $33727276 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 1831561 | 4772862 | 2352435 | 4822727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 920361 | 2260434 | 148581 | 154549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 995 | 33132 |  |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 761092 | 76504 | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 878374 | 60122 | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 5080 | 781 |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (4161763) | (3228452) | (1571496) | (572194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1598501) | (2541718) | (56242) | (49534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | (20000) | (188010) |  |  |
| Increase (Decrease) in shares outstanding | (1382801) | 1245655 | 873327 | 4355548 |

---

\* Inception date of Fund was September 30, 2021. Results of operations are for the period from October 1, 2021 to June 30, 2022.

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

------

www.brownadvisory.com/mf

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY SUSTAINABLE** | **BROWN ADVISORY SUSTAINABLE** |
|  | **GLOBAL LEADERS FUND** | **GLOBAL LEADERS FUND** | **INTERNATIONAL LEADERS FUND** | **INTERNATIONAL LEADERS FUND** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | **Fiscal** | **Ended** | **Fiscal** |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
|  | **2022** | **June 30,** | **2022** | **June 30,** |
|  | (Unaudited) | **2022** | (Unaudited) | **2022**<br>**\*** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $649491 | $5863125 | $1291 | $34438 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (40851872) | (16477413) | (333511) | (62944) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 81780926 | (254311964) | 1759737 | (847139) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets from Operations | 41578545 | (264926252) | 1427517 | (875645) |
| **DISTRIBUTIONS FROM EARNINGS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (6991035) | (14988324) | (35516) |  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (395702) | (1060271) | (3388) |  |
| Total Distributions from earnings | (7386737) | (16048595) | (38904) |  |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 175366949 | 339081573 | 7525917 | 7086900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 1886805 | 4247887 | 1229854 | 167720 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 1666735 | 9094459 | 6722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 326640 | 914903 | 2778 |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (144759025) | (186765509) | (214599) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (3315800) | (6590291) | (24814) | (83444) |
| &nbsp;&nbsp;&nbsp; Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 1 | 234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | 18 |  |  |
| Increase (Decrease) from Capital Share Transactions | 31172305 | 159983274 | 8525858 | 7171176 |
| Increase (Decrease) in Net Assets | 65364113 | (120991573) | 9914471 | 6295531 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1124737890 | 1245729463 | 6295531 |  |
| &nbsp;&nbsp;&nbsp; End of period | $1190102003 | $1124737890 | $16210002 | $6295531 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 9388606 | 15443430 | 915818 | 738279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 100322 | 191281 | 150085 | 18580 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 88798 | 397518 | 740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 17449 | 40127 | 306 |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (7844040) | (9234359) | (26144) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (175436) | (298602) | (2900) | (9725) |
| Increase (Decrease) in shares outstanding | 1575699 | 6539395 | 1037905 | 747134 |

---

\* Inception date of Fund was February 28, 2022. Results of operations are for the period from March 1, 2022 to June 30, 2022.

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

------

www.brownadvisory.com/mf

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY** |
|  | **INTERMEDIATE INCOME FUND** | **INTERMEDIATE INCOME FUND** | **TOTAL RETURN FUND** | **TOTAL RETURN FUND** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | **Fiscal** | **Ended** | **Fiscal** |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
|  | **2022** | **June 30,** | **2022** | **June 30,** |
|  | (Unaudited) | **2022** | (Unaudited) | **2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1515428 | $1860766 | $4229260 | $7193198 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2871191) | (2248374) | (18422873) | (20295496) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2409154) | (11863071) | (323241) | (31054126) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets from Operations | (3764917) | (12250679) | (14516854) | (44156424) |
| **DISTRIBUTIONS FROM EARNINGS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (4268323) | (15287480) |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1472470) | (3417677) | (84663) | (161162) |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (33872) | (70097) |  |  |
| Total Distributions from earnings | (1506342) | (3487774) | (4352986) | (15448642) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 46155841 | 101837092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 6048279 | 23387636 | 290332 | 6690539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 106203 | 6265 |  |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 1543039 | 8005591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 442831 | 1761869 | 29369 | 131327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 31211 | 64688 |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (54067379) | (99103034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (18234577) | (37678396) | (6384540) | (1587574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | (128021) | (110539) |  |  |
| &nbsp;&nbsp;&nbsp; Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  |  |  |
| Increase (Decrease) from Capital Share Transactions | (11734074) | (12568477) | (12433338) | 15973949 |
| Increase (Decrease) in Net Assets | (17005333) | (28306930) | (31303178) | (43631117) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 143128751 | 171435681 | 399110222 | 442741339 |
| &nbsp;&nbsp;&nbsp; End of period | $126123418 | $143128751 | $367807044 | $399110222 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 5217183 | 10120535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 616483 | 2183133 | 33322 | 723626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 10954 | 599 |  |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 175198 | 786014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 45665 | 164134 | 3335 | 12942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 3299 | 6202 |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (6178907) | (9999344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1873848) | (3539398) | (719009) | (159533) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | (13596) | (10639) |  |  |
| Increase (Decrease) in shares outstanding | (1211043) | (1195969) | (1468878) | 1484240 |

---

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

------

www.brownadvisory.com/mf

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY** |
|  | **SUSTAINABLE BOND FUND** | **SUSTAINABLE BOND FUND** | **MARYLAND BOND FUND** | **MARYLAND BOND FUND** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | **Fiscal** | **Ended** | **Fiscal** |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
|  | **2022** | **June 30,** | **2022** | **June 30,** |
|  | (Unaudited) | **2022** | (Unaudited) | **2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3458743 | $3953652 | $1899717 | $3250505 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (16516626) | (9154540) | (3079991) | 210870 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 341018 | (25164517) | 1514700 | (18477603) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets from Operations | (12716865) | (30365405) | 334426 | (15016228) |
| **DISTRIBUTIONS FROM EARNINGS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (3544749) | (8001304) |  |  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (124316) | (194495) | (2237122) | (4014863) |
| Total Distributions from earnings | (3669065) | (8195799) | (2237122) | (4014863) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 64182787 | 159424414 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 4518233 | 11554019 | 157479734 | 56966673 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 905806 | 3802817 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 115246 | 162462 | 495390 | 952297 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (32757014) | (42360363) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (6843119) | (2924624) | (163113064) | (55806102) |
| &nbsp;&nbsp;&nbsp; Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 281 | 1302 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 12 | 25 |  | 110 |
| Increase (Decrease) from Capital Share Transactions | 30122232 | 129660052 | (5137940) | 2112978 |
| Increase (Decrease) in Net Assets | 13736302 | 91098848 | (7040636) | (16918113) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 314583965 | 223485117 | 169564525 | 186482638 |
| &nbsp;&nbsp;&nbsp; End of period | $328320267 | $314583965 | $162523889 | $169564525 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 7290785 | 15961037 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 504621 | 1186336 | 16265101 | 5651669 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 103211 | 375350 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 13049 | 16498 | 50929 | 90983 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (3729809) | (4269472) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (773240) | (298090) | (16910393) | (5577877) |
| Increase (Decrease) in shares outstanding | 3408617 | 12971659 | (594363) | 164775 |

---

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

------

www.brownadvisory.com/mf

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **BROWN ADVISORY** | **BROWN ADVISORY** |
|  | **BROWN ADVISORY** | **BROWN ADVISORY** | **TAX-EXEMPT SUSTAINABLE** | **TAX-EXEMPT SUSTAINABLE** |
|  | **TAX-EXEMPT BOND FUND** | **TAX-EXEMPT BOND FUND** | **BOND FUND** | **BOND FUND** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | **Fiscal** | **Ended** | **Fiscal** |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
|  | **2022** | **June 30,** | **2022** | **June 30,** |
|  | (Unaudited) | **2022** | (Unaudited) | **2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $10022083 | $19682290 | $3357143 | $3423105 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (37534676) | (9540526) | (11673576) | (865645) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 28800636 | (112871511) | 6140493 | (23410467) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets from Operations | 1288043 | (102729747) | (2175940) | (20853007) |
| **DISTRIBUTIONS FROM EARNINGS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (11959710) | (34628408) |  |  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (140066) | (374891) | (3357142) | (5478484) |
| Total Distributions from earnings | (12099776) | (35003299) | (3357142) | (5478484) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 490826260 | 637663948 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 747367 | 4335508 | 226931996 | 396995743 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 2396619 | 9825503 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 100745 | 294490 | 754256 | 1763101 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (609791585) | (896185976) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (3671193) | (4099830) | (272973862) | (225943989) |
| &nbsp;&nbsp;&nbsp; Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (15388) | 17483 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (180) | 228 | 2967 |  |
| Increase (Decrease) from Capital Share Transactions | (119407355) | (248148646) | (45284643) | 172814855 |
| Increase (Decrease) in Net Assets | (130219088) | (385881692) | (50817725) | 146483364 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 816091423 | 1201973115 | 325605963 | 179122599 |
| &nbsp;&nbsp;&nbsp; End of period | $685872335 | $816091423 | $274788238 | $325605963 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 53716359 | 65221608 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 80744 | 426907 | 25169758 | 42084402 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 261198 | 965050 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 10980 | 29233 | 83946 | 178766 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (66720122) | (92881842) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (398659) | (426915) | (30615364) | (24043028) |
| Increase (Decrease) in shares outstanding | (13049500) | (26665959) | (5361660) | 18220140 |

---

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

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www.brownadvisory.com/mf

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **BROWN ADVISORY –** | **BROWN ADVISORY –** |
|  | **BROWN ADVISORY** | **BROWN ADVISORY** | **WMC STRATEGIC** | **WMC STRATEGIC** |
|  | **MORTGAGE SECURITIES FUND** | **MORTGAGE SECURITIES FUND** | **EUROPEAN EQUITY FUND** | **EUROPEAN EQUITY FUND** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | **Fiscal** | **Ended** | **Fiscal** |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
|  | **2022** | **June 30,** | **2022** | **June 30,** |
|  | (Unaudited) | **2022** | (Unaudited) | **2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4094446 | $3074230 | $611811 | $5111540 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2001736) | (12028236) | (6741335) | 19984117 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (13394212) | (19041561) | 7533264 | (73227666) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets from Operations | (11301502) | (27995567) | 1403740 | (48132009) |
| **DISTRIBUTIONS FROM EARNINGS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (4549182) | (4677567) | (4638118) | (39782444) |
| &nbsp;&nbsp;&nbsp; Investor Shares | (28176) | (74133) | (312015) | (2675078) |
| &nbsp;&nbsp;&nbsp; Advisor Shares |  |  | (66310) | (291103) |
| Total Distributions from earnings | (4577358) | (4751700) | (5016443) | (42748625) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 34407356 | 118379326 | 19597196 | 73379075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 111769 | 3065938 | 515426 | 3769255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | 258843 | 85946 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 978892 | 1066255 | 1932897 | 25171967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 24650 | 69579 | 209903 | 2448466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | 61604 | 261014 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (31810324) | (65225740) | (85007145) | (198998347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (597857) | (32413085) | (7603718) | (21380373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | (193854) | (1020116) |
| &nbsp;&nbsp;&nbsp; Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | 1196 | 13 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | 53 | 1 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  |  | 1 |
| Increase (Decrease) from Capital Share Transactions | 3114486 | 24943522 | (70228834) | (116282946) |
| Increase (Decrease) in Net Assets | (12764374) | (7803745) | (73841537) | (207163580) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 312598732 | 320402477 | 253733961 | 460897541 |
| &nbsp;&nbsp;&nbsp; End of period | $299834358 | $312598732 | $179892424 | $253733961 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 3673014 | 11590189 | 1877125 | 5914962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 11691 | 290909 | 50661 | 314904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | 28108 | 7401 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 106320 | 105899 | 180946 | 2137667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 2667 | 6750 | 19782 | 208879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | 5902 | 22571 |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (3421791) | (6667160) | (8802528) | (17491598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (64742) | (3082802) | (786916) | (1728896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  | (20534) | (84585) |
| Increase (Decrease) in shares outstanding | 307159 | 2243785 | (7447454) | (10698695) |

---

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

------

www.brownadvisory.com/mf

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** | **BROWN ADVISORY** | **BROWN ADVISORY –** | **BROWN ADVISORY –** |
|  | **EMERGING MARKETS** | **EMERGING MARKETS** | **BEUTEL GOODMAN** | **BEUTEL GOODMAN** |
|  | **SELECT FUND** | **SELECT FUND** | **LARGE-CAP VALUE FUND** | **LARGE-CAP VALUE FUND** |
|  | **Six Months** | | **Six Months** | |
|  | **Ended** | **Fiscal** | **Ended** | **Fiscal** |
|  | **December 31,** | **Year Ended** | **December 31,** | **Year Ended** |
|  | **2022** | **June 30,** | **2022** | **June 30,** |
|  | (Unaudited) | **2022** | (Unaudited) | **2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2925986 | $7078760 | $13041217 | $20726650 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (38216789) | (25774876) | 16009618 | 53479529 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 20485173 | (103939313) | 107965938 | (188731926) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets from Operations | (14805630) | (122635429) | 137016773 | (114525747) |
| **DISTRIBUTIONS FROM EARNINGS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (6069695) | (3771869) | (52068822) | (100197515) |
| &nbsp;&nbsp;&nbsp; Investor Shares | (47726) | (28421) | (26989) | (11377) |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (271) | (102) |  |  |
| Total Distributions from earnings | (6117692) | (3800392) | (52095811) | (100208892) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 152583462 | 266062494 | 230784570 | 449186248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 330027 | 720579 | 623483 | 233378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 3413 | 19089 |  |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 1405878 | 838107 | 27731260 | 68672974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 47075 | 26928 | 26670 | 11084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 271 | 101 |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (167335217) | (167258402) | (108010365) | (215216159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (353951) | (1192540) | (74587) | (33532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | (316) | (10393) |  |  |
| &nbsp;&nbsp;&nbsp; Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 2287 | 270 | 511 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 19 | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares |  |  |  |  |
| Increase (Decrease) from Capital Share Transactions | (13317052) | 99206235 | 151081542 | 302854743 |
| Increase (Decrease) in Net Assets | (34240374) | (27229586) | 236002504 | 88120104 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 508611255 | 535840841 | 1237490791 | 1149370687 |
| &nbsp;&nbsp;&nbsp; End of period | $474370881 | $508611255 | $1473493295 | $1237490791 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 15474631 | 23021825 | 18165673 | 34023120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 34008 | 62170 | 50695 | 17585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 352 | 1630 |  |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 140167 | 70846 | 2078008 | 5328934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 4693 | 2276 | 2023 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | 27 | 9 |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (17982667) | (15503874) | (8590353) | (16332410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (35738) | (103606) | (5872) | (2571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Shares | (31) | (876) |  |  |
| Increase (Decrease) in shares outstanding | (2364558) | 7550400 | 11700174 | 23035518 |

---

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

------

www.brownadvisory.com/mf

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#### <br> Financial Highlights

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **From Investment** | **From Investment** | **From Investment** | **Distributions to** | **Distributions to** | **Distributions to** | |  | | **Ratios to Average** | **Ratios to Average** |  |
|  |  | | **Operations(a)** | **Operations(a)** | **Operations(a)** | **Shareholders From** | **Shareholders From** | **Shareholders From** | |  | | **Net Assets(b)** | **Net Assets(b)** |  |
|  |  | |  | **Net** |  |  |  |  | |  | |  |  |  |
| **For a Share** | **For a Share** | |  | **Realized** |  |  |  |  | **Net** |  | **Net** |  |  |  |
| **Outstanding** | **Outstanding** | **Net Asset** | **Net** | **&** |  |  |  |  | **Asset** |  | **Assets at** | **Net** |  |  |
| **Throughout** | **Throughout** | **Value,** | **Investment** | **Unrealized** |  | **Net** | **Net** |  | **Value,** |  | **End of** | **Investment** | **Gross** | **Portfolio** |
| **Each Fiscal Period:** | **Each Fiscal Period:** | **Beginning** | **Income** | **Gains** |  | **Investment** | **Realized** |  | **End of** | **Total** | **Period** | **Income** | **Expenses** | **Turnover** |
| **Beginning** | **Ending** | **of Period** | (Loss) | (Losses) | **Total** | **Income** | **Gains** | **Total** | **Period** | **Return(c)** | **(000's)** | (Loss) | (d) | **Rate(c)** |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | $23.82 | (0.02) | (0.50) | (0.52) |  | (1.64) | (1.64) | $21.66 | (2.62)% | $1514205 | (0.13)% | 0.68% | 7% |
| 07/01/21 | 06/30/22 | 37.39 | (0.09) | (9.01) | (9.10) |  | (4.47) | (4.47) | 23.82 | (27.88) | 1611983 | (0.26) | 0.66 | 21 |
| 07/01/20 | 06/30/21 | 29.05 | (0.06) | 10.02 | 9.96 |  | (1.62) | (1.62) | 37.39 | 35.14 | 2321278 | (0.19) | 0.67 | 25 |
| 07/01/19 | 06/30/20 | 24.80 | (0.04) | 5.56 | 5.52 |  | (1.27) | (1.27) | 29.05 | 22.88 | 1849565 | (0.16) | 0.69 | 22 |
| 07/01/18 | 06/30/19 | 23.91 | (0.04) | 3.38 | 3.34 |  | (2.45) | (2.45) | 24.80 | 16.69 | 1523633 | (0.19) | 0.70 | 22 |
| 07/01/17 | 06/30/18 | 20.03 | (0.06) | 5.62 | 5.56 |  | (1.68) | (1.68) | 23.91 | 28.89 | 289434 | (0.29) | 0.71 | 25 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 23.35 | (0.03) | (0.50) | (0.53) |  | (1.64) | (1.64) | 21.18 | (2.67) | 615388 | (0.28) | 0.83 | 7 |
| 07/01/21 | 06/30/22 | 36.79 | (0.13) | (8.84) | (8.97) |  | (4.47) | (4.47) | 23.35 | (28.02) | 704341 | (0.41) | 0.81 | 21 |
| 07/01/20 | 06/30/21 | 28.64 | (0.11) | 9.88 | 9.77 |  | (1.62) | (1.62) | 36.79 | 34.98 | 1174666 | (0.34) | 0.82 | 25 |
| 07/01/19 | 06/30/20 | 24.50 | (0.08) | 5.49 | 5.41 |  | (1.27) | (1.27) | 28.64 | 22.70 | 983640 | (0.31) | 0.84 | 22 |
| 07/01/18 | 06/30/19 | 23.69 | (0.08) | 3.34 | 3.26 |  | (2.45) | (2.45) | 24.50 | 16.50 | 828388 | (0.34) | 0.85 | 22 |
| 07/01/17 | 06/30/18 | 19.89 | (0.10) | 5.58 | 5.48 |  | (1.68) | (1.68) | 23.69 | 28.69 | 1775180 | (0.44) | 0.86 | 25 |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 21.48 | (0.06) | (0.44) | (0.50) |  | (1.64) | (1.64) | 19.34 | (2.76) | 11030 | (0.53) | 1.08 | 7 |
| 07/01/21 | 06/30/22 | 34.27 | (0.20) | (8.12) | (8.32) |  | (4.47) | (4.47) | 21.48 | (28.20) | 13940 | (0.66) | 1.06 | 21 |
| 07/01/20 | 06/30/21 | 26.84 | (0.18) | 9.23 | 9.05 |  | (1.62) | (1.62) | 34.27 | 34.63 | 34042 | (0.59) | 1.07 | 25 |
| 07/01/19 | 06/30/20 | 23.09 | (0.14) | 5.16 | 5.02 |  | (1.27) | (1.27) | 26.84 | 22.39 | 13692 | (0.56) | 1.09 | 22 |
| 07/01/18 | 06/30/19 | 22.53 | (0.13) | 3.14 | 3.01 |  | (2.45) | (2.45) | 23.09 | 16.22 | 6683 | (0.59) | 1.10 | 22 |
| 07/01/17 | 06/30/18 | 19.04 | (0.14) | 5.31 | 5.17 |  | (1.68) | (1.68) | 22.53 | 28.32 | 6215 | (0.69) | 1.11 | 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:** |  |  |  |  |  |  |  |  |  |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 27.31 | 0.06 | 0.26 | 0.32 | (0.13) | (0.92) | (1.05) | 26.58 | 1.06 | 196792 | 0.45 | 0.54 | 9 |
| 07/01/21 | 06/30/22 | 34.26 | 0.09 | (5.71) | (5.62) | (0.06) | (1.27) | (1.33) | 27.31 | (17.18) | 196675 | 0.29 | 0.53 | 10 |
| 07/01/20 | 06/30/21 | 24.36 | 0.07 | 10.76 | 10.83 | (0.09) | (0.84) | (0.93) | 34.26 | 45.26 | 201849 | 0.25 | 0.54 | 13 |
| 07/01/19 | 06/30/20 | 22.92 | 0.11 | 2.50 | 2.61 | (0.15) | (1.02) | (1.17) | 24.36 | 11.29 | 134574 | 0.47 | 0.56 | 12 |
| 07/01/18 | 06/30/19 | 21.94 | 0.17 | 1.63 | 1.80 | (0.08) | (0.74) | (0.82) | 22.92 | 8.94 | 135190 | 0.78 | 0.57 | 14 |
| 07/01/17 | 06/30/18 | 18.53 | 0.10 | 3.43 | 3.53 | (0.12) |  | (0.12) | 21.94 | 19.07 | 131218 | 0.48 | 0.72 | 15 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 27.20 | 0.04 | 0.26 | 0.30 | (0.06) | (0.92) | (0.98) | 26.52 | 0.99 | 391040 | 0.30 | 0.69 | 9 |
| 07/01/21 | 06/30/22 | 34.16 | 0.04 | (5.70) | (5.66) | (0.03) | (1.27) | (1.30) | 27.20 | (17.32) | 400090 | 0.14 | 0.68 | 10 |
| 07/01/20 | 06/30/21 | 24.31 | 0.03 | 10.73 | 10.76 | (0.07) | (0.84) | (0.91) | 34.16 | 45.05 | 500233 | 0.10 | 0.69 | 13 |
| 07/01/19 | 06/30/20 | 22.88 | 0.07 | 2.49 | 2.56 | (0.11) | (1.02) | (1.13) | 24.31 | 11.12 | 362695 | 0.32 | 0.71 | 12 |
| 07/01/18 | 06/30/19 | 21.90 | 0.14 | 1.63 | 1.77 | (0.05) | (0.74) | (0.79) | 22.88 | 8.77 | 343917 | 0.63 | 0.72 | 14 |
| 07/01/17 | 06/30/18 | 18.50 | 0.07 | 3.42 | 3.49 | (0.09) |  | (0.09) | 21.90 | 18.88 | 316109 | 0.33 | 0.87 | 15 |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 27.11 | 0.01 | 0.25 | 0.26 |  | (0.92) | (0.92) | 26.45 | 0.84 | 4262 | 0.05 | 0.94 | 9 |
| 07/01/21 | 06/30/22 | 34.10 | (0.04) | (5.68) | (5.72) |  | (1.27) | (1.27) | 27.11 | (17.51) | 4471 | (0.11) | 0.93 | 10 |
| 07/01/20 | 06/30/21 | 24.30 | (0.04) | 10.72 | 10.68 | (0.04) | (0.84) | (0.88) | 34.10 | 44.69 | 5965 | (0.15) | 0.94 | 13 |
| 07/01/19 | 06/30/20 | 22.90 | 0.02 | 2.48 | 2.50 | (0.08) | (1.02) | (1.10) | 24.30 | 10.84 | 4403 | 0.07 | 0.96 | 12 |
| 07/01/18 | 06/30/19 | 21.91 | 0.08 | 1.65 | 1.73 |  | (0.74) | (0.74) | 22.90 | 8.52 | 4652 | 0.38 | 0.97 | 14 |
| 07/01/17 | 06/30/18 | 18.50 | 0.02 | 3.42 | 3.44 | (0.03) |  | (0.03) | 21.91 | 18.61 | 6445 | 0.08 | 1.12 | 15 |

---

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

------

www.brownadvisory.com/mf

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **From Investment** | **From Investment** | **From Investment** | **Distributions to** | **Distributions to** | **Distributions to** | |  | | **Ratios to Average** | **Ratios to Average** | **Ratios to Average** |  |
|  |  | | **Operations(a)** | **Operations(a)** | **Operations(a)** | **Shareholders From** | **Shareholders From** | **Shareholders From** | |  | | **Net Assets(b)** | **Net Assets(b)** | **Net Assets(b)** |  |
|  |  | |  | **Net** |  |  |  |  | |  | |  |  |  |  |
| **For a Share** | **For a Share** | |  | **Realized** |  |  |  |  | **Net** |  | **Net** |  |  |  |  |
| **Outstanding** | **Outstanding** | **Net Asset** | **Net** | **&** |  |  |  |  | **Asset** |  | **Assets at** | **Net** |  |  |  |
| **Throughout** | **Throughout** | **Value,** | **Investment** | **Unrealized** |  | **Net** | **Net** |  | **Value,** |  | **End of** | **Investment** |  | **Gross** | **Portfolio** |
| **Each Fiscal Period:** | **Each Fiscal Period:** | **Beginning** | **Income** | **Gains** |  | **Investment** | **Realized** |  | **End of** | **Total** | **Period** | **Income** | **Net** | **Expenses** | **Turnover** |
| **Beginning** | **Ending** | **of Period** | (Loss) | (Losses) | **Total** | **Income** | **Gains** | **Total** | **Period** | **Return(c)** | **(000's)** | (Loss) | **Expenses** | (d) | **Rate(c)** |
| **BROWN ADVISORY EQUITY INCOME FUND:** | **BROWN ADVISORY EQUITY INCOME FUND:** | **BROWN ADVISORY EQUITY INCOME FUND:** | **BROWN ADVISORY EQUITY INCOME FUND:** | **BROWN ADVISORY EQUITY INCOME FUND:** |  |  |  |  |  |  |  |  |  |  |  |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | $13.57 | 0.12 | 0.55 | 0.67 | (0.11 | (1.09) | (1.20 | $13.04 | 4.74% | $18370 | 1.71% | 0.76% | 0.80% | 2% |
| 07/01/21 | 06/30/22 | 15.98 | 0.23 | (0.96) | (0.73) | (0.23 | (1.45) | (1.68 | 13.57 | (5.87) | 19964 | 1.46 | 0.76 | 0.79 | 11 |
| 07/01/20 | 06/30/21 | 12.97 | 0.23 | 3.75 | 3.98 | (0.23 | (0.74) | (0.97 | 15.98 | 31.84 | 24045 | 1.59 | 0.77 | 0.80 | 20 |
| 07/01/19 | 06/30/20 | 14.15 | 0.23 | (0.10) | 0.13 | (0.23 | (1.08) | (1.31 | 12.97 | 0.46 | 22026 | 1.66 | 0.80 | 0.80 | 16 |
| 07/01/18 | 06/30/19 | 14.41 | 0.26 | 1.33 | 1.59 | (0.27 | (1.58) | (1.85 | 14.15 | 13.12 | 26449 | 1.87 | 0.80 | 0.80 | 11 |
| 07/01/17 | 06/30/18 | 13.80 | 0.24 | 1.07 | 1.31 | (0.25 | (0.45) | (0.70 | 14.41 | 9.51 | 27975 | 1.70 | 0.77 | 0.77 | 14 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 13.56 | 0.11 | 0.56 | 0.67 | (0.10 | (1.09) | (1.19 | 13.04 | 4.74 | 54186 | 1.56 | 0.91 | 0.95 | 2 |
| 07/01/21 | 06/30/22 | 15.97 | 0.21 | (0.96) | (0.75) | (0.21 | (1.45) | (1.66 | 13.56 | (6.02) | 55288 | 1.31 | 0.91 | 0.94 | 11 |
| 07/01/20 | 06/30/21 | 12.96 | 0.21 | 3.75 | 3.96 | (0.21 | (0.74) | (0.95 | 15.97 | 31.67 | 63600 | 1.44 | 0.92 | 0.95 | 20 |
| 07/01/19 | 06/30/20 | 14.15 | 0.21 | (0.11) | 0.10 | (0.21 | (1.08) | (1.29 | 12.96 | 0.24 | 55228 | 1.51 | 0.95 | 0.95 | 16 |
| 07/01/18 | 06/30/19 | 14.40 | 0.24 | 1.34 | 1.58 | (0.25 | (1.58) | (1.83 | 14.15 | 13.03 | 62309 | 1.72 | 0.95 | 0.95 | 11 |
| 07/01/17 | 06/30/18 | 13.80 | 0.22 | 1.06 | 1.28 | (0.23 | (0.45) | (0.68 | 14.40 | 9.27 | 66512 | 1.55 | 0.92 | 0.92 | 14 |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 13.55 | 0.09 | 0.57 | 0.66 | (0.09 | (1.09) | (1.18 | 13.03 | 4.60 | 1035 | 1.31 | 1.16 | 1.20 | 2 |
| 07/01/21 | 06/30/22 | 15.96 | 0.17 | (0.96) | (0.79) | (0.17 | (1.45) | (1.62 | 13.55 | (6.24) | 1247 | 1.06 | 1.16 | 1.19 | 11 |
| 07/01/20 | 06/30/21 | 12.96 | 0.17 | 3.74 | 3.91 | (0.17 | (0.74) | (0.91 | 15.96 | 31.27 | 1182 | 1.19 | 1.17 | 1.20 | 20 |
| 07/01/19 | 06/30/20 | 14.14 | 0.17 | (0.10) | 0.07 | (0.17 | (1.08) | (1.25 | 12.96 | 0.05 | 886 | 1.26 | 1.20 | 1.20 | 16 |
| 07/01/18 | 06/30/19 | 14.40 | 0.21 | 1.33 | 1.54 | (0.22 | (1.58) | (1.80 | 14.14 | 12.67 | 1017 | 1.47 | 1.20 | 1.20 | 11 |
| 07/01/17 | 06/30/18 | 13.78 | 0.19 | 1.06 | 1.25 | (0.18 | (0.45) | (0.63 | 14.40 | 9.04 | 1077 | 1.30 | 1.17 | 1.17 | 14 |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 35.42 | 0.01 | (0.84) | (0.83) | (— |  | (— | 34.59 | (2.34) | 3646811 | 0.06 | 0.64 | 0.64 | 5 |
| 07/01/21 | 06/30/22 | 44.56 | (0.04) | (8.19) | (8.23) |  | (0.91) | (0.91 | 35.42 | (19.02) | 3378590 | (0.10) | 0.63 | 0.63 | 19 |
| 07/01/20 | 06/30/21 | 31.96 | (0.03) | 12.63 | 12.60 |  |  |  | 44.56 | 39.42 | 3364728 | (0.08) | 0.65 | 0.65 | 23 |
| 07/01/19 | 06/30/20 | 26.39 | 0.01 | 5.77 | 5.78 |  | (0.21) | (0.21 | 31.96 | 22.01 | 1601989 | 0.05 | 0.70 | 0.70 | 20 |
| 07/01/18 | 06/30/19 | 23.02 | 0.03 | 4.12 | 4.15 |  | (0.78) | (0.78 | 26.39 | 18.89 | 749949 | 0.10 | 0.73 | 0.73 | 21 |
| 07/01/17 | 06/30/18 | 18.94 | 0.01 | 4.42 | 4.43 |  | (0.35) | (0.35 | 23.02 | 23.59 | 369642 | 0.05 | 0.73 | 0.73 | 29 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 34.83 | (0.02) | (0.83) | (0.85) |  |  |  | 33.98 | (2.44) | 1721298 | (0.09) | 0.79 | 0.79 | 5 |
| 07/01/21 | 06/30/22 | 43.90 | (0.11) | (8.05) | (8.16) |  | (0.91) | (0.91 | 34.83 | (19.15) | 1714513 | (0.25) | 0.78 | 0.78 | 19 |
| 07/01/20 | 06/30/21 | 31.52 | (0.09) | 12.47 | 12.38 |  |  |  | 43.90 | 39.28 | 1849429 | (0.23) | 0.80 | 0.80 | 23 |
| 07/01/19 | 06/30/20 | 26.07 | (0.03) | 5.69 | 5.66 |  | (0.21) | (0.21 | 31.52 | 21.82 | 1108023 | (0.10) | 0.85 | 0.85 | 20 |
| 07/01/18 | 06/30/19 | 22.79 | (0.01) | 4.07 | 4.06 |  | (0.78) | (0.78 | 26.07 | 18.68 | 374769 | (0.05) | 0.88 | 0.88 | 21 |
| 07/01/17 | 06/30/18 | 18.78 | (0.02) | 4.38 | 4.36 |  | (0.35) | (0.35 | 22.79 | 23.41 | 102201 | (0.10) | 0.88 | 0.88 | 29 |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 33.91 | (0.06) | (0.80) | (0.86) |  |  |  | 33.05 | (2.54) | 291344 | (0.34) | 1.04 | 1.04 | 5 |
| 07/01/21 | 06/30/22 | 42.87 | (0.21) | (7.84) | (8.05) |  | (0.91) | (0.91 | 33.91 | (19.35) | 298972 | (0.50) | 1.03 | 1.03 | 19 |
| 07/01/20 | 06/30/21 | 30.86 | (0.18) | 12.19 | 12.01 |  |  |  | 42.87 | 38.92 | 444064 | (0.48) | 1.05 | 1.05 | 23 |
| 07/01/19 | 06/30/20 | 25.59 | (0.09) | 5.57 | 5.48 |  | (0.21) | (0.21 | 30.86 | 21.53 | 285542 | (0.35) | 1.10 | 1.10 | 20 |
| 07/01/18 | 06/30/19 | 22.44 | (0.07) | 4.00 | 3.93 |  | (0.78) | (0.78 | 25.59 | 18.39 | 250871 | (0.30) | 1.13 | 1.13 | 21 |
| 07/01/17 | 06/30/18 | 18.54 | (0.07) | 4.32 | 4.25 |  | (0.35) | (0.35 | 22.44 | 23.12 | 213262 | (0.35) | 1.13 | 1.13 | 29 |

---

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

------

www.brownadvisory.com/mf

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **From Investment** | **From Investment** | **From Investment** | **Distributions to** | **Distributions to** | **Distributions to** | |  | | **Ratios to Average** | **Ratios to Average** | **Ratios to Average** |  |
|  |  | | **Operations(a)** | **Operations(a)** | **Operations(a)** | **Shareholders From** | **Shareholders From** | **Shareholders From** | |  | | **Net Assets(b)** | **Net Assets(b)** | **Net Assets(b)** |  |
|  |  | |  | **Net** |  |  |  |  | |  | |  |  |  |  |
| **For a Share** | **For a Share** | |  | **Realized** |  |  |  |  | **Net** |  | **Net** |  |  |  |  |
| **Outstanding** | **Outstanding** | **Net Asset** | **Net** | **&** |  |  |  |  | **Asset** |  | **Assets at** | **Net** |  |  |  |
| **Throughout** | **Throughout** | **Value,** | **Investment** | **Unrealized** |  | **Net** | **Net** |  | **Value,** |  | **End of** | **Investment** |  | **Gross** | **Portfolio** |
| **Each Fiscal Period:** | **Each Fiscal Period:** | **Beginning** | **Income** | **Gains** |  | **Investment** | **Realized** |  | **End of** | **Total** | **Period** | **Income** | **Net** | **Expenses** | **Turnover** |
| **Beginning** | **Ending** | **of Period** | (Loss) | (Losses) | **Total** | **Income** | **Gains** | **Total** | **Period** | **Return(c)** | **(000's)** | (Loss) | **Expenses** | (d) | **Rate(c)** |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | $12.29 | (0.02) | 0.43 | 0.41 |  | (0.81) | (0.81) | $11.89 | 3.08% | $68045 | (0.36)% | 0.82% | 0.83% | 27% |
| 07/01/21 | 06/30/22 | 19.86 | (0.09) | (5.73) | (5.82) |  | (1.75) | (1.75) | 12.29 | (31.54) | 94754 | (0.52) | 0.79 | 0.79 | 48 |
| 07/01/20 | 06/30/21 | 13.86 | (0.08) | 6.08 | 6.00 |  |  |  | 19.86 | 43.03 | 159180 | (0.44) | 0.76 | 0.79 | 48 |
| 07/01/19 | 06/30/20 | 13.14 | (0.01) | 0.77 | 0.76 |  | (0.04) | (0.04) | 13.86 | 5.68 | 100367 | (0.11) | 0.70 | 0.88 | 35 |
| 07/02/18^ | 06/30/19 | 11.42 | (0.00) | 1.83 | 1.83 |  | (0.11) | (0.11) | 13.14 | 16.36 | 42404 | (0.00) | 0.70 | 1.04 | 46 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 12.20 | (0.03) | 0.44 | 0.41 |  | (0.81) | (0.81) | 11.80 | 3.10 | 22815 | (0.51) | 0.97 | 0.98 | 27 |
| 07/01/21 | 06/30/22 | 19.76 | (0.11) | (5.70) | (5.81) |  | (1.75) | (1.75) | 12.20 | (31.70) | 22897 | (0.67) | 0.94 | 0.94 | 48 |
| 07/01/20 | 06/30/21 | 13.81 | (0.10) | 6.05 | 5.95 |  |  |  | 19.76 | 42.90 | 33381 | (0.59) | 0.91 | 0.94 | 48 |
| 07/01/19 | 06/30/20 | 13.12 | (0.03) | 0.76 | 0.73 |  | (0.04) | (0.04) | 13.81 | 5.46 | 28477 | (0.26) | 0.85 | 1.03 | 35 |
| 07/01/18 | 06/30/19 | 11.36 | (0.02) | 1.89 | 1.87 |  | (0.11) | (0.11) | 13.12 | 16.80 | 2933 | (0.15) | 0.85 | 1.19 | 46 |
| 10/02/17^ | 06/30/18 | 10.00 | (0.01) | 1.37 | 1.36 |  |  |  | 11.36 | 13.60 | 21377 | (0.16) | 0.85 | 1.58 | 29 |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 41.98 | (0.03) | 1.81 | 1.78 |  | (3.32) | (3.32) | 40.44 | 3.94 | 1182612 | (0.15) | 0.96 | 0.96 | 19 |
| 07/01/21 | 06/30/22 | 63.00 | (0.32) | (13.47) | (13.79) |  | (7.23) | (7.23) | 41.98 | (24.11) | 1165292 | (0.59) | 0.95 | 0.95 | 27 |
| 07/01/20 | 06/30/21 | 44.31 | (0.34) | 19.48 | 19.14 |  | (0.45) | (0.45) | 63.00 | 43.31 | 1758121 | (0.61) | 0.95 | 0.95 | 32 |
| 07/01/19 | 06/30/20 | 44.24 | (0.20) | 1.15 | 0.95 |  | (0.88) | (0.88) | 44.31 | 2.18 | 1039126 | (0.48) | 0.97 | 0.97 | 29 |
| 07/01/18 | 06/30/19 | 40.64 | (0.15) | 5.52 | 5.37 | (0.18) | (1.59) | (1.77) | 44.24 | 14.56 | 838698 | (0.36) | 0.98 | 0.98 | 44 |
| 07/01/17 | 06/30/18 | 35.15 | (0.16) | 6.31 | 6.15 | (0.15) | (0.51) | (0.66) | 40.64 | 17.64 | 424449 | (0.42) | 0.98 | 0.98 | 30 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 20.91 | (0.03) | 0.89 | 0.86 |  | (1.65) | (1.65) | $20.12 | 3.85 | 773712 | (0.30) | 1.11 | 1.11 | 19 |
| 07/01/21 | 06/30/22 | 31.42 | (0.20) | (6.71) | (6.91) |  | (3.60) | (3.60) | 20.91 | (24.23) | 707378 | (0.74) | 1.10 | 1.10 | 27 |
| 07/01/20 | 06/30/21 | 22.13 | (0.21) | 9.72 | 9.51 |  | (0.22) | (0.22) | 31.42 | 43.11 | 822075 | (0.76) | 1.10 | 1.10 | 32 |
| 07/01/19 | 06/30/20 | 22.13 | (0.13) | 0.57 | 0.44 |  | (0.44) | (0.44) | 22.13 | 2.02 | 511028 | (0.63) | 1.12 | 1.12 | 29 |
| 07/01/18 | 06/30/19 | 20.34 | (0.10) | 2.77 | 2.67 | (0.08) | (0.80) | (0.88) | 22.13 | 14.40 | 493421 | (0.51) | 1.13 | 1.13 | 44 |
| 07/01/17 | 06/30/18 | 17.61 | (0.11) | 3.15 | 3.04 | (0.06) | (0.25) | (0.31) | 20.34 | 17.44 | 476786 | (0.57) | 1.13 | 1.13 | 30 |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 19.83 | (0.06) | 0.87 | 0.81 |  | (1.57) | (1.57) | 19.07 | 3.79 | 9240 | (0.55) | 1.36 | 1.36 | 19 |
| 07/01/21 | 06/30/22 | 29.88 | (0.26) | (6.37) | (6.63) |  | (3.42) | (3.42) | 19.83 | (24.44) | 9309 | (0.99) | 1.35 | 1.35 | 27 |
| 07/01/20 | 06/30/21 | 21.10 | (0.26) | 9.25 | 8.99 |  | (0.21) | (0.21) | 29.88 | 42.74 | 14939 | (1.01) | 1.35 | 1.35 | 32 |
| 07/01/19 | 06/30/20 | 21.15 | (0.18) | 0.55 | 0.37 |  | (0.42) | (0.42) | 21.10 | 1.78 | 12159 | (0.88) | 1.37 | 1.37 | 29 |
| 07/01/18 | 06/30/19 | 19.46 | (0.15) | 2.64 | 2.49 | (0.04) | (0.76) | (0.80) | 21.15 | 14.08 | 14489 | (0.76) | 1.38 | 1.38 | 44 |
| 07/01/17 | 06/30/18 | 16.85 | (0.15) | 3.02 | 2.87 | (0.02) | (0.24) | (0.26) | 19.46 | 17.21 | 18449 | (0.82) | 1.38 | 1.38 | 30 |

---

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

------

www.brownadvisory.com/mf

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **From Investment** | **From Investment** | **From Investment** | **Distributions to** | **Distributions to** | **Distributions to** | |  | | **Ratios to Average** | **Ratios to Average** | **Ratios to Average** |  |
|  |  | | **Operations(a)** | **Operations(a)** | **Operations(a)** | **Shareholders From** | **Shareholders From** | **Shareholders From** | |  | | **Net Assets(b)** | **Net Assets(b)** | **Net Assets(b)** |  |
|  |  | |  | **Net** |  |  |  |  | |  | |  |  |  |  |
| **For a Share** | **For a Share** | |  | **Realized** |  |  |  |  | **Net** |  | **Net** |  |  |  |  |
| **Outstanding** | **Outstanding** | **Net Asset** | **Net** | **&** |  |  |  |  | **Asset** |  | **Assets at** | **Net** |  |  |  |
| **Throughout** | **Throughout** | **Value,** | **Investment** | **Unrealized** |  | **Net** | **Net** |  | **Value,** |  | **End of** | **Investment** |  | **Gross** | **Portfolio** |
| **Each Fiscal Period:** | **Each Fiscal Period:** | **Beginning** | **Income** | **Gains** |  | **Investment** | **Realized** |  | **End of** | **Total** | **Period** | **Income** | **Net** | **Expenses** | **Turnover** |
| **Beginning** | **Ending** | **of Period** | (Loss) | (Losses) | **Total** | **Income** | **Gains** | **Total** | **Period** | **Return(c)** | **(000's)** | (Loss) | **Expenses** | (d) | **Rate(c)** |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | $26.09 | 0.11 | 2.43 | 2.54 | (0.13) | (1.57 | (1.70 | $26.93 | 9.62% | $538242 | 0.77% | 0.95% | 0.95% | 14% |
| 07/01/21 | 06/30/22 | 29.65 | 0.09 | (3.45) | (3.36) | (0.10) | (0.10 | (0.20 | 26.09 | (11.45) | 562382 | 0.29 | 0.95 | 0.95 | 27 |
| 07/01/20 | 06/30/21 | 19.25 | 0.11 | 10.44 | 10.55 | (0.15) |  | (0.15 | 29.65 | 54.97 | 591096 | 0.43 | 0.95 | 0.95 | 42 |
| 07/01/19 | 06/30/20 | 24.77 | 0.21 | (4.46) | (4.25) | (0.13) | (1.14 | (1.27 | 19.25 | (18.38) | 336819 | 0.94 | 0.97 | 0.97 | 56 |
| 07/01/18 | 06/30/19 | 29.16 | 0.29 | (1.54) | (1.25) | (0.21) | (2.93 | (3.14 | 24.77 | (2.91) | 447846 | 1.10 | 0.97 | 0.97 | 36 |
| 07/01/17 | 06/30/18 | 27.11 | 0.15 | 3.11 | 3.26 | (0.20) | (1.01 | (1.21 | 29.16 | 12.13 | 410785 | 0.52 | 0.97 | 0.97 | 32 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 26.04 | 0.09 | 2.43 | 2.52 | (0.09) | (1.57 | (1.66 | 26.90 | 9.55 | 588655 | 0.62 | 1.10 | 1.10 | 14 |
| 07/01/21 | 06/30/22 | 29.60 | 0.04 | (3.45) | (3.41) | (0.05) | (0.10 | (0.15 | 26.04 | (11.59) | 564689 | 0.14 | 1.10 | 1.10 | 27 |
| 07/01/20 | 06/30/21 | 19.22 | 0.07 | 10.42 | 10.49 | (0.11) |  | (0.11 | 29.60 | 54.74 | 648403 | 0.28 | 1.10 | 1.10 | 42 |
| 07/01/19 | 06/30/20 | 24.75 | 0.18 | (4.46) | (4.28) | (0.11) | (1.14 | (1.25 | 19.22 | (18.49) | 432498 | 0.79 | 1.12 | 1.12 | 56 |
| 07/01/18 | 06/30/19 | 29.12 | 0.25 | (1.53) | (1.28) | (0.16) | (2.93 | (3.09 | 24.75 | (3.05) | 577212 | 0.95 | 1.12 | 1.12 | 36 |
| 07/01/17 | 06/30/18 | 27.08 | 0.10 | 3.10 | 3.20 | (0.15) | (1.01 | (1.16 | 29.12 | 11.95 | 874269 | 0.37 | 1.12 | 1.12 | 32 |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 25.86 | 0.05 | 2.42 | 2.47 | (0.03) | (1.57 | (1.60 | 26.73 | 9.42 | 2887 | 0.37 | 1.35 | 1.35 | 14 |
| 07/01/21 | 06/30/22 | 29.43 | (0.03) | (3.43) | (3.46) | (0.01) | (0.10 | (0.11 | 25.86 | (11.82) | 3154 | (0.11) | 1.35 | 1.35 | 27 |
| 07/01/20 | 06/30/21 | 19.10 | 0.01 | 10.36 | 10.37 | (0.04) |  | (0.04 | 29.43 | 54.37 | 8125 | 0.03 | 1.35 | 1.35 | 42 |
| 07/01/19 | 06/30/20 | 24.64 | 0.12 | (4.44) | (4.32) | (0.08) | (1.14 | (1.22 | 19.10 | (18.71) | 4480 | 0.54 | 1.37 | 1.37 | 56 |
| 07/01/18 | 06/30/19 | 28.98 | 0.19 | (1.51) | (1.32) | (0.09) | (2.93 | (3.02 | 24.64 | (3.27) | 8393 | 0.70 | 1.37 | 1.37 | 36 |
| 07/01/17 | 06/30/18 | 26.95 | 0.03 | 3.08 | 3.11 | (0.07) | (1.01 | (1.08 | 28.98 | 11.65 | 25032 | 0.12 | 1.37 | 1.37 | 32 |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 7.74 | 0.01 | 0.44 | 0.45 |  | (— | (— | 8.19 | 5.82 | 41191 | 0.18 | 0.93 | 1.23 | 39 |
| 09/30/21^ | 06/30/22 | 10.00 | (0.02) | (2.24) | (2.26) |  |  |  | 7.74 | (22.60) | 32915 | (0.22) | 0.93 | 1.36 | 19 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 7.73 |  | 0.44 | 0.44 |  | (— | (— | 8.17 | 5.69 | 1612 | 0.03 | 1.08 | 1.38 | 39 |
| 09/30/21^ | 06/30/22 | 10.00 | (0.02) | (2.25) | (2.27) |  |  |  | 7.73 | (22.70) | 812 | (0.37) | 1.08 | 1.51 | 19 |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 18.24 | 0.01 | 0.69 | 0.70 | (0.12) |  | (0.12 | 18.82 | 3.84 | 1112579 | 0.12 | 0.76 | 0.76 | 10 |
| 07/01/21 | 06/30/22 | 22.60 | 0.10 | (4.19) | (4.09) | (0.02) | (0.25 | (0.27 | 18.24 | (18.34) | 1048587 | 0.45 | 0.75 | 0.75 | 25 |
| 07/01/20 | 06/30/21 | 16.38 | 0.03 | 6.22 | 6.25 | (0.03) |  | (0.03 | 22.60 | 38.17 | 1149790 | 0.16 | 0.76 | 0.76 | 14 |
| 07/01/19 | 06/30/20 | 15.24 | 0.07 | 1.13 | 1.20 | (0.06) |  | (0.06 | 16.38 | 7.85 | 605983 | 0.45 | 0.75 | 0.82 | 27 |
| 10/31/18^ | 06/30/19 | 13.13 | 0.07 | 2.07 | 2.14 | (0.03) |  | (0.03 | 15.24 | 16.38 | 214263 | 0.71 | 0.75 | 0.88 | 23 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 18.18 |  | 0.68 | 0.68 | (0.10) |  | (0.10 | 18.76 | 3.72 | 77523 | (0.03) | 0.91 | 0.91 | 10 |
| 07/01/21 | 06/30/22 | 22.54 | 0.07 | (4.17) | (4.10) | (0.01) | (0.25 | (0.26 | 18.18 | (18.45) | 76150 | 0.30 | 0.90 | 0.90 | 25 |
| 07/01/20 | 06/30/21 | 16.36 |  | 6.20 | 6.20 | (0.02) |  | (0.02 | 22.54 | 37.91 | 95940 | 0.01 | 0.91 | 0.91 | 14 |
| 07/01/19 | 06/30/20 | 15.23 | 0.05 | 1.12 | 1.17 | (0.04) |  | (0.04 | 16.36 | 7.68 | 66813 | 0.30 | 0.90 | 0.97 | 27 |
| 07/01/18 | 06/30/19 | 13.82 | 0.08 | 1.36 | 1.44 | (0.03) |  | (0.03 | 15.23 | 10.49 | 18943 | 0.60 | 0.86 | 1.07 | 23 |
| 07/01/17 | 06/30/18 | 11.50 | 0.08 | 2.25 | 2.33 | (0.01) |  | (0.01 | 13.82 | 20.28 | 86112 | 0.60 | 0.85 | 1.10 | 26 |

---

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

------

www.brownadvisory.com/mf

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **From Investment** | **From Investment** | **From Investment** | **Distributions to** | **Distributions to** | **Distributions to** | |  | | **Ratios to Average** | **Ratios to Average** | **Ratios to Average** |  |
|  |  | | **Operations(a)** | **Operations(a)** | **Operations(a)** | **Shareholders From** | **Shareholders From** | **Shareholders From** | |  | | **Net Assets(b)** | **Net Assets(b)** | **Net Assets(b)** |  |
|  |  | |  | **Net** |  |  |  |  | |  | |  |  |  |  |
| **For a Share** | **For a Share** | |  | **Realized** |  |  |  |  | **Net** |  | **Net** |  |  |  |  |
| **Outstanding** | **Outstanding** | **Net Asset** | **Net** | **&** |  |  |  |  | **Asset** |  | **Assets at** | **Net** |  |  |  |
| **Throughout** | **Throughout** | **Value,** | **Investment** | **Unrealized** |  | **Net** | **Net** |  | **Value,** |  | **End of** | **Investment** |  | **Gross** | **Portfolio** |
| **Each Fiscal Period:** | **Each Fiscal Period:** | **Beginning** | **Income** | **Gains** |  | **Investment** | **Realized** |  | **End of** | **Total** | **Period** | **Income** | **Net** | **Expenses** | **Turnover** |
| **Beginning** | **Ending** | **of Period** | (Loss) | (Losses) | **Total** | **Income** | **Gains** | **Total** | **Period** | **Return(c)** | **(000's)** | (Loss) | **Expenses** | (d) | **Rate(c)** |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | $8.43 |  | 0.67 | 0.67 | (0.02) |  | (0.02) | $9.08 | 8.10% | $14793 | 0.03% | 0.85% | 2.00% | 10% |
| 02/28/22^ | 06/30/22 | 10.00 | 0.06 | (1.63) | (1.57) |  |  |  | 8.43 | (15.70) | 6221 | 1.96 | 0.85 | 4.26 | 12 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 8.42 | (0.01) | 0.67 | 0.66 | (0.02) |  | (0.02) | 9.06 | 7.99 | 1417 | (0.12) | 1.00 | 2.15 | 10 |
| 02/28/22^ | 06/30/22 | 10.00 | 0.05 | (1.63) | (1.58) |  |  |  | 8.42 | (15.80) | 75 | 1.81 | 1.00 | 4.41 | 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:** |  |  |  |  |  |  |  |  |  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 9.99 | 0.11 | (0.37) | (0.26) | (0.11) |  | (0.11) | 9.62 | (2.59) | 122968 | 2.25 | 0.48 | 0.52 | 24 |
| 07/01/21 | 06/30/22 | 11.05 | 0.12 | (0.94) | (0.82) | (0.14) | (0.10) | (0.24) | 9.99 | (7.60) | 139856 | 1.17 | 0.46 | 0.50 | 58 |
| 07/01/20 | 06/30/21 | 11.06 | 0.11 | 0.02 | 0.13 | (0.13) | (0.01) | (0.14) | 11.05 | 1.11 | 167774 | 1.02 | 0.47 | 0.50 | 50 |
| 07/01/19 | 06/30/20 | 10.72 | 0.24 | 0.35 | 0.59 | (0.25) |  | (0.25) | 11.06 | 5.55 | 148300 | 2.24 | 0.49 | 0.53 | 105 |
| 07/01/18 | 06/30/19 | 10.35 | 0.27 | 0.36 | 0.63 | (0.26) |  | (0.26) | 10.72 | 6.24 | 135175 | 2.63 | 0.47 | 0.53 | 82 |
| 07/01/17 | 06/30/18 | 10.60 | 0.23 | (0.24) | (0.01) | (0.24) |  | (0.24) | 10.35 | (0.12) | 125060 | 2.20 | 0.45 | 0.51 | 35 |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 9.76 | 0.10 | (0.37) | (0.27) | (0.10) |  | (0.10) | 9.39 | (2.78) | 3156 | 2.00 | 0.73 | 0.77 | 24 |
| 07/01/21 | 06/30/22 | 10.80 | 0.10 | (0.93) | (0.83) | (0.11) | (0.10) | (0.21) | 9.76 | (7.82) | 3273 | 0.92 | 0.71 | 0.75 | 58 |
| 07/01/20 | 06/30/21 | 10.82 | 0.08 | 0.01 | 0.09 | (0.10) | (0.01) | (0.11) | 10.80 | 0.79 | 3661 | 0.77 | 0.72 | 0.75 | 50 |
| 07/01/19 | 06/30/20 | 10.49 | 0.21 | 0.34 | 0.55 | (0.22) |  | (0.22) | 10.82 | 5.32 | 3624 | 1.99 | 0.74 | 0.78 | 105 |
| 07/01/18 | 06/30/19 | 10.13 | 0.24 | 0.36 | 0.60 | (0.24) |  | (0.24) | 10.49 | 6.01 | 3615 | 2.38 | 0.72 | 0.78 | 82 |
| 07/01/17 | 06/30/18 | 10.38 | 0.20 | (0.24) | (0.04) | (0.21) |  | (0.21) | 10.13 | (0.38) | 3782 | 1.95 | 0.70 | 0.76 | 35 |
| **BROWN ADVISORY TOTAL RETURN FUND:** | **BROWN ADVISORY TOTAL RETURN FUND:** | **BROWN ADVISORY TOTAL RETURN FUND:** | **BROWN ADVISORY TOTAL RETURN FUND:** | **BROWN ADVISORY TOTAL RETURN FUND:** | **BROWN ADVISORY TOTAL RETURN FUND:** | **BROWN ADVISORY TOTAL RETURN FUND:** |  |  |  |  |  |  |  |  |  |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 9.14 | 0.10 | (0.43) | (0.33) | (0.10) |  | (0.10) | 8.71 | (3.60) | 364785 | 2.19 | 0.42 | 0.42 | 115 |
| 07/01/21 | 06/30/22 | 10.49 | 0.17 | (1.17) | (1.00) | (0.18) | (0.17) | (0.35) | 9.14 | (9.80) | 389709 | 1.64 | 0.42 | 0.42 | 131 |
| 07/01/20 | 06/30/21 | 10.51 | 0.14 | 0.18 | 0.32 | (0.15) | (0.19) | (0.34) | 10.49 | 3.10 | 437997 | 1.37 | 0.42 | 0.42 | 130 |
| 07/01/19 | 06/30/20 | 10.22 | 0.27 | 0.52 | 0.79 | (0.28) | (0.22) | (0.50) | 10.51 | 7.90 | 388100 | 2.62 | 0.45 | 0.45 | 143 |
| 07/01/18 | 06/30/19 | 9.78 | 0.32 | 0.44 | 0.76 | (0.32) |  | (0.32) | 10.22 | 7.90 | 246074 | 3.26 | 0.49 | 0.49 | 106 |
| 07/01/17 | 06/30/18 | 10.00 | 0.28 | (0.22) | 0.06 | (0.28) |  | (0.28) | 9.78 | 0.61 | 121381 | 2.79 | 0.50 | 0.50 | 209 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 9.13 | 0.10 | (0.42) | (0.32) | (0.10) |  | (0.10) | 8.71 | (3.52) | 3022 | 2.14 | 0.47 | 0.47 | 115 |
| 07/01/21 | 06/30/22 | 10.49 | 0.16 | (1.17) | (1.01) | (0.18) | (0.17) | (0.35) | 9.13 | (9.94) | 9401 | 1.59 | 0.47 | 0.47 | 131 |
| 07/01/20 | 06/30/21 | 10.51 | 0.14 | 0.18 | 0.32 | (0.15) | (0.19) | (0.34) | 10.49 | 3.05 | 4744 | 1.32 | 0.47 | 0.47 | 130 |
| 07/01/19 | 06/30/20 | 10.22 | 0.26 | 0.52 | 0.78 | (0.27) | (0.22) | (0.49) | 10.51 | 7.85 | 4523 | 2.57 | 0.50 | 0.50 | 143 |
| 07/01/18 | 06/30/19 | 9.78 | 0.32 | 0.43 | 0.75 | (0.31) |  | (0.31) | 10.22 | 7.85 | 4916 | 3.21 | 0.54 | 0.54 | 106 |
| 07/01/17 | 06/30/18 | 10.00 | 0.27 | (0.21) | 0.06 | (0.28) |  | (0.28) | 9.78 | 0.56 | 2619 | 2.74 | 0.55 | 0.55 | 209 |

---

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

------

www.brownadvisory.com/mf

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **From Investment** | **From Investment** | **From Investment** | **Distributions to** | **Distributions to** | **Distributions to** | |  | | **Ratios to Average** | **Ratios to Average** | **Ratios to Average** |  |
|  |  | | **Operations(a)** | **Operations(a)** | **Operations(a)** | **Shareholders From** | **Shareholders From** | **Shareholders From** | |  | | **Net Assets(b)** | **Net Assets(b)** | **Net Assets(b)** |  |
|  |  | |  | **Net** |  |  |  |  | |  | |  |  |  |  |
| **For a Share** | **For a Share** | |  | **Realized** |  |  |  |  | **Net** |  | **Net** |  |  |  |  |
| **Outstanding** | **Outstanding** | **Net Asset** | **Net** | **&** |  |  |  |  | **Asset** |  | **Assets at** | **Net** |  |  |  |
| **Throughout** | **Throughout** | **Value,** | **Investment** | **Unrealized** |  | **Net** | **Net** |  | **Value,** |  | **End of** | **Investment** |  | **Gross** | **Portfolio** |
| **Each Fiscal Period:** | **Each Fiscal Period:** | **Beginning** | **Income** | **Gains** |  | **Investment** | **Realized** |  | **End of** | **Total** | **Period** | **Income** | **Net** | **Expenses** | **Turnover** |
| **Beginning** | **Ending** | **of Period** | (Loss) | (Losses) | **Total** | **Income** | **Gains** | **Total** | **Period** | **Return(c)** | **(000's)** | (Loss) | **Expenses** | (d) | **Rate(c)** |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | $9.14 | 0.10 | (0.46) | (0.36) | (0.10) |  | (0.10) | $8.68 | (3.91)% | $318509 | 2.21% | 0.44% | 0.44% | 127% |
| 07/01/21 | 06/30/22 | 10.42 | 0.14 | (1.13) | (0.99) | (0.15) | (0.14) | (0.29) | 9.14 | (9.71) | 301917 | 1.43 | 0.44 | 0.44 | 113 |
| 07/01/20 | 06/30/21 | 10.54 | 0.16 | 0.10 | 0.26 | (0.17) | (0.21) | (0.38) | 10.42 | 2.44 | 218476 | 1.56 | 0.45 | 0.45 | 89 |
| 07/01/19 | 06/30/20 | 10.13 | 0.27 | 0.54 | 0.81 | (0.28) | (0.12) | (0.40) | 10.54 | 8.14 | 153472 | 2.63 | 0.48 | 0.48 | 97 |
| 07/02/18^ | 06/30/19 | 9.70 | 0.30 | 0.42 | 0.72 | (0.29) |  | (0.29) | 10.13 | 7.60 | 126466 | 3.08 | 0.55 | 0.52 | 66 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 9.14 | 0.10 | (0.46) | (0.36) | (0.10) |  | (0.10) | 8.68 | (3.93) | 9812 | 2.16 | 0.49 | 0.49 | 127 |
| 07/01/21 | 06/30/22 | 10.42 | 0.13 | (1.13) | (1.00) | (0.14) | (0.14) | (0.28) | 9.14 | (9.76) | 12667 | 1.38 | 0.49 | 0.49 | 113 |
| 07/01/20 | 06/30/21 | 10.54 | 0.16 | 0.10 | 0.26 | (0.17) | (0.21) | (0.38) | 10.42 | 2.39 | 5009 | 1.51 | 0.50 | 0.50 | 89 |
| 07/01/19 | 06/30/20 | 10.13 | 0.26 | 0.54 | 0.80 | (0.27) | (0.12) | (0.39) | 10.54 | 8.09 | 2125 | 2.58 | 0.53 | 0.53 | 97 |
| 07/01/18 | 06/30/19 | 9.70 | 0.29 | 0.43 | 0.72 | (0.29) |  | (0.29) | 10.13 | 7.54 | 884 | 3.03 | 0.60 | 0.57 | 66 |
| 08/07/17^ | 06/30/18 | 10.00 | 0.21 | (0.34) | (0.13) | (0.17) |  | (0.17) | 9.70 | (1.27) | 54291 | 2.41 | 0.60 | 0.71 | 64 |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 9.80 | 0.11 | (0.05) | 0.06 | (0.13) |  | (0.13) | 9.73 | 0.62 | 162524 | 2.23 | 0.49 | 0.49 | 32 |
| 07/01/21 | 06/30/22 | 10.88 | 0.19 | (1.04) | (0.85) | (0.23) |  | (0.23) | 9.80 | (7.90) | 169565 | 1.79 | 0.47 | 0.47 | 22 |
| 07/01/20 | 06/30/21 | 10.67 | 0.21 | 0.26 | 0.47 | (0.26) |  | (0.26) | 10.88 | 4.41 | 186483 | 1.94 | 0.48 | 0.48 | 17 |
| 07/01/19 | 06/30/20 | 10.80 | 0.25 | (0.09) | 0.16 | (0.29) |  | (0.29) | 10.67 | 1.44 | 176198 | 2.31 | 0.49 | 0.49 | 37 |
| 07/01/18 | 06/30/19 | 10.50 | 0.28 | 0.30 | 0.58 | (0.28) |  | (0.28) | 10.80 | 5.65 | 182072 | 2.69 | 0.49 | 0.49 | 33 |
| 07/01/17 | 06/30/18 | 10.62 | 0.26 | (0.12) | 0.14 | (0.26) |  | (0.26) | 10.50 | 1.29 | 181230 | 2.42 | 0.48 | 0.48 | 25 |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 9.29 | 0.12 | (0.09) | 0.03 | (0.15) |  | (0.15) | 9.17 | 0.32 | 678339 | 2.62 | 0.46 | 0.46 | 42 |
| 07/01/21 | 06/30/22 | 10.50 | 0.18 | (1.08) | (0.90) | (0.26) | (0.05) | (0.31) | 9.29 | (8.75) | 805608 | 1.73 | 0.41 | 0.41 | 50 |
| 07/01/20 | 06/30/21 | 10.08 | 0.20 | 0.49 | 0.69 | (0.27) |  | (0.27) | 10.50 | 6.87 | 1190436 | 1.92 | 0.40 | 0.40 | 47 |
| 07/01/19 | 06/30/20 | 10.20 | 0.24 | (0.08) | 0.16 | (0.28) |  | (0.28) | 10.08 | 1.59 | 1072444 | 2.38 | 0.42 | 0.42 | 80 |
| 07/02/18^ | 06/30/19 | 9.90 | 0.33 | 0.30 | 0.63 | (0.33) |  | (0.33) | 10.20 | 6.51 | 950832 | 3.36 | 0.43 | 0.43 | 53 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 9.29 | 0.12 | (0.08) | 0.04 | (0.15) |  | (0.15) | 9.18 | 0.29 | 7534 | 2.57 | 0.51 | 0.51 | 42 |
| 07/01/21 | 06/30/22 | 10.50 | 0.17 | (1.07) | (0.90) | (0.26) | (0.05) | (0.31) | 9.29 | (8.80) | 10484 | 1.68 | 0.46 | 0.46 | 50 |
| 07/01/20 | 06/30/21 | 10.09 | 0.19 | 0.48 | 0.67 | (0.26) |  | (0.26) | 10.50 | 6.72 | 11537 | 1.87 | 0.45 | 0.45 | 47 |
| 07/01/19 | 06/30/20 | 10.20 | 0.24 | (0.07) | 0.17 | (0.28) |  | (0.28) | 10.09 | 1.64 | 9982 | 2.33 | 0.47 | 0.47 | 80 |
| 07/01/18 | 06/30/19 | 9.90 | 0.33 | 0.30 | 0.63 | (0.33) |  | (0.33) | 10.20 | 6.49 | 19395 | 3.31 | 0.48 | 0.48 | 53 |
| 07/01/17 | 06/30/18 | 9.94 | 0.31 | (0.04) | 0.27 | (0.31) |  | (0.31) | 9.90 | 2.78 | 439906 | 3.16 | 0.48 | 0.48 | 55 |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 9.09 | 0.10 | (0.06) | 0.04 | (0.10) |  | (0.10) | 9.03 | 0.43 | 274788 | 2.10 | 0.51 | 0.51 | 58 |
| 07/01/21 | 06/30/22 | 10.19 | 0.15 | (1.01) | (0.86) | (0.14) | (0.10) | (0.24) | 9.09 | (8.60) | 325606 | 1.49 | 0.49 | 0.49 | 61 |
| 07/01/20 | 06/30/21 | 9.88 | 0.13 | 0.32 | 0.45 | (0.13) | (0.01) | (0.14) | 10.19 | 4.57 | 179123 | 1.32 | 0.49 | 0.49 | 66 |
| 12/02/19^ | 06/30/20 | 10.00 | 0.08 | (0.12) | (0.04) | (0.08) |  | (0.08) | 9.88 | (0.37) | 157032 | 1.45 | 0.55 | 0.55 | 39 |

---

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

------

www.brownadvisory.com/mf

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **From Investment** | **From Investment** | **From Investment** | **Distributions to** | **Distributions to** | **Distributions to** | |  | | **Ratios to Average** | **Ratios to Average** |  |
|  |  | | **Operations(a)** | **Operations(a)** | **Operations(a)** | **Shareholders From** | **Shareholders From** | **Shareholders From** | |  | | **Net Assets(b)** | **Net Assets(b)** |  |
|  |  | |  | **Net** | |  |  |  | |  | |  |  |  |
| **For a Share** | **For a Share** | |  | **Realized** | |  |  |  | **Net** |  | **Net** |  |  |  |
| **Outstanding** | **Outstanding** | **Net Asset** | **Net** | **&** | |  |  |  | **Asset** |  | **Assets at** | **Net** |  |  |
| **Throughout** | **Throughout** | **Value,** | **Investment** | **Unrealized** | | **Net** | **Net** |  | **Value,** |  | **End of** | **Investment** | **Gross** | **Portfolio** |
| **Each Fiscal Period:** | **Each Fiscal Period:** | **Beginning** | **Income** | **Gains** | | **Investment** | **Realized** |  | **End of** | **Total** | **Period** | **Income** | **Expenses** | **Turnover** |
| **Beginning** | **Ending** | **of Period** | (Loss) | (Losses) | **Total** | **Income** | **Gains** | **Total** | **Period** | **Return(c)** | **(000's)** | (Loss) | (d) | **Rate(c)** |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | $9.59 | 0.12 | (0.45) | (0.33) | (0.14) |  | (0.14) | $9.12 | (3.49)% | $298194 | 2.59% | 0.45% | 111% |
| 07/01/21 | 06/30/22 | 10.56 | 0.10 | (0.92) | (0.82) | (0.15) |  | (0.15) | 9.59 | (7.86) | 310388 | 0.94 | 0.44 | 204 |
| 07/01/20 | 06/30/21 | 10.46 | (0.03) | 0.19 | 0.16 | (0.06) |  | (0.06) | 10.56 | 1.53 | 288526 | (0.27) | 0.45 | 148 |
| 07/01/19 | 06/30/20 | 10.02 | 0.11 | 0.50 | 0.61 | (0.17) |  | (0.17) | 10.46 | 6.09 | 238202 | 1.07 | 0.47 | 139 |
| 07/01/18 | 06/30/19 | 9.65 | 0.22 | 0.42 | 0.64 | (0.27) |  | (0.27) | 10.02 | 6.72 | 281728 | 2.29 | 0.47 | 200 |
| 07/01/17 | 06/30/18 | 9.87 | 0.18 | (0.16) | 0.02 | (0.24) |  | (0.24) | 9.65 | 0.16 | 300643 | 1.86 | 0.47 | 336 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 9.61 | 0.12 | (0.47) | (0.35) | (0.13) |  | (0.13) | 9.13 | (3.61) | 1641 | 2.54 | 0.50 | 111 |
| 07/01/21 | 06/30/22 | 10.57 | 0.09 | (0.91) | (0.82) | (0.14) |  | (0.14) | 9.61 | (7.81) | 2211 | 0.89 | 0.49 | 204 |
| 07/01/20 | 06/30/21 | 10.47 | (0.03) | 0.19 | 0.16 | (0.06) |  | (0.06) | 10.57 | 1.48 | 31876 | (0.32) | 0.50 | 148 |
| 07/01/19 | 06/30/20 | 10.02 | 0.11 | 0.50 | 0.61 | (0.16) |  | (0.16) | 10.47 | 6.15 | 9755 | 1.02 | 0.52 | 139 |
| 07/01/18 | 06/30/19 | 9.66 | 0.22 | 0.40 | 0.62 | (0.26) |  | (0.26) | 10.02 | 6.55 | 266 | 2.24 | 0.52 | 200 |
| 07/01/17 | 06/30/18 | 9.87 | 0.18 | (0.16) | 0.02 | (0.23) |  | (0.23) | 9.66 | 0.21 | 321 | 1.81 | 0.52 | 336 |
| **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\*** |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 10.34 | 0.03 | 0.44 | 0.47 | (0.21) | (0.08) | (0.29) | 10.52 | 4.58 | 165484 | 0.60 | 1.09 | 30 |
| 07/01/21 | 06/30/22 | 13.08 | 0.15 | (1.68) | (1.53) | (0.11) | (1.10) | (1.21) | 10.34 | (12.75) | 232340 | 1.22 | 1.04 | 43 |
| 07/01/20 | 06/30/21 | 10.51 | 0.13 | 3.20 | 3.33 | (0.03) | (0.73) | (0.76) | 13.08 | 32.55 | 417419 | 1.12 | 1.05 | 51 |
| 07/01/19 | 06/30/20 | 11.15 | 0.03 | (0.07) | (0.04) | (0.10) | (0.50) | (0.60) | 10.51 | (0.66) | 287081 | 0.29 | 1.09 | 53 |
| 07/01/18 | 06/30/19 | 12.42 | 0.07 | (0.16) | (0.09) | (0.20) | (0.98) | (1.18) | 11.15 | 0.84 | 470903 | 0.62 | 1.07 | 34 |
| 07/01/17 | 06/30/18 | 12.05 | 0.13 | 0.35 | 0.48 | (0.11) |  | (0.11) | 12.42 | 3.97 | 927916 | 1.03 | 1.07 | 33 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 10.30 | 0.02 | 0.45 | 0.47 | (0.20) | (0.08) | (0.28) | 10.49 | 4.54 | 11841 | 0.45 | 1.24 | 30 |
| 07/01/21 | 06/30/22 | 13.03 | 0.13 | (1.67) | (1.54) | (0.09) | (1.10) | (1.19) | 10.30 | (12.89) | 19007 | 1.07 | 1.19 | 43 |
| 07/01/20 | 06/30/21 | 10.48 | 0.12 | 3.18 | 3.30 | (0.02) | (0.73) | (0.75) | 13.03 | 32.36 | 39751 | 0.97 | 1.20 | 51 |
| 07/01/19 | 06/30/20 | 11.12 | 0.01 | (0.06) | (0.05) | (0.09) | (0.50) | (0.59) | 10.48 | (0.77) | 22224 | 0.14 | 1.24 | 53 |
| 07/01/18 | 06/30/19 | 12.41 | 0.05 | (0.17) | (0.12) | (0.19) | (0.98) | (1.17) | 11.12 | 0.58 | 18100 | 0.47 | 1.22 | 34 |
| 07/01/17 | 06/30/18 | 12.05 | 0.11 | 0.36 | 0.47 | (0.11) |  | (0.11) | 12.41 | 3.85 | 14669 | 0.88 | 1.22 | 33 |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 10.17 | 0.01 | 0.43 | 0.44 | (0.19) | (0.08) | (0.27) | 10.34 | 4.34 | 2567 | 0.20 | 1.49 | 30 |
| 07/01/21 | 06/30/22 | 12.88 | 0.10 | (1.65) | (1.55) | (0.06) | (1.10) | (1.16) | 10.17 | (13.09) | 2387 | 0.82 | 1.44 | 43 |
| 07/01/20 | 06/30/21 | 10.38 | 0.08 | 3.16 | 3.24 | (0.01) | (0.73) | (0.74) | 12.88 | 32.01 | 3728 | 0.72 | 1.45 | 51 |
| 07/01/19 | 06/30/20 | 11.03 | (0.01) | (0.07) | (0.08) | (0.07) | (0.50) | (0.57) | 10.38 | (1.04) | 3816 | (0.11) | 1.49 | 53 |
| 07/01/18 | 06/30/19 | 12.30 | 0.02 | (0.16) | (0.14) | (0.15) | (0.98) | (1.13) | 11.03 | 0.42 | 7563 | 0.22 | 1.47 | 34 |
| 07/01/17 | 06/30/18 | 11.98 | 0.08 | 0.35 | 0.43 | (0.11) |  | (0.11) | 12.30 | 3.54 | 13313 | 0.63 | 1.47 | 33 |

---

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

------

www.brownadvisory.com/mf

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **From Investment** | **From Investment** | **From Investment** | **Distributions to** | **Distributions to** | **Distributions to** | |  | | **Ratios to Average** | **Ratios to Average** |  |
|  |  | | **Operations(a)** | **Operations(a)** | **Operations(a)** | **Shareholders From** | **Shareholders From** | **Shareholders From** | |  | | **Net Assets(b)** | **Net Assets(b)** |  |
|  |  | |  | **Net** | |  |  |  | |  | |  |  |  |
| **For a Share** | **For a Share** | |  | **Realized** | |  |  |  | **Net** |  | **Net** |  |  |  |
| **Outstanding** | **Outstanding** | **Net Asset** | **Net** | **&** | |  |  |  | **Asset** |  | **Assets at** | **Net** |  |  |
| **Throughout** | **Throughout** | **Value,** | **Investment** | **Unrealized** | | **Net** | **Net** |  | **Value,** |  | **End of** | **Investment** | **Gross** | **Portfolio** |
| **Each Fiscal Period:** | **Each Fiscal Period:** | **Beginning** | **Income** | **Gains** | | **Investment** | **Realized** |  | **End of** | **Total** | **Period** | **Income** | **Expenses** | **Turnover** |
| **Beginning** | **Ending** | **of Period** | (Loss) | (Losses) | **Total** | **Income** | **Gains** | **Total** | **Period** | **Return(c)** | **(000's)** | (Loss) | (d) | **Rate(c)** |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | $10.13 | 0.06 | (0.14) | (0.08) | (0.13) |  | (0.13) | $9.92 | (0.82)% | $470033 | 1.21% | 1.12% | 42% |
| 07/01/21 | 06/30/22 | 12.57 | 0.14 | (2.50) | (2.36) | (0.08) |  | (0.08) | 10.13 | (18.87) | 504216 | 1.25 | 1.10 | 70 |
| 07/01/20 | 06/30/21 | 8.86 | 0.09 | 3.69 | 3.78 | (0.07) |  | (0.07) | 12.57 | 42.71 | 529908 | 0.78 | 1.12 | 61 |
| 07/01/19 | 06/30/20 | 9.34 | 0.11 | (0.48) | (0.37) | (0.11) |  | (0.11) | 8.86 | (4.04) | 267282 | 1.27 | 1.16 | 62 |
| 07/01/18 | 06/30/19 | 10.06 | 0.11 | (0.48) | (0.37) | (0.35) |  | (0.35) | 9.34 | (3.35) | 326693 | 1.20 | 1.26 | 131 |
| 07/01/17 | 06/30/18 | 10.17 | 0.17 | (0.17) |  | (0.11) |  | (0.11) | 10.06 | (0.12) | 513535 | 1.57 | 1.15 | 13 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 10.13 | 0.05 | (0.15) | (0.10) | (0.11) |  | (0.11) | 9.92 | (0.98) | 4308 | 1.06 | 1.27 | 42 |
| 07/01/21 | 06/30/22 | 12.56 | 0.13 | (2.50) | (2.37) | (0.06) |  | (0.06) | 10.13 | (18.93) | 4368 | 1.10 | 1.25 | 70 |
| 07/01/20 | 06/30/21 | 8.85 | 0.07 | 3.69 | 3.76 | (0.05) |  | (0.05) | 12.56 | 42.56 | 5908 | 0.63 | 1.27 | 61 |
| 07/01/19 | 06/30/20 | 9.33 | 0.10 | (0.49) | (0.39) | (0.09) |  | (0.09) | 8.85 | (4.29) | 4202 | 1.12 | 1.31 | 62 |
| 07/01/18 | 06/30/19 | 10.03 | 0.10 | (0.48) | (0.38) | (0.32) |  | (0.32) | 9.33 | (3.42) | 5063 | 1.05 | 1.41 | 131 |
| 07/01/17 | 06/30/18 | 10.15 | 0.16 | (0.19) | (0.03) | (0.09) |  | (0.09) | 10.03 | (0.37) | 38106 | 1.42 | 1.30 | 13 |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 10.16 | 0.04 | (0.15) | (0.11) | (0.09) |  | (0.09) | 9.96 | (1.09) | 30 | 0.81 | 1.52 | 42 |
| 07/01/21 | 06/30/22 | 12.60 | 0.10 | (2.50) | (2.40) | (0.04) |  | (0.04) | 10.16 | (19.11) | 27 | 0.85 | 1.50 | 70 |
| 07/01/20 | 06/30/21 | 8.87 | 0.04 | 3.70 | 3.74 | (0.01) |  | (0.01) | 12.60 | 42.17 | 24 | 0.38 | 1.52 | 61 |
| 07/01/19 | 06/30/20 | 9.37 | 0.08 | (0.50) | (0.42) | (0.08) |  | (0.08) | 8.87 | (4.61) | 52 | 0.87 | 1.56 | 62 |
| 07/01/18 | 06/30/19 | 10.07 | 0.07 | (0.47) | (0.40) | (0.30) |  | (0.30) | 9.37 | (3.66) | 167 | 0.80 | 1.66 | 131 |
| 07/01/17 | 06/30/18 | 10.19 | 0.13 | (0.18) | (0.05) | (0.07) |  | (0.07) | 10.07 | (0.60) | 172 | 1.17 | 1.55 | 13 |
| **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\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 12.04 | 0.12 | 1.18 | 1.30 | (0.22) | (0.25) | (0.47) | 12.87 | 10.70 | 1472670 | 1.90 | 0.55 | 14 |
| 07/01/21 | 06/30/22 | 14.41 | 0.23 | (1.42) | (1.19) | (0.20) | (0.98) | (1.18) | 12.04 | (8.68) | 1237283 | 1.71 | 0.55 | 33 |
| 07/01/20 | 06/30/21 | 10.61 | 0.20 | 3.99 | 4.19 | (0.39) |  | (0.39) | 14.41 | 40.12 | 1149351 | 1.52 | 0.55 | 42 |
| 07/01/19 | 06/30/20 | 10.47 | 0.56 | (0.20) | 0.36 | (0.10) | (0.12) | (0.22) | 10.61 | 3.27 | 452012 | 5.26 | 0.57 | 32 |
| 07/01/18 | 06/30/19 | 9.58 | 0.20 | 0.89 | 1.09 | (0.11) | (0.09) | (0.20) | 10.47 | 11.62 | 296963 | 1.97 | 0.60 | 45 |
| 02/13/18^ | 06/30/18 | 10.00 | 0.06 | (0.48) | (0.42) |  |  |  | 9.58 | (4.20) | 151004 | 1.61 | 0.67 | 11 |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/22 | 12/31/22 | 12.02 | 0.11 | 1.18 | 1.29 | (0.21) | (0.25) | (0.46) | 12.85 | 10.66 | 824 | 1.75 | 0.70 | 14 |
| 07/01/21^ | 06/30/22 | 14.41 | 0.21 | (1.42) | (1.21) | (0.20) | (0.98) | (1.18) | 12.02 | (8.87) | 208 | 1.56 | 0.70 | 33 |

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| | |
|:---|:---|
| \* | Information for periods beginning after June 30, 2022 is unaudited. Redemption fees of less than $0.005/share are not presented and are included in net realized & unrealized gains (losses) from investment operations. The increase in the portfolio turnover rate for Brown Advisory Emerging Markets Select Fund for the year ended June 30, 2019 was primarily the result of a change in sub-advisers during the year. |
| ^ | Information presented is for the entire history of the share class. |
| <sup>+</sup> | Distribution made was less than $0.005/share. |
| (a) | Calculated based on average shares outstanding during the fiscal period. |
| (b) | 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). |
| (c) | Not annualized for periods less than one year. Portfolio turnover rates are calculated at the fund level (not by individual share class). Total return amounts shown in these financial highlights may differ from elsewhere in this report due to adjustments made in this report that did not impact the net asset values that were used to process shareholder transactions. |
| (d) | Reflects the expense ratio excluding any expense waivers or expense recoupments. |

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

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#### Notes to Financial Statements
December 31, 2022 (Unaudited)

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#### 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"):

• **Brown Advisory Growth Equity Fund** ("Growth Equity Fund") seeks to achieve capital appreciation by primarily investing in equity securities,

• **Brown Advisory Flexible Equity Fund** ("Flexible Equity Fund") seeks to achieve long-term growth of capital,

• **Brown Advisory Equity Income Fund** ("Equity Income Fund") seeks to provide current dividend yield and dividend growth,

• **Brown Advisory Sustainable Growth Fund** ("Sustainable Growth Fund") seeks to achieve capital appreciation,

• **Brown Advisory Mid-Cap Growth Fund** ("Mid-Cap Growth Fund") seeks to achieve long-term capital appreciation,

• **Brown Advisory Small-Cap Growth Fund** ("Small-Cap Growth Fund") seeks to achieve long-term capital appreciation by primarily investing in equity
 securities,

• **Brown Advisory Small-Cap Fundamental Value Fund** ("Small-Cap Fundamental Value Fund") seeks to achieve long-term capital appreciation,

• **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,

• **Brown Advisory Global Leaders Fund** ("Global Leaders Fund") seeks to achieve long-term capital appreciation by investing primarily in global equities,

• **Brown Advisory Sustainable International Leaders Fund** ("Sustainable International Leaders Fund") seeks to achieve long-term capital appreciation by
 investing primarily in international equities,

• **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,

• **Brown Advisory Total Return Fund** ("Total Return Fund") seeks to provide a competitive total return consistent with the preservation of principal,

• **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 environmental, social and governance criteria,

• **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,

• **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,

• **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 environmental, social, and governance criteria,

• **Brown Advisory Mortgage Securities Fund** ("Mortgage Securities Fund") seeks to maximize total return consistent with preservation of capital,

• **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,

• **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

• **Brown Advisory – Beutel Goodman Large-Cap Value Fund** ("Beutel Goodman Large-Cap Value Fund") seeks to achieve capital appreciation.

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#### Notes to Financial Statements
December 31, 2022 (Unaudited)

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The Funds inception dates are as follows. Operations commenced the first business day after the inception date.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Investor** | **Advisor** |  | **Institutional** | **Investor** | **Advisor** |
| **<u>Fund</u>** | **<u>Shares</u>** | **<u>Shares</u>** | **<u>Shares</u>** | **<u>Fund</u>** | **<u>Shares</u>** | **<u>Shares</u>** | **<u>Shares</u>** |
| Growth Equity | 10/19/2012 | 6/28/1999 | 5/18/2006 | Intermediate Income |  | 11/2/1995 | 5/13/1991 |
| Flexible Equity | 10/19/2012 | 11/30/2006 | 1/24/2007 | Total Return | 10/30/2014 | 10/30/2014 |  |
| Equity Income | 10/19/2012 | 12/29/2011 | 12/29/2011 | Sustainable Bond | 7/2/2018 | 8/7/2017 |  |
| Sustainable Growth | 6/29/2012 | 6/29/2012 | 6/29/2012 | Maryland Bond |  | 12/21/2000 |  |
| Mid-Cap Growth | 7/2/2018 | 10/2/2017 |  | Tax-Exempt Bond | 7/2/2018 | 6/29/2012 |  |
| Small-Cap Growth | 9/20/2002 | 6/28/1999 | 4/25/2006 | Tax-Exempt |  |  |  |
| Small-Cap |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Sustainable Bond |  | 12/2/2019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fundamental Value | 10/19/2012 | 12/31/2008 | 7/28/2011 | Mortgage Securities | 5/13/2014 | 12/26/2013 |  |
| Sustainable |  |  |  | WMC Strategic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Small-Cap Core | 9/30/2021 | 9/30/2021 |  | &nbsp;&nbsp;&nbsp;&nbsp;European Equity | 10/21/2013 | 10/21/2013 | 10/21/2013 |
| Global Leaders | 10/31/2018 | 7/1/2015 |  | Emerging Markets Select | 12/12/2012 | 12/12/2012 | 12/12/2012 |
| Sustainable International |  |  |  | Beutel Goodman |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leaders | 2/28/2022 | 2/28/2022 |  | Large-Cap Value | 2/13/2018 | 6/30/2021 |  |

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#### <br>

#### 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.

**A. Security Valuation** – The Funds have adopted fair valuation 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 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

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#### Notes to Financial Statements
December 31, 2022 (Unaudited)

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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.

**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 $1,357,127 or 0.1% of Small-Cap Growth 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, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| **Growth Equity Fund** | | | |
| Common Stocks | $2023020310 | $— | $— |
| REIT^ | 59106447 |  |  |
| Short-Term Investments | 56730992 |  |  |
| Total Investments | $2138857749 | $— | $— |
| **Flexible Equity Fund** |  |  |  |
| Common Stocks | $570307326 | $— | $— |
| REIT^ | 8566273 |  |  |
| Short-Term Investments | 13255850 |  |  |
| Total Investments | $592129449 | $— | $— |
| **Equity Income Fund** |  |  |  |
| Common Stocks | $66917693 | $— | $— |
| Preferred Stocks | 972210 |  |  |
| REIT^ | 3472816 |  |  |
| Short-Term Investments | 2287109 |  |  |
| Total Investments | $73649828 | $— | $— |
| **Sustainable Growth Fund** |  |  |  |
| Common Stocks | $5279308110 | $— | $— |
| REIT^ | 243057868 |  |  |
| Short-Term Investments | 118084973 |  |  |
| Total Investments | $5640450951 | $— | $— |
| **Mid-Cap Growth Fund** |  |  |  |
| Common Stocks | $85038503 | $— | $— |
| REIT^ | 2384877 |  |  |
| Short-Term Investments | 4315752 |  |  |
| Total Investments | $91739132 | $— | $— |
| **Small-Cap Growth Fund†** |  |  |  |
| Common Stocks | $1736641790 | $— | $— |
| Private Placements |  |  | 1357127 |
| REIT^ | 30179070 |  |  |
| Exchange Traded Funds | 55645607 |  |  |
| Short-Term Investments | 138390341 |  |  |
| Total Investments | $1960856808 | $— | $1357127 |

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| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| **Small-Cap Fundamental Value Fund** | | | |
| Common Stocks | $998613983 | $— | $— |
| REIT^ | 88802514 |  |  |
| Short-Term Investments | 41092732 |  |  |
| Total Investments | $1128509229 | $— | $— |
| **Sustainable Small-Cap Core Fund** |  |  |  |
| Common Stocks | $32029497 | $— | $— |
| REIT^ | 1458657 |  |  |
| Short-Term Investments | 3117773 |  |  |
| Total Investments | $36605927 | $— | $— |
| **Global Leaders Fund** |  |  |  |
| Common Stocks: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | $— | $25774680 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;China |  | 39780991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 19519400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;France |  | 48126542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 80867514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India |  | 43473430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 37230123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 30195157 | 38771217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 26534332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 38020859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 36620029 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 54920691 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 619987445 |  |  |
| Short-Term Investments | 33197364 |  |  |
| Total Investments | $719999995 | $453019779 | $— |
| **Sustainable International Leaders Fund** |  |  |  |
| Common Stocks: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | $— | $473684 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 663970 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China |  | 722238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 620206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 550694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;France |  | 1703958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 1230339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 725420 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 518150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 843542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 1428329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 662745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 1128510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 3535495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 1097401 |  |  |
| Short-Term Investments | 271873 |  |  |
| Total Investments | $2758664 | $13417890 | $— |
| **Intermediate Income Fund** |  |  |  |
| Mortgage Backed Securities | $— | $35407506 | $— |
| Corporate Bonds & Notes |  | 22033769 |  |
| Asset Backed Securities |  | 9078665 |  |
| U.S. Treasury Notes |  | 41006647 |  |
| Affiliated Mutual Funds | 15090110 |  |  |
| Short-Term Investments | 2427485 |  |  |
| Total Investments | $17517595 | $107526587 | $— |
| Futures Contracts – Long\* | $13149 | $— | $— |
| Futures Contracts – Short\* | $23540 | $— | $— |
| **Total Return Fund** |  |  |  |
| Mortgage Backed Securities | $— | $124672251 | $— |
| Corporate Bonds & Notes |  | 65678290 |  |
| Asset Backed Securities |  | 19972368 |  |
| Municipal Bonds |  | 1315977 |  |
| U.S. Treasury Notes |  | 128533588 |  |
| Short-Term Investments | 75734077 | 21727483 |  |
| Total Investments | $75734077 | $361899957 | $— |
| Futures Contracts – Long\* | $116154 | $— | $— |
| Futures Contracts – Short\* | $459554 | $— | $— |
| **Sustainable Bond Fund** |  |  |  |
| Mortgage Backed Securities | $— | $99125231 | $— |
| Foreign Government Bonds |  | 89140845 |  |
| Corporate Bonds & Notes |  | 58132842 |  |
| Asset Backed Securities |  | 14327965 |  |
| Municipal Bonds |  | 9843371 |  |
| U.S. Treasury Notes |  | 20353384 |  |
| Short-Term Investments | 72466804 | 20063853 |  |
| Total Investments | $72466804 | $310987491 | $— |
| Futures Contracts – Long\* | $(52223) | $— | $— |
| Futures Contracts – Short\* | $305611 | $— | $— |
| **Maryland Bond Fund** |  |  |  |
| Municipal Bonds | $— | $156649611 | $— |
| Short-Term Investments | 3930494 |  |  |
| Total Investments | $3930494 | $156649611 | $— |
| **Tax-Exempt Bond Fund** |  |  |  |
| Municipal Bonds | $— | $670095905 | $— |
| Short-Term Investments | 1500769 |  |  |
| Total Investments | $1500769 | $670095905 | $— |
| **Tax-Exempt Sustainable Bond Fund** |  |  |  |
| Municipal Bonds | $— | $261546171 | $— |
| Short-Term Investments | 11135962 |  |  |
| Total Investments | $11135962 | $261546171 | $— |
| **Mortgage Securities Fund** |  |  |  |
| Mortgage Backed Securities | $— | $295984119 | $— |
| Asset Backed Securities |  | 20465207 |  |
| U.S. Treasury |  | 925000 |  |
| Municipal Bonds |  | 468463 |  |
| Short-Term Investments | 32811634 |  |  |
| Total Investments | $32811634 | $317842789 | $— |
| Futures Contracts – Long\* | $(6287) | $— | $— |
| Futures Contracts – Short\* | $65037 | $— | $— |

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| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| **WMC Strategic European Equity Fund** | | | |
| Common Stocks: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Austria | $— | $6931139 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 7260588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Czech Republic |  | 1560690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 1200024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;France |  | 24030349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 25851222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 2981200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 279955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 4626814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 1803356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 8420953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 7682692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 11835884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 62691605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  | 2645771 |  |
| Short-Term Investments | 6485797 |  |  |
| Total Investments | $6485797 | $169802242 | $— |
| **Emerging Markets Select Fund†** |  |  |  |
| Common Stocks: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | $— | $9060536 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;China | 23001900 | 164715188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 4455002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India |  | 58729637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 12105043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia |  | 3889537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 17271868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 5051594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 60232871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 62408799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 6593264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkey | 1836374 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 3804677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 3986121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 11295818 |  |  |
| Preferred Stocks |  | 8273069 |  |
| Short-Term Investments | 15335109 |  |  |
| Total Investments | $51469201 | $420577206 | $1848 |
| **Beutel Goodman Large-Cap Value Fund** |  |  |  |
| Common Stocks | $1423874080 | $— | $— |
| Short-Term Investments | 39556811 |  |  |
| Total Investments | $1463430891 | $— | $— |

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| | |
|:---|:---|
| ^ | Real Estate Investment Trusts. |
| \* | Amounts presented for Futures Contracts represent total unrealized appreciation (depreciation) as of the date of this report. |
| † | 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. |

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**** 

<br> **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.

**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.

**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.

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**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, 2022.

**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.

**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

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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 of this report, the Tax-Exempt Bond Fund and Tax-Exempt Sustainable Bond Fund engaged in TOB transactions and $202,936 and $46,270 of such expenses were incurred, respectively. As of the date of this report, none of the Funds had 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 and Tax-Exempt Sustainable Bond Fund during the period of this report was $17,482,087 and $3,685,039, respectively.

**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, Total Return Fund, Sustainable Bond Fund and Mortgage Securities Fund and quarterly for the Equity Income 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.

**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.

**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 (2019-2021) as of June 30, 2022 or are expected to be taken in the Funds' 2022 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.

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**K. Redemption Fees** – A shareholder who redeems or exchanges shares of the Funds within fourteen days of purchase will incur a redemption fee of 1.00% of the current net asset value of shares redeemed or exchanged, subject to certain exceptions. The fee is charged for the benefit of the remaining shareholders and will be paid to the Fund to help offset transaction costs. The fee is 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.

**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.

**M. New Accounting Pronouncements and SEC Regulations** – In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") and in January 2021, FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2021-01"), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 on the Funds' investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management has also been working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

In June 2022, the FASB issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sales Restrictions. The amendments in ASU 2022-03 clarify that a contractual restriction on a sale of an equity security is not considered a part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in ASU 2022-03 also require the following disclosures for equity securities subject to contractual sale restrictions: (i) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (ii) the nature and remaining duration of the restriction(s), and (iii) the circumstances that could cause a lapse in the restriction(s). The amendments in ASU 2022-03 are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years for public business entities (early adoption is also permitted). Management is currently evaluating the potential effect that this ASU amendment will have on the Funds' financial statements.

#### Note 3. Commitments and Other 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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **<u>Breakpoint</u>** | **<u>Annual Fee</u>** | **<u>Fund</u>** | **<u>Breakpoint</u>** | **<u>Annual Fee</u>** |
| Growth Equity and | First $1.5 billion | 0.60% | Flexible Equity | First $150 million | 0.50% |
| Sustainable Growth | $1.5 billion to $3 billion | 0.55% |  | $150 million to $250 million | 0.45% |
|  | $3 billion to $6 billion | 0.50% |  | $250 million to $1 billion | 0.40% |
|  | Over $6 billion | 0.45% |  | Over $1 billion | 0.38% |

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#### Notes to Financial Statements
December 31, 2022 (Unaudited)

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| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **<u>Annual Fee</u>** | **<u>Fund</u>** | **<u>Annual Fee</u>** |
| Equity Income | 0.60% | Sustainable Bond | 0.30% |
| Mid-Cap Growth | 0.65% | Maryland Bond | 0.30% |
| Small-Cap Growth | 0.85% | Tax-Exempt Bond | 0.30% |
| Small-Cap Fundamental Value | 0.85% | Tax-Exempt Sustainable Bond | 0.30% |
| Sustainable Small-Cap Core | 0.85% | Mortgage Securities Fund | 0.30% |
| Global Leaders<sup>1</sup> | 0.65% | WMC Strategic European Equity<sup>2</sup> | 0.90% |
| Sustainable International Leaders<sup>1</sup> | 0.75% | Emerging Markets Select<sup>2,3</sup> | 0.90% |
| Intermediate Income | 0.30% | Beutel Goodman Large-Cap Value<sup>4</sup> | 0.45% |
| Total Return | 0.30% |  |  |

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<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 and the Emerging Markets Select 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".

**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:

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| | | | |
|:---|:---|:---|:---|
| **<u>Fund(s):</u>** | **<u>Institutional Shares</u>** | **<u>Investor Shares</u>** | **<u>Advisor Shares</u>** |
| Growth Equity, Flexible Equity, Sustainable Growth and Mid-Cap Growth | 0.82% | 0.97% | 1.22% |
| Equity Income | 0.76% | 0.91% | 1.16% |
| Small-Cap Growth | 1.04% | 1.19% | 1.44% |
| Small-Cap Fundamental Value | 1.03% | 1.18% | 1.43% |
| Sustainable Small-Cap Core | 0.93% | 1.08% | 1.33% |
| Global Leaders | 0.87% | 1.02% | 1.27% |
| Sustainable International Leaders | 0.85% | 1.00% | 1.25% |
| Intermediate Income | 0.48% | 0.53% | 0.78% |
| Total Return and Sustainable Bond | 0.53% | 0.58% | 0.83% |
| Maryland Bond and Mortgage Securities | 0.55% | 0.60% | 0.85% |
| Tax-Exempt Bond and Tax-Exempt Sustainable Bond | 0.62% | 0.67% | 0.92% |
| WMC Strategic European Equity | 1.11% | 1.26% | 1.51% |
| Emerging Markets Select | 1.17% | 1.32% | 1.57% |
| Beutel Goodman Large-Cap Value | 0.70% | 0.85% | 1.10% |

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During the six months ended December 31, 2022, the Adviser waived $17,101 in expenses for Equity Income Fund, $4,184 in expenses for Mid-Cap Growth Fund, $54,163 in expenses for Sustainable Small-Cap Core Fund and $62,772 in expenses for Sustainable International Leaders 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2023** | **2024** | **2025** | **Total** |
| Equity Income Fund | $— | $20506 | $22413 | $42919 |
| Mid-Cap Growth Fund | 125645 | 53751 |  | 179396 |
| Sustainable Small-Cap Core Fund | N/A | N/A | 89225 | 89225 |
| Global Leaders Fund | 260299 | 84839 |  | 345138 |
| Sustainable International Leaders Fund | N/A | N/A | 59952 | 59952 |

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<br> **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, Total Return Fund, Sustainable Bond Fund, Maryland Bond Fund, Tax-Exempt Bond Fund, Tax-Exempt 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 invests a portion of its assets into the Mortgage Securities Fund. As of December 31, 2022, the Intermediate Income Fund owned shares of the Mortgage Securities Fund with a total value of $15,090,110, or 12.0% of the Intermediate Income Fund's net assets.

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). For the six months ended December 31, 2022 the Intermediate Income Fund waived $24,327 in Advisory Fees per the terms of the Agreement. This is a permanent waiver of fees and these waived fees may not be recouped by the Adviser at any time in the future.

See the table below for details of the Intermediate Income Fund's investment in the Mortgage Securities Fund Institutional Shares for the six months ended December 31, 2022:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Net** | **Change In** |  |  |  |  |
| **Beginning** |  |  | **Realized** | **Unrealized** | **Ending** |  |  | **Shares** |
| **Market Value** |  |  | **Gains** | **Appreciation** | **Market Value** | **Dividend** | **Capital Gain** | **Owned at** |
| **<u>06/30/2022</u>** | **<u>Purchases</u>** | **<u>Sales</u>** | <u>(Losses)</u> | <u>(Depreciation)</u> | **<u>12/31/2022</u>** | **<u>Income</u>** | **<u>Distributions</u>** | **<u>12/31/2022</u>** |
| $17238512 | $— | $(1319360) | $(178456) | $(650586) | $15090110 | $232084 | $— | 1654617 |

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<br> **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.

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**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, 2022, the WMC Strategic European Equity Fund engaged in securities purchases of $247,027. The WMC Strategic European Equity Fund engaged in such securities sales of $88,373, resulting in realized loss of $124,456. 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, during the six months ended December 31, 2022 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Fund** | **Purchases** | **Sales** |
| Growth Equity | $153830933 | $276326009 | Intermediate Income | $30896034 | $40958003 |
| Flexible Equity | 54423890 | 58533341 | Total Return | 383138876 | 390390649 |
| Equity Income | 1768800 | 8513231 | Sustainable Bond | 332990942 | 334821154 |
| Sustainable Growth | 678483912 | 279845779 | Maryland Bond | 51053963 | 52702881 |
| Mid-Cap Growth | 28296549 | 57564220 | Tax-Exempt Bond | 312465625 | 449421361 |
| Small-Cap Growth | 378649901 | 348500906 | Tax-Exempt Sustainable Bond | 175995544 | 229782560 |
| Small-Cap Fundamental Value | 160547009 | 270173174 | Mortgage Securities | 362629500 | 363485422 |
| Sustainable Small-Cap Core | 13126548 | 14293994 | WMC Strategic European Equity | 59406628 | 138022403 |
| Global Leaders | 110081014 | 127031419 | Emerging Markets Select | 191246773 | 214529344 |
| Sustainable International Leaders | 9564520 | 1062151 | Beutel Goodman Large-Cap Value | 278433677 | 180475289 |

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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 during the six months ended December 31, 2022 as follows:

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|:---|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Fund** | **Purchases** | **Sales** |
| Intermediate Income | $15590923 | $15585089 | Sustainable Bond | $9114011 | $11096427 |
| Total Return | 22771895 | 12372086 | Mortgage Securities | 13135512 | 12125155 |

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#### Notes to Financial Statements
December 31, 2022 (Unaudited)

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#### 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, 2022 is estimated):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Tax-Exempt Income** | **Tax-Exempt Income** | **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain^** | **Long-Term Capital Gain^** |
|  | **December 31,** | **June 30,** | **December 31,** | **June 30,** | **December 31,** | **June 30,** |
| **Fund** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| Growth Equity | $— | $— | $— | $1757252 | $154276859 | $418137727 |
| Flexible Equity |  |  | 1834982 | 4916461 | 20267064 | 22220388 |
| Equity Income |  |  | 595052 | 1607286 | 5881252 | 7564213 |
| Sustainable Growth |  |  | 10470 | 21264932 |  | 110478765 |
| MidCap Growth |  |  |  | 7954927 | 6173357 | 8549551 |
| Small-Cap Growth |  |  |  | 12395676 | 151387604 | 259770985 |
| Small-Cap Fundamental Value |  |  | 4527234 | 3250435 | 63667844 | 4127381 |
| Sustainable Small-Cap Core |  |  |  |  | 615 |  |
| Global Leaders |  |  | 7386737 | 12129396 |  | 3919199 |
| Sustainable International Leaders |  |  | 38904 |  |  |  |
| Intermediate Income |  |  | 1506342 | 2233923 |  | 1253851 |
| Total Return |  |  | 4352986 | 11498527 |  | 3950115 |
| Sustainable Bond |  |  | 3669065 | 5056872 |  | 3138927 |
| Maryland Bond | 2184978 | 4002989 | 52144 | 11874 |  |  |
| Tax-Exempt Bond | 11354469 | 28844025 | 745307 | 786796 |  | 5372478 |
| Tax-Exempt Sustainable Bond | 3096827 | 3218015 | 260315 | 1351822 |  | 908647 |
| Mortgage Securities |  |  | 4577358 | 4751700 |  |  |
| WMC Strategic European Equity |  |  | 3633258 | 13640249 | 1383185 | 29108376 |
| Emerging Markets Select |  |  | 6117692 | 3800392 |  |  |
| Beutel Goodman Large-Cap Value |  |  | 30846725 | 58920702 | 21249086 | 41288190 |

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| | |
|:---|:---|
| ^ | 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. |

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At June 30, 2022, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth** | **Flexible** | **Equity** | **Sustainable** | **Mid-Cap** | **Small-Cap** |
|  | **Equity** | **Equity** | **Income** | **Growth** | **Growth** | **Growth** |
|  | **Fund** | **Fund** | **Fund** | **Fund** | **Fund** | **Fund** |
| Cost of investments | $1675406747 | $328252621 | $44783289 | $4568536359 | $125788420 | $1826790119 |
| Unrealized appreciation | 977557881 | 301115499 | 32819650 | 1328476875 | 17741031 | 322004249 |
| Unrealized depreciation | (336186646) | (27663712) | (957266) | (512951973) | (24483754) | (267848163) |
| Net unrealized app (dep) | 641371235 | 273451787 | 31862384 | 815524902 | (6742723) | 54156086 |
| Undistributed income |  | 1197435 |  |  |  |  |
| Undistributed capital gains | 154276176 | 16854611 | 4517505 |  | 6173333 | 151387546 |
| Total undistributed earnings | 154276176 | 18052046 | 4517505 |  | 6173333 | 151387546 |
| Other accumulated gains (losses) |  |  |  | (46338194) | (5904314) | (12069376) |
| Total distributable earnings (losses) | $795647411 | $291503833 | $36379889 | $769186708 | $(6473704) | $193474256 |

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#### Notes to Financial Statements
December 31, 2022 (Unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small-Cap** | **Sustainable** | **Global** | **Sustainable** | **Intermediate** | **Total** |
|  | **Fundamental** | **Small-Cap** | **Leaders** | **International** | **Income** | **Return** |
|  | **Value Fund** | **Core Fund** | **Fund** | **Leaders Fund** | **Fund** | **Fund** |
| Cost of investments | $934819991 | $43817117 | $997089688 | $77836149 | $154034332 | $446839746 |
| Unrealized appreciation | 290163305 | 602947 | 208708532 | 42168 | 66100 | 3334304 |
| Unrealized depreciation | (92039949) | (9107548 | (88566902 | (908247 | (9174894) | (19924322) |
| Net unrealized app (dep) | 198123356 | (8504601 | 120141630 | (866079 | (9108794) | (16590018) |
| Undistributed income | 1436875 |  | 509244 | 38896 | 156675 | 493521 |
| Undistributed capital gains | 22571864 | 607 |  |  |  |  |
| Total undistributed earnings | 24008739 | 607 | 509244 | 38896 | 156675 | 493521 |
| Other accumulated gains (losses) |  | (10894 | (18688572 | (48462 | (2583623) | (28760119) |
| Total distributable earnings (losses) | $222132095 | $(8514888 | $101962302 | $(875645 | $(11535742) | $(44856616) |
|  | **Sustainable** | **Maryland** | **Tax-Exempt** | **Tax-Exempt** | **Mortgage** | **WMC Strategic** |
|  | **Bond** | **Bond** | **Bond** | **Sustainable** | **Securities** | **European** |
|  | **Fund** | **Fund** | **Fund** | **Bond Fund** | **Fund** | **Equity Fund** |
| Cost of investments | $344969168 | $176490565 | $899026218 | $343223528 | $361930463 | $255847255 |
| Unrealized appreciation | 506939 | 61413 | 830710 | 180422 | 8060208 | 35508971 |
| Unrealized depreciation | (19483735) | (11787045 | (65485712 | (20037462 | (16380219) | (37741809) |
| Net unrealized app (dep) | (18976796) | (11725632 | (64655002 | (19857040 | (8320011) | (2232838) |
| Undistributed income  | 386890  | 249303  | 1605525 | 382367 | 552370  | 3633182 |
| Undistributed capital gains |  |  |  |  |  | 1383176 |
| Total undistributed earnings | 386890 | 249303 | 1605525 | 382367 | 552370 | 5016358 |
| Other accumulated gains (losses) | (13475346) | (2226687 | (27788243 | (1513500 | (16974870) | (89527) |
| Total distributable earnings (losses) | $(32065252) | $(13703016 | $(90837720 | $(20988173 | $(24742511) | $2693993 |
|  | **Emerging** | **Beutel Goodman** |  |  |  |  |
|  | **Markets** | **Large-Cap** |  |  |  |  |
|  | **Select Fund** | **Value Fund** |  |  |  |  |
| Cost of investments | $519455198 | $1247142915 |  |  |  |  |
| Unrealized appreciation | 61581049 | 116876942 |  |  |  |  |
| Unrealized depreciation | (74257287) | (135086103 |  |  |  |  |
| Net unrealized app (dep) | (12676238) | (18209161 |  |  |  |  |
| Undistributed income | 4288596 | 17790586 |  |  |  |  |
| Undistributed capital gains |  | 15444813 |  |  |  |  |
| Total undistributed earnings | 4288596 | 33235399 |  |  |  |  |
| Other accumulated gains (losses) | (34210861) |  |  |  |  |  |
| Total distributable earnings (losses) | $(42598503) | $15026238 |  |  |  |  |

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^ Represents income that is exempt from federal income taxes.

At June 30, 2022 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, Total Return Fund, Sustainable Bond Fund, and Mortgage Securities Fund invested in futures contracts during the six months ended December 31, 2022. 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

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#### Notes to Financial Statements
December 31, 2022 (Unaudited)

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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 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, 2022, investments in futures contracts were as follows:

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| | | | |
|:---|:---|:---|:---|
|  |  | **Average Notional Value Outstanding** | **Average Notional Value Outstanding** |
| **<u>Fund</u>** | **<u>Risk Type</u>** | **<u>Long Futures Contracts</u>** | **<u>Short Futures Contracts</u>** |
| Intermediate Income | Interest Rate | $14999446 | $(11179626) |
| Total Return | Interest Rate & Currency | 87723872 | (29767480) |
| Sustainable Bond | Interest Rate & Currency | 59301208 | (39006597) |
| Mortgage Securities | Interest Rate | 18747586 | (25123597) |

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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, 2022, Brown Advisory Funds has a secured line of credit of up to $100,000,000 with U.S. Bank, N.A. The interest rate on the line of credit as of the date of this report was 7.50% (prime rate). The following table shows the details of the Funds' borrowing activity during the six months ended December 31, 2022. Funds that are not listed did not utilize the line of credit during the period.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maximum** | | | |
|  | **Outstanding** | **Average** | **Total Interest** | **Average Annual** |
| **<u>Fund</u>** | **Balance** | **Daily Balance** | **Expense Incurred** | **Interest Rate** |
| Mid-Cap Growth | $3210000 | $17446 | $557 | 6.25% |
| WMC Strategic European Equity | 9673000 | 164234 | 5246 | 6.25% |
| Emerging Markets Select | 150000 | 815 | 26 | 6.25% |

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#### Notes to Financial Statements
December 31, 2022 (Unaudited)

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#### Note 8. Market Disruptions
The global outbreak of COVID-19 (commonly referred to as "coronavirus") has significantly disrupted economic markets. The ultimate short-term and long-term impact on economies, markets, industries, and individual issuers in which the Funds invest is unknown. The financial performance of the issuers of securities in which the Funds invest depends on future developments including the duration and spread of the outbreak. This uncertainty may adversely affect the value and liquidity of the Funds' investments.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

#### Note 9. 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, 2022 that would require recognition or disclosure in these financial statements.

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#### Expense Example For the Six Months Ended December 31, 2022 (Unaudited)

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As a shareholder of a Fund you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including investment advisory fees; distribution and/or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (July 1, 2022 – December 31, 2022).

#### Actual Expenses
The Actual Expenses columns in the following table provides information about actual account values based on actual returns and actual expenses. As a shareholder you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds' transfer agent. If you request that a redemption be made by wire transfer, currently, the Funds' transfer agent charges a $15.00 fee. You will be charged a redemption fee equal to 1.00% of the net amount of the redemption if you redeem your shares less than 14 days after you purchase, with certain limited exceptions. Individual Retirement Accounts ("IRA") that are held directly at the Funds will be charged a $15.00 annual maintenance fee. IRAs held by broker-dealers or through other means, may or may not incur an annual maintenance fee. Yet, if IRAs maintenance fees are charged to accounts held elsewhere, the fees charged may be more or may be less than $15.00. To the extent the Funds invest in shares of other investment companies as part of their investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Funds invest in addition to the expenses of the Funds. Actual expenses of the underlying funds may vary. These expenses are not included in the example below. The example below includes, but is not limited to, investment advisory, shareholder servicing, fund accounting, custody and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6). Then, multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The Hypothetical Expenses columns in the following table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the hypothetical information in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses** | **Hypothetical Expenses** |  |
|  | **Beginning** | **Ending** | **Expenses** | **Ending** | **Expenses** | **Annualized** |
|  | **Account Value** | **Account Value** | **Paid During** | **Account Value** | **Paid During** | **Net Expense** |
|  | **<u>July 1, 2022</u>** | **<u>December 31, 2022</u>** | **<u>the Period\*</u>** | **<u>December 31, 2022</u>** | **<u>the Period\*</u>** | **<u>Ratio\*</u>** |
| **Growth Equity Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $973.80 | $3.38 | $1021.78 | $3.47 | 0.68% |
| Investor Shares | $1000.00 | $973.30 | $4.13 | $1021.02 | $4.23 | 0.83% |
| Advisor Shares | $1000.00 | $972.40 | $5.37 | $1019.76 | $5.50 | 1.08% |
| **Flexible Equity Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $1010.60 | $2.74 | $1022.48 | $2.75 | 0.54% |
| Investor Shares | $1000.00 | $1009.90 | $3.50 | $1021.73 | $3.52 | 0.69% |
| Advisor Shares | $1000.00 | $1008.40 | $4.76 | $1020.47 | $4.79 | 0.94% |
| **Equity Income Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $1047.40 | $3.92 | $1021.37 | $3.87 | 0.76% |
| Investor Shares | $1000.00 | $1047.40 | $4.70 | $1020.62 | $4.63 | 0.91% |
| Advisor Shares | $1000.00 | $1046.00 | $5.98 | $1019.36 | $5.90 | 1.16% |

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#### Expense Example For the Six Months Ended December 31, 2022 (Unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses** | **Hypothetical Expenses** |  |
|  | **Beginning** | **Ending** | **Expenses** | **Ending** | **Expenses** | **Annualized** |
|  | **Account Value** | **Account Value** | **Paid During** | **Account Value** | **Paid During** | **Net Expense** |
|  | **<u>July 1, 2022</u>** | **<u>December 31, 2022</u>** | **<u>the Period\*</u>** | **<u>December 31, 2022</u>** | **<u>the Period\*</u>** | **<u>Ratio\*</u>** |
| **Sustainable Growth Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $976.60 | $3.19 | $1021.98 | $3.26 | 0.64% |
| Investor Shares | $1000.00 | $975.60 | $3.93 | $1021.22 | $4.02 | 0.79% |
| Advisor Shares | $1000.00 | $974.60 | $5.18 | $1019.96 | $5.30 | 1.04% |
| **Mid-Cap Growth Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $1030.80 | $4.20 | $1021.07 | $4.18 | 0.82% |
| Investor Shares | $1000.00 | $1031.00 | $4.97 | $1020.32 | $4.94 | 0.97% |
| **Small-Cap Growth Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $1039.40 | $4.93 | $1020.37 | $4.89 | 0.96% |
| Investor Shares | $1000.00 | $1038.50 | $5.70 | $1019.61 | $5.65 | 1.11% |
| Advisor Shares | $1000.00 | $1037.90 | $6.99 | $1018.35 | $6.92 | 1.36% |
| **Small-Cap Fundamental Value Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $1096.20 | $5.02 | $1020.42 | $4.84 | 0.95% |
| Investor Shares | $1000.00 | $1095.50 | $5.81 | $1019.66 | $5.60 | 1.10% |
| Advisor Shares | $1000.00 | $1094.20 | $7.13 | $1018.40 | $6.87 | 1.35% |
| **Sustainable Small-Cap Core Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $1056.80 | $4.82 | $1020.52 | $4.74 | 0.93% |
| Investor Shares | $1000.00 | $1055.60 | $5.60 | $1019.76 | $5.50 | 1.08% |
| **Global Leaders Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $1038.40 | $3.90 | $1021.37 | $3.87 | 0.76% |
| Investor Shares | $1000.00 | $1037.20 | $4.67 | $1020.62 | $4.63 | 0.91% |
| **Sustainable International Leaders Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $1081.00 | $4.46 | $1020.92 | $4.33 | 0.85% |
| Investor Shares | $1000.00 | $1079.90 | $5.24 | $1020.16 | $5.09 | 1.00% |
| **Intermediate Income Fund** |  |  |  |  |  |  |
| Investor Shares | $1000.00 | $974.10 | $2.39 | $1022.79 | $2.45 | 0.48% |
| Advisor Shares | $1000.00 | $972.20 | $3.63 | $1021.53 | $3.72 | 0.73% |
| **Total Return Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $964.00 | $2.08 | $1023.09 | $2.14 | 0.42% |
| Investor Shares | $1000.00 | $964.80 | $2.33 | $1022.84 | $2.40 | 0.47% |
| **Sustainable Bond Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $960.90 | $2.17 | $1022.99 | $2.24 | 0.44% |
| Investor Shares | $1000.00 | $960.70 | $2.42 | $1022.74 | $2.50 | 0.49% |
| **Maryland Bond Fund** |  |  |  |  |  |  |
| Investor Shares | $1000.00 | $1006.20 | $2.48 | $1022.74 | $2.50 | 0.49% |
| **Tax-Exempt Bond Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $1003.20 | $2.32 | $1022.89 | $2.35 | 0.46% |
| Investor Shares | $1000.00 | $1002.90 | $2.57 | $1022.63 | $2.60 | 0.51% |
| **Tax-Exempt Sustainable Bond Fund** |  |  |  |  |  |  |
| Investor Shares | $1000.00 | $1004.30 | $2.58 | $1022.63 | $2.60 | 0.51% |
| **Mortgage Securities Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $965.10 | $2.23 | $1022.94 | $2.29 | 0.45% |
| Investor Shares | $1000.00 | $963.90 | $2.48 | $1022.68 | $2.55 | 0.50% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses** | **Hypothetical Expenses** |  |
|  | **Beginning** | **Ending** | **Expenses** | **Ending** | **Expenses** | **Annualized** |
|  | **Account Value** | **Account Value** | **Paid During** | **Account Value** | **Paid During** | **Net Expense** |
|  | **<u>July 1, 2022</u>** | **<u>December 31, 2022</u>** | **<u>the Period\*</u>** | **<u>December 31, 2022</u>** | **<u>the Period\*</u>** | **<u>Ratio\*</u>** |
| **WMC Strategic European Equity Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $1045.80 | $5.62 | $1019.71 | $5.55 | 1.09% |
| Investor Shares | $1000.00 | $1045.40 | $6.39 | $1018.95 | $6.31 | 1.24% |
| Advisor Shares | $1000.00 | $1043.40 | $7.67 | $1017.69 | $7.58 | 1.49% |
| **Emerging Markets Select Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $991.80 | $5.62 | $1019.56 | $5.70 | 1.12% |
| Investor Shares | $1000.00 | $990.20 | $6.37 | $1018.80 | $6.46 | 1.27% |
| Advisor Shares | $1000.00 | $989.10 | $7.62 | $1017.54 | $7.73 | 1.52% |
| **Beutel Goodman Large-Cap Value Fund** |  |  |  |  |  |  |
| Institutional Shares | $1000.00 | $1106.60 | $2.92 | $1022.43 | $2.80 | 0.55% |
| Investor Shares | $1000.00 | $1107.00 | $3.72 | $1021.68 | $3.57 | 0.70% |

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\* The calculations are based on expenses incurred during the most recent six-month period ended as of the date of this report. The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period divided by the number of days in the Funds' fiscal year (365).

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**Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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In accordance with the Investment Company Act of 1940 Act, 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 Sustainable International Leaders Fund, which had only recently commenced operations) and each of the Sub-Advisory Agreements (other than for the Sustainable International Leaders 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-Beutel Goodman Large-Cap Value Fund; and (4) 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 13, 2022. 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, 2023.

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 1940 Act (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. 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

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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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, 2022, 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 primary benchmark index and its peers, as follows:

1. Equity Income Fund

The Board first reviewed information and materials regarding the performance results for the Equity Income Fund, noting that the Institutional Shares of the Fund had underperformed its primary benchmark index, the S&P 500 Index, for the three-, five- and ten-year periods ended June 30, 2022, but outperformed its primary benchmark index for the one-year period ended June 30, 2022. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the three- and ten-year periods ended June 30, 2022, but had outperformed its peer group median for the one-year period ended June 30, 2022 and had performed in line with the peer group median for the five-year period. The members of the Board also considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

2. Flexible Equity Fund

The Board next reviewed information and materials regarding the performance results for the Flexible Equity Fund, noting that the Institutional Shares of the Fund had outperformed its primary benchmark index, the S&P 500 Index, for the five- and ten-year periods ended June 30, 2022, but underperformed its primary benchmark index for the one- and three-year periods ended June 30, 2022. 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, 2022.

3. Growth Equity Fund

The Board then reviewed information and materials regarding the performance results for the Growth Equity Fund, noting that the Institutional Shares of the Fund had underperformed its primary benchmark index, the Russell 1000 Growth Index, for the one-, three-, five- and ten-year periods ended June 30, 2022. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the one-, three- and ten-year periods ended June 30, 2022, but had outperformed its peer group median for the five-year period ended June 30, 2022. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

4. Small-Cap Fundamental Value Fund

The Board next reviewed information and materials regarding the performance results for the Small-Cap Fundamental Value Fund, noting that the Institutional Shares of the Fund had underperformed its primary benchmark index, the Russell 2000 Value Index, for the three- and five-year periods ended June 30, 2022, but outperformed its primary benchmark index for the one- and ten-year periods ended June 30, 2022. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the three-, five- and ten-year periods ended June 30, 2022, but outperformed its peer group median for the one-year period ended June 30, 2022. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

5. Small-Cap Growth Fund

The Board then 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 primary benchmark index, the Russell 2000 Growth Index, for the one-, three-, five- and ten-year periods ended June 30, 2022. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three- and ten-year periods ended June 30, 2022, but had underperformed its peer group median for the five-year period ended June 30, 2022.

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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6. Sustainable Growth Fund

The Board next reviewed information and materials regarding the performance results for the Sustainable Growth Fund, noting that the Institutional Shares of the Fund had outperformed its primary benchmark index, the Russell 1000 Growth Index, for the five- and ten-year periods ended June 30, 2022, but had underperformed its primary benchmark index for the one- and three-year periods ended June 30, 2022. 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, 2022.

7. Intermediate Income Fund

The Board then reviewed information and materials regarding the performance results for the Intermediate Income Fund, noting that the Investor Shares of the Fund had outperformed its primary benchmark index, the Bloomberg Intermediate US Aggregate Bond Index, for the one-, three- and five-year periods ended June 30, 2022, but had underperformed its primary benchmark index for the ten-year period ended June 30, 2022. The Board noted that the Investor Shares of the Fund had underperformed its peer group median for the one-, three- and five-year periods ended June 30, 2022, but had outperformed its peer group median for the ten-year period ended June 30, 2022. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

8. Maryland Bond Fund

The Board next reviewed information and materials regarding the performance results for the Maryland Bond Fund, noting that the Investor Shares of the Fund had underperformed its primary benchmark index, the Bloomberg 1-10 Year Blended Municipal Bond Index, for the one-, three-, five- and ten-year periods ended June 30, 2022. The Board noted that the Investor Shares of the Fund had underperformed its peer group median for the one-, three- and ten-year periods ended June 30, 2022, but had outperformed its peer group median for the five-year period ended June 30, 2022. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

9. 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 primary benchmark index, the Bloomberg 1-10 Year Blended Municipal Bond Index, for the five- and ten-year periods ended June 30, 2022, but had underperformed its primary benchmark index for the one- and three-year periods ended June 30, 2022. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the three- and five-year periods ended June 30, 2022, but had underperformed its peer group median for the one-year period ended June 30, 2022 and had performed in line with the peer group median for the ten-year period ended June 30, 2022.

10. 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 primary benchmark index, the FTSE Emerging Index, for the one- and three-year periods ended June 30, 2022, but had underperformed its primary benchmark index for the five-year period ended June 30, 2022. 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, 2022, but underperformed its peer group median for the five-year period ended June 30, 2022. 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 two new Sub-Advisers and the Fund became subject to new principal investment strategies at that time.

11. 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 primary benchmark index, the MSCI Europe Index, for the one-, three- and five-year periods ended June 30, 2022. 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, 2022.

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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12. 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 primary benchmark index, the Bloomberg Mortgage Backed Securities Index, for the one-, three- and five-year periods ended June 30, 2022. 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, 2022.

13. Total Return Fund

The Board next reviewed information and materials regarding the performance results for the Total Return Fund, noting that the Institutional Shares of the Fund had outperformed its primary benchmark index, the Bloomberg US Aggregate Bond Index, for the one-, three- and five-year periods ended June 30, 2022. 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, 2022.

14. Global Leaders Fund

The Board then reviewed information and materials regarding the performance results for the Global Leaders Fund, noting that the Institutional Shares of the Fund had outperformed its primary benchmark index, the FTSE All-World Index, for the three- and five-year periods ended June 30, 2022, but had underperformed its benchmark index for the one-year period ended June 30, 2022. 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, 2022.

15. Mid-Cap Growth Fund

The Board next 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 primary benchmark index, the Russell Midcap Growth Index, for the one- and three-year periods ended June 30, 2022. 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, 2022. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

16. Sustainable Bond Fund

The Board then reviewed information and materials regarding the performance results for the Sustainable Bond Fund, noting that the Institutional Shares of the Fund had outperformed its primary benchmark index, the Bloomberg US Aggregate Bond Index, for the one- and three-year periods ended June 30, 2022. 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, 2022.

17. Beutel Goodman Large-Cap Value Fund

The Board next 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 outperformed its primary benchmark index, the Russell 1000 Value Index, for the three-year period ended June 30, 2022, but had underperformed its primary benchmark index for the one-year period ended June 30, 2022. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the three-year period ended June 30, 2022, but had underperformed its peer group median for the one-year period ended June 30, 2022.

18. Tax-Exempt Sustainable Bond Fund

The Board then 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 primary benchmark index, the Bloomberg 1-10 Year Blended Municipal Bond Index, for the one-year period ended June 30, 2022. The Board noted that the Investor Shares of the Fund had underperformed its peer group median for the one-year period ended June 30, 2022. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser. The Board also noted that, because the Fund commenced operations in December 2019, the Fund has a relatively short performance history.

19. 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 underperformed its primary benchmark index, the Russell 2000 Index, for the

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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year-to-date period ended June 30, 2022. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the year-to-date period ended June 30, 2022. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser. The Board also noted that, because the Fund commenced operations in September 2021, 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 Funds as compared to the advisory fees and overall expenses of other mutual funds in each Fund's peer group, as well as profitability information with respect to Brown Advisory's management and operation of the Funds. 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, 2023, subject to recoupment by the Adviser of certain amounts under specified circumstances.

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. Equity Income Fund

The Board first reviewed expense information and materials for the Equity Income Fund, noting that the Investment Advisory Agreement provided for a 0.60% 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 0.76%, which was lower than the median net expense ratio of its peer funds.

2. Flexible Equity Fund

The Board next 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 0.43% 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 0.53%, 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.

3. Growth Equity Fund

The Board then 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 0.57% 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 0.66%, which was lower than the median net expense ratio of its peer funds. The Board took into account that the

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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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.

4. 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.

5. 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 lower than the median net expense ratio of its peer funds.

6. Sustainable Growth Fund

The Board next 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 0.53% 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 0.63%, 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.

7. Intermediate Income Fund

The Board then 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 0.46%, which was lower than the median net expense ratio of its peer funds.

8. Maryland Bond Fund

The Board next 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 0.47%, which was lower than the median net expense ratio of its peer funds.

9. 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.

10. Emerging Markets Select Fund

The Board next 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 below 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.

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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11. 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 the median of 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.

12. 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 0.44%, which was lower than the median net expense ratio of its peer funds.

13. Total Return Fund

The Board next reviewed expense information and materials for the Total Return 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 0.42%, which was lower than the median net expense ratio of its peer funds.

14. Global Leaders Fund

The Board then 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.

15. 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 0.79%, which was lower than the median net expense ratio of its peer funds.

16. 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 0.44%, which was lower than the median net expense ratio of its peer funds.

17. 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 0.55%, which was lower than the median net expense ratio of its peer funds.

18. Tax-Exempt Sustainable Bond Fund

The Board then 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 0.49%, which was lower than the median net expense ratio of its peer funds.

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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19. Sustainable Small-Cap Core Fund

The Board next 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 Institutional Shares was 0.93%, 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 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 at a prior meeting 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.

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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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 recent regulatory developments relating to the Securities and Exchange Commission's ongoing monitoring and oversight of various types of investment strategies and practices relating to ESG-related and sustainable-related investment practices, including with respect to marketing and disclosure in connection with such investment strategies and practices, and the Trustees considered the 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 13, 2022.

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.

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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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 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, 2023. 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 they 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

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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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.

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 13, 2022 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.

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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**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, 2023. 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 they 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-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 13, 2022.

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.

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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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.

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, 2023. 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 they 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.

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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**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. 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.

5. 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 13, 2022 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 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 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

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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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.

**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, 2023. 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 they 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.

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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<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 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, 2023. 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 they 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.

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www.brownadvisory.com/mf

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**

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Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Applicable Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Applicable Sub-Advised Funds (Unaudited)**

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**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.

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.

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www.brownadvisory.com/mf

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#### <br> Information About Proxy Voting (Unaudited)

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A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free at (800) 540-6807 and by accessing the Funds' website at <u>www.brownadvisory.com/mf/how-to-invest</u> (refer to Appendix B in the Statement of Additional Information). Furthermore, you can obtain the description on the SEC's website at <u>www.sec.gov</u>.

Information regarding how the Funds voted proxies relating to portfolio securities during the year ended June 30 is available without charge, by calling toll-free at (800) 540-6807. In addition, you can obtain the Funds' proxy voting records on the SEC's website at <u>www.sec.gov</u>.

#### Information About the Portfolio Holdings (Unaudited)

------

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the SEC on Form N-PORT. The Funds' Form N-PORT is available without charge, upon request, by calling toll-free at (800) 540-6807. Furthermore, you can obtain the Form N-PORT on the SEC's website at <u>www.sec.gov</u>. The Funds' schedules of portfolio holdings are posted on their website at <u>www.brownadvisory.com/mf/how-to-invest</u> within ten business days after calendar quarter end.

#### Householding (Unaudited)

------

In an effort to decrease costs, the Funds will reduce the number of duplicate Prospectuses and annual and semi-annual reports that you receive by sending only one copy of each to those addresses shown by two or more accounts. Please call the Transfer Agent toll free at (800) 540-6807 to request individual copies of these documents. The Funds will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.

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www.brownadvisory.com/mf

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#### BROWN ADVISORY FUNDS
At Brown Advisory, we believe that you deserve frank and open communication on all aspects of our relationship. In this spirit, we provide this annual summary of our policies relating to confidentiality and privacy of client information, mutual funds, conflicts of interest, trading commissions, proxy voting and Form ADV annual notice.

#### CONFIDENTIALITY AND PRIVACY POLICY
Brown Advisory takes the confidentiality of your personal information and the privacy of your account very seriously. Our commitment to safeguard your personal information goes beyond our legal obligation to process your transactions accurately and securely. Whether we serve you online, in person, on the telephone or by mail, the principles that guide the way in which we conduct business are built upon the core values of trust and integrity.

We limit access to your personal information to only those employees with a business reason to know such information. We train and consistently remind all employees to respect client privacy and to recognize the importance of the confidentiality of such information. Those who violate our privacy policy are subject to disciplinary action. This commitment also applies to the sharing of information among Brown Advisory and its affiliates.

We maintain physical, electronic and procedural safeguards that comply with applicable laws and regulations to protect your personal information, including various measures to protect your personal information while it is stored electronically.

Federal law requires us to inform you that we have on record personal information about you and that we obtain such information from you directly (e.g., information you provide to us on account applications and other forms, such as your name, address, social security number, occupation, assets and income) and indirectly (e.g., information on our computer systems about your transactions with us, such as your account balance and account holdings). Any personal information you choose to provide is kept confidential and allows us to: (i) provide better and more complete investment and strategic advice; (ii) develop new services that meet additional needs you may have; and, (iii) comply with legal and regulatory requirements.

In addition, in the normal conduct of our business, it may become necessary for us to share information relating to our clients that we have on record, as described above, with companies not affiliated with us who are under contract to perform services on our behalf. For example, we have contracted with companies to assist us in complying with anti-terrorist and anti-money laundering statutory requirements (including the identification and reporting of activities that may involve terrorist acts or money laundering activities), companies that provide clearing services, and other vendors that provide services directly related to your account relationship with us. Our agreements with these companies require that they keep your information confidential and not use such information for any unrelated purpose.

We do not sell information about you to third parties, and we do not otherwise disclose information to third parties without your permission or unless required by law.

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www.brownadvisory.com/mf

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(This Page Intentionally Left Blank.)

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![](brown_advisory-logo.jpg)

#### INVESTMENT ADVISER
Brown Advisory LLC

901 South Bond Street, Suite 400

Baltimore, MD 21231

www.brownadvisory.com

#### DISTRIBUTOR
ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

#### CUSTODIAN
U.S. Bank, N.A.

Custody Operations

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

#### TRANSFER AGENT
U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201-0701

(800) 540-6807

#### INDEPENDENT REGISTERED PUBLIC <br> ACCOUNTING FIRM
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

#### LEGAL COUNSEL
Dechert LLP

1900 K Street, NW

Washington, DC 20006

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Institutional Shares</u>** | **<u>Institutional Shares</u>** | **<u>Investor Shares</u>** | **<u>Investor Shares</u>** | **<u>Advisor Shares</u>** | **<u>Advisor Shares</u>** |
|  | **<u>Symbol</u>** | **<u>CUSIP</u>** | **<u>Symbol</u>** | **<u>CUSIP</u>** | **<u>Symbol</u>** | **<u>CUSIP</u>** |
| Growth Equity Fund | BAFGX | 115233702 | BIAGX | 115233504 | BAGAX | 115233603 |
| Flexible Equity Fund | BAFFX | 115233843 | BIAFX | 115233868 | BAFAX | 115233850 |
| Equity Income Fund | BAFDX | 115233660 | BIADX | 115233686 | BADAX | 115233678 |
| Sustainable Growth Fund | BAFWX | 115233207 | BIAWX | 115233306 | BAWAX | 115233405 |
| Mid-Cap Growth Fund | BAFMX | 115233413 | BMIDX | 115233439 |  |  |
| Small-Cap Growth Fund | BAFSX | 115233819 | BIASX | 115233835 | BASAX | 115233827 |
| Small-Cap Fundamental Value Fund | BAUUX | 115233777 | BIAUX | 115233793 | BAUAX | 115233785 |
| Sustainable Small-Cap Core Fund | BAFYX | 115233298 | BIAYX | 115233280 |  | —- |
| Global Leaders Fund | BAFLX | 115233355 | BIALX | 115233462 |  |  |
| Sustainable International Leaders Fund | BAILX | 115233272 | BISLX | 115233264 |  |  |
| Intermediate Income Fund |  |  | BIAIX | 115233744 | BAIAX | 115233736 |
| Total Return Fund | BAFTX | 115233538 | BIATX | 115233520 |  |  |
| Sustainable Bond Fund | BAISX | 115233389 | BASBX | 115233447 |  |  |
| Maryland Bond Fund |  |  | BIAMX | 115233751 |  |  |
| Tax-Exempt Bond Fund | BTEIX | 115233371 | BIAEX | 115233108 |  |  |
| Tax-Exempt Sustainable Bond Fund |  |  | BITEX | 115233348 |  |  |
| Mortgage Securities Fund | BAFZX | 115233546 | BIAZX | 115233587 |  |  |
| WMC Strategic European Equity Fund | BAFHX | 115233629 | BIAHX | 115233611 | BAHAX | 115233595 |
| Emerging Markets Select Fund | BAFQX | 115233652 | BIAQX | 115233645 | BAQAX | 115233637 |
| Beutel Goodman Large-Cap Value Fund | BVALX | 115233421 | BIAVX | 115233314 |  |  |

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This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds' risks, objectives, fees and expenses, experience of their management, and other information.

BX-SEMIANNUAL

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#### Item 1. Reports to Stockholders (Continued).

#### <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 2. Code of Ethics.

Not applicable for semi-annual reports.

#### Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

#### Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

#### Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

#### Item 6. Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

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

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

#### Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

#### Item 11. Controls and Procedures.

&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.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *Not applicable* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *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-ex99cert302.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *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 to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](baf-ex99cert906.htm)

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#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) <u>Brown Advisory Funds</u> 

By (Signature and Title)\* <u>/s/</u><u>Paul J. Chew</u>

Paul J. Chew, Principal Executive Officer

Date <u>March 6, 2023</u><br>

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)\* <u>/s/Paul J. Chew</u>

Paul J. Chew, Principal Executive Officer

Date <u>March 6, 2023</u>

By (Signature and Title)\* <u>/s/</u><u>Jason T. Meix</u>

Jason T. Meix, Principal Financial Officer

Date <u>March 6, 2023</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

#### CERTIFICATIONS

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.

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| | |
|:---|:---|
| Date: <u>March 6, 2023</u><br>| <u>/s/Paul J. Chew</u><br> Paul J. Chew<br> Principal Executive Officer |

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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.

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| | |
|:---|:---|
| Date: <u>March 6, 2023</u><br>| <u>/s/Jason T. Meix</u><br>Jason T. Meix<br> Principal Financial Officer |

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## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

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, 2022 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.

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| | |
|:---|:---|
| <u>/s/Paul J. Chew</u><br> Paul J. Chew<br> Principal Executive Officer | <u>/s/Jason T. Meix</u><br> Jason T. Meix<br> Principal Financial Officer |
| Dated: <u>March 6, 2023</u> | Dated: <u>March 6, 2023</u> |

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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.

<br>