# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001133228-25-009925
**Filing Date:** 2025-9
**Character Count:** 788830
**Document Hash:** 2fa384ba96c6f51d1d4df3804187ef01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009925.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001133228-25-009925

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 182

**CONFORMED PERIOD OF REPORT**: 20240630

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251330168

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

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

## Series and Classes Contracts Data

### Brown Advisory Sustainable Growth Fund (Series ID: S000037789)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Brown Advisory - Beutel Goodman Large-Cap Value Fund (Series ID: S000061323)

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2024-07-03190823_BrownAdvisoryGrowthEquityFund_InstitutionalShares_TSRAnnual

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of Registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>June 30, 2024</u>**

**Explanatory Note**

The registrant is filing this amendment to Form N-CSR for the period ended June 30, 2024 ("Amendment"), originally filed with the Securities and Exchange Commission on September 6, 2024 (Accession Number 0001133228-24-008888) to restate the financial statements for the Emerging Markets Select Fund for the period ended June 30, 2024 to reflect the correct accrual for a non-U.S. deferred tax liability. The impact of this restatement on the registrant's financial statements for the period ended June 30, 2024 are described in Note 9 to the financial statements contained in Item 7. The impact of this restatement also resulted in updated net assets, cumulative return amounts, average annual total return percentages, and the percentages of portfolio investments that are based on net assets for each class of shares of the Emerging Markets Select Fund in Item 1. Updated information is included in Item 16 of this Amendment.

In connection with the Amendment, the Registrant is filing as exhibits to this Amendment updated certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.

Except as set forth above, this Amendment does not amend, update, or modify any other items or disclosures found in the original Form N-CSR filing.

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](ts517img001.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](ts517img002.jpg) |
| ![image](ts517img001.jpg) | Institutional Shares \| BAFGX  | ![image](ts517img002.jpg) |
| ![image](ts517img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts517img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $75 | 0.68% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Underperformance in the Fund was driven primarily by health care. Sentiment within health care was weak during the 3rd quarter of 2023, as investors continued to deliberate any potential impacts from GLP-1s. Information Technology was the best performing sector both in absolute terms and from a relative perspective, driven by NVIDIA Corporation, a market leader in advanced graphic processing units. The stock traded up sharply over the period following robust financial results and investor excitement for Artificial Intelligence, broadly.

**POSITIONING**

The Fund's allocation to Information Technology increased during the period, primarily from strong absolute performance and the additions of Cadence Design Systems, Marvell Technology and Workday. Our exposure to health care also decreased during the period due to the exit of DexCom. While DexCom executed on penetrating several patient populations during our 7-year ownership period, there are fewer unserved patient population into which the company can expand.

**PERFORMANCE**

The Fund delivered strong absolute performance during the period, underperforming the benchmark.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | NVIDIA Corporation |
|  ↑  | Costco Wholesale Corporation |
|  ↑  | ServiceNow, Inc. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Estee Lauder Companies Inc. Class A |
|  ↓  | Chewy, Inc. Class A |
|  ↓  | DexCom, Inc. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts517img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 19.68 | 11.50 | 12.53 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 1000 Growth** **Index**  | 33.48 | 19.34 | 16.33 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1144404469 |
| **Number of Holdings** | 32 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $11163764 |
| **Portfolio Turnover** | 33% |

---

Visit https://www.brownadvisory.com/mf/funds/growth-equity-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 35.5% |
|  Health Care  | 15.9% |
|  Industrials  | 14.4% |
|  Financials  | 10.8% |
|  Consumer Discretionary  | 8.9% |
|  Consumer Staples  | 4.7% |
|  Communication Services  | 4.0% |
|  Real Estate  | 2.7% |
|  Cash & Other  | 3.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amazon.com, Inc.  | 5.0% |
|  Microsoft Corp.  | 4.9% |
|  NVIDIA Corp.  | 4.9% |
|  Costco Wholesale Corp.  | 4.7% |
|  ServiceNow, Inc.  | 4.2% |
|  Intuitive Surgical, Inc.  | 4.2% |
|  Intuit, Inc.  | 4.0% |
|  Alphabet, Inc.  | 4.0% |
|  Hilton Worldwide Holdings, Inc.  | 3.9% |
|  Mastercard, Inc.  | 3.7% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Growth Equity Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts518img001.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](ts518img002.jpg) |
| ![image](ts518img001.jpg) | Investor Shares \| BIAGX  | ![image](ts518img002.jpg) |
| ![image](ts518img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts518img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $91 | 0.83% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Underperformance in the Fund was driven primarily by health care. Sentiment within health care was weak during the 3rd quarter of 2023, as investors continued to deliberate any potential impacts from GLP-1s. Information Technology was the best performing sector both in absolute terms and from a relative perspective, driven by NVIDIA Corporation, a market leader in advanced graphic processing units. The stock traded up sharply over the period following robust financial results and investor excitement for Artificial Intelligence, broadly.

**POSITIONING**

The Fund's allocation to Information Technology increased during the period, primarily from strong absolute performance and the additions of Cadence Design Systems, Marvell Technology and Workday. Our exposure to health care also decreased during the period due to the exit of DexCom. While DexCom executed on penetrating several patient populations during our 7-year ownership period, there are fewer unserved patient population into which the company can expand.

**PERFORMANCE**

The Fund delivered strong absolute performance during the period, underperforming the benchmark.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | NVIDIA Corporation |
|  ↑  | Costco Wholesale Corporation |
|  ↑  | ServiceNow, Inc. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Estee Lauder Companies Inc. Class A |
|  ↓  | Chewy, Inc. Class A |
|  ↓  | DexCom, Inc. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts518img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 19.53 | 11.33 | 12.36 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 1000 Growth** **Index**  | 33.48 | 19.34 | 16.33 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1144404469 |
| **Number of Holdings** | 32 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $11163764 |
| **Portfolio Turnover** | 33% |

---

Visit https://www.brownadvisory.com/mf/funds/growth-equity-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 35.5% |
|  Health Care  | 15.9% |
|  Industrials  | 14.4% |
|  Financials  | 10.8% |
|  Consumer Discretionary  | 8.9% |
|  Consumer Staples  | 4.7% |
|  Communication Services  | 4.0% |
|  Real Estate  | 2.7% |
|  Cash & Other  | 3.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amazon.com, Inc.  | 5.0% |
|  Microsoft Corp.  | 4.9% |
|  NVIDIA Corp.  | 4.9% |
|  Costco Wholesale Corp.  | 4.7% |
|  ServiceNow, Inc.  | 4.2% |
|  Intuitive Surgical, Inc.  | 4.2% |
|  Intuit, Inc.  | 4.0% |
|  Alphabet, Inc.  | 4.0% |
|  Hilton Worldwide Holdings, Inc.  | 3.9% |
|  Mastercard, Inc.  | 3.7% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Growth Equity Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts516img001.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](ts516img002.jpg) |
| ![image](ts516img001.jpg) | Advisor Shares \| BAGAX  | ![image](ts516img002.jpg) |
| ![image](ts516img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts516img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Advisor Shares | $118 | 1.08% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Underperformance in the Fund was driven primarily by health care. Sentiment within health care was weak during the 3rd quarter of 2023, as investors continued to deliberate any potential impacts from GLP-1s. Information Technology was the best performing sector both in absolute terms and from a relative perspective, driven by NVIDIA Corporation, a market leader in advanced graphic processing units. The stock traded up sharply over the period following robust financial results and investor excitement for Artificial Intelligence, broadly.

**POSITIONING**

The Fund's allocation to Information Technology increased during the period, primarily from strong absolute performance and the additions of Cadence Design Systems, Marvell Technology and Workday. Our exposure to health care also decreased during the period due to the exit of DexCom. While DexCom executed on penetrating several patient populations during our 7-year ownership period, there are fewer unserved patient population into which the company can expand.

**PERFORMANCE**

The Fund delivered strong absolute performance during the period, underperforming the benchmark.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | NVIDIA Corporation |
|  ↑  | Costco Wholesale Corporation |
|  ↑  | ServiceNow, Inc. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Estee Lauder Companies Inc. Class A |
|  ↓  | Chewy, Inc. Class A |
|  ↓  | DexCom, Inc. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts516img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 19.22 | 11.06 | 12.08 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 1000 Growth** **Index**  | 33.48 | 19.34 | 16.33 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1144404469 |
| **Number of Holdings** | 32 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $11163764 |
| **Portfolio Turnover** | 33% |

---

Visit https://www.brownadvisory.com/mf/funds/growth-equity-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 35.5% |
|  Health Care  | 15.9% |
|  Industrials  | 14.4% |
|  Financials  | 10.8% |
|  Consumer Discretionary  | 8.9% |
|  Consumer Staples  | 4.7% |
|  Communication Services  | 4.0% |
|  Real Estate  | 2.7% |
|  Cash & Other  | 3.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amazon.com, Inc.  | 5.0% |
|  Microsoft Corp.  | 4.9% |
|  NVIDIA Corp.  | 4.9% |
|  Costco Wholesale Corp.  | 4.7% |
|  ServiceNow, Inc.  | 4.2% |
|  Intuitive Surgical, Inc.  | 4.2% |
|  Intuit, Inc.  | 4.0% |
|  Alphabet, Inc.  | 4.0% |
|  Hilton Worldwide Holdings, Inc.  | 3.9% |
|  Mastercard, Inc.  | 3.7% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Growth Equity Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts514img001.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](ts514img002.jpg) |
| ![image](ts514img001.jpg) | Institutional Shares \| BAFFX  | ![image](ts514img002.jpg) |
| ![image](ts514img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts514img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $60 | 0.53% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the S&P 500 Index.

The largest market capitalization companies continue to dominate investors' interest and have led the returns in the marketplace. Fund holdings Microsoft and Apple each surpassed a $3 trillion market valuation, a feat unimaginable just a few years ago. Within the larger capitalization category, growth stocks have significantly outperformed value stocks.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Security selection had a larger effect on the portfolio than sector allocation. The outperformance of the Fund was driven by Communication Services, Consumer Discretionary and Industrials sectors. These sectors had a significantly higher return than the sectors in the Index. Within these sectors, Alphabet, Meta Platforms, Amazon, GE Aerospace and United Rentals were top contributors to the Fund's return. Interestingly, the Information Technology sector was the Fund's second biggest contributor to return but the largest detractor as compared to the Index. The sector in the Fund had a lower weighting and lower return than the Index.

**POSITIONING**

The sector weightings did not change meaningfully during the twelve-month period. We focus on individual company selection and seek to incorporate a reasonable balance of sector exposure as part of our risk management process. We believe that companies in the same sectors can vary as greatly in their business economics and profiles as companies in completely different sectors.

**PERFORMANCE**

The portfolio return exceeded the S&P 500 Index. Security selection had a larger effect on the portfolio than sector allocation.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Meta Platforms Inc Class A |
|  ↑  | Microsoft Corporation |
|  ↑  | KKR & Co Inc |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Align Technology, Inc. |
|  ↓  | CarMax, Inc. |
|  ↓  | Edwards Lifesciences Corporation |

---

**How did the Fund perform over the past 10** **years?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts514img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 27.63 | 15.72 | 13.12 |
| **S&P 500 Index**  | 24.56 | 15.05 | 12.86 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory Flexible Equity Fund PAGE 1 TSR_AR_115233843

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $926396606 |
| **Number of Holdings** | 47 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $3382149 |
| **Portfolio Turnover** | 15% |

---

Visit https://www.brownadvisory.com/mf/funds/flexible-equity-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 26.2% |
|  Information Technology  | 21.1% |
|  Communication Services  | 12.7% |
|  Health Care  | 11.7% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 8.5% |
|  Energy  | 2.9% |
|  Consumer Staples  | 1.0% |
|  Real Estate  | 0.8% |
|  Cash & Other  | 3.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.4% |
|  Alphabet, Inc.  | 6.8% |
|  Meta Platforms, Inc.  | 4.7% |
|  Visa, Inc.  | 4.2% |
|  Mastercard, Inc.  | 4.2% |
|  Amazon.com, Inc.  | 4.1% |
|  Berkshire Hathaway, Inc.  | 3.8% |
|  KKR & Co., Inc.  | 3.8% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.5% |
|  First American Government Obligations Fund  | 3.4% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Flexible Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Flexible Equity Fund PAGE 2 TSR_AR_115233843

------

---

| | | |
|:---|:---|:---|
| ![image](ts515img001.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](ts515img002.jpg) |
| ![image](ts515img001.jpg) | Investor Shares \| BIAFX  | ![image](ts515img002.jpg) |
| ![image](ts515img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts515img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $77 | 0.68% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the S&P 500 Index.

The largest market capitalization companies continue to dominate investors' interest and have led the returns in the marketplace. Fund holdings Microsoft and Apple each surpassed a $3 trillion market valuation, a feat unimaginable just a few years ago. Within the larger capitalization category, growth stocks have significantly outperformed value stocks.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Security selection had a larger effect on the portfolio than sector allocation. The outperformance of the Fund was driven by Communication Services, Consumer Discretionary and Industrials sectors. These sectors had a significantly higher return than the sectors in the Index. Within these sectors, Alphabet, Meta Platforms, Amazon, GE Aerospace and United Rentals were top contributors to the Fund's return. Interestingly, the Information Technology sector was the Fund's second biggest contributor to return but the largest detractor as compared to the Index. The sector in the Fund had a lower weighting and lower return than the Index.

**POSITIONING**

The sector weightings did not change meaningfully during the twelve-month period. We focus on individual company selection and seek to incorporate a reasonable balance of sector exposure as part of our risk management process. We believe that companies in the same sectors can vary as greatly in their business economics and profiles as companies in completely different sectors.

**PERFORMANCE**

The portfolio return exceeded the S&P 500 Index. Security selection had a larger effect on the portfolio than sector allocation.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Meta Platforms Inc Class A |
|  ↑  | Microsoft Corporation |
|  ↑  | KKR & Co Inc |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Align Technology, Inc. |
|  ↓  | CarMax, Inc. |
|  ↓  | Edwards Lifesciences Corporation |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts515img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 27.46 | 15.55 | 12.95 |
| **S&P 500 Index**  | 24.56 | 15.05 | 12.86 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory Flexible Equity Fund PAGE 1 TSR_AR_115233868

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $926396606 |
| **Number of Holdings** | 47 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $3382149 |
| **Portfolio Turnover** | 15% |

---

Visit https://www.brownadvisory.com/mf/funds/flexible-equity-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 26.2% |
|  Information Technology  | 21.1% |
|  Communication Services  | 12.7% |
|  Health Care  | 11.7% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 8.5% |
|  Energy  | 2.9% |
|  Consumer Staples  | 1.0% |
|  Real Estate  | 0.8% |
|  Cash & Other  | 3.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.4% |
|  Alphabet, Inc.  | 6.8% |
|  Meta Platforms, Inc.  | 4.7% |
|  Visa, Inc.  | 4.2% |
|  Mastercard, Inc.  | 4.2% |
|  Amazon.com, Inc.  | 4.1% |
|  Berkshire Hathaway, Inc.  | 3.8% |
|  KKR & Co., Inc.  | 3.8% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.5% |
|  First American Government Obligations Fund  | 3.4% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Flexible Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Flexible Equity Fund PAGE 2 TSR_AR_115233868

------

---

| | | |
|:---|:---|:---|
| ![image](ts513img001.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](ts513img002.jpg) |
| ![image](ts513img001.jpg) | Advisor Shares \| BAFAX  | ![image](ts513img002.jpg) |
| ![image](ts513img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts513img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Advisor Shares | $106 | 0.93% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the S&P 500 Index.

The largest market capitalization companies continue to dominate investors' interest and have led the returns in the marketplace. Fund holdings Microsoft and Apple each surpassed a $3 trillion market valuation, a feat unimaginable just a few years ago. Within the larger capitalization category, growth stocks have significantly outperformed value stocks.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Security selection had a larger effect on the portfolio than sector allocation. The outperformance of the Fund was driven by Communication Services, Consumer Discretionary and Industrials sectors. These sectors had a significantly higher return than the sectors in the Index. Within these sectors, Alphabet, Meta Platforms, Amazon, GE Aerospace and United Rentals were top contributors to the Fund's return. Interestingly, the Information Technology sector was the Fund's second biggest contributor to return but the largest detractor as compared to the Index. The sector in the Fund had a lower weighting and lower return than the Index.

**POSITIONING**

The sector weightings did not change meaningfully during the twelve-month period. We focus on individual company selection and seek to incorporate a reasonable balance of sector exposure as part of our risk management process. We believe that companies in the same sectors can vary as greatly in their business economics and profiles as companies in completely different sectors.

**PERFORMANCE**

The portfolio return exceeded the S&P 500 Index. Security selection had a larger effect on the portfolio than sector allocation.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Meta Platforms Inc Class A |
|  ↑  | Microsoft Corporation |
|  ↑  | KKR & Co Inc |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Align Technology, Inc. |
|  ↓  | CarMax, Inc. |
|  ↓  | Edwards Lifesciences Corporation |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts513img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 27.13 | 15.26 | 12.67 |
| **S&P 500 Index**  | 24.56 | 15.05 | 12.86 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $926396606 |
| **Number of Holdings** | 47 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $3382149 |
| **Portfolio Turnover** | 15% |

---

Visit https://www.brownadvisory.com/mf/funds/flexible-equity-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 26.2% |
|  Information Technology  | 21.1% |
|  Communication Services  | 12.7% |
|  Health Care  | 11.7% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 8.5% |
|  Energy  | 2.9% |
|  Consumer Staples  | 1.0% |
|  Real Estate  | 0.8% |
|  Cash & Other  | 3.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.4% |
|  Alphabet, Inc.  | 6.8% |
|  Meta Platforms, Inc.  | 4.7% |
|  Visa, Inc.  | 4.2% |
|  Mastercard, Inc.  | 4.2% |
|  Amazon.com, Inc.  | 4.1% |
|  Berkshire Hathaway, Inc.  | 3.8% |
|  KKR & Co., Inc.  | 3.8% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.5% |
|  First American Government Obligations Fund  | 3.4% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Flexible Equity Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts533img001.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](ts533img002.jpg) |
| ![image](ts533img001.jpg) | Institutional Shares \| BAFWX  | ![image](ts533img002.jpg) |
| ![image](ts533img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts533img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $68 | 0.60% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector positioning and stock selection positively impacted relative returns against the Russell 1000 Index. The strategy benefited from its overweight in information technology and lack of exposure to consumer staples, outweighing the negative effects of underweighting communication services and overweighting health care. Inclusive of stock selection and interaction, strong performance in information technology, industrials, and consumer discretionary overshadowed underperformance in health care and financials. Semiconductor holdings, such as NVDA, MPWR, CDNS, and KLAC, performed well due to investor enthusiasm for artificial intelligence and demand for data center technologies. The strategy's sector exposures result from bottom-up stock-picking, not sector preferences or macro inputs.

**POSITIONING**

Adhering to the strategy's portfolio construction philosophy, we balanced durable and rapid growth companies while ensuring diversification by business model, end market exposure, and growth theme. Trading activity increased slightly, with nine name swaps and strategic position re-sizing trades to optimize the upside potential to downside risk ratio at the security and portfolio levels. These actions are seen as upgrades that position the strategy for future success.

**PERFORMANCE**

The Fund's outperformance was driven by strong stock selection, beneficial sector positioning, and favorable exposure to the emerging artificial intelligence megatrend.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | NVIDIA Corporation |
|  ↑  | Amazon.com, Inc. |
|  ↑  | Microsoft Corporation |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Block, Inc. Class A |
|  ↓  | Bio-Rad Laboratories, Inc. Class A |
|  ↓  | West Pharmaceutical Services, Inc. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts533img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 27.47 | 16.39 | 16.32 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 1000 Growth** **Index**  | 33.48 | 19.34 | 16.33 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $9953876192 |
| **Number of Holdings** | 34 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $44709096 |
| **Portfolio Turnover** | 35% |

---

Visit https://www.brownadvisory.com/mf/funds/sustainable-growth-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 41.7% |
|  Financials  | 16.2% |
|  Health Care  | 13.9% |
|  Consumer Discretionary  | 11.4% |
|  Industrials  | 9.1% |
|  Communication Services  | 4.1% |
|  Materials  | 1.8% |
|  Cash & Other  | 1.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.3% |
|  Microsoft Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.6% |
|  Intuit, Inc.  | 4.6% |
|  Alphabet, Inc.  | 4.1% |
|  ServiceNow, Inc.  | 4.1% |
|  Visa, Inc.  | 3.9% |
|  Danaher Corp.  | 3.1% |
|  KKR & Co., Inc.  | 3.1% |
|  Monolithic Power Systems, Inc.  | 3.1% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Sustainable Growth Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts534img001.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](ts534img002.jpg) |
| ![image](ts534img001.jpg) | Investor Shares \| BIAWX  | ![image](ts534img002.jpg) |
| ![image](ts534img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts534img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $85 | 0.75% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector positioning and stock selection positively impacted relative returns against the Russell 1000 Index. The strategy benefited from its overweight in information technology and lack of exposure to consumer staples, outweighing the negative effects of underweighting communication services and overweighting health care. Inclusive of stock selection and interaction, strong performance in information technology, industrials, and consumer discretionary overshadowed underperformance in health care and financials. Semiconductor holdings, such as NVDA, MPWR, CDNS, and KLAC, performed well due to investor enthusiasm for artificial intelligence and demand for data center technologies. The strategy's sector exposures result from bottom-up stock-picking, not sector preferences or macro inputs.

**POSITIONING**

Adhering to the strategy's portfolio construction philosophy, we balanced durable and rapid growth companies while ensuring diversification by business model, end market exposure, and growth theme. Trading activity increased slightly, with nine name swaps and strategic position re-sizing trades to optimize the upside potential to downside risk ratio at the security and portfolio levels. These actions are seen as upgrades that position the strategy for future success.

**PERFORMANCE**

The Fund's outperformance was driven by strong stock selection, beneficial sector positioning, and favorable exposure to the emerging artificial intelligence megatrend.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | NVIDIA Corporation |
|  ↑  | Amazon.com, Inc. |
|  ↑  | Microsoft Corporation |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Block, Inc. Class A |
|  ↓  | Bio-Rad Laboratories, Inc. Class A |
|  ↓  | West Pharmaceutical Services, Inc. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts534img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 27.31 | 16.22 | 16.15 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 1000 Growth** **Index**  | 33.48 | 19.34 | 16.33 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $9953876192 |
| **Number of Holdings** | 34 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $44709096 |
| **Portfolio Turnover** | 35% |

---

Visit https://www.brownadvisory.com/mf/funds/sustainable-growth-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 41.7% |
|  Financials  | 16.2% |
|  Health Care  | 13.9% |
|  Consumer Discretionary  | 11.4% |
|  Industrials  | 9.1% |
|  Communication Services  | 4.1% |
|  Materials  | 1.8% |
|  Cash & Other  | 1.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.3% |
|  Microsoft Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.6% |
|  Intuit, Inc.  | 4.6% |
|  Alphabet, Inc.  | 4.1% |
|  ServiceNow, Inc.  | 4.1% |
|  Visa, Inc.  | 3.9% |
|  Danaher Corp.  | 3.1% |
|  KKR & Co., Inc.  | 3.1% |
|  Monolithic Power Systems, Inc.  | 3.1% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Sustainable Growth Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts532img001.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](ts532img002.jpg) |
| ![image](ts532img001.jpg) | Advisor Shares \| BAWAX  | ![image](ts532img002.jpg) |
| ![image](ts532img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts532img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Advisor Shares | $113 | 1.00% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector positioning and stock selection positively impacted relative returns against the Russell 1000 Index. The strategy benefited from its overweight in information technology and lack of exposure to consumer staples, outweighing the negative effects of underweighting communication services and overweighting health care. Inclusive of stock selection and interaction, strong performance in information technology, industrials, and consumer discretionary overshadowed underperformance in health care and financials. Semiconductor holdings, such as NVDA, MPWR, CDNS, and KLAC, performed well due to investor enthusiasm for artificial intelligence and demand for data center technologies. The strategy's sector exposures result from bottom-up stock-picking, not sector preferences or macro inputs.

**POSITIONING**

Adhering to the strategy's portfolio construction philosophy, we balanced durable and rapid growth companies while ensuring diversification by business model, end market exposure, and growth theme. Trading activity increased slightly, with nine name swaps and strategic position re-sizing trades to optimize the upside potential to downside risk ratio at the security and portfolio levels. These actions are seen as upgrades that position the strategy for future success.

**PERFORMANCE**

The Fund's outperformance was driven by strong stock selection, beneficial sector positioning, and favorable exposure to the emerging artificial intelligence megatrend.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | NVIDIA Corporation |
|  ↑  | Amazon.com, Inc. |
|  ↑  | Microsoft Corporation |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Block, Inc. Class A |
|  ↓  | Bio-Rad Laboratories, Inc. Class A |
|  ↓  | West Pharmaceutical Services, Inc. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts532img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 26.95 | 15.93 | 15.86 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 1000 Growth** **Index**  | 33.48 | 19.34 | 16.33 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $9953876192 |
| **Number of Holdings** | 34 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $44709096 |
| **Portfolio Turnover** | 35% |

---

Visit https://www.brownadvisory.com/mf/funds/sustainable-growth-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 41.7% |
|  Financials  | 16.2% |
|  Health Care  | 13.9% |
|  Consumer Discretionary  | 11.4% |
|  Industrials  | 9.1% |
|  Communication Services  | 4.1% |
|  Materials  | 1.8% |
|  Cash & Other  | 1.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.3% |
|  Microsoft Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.6% |
|  Intuit, Inc.  | 4.6% |
|  Alphabet, Inc.  | 4.1% |
|  ServiceNow, Inc.  | 4.1% |
|  Visa, Inc.  | 3.9% |
|  Danaher Corp.  | 3.1% |
|  KKR & Co., Inc.  | 3.1% |
|  Monolithic Power Systems, Inc.  | 3.1% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Sustainable Growth Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts522img001.jpg) | **Brown Advisory Mid-Cap Growth Fund**  | ![image](ts522img002.jpg) |
| ![image](ts522img001.jpg) | Institutional Shares \| BAFMX  | ![image](ts522img002.jpg) |
| ![image](ts522img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts522img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Mid-Cap Growth Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $88 | 0.82% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The main factor influencing performance is our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific gainers in the large-cap space such as Microsoft, Nvidia, Alphabet and other mega-cap technology names along with a number of the best performers in Healthcare.

**POSITIONING**

Our philosophy harnesses the power of compounding, focusing on "3G" businesses (durable Growth, sound Governance, scalable Go-to-market strategies) that have a higher than average probability of making the journey from small-cap to mid-cap (and perhaps large-cap) than most companies. Since we are more closely aligned with the smaller capitalization universe, we are massively underweight Information Technology and considerably overweight Healthcare.

**PERFORMANCE**

The 12-month period ending June 30, 2024 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000 Index over this period. This produced a massive underweight to strong performing sectors such as Information Technology, Communication Services and Financials.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | CrowdStrike Holdings, Inc. Class A |
|  ↑  | Fair Isaac Corporation |
|  ↑  | Pinterest, Inc. Class A |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Paycom Software, Inc. |
|  ↓  | agilon health inc |
|  ↓  | CoStar Group, Inc. |

---

**How did the Fund perform since inception?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts522img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since** **Inception**<br>**(07/02/** **2018)** |
| **Institutional Shares**  | 14.48 | 6.81 | 8.36 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 13.79 |
| **Russell Midcap Growth** **Index**  | 15.05 | 9.93 | 10.52 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $96923868 |
| **Number of Holdings** | 59 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $600794 |
| **Portfolio Turnover** | 63% |

---

Visit https://www.brownadvisory.com/mf/funds/mid-cap-growth-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Health Care  | 22.1% |
|  Information Technology  | 21.9% |
|  Industrials  | 20.4% |
|  Consumer Discretionary  | 9.6% |
|  Financials  | 8.7% |
|  Communication Services  | 3.6% |
|  Real Estate  | 3.1% |
|  Energy  | 3.0% |
|  Materials  | 2.2% |
|  Cash & Other  | 5.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Dexcom, Inc.  | 3.8% |
|  Marvell Technology, Inc.  | 3.6% |
|  First American Government Obligations Fund  | 3.4% |
|  Waste Connections, Inc.  | 3.1% |
|  Cheniere Energy, Inc.  | 3.0% |
|  Copart, Inc.  | 2.6% |
|  CoStar Group, Inc.  | 2.6% |
|  Edwards Lifesciences Corp.  | 2.6% |
|  Gartner, Inc.  | 2.5% |
|  Fair Isaac Corp.  | 2.5% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Mid-Cap Growth Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts523img001.jpg) | **Brown Advisory Mid-Cap Growth Fund**  | ![image](ts523img002.jpg) |
| ![image](ts523img001.jpg) | Investor Shares \| BMIDX  | ![image](ts523img002.jpg) |
| ![image](ts523img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts523img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Mid-Cap Growth Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $104 | 0.97% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The main factor influencing performance is our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific gainers in the large-cap space such as Microsoft, Nvidia, Alphabet and other mega-cap technology names along with a number of the best performers in Healthcare.

**POSITIONING**

Our philosophy harnesses the power of compounding, focusing on "3G" businesses (durable Growth, sound Governance, scalable Go-to-market strategies) that have a higher than average probability of making the journey from small-cap to mid-cap (and perhaps large-cap) than most companies. Since we are more closely aligned with the smaller capitalization universe, we are massively underweight Information Technology and considerably overweight Healthcare.

**PERFORMANCE**

The 12-month period ending June 30, 2024 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000 Index over this period. This produced a massive underweight to strong performing sectors such as Information Technology, Communication Services and Financials.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | CrowdStrike Holdings, Inc. Class A |
|  ↑  | Fair Isaac Corporation |
|  ↑  | Pinterest, Inc. Class A |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Paycom Software, Inc. |
|  ↓  | agilon health inc |
|  ↓  | CoStar Group, Inc. |

---

**How did the Fund perform since inception?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts523img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since** **Inception**<br>**(10/02/** **2017)** |
| **Investor Shares**  | 14.23 | 6.63 | 9.37 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 13.69 |
| **Russell Midcap Growth** **Index**  | 15.05 | 9.93 | 11.22 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $96923868 |
| **Number of Holdings** | 59 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $600794 |
| **Portfolio Turnover** | 63% |

---

Visit https://www.brownadvisory.com/mf/funds/mid-cap-growth-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Health Care  | 22.1% |
|  Information Technology  | 21.9% |
|  Industrials  | 20.4% |
|  Consumer Discretionary  | 9.6% |
|  Financials  | 8.7% |
|  Communication Services  | 3.6% |
|  Real Estate  | 3.1% |
|  Energy  | 3.0% |
|  Materials  | 2.2% |
|  Cash & Other  | 5.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Dexcom, Inc.  | 3.8% |
|  Marvell Technology, Inc.  | 3.6% |
|  First American Government Obligations Fund  | 3.4% |
|  Waste Connections, Inc.  | 3.1% |
|  Cheniere Energy, Inc.  | 3.0% |
|  Copart, Inc.  | 2.6% |
|  CoStar Group, Inc.  | 2.6% |
|  Edwards Lifesciences Corp.  | 2.6% |
|  Gartner, Inc.  | 2.5% |
|  Fair Isaac Corp.  | 2.5% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Mid-Cap Growth Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts530img001.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](ts530img002.jpg) |
| ![image](ts530img001.jpg) | Institutional Shares \| BAFSX  | ![image](ts530img002.jpg) |
| ![image](ts530img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts530img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $96 | 0.95% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The main factor influencing performance is our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific gainers in the large-cap space such as Microsoft, Nvidia, Alphabet and other mega-cap technology names along with a number of the best performers in Healthcare.

**POSITIONING**

Our philosophy harnesses the power of compounding, focusing on "3G" businesses (durable Growth, sound Governance, scalable Go-to-market strategies) that have a higher than average probability of making the journey from small-cap to mid-cap (and perhaps large-cap) than most companies. Since we are more closely aligned with the smaller capitalization universe, we are massively underweight Information Technology and considerably overweight Healthcare.

**PERFORMANCE**

The 12-month period ending June 30, 2024 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000 Index over this period. This produced a massive underweight to strong performing sectors such as Information Technology, Communication Services and Financials.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Casey's General Stores, Inc. |
|  ↑  | Pinterest, Inc. Class A |
|  ↑  | Neurocrine Biosciences, Inc. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Accolade, Inc. |
|  ↓  | SI-BONE, Inc. |
|  ↓  | agilon health inc |

---

**How did the Fund perform over the past 10** **years?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts530img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 2.32 | 5.39 | 8.89 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 2000 Growth** **Index**  | 9.14 | 6.17 | 7.39 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

Brown Advisory Small-Cap Growth Fund PAGE 1 TR-AR-115233819

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1620616853 |
| **Number of Holdings** | 80 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $17495020 |
| **Portfolio Turnover** | 28% |

---

Visit https://www.brownadvisory.com/mf/funds/small-cap-growth-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 25.3% |
|  Health Care  | 23.7% |
|  Information Technology  | 20.6% |
|  Consumer Discretionary  | 7.7% |
|  Financials  | 4.7% |
|  Energy  | 3.8% |
|  Materials  | 3.7% |
|  Communication Services  | 3.0% |
|  Consumer Staples  | 2.8% |
|  Cash & Other  | 4.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Bright Horizons Family Solutions, Inc.  | 3.8% |
|  First American Government Obligations Fund  | 2.9% |
|  Waste Connections, Inc.  | 2.7% |
|  HealthEquity, Inc.  | 2.6% |
|  Prosperity Bancshares, Inc.  | 2.6% |
|  ChampionX Corp.  | 2.6% |
|  Casey's General Stores, Inc.  | 2.5% |
|  Valmont Industries, Inc.  | 2.5% |
|  Neurocrine Biosciences, Inc.  | 2.3% |
|  Dynatrace, Inc.  | 2.2% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Small-Cap Growth Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Growth Fund PAGE 2 TR-AR-115233819

------

---

| | | |
|:---|:---|:---|
| ![image](ts531img001.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](ts531img002.jpg) |
| ![image](ts531img001.jpg) | Investor Shares \| BIASX  | ![image](ts531img002.jpg) |
| ![image](ts531img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts531img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $111 | 1.10% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The main factor influencing performance is our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific gainers in the large-cap space such as Microsoft, Nvidia, Alphabet and other mega-cap technology names along with a number of the best performers in Healthcare.

**POSITIONING**

Our philosophy harnesses the power of compounding, focusing on "3G" businesses (durable Growth, sound Governance, scalable Go-to-market strategies) that have a higher than average probability of making the journey from small-cap to mid-cap (and perhaps large-cap) than most companies. Since we are more closely aligned with the smaller capitalization universe, we are massively underweight Information Technology and considerably overweight Healthcare.

**PERFORMANCE**

The 12-month period ending June 30, 2024 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000 Index over this period. This produced a massive underweight to strong performing sectors such as Information Technology, Communication Services and Financials.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Casey's General Stores, Inc. |
|  ↑  | Pinterest, Inc. Class A |
|  ↑  | Neurocrine Biosciences, Inc. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Accolade, Inc. |
|  ↓  | SI-BONE, Inc. |
|  ↓  | agilon health inc |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts531img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 2.12 | 5.22 | 8.73 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 2000 Growth** **Index**  | 9.14 | 6.17 | 7.39 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1620616853 |
| **Number of Holdings** | 80 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $17495020 |
| **Portfolio Turnover** | 28% |

---

Visit https://www.brownadvisory.com/mf/funds/small-cap-growth-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 25.3% |
|  Health Care  | 23.7% |
|  Information Technology  | 20.6% |
|  Consumer Discretionary  | 7.7% |
|  Financials  | 4.7% |
|  Energy  | 3.8% |
|  Materials  | 3.7% |
|  Communication Services  | 3.0% |
|  Consumer Staples  | 2.8% |
|  Cash & Other  | 4.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Bright Horizons Family Solutions, Inc.  | 3.8% |
|  First American Government Obligations Fund  | 2.9% |
|  Waste Connections, Inc.  | 2.7% |
|  HealthEquity, Inc.  | 2.6% |
|  Prosperity Bancshares, Inc.  | 2.6% |
|  ChampionX Corp.  | 2.6% |
|  Casey's General Stores, Inc.  | 2.5% |
|  Valmont Industries, Inc.  | 2.5% |
|  Neurocrine Biosciences, Inc.  | 2.3% |
|  Dynatrace, Inc.  | 2.2% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Small-Cap Growth Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts529img001.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](ts529img002.jpg) |
| ![image](ts529img001.jpg) | Advisor Shares \| BASAX  | ![image](ts529img002.jpg) |
| ![image](ts529img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts529img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Advisor Shares | $136 | 1.35% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The main factor influencing performance is our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific gainers in the large-cap space such as Microsoft, Nvidia, Alphabet and other mega-cap technology names along with a number of the best performers in Healthcare.

**POSITIONING**

Our philosophy harnesses the power of compounding, focusing on "3G" businesses (durable Growth, sound Governance, scalable Go-to-market strategies) that have a higher than average probability of making the journey from small-cap to mid-cap (and perhaps large-cap) than most companies. Since we are more closely aligned with the smaller capitalization universe, we are massively underweight Information Technology and considerably overweight Healthcare.

**PERFORMANCE**

The 12-month period ending June 30, 2024 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000 Index over this period. This produced a massive underweight to strong performing sectors such as Information Technology, Communication Services and Financials.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Casey's General Stores, Inc. |
|  ↑  | Pinterest, Inc. Class A |
|  ↑  | Neurocrine Biosciences, Inc. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Accolade, Inc. |
|  ↓  | SI-BONE, Inc. |
|  ↓  | agilon health inc |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts529img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 1.86 | 4.96 | 8.46 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 2000 Growth** **Index**  | 9.14 | 6.17 | 7.39 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1620616853 |
| **Number of Holdings** | 80 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $17495020 |
| **Portfolio Turnover** | 28% |

---

Visit https://www.brownadvisory.com/mf/funds/small-cap-growth-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 25.3% |
|  Health Care  | 23.7% |
|  Information Technology  | 20.6% |
|  Consumer Discretionary  | 7.7% |
|  Financials  | 4.7% |
|  Energy  | 3.8% |
|  Materials  | 3.7% |
|  Communication Services  | 3.0% |
|  Consumer Staples  | 2.8% |
|  Cash & Other  | 4.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Bright Horizons Family Solutions, Inc.  | 3.8% |
|  First American Government Obligations Fund  | 2.9% |
|  Waste Connections, Inc.  | 2.7% |
|  HealthEquity, Inc.  | 2.6% |
|  Prosperity Bancshares, Inc.  | 2.6% |
|  ChampionX Corp.  | 2.6% |
|  Casey's General Stores, Inc.  | 2.5% |
|  Valmont Industries, Inc.  | 2.5% |
|  Neurocrine Biosciences, Inc.  | 2.3% |
|  Dynatrace, Inc.  | 2.2% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Small-Cap Growth Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts527img001.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](ts527img002.jpg) |
| ![image](ts527img001.jpg) | Institutional Shares \| BAUUX  | ![image](ts527img002.jpg) |
| ![image](ts527img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts527img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $103 | 0.95% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contribution to Fund performance was mainly driven by the consumer discretionary sector while the communication services sector was the biggest detractor. The largest individual contributor to performance was Modine Manufacturing Company (MOD) and the largest individual detractor to performance was Cable One, Inc. (CABO).

**POSITIONING**

We were active during the period and invested in 16 new companies and exited from 15 companies. Most of the activity during the 12-month period was within the financials sector. A notable addition to the financials sector in the second quarter of 2024 was Old National Bancorp (ONB). ONB is a high-performing bank that operates across the Midwest and the Southeast. We believe the company's stock is undervalued – trading below nine times next year's earnings.

**PERFORMANCE**

The Fund posted positive returns and underperformed its regulatory benchmark, the Russell 1000 Index, during the period.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Modine Manufacturing Company |
|  ↑  | Onto Innovation, Inc. |
|  ↑  | Signet Jewelers Limited |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Cable One, Inc. |
|  ↓  | WideOpenWest, Inc. |
|  ↓  | TreeHouse Foods, Inc. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts527img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 16.33 | 7.98 | 7.00 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 2000 Value Index**  | 10.90 | 7.07 | 6.23 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1354832027 |
| **Number of Holdings** | 66 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $10832482 |
| **Portfolio Turnover** | 44% |

---

Visit https://www.brownadvisory.com/mf/funds/small-cap-fundamental-value-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 27.1% |
|  Industrials  | 15.4% |
|  Consumer Discretionary  | 11.9% |
|  Real Estate  | 7.4% |
|  Information Technology  | 7.1% |
|  Materials  | 6.5% |
|  Energy  | 5.9% |
|  Communication Services  | 5.8% |
|  Utilities  | 4.4% |
|  Cash & Other  | 8.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 3.5% |
|  Modine Manufacturing Co.  | 3.0% |
|  Eagle Materials, Inc.  | 2.9% |
|  Bancorp, Inc.  | 2.9% |
|  NCR Atleos Corp.  | 2.8% |
|  Talen Energy Corp.  | 2.7% |
|  CTS Corp.  | 2.5% |
|  Equity Commonwealth  | 2.3% |
|  Orion S.A.  | 2.3% |
|  Signet Jewelers Ltd.  | 2.3% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Small-Cap Fundamental Value Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts528img001.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](ts528img002.jpg) |
| ![image](ts528img001.jpg) | Investor Shares \| BIAUX  | ![image](ts528img002.jpg) |
| ![image](ts528img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts528img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $119 | 1.10% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contribution to Fund performance was mainly driven by the consumer discretionary sector while the communication services sector was the biggest detractor. The largest individual contributor to performance was Modine Manufacturing Company (MOD) and the largest individual detractor to performance was Cable One, Inc. (CABO).

**POSITIONING**

We were active during the period and invested in 16 new companies and exited from 15 companies. Most of the activity during the 12-month period was within the financials sector. A notable addition to the financials sector in the second quarter of 2024 was Old National Bancorp (ONB). ONB is a high-performing bank that operates across the Midwest and the Southeast. We believe the company's stock is undervalued – trading below nine times next year's earnings.

**PERFORMANCE**

The Fund posted positive returns and underperformed its regulatory benchmark, the Russell 1000 Index, during the period.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Modine Manufacturing Company |
|  ↑  | Onto Innovation, Inc. |
|  ↑  | Signet Jewelers Limited |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Cable One, Inc. |
|  ↓  | WideOpenWest, Inc. |
|  ↓  | TreeHouse Foods, Inc. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts528img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 16.17 | 7.82 | 6.84 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 2000 Value Index**  | 10.90 | 7.07 | 6.23 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1354832027 |
| **Number of Holdings** | 66 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $10832482 |
| **Portfolio Turnover** | 44% |

---

Visit https://www.brownadvisory.com/mf/funds/small-cap-fundamental-value-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 27.1% |
|  Industrials  | 15.4% |
|  Consumer Discretionary  | 11.9% |
|  Real Estate  | 7.4% |
|  Information Technology  | 7.1% |
|  Materials  | 6.5% |
|  Energy  | 5.9% |
|  Communication Services  | 5.8% |
|  Utilities  | 4.4% |
|  Cash & Other  | 8.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 3.5% |
|  Modine Manufacturing Co.  | 3.0% |
|  Eagle Materials, Inc.  | 2.9% |
|  Bancorp, Inc.  | 2.9% |
|  NCR Atleos Corp.  | 2.8% |
|  Talen Energy Corp.  | 2.7% |
|  CTS Corp.  | 2.5% |
|  Equity Commonwealth  | 2.3% |
|  Orion S.A.  | 2.3% |
|  Signet Jewelers Ltd.  | 2.3% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Small-Cap Fundamental Value Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts526img001.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](ts526img002.jpg) |
| ![image](ts526img001.jpg) | Advisor Shares \| BAUAX  | ![image](ts526img002.jpg) |
| ![image](ts526img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts526img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Advisor Shares | $146 | 1.35% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contribution to Fund performance was mainly driven by the consumer discretionary sector while the communication services sector was the biggest detractor. The largest individual contributor to performance was Modine Manufacturing Company (MOD) and the largest individual detractor to performance was Cable One, Inc. (CABO).

**POSITIONING**

We were active during the period and invested in 16 new companies and exited from 15 companies. Most of the activity during the 12-month period was within the financials sector. A notable addition to the financials sector in the second quarter of 2024 was Old National Bancorp (ONB). ONB is a high-performing bank that operates across the Midwest and the Southeast. We believe the company's stock is undervalued – trading below nine times next year's earnings.

**PERFORMANCE**

The Fund posted positive returns and underperformed its regulatory benchmark, the Russell 1000 Index, during the period.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Modine Manufacturing Company |
|  ↑  | Onto Innovation, Inc. |
|  ↑  | Signet Jewelers Limited |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Cable One, Inc. |
|  ↓  | WideOpenWest, Inc. |
|  ↓  | TreeHouse Foods, Inc. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts526img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 15.86 | 7.55 | 6.57 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 12.51 |
| **Russell 2000 Value Index**  | 10.90 | 7.07 | 6.23 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1354832027 |
| **Number of Holdings** | 66 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $10832482 |
| **Portfolio Turnover** | 44% |

---

Visit https://www.brownadvisory.com/mf/funds/small-cap-fundamental-value-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 27.1% |
|  Industrials  | 15.4% |
|  Consumer Discretionary  | 11.9% |
|  Real Estate  | 7.4% |
|  Information Technology  | 7.1% |
|  Materials  | 6.5% |
|  Energy  | 5.9% |
|  Communication Services  | 5.8% |
|  Utilities  | 4.4% |
|  Cash & Other  | 8.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 3.5% |
|  Modine Manufacturing Co.  | 3.0% |
|  Eagle Materials, Inc.  | 2.9% |
|  Bancorp, Inc.  | 2.9% |
|  NCR Atleos Corp.  | 2.8% |
|  Talen Energy Corp.  | 2.7% |
|  CTS Corp.  | 2.5% |
|  Equity Commonwealth  | 2.3% |
|  Orion S.A.  | 2.3% |
|  Signet Jewelers Ltd.  | 2.3% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Small-Cap Fundamental Value Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts535img001.jpg) | **Brown Advisory Sustainable Small-Cap** **Core Fund**  | ![image](ts535img002.jpg) |
| ![image](ts535img001.jpg) | Institutional Shares \| BAFYX  | ![image](ts535img002.jpg) |
| ![image](ts535img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts535img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Small-Cap Core Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $98 | 0.93% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contribution to Fund performance was primarily driven by stock selection in the industrials sector, while communication services sector was the biggest detractor. The largest individual contributor to performance was SPX Technologies (SPXC) and the largest individual detractor to performance was Cable One, Inc. (CABO).

**POSITIONING**

We were active during the 12-month period and invested in 16 new companies and exited from 17 companies. Activity was broad based across sectors, but most heavily focused within the industrials, financials, and health care sectors. A notable addition to the industrials sector during the period was Kadant, a manufacturer of equipment for process industries. The company's solutions have long focused on helping customers reduce waste and generate more yield with fewer inputs, particularly fiber, energy, and water. We believe Kadant should be able to continue to grow due to its exposure to many sustainability-linked secular drivers, such as the shift towards recycled and renewable materials, and waste reduction trends.

**PERFORMANCE**

Small cap indices faced unprecedented underperformance relative to large cap indices during the 12-month period, resulting in the fund underperforming compared to its regulatory benchmark the Russell 1000 Index.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Onto Innovation, Inc. |
|  ↑  | SPX Technologies, Inc. |
|  ↑  | Comfort Systems USA, Inc. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Cable One, Inc. |
|  ↓  | Accolade, Inc. |
|  ↓  | SI-BONE, Inc. |

---

**How did the Fund perform since inception?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts535img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since** **Inception**<br>**(09/30/2021)** |
| **Institutional Shares**  | 10.51 | -0.97 |
| **Russell 1000 Index**  | 23.88 | 9.50 |
| **Russell 2000 Index**  | 10.06 | -1.22 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $76950879 |
| **Number of Holdings** | 70 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $452713 |
| **Portfolio Turnover** | 32% |

---

Visit https://www.brownadvisory.com/mf/funds/sustainable-small-cap-core-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 20.2% |
|  Industrials  | 19.0% |
|  Health Care  | 16.7% |
|  Information Technology  | 14.8% |
|  Consumer Discretionary  | 8.0% |
|  Real Estate  | 5.4% |
|  Materials  | 3.3% |
|  Communication Services  | 2.9% |
|  Consumer Staples  | 1.6% |
|  Cash & Other  | 8.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 7.2% |
|  Bright Horizons Family Solutions, Inc.  | 2.6% |
|  Bancorp, Inc.  | 2.6% |
|  Onto Innovation, Inc.  | 2.5% |
|  MGIC Investment Corp.  | 2.5% |
|  SPX Technologies, Inc.  | 2.4% |
|  Valmont Industries, Inc.  | 2.2% |
|  Kadant, Inc.  | 2.0% |
|  Assured Guaranty Ltd.  | 2.0% |
|  Encompass Health Corp.  | 2.0% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Sustainable Small-Cap Core Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts536img001.jpg) | **Brown Advisory Sustainable Small-Cap** **Core Fund**  | ![image](ts536img002.jpg) |
| ![image](ts536img001.jpg) | Investor Shares \| BIAYX  | ![image](ts536img002.jpg) |
| ![image](ts536img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts536img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Small-Cap Core Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $114 | 1.08% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contribution to Fund performance was primarily driven by stock selection in the industrials sector, while communication services sector was the biggest detractor. The largest individual contributor to performance was SPX Technologies (SPXC) and the largest individual detractor to performance was Cable One, Inc. (CABO).

**POSITIONING**

We were active during the 12-month period and invested in 16 new companies and exited from 17 companies. Activity was broad based across sectors, but most heavily focused within the industrials, financials, and health care sectors. A notable addition to the industrials sector during the period was Kadant, a manufacturer of equipment for process industries. The company's solutions have long focused on helping customers reduce waste and generate more yield with fewer inputs, particularly fiber, energy, and water. We believe Kadant should be able to continue to grow due to its exposure to many sustainability-linked secular drivers, such as the shift towards recycled and renewable materials, and waste reduction trends.

**PERFORMANCE**

Small cap indices faced unprecedented underperformance relative to large cap indices during the 12-month period, resulting in the fund underperforming compared to its regulatory benchmark the Russell 1000 Index.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Onto Innovation, Inc. |
|  ↑  | SPX Technologies, Inc. |
|  ↑  | Comfort Systems USA, Inc. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Cable One, Inc. |
|  ↓  | Accolade, Inc. |
|  ↓  | SI-BONE, Inc. |

---

**How did the Fund perform since inception?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts536img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since** **Inception**<br>**(09/30/2021)** |
| **Investor Shares**  | 10.25 | -1.14 |
| **Russell 1000 Index**  | 23.88 | 9.50 |
| **Russell 2000 Index**  | 10.06 | -1.22 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $76950879 |
| **Number of Holdings** | 70 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $452713 |
| **Portfolio Turnover** | 32% |

---

Visit https://www.brownadvisory.com/mf/funds/sustainable-small-cap-core-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 20.2% |
|  Industrials  | 19.0% |
|  Health Care  | 16.7% |
|  Information Technology  | 14.8% |
|  Consumer Discretionary  | 8.0% |
|  Real Estate  | 5.4% |
|  Materials  | 3.3% |
|  Communication Services  | 2.9% |
|  Consumer Staples  | 1.6% |
|  Cash & Other  | 8.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 7.2% |
|  Bright Horizons Family Solutions, Inc.  | 2.6% |
|  Bancorp, Inc.  | 2.6% |
|  Onto Innovation, Inc.  | 2.5% |
|  MGIC Investment Corp.  | 2.5% |
|  SPX Technologies, Inc.  | 2.4% |
|  Valmont Industries, Inc.  | 2.2% |
|  Kadant, Inc.  | 2.0% |
|  Assured Guaranty Ltd.  | 2.0% |
|  Encompass Health Corp.  | 2.0% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Sustainable Small-Cap Core Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts537img001.jpg) | **Brown Advisory Sustainable Value Fund**  | ![image](ts537img002.jpg) |
| ![image](ts537img001.jpg) | Institutional Shares \| BASVX  | ![image](ts537img002.jpg) |
| ![image](ts537img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts537img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Value Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $78 | 0.70% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Performance was driven primarily by Utilities, Industrials, Financials, and Materials. Technology performed the well in absolute terms but was a detractor given our underweight position relative to the benchmark. Health Care was also a detractor to performance during the time period as our exposure to managed care and healthcare equipment underperformed other areas of health care like biotechnology. We were pleased to see that the majority of our performance was driven by stock selection as opposed to sector allocation.

**POSITIONING**

We look for high quality businesses that generate consistent high levels of free cash flow, possess a Sustainable Free Cash Flow Advantage, exhibit capital discipline and trade at attractive valuations. We believe a portfolio of companies with these characteristics will lead to compelling risk adjusted returns over the long term while providing a margin of safety to investors. Over the lasts year we have increased our exposure to Financials, energy, and materials and reduced our exposure to consumer discretionary and communication services.

**PERFORMANCE**

The Fund posted positive absolute returns during the period as the markets recovered from the regional banking crisis during the spring of 2023.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Constellation Energy Corporation |
|  ↑  | Trane Technologies plc |
|  ↑  | KKR & Co Inc |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Bio-Rad Laboratories, Inc. Class A |
|  ↓  | Kenvue, Inc. |
|  ↓  | Medtronic Plc |

---

**How did the Fund perform since inception?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts537img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since** **Inception**<br>**(02/28/2023)** |
| **Institutional Shares**  | 23.55 | 17.44 |
| **Russell 1000 Index**  | 23.88 | 27.83 |
| **Russell 1000 Value Index**  | 13.06 | 12.57 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $100400756 |
| **Number of Holdings** | 43 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $336941 |
| **Portfolio Turnover** | 37% |

---

Visit https://www.brownadvisory.com/mf/funds/sustainable-value-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 19.1% |
|  Health Care  | 15.4% |
|  Industrials  | 12.6% |
|  Information Technology  | 10.8% |
|  Communication Services  | 10.1% |
|  Energy  | 7.0% |
|  Consumer Discretionary  | 5.0% |
|  Consumer Staples  | 4.9% |
|  Materials  | 4.4% |
|  Cash & Other  | 10.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 4.5% |
|  CRH PLC  | 4.4% |
|  Constellation Energy Corp.  | 4.4% |
|  Ferguson PLC  | 4.3% |
|  Fidelity National Information Services, Inc.  | 4.1% |
|  T-Mobile US, Inc.  | 3.7% |
|  Unilever PLC  | 3.5% |
|  Comcast Corp.  | 3.5% |
|  Cardinal Health, Inc.  | 3.3% |
|  Bank of America Corp.  | 3.2% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Sustainable Value Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts538img001.jpg) | **Brown Advisory Sustainable Value Fund**  | ![image](ts538img002.jpg) |
| ![image](ts538img001.jpg) | Investor Shares \| BISVX  | ![image](ts538img002.jpg) |
| ![image](ts538img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts538img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Value Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $95 | 0.85% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Performance was driven primarily by Utilities, Industrials, Financials, and Materials. Technology performed the well in absolute terms but was a detractor given our underweight position relative to the benchmark. Health Care was also a detractor to performance during the time period as our exposure to managed care and healthcare equipment underperformed other areas of health care like biotechnology. We were pleased to see that the majority of our performance was driven by stock selection as opposed to sector allocation.

**POSITIONING**

We look for high quality businesses that generate consistent high levels of free cash flow, possess a Sustainable Free Cash Flow Advantage, exhibit capital discipline and trade at attractive valuations. We believe a portfolio of companies with these characteristics will lead to compelling risk adjusted returns over the long term while providing a margin of safety to investors. Over the lasts year we have increased our exposure to Financials, energy, and materials and reduced our exposure to consumer discretionary and communication services.

**PERFORMANCE**

The Fund posted positive absolute returns during the period as the markets recovered from the regional banking crisis during the spring of 2023.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Constellation Energy Corporation |
|  ↑  | Trane Technologies plc |
|  ↑  | KKR & Co Inc |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Bio-Rad Laboratories, Inc. Class A |
|  ↓  | Kenvue, Inc. |
|  ↓  | Medtronic Plc |

---

**How did the Fund perform since inception?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts538img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since** **Inception**<br>**(02/28/2023)** |
| **Investor Shares**  | 23.26 | 17.14 |
| **Russell 1000 Index**  | 23.88 | 27.83 |
| **Russell 1000 Value Index**  | 13.06 | 12.57 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $100400756 |
| **Number of Holdings** | 43 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $336941 |
| **Portfolio Turnover** | 37% |

---

Visit https://www.brownadvisory.com/mf/funds/sustainable-value-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 19.1% |
|  Health Care  | 15.4% |
|  Industrials  | 12.6% |
|  Information Technology  | 10.8% |
|  Communication Services  | 10.1% |
|  Energy  | 7.0% |
|  Consumer Discretionary  | 5.0% |
|  Consumer Staples  | 4.9% |
|  Materials  | 4.4% |
|  Cash & Other  | 10.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 4.5% |
|  CRH PLC  | 4.4% |
|  Constellation Energy Corp.  | 4.4% |
|  Ferguson PLC  | 4.3% |
|  Fidelity National Information Services, Inc.  | 4.1% |
|  T-Mobile US, Inc.  | 3.7% |
|  Unilever PLC  | 3.5% |
|  Comcast Corp.  | 3.5% |
|  Cardinal Health, Inc.  | 3.3% |
|  Bank of America Corp.  | 3.2% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Sustainable Value Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts243img001.jpg) | **Brown Advisory Global Leaders Fund**  | ![image](ts243img002.jpg) |
| ![image](ts243img001.jpg) | Institutional Shares \| BAFLX  | ![image](ts243img002.jpg) |
| ![image](ts243img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts243img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Global Leaders Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $82 | 0.75% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI All Country World Index (ACWI).

**WHAT FACTORS INFLUENCED PERFORMANCE**

Underperformance was driven primarily by financials, particularly emerging markets financials. Technology performed the best in absolute terms and in line with the benchmark while industrials contributed most meaningfully to outperformance. Over the last year we have experienced concerns over the merger between HDFC Bank and HDFC Ltd., changes to subsidies of microloans at Bank Rakyat in Indonesia and ongoing concerns over growth in China at AIA Group. We believe these are all temporary issues. Aerospace leaders GE Aerospace and Safran were the largest positive contributors within industrials. Both companies benefit from a favorable period of strong performance, continued recovery of flight activity post-Covid and limited investment requirements.

**POSITIONING**

The Fund's largest exposures were to Financials and Technology with no exposure to Utilities, Real Estate or Energy. The largest geographic exposure was to the U.S. During the year we added Zoetis and AutoZone and exited Otis and GE Vernova.

**PERFORMANCE**

The portfolio delivered strong absolute performance throughout the reporting period, underperforming the benchmark. We believe the strategy is well positioned to benefit from our differentiated positioning in some of the leading technology franchises globally and further invest in a portfolio of diversified business models across sectors and regions.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Microsoft Corporation |
|  ↑  | GE Aerospace |
|  ↑  | Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Estee Lauder Companies Inc. Class A |
|  ↓  | AIA Group Limited |
|  ↓  | B3 SA - Brasil, Bolsa, Balcao |

---

**How did the Fund perform since inception?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts243img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since** **Inception**<br>**(10/31/** **2018)** |
| **Institutional Shares**  | 17.88 | 11.81 | 13.35 |
| **MSCI All Country World** **Index (ACWI)**  | 19.38 | 10.76 | 11.23 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory Global Leaders Fund PAGE 1 TSR_AR_115233355

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1959030248 |
| **Number of Holdings** | 36 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $10818764 |
| **Portfolio Turnover** | 15% |

---

Visit https://www.brownadvisory.com/mf/funds/global-leaders-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 28.6% |
|  Information Technology  | 24.7% |
|  Industrials  | 15.2% |
|  Health Care  | 9.9% |
|  Communication Services  | 6.6% |
|  Consumer Discretionary  | 6.5% |
|  Consumer Staples  | 5.6% |
|  Materials  | 1.8% |
|  Cash & Other  | 1.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 9.0% |
|  Alphabet, Inc.  | 4.7% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 4.3% |
|  Deutsche Boerse AG  | 4.1% |
|  Unilever PLC  | 3.9% |
|  Mastercard, Inc.  | 3.9% |
|  London Stock Exchange Group PLC  | 3.8% |
|  General Electric Co.  | 3.4% |
|  Safran S.A.  | 3.2% |
|  HDFC Bank, Ltd.  | 3.1% |

---

**Geographic Breakdown (%)**

------

![image](ts243img004.jpg)

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Global Leaders Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Global Leaders Fund PAGE 2 TSR_AR_115233355

11637691255145173421914161371725241203367710962061119362155887613133471530428182698459.37.86.14.33.83.23.12.72.27.5 ------

---

| | | |
|:---|:---|:---|
| ![image](ts244img001.jpg) | **Brown Advisory Global Leaders Fund**  | ![image](ts244img002.jpg) |
| ![image](ts244img001.jpg) | Investor Shares \| BIALX  | ![image](ts244img002.jpg) |
| ![image](ts244img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts244img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Global Leaders Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $98 | 0.90% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI All Country World Index (ACWI).

**WHAT FACTORS INFLUENCED PERFORMANCE**

Underperformance was driven primarily by financials, particularly emerging markets financials. Technology performed the best in absolute terms and in line with the benchmark while industrials contributed most meaningfully to outperformance. Over the last year we have experienced concerns over the merger between HDFC Bank and HDFC Ltd., changes to subsidies of microloans at Bank Rakyat in Indonesia and ongoing concerns over growth in China at AIA Group. We believe these are all temporary issues. Aerospace leaders GE Aerospace and Safran were the largest positive contributors within industrials. Both companies benefit from a favorable period of strong performance, continued recovery of flight activity post-Covid and limited investment requirements.

**POSITIONING**

The Fund's largest exposures were to Financials and Technology with no exposure to Utilities, Real Estate or Energy. The largest geographic exposure was to the U.S. During the year we added Zoetis and AutoZone and exited Otis and GE Vernova.

**PERFORMANCE**

The portfolio delivered strong absolute performance throughout the reporting period, underperforming the benchmark. We believe the strategy is well positioned to benefit from our differentiated positioning in some of the leading technology franchises globally and further invest in a portfolio of diversified business models across sectors and regions.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Microsoft Corporation |
|  ↑  | GE Aerospace |
|  ↑  | Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Estee Lauder Companies Inc. Class A |
|  ↓  | AIA Group Limited |
|  ↓  | B3 SA - Brasil, Bolsa, Balcao |

---

**How did the Fund perform since inception?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts244img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since** **Inception**<br>**(07/01/** **2015)** |
| **Investor Shares**  | 17.66 | 11.63 | 11.45 |
| **MSCI All Country World** **Index (ACWI)**  | 19.38 | 10.76 | 9.26 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory Global Leaders Fund PAGE 1 TSR_AR_115233462

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1959030248 |
| **Number of Holdings** | 36 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $10818764 |
| **Portfolio Turnover** | 15% |

---

Visit https://www.brownadvisory.com/mf/funds/global-leaders-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 28.6% |
|  Information Technology  | 24.7% |
|  Industrials  | 15.2% |
|  Health Care  | 9.9% |
|  Communication Services  | 6.6% |
|  Consumer Discretionary  | 6.5% |
|  Consumer Staples  | 5.6% |
|  Materials  | 1.8% |
|  Cash & Other  | 1.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 9.0% |
|  Alphabet, Inc.  | 4.7% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 4.3% |
|  Deutsche Boerse AG  | 4.1% |
|  Unilever PLC  | 3.9% |
|  Mastercard, Inc.  | 3.9% |
|  London Stock Exchange Group PLC  | 3.8% |
|  General Electric Co.  | 3.4% |
|  Safran S.A.  | 3.2% |
|  HDFC Bank, Ltd.  | 3.1% |

---

**Geographic Breakdown (%)**

------

![image](ts244img004.jpg)

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Global Leaders Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Global Leaders Fund PAGE 2 TSR_AR_115233462

965011521138571531116487227381854222554265379570113671258613309135901892715946185812218259.37.86.14.33.83.23.12.72.27.5 ------

---

| | | |
|:---|:---|:---|
| ![image](ts247img001.jpg) | **Brown Advisory Sustainable International** **Leaders Fund**  | ![image](ts247img002.jpg) |
| ![image](ts247img001.jpg) | Institutional Shares \| BAILX  | ![image](ts247img002.jpg) |
| ![image](ts247img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts247img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable International Leaders Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $86 | 0.85% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI ACWI ex USA Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Underperformance was driven primarily by financials, particularly emerging markets financials. Technology performed the best in absolute terms albeit trailing the benchmark. Industrials, the largest portfolio exposure contributed positively to relative performance. Over the last year we have experienced concerns over the merger between HDFC Bank and HDFC Ltd., changes to subsidies of microloans at Bank Rakyat in Indonesia and ongoing concerns over growth in China at AIA Group. We view the concerns around these businesses as temporary and have taken advantage of share price weakness to increase the position size of our holdings.

**POSITIONING**

We look for competitively advantaged businesses that earn high returns on invested capital (ROIC), are run by capable management teams, are attractively valuedand have the ability to generate attractive through-the-cycle shareholder returns. The largest geographic exposure was to Europe while the Fund was underweight Japan. During the year we added Shimano, Diageo ConvaTec Group, Canadian National Railway and Airbus. We exited Adyen, Grupo Aeroportuario del Pacifico, Unilever and Sika. Sector and country diversification is an output of stock picking,

**PERFORMANCE**

The portfolio delivered absolute performance during the reporting period, underperforming the benchmark.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Safran SA |
|  ↑  | CTS Eventim AG & Co. KGaA |
|  ↑  | NXP Semiconductors NV |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Adyen NV |
|  ↓  | Rentokil Initial plc |
|  ↓  | B3 SA - Brasil, Bolsa, Balcao |

---

**How did the Fund perform since inception?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts247img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since** **Inception**<br>**(02/28/2022)** |
| **Institutional Shares**  | 2.49 | 3.38 |
| **MSCI ACWI ex USA Index**  | 11.62 | 3.65 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory Sustainable International Leaders Fund PAGE 1 TSR_AR_115233272

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $38793612 |
| **Number of Holdings** | 30 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $131123 |
| **Portfolio Turnover** | 27% |

---

Visit https://www.brownadvisory.com/mf/funds/sustainable-international-leaders-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 35.8% |
|  Financials  | 23.9% |
|  Consumer Discretionary  | 12.8% |
|  Information Technology  | 11.0% |
|  Health Care  | 6.7% |
|  Communication Services  | 3.3% |
|  Consumer Staples  | 2.9% |
|  Cash & Other  | 3.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Deutsche Boerse AG  | 5.3% |
|  Rentokil Initial PLC  | 4.9% |
|  London Stock Exchange Group PLC  | 4.9% |
|  Waste Connections, Inc.  | 4.7% |
|  HDFC Bank, Ltd.  | 4.7% |
|  Experian PLC  | 4.5% |
|  Safran S.A.  | 4.3% |
|  Wolters Kluwer NV  | 4.2% |
|  Howden Joinery Group PLC  | 3.9% |
|  NXP Semiconductors NV  | 3.8% |

---

**Geographic Breakdown (%)**

------

![image](ts247img004.jpg)

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Sustainable International Leaders Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable International Leaders Fund PAGE 2 TSR_AR_115233272

84200010545301080762864103973978108718726.110.410.18.67.26.86.54.13.217.0 ------

---

| | | |
|:---|:---|:---|
| ![image](ts248img001.jpg) | **Brown Advisory Sustainable International** **Leaders Fund**  | ![image](ts248img002.jpg) |
| ![image](ts248img001.jpg) | Investor Shares \| BISLX  | ![image](ts248img002.jpg) |
| ![image](ts248img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts248img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable International Leaders Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $101 | 1.00% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI ACWI ex USA Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Underperformance was driven primarily by financials, particularly emerging markets financials. Technology performed the best in absolute terms albeit trailing the benchmark. Industrials, the largest portfolio exposure contributed positively to relative performance. Over the last year we have experienced concerns over the merger between HDFC Bank and HDFC Ltd., changes to subsidies of microloans at Bank Rakyat in Indonesia and ongoing concerns over growth in China at AIA Group. We view the concerns around these businesses as temporary and have taken advantage of share price weakness to increase the position size of our holdings.

**POSITIONING**

We look for competitively advantaged businesses that earn high returns on invested capital (ROIC), are run by capable management teams, are attractively valuedand have the ability to generate attractive through-the-cycle shareholder returns. The largest geographic exposure was to Europe while the Fund was underweight Japan. During the year we added Shimano, Diageo ConvaTec Group, Canadian National Railway and Airbus. We exited Adyen, Grupo Aeroportuario del Pacifico, Unilever and Sika. Sector and country diversification is an output of stock picking,

**PERFORMANCE**

The portfolio delivered absolute performance during the reporting period, underperforming the benchmark.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Safran SA |
|  ↑  | CTS Eventim AG & Co. KGaA |
|  ↑  | NXP Semiconductors NV |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Adyen NV |
|  ↓  | Rentokil Initial plc |
|  ↓  | B3 SA - Brasil, Bolsa, Balcao |

---

**How did the Fund perform since inception?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts248img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since** **Inception**<br>**(02/28/2022)** |
| **Investor Shares**  | 2.27 | 3.16 |
| **MSCI ACWI ex USA Index**  | 11.62 | 3.65 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory Sustainable International Leaders Fund PAGE 1 TSR_AR_115233264

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $38793612 |
| **Number of Holdings** | 30 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $131123 |
| **Portfolio Turnover** | 27% |

---

Visit https://www.brownadvisory.com/mf/funds/sustainable-international-leaders-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 35.8% |
|  Financials  | 23.9% |
|  Consumer Discretionary  | 12.8% |
|  Information Technology  | 11.0% |
|  Health Care  | 6.7% |
|  Communication Services  | 3.3% |
|  Consumer Staples  | 2.9% |
|  Cash & Other  | 3.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Deutsche Boerse AG  | 5.3% |
|  Rentokil Initial PLC  | 4.9% |
|  London Stock Exchange Group PLC  | 4.9% |
|  Waste Connections, Inc.  | 4.7% |
|  HDFC Bank, Ltd.  | 4.7% |
|  Experian PLC  | 4.5% |
|  Safran S.A.  | 4.3% |
|  Wolters Kluwer NV  | 4.2% |
|  Howden Joinery Group PLC  | 3.9% |
|  NXP Semiconductors NV  | 3.8% |

---

**Geographic Breakdown (%)**

------

![image](ts248img004.jpg)

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Sustainable International Leaders Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable International Leaders Fund PAGE 2 TSR_AR_115233264

84101051510754864197401087226.110.410.18.67.26.86.54.13.217.0 ------

---

| | | |
|:---|:---|:---|
| ![image](ts520img001.jpg) | **Brown Advisory Intermediate Income Fund**  | ![image](ts520img002.jpg) |
| ![image](ts520img001.jpg) | Investor Shares \| BIAIX  | ![image](ts520img002.jpg) |
| ![image](ts520img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts520img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Intermediate Income Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $50 | 0.49% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ending June 30, 2024, the Fund outperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund benefited from not owning Treasuries longer than ten years, as interest rates moved markedly higher, especially in bonds maturing twenty years and longer. Higher rates pressured mortgage-backed bonds due to duration extension. The Fund had strong security selection in corporate bonds and a mild overweight. Asset-backed bonds also contributed positively due to their attractive yields and short average maturities, benefiting from the inverted yield curve.

**POSITIONING**

We tactically added duration in the portfolio during the first half of the period but later lowered duration as interest rates moved higher in the face of ongoing elevated inflation data. In addition, the Fund moved to a mild overweight allocation to corporate bonds based on elevated yields and ongoing strong corporate fundamentals. We also moved to a mildly overweight position in agency-backed mortgage bonds as interest volatility began to subside and spreads remain elevated.

**PERFORMANCE**

The Fund posted positive returns for the reported period based in part on strong corporate bond performance as corporate fundamentals remained strong and credit spread tightened markedly over the period and to a lesser degree exposure to asset-backed bonds with shorter average maturity profiles that had elevated yields as the Federal Reserve's policy continued to result in an inverted yield curve.

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts520img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 2.86 | 0.00 | 1.13 |
| **Bloomberg U.S.** **Aggregate Bond Index**  | 2.63 | -0.23 | 1.35 |
| **Bloomberg Intermediate** **U.S. Aggregate Bond** **Index**  | 3.55 | 0.22 | 1.33 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $116403654 |
| **Number of Holdings** | 90 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $310799 |
| **Portfolio Turnover** | 27% |

---

Visit https://www.brownadvisory.com/mf/funds/intermediate-income-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 31.5% |
|  Corporate Bonds  | 24.9% |
|  Agency Residential Mortgage-Backed Securities  | 17.5% |
|  Affiliated Mutual Funds  | 13.2% |
|  Asset-Backed Securities  | 4.4% |
|  Short-Term Investments  | 2.5% |
|  Agency Commercial Mortgage-Backed Securities  | 2.1% |
|  Non-Agency Residential Mortgage-Backed Securities  | 0.7% |
|  Cash & Other  | 3.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 31.5% |
|  Brown Advisory Mortgage Securities Fund - Institutional Shares  | 13.2% |
|  Federal National Mortgage Association  | 11.4% |
|  Federal Home Loan Mortgage Corp.  | 8.0% |
|  First American Government Obligations Fund  | 2.5% |
|  Waste Connections, Inc.  | 1.5% |
|  CNH Equipment Trust  | 1.3% |
|  Regeneron Pharmaceuticals, Inc.  | 1.0% |
|  Analog Devices, Inc.  | 1.0% |
|  US Bancorp  | 1.0% |

---

**Householding**

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

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

The Brown Advisory Intermediate Income Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts519img001.jpg) | **Brown Advisory Intermediate Income Fund**  | ![image](ts519img002.jpg) |
| ![image](ts519img001.jpg) | Advisor Shares \| BAIAX  | ![image](ts519img002.jpg) |
| ![image](ts519img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts519img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Intermediate Income Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Advisor Shares | $75 | 0.74% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ending June 30, 2024, the Fund underperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund benefited from not owning Treasuries longer than ten years, as interest rates moved markedly higher, especially in bonds maturing twenty years and longer. Higher rates pressured mortgage-backed bonds due to duration extension. The Fund had strong security selection in corporate bonds and a mild overweight. Asset-backed bonds also contributed positively due to their attractive yields and short average maturities, benefiting from the inverted yield curve.

**POSITIONING**

We tactically added duration in the portfolio during the first half of the period but later lowered duration as interest rates moved higher in the face of ongoing elevated inflation data. In addition, the Fund moved to a mild overweight allocation to corporate bonds based on elevated yields and ongoing strong corporate fundamentals. We also moved to a mildly overweight position in agency-backed mortgage bonds as interest volatility began to subside and spreads remain elevated.

**PERFORMANCE**

The Fund posted positive returns for the reported period based in part on strong corporate bond performance as corporate fundamentals remained strong and credit spread tightened markedly over the period and to a lesser degree exposure to asset-backed bonds with shorter average maturity profiles that had elevated yields as the Federal Reserve's policy continued to result in an inverted yield curve.

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts519img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 2.57 | -0.25 | 0.88 |
| **Bloomberg U.S.** **Aggregate Bond Index**  | 2.63 | -0.23 | 1.35 |
| **Bloomberg Intermediate** **U.S. Aggregate Bond** **Index**  | 3.55 | 0.22 | 1.33 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $116403654 |
| **Number of Holdings** | 90 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $310799 |
| **Portfolio Turnover** | 27% |

---

Visit https://www.brownadvisory.com/mf/funds/intermediate-income-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 31.5% |
|  Corporate Bonds  | 24.9% |
|  Agency Residential Mortgage-Backed Securities  | 17.5% |
|  Affiliated Mutual Funds  | 13.2% |
|  Asset-Backed Securities  | 4.4% |
|  Short-Term Investments  | 2.5% |
|  Agency Commercial Mortgage-Backed Securities  | 2.1% |
|  Non-Agency Residential Mortgage-Backed Securities  | 0.7% |
|  Cash & Other  | 3.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 31.5% |
|  Brown Advisory Mortgage Securities Fund - Institutional Shares  | 13.2% |
|  Federal National Mortgage Association  | 11.4% |
|  Federal Home Loan Mortgage Corp.  | 8.0% |
|  First American Government Obligations Fund  | 2.5% |
|  Waste Connections, Inc.  | 1.5% |
|  CNH Equipment Trust  | 1.3% |
|  Regeneron Pharmaceuticals, Inc.  | 1.0% |
|  Analog Devices, Inc.  | 1.0% |
|  US Bancorp  | 1.0% |

---

**Householding**

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

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

The Brown Advisory Intermediate Income Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts245img001.jpg) | **Brown Advisory Sustainable Bond Fund**  | ![image](ts245img002.jpg) |
| ![image](ts245img001.jpg) | Institutional Shares \| BAISX  | ![image](ts245img002.jpg) |
| ![image](ts245img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts245img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Bond Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $41 | 0.41% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Exposure to intermediate maturity Treasuries weighed on the Fund's performance as the market priced out an aggressive monetary easing cycle as inflation data turned higher after a period of sustained declines. Exposure to mortgage-backed bonds also detracted from performance as these bonds experienced duration extension as interest rates rose. Positive contributors to relative performance were led by strong security selection in corporate bonds and the mild overweight held over the period. Asset-backed bonds also positively contributed to performance due to their attractive yields and short average maturities which benefited from the inverted yield curve.

**POSITIONING**

We tactically added duration in the portfolio during the first half of the period but moved back to a neutral position as interest rates moved higher in the face of ongoing elevated inflation data. In addition, the Fund moved to an overweight allocation to corporate bonds and agency MBS based on elevated yields and ongoing strong fundamentals.

**PERFORMANCE**

The Fund underperformed for the reported period. The Fund's mild overweight to mortgages was a detractor, this was partially offset by strong corporate bond performance as fundamentals remained strong and credit spread tightened markedly over the period and to a lesser degree exposure to asset-backed bonds with shorter average maturity profiles that had elevated yields as the Federal Reserve's policy continued to result in an inverted yield curve.

**How did the Fund perform since inception?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts245img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since** **Inception**<br>**(07/02/** **2018)** |
| **Institutional Shares**  | 1.90 | -0.27 | 1.00 |
| **Bloomberg U.S.** **Aggregate Bond Index**  | 2.63 | -0.23 | 1.09 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory Sustainable Bond Fund PAGE 1 TSR_AR_115233389

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $558246407 |
| **Number of Holdings** | 164 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $1788733 |
| **Portfolio Turnover** | 251% |

---

Visit https://www.brownadvisory.com/mf/funds/sustainable-bond-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 32.1% |
|  Agency Residential Mortgage-Backed Securities  | 30.1% |
|  Foreign Government Agency Issues  | 16.0% |
|  U.S. Treasury Securities  | 14.8% |
|  Asset-Backed Securities  | 5.5% |
|  Short-Term Investments  | 4.1% |
|  Municipal Bonds  | 1.5% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.5% |
|  Agency Commercial Mortgage-Backed Securities  | 0.1% |
|  Cash & Other  | -4.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 14.2% |
|  United States Treasury Note  | 8.4% |
|  Ginnie Mae II Pool  | 8.2% |
|  Federal Home Loan Mortgage Corp.  | 5.2% |
|  European Investment Bank  | 4.7% |
|  United States Treasury STRIP  | 4.4% |
|  International Bank for Reconstruction & Development  | 4.4% |
|  First American Government Obligations Fund  | 3.9% |
|  Inter-American Development Bank  | 3.8% |
|  Kreditanstalt fuer Wiederaufbau  | 3.2% |

---

**Householding**

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

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

The Brown Advisory Sustainable Bond Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Bond Fund PAGE 2 TSR_AR_115233389

------

---

| | | |
|:---|:---|:---|
| ![image](ts246img001.jpg) | **Brown Advisory Sustainable Bond Fund**  | ![image](ts246img002.jpg) |
| ![image](ts246img001.jpg) | Investor Shares \| BASBX  | ![image](ts246img002.jpg) |
| ![image](ts246img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts246img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Bond Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $46 | 0.46% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Exposure to intermediate maturity Treasuries weighed on the Fund's performance as the market priced out an aggressive monetary easing cycle as inflation data turned higher after a period of sustained declines. Exposure to mortgage-backed bonds also detracted from performance as these bonds experienced duration extension as interest rates rose. Positive contributors to relative performance were led by strong security selection in corporate bonds and the mild overweight held over the period. Asset-backed bonds also positively contributed to performance due to their attractive yields and short average maturities which benefited from the inverted yield curve.

**POSITIONING**

We tactically added duration in the portfolio during the first half of the period but moved back to a neutral position as interest rates moved higher in the face of ongoing elevated inflation data. In addition, the Fund moved to an overweight allocation to corporate bonds and agency MBS based on elevated yields and ongoing strong fundamentals.

**PERFORMANCE**

The Fund underperformed for the reported period. The Fund's mild overweight to mortgages was a detractor, this was partially offset by strong corporate bond performance as fundamentals remained strong and credit spread tightened markedly over the period and to a lesser degree exposure to asset-backed bonds with shorter average maturity profiles that had elevated yields as the Federal Reserve's policy continued to result in an inverted yield curve.

**How did the Fund perform since inception?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts246img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since** **Inception**<br>**(08/07/** **2017)** |
| **Investor Shares**  | 1.73 | -0.32 | 0.64 |
| **Bloomberg U.S.** **Aggregate Bond Index**  | 2.63 | -0.23 | 0.78 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory Sustainable Bond Fund PAGE 1 TSR_AR_115233447

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $558246407 |
| **Number of Holdings** | 164 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $1788733 |
| **Portfolio Turnover** | 251% |

---

Visit https://www.brownadvisory.com/mf/funds/sustainable-bond-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 32.1% |
|  Agency Residential Mortgage-Backed Securities  | 30.1% |
|  Foreign Government Agency Issues  | 16.0% |
|  U.S. Treasury Securities  | 14.8% |
|  Asset-Backed Securities  | 5.5% |
|  Short-Term Investments  | 4.1% |
|  Municipal Bonds  | 1.5% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.5% |
|  Agency Commercial Mortgage-Backed Securities  | 0.1% |
|  Cash & Other  | -4.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 14.2% |
|  United States Treasury Note  | 8.4% |
|  Ginnie Mae II Pool  | 8.2% |
|  Federal Home Loan Mortgage Corp.  | 5.2% |
|  European Investment Bank  | 4.7% |
|  United States Treasury STRIP  | 4.4% |
|  International Bank for Reconstruction & Development  | 4.4% |
|  First American Government Obligations Fund  | 3.9% |
|  Inter-American Development Bank  | 3.8% |
|  Kreditanstalt fuer Wiederaufbau  | 3.2% |

---

**Householding**

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

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

The Brown Advisory Sustainable Bond Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Bond Fund PAGE 2 TSR_AR_115233447

------

---

| | | |
|:---|:---|:---|
| ![image](ts521img001.jpg) | **Brown Advisory Maryland Bond Fund**  | ![image](ts521img002.jpg) |
| ![image](ts521img001.jpg) | Investor Shares \| BIAMX  | ![image](ts521img002.jpg) |
| ![image](ts521img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts521img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Maryland Bond Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $50 | 0.49% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve became severely inverted over the past year, with intermediate-maturity bonds yielding dramatically less than both short-term and longer-term bonds. These dynamics led us to actively position the portfolio in a duration barbell, which benefitted relative and absolute returns as the curve began to normalize by mid-2024. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

**POSITIONING**

We tactically added to a duration barbell with a dramatic overweight to ultra-short duration bonds, and large weightings to longer duration bonds. We maintained an overweight in revenue-backed municipal sectors and added tactically to Prepaid Gas, Airports, and Tax Revenue, while trimming our positions in Higher Education and Healthcare.

**PERFORMANCE**

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by downside protection, particularly during the second half of 2023 as interest rates rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts521img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 3.76 | 0.78 | 1.62 |
| **Bloomberg Municipal** **Bond Index**  | 3.21 | 1.16 | 2.39 |
| **Bloomberg 1-10 Year** **Blended Municipal Bond** **Index**  | 2.31 | 1.03 | 1.79 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $168661906 |
| **Number of Holdings** | 80 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $499594 |
| **Portfolio Turnover** | 22% |

---

Visit https://www.brownadvisory.com/mf/funds/maryland-bond-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 99.0% |
|  Short-Term Investments  | 0.1% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Revenue Bonds  | 82.7% |
|  General Obligation Bonds  | 16.3% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  University of Maryland Medical System  | 8.0% |
|  County of Frederick MD  | 6.6% |
|  Maryland Stadium Authority  | 6.2% |
|  MedStar Health  | 5.8% |
|  Maryland Community Development Administration  | 5.6% |
|  Maryland State Transportation Authority  | 5.5% |
|  Maryland Economic Development Corporation  | 4.4% |
|  State of Maryland Department of Transportation  | 4.0% |
|  County of Howard MD  | 3.5% |
|  Main Street Natural Gas, Inc.  | 3.3% |

---

**Householding**

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

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

The Brown Advisory Maryland Bond Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts539img001.jpg) | **Brown Advisory Tax-Exempt Bond Fund**  | ![image](ts539img002.jpg) |
| ![image](ts539img001.jpg) | Institutional Shares \| BTEIX  | ![image](ts539img002.jpg) |
| ![image](ts539img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts539img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Tax-Exempt Bond Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $41 | 0.40% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve became severely inverted over the past year, with intermediate-maturity bonds yielding dramatically less than both short-term and longer-term bonds. These dynamics led us to actively position the portfolio in a duration barbell, which benefitted relative and absolute returns as the curve began to normalize by mid-2024. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

**POSITIONING**

We tactically added to a duration barbell with a dramatic overweight to ultra-short duration bonds, and large weightings to longer duration bonds. We maintained an overweight in revenue-backed municipal sectors and added tactically to Prepaid Gas, Airports, and Tax Revenue, while trimming our positions in Higher Education and Healthcare.

**PERFORMANCE**

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by downside protection, particularly during the second half of 2023 as interest rates rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

**How did the Fund perform since inception?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts539img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since** **Inception**<br>**(07/02/** **2018)** |
| **Institutional Shares**  | 4.49 | 1.41 | 2.24 |
| **Bloomberg Municipal** **Bond Index**  | 3.21 | 1.16 | 2.06 |
| **Bloomberg 1-10 Year** **Blended Municipal Bond** **Index**  | 2.31 | 1.03 | 1.75 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $919823529 |
| **Number of Holdings** | 167 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $2528227 |
| **Portfolio Turnover** | 57% |

---

Visit https://www.brownadvisory.com/mf/funds/tax-exempt-bond-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Ten States** | **(%)** |
|  Texas  | 13.2% |
|  New York  | 10.1% |
|  Illinois  | 9.5% |
|  Florida  | 6.7% |
|  Georgia  | 5.9% |
|  Alabama  | 5.6% |
|  California  | 4.4% |
|  New Jersey  | 4.0% |
|  Ohio  | 4.0% |
|  Cash & Other  | 36.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Black Belt Energy Gas District  | 4.4% |
|  Texas Municipal Gas Acquisition and Supply Corp. II  | 4.2% |
|  Main Street Natural Gas, Inc.  | 3.8% |
|  New Jersey Transportation Trust Fund Authority  | 3.4% |
|  Tobacco Settlement Financing Corp.  | 3.1% |
|  First American Government Obligations Fund  | 2.6% |
|  Miami-Dade County Florida Expressway Authority  | 2.4% |
|  Metropolitan Pier & Exposition Authority  | 2.2% |
|  Illinois State  | 2.2% |
|  Fort Worth Texas  | 2.1% |

---

Security Type Breakdown (%)

![image](ts539img004.jpg)

**Householding**

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

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

The Brown Advisory Tax-Exempt Bond Fund is distributed by ALPS Distributors, Inc.

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

10651111082079115647410552281093077114216110667711114224116063910611531094972113015010546981095135112173910612841084847110990698.72.61.3 ------

---

| | | |
|:---|:---|:---|
| ![image](ts540img001.jpg) | **Brown Advisory Tax-Exempt Bond Fund**  | ![image](ts540img002.jpg) |
| ![image](ts540img001.jpg) | Investor Shares \| BIAEX  | ![image](ts540img002.jpg) |
| ![image](ts540img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts540img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Tax-Exempt Bond Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $46 | 0.45% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve became severely inverted over the past year, with intermediate-maturity bonds yielding dramatically less than both short-term and longer-term bonds. These dynamics led us to actively position the portfolio in a duration barbell, which benefitted relative and absolute returns as the curve began to normalize by mid-2024. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

**POSITIONING**

We tactically added to a duration barbell with a dramatic overweight to ultra-short duration bonds, and large weightings to longer duration bonds. We maintained an overweight in revenue-backed municipal sectors and added tactically to Prepaid Gas, Airports, and Tax Revenue, while trimming our positions in Higher Education and Healthcare.

**PERFORMANCE**

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by downside protection, particularly during the second half of 2023 as interest rates rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts540img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 4.55 | 1.38 | 2.24 |
| **Bloomberg Municipal** **Bond Index**  | 3.21 | 1.16 | 2.39 |
| **Bloomberg 1-10 Year** **Blended Municipal Bond** **Index**  | 2.31 | 1.03 | 1.79 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $919823529 |
| **Number of Holdings** | 167 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $2528227 |
| **Portfolio Turnover** | 57% |

---

Visit https://www.brownadvisory.com/mf/funds/tax-exempt-bond-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Ten States** | **(%)** |
|  Texas  | 13.2% |
|  New York  | 10.1% |
|  Illinois  | 9.5% |
|  Florida  | 6.7% |
|  Georgia  | 5.9% |
|  Alabama  | 5.6% |
|  California  | 4.4% |
|  New Jersey  | 4.0% |
|  Ohio  | 4.0% |
|  Cash & Other  | 36.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Black Belt Energy Gas District  | 4.4% |
|  Texas Municipal Gas Acquisition and Supply Corp. II  | 4.2% |
|  Main Street Natural Gas, Inc.  | 3.8% |
|  New Jersey Transportation Trust Fund Authority  | 3.4% |
|  Tobacco Settlement Financing Corp.  | 3.1% |
|  First American Government Obligations Fund  | 2.6% |
|  Miami-Dade County Florida Expressway Authority  | 2.4% |
|  Metropolitan Pier & Exposition Authority  | 2.2% |
|  Illinois State  | 2.2% |
|  Fort Worth Texas  | 2.1% |

---

Security Type Breakdown (%)

![image](ts540img004.jpg)

**Householding**

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

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

The Brown Advisory Tax-Exempt Bond Fund is distributed by ALPS Distributors, Inc.

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

10000100781067610645109411165111843126381152611934124771000010300110881103411207119581249013010118951227412669100001017410670106871075211342117771206311413116671193698.72.61.3 ------

---

| | | |
|:---|:---|:---|
| ![image](ts541img001.jpg) | **Brown Advisory Tax-Exempt Sustainable** **Bond Fund**  | ![image](ts541img002.jpg) |
| ![image](ts541img001.jpg) | Investor Shares \| BITEX  | ![image](ts541img002.jpg) |
| ![image](ts541img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts541img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Tax-Exempt Sustainable Bond Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $49 | 0.48% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve became severely inverted over the past year, with intermediate-maturity bonds yielding dramatically less than both short-term and longer-term bonds. These dynamics led us to actively position the portfolio in a duration barbell, which benefitted relative and absolute returns as the curve began to normalize by mid-2024. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

**POSITIONING**

We tactically added to a duration barbell with a dramatic overweight to ultra-short duration bonds, and large weightings to longer duration bonds. We maintained an overweight in revenue-backed municipal sectors and added tactically to, Affordable Housing, Transportation, and Renewable Electric, while trimming our positions in Higher Education and Healthcare.

**PERFORMANCE**

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by downside protection, particularly during the second half of 2023 as interest rates rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

**How did the Fund perform since inception?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts541img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since** **Inception**<br>**(12/02/2019)** |
| **Investor Shares**  | 3.42 | 0.18 |
| **Bloomberg Municipal Bond Index**  | 3.21 | 0.85 |
| **Bloomberg 1-10 Year Blended** **Municipal Bond Index**  | 2.31 | 0.83 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $281014055 |
| **Number of Holdings** | 98 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $870961 |
| **Portfolio Turnover** | 50% |

---

Visit https://www.brownadvisory.com/mf/funds/tax-exempt-sustainable-bond-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Ten States** | **(%)** |
|  California  | 13.8% |
|  New York  | 12.3% |
|  Wisconsin  | 8.6% |
|  Illinois  | 8.2% |
|  Maryland  | 5.5% |
|  Colorado  | 5.0% |
|  Nebraska  | 3.7% |
|  Florida  | 3.6% |
|  Utah  | 3.6% |
|  Cash & Other  | 35.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  California Earthquake Authority  | 5.7% |
|  California Community Choice Financing Authority  | 5.2% |
|  Metropolitan Transportation Authority  | 4.9% |
|  Utah Housing Corp.  | 3.6% |
|  Maryland Health & Higher Educational Facilities Authority  | 3.6% |
|  Wisconsin State  | 3.2% |
|  New York Liberty Development Corp.  | 3.1% |
|  New Jersey Economic Development Authority  | 2.8% |
|  Douglas County Nebraska  | 2.8% |
|  York County South Carolina Fort Mill School District No. 4  | 2.5% |

---

Security Type Breakdown (%)

![image](ts541img004.jpg)

**Householding**

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

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

The Brown Advisory Tax-Exempt Sustainable Bond Fund is distributed by ALPS Distributors, Inc.

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

996310418952297501008410251106789763100741039710250104999933101531038897.02.10.9 ------

---

| | | |
|:---|:---|:---|
| ![image](ts524img001.jpg) | **Brown Advisory Mortgage Securities Fund**  | ![image](ts524img002.jpg) |
| ![image](ts524img001.jpg) | Institutional Shares \| BAFZX  | ![image](ts524img002.jpg) |
| ![image](ts524img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts524img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Mortgage Securities Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $45 | 0.45% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The rate environment over the past 12 months continued to be extraordinarily volatile and was a dominant driver of mortgage market returns. The Fund's positioning along the coupon stack and a higher overall allocation to agency MBS basis detracted from overall performance relative to the benchmark. Exposure to securitized credit benefited performance over the period as spreads generally tightened over the year. Our security selection within the MBS sector also contributed positively to performance.

**POSITIONING**

We added to MBS basis over the past year as we believe that agency-backed mortgages continue to offer compelling value relative to riskier assets. We also added to high quality, short ABS which complement the mortgage exposure of the fund. We maintain a slight duration overweight, but continue to hold a relatively neutral duration stance as we prefer to add risk through our bottom-up selection and allocation decisions given the uncertainty of the current interest rate environment and reliance on near-term central bank policy decisions and posture.

**PERFORMANCE**

The Fund posted positive returns as moderating rate volatility and tighter spreads were offset by higher yields across most of the curve. While the fund generally outperformed its benchmark in weaker market periods with elevated market volatility, it lagged during times of strong market momentum due to our conservative positioning over the period.

**How did the Fund perform over the past 10** **years?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts524img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 1.90 | -0.19 | 1.22 |
| **Bloomberg U.S.** **Aggregate Bond Index**  | 2.63 | -0.23 | 1.35 |
| **Bloomberg Mortgage** **Backed Securities Index**  | 2.12 | -0.76 | 0.89 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $285945246 |
| **Number of Holdings** | 328 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $869152 |
| **Portfolio Turnover** | 335% |

---

Visit https://www.brownadvisory.com/mf/funds/mortgage-securities-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 88.3% |
|  Short-Term Investments  | 14.9% |
|  Asset-Backed Securities  | 10.4% |
|  Agency Commercial Mortgage-Backed Securities  | 4.1% |
|  Non-Agency Residential Mortgage-Backed Securities  | 0.7% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.5% |
|  Municipal Bonds  | 0.1% |
|  Cash & Other  | -19.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 42.8% |
|  Federal Home Loan Mortgage Corp.  | 23.3% |
|  Ginnie Mae II Pool  | 13.1% |
|  Government National Mortgage Association  | 11.9% |
|  United States Treasury Bill  | 11.8% |
|  First American Government Obligations Fund  | 3.1% |
|  John Deere Owner Trust  | 1.4% |
|  CNH Equipment Trust  | 1.3% |
|  CarMax Auto Owner Trust  | 1.3% |
|  Ford Credit Auto Owner Trust  | 1.2% |

---

**Householding**

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

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

The Brown Advisory Mortgage Securities Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts525img001.jpg) | **Brown Advisory Mortgage Securities Fund**  | ![image](ts525img002.jpg) |
| ![image](ts525img001.jpg) | Investor Shares \| BIAZX  | ![image](ts525img002.jpg) |
| ![image](ts525img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts525img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Mortgage Securities Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $50 | 0.50% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The rate environment over the past 12 months continued to be extraordinarily volatile and was a dominant driver of mortgage market returns. The Fund's positioning along the coupon stack and a higher overall allocation to agency MBS basis detracted from overall performance relative to the benchmark. Exposure to securitized credit benefited performance over the period as spreads generally tightened over the year. Our security selection within the MBS sector also contributed positively to performance.

**POSITIONING**

We added to MBS basis over the past year as we believe that agency-backed mortgages continue to offer compelling value relative to riskier assets. We also added to high quality, short ABS which complement the mortgage exposure of the fund. We maintain a slight duration overweight, but continue to hold a relatively neutral duration stance as we prefer to add risk through our bottom-up selection and allocation decisions given the uncertainty of the current interest rate environment and reliance on near-term central bank policy decisions and posture.

**PERFORMANCE**

The Fund posted positive returns as moderating rate volatility and tighter spreads were offset by higher yields across most of the curve. While the fund generally outperformed its benchmark in weaker market periods with elevated market volatility, it lagged during times of strong market momentum due to our conservative positioning over the period.

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts525img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 1.84 | -0.20 | 1.18 |
| **Bloomberg U.S.** **Aggregate Bond Index**  | 2.63 | -0.23 | 1.35 |
| **Bloomberg Mortgage** **Backed Securities Index**  | 2.12 | -0.76 | 0.89 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $285945246 |
| **Number of Holdings** | 328 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $869152 |
| **Portfolio Turnover** | 335% |

---

Visit https://www.brownadvisory.com/mf/funds/mortgage-securities-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 88.3% |
|  Short-Term Investments  | 14.9% |
|  Asset-Backed Securities  | 10.4% |
|  Agency Commercial Mortgage-Backed Securities  | 4.1% |
|  Non-Agency Residential Mortgage-Backed Securities  | 0.7% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.5% |
|  Municipal Bonds  | 0.1% |
|  Cash & Other  | -19.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 42.8% |
|  Federal Home Loan Mortgage Corp.  | 23.3% |
|  Ginnie Mae II Pool  | 13.1% |
|  Government National Mortgage Association  | 11.9% |
|  United States Treasury Bill  | 11.8% |
|  First American Government Obligations Fund  | 3.1% |
|  John Deere Owner Trust  | 1.4% |
|  CNH Equipment Trust  | 1.3% |
|  CarMax Auto Owner Trust  | 1.3% |
|  Ford Credit Auto Owner Trust  | 1.2% |

---

**Householding**

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

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

The Brown Advisory Mortgage Securities Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts238img001.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](ts238img002.jpg) |
| ![image](ts238img001.jpg) | Institutional Shares \| BAFHX  | ![image](ts238img002.jpg) |
| ![image](ts238img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts238img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $113 | 1.05% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the MSCI Europe Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Strong security selection was the key driver of relative outperformance. Particularly, the positive stock selection results in Industrials, Communication Services, and Consumer Staples contributed to relative returns. Weaker stock selection in Information Technology somewhat detracted from performance. Sector allocation, a result of our bottom-up stock selection process, also added to relative returns. Positive allocation effects driven by our overweight in Industrials and underweight in Consumer Discretionary was partially offset by our underweight position in Information Technology. At the issuer level, our top two relative contributors were our overweight position in Rheinmetall AG and UCB SA, while our top two relative detractors were not holding Novo Nordisk and our overweight position in Prudential PLC.

**POSITIONING**

We remain overweight in Industrials and Consumer Staples as we continue to find a lot of good investment ideas within this sector that fit our investment process and philosophy. We remain underweight Health Care and Information Technology as a result of our bottom-up stock selection process, as we struggle to find attractive ideas in these sectors that fit our investment criteria, with some companies (e.g. ASML and Novo Nordisk) trading at elevated valuation levels relative to their fundamentals in our view.

**PERFORMANCE**

The Fund posted positive returns for the reported period driven by positive bottom-up stock selection and positive allocation effects.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Rheinmetall AG |
|  ↑  | UCB S.A. |
|  ↑  | BAE Systems plc |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Prudential plc |
|  ↓  | Bayer AG |
|  ↓  | Jeronimo Martins, SGPS S.A. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts238img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 16.05 | 9.39 | 6.87 |
| **MSCI Europe Index**  | 11.68 | 7.13 | 4.16 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory - WMC Strategic European Equity Fund PAGE 1 TSR_AR_115233629

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $327084729 |
| **Number of Holdings** | 65 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $2576769 |
| **Portfolio Turnover** | 41% |

---

Visit https://www.brownadvisory.com/mf/funds/wmc-strategic-european-equity-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 35.1% |
|  Consumer Staples  | 16.4% |
|  Financials  | 15.2% |
|  Health Care  | 6.7% |
|  Materials  | 6.6% |
|  Consumer Discretionary  | 6.5% |
|  Communication Services  | 4.4% |
|  Information Technology  | 2.5% |
|  Energy  | 2.4% |
|  Cash & Other  | 4.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.8% |
|  Rheinmetall AG  | 3.4% |
|  Unilever PLC  | 3.2% |
|  Holcim, Ltd.  | 3.1% |
|  Erste Group Bank AG  | 2.9% |
|  UCB S.A.  | 2.9% |
|  BAE Systems PLC  | 2.8% |
|  Smiths Group PLC  | 2.8% |
|  Haleon PLC  | 2.7% |
|  First American Government Obligations Fund  | 2.7% |

---

**Geographic Breakdown (%)**

------

![image](ts238img004.jpg)

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory - WMC Strategic European Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund PAGE 2 TSR_AR_115233629

100000098582195937111830771230091124046612323381633429142511616745641943401100000092347481988099291810453491065034992803134118411050481346034150318532.714.211.15.95.74.84.64.43.712.9 ------

---

| | | |
|:---|:---|:---|
| ![image](ts239img001.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](ts239img002.jpg) |
| ![image](ts239img001.jpg) | Investor Shares \| BIAHX  | ![image](ts239img002.jpg) |
| ![image](ts239img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts239img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $130 | 1.20% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the MSCI Europe Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Strong security selection was the key driver of relative outperformance. Particularly, the positive stock selection results in Industrials, Communication Services, and Consumer Staples contributed to relative returns. Weaker stock selection in Information Technology somewhat detracted from performance. Sector allocation, a result of our bottom-up stock selection process, also added to relative returns. Positive allocation effects driven by our overweight in Industrials and underweight in Consumer Discretionary was partially offset by our underweight position in Information Technology. At the issuer level, our top two relative contributors were our overweight position in Rheinmetall AG and UCB SA, while our top two relative detractors were not holding Novo Nordisk and our overweight position in Prudential PLC.

**POSITIONING**

We remain overweight in Industrials and Consumer Staples as we continue to find a lot of good investment ideas within this sector that fit our investment process and philosophy. We remain underweight Health Care and Information Technology as a result of our bottom-up stock selection process, as we struggle to find attractive ideas in these sectors that fit our investment criteria, with some companies (e.g. ASML and Novo Nordisk) trading at elevated valuation levels relative to their fundamentals in our view.

**PERFORMANCE**

The Fund posted positive returns for the reported period driven by positive bottom-up stock selection and positive allocation effects.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Rheinmetall AG |
|  ↑  | UCB S.A. |
|  ↑  | BAE Systems plc |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Prudential plc |
|  ↓  | Bayer AG |
|  ↓  | Jeronimo Martins, SGPS S.A. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts239img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 15.91 | 9.24 | 6.71 |
| **MSCI Europe Index**  | 11.68 | 7.13 | 4.16 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory - WMC Strategic European Equity Fund PAGE 1 TSR_AR_115233611

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $327084729 |
| **Number of Holdings** | 65 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $2576769 |
| **Portfolio Turnover** | 41% |

---

Visit https://www.brownadvisory.com/mf/funds/wmc-strategic-european-equity-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 35.1% |
|  Consumer Staples  | 16.4% |
|  Financials  | 15.2% |
|  Health Care  | 6.7% |
|  Materials  | 6.6% |
|  Consumer Discretionary  | 6.5% |
|  Communication Services  | 4.4% |
|  Information Technology  | 2.5% |
|  Energy  | 2.4% |
|  Cash & Other  | 4.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.8% |
|  Rheinmetall AG  | 3.4% |
|  Unilever PLC  | 3.2% |
|  Holcim, Ltd.  | 3.1% |
|  Erste Group Bank AG  | 2.9% |
|  UCB S.A.  | 2.9% |
|  BAE Systems PLC  | 2.8% |
|  Smiths Group PLC  | 2.8% |
|  Haleon PLC  | 2.7% |
|  First American Government Obligations Fund  | 2.7% |

---

**Geographic Breakdown (%)**

------

![image](ts239img004.jpg)

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory - WMC Strategic European Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund PAGE 2 TSR_AR_115233611

1000098449564117811223412305122111616314079165151914310000923581999929104531065099281341211050134601503232.714.211.15.95.74.84.64.43.712.9 ------

---

| | | |
|:---|:---|:---|
| ![image](ts236img001.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](ts236img002.jpg) |
| ![image](ts236img001.jpg) | Advisor Shares \| BAHAX  | ![image](ts236img002.jpg) |
| ![image](ts236img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts236img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Advisor Shares | $156 | 1.45% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the MSCI Europe Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Strong security selection was the key driver of relative outperformance. Particularly, the positive stock selection results in Industrials, Communication Services, and Consumer Staples contributed to relative returns. Weaker stock selection in Information Technology somewhat detracted from performance. Sector allocation, a result of our bottom-up stock selection process, also added to relative returns. Positive allocation effects driven by our overweight in Industrials and underweight in Consumer Discretionary was partially offset by our underweight position in Information Technology. At the issuer level, our top two relative contributors were our overweight position in Rheinmetall AG and UCB SA, while our top two relative detractors were not holding Novo Nordisk and our overweight position in Prudential PLC.

**POSITIONING**

We remain overweight in Industrials and Consumer Staples as we continue to find a lot of good investment ideas within this sector that fit our investment process and philosophy. We remain underweight Health Care and Information Technology as a result of our bottom-up stock selection process, as we struggle to find attractive ideas in these sectors that fit our investment criteria, with some companies (e.g. ASML and Novo Nordisk) trading at elevated valuation levels relative to their fundamentals in our view.

**PERFORMANCE**

The Fund posted positive returns for the reported period driven by positive bottom-up stock selection and positive allocation effects.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Rheinmetall AG |
|  ↑  | UCB S.A. |
|  ↑  | BAE Systems plc |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Prudential plc |
|  ↓  | Bayer AG |
|  ↓  | Jeronimo Martins, SGPS S.A. |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts236img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 15.58 | 8.96 | 6.44 |
| **MSCI Europe Index**  | 11.68 | 7.13 | 4.16 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory - WMC Strategic European Equity Fund PAGE 1 TSR_AR_115233595

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $327084729 |
| **Number of Holdings** | 65 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $2576769 |
| **Portfolio Turnover** | 41% |

---

Visit https://www.brownadvisory.com/mf/funds/wmc-strategic-european-equity-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 35.1% |
|  Consumer Staples  | 16.4% |
|  Financials  | 15.2% |
|  Health Care  | 6.7% |
|  Materials  | 6.6% |
|  Consumer Discretionary  | 6.5% |
|  Communication Services  | 4.4% |
|  Information Technology  | 2.5% |
|  Energy  | 2.4% |
|  Cash & Other  | 4.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.8% |
|  Rheinmetall AG  | 3.4% |
|  Unilever PLC  | 3.2% |
|  Holcim, Ltd.  | 3.1% |
|  Erste Group Bank AG  | 2.9% |
|  UCB S.A.  | 2.9% |
|  BAE Systems PLC  | 2.8% |
|  Smiths Group PLC  | 2.8% |
|  Haleon PLC  | 2.7% |
|  First American Government Obligations Fund  | 2.7% |

---

**Geographic Breakdown (%)**

------

![image](ts236img004.jpg)

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory - WMC Strategic European Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund PAGE 2 TSR_AR_115233595

1000098229513116921210612156120301588113802161551867210000923581999929104531065099281341211050134601503232.714.211.15.95.74.84.64.43.712.9 ------

---

| | | |
|:---|:---|:---|
| ![image](ts241img001.jpg) | **Brown Advisory Emerging Markets Select** **Fund**  | ![image](ts241img002.jpg) |
| ![image](ts241img001.jpg) | Institutional Shares \| BAFQX  | ![image](ts241img002.jpg) |
| ![image](ts241img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts241img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $116 | 1.09% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI Emerging Markets Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Stock selection was the primary driver of performance. The biggest contributors to relative performance were the Fund's holdings in the information technology, real estate, and consumer discretionary sectors. Holdings within the industrial and consumer sectors in Korea and China detracted from relative performance.

**POSITIONING**

The Fund's sub-advisers reacted differently to the opportunity set presented to them. Pzena's valuation-sensitive approach led them to trim strongly performing technology exposure in Taiwan while increasing the Fund's exposure to China and Hong Kong. Wellington increased exposure to India, Taiwan, and South Korea, while rotating capital away from China and Hong Kong. The Fund's biggest geographic overweight is Singapore, while its biggest underweight is Africa and the Middle East. Over the period, the Fund's combined China and Hong Kong overweight shrunk from 7.9% to 1.7% relative to the benchmark. The Fund's biggest sector overweight was real estate while the biggest underweight was energy.

**PERFORMANCE**

The Fund posted positive returns for the period. A positive economic backdrop in India drove strong results for that market while Taiwan and South Korea benefitted from robust spending on technology hardware related to AI. This offset macroeconomic concerns in China and Brazil.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Taiwan Semiconductor Manufacturing Co., Ltd. |
|  ↑  | Mahindra & Mahindra Ltd. |
|  ↑  | Macrotech Developers Ltd. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | AIA Group Limited |
|  ↓  | Ambev SA |
|  ↓  | Meituan Class B |

---

**How did the Fund perform over the past 10** **years?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts241img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 11.74 | 5.70 | 2.80 |
| **MSCI Emerging Markets** **Index**  | 12.55 | 3.10 | 2.79 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory Emerging Markets Select Fund PAGE 1 TSR_AR_115233652

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $625699730 |
| **Number of Holdings** | 111 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $5179044 |
| **Portfolio Turnover** | 70% |

---

Visit https://www.brownadvisory.com/mf/funds/emerging-markets-select-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 24.2% |
|  Information Technology  | 23.3% |
|  Consumer Discretionary  | 13.6% |
|  Industrials  | 8.7% |
|  Communication Services  | 6.8% |
|  Consumer Staples  | 6.5% |
|  Real Estate  | 5.0% |
|  Materials  | 4.1% |
|  Energy  | 3.0% |
|  Cash & Other  | 4.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 10.5% |
|  Samsung Electronics Co., Ltd.  | 5.8% |
|  Tencent Holdings, Ltd.  | 4.7% |
|  First American Government Obligations Fund  | 2.1% |
|  SK Hynix, Inc.  | 1.6% |
|  Reliance Industries, Ltd.  | 1.6% |
|  ICICI Bank, Ltd.  | 1.6% |
|  Mahindra & Mahindra, Ltd.  | 1.6% |
|  Axis Bank, Ltd.  | 1.6% |
|  Bank Rakyat Indonesia Persero Tbk PT  | 1.4% |

---

**Geographic Breakdown (%)**

------

![image](ts241img004.jpg)

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Emerging Markets Select Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund PAGE 2 TSR_AR_115233652

100000096777587675610349371033659999080958724136815611100221179667133038410000009487558343821032509111719411306871092378153921011500221170140131696925.320.614.914.65.24.74.03.32.25.2 ------

---

| | | |
|:---|:---|:---|
| ![image](ts242img001.jpg) | **Brown Advisory Emerging Markets Select** **Fund**  | ![image](ts242img002.jpg) |
| ![image](ts242img001.jpg) | Investor Shares \| BIAQX  | ![image](ts242img002.jpg) |
| ![image](ts242img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts242img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $132 | 1.24% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI Emerging Markets Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Stock selection was the primary driver of performance. The biggest contributors to relative performance were the Fund's holdings in the information technology, real estate, and consumer discretionary sectors. Holdings within the industrial and consumer sectors in Korea and China detracted from relative performance.

**POSITIONING**

The Fund's sub-advisers reacted differently to the opportunity set presented to them. Pzena's valuation-sensitive approach led them to trim strongly performing technology exposure in Taiwan while increasing the Fund's exposure to China and Hong Kong. Wellington increased exposure to India, Taiwan, and South Korea, while rotating capital away from China and Hong Kong. The Fund's biggest geographic overweight is Singapore, while its biggest underweight is Africa and the Middle East. Over the period, the Fund's combined China and Hong Kong overweight shrunk from 7.9% to 1.7% relative to the benchmark. The Fund's biggest sector overweight was real estate while the biggest underweight was energy.

**PERFORMANCE**

The Fund posted positive returns for the period. A positive economic backdrop in India drove strong results for that market while Taiwan and South Korea benefitted from robust spending on technology hardware related to AI. This offset macroeconomic concerns in China and Brazil.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Taiwan Semiconductor Manufacturing Co., Ltd. |
|  ↑  | Mahindra & Mahindra Ltd. |
|  ↑  | Macrotech Developers Ltd. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | AIA Group Limited |
|  ↓  | Ambev SA |
|  ↓  | Meituan Class B |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts242img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 11.60 | 5.53 | 2.64 |
| **MSCI Emerging Markets** **Index**  | 12.55 | 3.10 | 2.79 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory Emerging Markets Select Fund PAGE 1 TSR_AR_115233645

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $625699730 |
| **Number of Holdings** | 111 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $5179044 |
| **Portfolio Turnover** | 70% |

---

Visit https://www.brownadvisory.com/mf/funds/emerging-markets-select-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 24.2% |
|  Information Technology  | 23.3% |
|  Consumer Discretionary  | 13.6% |
|  Industrials  | 8.7% |
|  Communication Services  | 6.8% |
|  Consumer Staples  | 6.5% |
|  Real Estate  | 5.0% |
|  Materials  | 4.1% |
|  Energy  | 3.0% |
|  Cash & Other  | 4.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 10.5% |
|  Samsung Electronics Co., Ltd.  | 5.8% |
|  Tencent Holdings, Ltd.  | 4.7% |
|  First American Government Obligations Fund  | 2.1% |
|  SK Hynix, Inc.  | 1.6% |
|  Reliance Industries, Ltd.  | 1.6% |
|  ICICI Bank, Ltd.  | 1.6% |
|  Mahindra & Mahindra, Ltd.  | 1.6% |
|  Axis Bank, Ltd.  | 1.6% |
|  Bank Rakyat Indonesia Persero Tbk PT  | 1.4% |

---

**Geographic Breakdown (%)**

------

![image](ts242img004.jpg)

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Emerging Markets Select Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund PAGE 2 TSR_AR_115233645

1000096678739103031026599149488135271096611625130831000094888344103251117211307109241539211500117011317025.320.614.914.65.24.74.03.32.25.2 ------

---

| | | |
|:---|:---|:---|
| ![image](ts240img001.jpg) | **Brown Advisory Emerging Markets Select** **Fund**  | ![image](ts240img002.jpg) |
| ![image](ts240img001.jpg) | Advisor Shares \| BAQAX  | ![image](ts240img002.jpg) |
| ![image](ts240img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts240img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Advisor Shares | $158 | 1.49% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI Emerging Markets Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Stock selection was the primary driver of performance. The biggest contributors to relative performance were the Fund's holdings in the information technology, real estate, and consumer discretionary sectors. Holdings within the industrial and consumer sectors in Korea and China detracted from relative performance.

**POSITIONING**

The Fund's sub-advisers reacted differently to the opportunity set presented to them. Pzena's valuation-sensitive approach led them to trim strongly performing technology exposure in Taiwan while increasing the Fund's exposure to China and Hong Kong. Wellington increased exposure to India, Taiwan, and South Korea, while rotating capital away from China and Hong Kong. The Fund's biggest geographic overweight is Singapore, while its biggest underweight is Africa and the Middle East. Over the period, the Fund's combined China and Hong Kong overweight shrunk from 7.9% to 1.7% relative to the benchmark. The Fund's biggest sector overweight was real estate while the biggest underweight was energy.

**PERFORMANCE**

The Fund posted positive returns for the period. A positive economic backdrop in India drove strong results for that market while Taiwan and South Korea benefitted from robust spending on technology hardware related to AI. This offset macroeconomic concerns in China and Brazil.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | Taiwan Semiconductor Manufacturing Co., Ltd. |
|  ↑  | Mahindra & Mahindra Ltd. |
|  ↑  | Macrotech Developers Ltd. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | AIA Group Limited |
|  ↓  | Ambev SA |
|  ↓  | Meituan Class B |

---

**How did the Fund perform over the past 10** **years?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts240img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 11.32 | 5.25 | 2.38 |
| **MSCI Emerging Markets** **Index**  | 12.55 | 3.10 | 2.79 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.***

Brown Advisory Emerging Markets Select Fund PAGE 1 TSR_AR_115233637

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $625699730 |
| **Number of Holdings** | 111 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $5179044 |
| **Portfolio Turnover** | 70% |

---

Visit https://www.brownadvisory.com/mf/funds/emerging-markets-select-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 24.2% |
|  Information Technology  | 23.3% |
|  Consumer Discretionary  | 13.6% |
|  Industrials  | 8.7% |
|  Communication Services  | 6.8% |
|  Consumer Staples  | 6.5% |
|  Real Estate  | 5.0% |
|  Materials  | 4.1% |
|  Energy  | 3.0% |
|  Cash & Other  | 4.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 10.5% |
|  Samsung Electronics Co., Ltd.  | 5.8% |
|  Tencent Holdings, Ltd.  | 4.7% |
|  First American Government Obligations Fund  | 2.1% |
|  SK Hynix, Inc.  | 1.6% |
|  Reliance Industries, Ltd.  | 1.6% |
|  ICICI Bank, Ltd.  | 1.6% |
|  Mahindra & Mahindra, Ltd.  | 1.6% |
|  Axis Bank, Ltd.  | 1.6% |
|  Bank Rakyat Indonesia Persero Tbk PT  | 1.4% |

---

**Geographic Breakdown (%)**

------

![image](ts240img004.jpg)

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory Emerging Markets Select Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund PAGE 2 TSR_AR_115233637

1000096408693102271016697959343132831074511365127691000094888344103251117211307109241539211500117011317025.320.614.914.65.24.74.03.32.25.2 ------

---

| | | |
|:---|:---|:---|
| ![image](ts511img001.jpg) | **Brown Advisory - Beutel Goodman** **Large-Cap Value Fund**  | ![image](ts511img002.jpg) |
| ![image](ts511img001.jpg) | Institutional Shares \| BVALX  | ![image](ts511img002.jpg) |
| ![image](ts511img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts511img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory - Beutel Goodman Large-Cap Value Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Institutional Shares | $58 | 0.54% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Relative underperformance was driven by stock selection in the Communications Services and Consumer Discretionary sectors, as well as an underweight in the outperforming Information Technology sector. The main contributor to relative performance during the period was stock selection in the Industrials sector.

**POSITIONING**

During the period, we exited from positions in WK Kellogg Co. and Parker-Hannifin Corp.

**PERFORMANCE**

The Fund posted positive returns during the period as markets responded positively to different themes, including the continued strength of the U.S. economy; expectations for AI's expansion; as well as rate cuts on the horizon from the U.S. Federal Reserve.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | QUALCOMM Incorporated |
|  ↑  | NetApp, Inc. |
|  ↑  | Amgen Inc. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Polaris Inc. |
|  ↓  | Amdocs Limited |
|  ↓  | Interpublic Group of Companies, Inc. |

---

**How did the Fund perform since inception?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts511img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since** **Inception**<br>**(02/13/** **2018)** |
| **Institutional Shares**  | 14.80 | 12.29 | 10.67 |
| **Russell 1000 Index**  | 23.88 | 14.61 | 13.53 |
| **Russell 1000 Value Index**  | 13.06 | 9.01 | 8.45 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1907548196 |
| **Number of Holdings** | 30 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $7815836 |
| **Portfolio Turnover** | 24% |

---

Visit https://www.brownadvisory.com/mf/funds/beutel-goodman-large-cap-value-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 16.9% |
|  Health Care  | 15.3% |
|  Financials  | 14.4% |
|  Consumer Discretionary  | 14.1% |
|  Consumer Staples  | 12.5% |
|  Communication Services  | 10.5% |
|  Industrials  | 9.0% |
|  Materials  | 3.1% |
|  Cash & Other  | 4.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amgen, Inc.  | 5.5% |
|  Gen Digital, Inc.  | 4.6% |
|  Biogen, Inc.  | 4.6% |
|  Kimberly-Clark Corp.  | 4.6% |
|  NetApp, Inc.  | 4.5% |
|  Kellogg Co.  | 4.4% |
|  Comcast Corp.  | 4.3% |
|  eBay, Inc.  | 4.1% |
|  Amdocs Ltd.  | 3.9% |
|  First American Government Obligations Fund  | 3.9% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory - Beutel Goodman Large-Cap Value Fund is distributed by ALPS Distributors, Inc.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts512img001.jpg) | **Brown Advisory - Beutel Goodman** **Large-Cap Value Fund**  | ![image](ts512img002.jpg) |
| ![image](ts512img001.jpg) | Investor Shares \| BIAVX  | ![image](ts512img002.jpg) |
| ![image](ts512img001.jpg) | Annual Shareholder Report \| June 30, 2024  | ![image](ts512img002.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory - Beutel Goodman Large-Cap Value Fund (the "Fund") for the period of July 1, 2023, to June 30, 2024. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a** **$10,000** **investment** | **Costs paid as a** **percentage of a** **$10,000 investment** |
| Investor Shares | $74 | 0.69% |

---

**How did the Fund perform last year and what affected its** **performance?**

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Relative underperformance was driven by stock selection in the Communications Services and Consumer Discretionary sectors, as well as an underweight in the outperforming Information Technology sector. The main contributor to relative performance during the period was stock selection in the Industrials sector.

**POSITIONING**

During the period, we exited from positions in WK Kellogg Co. and Parker-Hannifin Corp.

**PERFORMANCE**

The Fund posted positive returns during the period as markets responded positively to different themes, including the continued strength of the U.S. economy; expectations for AI's expansion; as well as rate cuts on the horizon from the U.S. Federal Reserve.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Contributors**  | &nbsp;&nbsp; **Top Contributors**  |
|  ↑  | QUALCOMM Incorporated |
|  ↑  | NetApp, Inc. |
|  ↑  | Amgen Inc. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Detractors**  | &nbsp;&nbsp; **Top Detractors**  |
|  ↓  | Polaris Inc. |
|  ↓  | Amdocs Limited |
|  ↓  | Interpublic Group of Companies, Inc. |

---

**How did the Fund perform since inception?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

**CUMULATIVE PERFORMANCE**

![image](ts512img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since** **Inception**<br>**(06/30/2021)** |
| **Investor Shares**  | 14.73 | 7.09 |
| **Russell 1000 Index**  | 23.88 | 8.74 |
| **Russell 1000 Value Index**  | 13.06 | 5.52 |

---

\* ***The Fund's past performance is not a good predictor of*** ***the Fund's future performance.*** ***The returns do not*** ***reflect the deduction of taxes that a shareholder would*** ***pay on Fund distributions or redemption of Fund shares.*** ***In accordance with new regulatory requirements, the*** ***Fund has selected a new primary benchmark. The*** ***former primary benchmark is also included for*** ***comparison.***

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

------

**Key Fund Statistics** (as of June 30, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1907548196 |
| **Number of Holdings** | 30 |

---

---

| | |
|:---|:---|
| **Net Advisory Fee** | $7815836 |
| **Portfolio Turnover** | 24% |

---

Visit https://www.brownadvisory.com/mf/funds/beutel-goodman-large-cap-value-fund for more recent performance information.

**What did the Fund invest in?** (% of net assets, as of June 30, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 16.9% |
|  Health Care  | 15.3% |
|  Financials  | 14.4% |
|  Consumer Discretionary  | 14.1% |
|  Consumer Staples  | 12.5% |
|  Communication Services  | 10.5% |
|  Industrials  | 9.0% |
|  Materials  | 3.1% |
|  Cash & Other  | 4.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amgen, Inc.  | 5.5% |
|  Gen Digital, Inc.  | 4.6% |
|  Biogen, Inc.  | 4.6% |
|  Kimberly-Clark Corp.  | 4.6% |
|  NetApp, Inc.  | 4.5% |
|  Kellogg Co.  | 4.4% |
|  Comcast Corp.  | 4.3% |
|  eBay, Inc.  | 4.1% |
|  Amdocs Ltd.  | 3.9% |
|  First American Government Obligations Fund  | 3.9% |

---

\* The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Administrator, U.S. Bancorp Fund Services, LLC.

**Householding**

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

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

The Brown Advisory - Beutel Goodman Large-Cap Value Fund is distributed by ALPS Distributors, Inc.

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

------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The Registrant's Board of Trustees has not designated an audit committee financial expert. The Registrant has determined that it will retain the services of an independent third party to assist it if circumstances arise that require specific investment company auditing expertise.

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

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant including the review of federal income tax returns, review of federal excise tax returns, review of state tax returns, if any, and assistance with calculation of required income, capital gain and excise distributions. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 6/30/2024 | FYE 6/30/2023 |
| (a) Audit Fees | $353325 | $357475 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $57000 | $59000 |
| (d) All Other Fees | N/A | N/A |

---

(e) (1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the Registrant, including services provided to any entity affiliated with the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The percentages of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 6/30/2024 | FYE 6/30/2023 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the Registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the Registrant's accountant for services to the Registrant and to the Registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two fiscal years.

<u>Non-Audit Related Fees</u> <u>FYE 6/30/2024</u> <u>FYE 6/30/2023</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A</u> <u> N/A</u>

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under
 the Securities Exchange Act of 1934).

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

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

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

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

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

(a) ![](brown_advisory-logo.jpg)

**Brown Advisory Growth Equity Fund**

**Brown Advisory Flexible Equity Fund** 

**Brown Advisory Sustainable Growth Fund** 

**Brown Advisory Mid-Cap Growth Fund** 

**Brown Advisory Small-Cap Growth Fund** 

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

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

**Brown Advisory Sustainable Value Fund** 

**Brown Advisory Global Leaders Fund** 

**Brown Advisory Sustainable International Leaders Fund** 

**Brown Advisory Intermediate Income Fund** 

**Brown Advisory Sustainable Bond Fund** 

**Brown Advisory Maryland Bond Fund** 

**Brown Advisory Tax-Exempt Bond Fund** 

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

**Brown Advisory Mortgage Securities Fund** 

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

**Brown Advisory Emerging Markets Select Fund** 

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

Core Financial Statements

June 30, 2024

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Schedule of Investments<br>|  |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Growth Equity Fund](#tba001) | [1](#tba001) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Flexible Equity Fund](#tba002) | [2](#tba002) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Growth Fund](#tba003) | [3](#tba003) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Mid-Cap Growth Fund](#tba004) | [4](#tba004) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Small-Cap Growth Fund](#tba005) | [6](#tba005) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Small-Cap Fundamental Value Fund](#tba006) | [8](#tba006) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Small-Cap Core Fund](#tba007) | [10](#tba007) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Value Fund](#tba008) | [12](#tba008) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Global Leaders Fund](#tba009) | [13](#tba009) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable International Leaders Fund](#tba010) | [15](#tba010) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Intermediate Income Fund](#tba011) | [16](#tba011) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Bond Fund](#tba012) | [20](#tba012) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Maryland Bond Fund](#tba013) | [25](#tba013) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Tax-Exempt Bond Fund](#tba014) | [27](#tba014) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Tax-Exempt Sustainable Bond Fund](#tba015) | [32](#tba015) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Mortgage Securities Fund](#tba016) | [35](#tba016) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory - WMC Strategic European Equity Fund](#tba017) | [43](#tba017) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Emerging Markets Select Fund](#tba018) | [45](#tba018) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory - Beutel Goodman Large-Cap Value Fund](#tba019) | [47](#tba019) |
| [Statements of Assets and Liabilities](#tba020) | [48](#tba020) |
| [Statements of Operations](#tba021) | [55](#tba021) |
| [Statements of Changes in Net Assets](#tba022) | [60](#tba022) |
| [Financial Highlights](#tba023) | [71](#tba023) |
| [Notes to the Financial Statements](#tba024) | [77](#tba024) |
| [Report of Independent Registered Public Accounting Firm](#aud) | [99](#aud) |

---

------

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

**Brown Advisory Growth Equity Fund** 

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.9%**<br>|  |  |
| **Communication Services - 4.0%**<br>|  |  |
| Alphabet, Inc. - Class C | 249901 | $45836841  |
| **Consumer Discretionary - 8.9%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 297386 | 57469844  |
| Hilton Worldwide Holdings, Inc. | 205875 | 44921925  |
|  |  | 102391769  |
| **Consumer Staples - 4.7%**<br>|  |  |
| Costco Wholesale Corp. | 63628 | 54083164  |
| **Financials - 10.8%**<br>|  |  |
| Mastercard, Inc. - Class A | 97067 | 42822078  |
| Progressive Corp. | 198746 | 41281531  |
| S&P Global, Inc. | 87423 | 38990658  |
|  |  | 123094267  |
| **Health Care - 15.9%**<br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 98115 | 23687904  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 292145 | 26985434  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 107654 | 47889882  |
| Thermo Fisher Scientific, Inc. | 46332 | 25621596  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 100841 | 18454911  |
| Zoetis, Inc. - Class A | 227888 | 39506664  |
|  |  | 182146391  |
| **Industrials - 14.4%**<br>|  |  |
| Cintas Corp. | 51783 | 36261564  |
| Generac Holdings, Inc.<sup>(a)</sup> | 188159 | 24878383  |
| IDEX Corp. | 26416 | 5314899  |
| TransDigm Group, Inc. | 27464 | 35088281  |
| Uber Technologies, Inc.<sup>(a)</sup> | 528313 | 38397789  |
| Veralto Corp. | 255247 | 24368431  |
|  |  | 164309347  |
| **Information Technology - 35.5%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 59226 | 32902412  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 160695 | 28423732  |
| Autodesk, Inc.<sup>(a)</sup> | 141932 | 35121073  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 88157 | 27130317  |
| Intuit, Inc. | 70442 | 46295187  |
| Marvell Technology, Inc. | 438898 | 30678970  |
| Microsoft Corp. | 126208 | 56408666  |
| NVIDIA Corp. | 450324 | 55633027  |
| NXP Semiconductors NV | 78933 | 21240081  |
| ServiceNow, Inc.<sup>(a)</sup> | 61741 | 48569792  |
| Workday, Inc. - Class A<sup>(a)</sup> | 107759 | 24090602  |
|  |  | 406493859  |
| **Real Estate - 2.7%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 421168 | 31225396  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $548,111,579)** |  | 1109581034  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 3.2%** | **SHORT-TERM INVESTMENTS - 3.2%** | **SHORT-TERM INVESTMENTS - 3.2%** |
| **Money Market Funds - 3.2%** | **Money Market Funds - 3.2%** | **Money Market Funds - 3.2%** |
|  First American Government Obligations Fund - Class Z, 5.19%<sup>(b)</sup> | 36415991 | $36415991  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $36,415,991)** |  | 36415991  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $584,527,570)** |  | $1145997025  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (1592556)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1144404469 |

---

Percentages are stated as a percent of net assets.

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

NV - Naamloze Vennootschap

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

<sup>(b)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

1<br>

------

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

**Brown Advisory Flexible Equity Fund** 

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.6%**<br>|  |  |
| **Communication Services - 12.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 139514 | $25412475  |
| Alphabet, Inc. - Class C | 203937 | 37406124  |
| Meta Platforms, Inc. - Class A | 85871 | 43297876  |
| T-Mobile US, Inc. | 67520 | 11895674  |
|  |  | 118012149  |
| **Consumer Discretionary - 11.5%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 195355 | 37752354  |
| Amer Sports, Inc.<sup>(a)</sup> | 673193 | 8462036  |
| Booking Holdings, Inc. | 4977 | 19716385  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 75883 | 8353201  |
| CarMax, Inc.<sup>(a)</sup> | 125924 | 9235266  |
| Lowe's Cos., Inc. | 41880 | 9232865  |
| TJX Cos., Inc. | 128656 | 14165025  |
|  |  | 106917132  |
| **Consumer Staples - 1.0%**<br>|  |  |
| Nomad Foods Ltd. | 560843 | 9242693  |
| **Energy - 2.9%**<br>|  |  |
| Baker Hughes Co. | 274422 | 9651422  |
| Suncor Energy, Inc. | 441170 | 16808577  |
|  |  | 26459999  |
| **Financials - 26.2%**<br>|  |  |
| American International Group, Inc. | 209522 | 15554913  |
| Ameriprise Financial, Inc. | 26261 | 11218437  |
| Bank of America Corp. | 251633 | 10007445  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. - <br>Class B<sup>(a)</sup> | 86860 | 35334648  |
| Blackstone, Inc. | 63549 | 7867366  |
|  First Citizens BancShares, Inc. - Class A | 10725 | 18056717  |
| Fiserv, Inc.<sup>(a)</sup> | 120851 | 18011633  |
| KKR & Co., Inc. | 332775 | 35021241  |
| Mastercard, Inc. - Class A | 87882 | 38770023  |
| Progressive Corp. | 67269 | 13972444  |
| Visa, Inc. - Class A | 148381 | 38945561  |
|  |  | 242760428  |
| **Health Care - 11.7%**<br>|  |  |
| Agilent Technologies, Inc. | 87748 | 11374773  |
| Align Technology, Inc.<sup>(a)</sup> | 40874 | 9868210  |
| Danaher Corp. | 42517 | 10622872  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 217074 | 20051125  |
| Elevance Health, Inc. | 33886 | 18361468  |
| Merck & Co., Inc. | 65811 | 8147402  |
| UnitedHealth Group, Inc. | 59402 | 30251063  |
|  |  | 108676913  |
| **Industrials - 8.5%**<br>|  |  |
| Canadian National Railway Co. | 91042 | 10754792  |
| Carrier Global Corp. | 210486 | 13277457  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Ferguson PLC | 75213 | $14564997  |
| General Electric Co. | 67290 | 10697091  |
| Uber Technologies, Inc.<sup>(a)</sup> | 141682 | 10297448  |
| United Rentals, Inc. | 29663 | 19183952  |
|  |  | 78775737  |
| **Information Technology - 21.1%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 29368 | 16315099  |
| Analog Devices, Inc. | 60767 | 13870676  |
| Apple, Inc. | 135192 | 28474139  |
| Autodesk, Inc.<sup>(a)</sup> | 58071 | 14369669  |
| Intuit, Inc. | 31406 | 20640337  |
| Microsoft Corp. | 154196 | 68917902  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 186456 | 32407917  |
|  |  | 194995739  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $352,697,824)** |  | 885840790  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.8%**  | **REAL ESTATE INVESTMENT TRUSTS - 0.8%**  | **REAL ESTATE INVESTMENT TRUSTS - 0.8%**  |
|  SBA Communications Corp. - Class A | 37372 | 7336123  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $6,668,453)** |  | 7336123  |
| **SHORT-TERM INVESTMENTS - 3.4%** | **SHORT-TERM INVESTMENTS - 3.4%** | **SHORT-TERM INVESTMENTS - 3.4%** |
| **Money Market Funds - 3.4%** | **Money Market Funds - 3.4%** | **Money Market Funds - 3.4%** |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class Z, <br>5.19% <sup>(b)</sup> | 31357936 | 31357936  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $31,357,936)** |  | 31357936  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $390,724,213)** |  | $924534849  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 1861757  |
| **TOTAL NET ASSETS - 100.0%** |  | $926396606 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

2<br>

------

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

**Brown Advisory Sustainable Growth Fund** 

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.2%**<br>|  |  |
| **Communication Services - 4.1%**<br>|  |  |
| Alphabet, Inc. - Class A | 2259946 | $411649164  |
| **Consumer Discretionary - 11.4%**<br>|  |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | 1546658 | 234519753  |
| Amazon.com, Inc.<sup>(a)</sup> | 3378905 | 652973391  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 3909800 | 244948970  |
|  |  | 1132442114  |
| **Financials - 16.2%**<br>|  |  |
| Arthur J Gallagher & Co. | 1009026 | 261650532  |
| Blackstone, Inc. | 1306129 | 161698770  |
| KKR & Co., Inc. | 2941919 | 309607556  |
| MSCI, Inc. - Class A | 412462 | 198703568  |
| Progressive Corp. | 1364561 | 283432965  |
| Visa, Inc. - Class A | 1494314 | 392212596  |
|  |  | 1607305987  |
| **Health Care - 13.9%**<br>|  |  |
| Agilent Technologies, Inc. | 1105913 | 143359502  |
| Danaher Corp. | 1239963 | 309804756  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 2886823 | 266655840  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 391839 | 190903961  |
| Thermo Fisher Scientific, Inc. | 451130 | 249474890  |
| West Pharmaceutical Services, Inc. | 667672 | 219924480  |
|  |  | 1380123429  |
| **Industrials - 9.1%**<br>|  |  |
| Fortive Corp. | 3285085 | 243424799  |
| Uber Technologies, Inc.<sup>(a)</sup> | 4154692 | 301963015  |
| Veralto Corp. | 1844907 | 176133271  |
| Verisk Analytics, Inc. | 699466 | 188541060  |
|  |  | 910062145  |
| **Information Technology - 41.7%**<br>|  |  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 1064667 | 188318299  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 812893 | 250167821  |
| Dynatrace, Inc.<sup>(a)</sup> | 3884014 | 173770786  |
| Gartner, Inc.<sup>(a)</sup> | 344631 | 154759997  |
| Intuit, Inc. | 702044 | 461390337  |
| KLA Corp. | 227749 | 187781328  |
| Marvell Technology, Inc. | 4104853 | 286929225  |
| Microsoft Corp. | 1628618 | 727910815  |
| Monolithic Power Systems, Inc. | 374653 | 307844877  |
| NVIDIA Corp. | 6718241 | 829971493  |
| ServiceNow, Inc.<sup>(a)</sup> | 517296 | 406941244  |
| Workday, Inc. - Class A<sup>(a)</sup> | 768210 | 171741028  |
|  |  | 4147527250  |
| **Materials - 1.8%**<br>|  |  |
| Ecolab, Inc. | 759617 | 180788846  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,924,174,695)** |  | 9769898935  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.8%** | **SHORT-TERM INVESTMENTS - 1.8%** | **SHORT-TERM INVESTMENTS - 1.8%** |
| **Money Market Funds - 1.8%** | **Money Market Funds - 1.8%** | **Money Market Funds - 1.8%** |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class Z, <br>5.19%<sup>(b)</sup> | 179869123 | $179869123  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $179,869,123)** |  | 179869123  |
|  **TOTAL INVESTMENTS - 100.0% (Cost $6,104,043,818)** |  | $9949768058  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 4108134  |
| **TOTAL NET ASSETS - 100.0%** |  | $9953876192 |

---

Percentages are stated as a percent of net assets.

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

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

<sup>(b)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

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

3<br>

------

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

**Brown Advisory Mid-Cap Growth Fund** 

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.0%**<br>|  |  |
| **Communication Services - 3.6%**<br>|  |  |
| Match Group, Inc.<sup>(a)</sup> | 13861 | $421097  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 35208 | 1551617  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 15651 | 1528633  |
|  |  | 3501347  |
| **Consumer Discretionary - 9.6%**<br>|  |  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 20750 | 1299988  |
| Coupang, Inc. - Class A<sup>(a)</sup> | 68526 | 1435620  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 17611 | 1915725  |
| Hilton Worldwide Holdings, Inc. | 9522 | 2077700  |
| Pool Corp. | 2365 | 726835  |
| Ross Stores, Inc. | 12853 | 1867798  |
|  |  | 9323666  |
| **Consumer Staples - 1.9%**<br>|  |  |
| Casey's General Stores, Inc. | 2951 | 1125984  |
| Kenvue, Inc. | 36596 | 665315  |
|  |  | 1791299  |
| **Energy - 3.0%**<br>|  |  |
| Cheniere Energy, Inc. | 16462 | 2878051  |
| **Financials - 8.7%**<br>|  |  |
| Ares Management Corp. | 13545 | 1805278  |
| Arthur J Gallagher & Co. | 6445 | 1671253  |
| KKR & Co., Inc. | 15270 | 1607015  |
| Tradeweb Markets, Inc. - Class A | 17478 | 1852668  |
| WEX, Inc.<sup>(a)</sup> | 8425 | 1492404  |
|  |  | 8428618  |
| **Health Care - 22.1%**<br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 3918 | 945923  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 7901 | 1919943  |
| Ascendis Pharma A/S - ADR<sup>(a)</sup> | 6947 | 947432  |
| Bio-Techne Corp. | 12884 | 923139  |
| Dexcom, Inc.<sup>(a)</sup> | 32290 | 3661040  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 27325 | 2524010  |
| HealthEquity, Inc.<sup>(a)</sup> | 17208 | 1483330  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 4608 | 2245018  |
| Inari Medical, Inc.<sup>(a)</sup> | 19296 | 929102  |
| Insulet Corp.<sup>(a)</sup> | 9428 | 1902570  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 11889 | 2175806  |
| West Pharmaceutical Services, Inc. | 5260 | 1732591  |
|  |  | 21389904  |
| **Industrials - 20.4%**<br>|  |  |
|  Booz Allen Hamilton Holding Corp. - Class A | 12655 | 1947605  |
| Carlisle Cos., Inc. | 1899 | 769494  |
| Cintas Corp. | 2039 | 1427830  |
| Copart, Inc.<sup>(a)</sup> | 47359 | 2564963  |
| Equifax, Inc. | 9091 | 2204204  |
| HEICO Corp. - Class A | 11484 | 2038640  |
| IDEX Corp. | 5436 | 1093723  |
| Old Dominion Freight Line, Inc. | 8352 | 1474963  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 7992 | $970309  |
| Verisk Analytics, Inc. | 8407 | 2266107  |
| Waste Connections, Inc. | 17281 | 3030396  |
|  |  | 19788234  |
| **Information Technology - 21.9%**<br>|  |  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 7599 | 1344111  |
| Autodesk, Inc.<sup>(a)</sup> | 5649 | 1397845  |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 75846 | 842649  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 2488 | 953377  |
| Dynatrace, Inc.<sup>(a)</sup> | 31735 | 1419824  |
| Elastic NV<sup>(a)</sup> | 7416 | 844756  |
| Fair Isaac Corp.<sup>(a)</sup> | 1602 | 2384833  |
| Gartner, Inc.<sup>(a)</sup> | 5472 | 2457256  |
| Guidewire Software, Inc.<sup>(a)</sup> | 8640 | 1191370  |
| HubSpot, Inc.<sup>(a)</sup> | 1411 | 832194  |
| Marvell Technology, Inc. | 49794 | 3480601  |
| Monolithic Power Systems, Inc. | 775 | 636802  |
| NXP Semiconductors NV | 5041 | 1356483  |
| Workday, Inc. - Class A<sup>(a)</sup> | 4777 | 1067946  |
| Zscaler, Inc.<sup>(a)</sup> | 5323 | 1023027  |
|  |  | 21233074  |
| **Materials - 2.2%**<br>|  |  |
| Vulcan Materials Co. | 8622 | 2144119  |
| **Real Estate - 2.6%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 34453 | 2554345  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $68,792,133)** |  | 93032657  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.5%**  | **REAL ESTATE INVESTMENT TRUSTS - 0.5%**  | **REAL ESTATE INVESTMENT TRUSTS - 0.5%**  |
|  SBA Communications Corp. - Class A | 2624 | 515091  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $416,547)** |  | 515091  |
| **SHORT-TERM INVESTMENTS - 3.4%** | **SHORT-TERM INVESTMENTS - 3.4%** | **SHORT-TERM INVESTMENTS - 3.4%** |
| **Money Market Funds - 3.4%** | **Money Market Funds - 3.4%** | **Money Market Funds - 3.4%** |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class Z, <br>5.19%<sup>(b)</sup> | 3276451 | 3276451  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,276,451)** |  | 3276451  |
|  **TOTAL INVESTMENTS - 99.9% (Cost $72,485,131)** |  | $96824199  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 99669  |
| **TOTAL NET ASSETS - 100.0%** |  | $96923868 |

---

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

4<br>

------

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

**Brown Advisory Mid-Cap Growth Fund** 

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

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

<sup>(b)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

5<br>

------

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

**Brown Advisory Small-Cap Growth Fund** 

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.9%**<br>|  |  |
| **Communication Services - 3.0%**<br>|  |  |
|  Cogent Communications Holdings, Inc. | 302336 | $17063844  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 510570 | 22500820  |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 58276 | 9061335  |
|  |  | 48625999  |
| **Consumer Discretionary - 7.7%**<br>|  |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 562814 | 61954565  |
| Churchill Downs, Inc. | 25252 | 3525179  |
| Clarus Corp. | 1276085 | 8588052  |
| &nbsp;&nbsp;&nbsp; First Watch Restaurant Group, <br>Inc.<sup>(a)</sup> | 494431 | 8682208  |
| Mister Car Wash, Inc.<sup>(a)</sup> | 4231895 | 30131093  |
| TopBuild Corp.<sup>(a)</sup> | 29412 | 11331561  |
| Vizio Holding Corp. - Class A<sup>(a)</sup> | 75958 | 820347  |
|  |  | 125033005  |
| **Consumer Staples - 2.8%**<br>|  |  |
| Casey's General Stores, Inc. | 106733 | 40725043  |
| Simply Good Foods Co.<sup>(a)</sup> | 147574 | 5331849  |
|  |  | 46056892  |
| **Energy - 3.8%**<br>|  |  |
| Cactus, Inc. - Class A | 223436 | 11784015  |
| ChampionX Corp. | 1252024 | 41579717  |
| Oceaneering International, Inc.<sup>(a)</sup> | 365015 | 8636255  |
|  |  | 61999987  |
| **Financials - 4.7%**<br>|  |  |
| Houlihan Lokey, Inc. | 96435 | 13005224  |
| Prosperity Bancshares, Inc. | 682779 | 41745108  |
| WEX, Inc.<sup>(a)</sup> | 123120 | 21809477  |
|  |  | 76559809  |
| **Health Care - 23.7%**<br>|  |  |
| Accolade, Inc.<sup>(a)</sup> | 1558627 | 5579885  |
| Arvinas, Inc.<sup>(a)</sup> | 82337 | 2191811  |
| Ascendis Pharma A/S - ADR<sup>(a)</sup> | 111210 | 15166820  |
| Bio-Techne Corp. | 266341 | 19083333  |
| Blueprint Medicines Corp.<sup>(a)</sup> | 152919 | 16481610  |
| Bruker Corp. | 470930 | 30050043  |
| Cytokinetics, Inc.<sup>(a)</sup> | 206453 | 11185623  |
| Encompass Health Corp. | 399753 | 34294810  |
| &nbsp;&nbsp;&nbsp; Establishment Labs Holdings, <br>Inc.<sup>(a)</sup> | 584736 | 26570404  |
| Haemonetics Corp.<sup>(a)</sup> | 90729 | 7506010  |
| HealthEquity, Inc.<sup>(a)</sup> | 489335 | 42180677  |
| Immunome, Inc.<sup>(a)</sup> | 188492 | 2280753  |
| Inari Medical, Inc.<sup>(a)</sup> | 501546 | 24149440  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 1840253 | 9035642  |
| NeoGenomics, Inc.<sup>(a)</sup> | 2330219 | 32320137  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 265152 | 36503476  |
| OrthoPediatrics Corp.<sup>(a)</sup> | 467008 | 13431150  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Phreesia, Inc.<sup>(a)</sup> | 1484334 | $31467881  |
| SI-BONE, Inc.<sup>(a)</sup> | 1228366 | 15882772  |
| Vaxcyte, Inc.<sup>(a)</sup> | 106572 | 8047252  |
|  |  | 383409529  |
| **Industrials - 25.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies, <br>Inc. | 50310 | 9760140  |
| AZEK Co., Inc.<sup>(a)</sup> | 357364 | 15055745  |
|  Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 327990 | 32543168  |
| Curtiss-Wright Corp. | 99063 | 26844092  |
| EnPro Industries, Inc. | 114970 | 16736183  |
| Fluor Corp.<sup>(a)</sup> | 615605 | 26809598  |
| FTI Consulting, Inc.<sup>(a)</sup> | 77642 | 16734180  |
| IDEX Corp. | 72532 | 14593438  |
| John Bean Technologies Corp. | 44648 | 4240220  |
| Kadant, Inc. | 45906 | 13486265  |
| MSA Safety, Inc. | 171307 | 32152611  |
|  Mueller Water Products, Inc. - Class A | 1078439 | 19325627  |
| Rentokil Initial PLC - ADR | 856402 | 25392319  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 107953 | 13106574  |
| SPX Technologies, Inc.<sup>(a)</sup> | 108273 | 15389924  |
| Valmont Industries, Inc. | 148026 | 40625736  |
| Waste Connections, Inc. | 249879 | 43818781  |
| Woodward, Inc. | 142031 | 24767366  |
| Zurn Elkay Water Solutions Corp. | 648085 | 19053699  |
|  |  | 410435666  |
| **Information Technology - 20.6%**<br>|  |  |
| BlackLine, Inc.<sup>(a)</sup> | 236993 | 11482311  |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 2692640 | 29915230  |
| Clear Secure, Inc. - Class A | 1005625 | 18815244  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 371743 | 6884680  |
| Dynatrace, Inc.<sup>(a)</sup> | 793463 | 35499535  |
| Entegris, Inc. | 248492 | 33645817  |
| Envestnet, Inc.<sup>(a)</sup> | 519561 | 32519323  |
| Guidewire Software, Inc.<sup>(a)</sup> | 146820 | 20245010  |
| Infinera Corp.<sup>(a)</sup> | 4902526 | 29856383  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 198120 | 11488979  |
| Littelfuse, Inc. | 92514 | 23645653  |
| Onto Innovation, Inc.<sup>(a)</sup> | 7312 | 1605423  |
| Power Integrations, Inc. | 284237 | 19950595  |
| PROS Holdings, Inc.<sup>(a)</sup> | 759085 | 21747785  |
| SiTime Corp.<sup>(a)</sup> | 133762 | 16637318  |
| Workiva, Inc.<sup>(a)</sup> | 279673 | 20413332  |
|  |  | 334352618  |
| **Materials - 3.7%**<br>|  |  |
| HB Fuller Co. | 440288 | 33884564  |
| Quaker Chemical Corp. | 149280 | 25332816  |
|  |  | 59217380  |

---

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

6<br>

------

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

**Brown Advisory Small-Cap Growth Fund** 

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Real Estate - 0.6%**<br>|  |  |
| DigitalBridge Group, Inc. | 674781 | $9244500  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,261,205,757)** |  | 1554935385  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.5%**  | **REAL ESTATE INVESTMENT TRUSTS - 1.5%**  | **REAL ESTATE INVESTMENT TRUSTS - 1.5%**  |
| EastGroup Properties, Inc. | 141887 | 24134979  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $14,349,972)** |  | 24134979  |
| **PRIVATE PLACEMENTS - 0.1%**  | **PRIVATE PLACEMENTS - 0.1%**  | **PRIVATE PLACEMENTS - 0.1%**  |
|  StepStone VC Global Partners IV-B, L.P<sup>(a)(b)(e)</sup> | 19200 | 1029472  |
|  StepStone VC Global Partners V-B, L.P.<sup>(a)(c)(e)</sup> | 91769 | 90185  |
| &nbsp;&nbsp;&nbsp; **TOTAL PRIVATE PLACEMENTS** <br>**(Cost $0)** |  | 1119657  |
| **SHORT-TERM INVESTMENTS - 2.9%** | **SHORT-TERM INVESTMENTS - 2.9%** | **SHORT-TERM INVESTMENTS - 2.9%** |
| **Money Market Funds - 2.9%** | **Money Market Funds - 2.9%** | **Money Market Funds - 2.9%** |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class Z, <br>5.19%<sup>(d)</sup> | 47308627 | 47308627  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $47,308,627)** |  | 47308627  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.4%** <br>**(Cost $1,322,864,356)** |  | $1627498648  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.4)% |  | (6881795)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1620616853 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

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

<sup>(d)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

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

7<br>

------

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

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

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 87.2%** | **COMMON STOCKS - 87.2%** | **COMMON STOCKS - 87.2%** |
| **Communication Services - 5.8%** | **Communication Services - 5.8%** | **Communication Services - 5.8%** |
| Cable One, Inc. | 50154 | $17754516  |
| IAC, Inc.<sup>(a)</sup> | 246450 | 11546182  |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. -<br>Class A | 168160 | 27916242  |
| Shutterstock, Inc. | 550162 | 21291269  |
|  |  | 78508209  |
| **Consumer Discretionary - 11.9%**<br>|  |  |
| La-Z-Boy, Inc. | 507514 | 18920122  |
| Modine Manufacturing Co.<sup>(a)</sup> | 407318 | 40809190  |
| Monarch Casino & Resort, Inc. | 185668 | 12649561  |
| Monro, Inc. | 446354 | 10650006  |
| Murphy USA, Inc. | 41047 | 19269925  |
| Signet Jewelers Ltd. | 343603 | 30779957  |
| Vista Outdoor, Inc.<sup>(a)</sup> | 765658 | 28827024  |
|  |  | 161905785  |
| **Consumer Staples - 1.7%**<br>|  |  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 615704 | 22559395  |
| **Energy - 5.9%**<br>|  |  |
| Bristow Group, Inc.<sup>(a)</sup> | 538245 | 18047355  |
| Oceaneering International, Inc.<sup>(a)</sup> | 1147991 | 27161467  |
| REX American Resources Corp.<sup>(a)</sup> | 344596 | 15710132  |
| Sitio Royalties Corp. - Class A | 795781 | 18788389  |
|  |  | 79707343  |
| **Financials - 25.3%**<br>|  |  |
| Amalgamated Financial Corp. | 506518 | 13878593  |
| Assurant, Inc. | 36567 | 6079264  |
| Assured Guaranty Ltd. | 333010 | 25691721  |
| Bancorp, Inc.<sup>(a)</sup> | 1030808 | 38923310  |
| Dime Community Bancshares, Inc. | 421821 | 8605148  |
| Eastern Bankshares, Inc. | 1720993 | 24059482  |
| Hanover Insurance Group, Inc. | 174119 | 21841487  |
| Horace Mann Educators Corp. | 566069 | 18465171  |
| MGIC Investment Corp. | 1110585 | 23933107  |
| NCR Atleos Corp.<sup>(a)</sup> | 1414465 | 38218844  |
| Old National Bancorp | 1208899 | 20780974  |
| Pacific Premier Bancorp, Inc. | 911068 | 20927232  |
| Peapack-Gladstone Financial Corp. | 308229 | 6981387  |
| Peoples Bancorp, Inc. | 473033 | 14190990  |
| Seacoast Banking Corp. of Florida | 215229 | 5088014  |
| Virtus Investment Partners, Inc. | 51482 | 11627210  |
|  White Mountains Insurance Group Ltd. | 12248 | 22260128  |
| WSFS Financial Corp. | 443079 | 20824713  |
|  |  | 342376775  |
| **Health Care - 3.2%**<br>|  |  |
| Avanos Medical, Inc.<sup>(a)</sup> | 1028491 | 20487541  |
| Patterson Cos., Inc. | 945404 | 22803144  |
|  |  | 43290685  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 15.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Albany International Corp. -<br>Class A | 254557 | $21497339  |
| Civeo Corp. | 220543 | 5495932  |
| Curtiss-Wright Corp. | 113484 | 30751894  |
| EnPro Industries, Inc. | 171470 | 24960888  |
| Federal Signal Corp. | 55508 | 4644354  |
| Kadant, Inc. | 69784 | 20501143  |
| Leonardo DRS, Inc.<sup>(a)</sup> | 907998 | 23163029  |
|  Mueller Water Products, Inc. - Class A | 736752 | 13202596  |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding<br>PLC | 490505 | 18339982  |
| Tennant Co. | 276405 | 27209308  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 617108 | 18982242  |
|  |  | 208748707  |
| **Information Technology - 7.1%**<br>|  |  |
| Bel Fuse, Inc. - Class A | 108943 | 8814578  |
| Crane NXT Co. | 343603 | 21104096  |
| CTS Corp. | 671316 | 33988729  |
| NCR Voyix Corp.<sup>(a)</sup> | 2134993 | 26367164  |
| PC Connection, Inc. | 84364 | 5416169  |
|  |  | 95690736  |
| **Materials - 6.5%**<br>|  |  |
| Eagle Materials, Inc. | 183277 | 39855416  |
| Ingevity Corp.<sup>(a)</sup> | 392724 | 17165966  |
| Orion S.A. | 1423266 | 31226456  |
|  |  | 88247838  |
| **Utilities - 4.4%**<br>|  |  |
| Portland General Electric Co. | 405879 | 17550208  |
| Star Group L.P. | 580896 | 6180734  |
| Talen Energy Corp.<sup>(a)</sup> | 324072 | 35978473  |
|  |  | 59709415  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $920,612,029)** |  | 1180744888  |
| **REAL ESTATE INVESTMENT TRUSTS - 9.2%** | **REAL ESTATE INVESTMENT TRUSTS - 9.2%** | **REAL ESTATE INVESTMENT TRUSTS - 9.2%** |
| Equity Commonwealth<sup>(a)</sup> | 1622301 | 31472639  |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust,<br>Inc. | 856359 | 23729708  |
| Getty Realty Corp. | 486921 | 12981314  |
| Global Medical REIT, Inc. | 837000 | 7599960  |
| Global Net Lease, Inc. | 1508152 | 11084917  |
| Ladder Capital Corp. | 2146358 | 24232382  |
| SITE Centers Corp. | 962246 | 13952567  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS**<br>**(Cost $112,984,956)** |  | 125053487  |

---

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

8<br>

------

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

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

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 3.5%** | **SHORT-TERM INVESTMENTS - 3.5%** | **SHORT-TERM INVESTMENTS - 3.5%** |
| **Money Market Funds - 3.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund -<br>Class Z, 5.19%<sup>(b)</sup> | 47116779 | $47116779  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $47,116,779)** |  | 47116779 |
|  **TOTAL INVESTMENTS - 99.9% (Cost $1,080,713,764)** |  | $1352915154  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of<br>Liabilities - 0.1% |  | 1916873  |
| **TOTAL NET ASSETS - 100.0%** |  | $1354832027 |

---

Percentages are stated as a percent of net assets.

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

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

9<br>

------

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

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

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 88.8%** | **COMMON STOCKS - 88.8%** | **COMMON STOCKS - 88.8%** |
| **Communication Services - 2.9%** | **Communication Services - 2.9%** | **Communication Services - 2.9%** |
| Cable One, Inc. | 2584 | $914736  |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. -<br>Class A | 8082 | 1341693  |
|  |  | 2256429  |
| **Consumer Discretionary - 8.0%**<br>|  |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 18362 | 2021289  |
| &nbsp;&nbsp;&nbsp; First Watch Restaurant Group,<br>Inc.<sup>(a)</sup> | 35039 | 615285  |
| TopBuild Corp.<sup>(a)</sup> | 3720 | 1433204  |
| Vista Outdoor, Inc.<sup>(a)</sup> | 29596 | 1114289  |
| Wyndham Hotels & Resorts, Inc. | 13469 | 996706  |
|  |  | 6180773  |
| **Consumer Staples - 1.6%**<br>|  |  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 33555 | 1229455  |
| **Energy - 1.3%**<br>|  |  |
| ChampionX Corp. | 30622 | 1016957  |
| **Financials - 20.2%**<br>|  |  |
| Assurant, Inc. | 3390 | 563588  |
| Assured Guaranty Ltd. | 20158 | 1555190  |
| AvidXchange Holdings, Inc.<sup>(a)</sup> | 90823 | 1095325  |
| Bancorp, Inc.<sup>(a)</sup> | 52815 | 1994294  |
| Eastern Bankshares, Inc. | 95367 | 1333231  |
| Horace Mann Educators Corp. | 30765 | 1003554  |
| MGIC Investment Corp. | 88165 | 1899956  |
| NCR Atleos Corp.<sup>(a)</sup> | 52668 | 1423089  |
| Old National Bancorp | 52540 | 903163  |
| Pacific Premier Bancorp, Inc. | 41435 | 951762  |
| Prosperity Bancshares, Inc. | 10372 | 634144  |
| WEX, Inc.<sup>(a)</sup> | 6909 | 1223860  |
| WSFS Financial Corp. | 19645 | 923315  |
|  |  | 15504471  |
| **Health Care - 16.7%**<br>|  |  |
| Accolade, Inc.<sup>(a)</sup> | 53530 | 191637  |
| Ascendis Pharma A/S - ADR<sup>(a)</sup> | 7312 | 997211  |
| Blueprint Medicines Corp.<sup>(a)</sup> | 8998 | 969804  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 2712 | 560245  |
| Cytokinetics, Inc.<sup>(a)</sup> | 6689 | 362410  |
| Encompass Health Corp. | 17996 | 1543877  |
| Haemonetics Corp.<sup>(a)</sup> | 4571 | 378159  |
| HealthEquity, Inc.<sup>(a)</sup> | 17886 | 1541773  |
| Immunome, Inc.<sup>(a)</sup> | 13341 | 161426  |
| Inari Medical, Inc.<sup>(a)</sup> | 16933 | 815324  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 73340 | 360099  |
| NeoGenomics, Inc.<sup>(a)</sup> | 88184 | 1223112  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 6836 | 941112  |
| OrthoPediatrics Corp.<sup>(a)</sup> | 18564 | 533901  |
| Phreesia, Inc.<sup>(a)</sup> | 68010 | 1441812  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| SI-BONE, Inc.<sup>(a)</sup> | 32565 | $421066  |
| Vaxcyte, Inc.<sup>(a)</sup> | 5066 | 382534  |
|  |  | 12825502  |
| **Industrials - 19.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies,<br>Inc. | 669 | 129786  |
| AZEK Co., Inc.<sup>(a)</sup> | 31429 | 1324104  |
| EnPro Industries, Inc. | 9474 | 1379130  |
| Federal Signal Corp. | 7935 | 663921  |
| Kadant, Inc. | 5296 | 1555859  |
|  Mueller Water Products, Inc. - Class A | 49736 | 891269  |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding<br>PLC | 28313 | 1058623  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 3848 | 467186  |
| SPX Technologies, Inc.<sup>(a)</sup> | 12978 | 1844693  |
| Tennant Co. | 14221 | 1399915  |
| Valmont Industries, Inc. | 6139 | 1684849  |
| Woodward, Inc. | 6616 | 1153698  |
| Zurn Elkay Water Solutions Corp. | 34947 | 1027442  |
|  |  | 14580475  |
| **Information Technology - 14.8%**<br>|  |  |
| BlackLine, Inc.<sup>(a)</sup> | 17281 | 837265  |
| CTS Corp. | 29285 | 1482700  |
| Dynatrace, Inc.<sup>(a)</sup> | 14899 | 666581  |
| Entegris, Inc. | 6836 | 925594  |
| Envestnet, Inc.<sup>(a)</sup> | 18014 | 1127496  |
| Infinera Corp.<sup>(a)</sup> | 158903 | 967719  |
| Littelfuse, Inc. | 3702 | 946194  |
| NCR Voyix Corp.<sup>(a)</sup> | 63957 | 789869  |
| Onto Innovation, Inc.<sup>(a)</sup> | 8760 | 1923346  |
| Power Integrations, Inc. | 9291 | 652135  |
| Workiva, Inc.<sup>(a)</sup> | 14331 | 1046020  |
|  |  | 11364919  |
| **Materials - 3.3%**<br>|  |  |
| HB Fuller Co. | 19865 | 1528810  |
| Ingevity Corp.<sup>(a)</sup> | 23604 | 1031731  |
|  |  | 2560541  |
| **Real Estate - 1.0%**<br>|  |  |
| DigitalBridge Group, Inc. | 58698 | 804162  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $61,928,929)** |  | 68323684  |
| **REAL ESTATE INVESTMENT TRUSTS - 4.4%** | **REAL ESTATE INVESTMENT TRUSTS - 4.4%** | **REAL ESTATE INVESTMENT TRUSTS - 4.4%** |
| EastGroup Properties, Inc. | 6817 | 1159571  |
| Equity Commonwealth<sup>(a)</sup> | 59742 | 1158995  |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust,<br>Inc. | 38759 | 1074012  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS**<br>**(Cost $3,162,730)** |  | 3392578  |

---

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

10<br>

------

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

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

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 7.2%** | **SHORT-TERM INVESTMENTS - 7.2%** | **SHORT-TERM INVESTMENTS - 7.2%** |
| **Money Market Funds - 7.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund -<br>Class Z, 5.19%<sup>(b)</sup>  | 5568865 | $5568865  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $5,568,865)** |  | 5568865  |
|  **TOTAL INVESTMENTS - 100.4% (Cost $70,660,524)** |  | $77285127  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other<br>Assets - (0.4)% |  | (334248)  |
| **TOTAL NET ASSETS - 100.0%** |  | $76950879 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

11<br>

------

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

**Brown Advisory Sustainable Value Fund** 

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.4%** | **COMMON STOCKS - 95.4%** | **COMMON STOCKS - 95.4%** |
| **Communication Services - 10.1%** | **Communication Services - 10.1%** | **Communication Services - 10.1%** |
| Alphabet, Inc. - Class C | 8046 | $1475797  |
| Comcast Corp. - Class A | 89815 | 3517156  |
| Nexstar Media Group, Inc. | 8419 | 1397638  |
| T-Mobile US, Inc. | 21155 | 3727088  |
|  |  | 10117679  |
| **Consumer Discretionary - 5.0%**<br>|  |  |
| Best Buy Co., Inc. | 14796 | 1247155  |
| Expedia Group, Inc. <sup>(a)</sup> | 13069 | 1646563  |
| Wyndham Hotels & Resorts, Inc. | 28927 | 2140598  |
|  |  | 5034316  |
| **Consumer Staples - 4.9%**<br>|  |  |
| Kenvue, Inc. | 73643 | 1338830  |
| Unilever PLC - ADR | 64720 | 3558953  |
|  |  | 4897783  |
| **Energy - 7.0%**<br>|  |  |
| ChampionX Corp. | 72506 | 2407924  |
| Schlumberger NV | 62797 | 2962763  |
| Weatherford International PLC<sup>(a)</sup> | 13780 | 1687361  |
|  |  | 7058048  |
| **Financials - 19.1%**<br>|  |  |
| American International Group, Inc. | 40218 | 2985784  |
| Ameriprise Financial, Inc. | 3116 | 1331124  |
| Assurant, Inc. | 6634 | 1102903  |
| Bank of America Corp. | 81381 | 3236522  |
| Citigroup, Inc. | 24374 | 1546774  |
|  Fidelity National Information Services, Inc. | 55195 | 4159495  |
| KKR & Co., Inc. | 23613 | 2485032  |
| Willis Towers Watson PLC | 8813 | 2310240  |
|  |  | 19157874  |
| **Health Care - 15.4%**<br>|  |  |
| AbbVie, Inc. | 7938 | 1361526  |
| Cardinal Health, Inc. | 33339 | 3277890  |
| Centene Corp.<sup>(a)</sup> | 19042 | 1262485  |
| Elevance Health, Inc. | 4629 | 2508270  |
| Gilead Sciences, Inc. | 20557 | 1410416  |
| Labcorp Holdings, Inc. | 9205 | 1873310  |
| Medtronic PLC | 24716 | 1945396  |
| Merck & Co., Inc. | 14794 | 1831497  |
|  |  | 15470790  |
| **Industrials - 12.6%**<br>|  |  |
| Ferguson PLC | 22304 | 4319169  |
| Masco Corp. | 27976 | 1865160  |
| Pentair PLC | 19537 | 1497902  |
| Trane Technologies PLC | 9824 | 3231408  |
| Waste Connections, Inc. | 10141 | 1778326  |
|  |  | 12691965  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 10.8%**<br>|  |  |
| Applied Materials, Inc. | 6127 | $1445911  |
| Cisco Systems, Inc. | 28060 | 1333130  |
| Dell Technologies, Inc. - Class C | 18115 | 2498240  |
| Micron Technology, Inc. | 10072 | 1324770  |
| NXP Semiconductors NV | 7656 | 2060153  |
| TD SYNNEX Corp. | 18672 | 2154749  |
|  |  | 10816953  |
| **Materials - 4.4%**<br>|  |  |
| CRH PLC | 59351 | 4450138  |
| **Real Estate - 1.7%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 18766 | 1672238  |
| **Utilities - 4.4%**<br>|  |  |
| Constellation Energy Corp. | 21887 | 4383309  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $81,095,179)** |  | 95751093  |
| **SHORT-TERM INVESTMENTS - 4.5%** | **SHORT-TERM INVESTMENTS - 4.5%** | **SHORT-TERM INVESTMENTS - 4.5%** |
| **Money Market Funds - 4.5%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 5.19%<sup>(b)</sup> | 4555948 | 4555948  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $4,555,948)** |  | 4555948  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $85,651,127)** |  | $100307041  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of<br>Liabilities - 0.1% |  | 93715  |
| **TOTAL NET ASSETS - 100.0%** |  | $100400756 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

12<br>

------

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

**Brown Advisory Global Leaders Fund** 

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.9%** | **COMMON STOCKS - 98.9%** | **COMMON STOCKS - 98.9%** |
| **Brazil - 1.7%** | **Brazil - 1.7%** | **Brazil - 1.7%** |
| B3 S.A. - Brasil Bolsa Balcao | 17825623 | $32621263  |
| **China - 2.2%**<br>|  |  |
| AIA Group, Ltd. | 6446930 | 43618315  |
| **Denmark - 2.1%**<br>|  |  |
| Coloplast A/S - Class B | 349130 | 41970032  |
| **France - 3.2%**<br>|  |  |
| Safran S.A. | 296500 | 62489899  |
| **Germany - 6.1%**<br>|  |  |
| CTS Eventim AG & Co. KGaA | 454418 | 37830037  |
| Deutsche Boerse AG | 396244 | 80990955  |
|  |  | 118820992  |
| **India - 3.1%**<br>|  |  |
| HDFC Bank, Ltd. | 2994825 | 60478123  |
| **Indonesia - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero<br>Tbk PT | 133049383 | 37306586  |
| **Netherlands - 3.8%**<br>|  |  |
| ASML Holding NV | 27010 | 27623937  |
| Wolters Kluwer NV | 291073 | 48067306  |
|  |  | 75691243  |
| **Sweden - 1.9%**<br>|  |  |
| Atlas Copco AB - Class B | 2351773 | 37974779  |
| **Switzerland - 2.7%**<br>|  |  |
| Roche Holding AG | 189586 | 52526475  |
| **Taiwan - 4.3%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 485889 | 84452367  |
| **United Kingdom - 7.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group<br>PLC | 632886 | 75046283  |
| Unilever PLC | 1406904 | 77220915  |
|  |  | 152267198  |
| **United States - 58.1%**<br>|  |  |
| **Communication Services - 4.7%**<br>|  |  |
| Alphabet, Inc. - Class C | 505092 | 92643975  |
| **Consumer Discretionary - 6.5%**<br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 13154 | 38989771  |
| Booking Holdings, Inc. | 11249 | 44562914  |
| TJX Cos., Inc. | 402763 | 44344206  |
|  |  | 127896891  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Consumer Staples - 1.6%**<br>|  |  |
| Estee Lauder Cos., Inc. - Class A | 300821 | $32007354  |
| **Financials - 11.7%**<br>|  |  |
| Charles Schwab Corp. | 661750 | 48764357  |
| Mastercard, Inc. - Class A | 173298 | 76452146  |
| Moody's Corp. | 117995 | 49667635  |
| Visa, Inc. - Class A | 203831 | 53499523  |
|  |  | 228383661  |
| **Health Care - 5.1%**<br>|  |  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 551994 | 50987686  |
| Zoetis, Inc. - Class A | 276264 | 47893127  |
|  |  | 98880813  |
| **Industrials - 7.7%**<br>|  |  |
| Allegion PLC | 321160 | 37945054  |
| Ferguson PLC | 238217 | 46130722  |
| General Electric Co. | 416326 | 66183344  |
|  |  | 150259120  |
| **Information Technology - 19.0%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 79713 | 44283760  |
| Autodesk, Inc.<sup>(a)</sup> | 178959 | 44283405  |
| Intuit, Inc. | 82709 | 54357182  |
| Marvell Technology, Inc. | 758396 | 53011880  |
| Microsoft Corp. | 393547 | 175895832  |
|  |  | 371832059  |
| **Materials - 1.8%**<br>|  |  |
| Sherwin-Williams Co. | 120654 | 36006773  |
| **Total United States** |  | 1137910646  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $1,305,917,375)** |  | 1938127918  |
| **SHORT-TERM INVESTMENTS - 1.2%** | **SHORT-TERM INVESTMENTS - 1.2%** | **SHORT-TERM INVESTMENTS - 1.2%** |
| **Money Market Funds - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund -<br>Class Z, 5.19%<sup>(b)</sup>  | 23704471 | 23704471  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $23,704,471)** |  | 23704471  |
|  **TOTAL INVESTMENTS - 100.1% (Cost $1,329,621,846)** |  | $1961832389  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other<br>Assets - (0.1)% |  | (2802141)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1959030248 |

---

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

13<br>

------

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

**Brown Advisory Global Leaders Fund** 

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

AG - Aktiengesellschaft

NV - Naamloze Vennootschap

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

14<br>

------

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

**Brown Advisory Sustainable International Leaders Fund** 

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.4%** | **COMMON STOCKS - 96.4%** | **COMMON STOCKS - 96.4%** |
| **Brazil - 3.2%** | **Brazil - 3.2%** | **Brazil - 3.2%** |
| B3 S.A. - Brasil Bolsa Balcao | 674703 | $1234721  |
| **Canada - 6.5%**<br>|  |  |
| Canadian National Railway Co. | 6132 | 724607  |
| Waste Connections, Inc. | 10342 | 1814547  |
|  |  | 2539154  |
| **China - 2.6%**<br>|  |  |
| AIA Group, Ltd. | 148872 | 1007231  |
| **Denmark - 1.9%**<br>|  |  |
| Coloplast A/S - Class B | 6015 | 723082  |
| **Finland - 3.2%**<br>|  |  |
| Kone Oyj - Class B | 24958 | 1237452  |
| **France - 10.1%**<br>|  |  |
| Airbus SE | 5515 | 756916  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis<br>Vuitton SE | 1916 | 1471089  |
| Safran S.A. | 7954 | 1676373  |
|  |  | 3904378  |
| **Germany - 8.6%**<br>|  |  |
| CTS Eventim AG & Co. KGaA | 15432 | 1284705  |
| Deutsche Boerse AG | 10103 | 2065020  |
|  |  | 3349725  |
| **India - 7.2%**<br>|  |  |
| HDFC Bank, Ltd. - ADR | 28048 | 1804328  |
| Tata Consultancy Services, Ltd. | 21006 | 981259  |
|  |  | 2785587  |
| **Indonesia - 3.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br>Tbk PT | 4467556 | 1252687  |
| **Japan - 4.1%**<br>|  |  |
| Keyence Corp. | 1888 | 826336  |
| Shimano, Inc. | 5016 | 775192  |
|  |  | 1601528  |
| **Netherlands - 6.8%**<br>|  |  |
| ASML Holding NV | 990 | 1008975  |
| Wolters Kluwer NV | 9877 | 1631071  |
|  |  | 2640046  |
| **Sweden - 2.4%**<br>|  |  |
| Atlas Copco AB - Class B | 57301 | 925256  |
| **Switzerland - 3.0%**<br>|  |  |
| Roche Holding AG | 4187 | 1160045  |
| **United Kingdom - 26.1%**<br>|  |  |
| Compass Group PLC | 46569 | 1268689  |
| ConvaTec Group PLC | 238086 | 705379  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Diageo PLC | 35630 | $1118564  |
| Experian PLC | 37371 | 1736129  |
| Howden Joinery Group PLC | 135142 | 1494657  |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group<br>PLC | 15970 | 1893689  |
| Rentokil Initial PLC | 326531 | 1896354  |
|  |  | 10113461  |
| **United States - 7.5%**<br>|  |  |
| Booking Holdings, Inc. | 358 | 1418217  |
| NXP Semiconductors NV | 5510 | 1482686  |
|  |  | 2900903  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $32,741,006)** |  | 37375256  |
| **SHORT-TERM INVESTMENTS - 2.9%** | **SHORT-TERM INVESTMENTS - 2.9%** | **SHORT-TERM INVESTMENTS - 2.9%** |
| **Money Market Funds - 2.9%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 5.19%<sup>(a)</sup>  | 1127715 | 1127715  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $1,127,715)** |  | 1127715  |
|  **TOTAL INVESTMENTS - 99.3% (Cost $33,868,721)** |  | $38502971  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of<br>Liabilities - 0.7% |  | 290641  |
| **TOTAL NET ASSETS - 100.0%** |  | $38793612 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

NV - Naamloze Vennootschap

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

15<br>

------

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

**Brown Advisory Intermediate Income Fund** 

**Schedule of Investments** 

**June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 31.5%** | **U.S. TREASURY SECURITIES - 31.5%** | **U.S. TREASURY SECURITIES - 31.5%** |
| United States Treasury Note<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/15/2025 | $3500000 | $3427753  |
| &nbsp;&nbsp;&nbsp; 2.25%, 03/31/2026 | 6775000 | 6488121  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 5395000 | 5097432  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 6500000 | 6176143  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 5735000 | 4640085  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 12935000 | 10860347  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES**<br>**(Cost $39,483,841)** |  | 36689881  |
| **CORPORATE BONDS - 24.9%**<br>|  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/2024 | 1185000 | 1169056  |
| &nbsp;&nbsp;&nbsp; American Tower Corp.,<br>3.60%, 01/15/2028 | 616000 | 581576  |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc.,<br>1.70%, 10/01/2028 | 1335000 | 1176510  |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc.,<br>3.70%, 03/15/2032 | 1305000 | 1156038  |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp.,<br>2.24%, 02/15/2025 | 1190000 | 1164952  |
| Citigroup, Inc., 3.20%, 10/21/2026 | 1224000 | 1167538  |
| Clorox Co., 4.40%, 05/01/2029 | 1201000 | 1169099  |
| Comcast Corp., 3.40%, 04/01/2030 | 639000 | 587625  |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc.,<br>3.30%, 07/01/2030 | 659000 | 587541  |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.,<br>4.20%, 05/15/2028 | 1206000 | 1158116  |
| &nbsp;&nbsp;&nbsp; Ferguson Finance PLC,<br>4.65%, 04/20/2032<sup>(a)</sup> | 1230000 | 1164823  |
| Fortis, Inc., 3.06%, 10/04/2026 | 610000 | 579030  |
| Hasbro, Inc., 3.55%, 11/19/2026 | 1225000 | 1169530  |
|  JB Hunt Transport Services, Inc., 3.88%, 03/01/2026 | 589000 | 575975  |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.,<br>4.60%, 04/06/2027 | 1181000 | 1160313  |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc.,<br>5.75%, 02/15/2029 | 1145000 | 1169565  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley,<br>3.13%, 07/27/2026 | 1215000 | 1161847  |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 1062000 | 1157973  |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 1440000 | 1186457  |
| Revvity, Inc., 1.90%, 09/15/2028 | 674000 | 589851  |
| Sysco Corp., 5.95%, 04/01/2030 | 559000 | 581985  |
| Trimble, Inc., 6.10%, 03/15/2033 | 1130000 | 1170756  |
|  US Bancorp, 5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030 | 1170000 | 1173369  |
| Veralto Corp., 5.45%, 09/18/2033<sup>(a)</sup> | 1165000 | 1163343  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Verizon Communications, Inc., 2.10%, 03/22/2028 | $1301000 | $1170310  |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc.,<br>5.00%, 03/01/2034 | 1790000 | 1750489  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.,<br>3.00%, 10/23/2026 | 1229000 | 1167717  |
| &nbsp;&nbsp;&nbsp; West Fraser Timber Co. Ltd.,<br>4.35%, 10/15/2024<sup>(a)</sup> | 1000000 | 992572  |
|  **TOTAL CORPORATE BONDS (Cost $30,164,144)** |  | 29003956  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 17.5%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 17.5%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 17.5%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0622,<br>2.00%, 04/01/2052 | 784699 | 624088  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QF0492,<br>5.50%, 09/01/2052 | 823667 | 818484  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA7927, <br>4.50%, 09/01/2052 | 1261922 | 1191932  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD0913, <br>2.50%, 02/01/2052 | 1421466 | 1173417  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3234, <br>2.50%, 12/01/2051 | 1607295 | 1320272  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3475, <br>5.50%, 08/01/2053 | 1206153 | 1193433  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3477, <br>6.50%, 08/01/2053 | 525171 | 540107  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4634, Class MA,<br>4.50%, 11/15/2054 | 788892 | 767401  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5145, Class AB,<br>1.50%, 09/25/2049 | 406174 | 313795  |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 628837, <br>6.50%, 03/01/2032 | 7479 | 7676  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 663238, <br>5.50%, 09/01/2032 | 10083 | 10254  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 741373, 6.41% <br>(1 yr. CMT Rate +<br>2.28%), 12/01/2033 | 5660 | 5753  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 744805, 6.27% <br>(RFUCCT6M + 1.52%), <br>11/01/2033 | 12207 | 12130  |
| &nbsp;&nbsp;&nbsp; Pool 764342, 5.90% (RFUCCT6M + 1.52%), 02/01/2034 | 18867 | 18852  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ3248, <br>2.00%, 11/01/2050 | 1439290 | 1136631  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ6307, <br>2.00%, 11/01/2050 | 1294384 | 1022048  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BR5634, <br>2.00%, 03/01/2051 | 771720 | 612708  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BW0025, <br>4.00%, 07/01/2052 | 660940 | 605766  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2548, <br>2.50%, 01/01/2052 | 1278395 | 1051707  |

---

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

16<br>

------

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

**Brown Advisory Intermediate Income Fund** 

**Schedule of Investments** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM6555, <br>2.00%, 04/01/2051 | $995690 | $789438  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9973, <br>3.00%, 08/01/2051 | 1307790 | 1127566  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0031, <br>2.50%, 10/01/2051 | 1272728 | 1040294  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0348, <br>2.00%, 01/01/2052 | 1435205 | 1139888  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS3607, <br>2.50%, 02/01/2037 | 974928 | 882263  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4862, <br>2.50%, 10/01/2051 | 1454917 | 1195204  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2998, <br>3.50%, 04/01/2032 | 280996 | 268755  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4208, <br>2.00%, 12/01/2050 | 719503 | 568280  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4492, <br>2.00%, 12/01/2051 | 1108865 | 870085  |
|  Ginnie Mae I Pool, Pool 781186, 9.00%, 06/15/2030 | 7229 | 7256  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>**(Cost $21,605,523)** |  | 20315483  |
|  | **Shares** |  |
|  **AFFILIATED MUTUAL FUNDS (Note 3) - 13.2%**<br>|  |  |
|  Brown Advisory Mortgage Securities Fund – Institutional Shares<sup>(b)</sup> | 1723602 | 15322826  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br>**(Cost $17,557,513)** |  | 15322826  |
|  | **Par** |  |
| **ASSET-BACKED SECURITIES - 4.4%** | **ASSET-BACKED SECURITIES - 4.4%** | **ASSET-BACKED SECURITIES - 4.4%** |
|  American Homes 4 Rent, Series 2015-SFR2, Class C, 4.69%, 10/17/2052<sup>(a)</sup> | $510000 | 500850  |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series 2021-2, Class C,<br>1.34%, 02/16/2027 | 900000 | 863904  |
| &nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust, Series 2024-A, Class A2A,<br>5.78%, 09/15/2027 | 210000 | 210258  |
| CNH Equipment Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A2,<br>5.90%, 02/16/2027 | 1030905 | 1032449  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A,<br>5.42%, 10/15/2027 | 515000 | 515367  |
|  Dext ABS Funding LLC, Series 2021-1, Class A, 1.12%, 02/15/2028<sup>(a)</sup> | 49469 | 49109  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| FHF Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, <br>1.27%, 03/15/2027<sup>(a)</sup> | $30188 | $29780  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A,<br>0.83%, 12/15/2026<sup>(a)</sup> | 128823 | 126173  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2024-B, Class B,<br>5.23%, 05/15/2030 | 730000 | 732463  |
| &nbsp;&nbsp;&nbsp; John Deere Owner Trust, <br>Series 2023-C, Class A2, <br>5.76%, 08/17/2026 | 922389 | 923118  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA, Series 2021-3, Class B,<br>0.76%, 02/26/2029<sup>(a)</sup> | 157504 | 153884  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br>**(Cost $5,206,412)** |  | 5137355  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.1%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.1%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.1%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool WA3311,<br>2.21%, 04/01/2038 | 1641630 | 1205387  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q006, Class APT2,<br>2.76%, 09/25/2026<sup>(c)</sup> | 94454 | 90555  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q007, Class APT1,<br>6.87%, 10/25/2047<sup>(c)</sup> | 68592 | 68447  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q010, Class APT1,<br>6.98%, 04/25/2046<sup>(c)</sup> | 42515 | 42646  |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BL1160,<br>3.64%, 01/01/2026 | 750000 | 730486  |
| &nbsp;&nbsp;&nbsp; Series 2016-M10, Class AV1, 2.35%, 11/25/2045 | 188123 | 182770  |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, <br>Series 2020-KF74, Class B, 7.59% (30 day avg SOFR US + 2.26%), 01/25/2027<sup>(a)</sup>  | 148475 | 143260  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>**(Cost $2,811,306)** |  | 2463551  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.7%** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.7%** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.7%** |
|  JP Morgan Mortgage Trust, Series 2020-LTV2, Class A15, 3.00%, 11/25/2050<sup>(a)(c)</sup> | 843677 | 742517  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>**(Cost $798,857)** |  | 742517 |

---

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

17<br>

------

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

**Brown Advisory Intermediate Income Fund** 

**Schedule of Investments** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 2.5%** | **SHORT-TERM INVESTMENTS - 2.5%** | **SHORT-TERM INVESTMENTS - 2.5%** |
| **Money Market Funds - 2.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund -<br>Class Z, 5.19%<sup>(d)</sup>  | 2955033 | $2955033  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $2,955,033)** |  | 2955033 |
|  **TOTAL INVESTMENTS - 96.8% (Cost $120,582,629)** |  | $112630602 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of<br>Liabilities - 3.2% |  | 3773052  |
| **TOTAL NET ASSETS - 100.0%** |  | $116403654 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury Rate

RFUCCT6M - Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Months

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(b)</sup> Affiliated company as defined by the Investment Company Act of 1940.

<sup>(c)</sup> Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

<sup>(d)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

18<br>

------

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

**Brown Advisory Intermediate Income Fund** 

**Schedule of Futures Contracts** 

**June 30, 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts**<br>**Purchased** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Notional**<br>**Value** | **Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 78 | 09/30/2024 | $15905020 | $15929062 | &nbsp;&nbsp; $24042  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 84 | 09/30/2024 | 8913360 | 8952563 | &nbsp;&nbsp; 39203  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 09/19/2024 | 1524740 | 1538062 | &nbsp;&nbsp; 13322  |
|  |  |  |  |  | &nbsp;&nbsp; $76567 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts**<br>**Sold** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Notional**<br>**Value** | **Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;(36) | 09/19/2024 | $(4062576) | $(4087125) | &nbsp;&nbsp; $(24549)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(18) | 09/19/2024 | (1967867) | (1979719) | &nbsp;&nbsp; (11852)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(7) | 09/19/2024 | (871921) | (877406) | &nbsp;&nbsp; (5485)  |
|  |  |  |  |  | &nbsp;&nbsp; $(41886)  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | &nbsp;&nbsp; $34681 |

---

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.

19<br>

------

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

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Investments** 

**June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 32.1%** | **CORPORATE BONDS - 32.1%** | **CORPORATE BONDS - 32.1%** |
| AbbVie, Inc., 2.60%, 11/21/2024 | $5480000 | $5420015  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 10/29/2024 | 2750000 | 2713000  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 | 5975000 | 5431985  |
| AIB Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.58% to 10/14/2025 then SOFR + 3.46%, 10/14/2026<sup>(a)</sup> | 2635000 | 2692672  |
| &nbsp;&nbsp;&nbsp; 6.61% to 09/13/2028 then SOFR + 2.33%, 09/13/2029<sup>(a)</sup> | 2615000 | 2700509  |
| AT&T, Inc., 4.35%, 03/01/2029 | 5575000 | 5404787  |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, 6.03% to 03/13/2034 then 1 yr. CMT Rate + 1.95%, <br>03/13/2035 | 2705000 | 2699678  |
|  BBVA Bancomer SA, 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039<sup>(a)</sup> | 2650000 | 2685346  |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., <br>3.70%, 03/15/2032 | 6115000 | 5416992  |
| &nbsp;&nbsp;&nbsp; CaixaBank SA, <br>6.84% to 09/13/2033 then SOFR + 2.77%, 09/13/2034<sup>(a)</sup> | 5115000 | 5404532  |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., <br>2.24%, 02/15/2025 | 5535000 | 5418496  |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc., <br>3.30%, 07/01/2030 | 6115000 | 5451916  |
| Equinix, Inc., 3.20%, 11/18/2029 | 9045000 | 8152856  |
| &nbsp;&nbsp;&nbsp; Ferguson Finance PLC, <br>4.65%, 04/20/2032<sup>(a)</sup> | 5735000 | 5431105  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.06%, 11/01/2024 | 3265000 | 3245746  |
| &nbsp;&nbsp;&nbsp; 8.32% (SOFR + 2.95%), 03/06/2026 | 2000000 | 2071682  |
| Fortis, Inc., 3.06%, 10/04/2026 | 5700000 | 5410607  |
|  Intesa Sanpaolo SpA, 7.78% to 06/20/2053 then 1 yr. CMT Rate + 3.90%, 06/20/2054<sup>(a)</sup> | 2560000 | 2676965  |
|  Kreditanstalt fuer Wiederaufbau, 0.63%, 01/22/2026 | 19025000 | 17814072  |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc., <br>2.95%, 04/15/2031 | 9475000 | 8176487  |
| &nbsp;&nbsp;&nbsp; Mercer International, Inc., <br>5.50%, 01/15/2026 | 2755000 | 2675919  |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc., <br>6.75%, 11/01/2029 | 2535000 | 2697103  |
|  Nationwide Building Society, 4.30% to 03/08/2028 then 3 mo. LIBOR US + 1.45%, 03/08/2029<sup>(a)(b)</sup> | 2825000 | 2705552  |
|  NatWest Group PLC, 5.08% to 01/27/2029 then 3 mo. LIBOR US + 1.91%, 01/27/2030<sup>(b)</sup> | 2755000 | 2707567  |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 4980000 | 5430045  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., <br>6.30%, 02/15/2030 | $2695000 | $2756422  |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 6680000 | 5503843  |
| Revvity, Inc., 2.25%, 09/15/2031 | 9965000 | 8158221  |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., <br>1.75%, 02/15/2031 | 5075000 | 4087328  |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., <br>8.75%, 03/15/2032 | 6755000 | 8130975  |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, <br>5.26%, 12/11/2026 | 5385000 | 5384758  |
| Trimble, Inc., 6.10%, 03/15/2033 | 7865000 | 8148667  |
|  UBS Group AG, 7.75% to 04/12/2031 then USISSO05 + 4.16%, Perpetual<sup>(a)</sup> | 2640000 | 2699524  |
| &nbsp;&nbsp;&nbsp; Veralto Corp., <br>5.45%, 09/18/2033<sup>(a)</sup> | 5405000 | 5397310  |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc., <br>5.00%, 03/01/2034 | 8310000 | 8126574  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $179,948,204)** |  | 179029256  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 30.1%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 30.1%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 30.1%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G31063, <br>3.50%, 11/01/2037 | 547663 | 515527  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QC5510, <br>3.50%, 07/01/2051 | 1073316 | 951569  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD5888, <br>3.50%, 02/01/2052 | 1738007 | 1550456  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD7054, <br>3.00%, 02/01/2052 | 1650865 | 1415564  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD7450, <br>3.00%, 03/01/2052 | 1629222 | 1391194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0380, <br>2.50%, 04/01/2052 | 152044 | 125962  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA6064, <br>2.50%, 09/01/2051 | 4504830 | 3768521  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA6699, <br>3.50%, 02/01/2052 | 1725454 | 1539239  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA7935, <br>5.00%, 09/01/2052 | 4977326 | 4852061  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD2875, <br>5.00%, 05/01/2053 | 3179064 | 3111733  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3234, <br>2.50%, 12/01/2051 | 7445682 | 6116070  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3477, <br>6.50%, 08/01/2053 | 2723767 | 2801233  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4094, Class NI, <br>2.50%, 03/15/2027<sup>(c)</sup> | 54358 | 184  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4107, Class LI, <br>3.00%, 08/15/2027<sup>(c)</sup> | 1608247 | 73289  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4143, Class IA, <br>3.50%, 09/15/2042<sup>(c)</sup> | 930659 | 67126  |

---

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

20<br>

------

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

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Investments** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2054<sup>(d)</sup> | $7200000 | $6788531  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2054<sup>(d)</sup> | 4820000 | 4754290  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2054<sup>(d)</sup> | 11000000 | 11032227  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BH7686, <br>4.50%, 12/01/2047 | 66718 | 63814  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BK5105, <br>5.50%, 05/01/2048 | 109430 | 109887  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BK8032, <br>5.50%, 06/01/2048 | 208791 | 209836  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BN4921, <br>5.50%, 01/01/2049 | 143758 | 143826  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BN4936, <br>5.50%, 12/01/2048 | 143370 | 143600  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BT7699, <br>4.00%, 09/01/2051 | 1628391 | 1539534  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BV4532, <br>3.50%, 03/01/2052 | 1801402 | 1602436  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BW9710, <br>3.00%, 05/01/2053 | 1890294 | 1609783  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA8871, <br>3.00%, 02/01/2051 | 1045723 | 890376  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2432, <br>3.00%, 12/01/2051 | 2704924 | 2307140  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2909, <br>3.50%, 02/01/2052 | 1600261 | 1427090  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool DA0025, <br>6.00%, 09/01/2053 | 4717280 | 4864171  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool DA4870, <br>6.50%, 01/01/2054 | 2675869 | 2725492  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8754, <br>3.00%, 09/01/2051 | 5367572 | 4579255  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0031, <br>2.50%, 10/01/2051 | 1108505 | 906063  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0195, <br>2.50%, 01/01/2052 | 3872265 | 3185644  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0491, <br>3.50%, 01/01/2052 | 2629878 | 2330713  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0731, <br>2.00%, 02/01/2052 | 1012683 | 805459  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1480, <br>2.50%, 11/01/2051 | 577566 | 477718  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4862, <br>2.50%, 10/01/2051 | 7320921 | 6014084  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5314, <br>2.00%, 05/01/2052 | 7481174 | 5876286  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5458, <br>5.50%, 08/01/2053 | 6728413 | 6643297  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS6744, <br>2.50%, 10/01/2051 | 6477382 | 5401458  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2897, <br>3.00%, 02/01/2037 | 390441 | 358814  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4565, <br>3.50%, 03/01/2052 | 2286830 | 2032397  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-65, Class HJ, <br>5.00%, 07/25/2040 | $173751 | $173453  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class WI, <br>0.65%, 02/25/2035<sup>(c)(e)</sup> | 4165988 | 190103  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class M1, 4.00%, <br>01/25/2056<sup>(a)(e)</sup> | 7316 | 7253  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-HQ2, Class M3, 8.70% (30 day avg SOFR US + 3.36%), 05/25/2025 | 33818 | 34090  |
| Ginnie Mae I Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 723334, <br>5.00%, 09/15/2039 | 212782 | 213068  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 781950, <br>4.50%, 07/15/2035 | 470733 | 456660  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 783467, <br>4.00%, 10/15/2041 | 2508781 | 2375462  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 784507, <br>4.00%, 12/20/2047 | 2928281 | 2723090  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2754, <br>3.50%, 04/20/2045 | 969087 | 885065  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA6994, <br>2.00%, 11/20/2050 | 3366249 | 2729962  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7106, <br>2.00%, 01/20/2036 | 565403 | 503188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7164, <br>2.00%, 02/20/2036 | 552057 | 491322  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7192, <br>2.00%, 02/20/2051 | 11195267 | 9070019  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7254, <br>2.00%, 03/20/2051 | 3478998 | 2818568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7419, <br>3.00%, 06/20/2051 | 6284414 | 5486342  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7471, <br>2.00%, 07/20/2051 | 7088535 | 5741401  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7650, <br>3.00%, 10/20/2051 | 6184752 | 5395502  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7774, <br>6.00%, 11/20/2051 | 255175 | 261237  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8268, <br>4.50%, 09/20/2052 | 4498628 | 4284833  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8642, <br>2.50%, 02/20/2053 | 6199248 | 5219180  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2054<sup>(d)</sup> | 6634000 | 6131008  |
| &nbsp;&nbsp;&nbsp; Series 2017-167, Class SE, 0.75% (-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047<sup>(c)(f)</sup> | 1787883 | 201095  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-125, Class UL, <br>1.50%, 07/20/2051 | 920146 | 630488  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-158, Class JD, <br>1.50%, 09/20/2051 | 1343418 | 820898  |

---

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

21<br>

------

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

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Investments** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-160, Class DK, 2.00%, 09/20/2051 | $2104659 | $1306679  |
| &nbsp;&nbsp;&nbsp; Series 2021-177, Class KD, 2.00%, 10/20/2051 | 1383690 | 890658  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9, Class CD, <br>2.00%, 01/20/2052 | 2468351 | 1631527  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>**(Cost $175,651,140)** |  | 167775100  |
| **FOREIGN GOVERNMENT AGENCY ISSUES - 16.0%**  | **FOREIGN GOVERNMENT AGENCY ISSUES - 16.0%**  | **FOREIGN GOVERNMENT AGENCY ISSUES - 16.0%**  |
| &nbsp;&nbsp;&nbsp; Asian Development Bank, <br>2.88%, 05/06/2025 | 18050000 | 17701801  |
| European Investment Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2025 | 3750000 | 3655328  |
| &nbsp;&nbsp;&nbsp; 1.38%, 03/15/2027 | 24655000 | 22629342  |
|  Inter-American Development Bank, 0.88%, 04/20/2026 | 22670000 | 21122453  |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development, <br>0.63%, 04/22/2025 | 25400000 | 24486611  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT AGENCY ISSUES**<br>**(Cost $90,799,908)** |  | 89595535  |
| **U.S. TREASURY SECURITIES - 14.8%** | **U.S. TREASURY SECURITIES - 14.8%** | **U.S. TREASURY SECURITIES - 14.8%** |
| &nbsp;&nbsp;&nbsp; United States Treasury STRIP, <br>4.39%, 05/15/2043<sup>(g)</sup> | 61020000 | 24620572  |
| United States Treasury Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043 | 2650000 | 2396180  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 9000000 | 8383008  |
| United States Treasury Note<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 1800000 | 1737035  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/30/2028 | 2980000 | 2882859  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 5560000 | 5253331  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 4565000 | 3693459  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 20490000 | 17203596  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 16050000 | 16201723  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES**<br>**(Cost $87,217,223)** |  | 82371763  |
| **ASSET-BACKED SECURITIES - 5.5%**  | **ASSET-BACKED SECURITIES - 5.5%**  | **ASSET-BACKED SECURITIES - 5.5%**  |
|  American Homes 4 Rent, Series 2015-SFR1, Class D, 4.41%, 04/17/2052<sup>(a)</sup> | 520000 | 512918  |
| CarMax Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class C, <br>1.34%, 02/16/2027 | 2255000 | 2164560  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A2A, <br>5.72%, 11/16/2026 | 2036630 | 2036572  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust, Series 2024-A, Class A2A, <br>5.78%, 09/15/2027 | $1015000 | $1016245  |
| CNH Equipment Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, <br>1.41%, 04/16/2029 | 2650000 | 2483268  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A2, <br>5.90%, 02/16/2027 | 4316391 | 4322856  |
| Dext ABS Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, <br>1.12%, 02/15/2028<sup>(a)</sup> | 217985 | 216399  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, <br>1.76%, 02/15/2028<sup>(a)</sup> | 870000 | 848897  |
| FHF Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, <br>1.27%, 03/15/2027<sup>(a)</sup> | 285361 | 281508  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, <br>0.83%, 12/15/2026<sup>(a)</sup> | 186678 | 182837  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, <br>5.69%, 02/15/2030<sup>(a)</sup> | 2250000 | 2248504  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, <br>5.89%, 06/15/2030<sup>(a)</sup> | 1980000 | 1985343  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2024-B, Class B, <br>5.23%, 05/15/2030 | 3475000 | 3486726  |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., Series 2020-2, Class C, <br>1.48%, 02/18/2026 | 295092 | 292993  |
| John Deere Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A2, <br>5.59%, 06/15/2026 | 2411507 | 2411537  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A2, <br>5.76%, 08/17/2026 | 4754163 | 4757921  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA, Series 2021-3, Class B, <br>0.76%, 02/26/2029<sup>(a)</sup> | 431601 | 421681  |
|  Newtek Small Business Loan Trust, Series 2018-1, Class A, 7.95% (Prime Rate + (0.55%)), 02/25/2044<sup>(a)</sup> | 325485 | 323226  |
| &nbsp;&nbsp;&nbsp; Stack Infrastructure Issuer LLC, Series 2024-1A, Class A2, <br>5.90%, 03/25/2049<sup>(a)</sup> | 1000000 | 1009810  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $31,280,735)** |  | 31003801  |
| **MUNICIPAL BONDS - 1.5%**  | **MUNICIPAL BONDS - 1.5%**  | **MUNICIPAL BONDS - 1.5%**  |
|  California Health Facilities Financing Authority, 3.03%, 06/01/2034 | 2650000 | 2238476  |
|  City & County of Honolulu HI, 3.00%, 09/01/2027 | 100000 | 95320  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles CA Wastewater System Revenue, <br>3.49%, 06/01/2029 | 430000 | 407166  |
|  Colorado Health Facilities Authority, 3.36%, 12/01/2030 | 1325000 | 1165837  |

---

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

22<br>

------

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

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Investments** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
|  Metropolitan Pier & Exposition Authority, 3.96%, 12/15/2026 | $3300000 | $3180872  |
|  New York City Housing Development Corp., 2.71%, 08/01/2031 | 1000000 | 869966  |
| &nbsp;&nbsp;&nbsp; University of California, <br>2.99%, 05/15/2026 | 355000 | 341762  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br>**(Cost $9,173,219)** |  | 8299399  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%**  |
|  BX Trust, Series 2024-VLT4, Class A, 6.81% (1 mo. Term SOFR + 1.49%), 07/15/2029<sup>(a)</sup> | 2725000 | 2726001  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>**(Cost $2,722,117)** |  | 2726001  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.1%**  | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.1%**  | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.1%**  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KW03, Class A2, <br>3.02%, 06/25/2027 | 300000 | 285413  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q007, Class APT1, <br>6.87%, 10/25/2047<sup>(e)</sup> | 126632 | 126363  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q010, Class APT1, <br>6.98%, 04/25/2046<sup>(e)</sup> | 85030 | 85292  |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association, Pool 467095, <br>5.90%, 01/01/2041 | 240080 | 252900  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-135, Class IO, <br>0.41%, 01/16/2056<sup>(c)(e)</sup> | 223993 | 4474  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-45, Class BI, <br>0.53%, 07/16/2054<sup>(c)(e)</sup> | 360771 | 3679  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-172, Class IO, <br>0.60%, 03/16/2057<sup>(c)(e)</sup> | 198872 | 4252  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-40, Class IO, <br>0.58%, 07/16/2057<sup>(c)(e)</sup> | 394758 | 8636  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-56, Class IO, <br>0.96%, 11/16/2057<sup>(c)(e)</sup> | 257855 | 10960  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-98, Class IO, <br>0.84%, 05/16/2058<sup>(c)(e)</sup> | 414524 | 17390  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>**(Cost $907,247)** |  | 799359 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 4.1%** | **SHORT-TERM INVESTMENTS - 4.1%** | **SHORT-TERM INVESTMENTS - 4.1%** |
| **Money Market Funds - 3.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class Z, <br>5.19%<sup>(h)</sup> | 22039699 | $22039699  |
|  | **Par** |  |
| **U.S. Treasury Bills - 0.2%**<br>|  |  |
| 5.31%, 07/11/2024<sup>(i)</sup> | $800000 | 798834  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $22,838,534)** |  | 22838533  |
|  **TOTAL INVESTMENTS - 104.7% (Cost $600,538,327)** |  | $584438747 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (4.7)% |  | (26192340)  |
| **TOTAL NET ASSETS - 100.0%** |  | $558246407 |

---

Percentages are stated as a percent of net assets.

AG - Aktiengesellschaft

CMT - Constant Maturity Treasury Rate

LIBOR - London Interbank Offered Rate

PLC - Public Limited Company

SA - Sociedad Anónima

SOFR - Secured Overnight Financing Rate

STRIP - Separate Trading of Registered Interest and Principal

USISSO05- 5 Year US Dollar SOFR Swap Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(b)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(c)</sup> Interest only security.

<sup>(d)</sup> To-be-announced security.

<sup>(e)</sup> Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

<sup>(f)</sup> Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

<sup>(g)</sup> Zero-coupon bond. The rate shown is the effective yield as of June 30, 2024.

<sup>(h)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

<sup>(i)</sup> 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.

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

23<br>

------

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

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Futures Contracts** 

**June 30, 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 09/30/2024 | &nbsp;&nbsp; $1223497 | &nbsp;&nbsp; $1225313 | &nbsp;&nbsp;&nbsp; $1816  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 | &nbsp;&nbsp;&nbsp; 09/30/2024 | &nbsp;&nbsp; 59745786 | &nbsp;&nbsp; 60003484 | &nbsp;&nbsp;&nbsp; 257698  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 09/19/2024 | &nbsp;&nbsp; 23167253 | &nbsp;&nbsp; 23313938 | &nbsp;&nbsp;&nbsp; 146685  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; $406199 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional Amount** | **Notional** <br>**Value** | **Unrealized Appreciation (Depreciation)**  |
|  10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | &nbsp;&nbsp;&nbsp; 09/19/2024 | $(4175426) | $(4200656) | &nbsp;&nbsp;&nbsp; $(25230)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | &nbsp;&nbsp;&nbsp; 09/19/2024 | (17820122) | (17927453) | &nbsp;&nbsp;&nbsp; (107331)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) | &nbsp;&nbsp;&nbsp; 09/19/2024 | (10225699) | (10293187) | &nbsp;&nbsp;&nbsp; (67488)  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(200049)  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | &nbsp;&nbsp;&nbsp; $206150 |

---

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.

24<br>

------

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

**Brown Advisory Maryland Bond Fund** 

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 99.0%**<br>|  |  |
| **General Obligation Bonds - 16.3%**<br>|  |  |
| Baltimore County Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | $1650000 | $1652061  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2033 | 1520000 | 1519938  |
| &nbsp;&nbsp;&nbsp; Calvert County Maryland, <br>5.00%, 07/01/2024 | 775000 | 775000  |
| &nbsp;&nbsp;&nbsp; Frederick County Maryland, <br>1.88%, 10/01/2038 | 8755000 | 6320929  |
| &nbsp;&nbsp;&nbsp; Howard County Maryland, <br>1.75%, 08/15/2036 | 7875000 | 5879916  |
| Maryland State<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2024 | 620000 | 620707  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2025 | 1000000 | 1018691  |
| Montgomery County Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2034 | 3370000 | 3183803  |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/01/2037<sup>(a)</sup> | 2000000 | 2000000  |
| Prince George's County Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2024 | 1350000 | 1354728  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025 | 1500000 | 1530431  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 1550000 | 1607742  |
|  |  | 27463946  |
| **Revenue Bonds - 82.7%**<br>|  |  |
| Austin Texas, 7.88%, 09/01/2026 | 750000 | 752306  |
| Baltimore Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | 520000 | 520320  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/2031<sup>(b)</sup> | 225000 | 204851  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033 | 1470000 | 1464054  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2033 | 670000 | 670415  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2039<sup>(b)</sup> | 1260000 | 1080363  |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, 5.00%, <br>11/01/2039<sup>(b)</sup> | 1750000 | 1706043  |
|  Florida Development Finance Corp., 5.00%, 07/01/2044 | 3435000 | 3620101  |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio, <br>5.00%, 11/15/2034 | 1550000 | 1553361  |
| Frederick County Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1985000 | 2104769  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 1390000 | 1487046  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/01/2039 | 1410000 | 1260173  |
| Gaithersburg Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 1000000 | 1020075  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 2000000 | 2041136  |
|  Lehigh County Pennsylvania, 4.98% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 2600000 | 2581221  |
|  Main Street Natural Gas, Inc., 5.27% (SOFR + 1.70%), 12/01/2053 | 5500000 | 5649001  |
|  Maryland Community Development Administration<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/01/2027 | 1270000 | 1148152  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1245000 | 1312516  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 1030000 | 1088936  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/01/2042 | $3930000 | $3971186  |
| &nbsp;&nbsp;&nbsp; 2.41%, 07/01/2043 | 2660000 | 1876303  |
| Maryland Economic Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 1000000 | 1046758  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 750000 | 794550  |
| &nbsp;&nbsp;&nbsp; 4.10%, 10/01/2036<sup>(a)</sup> | 2600000 | 2656178  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 | 1500000 | 1443162  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2043<sup>(a)</sup> | 500000 | 500000  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2044 | 4500000 | 4201228  |
|  Maryland Health & Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 420000 | 426468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 4000000 | 4030556  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 2000000 | 2072692  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2030 | 100000 | 100033  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2031 | 300000 | 300082  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 1250000 | 1258552  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 1955000 | 1981761  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 5000000 | 5062917  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1200000 | 1214195  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 1500000 | 1557188  |
| &nbsp;&nbsp;&nbsp; 3.40%, 07/01/2041<sup>(a)</sup> | 2495000 | 2495000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2042 | 4335000 | 4453008  |
| &nbsp;&nbsp;&nbsp; 4.16% (SIFMA Municipal Swap Index + 0.28%), 07/01/2042 | 2450000 | 2441325  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 | 1310000 | 1341921  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045<sup>(a)</sup> | 4000000 | 4136196  |
| &nbsp;&nbsp;&nbsp; Series A, 4.15%, 04/01/2035<sup>(a)</sup> | 3000000 | 3000000  |
| Maryland Stadium Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.42%, 05/01/2025 | 1100000 | 1065412  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 3000000 | 3087373  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 | 1000000 | 1034325  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 | 5000000 | 5269902  |
|  Maryland Stadium Authority Built to Learn Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 | 1340000 | 1387428  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2041 | 4460000 | 3779366  |
|  Maryland State Department of Transportation<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.91%, 08/01/2026 | 1500000 | 1379687  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 1715000 | 1778390  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2029 | 1260000 | 1277156  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1000000 | 1077954  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2038 | 1150000 | 1150592  |
|  Maryland State Transportation Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 | 3000000 | 3053504  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2025 | 1510000 | 1536930  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 4420000 | 4654824  |
| &nbsp;&nbsp;&nbsp; Maryland State Transportation Authority Passenger Facility Charge Revenue, <br>4.00%, 06/01/2035 | 4330000 | 4294252  |

---

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

25<br>

------

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

**Brown Advisory Maryland Bond Fund** 

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Revenue Bonds - (Continued)**  | **Revenue Bonds - (Continued)**  | **Revenue Bonds - (Continued)**  |
|  Metropolitan Washington DC Airports Authority Aviation Revenue, 5.00%, 10/01/2040 | $1500000 | $1561602  |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Florida Expressway Authority, 6.51% <br>(1 mo. Term SOFR + 1.05%), 07/01/2032 | 5000000 | 5010672  |
|  New Hope Texas Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2046<sup>(c)</sup> | 365000 | 82125  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2051<sup>(c)</sup> | 820000 | 184500  |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br>4.62%, 12/15/2038<sup>(d)</sup> | 6760000 | 3826763  |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., <br>6.00%, 04/01/2035 | 3000000 | 3392984  |
|  St Mary's College of Maryland, 4.00%, 09/01/2024 | 1000000 | 1000041  |
| &nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, <br>4.90%, 06/01/2027<sup>(a)</sup> | 1500000 | 1500000  |
| &nbsp;&nbsp;&nbsp; Westminster Maryland, <br>5.50%, 07/01/2044 | 3560000 | 3560000  |
|  |  | 139571880  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $171,666,604)** |  | 167035826  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 0.1%** | **SHORT-TERM INVESTMENTS - 0.1%** | **SHORT-TERM INVESTMENTS - 0.1%** |
| **Money Market Funds - 0.1%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 5.19%<sup>(e)</sup> | 114117 | 114117  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $114,117)** |  | 114117  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $171,780,721)** |  | $167149943 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 1511963  |
| **TOTAL NET ASSETS - 100.0%** |  | $168661906 |

---

Percentages are stated as a percent of net assets.

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(c)</sup> Security is in default and missed all or a portion of its last payment of interest as of the date of this report.

<sup>(d)</sup> Zero-coupon bond. The rate shown is the effective yield as of June 30, 2024.

<sup>(e)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

26<br>

------

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

**Brown Advisory Tax-Exempt Bond Fund** 

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 98.7%**<br>|  |  |
| **Alabama - 5.6%**<br>|  |  |
| Black Belt Energy Gas District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052<sup>(a)</sup> | $7000000 | $7017365  |
| &nbsp;&nbsp;&nbsp; 4.23% (SIFMA Municipal Swap Index + 0.35%), 10/01/2052 | 34225000 | 33754769  |
|  Energy Southeast A Cooperative District, 5.25%, 07/01/2054<sup>(a)</sup> | 5500000 | 5887571  |
| &nbsp;&nbsp;&nbsp; Industrial Development Board of Mobile Alabama, <br>3.78%, 06/01/2034<sup>(a)</sup> | 2500000 | 2504071  |
| &nbsp;&nbsp;&nbsp; Madison Alabama, <br>3.00%, 02/01/2036 | 2730000 | 2524701  |
|  |  | 51688477  |
| **Arizona - 2.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chandler Industrial Development Authority, 4.00%, <br>06/01/2049<sup>(a)</sup> | 7000000 | 7047424  |
|  Maricopa County Arizona Industrial Development Authority, 4.45% (SIFMA Municipal Swap Index + 0.57%), 01/01/2035 | 5090000 | 5087346  |
|  Maricopa County Pollution Control Corp., 2.40%, 06/01/2035 | 12555000 | 10392409  |
|  |  | 22527179  |
| **Arkansas - 0.6%**<br>|  |  |
|  Bentonville South Dakota School District No 6<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2041 | 2680000 | 1904799  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2042 | 2750000 | 1913677  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2043 | 2825000 | 1922504  |
|  |  | 5740980  |
| **California - 4.4%**<br>|  |  |
|  California Community Choice Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 4280000 | 4420037  |
| &nbsp;&nbsp;&nbsp; 4.33% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 5000000 | 4559929  |
|  California Earthquake Authority, 5.60%, 07/01/2027 | 15275000 | 15260443  |
|  Los Angeles California Department of Airports<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2041 | 3660000 | 3572218  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2042 | 7950000 | 7787145  |
|  San Diego California Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032 | 3000000 | 3000996  |
| &nbsp;&nbsp;&nbsp; Temecula Valley California Unified School District, <br>3.00%, 08/01/2047 | 2000000 | 1591967  |
|  |  | 40192735  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Colorado - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University System, <br>4.00%, 03/01/2036 | $3255000 | $3296883  |
|  Colorado Health Facilities Authority, 5.00%, 12/01/2035 | 7715000 | 7726768  |
|  Park Creek Metropolitan District, 5.00%, 12/01/2034 | 1000000 | 1015898  |
|  |  | 12039549  |
| **Connecticut - 0.1%**<br>|  |  |
|  Connecticut State Health & Educational Facilities Authority, 3.70%, 07/01/2042<sup>(a)</sup> | 1335000 | 1335000  |
| **District of Columbia - 0.3%**<br>|  |  |
|  Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2032 | 2660000 | 2717421  |
| **Florida - 6.7%**<br>|  |  |
|  Florida Development Finance Corp., 5.00%, 07/01/2044 | 17500000 | 18443019  |
| &nbsp;&nbsp;&nbsp; JEA Electric System Revenue, <br>5.58%, 10/01/2027 | 5690000 | 5710384  |
|  Miami-Dade County Florida Expressway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.51% (1 mo. Term SOFR + 1.05%), 07/01/2026 | 4385000 | 4396805  |
| &nbsp;&nbsp;&nbsp; 6.51% (1 mo. Term SOFR + 1.05%), 07/01/2029 | 5260000 | 5288125  |
| &nbsp;&nbsp;&nbsp; 6.51% (1 mo. Term SOFR + 1.05%), 07/01/2032 | 8260000 | 8277630  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 4000000 | 4000862  |
|  Miami-Dade Florida Aviation Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2024 | 10000000 | 10005575  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 3595000 | 3599039  |
| Tampa Florida<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/2039<sup>(f)</sup> | 1100000 | 562633  |
| &nbsp;&nbsp;&nbsp; 4.72%, 09/01/2041<sup>(f)</sup> | 1280000 | 585401  |
| &nbsp;&nbsp;&nbsp; 3.76%, 09/01/2045<sup>(f)</sup> | 1850000 | 675671  |
|  |  | 61545144  |
| **Georgia - 5.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bartow County Georgia Development Authority, 3.95%, <br>12/01/2032<sup>(a)</sup> | 6295000 | 6402150  |
|  Clayton County Development Authority, 5.00%, 07/01/2032 | 13255000 | 13165178  |
| Main Street Natural Gas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.27% (SOFR + 1.70%), 12/01/2053 | 28500000 | 29272096  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2054<sup>(a)</sup> | 5000000 | 5301237  |
|  |  | 54140661  |

---

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

27<br>

------

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

**Brown Advisory Tax-Exempt Bond Fund** 

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Illinois - 9.5%**<br>|  |  |
|  Chicago Illinois Board of Education Dedicated Capital Improvement Tax<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2036 | $3200000 | $3599640  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2037 | 3700000 | 4148510  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2039 | 2250000 | 2494332  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2040 | 5250000 | 5795409  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2042 | 1000000 | 1116801  |
| &nbsp;&nbsp;&nbsp; Chicago Illinois Park District, <br>5.00%, 01/01/2044 | 9000000 | 9440433  |
|  Chicago Illinois Waterworks Revenue, 5.00%, 11/01/2044 | 4095000 | 4102234  |
| &nbsp;&nbsp;&nbsp; Du Page Illinois, <br>3.00%, 05/15/2047 | 7680000 | 6141360  |
| &nbsp;&nbsp;&nbsp; DuPage & Cook Counties Community Unit School District No 205 Elmhurst, <br>2.13%, 01/01/2040 | 1600000 | 1177144  |
| &nbsp;&nbsp;&nbsp; Illinois Development Finance Authority, <br>3.52%, 07/15/2025<sup>(f)</sup> | 9330000 | 8991965  |
| Illinois State<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2024 | 3470000 | 3484270  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025 | 4050000 | 4130079  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2033 | 4325000 | 4329058  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2033 | 1700000 | 1710304  |
| &nbsp;&nbsp;&nbsp; 6.73%, 04/01/2035 | 5923077 | 6228007  |
|  Metropolitan Pier & Exposition Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.83%, 06/15/2036<sup>(f)</sup> | 5000000 | 3061118  |
| &nbsp;&nbsp;&nbsp; 4.31%, 06/15/2037<sup>(f)</sup> | 10165000 | 5938923  |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/15/2037<sup>(f)</sup> | 20365000 | 11593289  |
|  |  | 87482876  |
| **Indiana - 0.4%**<br>|  |  |
|  Indiana Finance Authority, Series J, 3.25%, 11/01/2037<sup>(a)</sup> | 4000000 | 4000000  |
| **Iowa - 0.7%**<br>|  |  |
| Des Moines Iowa<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 4635000 | 3243377  |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/01/2040 | 3575000 | 2384879  |
| &nbsp;&nbsp;&nbsp; West Des Moines Iowa, <br>2.00%, 06/01/2040 | 1280000 | 904181  |
|  |  | 6532437  |
| **Kentucky - 1.8%**<br>|  |  |
| Kentucky Public Energy Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2049<sup>(a)</sup> | 1585000 | 1586963  |
| &nbsp;&nbsp;&nbsp; 4.94% (V1 mo. LIBOR US + 1.30%), 12/01/2049<sup>(b)</sup> | 4100000 | 4115629  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055<sup>(a)</sup> | 10000000 | 10566914  |
|  |  | 16269506  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Louisiana - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; TerrebonneParish Louisiana, <br>3.18%, 04/01/2036<sup>(f)</sup> | $3045000 | $1921367  |
| **Maine - 0.2%**<br>|  |  |
| Lewiston Maine<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 02/15/2038 | 1270000 | 888905  |
| &nbsp;&nbsp;&nbsp; 1.75%, 02/15/2039 | 1270000 | 860529  |
|  |  | 1749434  |
| **Maryland - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, <br>2.41%, 07/01/2043 | 5000000 | 3526886  |
|  Maryland Economic Development Corp., 4.38%, 07/01/2036 | 3000000 | 2903784  |
|  |  | 6430670  |
| **Massachusetts - 3.7%**<br>|  |  |
| Commonwealth of Massachusetts<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2037 | 2250000 | 1765388  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2038 | 6000000 | 6243792  |
| &nbsp;&nbsp;&nbsp; Massachusetts Health & Educational Facilities Authority, <br>3.60%, 07/01/2027<sup>(a)</sup> | 15000000 | 15000000  |
|  Massachusetts Housing Finance Agency, 4.00%, 12/01/2033 | 2850000 | 2776587  |
| &nbsp;&nbsp;&nbsp; Milford Massachusetts, <br>2.00%, 12/01/2037 | 3000000 | 2326025  |
| Waltham Massachusetts<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/15/2038 | 3455000 | 2672892  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/15/2039 | 4455000 | 3358506  |
|  |  | 34143190  |
| **Missouri - 0.8%**<br>|  |  |
|  Cass County Missouri Reorganized School District No R-2/MO, 2.00%, 03/01/2039 | 3375000 | 2483964  |
| &nbsp;&nbsp;&nbsp; Cass County Reorganized School District No R-2/MO, <br>2.00%, 03/01/2041 | 2235000 | 1560607  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of St Louis Missouri, <br>2.22%, 12/01/2038 | 4805261 | 3602398  |
|  |  | 7646969  |
| **Nebraska - 2.8%**<br>|  |  |
| Central Plains Energy Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053<sup>(a)</sup> | 7670000 | 8032795  |
| &nbsp;&nbsp;&nbsp; 5.75% (SOFR + 2.18%), 05/01/2053 | 10000000 | 10350005  |
|  Omaha Nebraska School District, 2.00%, 12/15/2039 | 8010000 | 5729587  |
| &nbsp;&nbsp;&nbsp; Sarpy Nebraska, <br>1.75%, 06/01/2036 | 2710000 | 1973813  |
|  |  | 26086200  |

---

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

28<br>

------

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

**Brown Advisory Tax-Exempt Bond Fund** 

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Nevada - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Clark County Nevada, <br>2.10%, 06/01/2031 | $4960000 | $4279818  |
| Henderson Nevada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2038 | 2830000 | 2091330  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 1585000 | 1136839  |
|  Las Vegas Nevada Redevelopment Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2026 | 1000000 | 1015740  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 2280000 | 2314604  |
|  |  | 10838331  |
| **New Jersey - 4.0%**<br>|  |  |
|  New Jersey Transportation Trust Fund Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/15/2028 | 11000000 | 11057766  |
| &nbsp;&nbsp;&nbsp; 4.28%, 12/15/2037<sup>(f)</sup> | 10050000 | 5999401  |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/15/2038<sup>(f)</sup> | 5000000 | 2850579  |
| &nbsp;&nbsp;&nbsp; 4.67%, 12/15/2039<sup>(f)</sup> | 21355000 | 11631996  |
|  Tobacco Settlement Financing Corp., 5.25%, 06/01/2046 | 5000000 | 5171180  |
|  |  | 36710922  |
| **New Mexico - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Farmington New Mexico, <br>1.80%, 04/01/2029 | 15000000 | 13324210  |
| **New York - 10.1%**<br>|  |  |
| Metropolitan Transportation Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 | 5050000 | 5073881  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2050<sup>(a)</sup> | 1000000 | 1000000  |
| &nbsp;&nbsp;&nbsp; New York City New York, <br>5.00%, 08/01/2038 | 5500000 | 5626979  |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, <br>3.25%, 11/01/2042<sup>(a)</sup> | 7000000 | 7000000  |
|  New York City Water & Sewer System, 3.45%, 06/15/2043<sup>(a)</sup> | 11075000 | 11075000  |
|  New York Convention Center Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2035<sup>(f)</sup> | 8730000 | 5440749  |
| &nbsp;&nbsp;&nbsp; 3.83%, 11/15/2037<sup>(f)</sup> | 5750000 | 3240672  |
|  New York Liberty Development Corp., 3.13%, 09/15/2050 | 13735000 | 10809030  |
|  New York Mortgage Agency Homeowner Mortgage Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/01/2036 | 1745000 | 1767482  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 | 6380000 | 6470464  |
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., <br>5.00%, 07/01/2041 | 11775000 | 11775122  |
|  Port Authority of New York & New Jersey<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 2630000 | 2633999  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2043 | 2970000 | 2858573  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Suffolk County Water Authority, 3.25%, 06/01/2042 | $10000000 | $8864394  |
| TSASC, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 7960000 | 8264729  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 1070000 | 1109891  |
|  |  | 93010965  |
| **North Carolina - 1.7%**<br>|  |  |
| Cary North Carolina<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/01/2037 | 6250000 | 4556204  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/01/2038 | 6250000 | 4431485  |
| &nbsp;&nbsp;&nbsp; Durham Housing Authority, <br>4.12%, 12/01/2061<sup>(a)</sup> | 4900000 | 4900000  |
| &nbsp;&nbsp;&nbsp; Raleigh North Carolina, <br>3.85%, 02/01/2034<sup>(a)</sup> | 1270000 | 1270000  |
|  |  | 15157689  |
| **North Dakota - 0.0%<sup>(c)</sup>**<br>|  |  |
| Grand Forks North Dakota<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/15/2031<sup>(d)(e)</sup> | 5000000 | 150000  |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/15/2044<sup>(d)(e)</sup> | 2500000 | 75000  |
|  |  | 225000  |
| **Ohio - 4.0%**<br>|  |  |
| American Municipal Power, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2037 | 5310000 | 5388405  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2038 | 5940000 | 5997798  |
| &nbsp;&nbsp;&nbsp; Buckeye Ohio Tobacco Settlement Financing Authority, <br>4.00%, 06/01/2037 | 10325000 | 10394091  |
|  Lancaster Ohio Port Authority, 5.00%, 08/01/2049<sup>(a)</sup> | 13565000 | 13639782  |
| Ohio State, 3.65%, 01/01/2052<sup>(a)</sup> | 1225000 | 1225000  |
|  |  | 36645076  |
| **Oregon - 0.4%**<br>|  |  |
|  Seaside School District No 10, 5.44%, 06/15/2040<sup>(f)</sup> | 6825000 | 3391728  |
| **Pennsylvania - 2.2%**<br>|  |  |
|  Delaware Valley Regional Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.54% (1 mo. Term SOFR + 0.88%), 09/01/2048 | 5000000 | 5002408  |
| &nbsp;&nbsp;&nbsp; 4.28% (SIFMA Municipal Swap Index + 0.40%), 03/01/2057 | 3000000 | 2966672  |
|  Lehigh Pennsylvania, 4.98% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 9615000 | 9545555  |
|  Philadelphia Pennsylvania Authority for Industrial Development, 5.00%, 04/01/2032 | 3000000 | 3022548  |
|  |  | 20537183  |

---

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

29<br>

------

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

**Brown Advisory Tax-Exempt Bond Fund** 

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Puerto Rico - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, <br>5.75%, 07/01/2031<sup>(f)</sup> | $16249000 | $12359683  |
| **Rhode Island - 2.6%**<br>|  |  |
|  Tobacco Settlement Financing Corp., 5.00%, 06/01/2035 | 23310000 | 23531429  |
| **Tennessee - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Knox Tennesee, <br>3.05%, 06/01/2035 | 4905000 | 4563826  |
| &nbsp;&nbsp;&nbsp; Tennergy Corp., <br>5.00%, 10/01/2054<sup>(a)</sup> | 6500000 | 6834682  |
|  Wilson County Sports Authority, 3.85%, 09/01/2029<sup>(a)</sup> | 3410000 | 3410000  |
|  |  | 14808508  |
| **Texas - 13.2%**<br>|  |  |
| Austin Texas, 7.88%, 09/01/2026 | 3225000 | 3234916  |
| &nbsp;&nbsp;&nbsp; Del Valle Independent School <br>District TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/15/2038 | 10135000 | 7436677  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/15/2039 | 3085000 | 2209927  |
| Fort Worth Texas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2039 | 6475000 | 4604144  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2043 | 15000000 | 15017300  |
| Frisco Texas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2039 | 1710000 | 1220429  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2040 | 1745000 | 1211132  |
|  Joshua Texas Independent School District, 3.00%, 08/15/2035 | 3105000 | 2863536  |
| &nbsp;&nbsp;&nbsp; Love Field Texas Airport Modernization Corp., <br>4.00%, 11/01/2036 | 17720000 | 17696613  |
|  New Hope Texas Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031<sup>(d)</sup> | 1080000 | 243000  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036<sup>(d)</sup> | 1750000 | 393750  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2046<sup>(d)</sup> | 250000 | 56250  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2051<sup>(d)</sup> | 2000000 | 450000  |
|  North Texas Tollway Authority, 5.00%, 01/01/2035 | 1350000 | 1355988  |
| &nbsp;&nbsp;&nbsp; San Marcos Texas, <br>2.00%, 08/15/2039 | 4265000 | 3033512  |
|  Texas Municipal Gas Acquisition and Supply Corp. II<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.39% (3 mo. Term SOFR + 0.86%), 09/15/2027 | 19720000 | 19715224  |
| &nbsp;&nbsp;&nbsp; 4.43% (SIFMA Municipal Swap Index + 0.55%), 09/15/2027 | 6655000 | 6617790  |
| &nbsp;&nbsp;&nbsp; 4.63% (3 mo. Term SOFR + 1.05%), 09/15/2027 | 12670000 | 12720039  |
|  Texas Municipal Power Agency, 3.00%, 09/01/2035 | 1630000 | 1505106  |
| Texas State, 4.00%, 10/01/2032 | 12900000 | 12877332  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Travis County Water Control & Improvement District No 10, 3.00%, 08/15/2041 | $5035000 | $4261987  |
|  Willis Texas Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2038 | 1525000 | 1138838  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2039 | 1500000 | 1089603  |
|  |  | 120953093  |
| **Utah - 1.9%**<br>|  |  |
| Utah Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/21/2052 | 5294155 | 4554439  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/21/2052 | 8819717 | 8505616  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/21/2052 | 4617927 | 4550381  |
|  |  | 17610436  |
| **Vermont - 1.0%**<br>|  |  |
|  Vermont Student Assistance Corp., 6.45% (30 day avg SOFR US + 1.00%), 06/02/2042 | 9213425 | 9173995  |
| **Virginia - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Henrico County Virginia Economic Development Authority, <br>3.77%, 08/23/2027<sup>(a)</sup> | 700000 | 700000  |
| &nbsp;&nbsp;&nbsp; Newport News Virginia Economic Development Authority, <br>5.00%, 12/01/2031 | 3375000 | 3413030  |
| Suffolk Virginia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/01/2038 | 1645000 | 1202055  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/01/2040 | 1385000 | 955523  |
|  Virginia Small Business Financing Authority, 4.00%, 12/01/2036 | 1230000 | 1194748  |
|  |  | 7465356  |
| **Washington - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Energy Northwest, <br>5.00%, 07/01/2028 | 7115000 | 7126055  |
| **West Virginia - 0.4%**<br>|  |  |
|  Tobacco Settlement Finance Authority, 2.55%, 06/01/2029 | 4505000 | 3982272  |
| **Wisconsin - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br>4.00%, 08/01/2059<sup>(a)</sup> | 10500000 | 10399128  |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, <br>5.00%, 02/01/2058<sup>(a)</sup> | 6000000 | 6113554  |
|  |  | 16512682  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $905,036,771)** |  | 907554408 |

---

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

30<br>

------

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

**Brown Advisory Tax-Exempt Bond Fund** 

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 2.6%** | **SHORT-TERM INVESTMENTS - 2.6%** | **SHORT-TERM INVESTMENTS - 2.6%** |
| **Money Market Funds - 2.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class Z, <br>5.19%<sup>(g)</sup> | 24275066 | $24275066  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $24,275,066)** |  | 24275066  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%** <br>**(Cost $929,311,837)** |  | $931829474 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.3)% |  | (12005945)  |
| **TOTAL NET ASSETS - 100.0%** |  | $919823529 |

---

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

<sup>(b)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

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

<sup>(d)</sup> Security is in default and missed all or a portion of its last payment of interest.

<sup>(e)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(f)</sup> Zero-coupon bond. The rate shown is the effective yield as of June 30, 2024

<sup>(g)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

31<br>

------

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

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

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 97.0%**<br>|  |  |
| **Alabama - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Auburn University, <br>4.00%, 06/01/2034 | $3550000 | $3535174  |
| **Alaska - 0.3%**<br>|  |  |
|  Alaska Housing Finance Corp., 4.60%, 12/01/2042 | 890000 | 901214  |
| **Arizona - 2.7%**<br>|  |  |
|  Arizona Industrial Development Authority, 4.00%, 07/01/2041 | 1920000 | 1842188  |
| Peoria Arizona, 2.00%, 07/15/2038 | 3375000 | 2467935  |
|  Pima County Unified School District No 20 Vail, 5.00%, 07/01/2036 | 3280000 | 3351276  |
|  |  | 7661399  |
| **California - 13.8%**<br>|  |  |
|  California Community Choice Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 3805000 | 3945950  |
| &nbsp;&nbsp;&nbsp; 4.33% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 5900000 | 5380716  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2054<sup>(a)</sup> | 5000000 | 5339314  |
|  California Earthquake Authority, 5.60%, 07/01/2027 | 16095000 | 16079661  |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br>4.00%, 05/01/2046 | 2000000 | 1990516  |
|  California Municipal Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029<sup>(b)</sup> | 1170000 | 1183552  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2049<sup>(b)</sup> | 1575000 | 1428377  |
|  California School Finance Authority, 5.00%, 07/01/2037<sup>(b)</sup> | 1180000 | 1216295  |
| &nbsp;&nbsp;&nbsp; Fairfield California, <br>4.29%, 04/01/2038<sup>(d)</sup> | 3845000 | 2225802  |
|  |  | 38790183  |
| **Colorado - 5.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Adams & Arapahoe Colorado Joint School District 28J Aurora, <br>5.00%, 12/01/2031 | 6000000 | 6238956  |
|  Colorado Health Facilities Authority, 4.00%, 12/01/2040 | 1500000 | 1438688  |
|  Colorado Housing and Finance Authority, 5.75%, 11/01/2053 | 5925000 | 6282557  |
|  |  | 13960201  |
| **District of Columbia - 0.9%**<br>|  |  |
|  District of Columbia Housing Finance Agency, 5.00%, 12/01/2026<sup>(a)</sup> | 2500000 | 2528756  |
| **Florida - 3.6%**<br>|  |  |
|  Florida Development Finance Corp., 5.00%, 07/01/2044 | 5500000 | 5796377  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Miami Beach Florida Health Facilities Authority, <br>5.00%, 11/15/2039 | $4455000 | $4463514  |
|  |  | 10259891  |
| **Georgia - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cartersville Georgia, <br>2.00%, 10/01/2039 | 3195000 | 2313665  |
| **Illinois - 8.2%**<br>|  |  |
| Chicago Illinois Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 | 1425000 | 1440052  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2036 | 2930000 | 2959304  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2036 | 1000000 | 1009012  |
| &nbsp;&nbsp;&nbsp; Du Page Illinois, <br>3.00%, 05/15/2047 | 7495000 | 5993424  |
|  Illinois Housing Development Authority, 4.85%, 10/01/2042 | 2700000 | 2748857  |
| Illinois State, 5.00%, 02/01/2039 | 5150000 | 5149932  |
|  Metropolitan Pier & Exposition Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.41%, 12/15/2031<sup>(d)</sup> | 135000 | 99805  |
| &nbsp;&nbsp;&nbsp; 2.99%, 06/15/2034<sup>(d)</sup> | 270000 | 180358  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/2037<sup>(d)</sup> | 175000 | 102244  |
| &nbsp;&nbsp;&nbsp; 3.71%, 12/15/2038<sup>(d)</sup> | 1175000 | 634783  |
| &nbsp;&nbsp;&nbsp; 4.20%, 12/15/2040<sup>(d)</sup> | 2500000 | 1245212  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/15/2046<sup>(d)</sup> | 3300000 | 1188530  |
| &nbsp;&nbsp;&nbsp; 3.48%, 12/15/2051<sup>(d)</sup> | 375000 | 100250  |
| &nbsp;&nbsp;&nbsp; 3.64%, 12/15/2052<sup>(d)</sup> | 590000 | 149617  |
|  |  | 23001380  |
| **Indiana - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Greenfield-Central Community School Corp., <br>5.00%, 01/15/2025 | 1535000 | 1540513  |
| &nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, <br>5.00%, 10/01/2026<sup>(a)</sup> | 4452000 | 4483555  |
|  |  | 6024068  |
| **Iowa - 2.5%**<br>|  |  |
|  Bondurant-Farrar Iowa Community School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2038 | 1805000 | 1301491  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 2555000 | 1790933  |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, <br>3.88%, 01/01/2042<sup>(a)</sup> | 4000000 | 3990226  |
|  |  | 7082650  |
| **Louisiana - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Louisiana Housing Corp., <br>5.00%, 11/01/2026<sup>(a)</sup> | 2300000 | 2328580  |
| **Maine - 0.5%**<br>|  |  |
|  Portland Maine General Airport Revenue, 4.00%, 01/01/2038 | 1500000 | 1509228  |

---

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

32<br>

------

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

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

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Maryland - 5.5%**<br>|  |  |
| Baltimore County Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2039 | $1000000 | $989185  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2040 | 1525000 | 1495497  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, <br>2.41%, 07/01/2043 | 2500000 | 1763443  |
|  Maryland Economic Development Corp., 4.00%, 07/01/2040 | 1275000 | 1226688  |
|  Maryland Health & Higher Educational Facilities Authority, 5.00%, 08/15/2038 | 10000000 | 10001962  |
|  |  | 15476775  |
| **Massachusetts - 0.3%**<br>|  |  |
|  Massachusetts Development Finance Agency, 4.48% (SIFMA Municipal Swap Index + 0.60%), 07/01/2049<sup>(b)</sup> | 1000000 | 997088  |
| **Michigan - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, <br>5.00%, 07/01/2037 | 5000000 | 5003849  |
| **Minnesota - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; State of Minnesota, <br>1.75%, 08/01/2038 | 4150000 | 2960810  |
| **Missouri - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of St Louis Missouri, <br>2.22%, 12/01/2038 | 2892953 | 2168783  |
| **Montana - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, <br>4.90%, 12/01/2042 | 1000000 | 1036912  |
| **Nebraska - 3.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Douglas County Nebraska, <br>4.41% (SIFMA Municipal Swap Index + 0.53%), 07/01/2035 | 7855000 | 7759696  |
|  Nebraska Investment Finance Authority, 4.35%, 09/01/2043 | 2500000 | 2516783  |
|  |  | 10276479  |
| **Nevada - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Nevada Housing Division, <br>5.00%, 12/01/2025<sup>(a)</sup> | 2775000 | 2782578  |
| **New Hampshire - 0.6%**<br>|  |  |
|  New Hampshire Housing Finance Authority, 4.65%, 07/01/2047 | 1800000 | 1810491  |
| **New Jersey - 3.4%**<br>|  |  |
|  New Jersey Economic Development Authority 5.13% (SIFMA Municipal Swap Index + 1.25%), 09/01/2025 | 6910000 | 6918201  |
| &nbsp;&nbsp;&nbsp; 3.47%, 06/15/2027 | 1000000 | 957138  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, <br>1.60%, 10/01/2026 | $1765000 | $1622573  |
|  |  | 9497912  |
| **New York - 12.3%**<br>|  |  |
|  Buffalo New York Sewer Authority, 4.00%, 06/15/2051 | 750000 | 731522  |
| Metropolitan Transportation Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.31% (SIFMA Municipal Swap Index + 0.43%), 11/01/2031 | 12500000 | 12464739  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2038 | 1250000 | 1328481  |
| &nbsp;&nbsp;&nbsp; New York City New York Housing Development Corp., <br>2.60%, 11/01/2034 | 1970000 | 1699715  |
|  New York Liberty Development Corp., 3.13%, 09/15/2050 | 11000000 | 8656668  |
|  New York Mortgage Agency Homeowner Mortgage Revenue, 4.65%, 10/01/2043 | 3000000 | 3042538  |
|  New York State Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.60%, 11/01/2024 | 540000 | 535346  |
| &nbsp;&nbsp;&nbsp; 1.65%, 05/15/2039 | 1257143 | 978812  |
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., <br>5.00%, 07/01/2041 | 5000000 | 5000052  |
|  |  | 34437873  |
| **North Dakota - 0.9%**<br>|  |  |
| Grand Forks North Dakota<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 12/15/2043<sup>(b)(c)</sup> | 2500000 | 75000  |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/15/2044<sup>(b)(c)</sup> | 2500000 | 75000  |
|  North Dakota Housing Finance Agency, 4.60%, 07/01/2043 | 2285000 | 2310249  |
|  |  | 2460249  |
| **Ohio - 0.4%**<br>|  |  |
|  American Municipal Power, Inc., 5.00%, 02/15/2036 | 1000000 | 1065727  |
| **Pennsylvania - 1.5%**<br>|  |  |
|  Allegheny County Pennsylvania Hospital Development Authority, 4.46% (SIFMA Municipal Swap Index + 0.58%), 11/15/2026 | 1750000 | 1743233  |
| &nbsp;&nbsp;&nbsp; Lancaster County Pennsylvania Hospital Authority, <br>5.00%, 08/15/2042 | 2380000 | 2424877  |
|  |  | 4168110  |
| **South Carolina - 2.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br>4.22%, 05/01/2061<sup>(a)</sup> | 1000000 | 1000000  |

---

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

33<br>

------

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

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

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **South Carolina - (Continued)** | **South Carolina - (Continued)** | **South Carolina - (Continued)** |
|  York County South Carolina Fort Mill School District No. 4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 03/01/2037 | $4585000 | $3460135  |
| &nbsp;&nbsp;&nbsp; 1.88%, 03/01/2038 | 4675000 | 3438561  |
|  |  | 7898696  |
| **Tennessee - 2.2%**<br>|  |  |
|  Health Educational and Housing Facility Board of Memphis Tennessee, 5.00%, 07/01/2027<sup>(a)</sup> | 6000000 | 6082039  |
| **Texas - 2.4%**<br>|  |  |
| Austin Texas, 7.88%, 09/01/2026 | 1750000 | 1755380  |
| &nbsp;&nbsp;&nbsp; Clifton Texas Higher Education Finance Corp., <br>4.00%, 04/01/2040 | 2450000 | 2442414  |
|  Kilgore Independent School District, 2.00%, 02/15/2052<sup>(a)</sup> | 2000000 | 1965838  |
| &nbsp;&nbsp;&nbsp; New Hope Texas Cultural Education Facilities Finance Corp., <br>5.50%, 07/01/2046<sup>(c)</sup> | 2075000 | 466875  |
|  |  | 6630507  |
| **Utah - 3.6%**<br>|  |  |
| Utah Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2025<sup>(a)</sup> | 1957000 | 1957902  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/21/2052 | 1764718 | 1518146  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/21/2052 | 4410113 | 4253053  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/21/2052 | 2308963 | 2275191  |
|  |  | 10004292  |
| **Vermont - 0.5%**<br>|  |  |
|  Vermont Educational & Health Buildings Financing Agency, 4.41%, 12/01/2030<sup>(a)</sup> | 1450000 | 1450000  |
| **Virginia - 0.8%**<br>|  |  |
|  Virginia Small Business Financing Authority, 4.00%, 01/01/2036 | 2250000 | 2255147  |
| **Wisconsin - 8.6%**<br>|  |  |
| Calumet County Wisconsin<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 12/01/2037 | 1035000 | 727381  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/01/2038 | 1320000 | 912154  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/01/2039 | 2650000 | 1778723  |
| &nbsp;&nbsp;&nbsp; New Glarus School District, <br>2.00%, 04/01/2039 | 1510000 | 1090067  |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br>4.00%, 08/01/2059<sup>(a)</sup> | 4000000 | 3961572  |
|  Westosha Wisconsin Central High School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2038 | 1000000 | 733485  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2039 | 1500000 | 1068185  |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, <br>5.00%, 02/01/2058<sup>(a)</sup> | 5000000 | 5094628  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Wisconsin State, 4.30% (SIFMA Municipal Swap Index + 0.42%), 05/01/2025 | $8955000 | $8920233  |
|  |  | 24286428  |
|  **TOTAL MUNICIPAL BONDS (Cost $283,352,156)** |  | 272647134 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 2.1%** | **SHORT-TERM INVESTMENTS - 2.1%** | **SHORT-TERM INVESTMENTS - 2.1%** |
| **Money Market Funds - 2.1%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 5.19%<sup>(e)</sup> | 5813229 | 5813229  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,813,229)** |  | 5813229  |
|  **TOTAL INVESTMENTS - 99.1% (Cost $289,165,385)** |  | $278460363 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 2553692  |
| **TOTAL NET ASSETS - 100.0%** |  | $281014055 |

---

Percentages are stated as a percent of net assets.

SIFMA - Securities Industry and Financial Markets Association

<sup>(a)</sup> Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(c)</sup> Security is in default and missed all or a portion of its last payment of interest.

<sup>(d)</sup> Zero-coupon bond. The rate shown is the effective yield as of June 30, 2024.

<sup>(e)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

34<br>

------

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

**Brown Advisory Mortgage Securities Fund** 

**Schedule of Investments** 

**June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 88.3%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 88.3%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 88.3%** |
| &nbsp;&nbsp;&nbsp; Fannie Mae Grantor Trust, Series 2017-T1, Class A, <br>2.90%, 06/25/2027 | $1987268 | $1874234  |
| Fannie Mae Whole Loan<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W10, Class 3A5, <br>4.30%, 06/25/2043 | 5532 | 5051  |
| &nbsp;&nbsp;&nbsp; Series 2003-W12, Class 1A8, 4.55%, 06/25/2043 | 8994  | 8815  |
| &nbsp;&nbsp;&nbsp; Series 2003-W12, Class 1A9, 4.48%, 06/25/2043 | 1499 | 1466  |
| &nbsp;&nbsp;&nbsp; Series 2003-W12, Class 2A6, 5.00%, 06/25/2043 | 6058 | 5890  |
| &nbsp;&nbsp;&nbsp; Series 2003-W12, Class 2A7, 4.68%, 06/25/2043 | 5193 | 4941  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 1G2249, 6.03% (RFUCCT1Y + 1.78%), 10/01/2037 | 37636 | 37834  |
| &nbsp;&nbsp;&nbsp; Pool 1H1348, 6.16% (1 yr. CMT Rate + 2.14%), 10/01/2036 | 13041 | 13412  |
| &nbsp;&nbsp;&nbsp; Pool 1J0204, 7.11% (RFUCCT1Y + 1.75%), 05/01/2035 | 17557 | 17609  |
| &nbsp;&nbsp;&nbsp; Pool 1J1681, 7.73% (RFUCCT1Y + 1.98%), 06/01/2037 | 18952 | 19320  |
| &nbsp;&nbsp;&nbsp; Pool 1L1263, 6.61% (1 yr. CMT Rate + 2.25%), 03/01/2036 | 12968 | 13327  |
| &nbsp;&nbsp;&nbsp; Pool 847727, 7.49% (RFUCCT1Y + 1.74%), 02/01/2037 | 3021 | 3044  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A14256, <br>5.50%, 10/01/2033 | 31312 | 31518  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A46629, <br>5.00%, 08/01/2035 | 30428 | 30127  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool B31891, <br>5.38%, 01/01/2037 | 61892 | 62003  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool B31900, <br>5.38%, 02/01/2037 | 79118 | 79324  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool B31934, <br>5.38%, 04/01/2037 | 39203 | 39328  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool B31976, <br>5.10%, 05/01/2037 | 79543 | 79032  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C03427, <br>5.50%, 10/01/2039 | 238846 | 240125  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C53878, <br>5.50%, 12/01/2030 | 38337 | 38732  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C66421, <br>6.50%, 02/01/2032 | 44400 | 45410  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91366, <br>4.50%, 04/01/2031 | 81821 | 80698  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91826, <br>3.00%, 05/01/2035 | 330351 | 306313  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G04540, <br>6.00%, 08/01/2038 | 102222 | 105373  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G04655, <br>6.00%, 08/01/2038 | 92294 | 95139  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08348, <br>5.00%, 06/01/2039 | $54109 | $53596  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08828, <br>5.50%, 04/01/2048 | 73498 | 74235  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G20028, <br>7.50%, 12/01/2036 | 77759 | 78996  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G30932, <br>4.50%, 03/01/2034 | 96370 | 95134  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G31063, <br>3.50%, 11/01/2037 | 547663 | 515527  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool K93349, <br>4.00%, 11/01/2035 | 212947 | 203953  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool K93365, <br>3.50%, 11/01/2035 | 215974 | 202370  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool N30530, <br>5.50%, 01/01/2029 | 29320 | 29447  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool N70071, <br>6.00%, 06/01/2035 | 96128 | 95504  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool N70078, <br>5.50%, 01/01/2033 | 132595 | 130590  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool N70082, <br>6.00%, 07/01/2038 | 269693 | 268369  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QC5310, <br>3.00%, 08/01/2051 | 1367391 | 1172578  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD5779, <br>3.00%, 01/01/2052 | 3634783 | 3095590  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD7450, <br>3.00%, 03/01/2052 | 1629222 | 1391194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD7999, <br>4.00%, 03/01/2052 | 3688714 | 3381478  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD9382, <br>4.00%, 04/01/2052 | 2933927 | 2689802  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD9775, <br>4.00%, 04/01/2052 | 2543767 | 2332514  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0380, <br>2.50%, 04/01/2052 | 890544 | 737777  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0622, <br>2.00%, 04/01/2052 | 531852 | 422993  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0898, <br>4.50%, 04/01/2052 | 2803624 | 2647923  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE2358, <br>3.50%, 05/01/2052 | 3048176 | 2700912  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE3174, <br>3.50%, 06/01/2052 | 3149399 | 2790159  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QF0493, <br>5.50%, 09/01/2052 | 2332955 | 2321335  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QF0773, <br>5.50%, 09/01/2052 | 2940556 | 2909423  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA6966, <br>2.00%, 03/01/2052 | 3579230 | 2836828  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA7374, <br>3.00%, 05/01/2052 | 3585532 | 3055022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA7935, <br>5.00%, 09/01/2052 | 2629531 | 2563353  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD0846, <br>2.50%, 02/01/2052 | 2958350 | 2441212  |

---

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

35<br>

------

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

**Brown Advisory Mortgage Securities Fund** 

**Schedule of Investments** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD1846, <br>4.50%, 10/01/2052 | $3316546 | $3132486  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3234, <br>2.50%, 12/01/2051 | 3490163 | 2866908  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3475, <br>5.50%, 08/01/2053 | 2783429 | 2754077  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3477, <br>6.50%, 08/01/2053 | 1344081 | 1382308  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD8196, <br>3.50%, 02/01/2052 | 4647313 | 4134301  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool T30346, <br>5.38%, 10/01/2037 | 67863 | 67975  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool U30606, <br>5.10%, 09/01/2037 | 56616 | 56217  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool U30653, <br>5.13%, 07/01/2037 | 46123 | 46203  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool U30681, <br>5.10%, 09/01/2037 | 189554 | 188336  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool U30800, <br>5.10%, 11/01/2037 | 68684 | 68251  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool U31874, <br>5.38%, 04/01/2038 | 124225 | 124425  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool U32470, <br>5.10%, 11/01/2038 | 79900 | 79354  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1843, Class Z, <br>7.00%, 04/15/2026 | 59 | 59  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2517, Class Z, <br>5.50%, 10/15/2032 | 32390 | 32714  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2890, Class ZA, <br>5.00%, 11/15/2034 | 143893 | 143926  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2907, Class VZ, <br>4.50%, 05/15/2034 | 507022 | 497094  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3150, Class DZ, <br>5.50%, 05/15/2036 | 273354 | 279935  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3294, Class CB, <br>5.50%, 03/15/2037 | 158091 | 162341  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 366, Class IO, <br>4.00%, 08/15/2049<sup>(a)</sup> | 701050 | 114741  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4121, Class DH, <br>2.00%, 10/15/2042 | 762145 | 537415  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4888, Class AC, <br>3.50%, 01/15/2049 | 625038 | 562901  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4891, Class PA, <br>3.50%, 07/15/2048 | 99472 | 95651  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5080, Class PB, <br>1.25%, 03/25/2050 | 1903270 | 1439640  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5083, Class UB, <br>1.25%, 03/25/2051 | 2571247 | 1906553  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/15/2054<sup>(b)</sup> | 24400000 | 19087281  |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/15/2054<sup>(b)</sup> | 3000000 | 2450039  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2054<sup>(b)</sup> | 4710000 | 4552509  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2054<sup>(b)</sup> | 3000000 | 3008789  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/2054<sup>(b)</sup> | 1400000 | 1425047  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 257203, <br>5.00%, 05/01/2028 | $242449 | $240529  |
| &nbsp;&nbsp;&nbsp; Pool 336422, 3.43% (3 yr. CMT Rate + 2.30%), 10/01/2025 | 3978 | 3943  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 344903, <br>5.50%, 10/01/2025 | 831 | 847  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 356232, <br>6.50%, 01/01/2026 | 16056 | 16346  |
| &nbsp;&nbsp;&nbsp; Pool 356329, 6.78% (1 yr. CMT Rate + 2.65%), 01/01/2027 | 22285 | 22132  |
| &nbsp;&nbsp;&nbsp; Pool 363850, 6.81% (1 yr. CMT Rate + 2.13%), 04/01/2027 | 8517 | 8496  |
| &nbsp;&nbsp;&nbsp; Pool 406380, 6.17% (1 yr. CMT Rate + 2.17%), 11/01/2027 | 7938 | 7948  |
| &nbsp;&nbsp;&nbsp; Pool 406521, 4.90% (1 yr. CMT Rate + 2.52%), 05/01/2026 | 5169 | 5110  |
| &nbsp;&nbsp;&nbsp; Pool 520478, 6.23% (1 yr. CMT Rate + 2.10%), 11/01/2029 | 21357 | 21395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 628837, <br>6.50%, 03/01/2032 | 7012 | 7196  |
| &nbsp;&nbsp;&nbsp; Pool 640225, 5.40% (1 yr. CMT Rate + 2.27%), 04/01/2032 | 11470 | 11294  |
| &nbsp;&nbsp;&nbsp; Pool 642122, 5.40% (1 yr. CMT Rate + 2.27%), 03/01/2032 | 7314 | 7182  |
| &nbsp;&nbsp;&nbsp; Pool 656181, 6.35% (1 yr. CMT Rate + 2.16%), 08/01/2031 | 24480 | 24419  |
| &nbsp;&nbsp;&nbsp; Pool 662138, 6.30% (1 yr. CMT Rate + 2.30%), 09/01/2032 | 29211 | 29522  |
| &nbsp;&nbsp;&nbsp; Pool 668309, 6.02% (1 yr. CMT Rate + 2.02%), 11/01/2032 | 19354 | 19338  |
| &nbsp;&nbsp;&nbsp; Pool 723313, 6.54% (1 yr. CMT Rate + 2.54%), 09/01/2031 | 26248 | 26472  |
| &nbsp;&nbsp;&nbsp; Pool 741373, 6.41% (1 yr. CMT Rate + 2.28%), 12/01/2033 | 14410 | 14645  |
| &nbsp;&nbsp;&nbsp; Pool 744805, 6.27% (RFUCCT6M + 1.52%), 11/01/2033 | 18184 | 18069  |
| &nbsp;&nbsp;&nbsp; Pool 745626, 6.73% (1 yr. CMT Rate + 2.14%), 05/01/2036 | 15844 | 16104  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 745818, <br>6.50%, 09/01/2036 | 60025 | 61132  |
| &nbsp;&nbsp;&nbsp; Pool 751498, 6.34% (1 yr. CMT Rate + 2.22%), 11/01/2033 | 6311 | 6399  |
| &nbsp;&nbsp;&nbsp; Pool 764342, 5.90% (RFUCCT6M + 1.52%), 02/01/2034 | 22572 | 22553  |
| &nbsp;&nbsp;&nbsp; Pool 774969, 7.15% (1 yr. CMT Rate + 2.28%), 04/01/2034 | 23313 | 23734  |
| &nbsp;&nbsp;&nbsp; Pool 783554, 6.21% (1 yr. CMT Rate + 2.21%), 07/01/2034 | 93815 | 95444  |
| &nbsp;&nbsp;&nbsp; Pool 819649, 6.12% (RFUCCT1Y + 1.52%), 03/01/2035 | 2628 | 2634  |
| &nbsp;&nbsp;&nbsp; Pool 830970, 6.08% (RFUCCT1Y + 1.83%), 08/01/2035 | 2902 | 2902  |
| &nbsp;&nbsp;&nbsp; Pool 836715, 6.02% (RFUCCT1Y + 1.77%), 10/01/2035 | 44290 | 44643  |
| &nbsp;&nbsp;&nbsp; Pool 837329, 6.04% (1 yr. CMT Rate + 2.04%), 09/01/2035 | 18968 | 19208  |

---

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

36<br>

------

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

**Brown Advisory Mortgage Securities Fund** 

**Schedule of Investments** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 842006, <br>4.25%, 10/01/2035 | $97206 | $93271  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 850232, <br>4.25%, 12/01/2035 | 212588 | 203925  |
| &nbsp;&nbsp;&nbsp; Pool 865849, 5.97% (RFUCCT1Y + 1.60%), 03/01/2036 | 8086 | 8125  |
| &nbsp;&nbsp;&nbsp; Pool 868568, 6.62% (RFUCCT1Y + 1.73%), 04/01/2036 | 13029 | 13134  |
| &nbsp;&nbsp;&nbsp; Pool 872895, 6.13% (RFUCCT1Y + 1.88%), 06/01/2036 | 3861 | 3888  |
| &nbsp;&nbsp;&nbsp; Pool 877009, 7.30% (RFUCCT1Y + 2.38%), 03/01/2036 | 7366 | 7539  |
| &nbsp;&nbsp;&nbsp; Pool 882017, 6.31% (RFUCCT6M + 1.56%), 05/01/2036 | 32094 | 31897  |
| &nbsp;&nbsp;&nbsp; Pool 886163, 6.08% (RFUCCT1Y + 1.83%), 07/01/2036 | 14639 | 14735  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 889829, <br>5.00%, 07/01/2035 | 29850 | 29456  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 896838, <br>5.45%, 07/01/2036 | 200582 | 197576  |
| &nbsp;&nbsp;&nbsp; Pool 922680, 6.83% (RFUCCT1Y + 1.91%), 11/01/2035 | 15432 | 15903  |
| &nbsp;&nbsp;&nbsp; Pool 930507, 6.50%, 02/01/2039 | 79626 | 80987  |
| &nbsp;&nbsp;&nbsp; Pool 941050, 5.95% (RFUCCT1Y + 1.70%), 08/01/2037 | 24118 | 24149  |
| &nbsp;&nbsp;&nbsp; Pool 950382, 6.70% (RFUCCT6M + 1.14%), 08/01/2037 | 30070 | 30597  |
| &nbsp;&nbsp;&nbsp; Pool 952835, 6.35% (1 yr. CMT Rate + 2.32%), 09/01/2037 | 28075 | 28832  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 955233, <br>6.50%, 12/01/2037 | 63786 | 66350  |
| &nbsp;&nbsp;&nbsp; Pool 995521, 7.32% (RFUCCT1Y + 1.82%), 05/01/2037 | 25434 | 25486  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB0577, <br>4.00%, 03/01/2036 | 174234 | 163498  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AD0100, <br>7.00%, 12/01/2038 | 181488 | 188298  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AD0427, <br>5.50%, 10/01/2039 | 130231 | 130920  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AD0941, <br>5.50%, 04/01/2040 | 183267 | 184941  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AH8447, <br>5.50%, 04/01/2041 | 223587 | 224699  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AI4717, <br>4.50%, 07/01/2031 | 913364 | 893827  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL0407, <br>6.50%, 04/01/2039 | 163327 | 165867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL0898, <br>5.00%, 02/01/2031 | 44585 | 44261  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL7654, <br>3.00%, 09/01/2035 | 366060 | 336986  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS1429, <br>4.00%, 12/01/2043 | 170047 | 160546  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS2249, <br>4.00%, 04/01/2039 | 1217502 | 1149509  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AV7739, <br>4.00%, 01/01/2044 | $225861 | $213549  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AW6485, <br>4.00%, 06/01/2044 | 128732 | 121537  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AW9534, <br>4.00%, 03/01/2045 | 265111 | 250266  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AY0382, <br>4.00%, 11/01/2044 | 179661 | 172181  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AZ4154, <br>4.00%, 06/01/2045 | 113511 | 107471  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AZ7828, <br>4.00%, 08/01/2045 | 826216 | 773871  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BA3674, <br>4.50%, 10/01/2045 | 491971 | 475736  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BC1738, <br>4.50%, 09/01/2043 | 214160 | 208055  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BC6366, <br>4.50%, 02/01/2046 | 308903 | 298743  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BD1241, <br>4.50%, 05/01/2046 | 187467 | 180780  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BD5189, <br>4.50%, 07/01/2046 | 548820 | 530601  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BD8599, <br>4.50%, 11/01/2046 | 163760 | 158374  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BH7686, <br>4.50%, 12/01/2047 | 199299 | 190625  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BJ8287, <br>4.50%, 01/01/2048 | 142528 | 136588  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BK5105, <br>5.50%, 05/01/2048 | 268321 | 269441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BK8032, <br>5.50%, 06/01/2048 | 369737 | 371588  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BN4921, <br>5.50%, 01/01/2049 | 103467 | 103516  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BN4936, <br>5.50%, 12/01/2048 | 179166 | 179453  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BP5419, <br>3.00%, 05/01/2050 | 2255774 | 1970883  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ3248, <br>2.00%, 11/01/2050 | 2747613 | 2169835  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ6307, <br>2.00%, 11/01/2050 | 1294384 | 1022048  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BR5634, <br>2.00%, 03/01/2051 | 771720 | 612708  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BV4128, <br>2.00%, 03/01/2052 | 3661626 | 2873349  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BV4532, <br>3.50%, 03/01/2052 | 2636653 | 2345432  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BW0025, <br>4.00%, 07/01/2052 | 716018 | 656247  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2539, <br>2.50%, 01/01/2052 | 2884782 | 2386468  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2548, <br>2.50%, 01/01/2052 | 2891729 | 2378961  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2909, <br>3.50%, 02/01/2052 | 2400392 | 2140636  |

---

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

37<br>

------

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

**Brown Advisory Mortgage Securities Fund** 

**Schedule of Investments** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB3103, <br>2.50%, 03/01/2052 | $3779223 | $3153583  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool DA0025, <br>6.00%, 09/01/2053 | 2299145 | 2370738  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool DA4870, <br>6.50%, 01/01/2054 | 3072295 | 3129269  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8754, <br>3.00%, 09/01/2051 | 3578381 | 3052836  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9760, <br>3.50%, 11/01/2051 | 4024999 | 3591210  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9973, <br>3.00%, 08/01/2051 | 2543275 | 2192790  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0031, <br>2.50%, 10/01/2051 | 3014318 | 2463823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0348, <br>2.00%, 01/01/2052 | 3127903 | 2484285  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0731, <br>2.00%, 02/01/2052 | 1012683 | 805458  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0832, <br>3.50%, 03/01/2052 | 2582601 | 2304065  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0922, <br>3.50%, 03/01/2052 | 1391135 | 1232390  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0945, <br>4.00%, 03/01/2052 | 3745538 | 3435212  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1480, <br>2.50%, 11/01/2051 | 423751 | 350494  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1521, <br>3.00%, 04/01/2052 | 3408638 | 2942968  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS3607, <br>2.50%, 02/01/2037 | 2924785 | 2646788  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4862, <br>2.50%, 10/01/2051 | 3428786 | 2816723  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5314, <br>2.00%, 05/01/2052 | 3669111 | 2882000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5458, <br>5.50%, 08/01/2053 | 2979726 | 2942031  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS6744, <br>2.50%, 10/01/2051 | 3304956 | 2755987  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3208, <br>4.50%, 10/01/2037 | 1285813 | 1263559  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4208, <br>2.00%, 12/01/2050 | 935354 | 738765  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4492, <br>2.00%, 12/01/2051 | 1107944 | 869363  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4565, <br>3.50%, 03/01/2052 | 1796795 | 1596883  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-80, Class Z, <br>6.00%, 01/25/2032 | 71078 | 71881  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-71, Class MB, <br>5.50%, 08/25/2033 | 225460 | 228611  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-110, Class GL, <br>5.50%, 12/25/2035 | 505461 | 515885  |
| &nbsp;&nbsp;&nbsp; Series 2006-112, Class QC, 5.50%, 11/25/2036 | 710554 | 723899  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21, Class Z, <br>5.50%, 04/25/2036 | $229717 | $233545  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-22, Class A, <br>5.50%, 03/25/2037 | 325116 | 331145  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2, Class PH, <br>5.50%, 02/25/2038 | 418000 | 415515  |
| &nbsp;&nbsp;&nbsp; Series 2009-20, Class DS, 1.95% (-1 x 30 day avg SOFR US + 7.29%), 04/25/2039<sup>(a)(c)</sup> | 503493 | 60848  |
| &nbsp;&nbsp;&nbsp; Series 2012-10, Class UF, 6.00% (30 day avg SOFR US + 0.66%), 02/25/2042 | 45471 | 45185  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-139, Class HI, <br>2.50%, 12/25/2027<sup>(a)</sup> | 375848 | 10085  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-27, Class PI, <br>4.50%, 02/25/2042<sup>(a)</sup> | 509359 | 37777  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-65, Class HJ, <br>5.00%, 07/25/2040 | 868753 | 867267  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-15, Class QI, <br>3.00%, 03/25/2028<sup>(a)</sup> | 28649 | 1001  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-34, Class IG, <br>3.00%, 05/25/2042<sup>(a)</sup> | 248249 | 22854  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-8, Class IQ, <br>4.00%, 03/25/2034<sup>(a)</sup> | 998068 | 106527  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-40, Class LI, <br>4.50%, 03/25/2045<sup>(a)</sup> | 306492 | 54195  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-86, Class JA, <br>4.00%, 05/25/2047 | 140697 | 137483  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37, Class IM, <br>5.00%, 07/25/2049<sup>(a)</sup> | 783285 | 104959  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class WI, <br>0.65%, 02/25/2035<sup>(a)(d)</sup> | 5356269 | 244418  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class M1, <br>4.00%, 01/25/2056<sup>(d)(e)</sup> | 24386 | 24175  |
| Ginnie Mae I Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 589694, <br>4.50%, 08/15/2029 | 585947 | 574682  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 623145, <br>5.50%, 10/15/2028 | 117753 | 120017  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 728157, <br>3.75%, 11/15/2029 | 18580 | 17910  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 728160, <br>5.25%, 11/15/2024 | 907 | 904  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 784315, <br>6.00%, 06/15/2036 | 23480 | 23833  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 3160, 6.00%, 11/20/2031 | 204037 | 209794  |
| &nbsp;&nbsp;&nbsp; Pool 3489, 6.00%, 12/20/2033 | 293263 | 304047  |
| &nbsp;&nbsp;&nbsp; Pool 4194, 5.50%, 07/20/2038 | 100936 | 103239  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 770225, <br>4.25%, 08/20/2031 | 179428 | 175010  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 770226, <br>4.75%, 09/20/2036 | 181517 | 177477  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 782173, <br>5.50%, 05/20/2035 | 155838 | 159661  |

---

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

38<br>

------

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

**Brown Advisory Mortgage Securities Fund** 

**Schedule of Investments** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AC0521, <br>5.50%, 05/20/2042 | $518650 | $527623  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM9287, <br>4.00%, 08/20/2049 | 850849 | 790818  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BT1891, <br>2.50%, 12/20/2050 | 1063496 | 868203  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CJ2171, <br>4.00%, 05/20/2052 | 1525518 | 1479113  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA6656, <br>3.00%, 05/20/2050 | 2704040 | 2366446  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA6994, <br>2.00%, 11/20/2050 | 1645937 | 1334823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7051, <br>2.00%, 12/20/2050 | 3438041 | 2787518  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7106, <br>2.00%, 01/20/2036 | 565403 | 503188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7164, <br>2.00%, 02/20/2036 | 552057 | 491322  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7192, <br>2.00%, 02/20/2051 | 3413191 | 2765250  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7254, <br>2.00%, 03/20/2051 | 3548578 | 2874940  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7312, <br>2.50%, 04/20/2051 | 3338622 | 2807855  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7419, <br>3.00%, 06/20/2051 | 3142207 | 2743171  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7471, <br>2.00%, 07/20/2051 | 3475669 | 2815138  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7650, <br>3.00%, 10/20/2051 | 3092376 | 2697751  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7834, <br>6.00%, 01/20/2052 | 346196 | 359732  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8268, <br>4.50%, 09/20/2052 | 2082865 | 1983878  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8348, <br>5.00%, 10/20/2052 | 3522410 | 3436379  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8642, <br>2.50%, 02/20/2053 | 3188185 | 2684150  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/15/2054<sup>(b)</sup> | 4300000 | 3480648  |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/15/2054<sup>(b)</sup> | 14520000 | 12207576  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2054<sup>(b)</sup> | 1205000 | 1050045  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/15/2054<sup>(b)</sup> | 3300000 | 2963297  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2054<sup>(b)</sup> | 3190000 | 3032975  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2054<sup>(b)</sup> | 1705000 | 1660350  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-93, Class PD, <br>5.00%, 11/16/2034 | 301503 | 298149  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-40, Class B, <br>6.00%, 08/20/2036 | 53597 | 53543  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-105, Class IB, <br>4.50%, 01/16/2040<sup>(a)</sup> | 515488 | 45518  |
| &nbsp;&nbsp;&nbsp; Series 2011-156, Class PM, 2.00%, 04/20/2040 | 682000 | 528698  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-2, Class DP, <br>5.46%, 03/20/2039<sup>(d)</sup> | $396074 | $398275  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-143, Class IC, <br>5.00%, 10/16/2041<sup>(a)</sup> | 839487 | 131463  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-52, Class WA, <br>6.19%, 04/20/2038<sup>(d)</sup> | 314859 | 320032  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-97, Class GB, <br>2.00%, 08/16/2042 | 831612 | 656879  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-168, Class IA, <br>2.50%, 11/16/2028<sup>(a)</sup> | 160492 | 4329  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-86, Class IA, <br>5.00%, 06/20/2043<sup>(a)</sup> | 461879 | 49970  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-6, Class IG, <br>4.50%, 01/16/2044<sup>(a)</sup> | 314084 | 38789  |
| &nbsp;&nbsp;&nbsp; Series 2016-112, Class AW, 6.97%, 12/20/2040<sup>(d)</sup> | 176133 | 182515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-12, Class KI, <br>5.00%, 09/20/2038<sup>(a)</sup> | 587046 | 73735  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-68, Class IC, <br>6.00%, 01/20/2040<sup>(a)(d)</sup> | 406781 | 52354  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-103, Class IM, <br>5.00%, 06/20/2043<sup>(a)</sup> | 691057 | 85665  |
| &nbsp;&nbsp;&nbsp; Series 2017-167, Class SE, 0.75% (-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047<sup>(a)(c)</sup> | 1787883 | 201095  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-83, Class ID, <br>7.00%, 01/20/2039<sup>(a)</sup> | 302035 | 33370  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-83, Class IK, <br>6.00%, 05/20/2040<sup>(a)</sup> | 723195 | 124689  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-127, Class PB, <br>3.00%, 09/20/2047 | 254217 | 233806  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-153, Class QA, <br>3.50%, 11/20/2048 | 426852 | 398845  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-36, Class LI, <br>5.00%, 03/20/2048<sup>(a)</sup> | 1802118 | 251893  |
| &nbsp;&nbsp;&nbsp; Series 2019-162, Class KB, 2.00%, 12/20/2049 | 579422 | 354533  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-125, Class UL, <br>1.50%, 07/20/2051 | 1840292 | 1260976  |
| &nbsp;&nbsp;&nbsp; Series 2021-160, Class DK, 2.00%, 09/20/2051 | 1049804 | 651771  |
| &nbsp;&nbsp;&nbsp; Series 2021-177, Class KD, 2.00%, 10/20/2051 | 1791418 | 1153105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-50, Class PL, <br>1.25%, 03/20/2051 | 552000 | 237137  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9, Class CD, <br>2.00%, 01/20/2052 | 2515250 | 1662526  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $268,032,221)** |  | $252592033  |
| **ASSET-BACKED SECURITIES - 10.4%**  | **ASSET-BACKED SECURITIES - 10.4%**  | **ASSET-BACKED SECURITIES - 10.4%**  |
| &nbsp;&nbsp;&nbsp; American Express Travel Related Services Co., Inc., Series 2022-2, Class A, <br>3.39%, 05/15/2027 | 3500000 | 3438295  |

---

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

39<br>

------

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

**Brown Advisory Mortgage Securities Fund** 

**Schedule of Investments** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
| American Homes 4 Rent<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-SFR3, Class A, 3.68%, 12/17/2036<sup>(e)</sup> | $2228015 | $2205233  |
| &nbsp;&nbsp;&nbsp; Series 2015-SFR1, Class A, 3.47%, 04/17/2052<sup>(e)</sup> | 301170 | 295575  |
| &nbsp;&nbsp;&nbsp; Series 2015-SFR2, Class A, 3.73%, 10/17/2052<sup>(e)</sup> | 208099 | 203155  |
| &nbsp;&nbsp;&nbsp; Series 2015-SFR2, Class C, 4.69%, 10/17/2052<sup>(e)</sup> | 250000 | 245514  |
|  AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D, 1.21%, 12/18/2026 | 1404000 | 1340792  |
| CarMax Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class C, <br>1.34%, 02/16/2027 | 1505000 | 1444640  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A2A, <br>5.72%, 11/16/2026 | 2221133 | 2221070  |
| &nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust, Series 2024-A, Class A2A, <br>5.78%, 09/15/2027 | 525000 | 525644  |
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust, <br>Series 2023-B, Class A2, <br>5.90%, 02/16/2027 | 3687790 | 3693314  |
| Dext ABS Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, <br>1.12%, 02/15/2028<sup>(e)</sup> | 94514 | 93826  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B, <br>1.76%, 02/15/2028<sup>(e)</sup> | 380000 | 370783  |
| FHF Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, <br>1.27%, 03/15/2027<sup>(e)</sup> | 128726 | 126988  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, <br>0.83%, 12/15/2026<sup>(e)</sup> | 224476 | 219858  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, <br>5.89%, 06/15/2030<sup>(e)</sup> | 1020000 | 1022753  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A2A, <br>5.68%, 09/15/2026 | 1765721 | 1765869  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B, <br>5.23%, 05/15/2030 | 1795000 | 1801057  |
| John Deere Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A2, <br>5.59%, 06/15/2026 | 1906848 | 1906871  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A2, <br>5.76%, 08/17/2026 | 2226736 | 2228496  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA, Series 2021-3, Class B, <br>0.76%, 02/26/2029<sup>(e)</sup> | 297280 | 290447  |
| Toyota Auto Receivables Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A2A, <br>5.28%, 05/15/2026 | 827888 | 826918  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, <br>4.83%, 10/16/2028 | 2000000 | 1988355  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Verizon Master Trust, Series 2022-4, Class A, 3.40%, 11/20/2028 | $1500000 | $1473196  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $30,101,364)** |  | 29728649  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.1%**  | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.1%**  | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.1%**  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool WA3311, <br>2.21%, 04/01/2038 | 3149326 | 2312430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q006, Class APT2, <br>2.76%, 09/25/2026<sup>(d)</sup> | 440785 | 422589  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q007, Class APT1, <br>6.87%, 10/25/2047<sup>(d)</sup> | 601516 | 600240  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q010, Class APT1, <br>6.98%, 04/25/2046<sup>(d)</sup> | 70859 | 71077  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 467095, <br>5.90%, 01/01/2041 | 560187 | 590100  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 470828, <br>3.53%, 03/01/2032 | 762898 | 711936  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 957502, <br>3.98%, 07/01/2029 | 259781 | 258736  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 958720, <br>5.65%, 10/01/2028 | 741413 | 763539  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AN8842, <br>3.32%, 04/01/2028 | 150000 | 142512  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AN9202, <br>3.32%, 05/01/2025 | 1000000 | 978722  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AN9931, <br>4.24%, 08/01/2048 | 988200 | 882162  |
| &nbsp;&nbsp;&nbsp; Pool BL0387, 4.28%, 05/01/2028 | 2659135 | 2591239  |
| &nbsp;&nbsp;&nbsp; Series 2006-M2, Class A2A, 5.27%, 10/25/2032<sup>(d)</sup> | 103875 | 102968  |
| FREMF Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF73, Class B, <br>7.89% (30 day avg SOFR US + 2.56%), 11/25/2029<sup>(e)</sup> | 627654 | 590786  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-KF74, Class B, <br>7.59% (30 day avg SOFR US + 2.26%), 01/25/2027<sup>(e)</sup> | 490858 | 473619  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-127, Class C, <br>3.50%, 03/16/2047<sup>(d)</sup> | 32547 | 32304  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-135, Class IO, <br>0.41%, 01/16/2056<sup>(a)(d)</sup> | 1063965 | 21250  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-172, Class IO, <br>0.60%, 03/16/2057<sup>(a)(d)</sup> | 944642 | 20198  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-40, Class IO, <br>0.58%, 07/16/2057<sup>(a)(d)</sup> | 1922244 | 42051  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-56, Class IO, <br>0.96%, 11/16/2057<sup>(a)(d)</sup> | 1257426 | 53448  |

---

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

40<br>

------

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

**Brown Advisory Mortgage Securities Fund** 

**Schedule of Investments** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-98, Class IO, <br>0.84%, 05/16/2058<sup>(a)(d)</sup> | $1968990 | $82601  |
|  Small Business Administration Pools, Pool 522053, 9.11% (Prime Rate + 0.61%), 05/25/2026 | 4363 | 4320  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $13,257,952)** |  | 11748827  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.7%** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.7%** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.7%** |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust LLC, Series 2022-1, Class A1, <br>2.88%, 12/25/2066<sup>(d)(e)(f)</sup> | 2108169 | 1905996  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,058,758)** |  | 1905996  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%**  |
|  BX Trust, Series 2024-VLT4, Class A, 6.81% (1 mo. Term SOFR + 1.49%), 07/15/2029<sup>(e)</sup> | 1425000 | 1425523  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,424,237)** |  | 1425523  |
| **MUNICIPAL BONDS - 0.1%**  | **MUNICIPAL BONDS - 0.1%**  | **MUNICIPAL BONDS - 0.1%**  |
|  Colorado Health Facilities Authority, 2.80%, 12/01/2026 | 435000 | 410476  |
|  **TOTAL MUNICIPAL BONDS (Cost $435,000)** |  | 410476 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **SHORT-TERM INVESTMENTS - 14.9%** | **SHORT-TERM INVESTMENTS - 14.9%** |
| **Money Market Funds - 3.1%**<br>|  |
|  First American Government Obligations Fund - Class Z, 5.19%<sup>(g)</sup> | 8763015 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 11.8%**<br>|  |  |
| 5.28%, 08/13/2024<sup>(h)</sup> | $34000000 | $33787333  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $42,550,091)** |  | 42550348  |
|  **TOTAL INVESTMENTS - 119.0% (Cost $357,859,623)** |  | $340361852 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (19.0)% |  | (54416606)  |
| **TOTAL NET ASSETS - 100.0%** |  | $285945246 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury Rate

RFUCCT1Y -

Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

RFUCCT6M -

Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Months

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Interest only security.

<sup>(b)</sup> To-be-announced security.

<sup>(c)</sup> Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

<sup>(d)</sup> Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

<sup>(e)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(f)</sup> Step coupon bond. The rate disclosed is as of June 30, 2024.

<sup>(g)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

<sup>(h)</sup> The rate shown is the effective yield as of June 30, 2024.

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

41<br>

------

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

**Brown Advisory Mortgage Securities Fund** 

**Schedule of Futures Contracts** 

**June 30, 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp; 92 | 09/19/2024 | $10378851 | $10444875 | &nbsp;&nbsp;&nbsp; $66024  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 45 | 09/19/2024 | 4920920 | 4949297 | &nbsp;&nbsp;&nbsp; 28377  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 09/30/2024 | 1167398 | 1172360 | &nbsp;&nbsp;&nbsp; 4962  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; $99363 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(52) | 09/30/2024 | $(10603423) | $(10619375) | &nbsp;&nbsp; $(15952)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(58) | 09/19/2024 | (6817133) | (6862125) | &nbsp;&nbsp; (44992)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(26) | 09/19/2024 | (3238563) | (3258937) | &nbsp;&nbsp; (20374)  |
|  |  |  |  |  | &nbsp;&nbsp; $(81318)  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | &nbsp;&nbsp; $18045 |

---

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.

42<br>

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

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

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.5%**  | **COMMON STOCKS - 95.5%**  | **COMMON STOCKS - 95.5%**  |
| **Austria - 3.7%**<br>|  |  |
| Erste Group Bank AG | 200507 | $9491033  |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | 78615 | 2562798  |
|  |  | 12053831  |
| **Belgium - 5.9%**<br>|  |  |
| Azelis Group NV | 102409 | 1833615  |
| KBC Group NV | 114994 | 8102765  |
| UCB S.A. | 63089 | 9367891  |
|  |  | 19304271  |
| **Czech Republic - 0.8%**<br>|  |  |
| Komercni Banka AS | 74507 | 2489099  |
| **Denmark - 2.5%**<br>|  |  |
| Pandora AS | 29387 | 4423126  |
| Royal Unibrew AS <sup>(a)</sup> | 49464 | 3923021  |
|  |  | 8346147  |
| **Finland - 0.3%**<br>|  |  |
| Sampo Oyj | 19193 | 827684  |
| **France - 11.1%**<br>|  |  |
| Dassault Aviation S.A. | 18625 | 3372752  |
| Elis S.A. | 369684 | 8022029  |
| Legrand S.A. | 17365 | 1723567  |
| Publicis Groupe S.A. | 71314 | 7574907  |
| SPIE S.A. | 98014 | 3551092  |
| Technip Energies NV | 348467 | 7828814  |
| Thales S.A. | 25992 | 4157895  |
|  |  | 36231056  |
| **Germany - 13.3%**<br>|  |  |
| Beiersdorf AG | 13293 | 1945643  |
| Brenntag SE | 91104 | 6145875  |
| Hannover Rueck SE | 8396 | 2125350  |
| Heidelberg Materials AG | 26662 | 2756163  |
| Hensoldt AG | 105743 | 3896041  |
| Hugo Boss AG | 83282 | 3744630  |
| Ionos SE<sup>(a)</sup> | 39305 | 1069441  |
| Jenoptik AG | 62480 | 1804936  |
| RENK Group AG <sup>(a)</sup> | 76062 | 2070655  |
| Rheinmetall AG | 21912 | 11166702  |
| United Internet AG | 318513 | 6880861  |
|  |  | 43606297  |
| **Ireland - 2.5%**<br>|  |  |
| AIB Group PLC | 1550938 | 8190649  |
| **Italy - 0.8%**<br>|  |  |
| Buzzi SpA | 26495 | 1066900  |
| DiaSorin S.p.A. | 15622 | 1554075  |
|  |  | 2620975  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Netherlands - 4.8%**<br>|  |  |
| Heineken NV | 76017 | $7354346  |
| QIAGEN NV | 198823 | 8214986  |
|  |  | 15569332  |
| **Norway - 0.8%**<br>|  |  |
| Storebrand ASA | 255724 | 2610808  |
| **Portugal - 1.6%**<br>|  |  |
| Jeronimo Martins SGPS S.A. | 275792 | 5390075  |
| **Spain - 4.6%**<br>|  |  |
| Bankinter S.A. | 794800 | 6503686  |
| Fluidra S.A. | 159155 | 3318183  |
| Industria de Diseno Textil S.A. | 103516 | 5136816  |
|  |  | 14958685  |
| **Sweden - 4.4%**<br>|  |  |
| Alfa Laval AB | 63591 | 2784755  |
| Assa Abloy AB - Class B | 108283 | 3066634  |
| Hexpol AB | 137414 | 1523259  |
| Trelleborg AB - Class B | 184400 | 7176146  |
|  |  | 14550794  |
| **Switzerland - 5.7%**<br>|  |  |
| ABB, Ltd. | 148772 | 8249544  |
| Holcim, Ltd. | 115096 | 10173574  |
| Sulzer AG | 1534 | 212111  |
|  |  | 18635229  |
| **United Kingdom - 32.7%**<br>|  |  |
| BAE Systems PLC | 553847 | 9225190  |
| Beazley PLC | 677948 | 6055099  |
| British American Tobacco PLC | 507429 | 15587991  |
| Bunzl PLC | 193761 | 7361745  |
| Compass Group PLC | 85409 | 2326816  |
| Glencore PLC | 578845 | 3293773  |
| Haleon PLC | 2200230 | 8952075  |
| Hikma Pharmaceuticals PLC | 111847 | 2664858  |
| IMI PLC | 217853 | 4840921  |
| Next PLC | 21238 | 2423630  |
| Rotork PLC | 700481 | 2978857  |
| RS GROUP PLC | 816355 | 7214430  |
| Savills PLC | 134299 | 1891200  |
| Serco Group PLC | 1654377 | 3747197  |
| Smiths Group PLC | 418364 | 9001739  |
| Softcat PLC | 76867 | 1765584  |
| Spectris PLC | 107192 | 3760843  |
| Unilever PLC | 189583 | 10405666  |
| Vistry Group PLC <sup>(a)</sup> | 235489 | 3511470  |
|  |  | 107009084  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $249,825,107)** |  | 312394016  |

---

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

43<br>

------

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

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

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 0.9%**  | **PREFERRED STOCKS - 0.9%**  | **PREFERRED STOCKS - 0.9%**  |
| **Germany - 0.9%**<br>|  |  |
| FUCHS SE | 68418 | $3127649  |
|  **TOTAL PREFERRED STOCKS (Cost $2,389,333)** |  | 3127649  |
| **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** |
| **Money Market Funds - 2.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class Z, <br>5.19% <sup>(b)</sup> | 8737685 | 8737685  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $8,737,685)** |  | 8737685  |
|  **TOTAL INVESTMENTS - 99.1% (Cost $260,952,125)** |  | $324259350  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 2825379  |
| **TOTAL NET ASSETS - 100.0%** |  | $327084729 |

---

Percentages are stated as a percent of net assets.

AG - Aktiengesellschaft

ASA - Advanced Subscription Agreement

NV - Naamloze Vennootschap

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

44<br>

------

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

**Brown Advisory Emerging Markets Select Fund** 

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.6%**<br>|  |  |
| **Australia - 0.4%**<br>|  |  |
| BHP Billiton, Ltd. | 86816 | $2481364  |
| **Brazil - 3.5%**<br>|  |  |
| Ambev S.A. | 3207500 | 6552593  |
| Banco do Brasil S.A. | 635600 | 3027858  |
| Natura & Co. Holding S.A. | 1653200 | 4598712  |
| Neoenergia S.A. | 942600 | 3136323  |
| Vale S.A. | 393100 | 4383092  |
|  |  | 21698578  |
| **China - 25.5%**<br>|  |  |
| Alibaba Group Holding, Ltd. | 848500 | 7647394  |
| ANTA Sports Products, Ltd. | 507086 | 4849765  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 8203 | 709395  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 483250 | 5231688  |
|  Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A | 802500 | 1361902  |
|  Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A | 227100 | 385406  |
|  Brilliance China Automotive Holdings, Ltd. | 1382000 | 1449243  |
|  China Merchants Bank Co., Ltd. - Class H | 1087500 | 4941756  |
|  China Overseas Land & Investment, Ltd. | 4813746 | 8332458  |
|  China Pacific Insurance Group Co., Ltd. - Class H | 1873955 | 4560282  |
| &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co., <br>Ltd. - Class A | 787200 | 5189461  |
| Galaxy Entertainment Group, Ltd. | 1050000 | 4886627  |
| GF Securities Co., Ltd. - Class H | 3270400 | 2705573  |
|  Haier Smart Home Co., Ltd. - Class H | 1788800 | 5961795  |
| Kanzhun, Ltd. | 420474 | 3936026  |
| KE Holdings, Inc. - Class A | 1096096 | 5267254  |
|  Kweichow Moutai Co., Ltd. - Class A | 14683 | 2958361  |
| Pacific Basin Shipping, Ltd. | 10962538 | 3455213  |
| PetroChina Co., Ltd. - Class H | 5111290 | 5161153  |
|  Ping An Insurance Group Co. of China, Ltd. - Class A | 133500 | 757907  |
|  Ping An Insurance Group Co. of China, Ltd. - Class H | 659000 | 2985650  |
| Proya Cosmetics Co., Ltd. - Class A | 231400 | 3526787  |
|  Shenzhen Inovance Technology Co., Ltd. - Class A | 310428 | 2189150  |
|  Shenzhou International Group Holdings, Ltd. | 296289 | 2894265  |
|  SITC International Holdings Co., Ltd. | 1447226 | 3924282  |
| Tencent Holdings, Ltd. | 620993 | 29460112  |
| Trip.com Group, Ltd.<sup>(a)</sup> | 128133 | 6064005  |
| Tsingtao Brewery Co., Ltd. - Class H | 396675 | 2638419  |
| Weichai Power Co., Ltd. - Class H | 3265000 | 6216108  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| WH Group, Ltd. | 8361500 | $5503593  |
| Yue Yuen Industrial Holdings, Ltd. | 1802000 | 3471606  |
| &nbsp;&nbsp;&nbsp; Zhejiang Longsheng Group Co., <br>Ltd. - Class A | 2834500 | 3347403  |
| Zhongsheng Group Holdings, Ltd. | 1922000 | 2807611  |
| ZTO Express Cayman, Inc. - ADR | 245558 | 5095329  |
|  |  | 159872979  |
| **Hungary - 0.8%**<br>|  |  |
| OTP Bank Nyrt | 97251 | 4823904  |
| **India - 20.8%**<br>|  |  |
| Amber Enterprises India, Ltd. <sup>(a)</sup> | 85049 | 4595412  |
| Apollo Hospitals Enterprise, Ltd. | 50953 | 3772770  |
| Ashok Leyland, Ltd. | 1673731 | 4848709  |
| AU Small Finance Bank, Ltd. | 474404 | 3820354  |
| Axis Bank, Ltd. | 644387 | 9765568  |
| Bajaj Auto, Ltd. | 35071 | 3995370  |
| Bajaj Finance, Ltd. | 54107 | 4611165  |
| DLF, Ltd. | 495136 | 4888045  |
| Five-Star Business Finance, Ltd.<sup>(a)</sup> | 497026 | 4725601  |
| Godrej Consumer Products, Ltd. | 246080 | 4053177  |
| HDFC Bank, Ltd. | 231675 | 4678494  |
| ICICI Bank, Ltd. | 686016 | 9874104  |
| JSW Energy, Ltd. | 536979 | 4723364  |
| Jubilant Foodworks, Ltd. | 420334 | 2834388  |
| Larsen & Toubro, Ltd. | 202908 | 8619048  |
| Life Insurance Corp. of India | 290629 | 3442004  |
| Macrotech Developers, Ltd. | 438715 | 7911760  |
| Mahindra & Mahindra, Ltd. | 286816 | 9845697  |
| Oberoi Realty, Ltd. | 220592 | 4666207  |
| Reliance Industries, Ltd. | 266942 | 10006756  |
| SBI Life Insurance Co., Ltd. | 199998 | 3575382  |
| Shriram Finance, Ltd. | 107608 | 3748109  |
| UltraTech Cement, Ltd. | 39864 | 5569667  |
| UPL, Ltd. | 213502 | 1460363  |
|  |  | 130031514  |
| **Indonesia - 3.3%**<br>|  |  |
| Bank Central Asia Tbk PT | 12277638 | 7429088  |
| &nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero <br>Tbk PT | 16374031 | 4646195  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br>Tbk PT | 30948412 | 8677828  |
|  |  | 20753111  |
| **Kazakhstan - 0.5%**<br>|  |  |
| Kaspi.KZ JSC - ADR | 22570 | 2911756  |
| **Russia - 0.0%<sup>(b)</sup>** |  |  |
|  Sberbank of Russia PJSC - ADR<sup>(a)(c)(d)</sup> | 184769 | 1848  |
| **Singapore - 4.8%**<br>|  |  |
| DBS Group Holdings, Ltd. | 291551 | 7679115  |
| Grab Holdings, Ltd. - Class A<sup>(a)</sup> | 1631435 | 5791594  |

---

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

45<br>

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

**Brown Advisory Emerging Markets Select Fund** 

**Schedule of Investments** 

**as of June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Singapore - (Continued)** | **Singapore - (Continued)** | **Singapore - (Continued)** |
| Seatrium, Ltd.<sup>(a)</sup> | 2843446 | $2884080  |
| Sembcorp Industries, Ltd. | 1039581 | 3674494  |
| United Overseas Bank, Ltd. | 208802 | 4816295  |
| Wilmar International, Ltd. | 2243708 | 5116248  |
|  |  | 29961826  |
| **South Africa - 0.7%**<br>|  |  |
| Sasol, Ltd. | 609530 | 4629628  |
| **South Korea - 15.0%**<br>|  |  |
| DB Insurance Co., Ltd. | 47037 | 3897155  |
|  Hankook Tire & Technology Co., Ltd. | 156196 | 5104352  |
|  HD Hyundai Heavy Industries Co., Ltd.<sup>(a)</sup> | 38387 | 4330093  |
| Hyundai Mobis Co., Ltd. | 30601 | 5559378  |
| Hyundai Motor Co. | 20901 | 4457304  |
| KB Financial Group, Inc. | 150765 | 8575534  |
| Kia Corp. | 37245 | 3485066  |
| Samsung E&A Co., Ltd.<sup>(a)</sup> | 219046 | 3817745  |
| Samsung Electronics Co., Ltd. | 617888 | 36365067  |
|  Samsung Heavy Industries Co., Ltd.<sup>(a)</sup> | 443402 | 3007341  |
| Shinhan Financial Group Co., Ltd. | 147290 | 5134820  |
| SK Hynix, Inc. | 59496 | 10096984  |
|  |  | 93830839  |
| **Taiwan - 14.8%**<br>|  |  |
| Accton Technology Corp. | 306370 | 5214252  |
| ASE Technology Holding Co., Ltd. | 1189182 | 6160331  |
| Compal Electronics, Inc. | 1193140 | 1271891  |
| Hon Hai Precision Industry Co., Ltd. | 765000 | 5036702  |
| Nanya Technology Corp.<sup>(a)</sup> | 1798056 | 3857220  |
| Realtek Semiconductor Corp. | 311801 | 5232407  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 2212934 | 65563978  |
|  |  | 92336781  |
| **Thailand - 2.2%**<br>|  |  |
| Bangkok Bank PCL | 798500 | 2861305  |
| Bangkok Bank PCL - NVDR | 530300 | 1883447  |
| Indorama Ventures PCL - NVDR | 3548100 | 1879414  |
| SCB X PCL | 1315200 | 3691412  |
| True Corp. PCL - NVDR<sup>(a)</sup> | 14259636 | 3387414  |
|  |  | 13702992  |
| **Turkey - 0.4%**<br>|  |  |
| Akbank T.A.S. | 1343265 | 2628180  |
| **United Arab Emirates - 0.7%**<br>|  |  |
| Abu Dhabi Commercial Bank PJSC | 1927001 | 4198083  |
| **United Kingdom - 0.4%**<br>|  |  |
| Standard Chartered PLC | 281057 | 2537784  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **United States - 1.9%**<br>|  |  |
|  Cognizant Technology Solutions Corp. - Class A | 103061 | $7008148  |
| Credicorp, Ltd. | 31153 | 5025913  |
|  |  | 12034061  |
| **Vietnam - 0.9%**<br>|  |  |
| Vietnam Dairy Products JSC | 2280600 | 5863193  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $497,110,949)** |  | 604298421  |
| **PREFERRED STOCKS - 1.8%**<br>|  |  |
| **Brazil - 1.8%**<br>|  |  |
| Cia Energetica de Minas Gerais | 2954244 | 5216076  |
| Itau Unibanco Holding S.A. | 431800 | 2498061  |
| Petroleo Brasileiro S.A. | 570600 | 3883889  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br>**(Cost $8,803,251)** |  | 11598026  |
| **SHORT-TERM INVESTMENTS - 2.1%** | **SHORT-TERM INVESTMENTS - 2.1%** | **SHORT-TERM INVESTMENTS - 2.1%** |
| **Money Market Funds - 2.1%** | **Money Market Funds - 2.1%** | **Money Market Funds - 2.1%** |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class Z, <br>5.19% <sup>(e)</sup> | 13025324 | 13025324  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $13,025,324)** |  | 13025324  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 100.5%**<br>**(Cost $518,939,524)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 100.5%**<br>**(Cost $518,939,524)** | $628921771  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.5)% |  | (3222041)  |
| **TOTAL NET ASSETS - 100.0%** |  | $625699730 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PJSC - Public Joint Stock Company

PLC - Public Limited Company

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

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

<sup>(c)</sup> Security is being fair valued, using significant unobservable inputs (Level 3), in accordance with the policies and procedures adopted by the Fund. These securities represented $1,848 or 0.0% of net assets as of June 30, 2024. 

<sup>(d)</sup> Restricted security as to resale. As of the date of this report, the Fund held restricted securities with a fair value of $1,848 or 0.0% of net assets. Security was acquired from December 2021 to February 2022 at an acquisition cost of $2,890,347. 

<sup>(e)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

46<br>

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

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

**Schedule of Investments** 

**as of June 30, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.8%**<br>|  |  |
| **Communication Services - 10.5%**<br>|  |  |
| Comcast Corp. - Class A | 2081855 | $81525442  |
| Interpublic Group of Cos., Inc. | 2014445 | 58600205  |
| Omnicom Group, Inc. | 673212 | 60387116  |
|  |  | 200512763  |
| **Consumer Discretionary - 14.1%**<br>|  |  |
| eBay, Inc. | 1458275 | 78338533  |
| Gentex Corp. | 1374330 | 46328664  |
| Harley-Davidson, Inc. | 1718714 | 57645667  |
| Polaris, Inc. | 575960 | 45103428  |
| Tempur Sealy International, Inc. | 871790 | 41270539  |
|  |  | 268686831  |
| **Consumer Staples - 12.5%**<br>|  |  |
| Campbell Soup Co. | 1470620 | 66457318  |
| Kellogg Co. | 1461921 | 84323603  |
| Kimberly-Clark Corp. | 628705 | 86887031  |
|  |  | 237667952  |
| **Financials - 14.4%**<br>|  |  |
| American Express Co. | 305120 | 70650536  |
| Ameriprise Financial, Inc. | 109420 | 46743130  |
| BlackRock, Inc. | 76085 | 59903242  |
| Carlyle Group, Inc. | 962710 | 38652806  |
| SEI Investments Co. | 918910 | 59444288  |
|  |  | 275394002  |
| **Health Care - 15.3%**<br>|  |  |
| Amgen, Inc. | 333655 | 104250505  |
| Biogen, Inc.<sup>(a)</sup> | 376680 | 87321958  |
| Cencora, Inc. | 146131 | 32923314  |
| Merck & Co., Inc. | 548005 | 67843019  |
|  |  | 292338796  |
| **Industrials - 9.0%**<br>|  |  |
| Cummins, Inc. | 138675 | 38403268  |
| Flowserve Corp. | 1007309 | 48451563  |
| Masco Corp. | 671520 | 44770238  |
|  Westinghouse Air Brake Technologies Corp. | 249130 | 39374997  |
|  |  | 171000066  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 16.9%**<br>|  |  |
| Amdocs Ltd. | 945847 | $74646245  |
| Gen Digital, Inc. | 3515075 | 87806574  |
| NetApp, Inc. | 663555 | 85465884  |
| QUALCOMM, Inc. | 373650 | 74423607  |
|  |  | 322342310  |
| **Materials - 3.1%**<br>|  |  |
| PPG Industries, Inc. | 476910 | 60038200  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $1,493,802,915)** |  | 1827980920  |
| **SHORT-TERM INVESTMENTS - 3.9%** | **SHORT-TERM INVESTMENTS - 3.9%** | **SHORT-TERM INVESTMENTS - 3.9%** |
| **Money Market Funds - 3.9%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 5.19%<sup>(b)</sup> | 74589712 | 74589712  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $74,589,712)** |  | 74589712  |
|  **TOTAL INVESTMENTS - 99.7% (Cost $1,568,392,627)** |  | $1902570632  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.3% |  | 4977564  |
| **TOTAL NET ASSETS - 100.0%** |  | $1907548196 |

---

Percentages are stated as a percent of net assets.

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

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

<sup>(b)</sup> The rate shown represents the 7-day effective yield as of June 30, 2024.

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

47<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY**<br>**GROWTH**<br>**EQUITY**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**FLEXIBLE**<br>**EQUITY**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**GROWTH**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**MID-CAP**<br>**GROWTH**<br>**FUND**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $584527570  | $390724213  | $6104043818  | $72485131  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 561469455  | 533810636  | 3845724240  | 24339068  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 1145997025  | 924534849  | 9949768058  | 96824199  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | —  | —  | 2171546  | 487455  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 91319  | 1988331  | 25954760  | 25764  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 253405  | 383775  | 2168071  | 18663  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | —  | —  | —  | 1540  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 84839  | 49820  | 289272  | 29933  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 1146426588  | 926956775  | 9980351707  | 97387554  |
| **LIABILITIES**<br>|  |  |  |  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | —  | —  | 14202190  | 260525  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1219320  | 56778  | 6655505  | 108896  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 564577  | 316080  | 4073125  | 50422  |
| &nbsp;&nbsp;&nbsp; Service fees | 78803  | 67000  | 381910  | 3344  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 44725  | 33364  | 367685  | 4250  |
| &nbsp;&nbsp;&nbsp; Business management fees | 47048  | 37461  | 404755  | 3943  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 6296  | 5078  | 54823  | 533  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 3652  | 1482  | 88298  | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 27910  | 26882  | 69469  | 22822  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 7595  | 4863  | 47868  | 1651  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 22193  | 11181  | 129887  | 7300  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 2022119  | 560169  | 26475515  | 463686  |
| **NET ASSETS** | $1144404469  | $926396606  | $9953876192  | $96923868  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $163429851  | $362379828  | $5770035327  | $79972366  |
| Total distributable earnings (loss) | 980974618  | 564016778  | 4183840865  | 16951502  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $1144404469  | $926396606  | $9953876192  | $96923868  |
| **COMPUTATION OF NET ASSET VALUE** <br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| Net assets | $508834596  | $376593742  | $6818541975  | $69167027  |
| Shares outstanding (unlimited shares authorized) | 16984457  | 9499236  | 124177190  | 4463585  |
| Net asset value per share | $29.96  | $39.64  | $54.91  | $15.50  |
| **Investor Shares:**<br>|  |  |  |  |
| Net assets | $618412031  | $542523857  | $2699561131  | $27756841  |
| Shares outstanding (unlimited shares authorized) | 21193968  | 13729953  | 50144972  | 1810043  |
| Net asset value per share | $29.18  | $39.51  | $53.84  | $15.33  |
| **Advisor Shares:**<br>|  |  |  |  |
| Net assets | $17157842  | $7279007  | $435773086  | $—  |
| Shares outstanding (unlimited shares authorized) | 651002  | 185162  | 8355347  | —  |
| Net asset value per share | $26.36  | $39.31  | $52.15  | $— |

---

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

48<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2024(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY**<br>**SMALL-CAP**<br>**GROWTH**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SMALL-CAP**<br>**FUNDAMENTAL**<br>**VALUE** <br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**SMALL-CAP**<br>**CORE**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**VALUE**<br>**FUND**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $1322864356  | $1080713764  | $70660524  | $85651127  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 304634292  | 272201390  | 6624603  | 14655914  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 1627498648  | 1352915154  | 77285127  | 100307041  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 843185  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1467832  | 1420730  | 5865  | 20500  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 883832  | 1845711  | 52488  | 104737  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | —  | —  | —  | 6505  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 94205  | 68382  | 25788  | 36636  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 1630787702  | 1356249977  | 77369268  | 100475419  |
| **LIABILITIES**<br>|  |  |  |  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 7040335  | —  | 327359  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1644168  | 240479  | 14207  | 100  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees, net | 1123972  | 933684  | 43473  | 41661  |
| &nbsp;&nbsp;&nbsp; Service fees | 100313  | 76993  | 697  | 78  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 60747  | 50824  | 3440  | 3679  |
| &nbsp;&nbsp;&nbsp; Business management fees | 66116  | 54923  | 3034  | 4030  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 9014  | 7520  | 413  | 592  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 1647  | 724  | —  | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 30148  | 28892  | 17371  | 16712  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 10739  | 7677  | 1404  | 1127  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 83650  | 16234  | 6991  | 6684  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 10170849  | 1417950  | 418389  | 74663  |
| **NET ASSETS** | $1620616853  | $1354832027  | $76950879  | $100400756  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $1240978491  | $966870986  | $74209431  | $85035922  |
| Total distributable earnings (loss) | 379638362  | 387961041  | 2741448  | 15364834  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $1620616853  | $1354832027  | $76950879  | $100400756  |
| **COMPUTATION OF NET ASSET VALUE** <br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| Net assets | $801674931  | $724559768  | $70393376  | $99766955  |
| Shares outstanding (unlimited shares authorized) | 17616922  | 23911957  | 7243764  | 8133355  |
| Net asset value per share | $45.51  | $30.30  | $9.72  | $12.27  |
| **Investor Shares:**<br>|  |  |  |  |
| Net assets | $810888671  | $626715244  | $6557503  | $633801  |
| Shares outstanding (unlimited shares authorized) | 35890037  | 20729013  | 676637  | 51795  |
| Net asset value per share | $22.59  | $30.23  | $9.69  | $12.24  |
| **Advisor Shares:**<br>|  |  |  |  |
| Net assets | $8053251  | $3557015  | $—  | $—  |
| Shares outstanding (unlimited shares authorized) | 377655  | 118677  | —  | —  |
| Net asset value per share | $21.32  | $29.97  | $—  | $— |

---

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

49<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2024(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY**<br>**GLOBAL**<br>**LEADERS**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**INTERNATIONAL**<br>**LEADERS**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**INTERMEDIATE**<br>**INCOME**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**BOND**<br>**FUND**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments - unaffiliated, at cost | $1329621846  | $33868721  | $103025116  | $600538327  |
| &nbsp;&nbsp;&nbsp; Investments - affiliated, at cost (Note 3) | —  | —  | 17557513  | —  |
| &nbsp;&nbsp;&nbsp; **Total investments, at cost** | 1329621846  | 33868721  | 120582629  | 600538327  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) - unaffiliated  | 632210543  | 4634250  | (5717340) | (16099580)  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) - affiliated (Note 3) | —  | —  | (2234687) | —  |
| &nbsp;&nbsp;&nbsp; **Total net unrealized appreciation (depreciation)** | 632210543  | 4634250  | (7952027) | (16099580)  |
| &nbsp;&nbsp;&nbsp; Investments - unaffiliated, at value | 1961832389  | 38502971  | 97307776  | 584438747  |
| &nbsp;&nbsp;&nbsp; Investments - affiliated, at value (Note 3) | —  | —  | 15322826  | —  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 1961832389  | 38502971  | 112630602  | 584438747  |
|  Cash deposit at broker - futures contracts (Note 6) | —  | —  | 169868  | 561612  |
|  Foreign currency (Cost of $—, $2,780, $—, and $—, respectively.) | —  | 2783  | —  | —  |
|  Gross unrealized appreciation - futures contracts (Note 6) | —  | —  | 76567  | 406199  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | —  | 873054  | 3000000  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 2147818  | 500136  | 95003  | 388600  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 1290994  | 59109  | 783373  | 3484951  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1948963  | 46955  | —  | 35657  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 65326  | 34479  | 34257  | 61097  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 1967285490  | 40019487  | 116789670  | 589376863  |
| **LIABILITIES**<br>|  |  |  |  |
|  Gross unrealized depreciation - futures contracts (Note 6) | —  | —  | 41886  | 200049  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 6706921  | 1175930  | —  | 28770551  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 270076  | —  | 33284  | 582845  |
| &nbsp;&nbsp;&nbsp; Distribution to shareholders | —  | —  | 233706  | 1343927  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees, net | 1026891  | 17408  | 24790  | 137199  |
| &nbsp;&nbsp;&nbsp; Service fees | 3809  | 228  | 4776  | 357  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 78556  | 1775  | 7689  | 25243  |
| &nbsp;&nbsp;&nbsp; Business management fees | 78992  | 1554  | 4776  | 22866  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 10956  | 208  | 644  | 3093  |
| &nbsp;&nbsp;&nbsp; Distribution fees | —  | —  | 674  | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 32268  | 17187  | 23584  | 26724  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 34167  | 4632  | 1780  | 4083  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 12606  | 6953  | 8427  | 13519  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 8255242  | 1225875  | 386016  | 31130456  |
| **NET ASSETS** | $1959030248  | $38793612  | $116403654  | $558246407  |

---

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

50<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2024(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY**<br>**GLOBAL**<br>**LEADERS**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**INTERNATIONAL**<br>**LEADERS**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**INTERMEDIATE**<br>**INCOME**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**BOND**<br>**FUND**  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $1333985535  | $34153050  | $134299979  | $695172995  |
| Total distributable earnings (loss) | 625044713  | 4640562  | (17896325) | (136926588)  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $1959030248  | $38793612  | $116403654  | $558246407  |
| **COMPUTATION OF NET ASSET VALUE** <br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| Net assets | $1926704398  | $36920545  | $—  | $550051714  |
|  Shares outstanding (unlimited shares authorized) | 74432253  | 3441919  | —  | 65516203  |
| Net asset value per share | $25.89  | $10.73  | $—  | $8.40  |
| **Investor Shares:**<br>|  |  |  |  |
| Net assets | $32325850  | $1873067  | $113124287  | $8194693  |
|  Shares outstanding (unlimited shares authorized) | 1253477  | 175145  | 11847628  | 975556  |
| Net asset value per share | $25.79  | $10.69  | $9.55  | $8.40  |
| **Advisor Shares:**<br>|  |  |  |  |
| Net assets | $—  | $—  | $3279367  | $—  |
|  Shares outstanding (unlimited shares authorized) | —  | —  | 351982  | —  |
| Net asset value per share | $—  | $—  | $9.32  | $— |

---

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

51<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2024(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY**<br>**MARYLAND**<br>**BOND**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**TAX-EXEMPT**<br>**BOND**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**TAX-EXEMPT**<br>**SUSTAINABLE**<br>**BOND**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**MORTGAGE**<br>**SECURITIES**<br>**FUND**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $171780721  | $929311837  | $289165385  | $357859623  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | (4630778) | 2517637  | (10705022) | (17497771)  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 167149943  | 931829474  | 278460363  | 340361852  |
| &nbsp;&nbsp;&nbsp; Cash deposit at broker - futures contracts <br>(Note 6) | —  | —  | —  | 382042  |
|  Gross unrealized appreciation - futures contracts (Note 6) | —  | —  | —  | 99363  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | —  | —  | —  | 4606 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 281  | 1735586  | 226368  | 27641  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 2000604  | 6730682  | 3175709  | 908868  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 15999  | 64274  | 33740  | 37756  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 169166827  | 940360016  | 281896180  | 341822128  |
| **LIABILITIES**<br>|  |  |  |  |
|  Gross unrealized depreciation - futures contracts (Note 6) | —  | —  | —  | 81318  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | —  | 17420875  | —  | 54886039  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 45549  | 330058  | 61959  | 36251  |
| &nbsp;&nbsp;&nbsp; Distribution to shareholders | 362613  | 2439449  | 682707  | 729477  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 41447  | 222606  | 68637  | 70445  |
| &nbsp;&nbsp;&nbsp; Service fees | 6908  | 410  | 11439  | 34  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 9231  | 39467  | 14104  | 23102  |
| &nbsp;&nbsp;&nbsp; Business management fees | 6908  | 37101  | 11439  | 11741  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 944  | 5096  | 1553  | 1607  |
| &nbsp;&nbsp;&nbsp; Professional fees | 23188  | 26771  | 21358  | 24850  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 834  | 4326  | 1455  | 3893  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 7299  | 10328  | 7474  | 8125  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 504921  | 20536487  | 882125  | 55876882  |
| **NET ASSETS** | $168661906  | $919823529  | $281014055  | $285945246  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $182520766  | $1010252428  | $306774363  | $333704927  |
| Total distributable earnings (loss) | (13858860) | (90428899) | (25760308) | (47759681)  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $168661906  | $919823529  | $281014055  | $285945246  |

---

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

52<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2024(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY**<br>**MARYLAND**<br>**BOND**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**TAX-EXEMPT**<br>**BOND**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**TAX-EXEMPT**<br>**SUSTAINABLE**<br>**BOND**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**MORTGAGE**<br>**SECURITIES**<br>**FUND**  |
| **COMPUTATION OF NET ASSET VALUE** <br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| Net assets | $—  | $909985926  | $—  | $285174663  |
| Shares outstanding (unlimited shares authorized) | —  | 97623077  | —  | 32064192  |
| Net asset value per share | $—  | $9.32  | $—  | $8.89  |
| **Investor Shares:**<br>|  |  |  |  |
| Net assets | $168661906  | $9837603  | $281014055  | $770583  |
| Shares outstanding (unlimited shares authorized) | 17145531  | 1054836  | 31089491  | 86464  |
| Net asset value per share | $9.84  | $9.33  | $9.04  | $8.91  |
| **Advisor Shares:**<br>|  |  |  |  |
| Net assets | $—  | $—  | $—  | $—  |
| Shares outstanding (unlimited shares authorized) | —  | —  | —  | —  |
| Net asset value per share | $—  | $—  | $—  | $— |

---

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

53<br>

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

**Statements of Assets and Liabilities** 

**June 30, 2024(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY - WMC**<br>**STRATEGIC**<br>**EUROPEAN**<br>**EQUITY**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**EMERGING**<br>**MARKETS**<br>**SELECT**<br>**FUND** | **BROWN**<br>**ADVISORY - BEUTEL**<br>**GOODMAN**<br>**LARGE-CAP**<br>**VALUE**<br>**FUND**  |
| **ASSETS**<br>|  |  |  |
| Investments:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $260952125  | $518939524  | $1568392627  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 63307225  | 109982247  | 334178005  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 324259350  | 628921771  | 1902570632  |
|  Foreign currency (Cost of $—, $1,261,250, and $—, respectively.) | —  | 1260486  | —  |
| Receivables:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 1551476  | 1078284  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 367513  | 825863  | 4050601  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 793911  | 2896928  | 2657615  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1500736  | 37471  | —  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 38749  | 44335  | 71473  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 328511735  | 635065138  | 1909350321  |
| **LIABILITIES**<br>|  |  |  |
| Payables:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 1005137  | 2337287  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 92646  | 747368  | 881600  |
| Accrued Liabilities:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. deferred tax | —  | 5657061  | —  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 247209  | 462607  | 701969  |
| &nbsp;&nbsp;&nbsp; Service fees | 2046  | 422  | 2050  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 14085  | 25884  | 71969  |
| &nbsp;&nbsp;&nbsp; Business management fees | 13734  | 25700  | 77997  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 1849  | 3478  | 10697  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 625  | 48  | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 25111  | 26505  | 31625  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 15085  | 66341  | 9862  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 9479  | 12707  | 14356  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 1427006  | 9365408  | 1802125  |
| **NET ASSETS** | $327084729  | $625699730  | $1907548196  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |
| Paid-in capital | $266212041  | $600598432  | $1507697038  |
| Total distributable earnings (loss) | 60872688  | 25101298  | 399851158  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $327084729  | $625699730  | $1907548196  |
| **COMPUTATION OF NET ASSET VALUE** <br>|  |  |  |
| **Institutional Shares:**<br>|  |  |  |
| Net assets | $311204963  | $622254489  | $1890908756  |
| Shares outstanding (unlimited shares authorized) | 22991795  | 53316163  | 122548070  |
| Net asset value per share | $13.54  | $11.67  | $15.43  |
| **Investor Shares:**<br>|  |  |  |
| Net assets | $12911862  | $3220179  | $16639440  |
| Shares outstanding (unlimited shares authorized) | 957234  | 276201  | 1082168  |
| Net asset value per share | $13.49  | $11.66  | $15.38  |
| **Advisor Shares:**<br>|  |  |  |
| Net assets | $2967904  | $225062  | $—  |
| Shares outstanding (unlimited shares authorized) | 223539  | 19253  | —  |
| Net asset value per share | $13.28  | $11.69  | $— |

---

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

54<br>

------

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

**Statements of Operations** 

**For the Year Ended June 30, 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY**<br>**GROWTH**<br>**EQUITY**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**FLEXIBLE**<br>**EQUITY**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**GROWTH**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**MID-CAP**<br>**GROWTH**<br>**FUND**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income | $9339287  | $6677105  | $41310042  | $385780  |
| Less: foreign taxes withheld | (104209) | (209052) | —  | (7890)  |
| Interest Income | 2660466  | 1342629  | 7700895  | 193813  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 11895544  | 7810682  | 49010937  | 571703  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 11163764  | 3382149  | 44709096  | 617822  |
| Service fees - Investor Shares (Note 3) | 967330  | 726736  | 3606769  | 38306  |
| Business management fees | 951968  | 397769  | 4384344  | 47525  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent <br>fees | 441490  | 182290  | 2015122  | 24928  |
| Professional fees | 105068  | 54845  | 374067  | 27341  |
| Miscellaneous expenses | 98244  | 43664  | 457343  | 26512  |
| Trustee fees | 89686  | 33431  | 365242  | 4128  |
| Registration fees | 85881  | 49036  | 179495  | 34702  |
| Custodian fees | 63753  | 24994  | 268061  | 12296  |
| Distribution fees - Advisor Shares (Note 3) | 41561  | 15408  | 986506  | —  |
| Insurance fees | 30810  | 8692  | 92441  | 1180  |
| Service fees - Advisor Shares (Note 3) | 24937  | 9245  | 591903  | —  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 14064492  | 4928259  | 58030389  | 834740  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - expense cap (Note 3) | —  | —  | —  | (17028)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 14064492  | 4928259  | 58030389  | 817712  |
| **Net Investment Income (Loss)** | (2168948) | 2882423  | (9019452) | (246009)  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** |
| Net realized gain (loss) on investments | 799401485  | 37289841  | 438620143  | 9062653  |
|  Net change in unrealized appreciation (depreciation) on investments | (435614320) | 154549573  | 1727039131  | 4375232  |
| **Net realized and unrealized gain (Loss)** | 363787165  | 191839414  | 2165659274  | 13437885  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $361618217  | $194721837  | $2156639822  | $13191876 |

---

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

55<br>

------

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

**Statements of Operations** 

**For the Year Ended June 30, 2024(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY**<br>**SMALL-CAP**<br>**GROWTH**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SMALL-CAP**<br>**FUNDAMENTAL**<br>**VALUE**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**SMALL-CAP**<br>**CORE**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**VALUE**<br>**FUND**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income | $10127668  | $20467375  | $500237  | $1298605  |
| Less: foreign taxes withheld | (154838) | (46633) | (526) | (7403)  |
| Interest Income | 6865676  | 2559429  | 208683  | 168308  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 16838506  | 22980171  | 708394  | 1459510  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 17495020  | 10832482  | 544959  | 412864  |
| Service fees - Investor Shares (Note 3) | 1279410  | 920488  | 4679  | 577  |
| Business management fees | 1029119  | 637205  | 32056  | 34405  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent <br>fees | 471591  | 288511  | 18116  | 17879  |
| Miscellaneous expenses | 275118  | 61507  | 26016  | 27211  |
| Professional fees | 109256  | 75172  | 19606  | 19518  |
| Trustee fees | 91472  | 54966  | 2646  | 2800  |
| Registration fees | 86413  | 53540  | 35546  | 35923  |
| Custodian fees | 67077  | 46942  | 8938  | 6469  |
| Insurance fees | 27842  | 14564  | 613  | 528  |
| Distribution fees - Advisor Shares (Note 3) | 21355  | 7661  | —  | —  |
| Service fees - Advisor Shares (Note 3) | 12813  | 4597  | —  | —  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 20966486  | 12997635  | 693175  | 558174  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - expense cap (Note 3) | —  | —  | (92246) | (75923)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 20966486  | 12997635  | 600929  | 482251  |
| **Net Investment Income (Loss)** | (4127980) | 9982536  | 107465  | 977259  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** |
| Net realized gain (loss) on investments | 105416039  | 156455112  | 3440884  | 282853  |
|  Net change in unrealized appreciation (depreciation) on investments | (43293407) | 21293340  | 2717993  | 13190651  |
| **Net realized and unrealized gain (Loss)**  | 62122632  | 177748452  | 6158877  | 13473504  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $57994652  | $187730988  | $6266342  | $14450763 |

---

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

56<br>

------

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

**Statements of Operations** 

**For the Year Ended June 30, 2024(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY**<br>**GLOBAL**<br>**LEADERS**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**INTERNATIONAL**<br>**LEADERS**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**INTERMEDIATE**<br>**INCOME**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**SUSTAINABLE**<br>**BOND**<br>**FUND**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income - unaffiliated | $23423991  | $665690  | $—  | $—  |
| Dividend income - affiliated (Note 3) | —  | —  | 627096  | —  |
| Less: foreign taxes withheld | (1994535) | (76816) |  | —  |
| Interest Income | 1723345  | 39911  | 3943117  | 27221275  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 23152801  | 628785  | 4570213  | 27221275  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 10818764  | 235469  | 358475  | 1788733  |
| Business management fees | 832213  | 15698  | 59746  | 298122  |
|  Administration, accounting and transfer agent fees | 398786  | 9838  | 44737  | 166165  |
| Custodian fees | 206182  | 30828  | 8310  | 26002  |
| Professional fees | 90086  | 18263  | 28187  | 50024  |
| Service fees - Investor Shares (Note 3) | 79938  | 2447  | 58186  | 5661  |
| Trustee fees | 70067  | 1268  | 5260  | 27979  |
| Miscellaneous expenses | 62573  | 23807  | 33643  | 47910  |
| Registration fees | 43853  | 35770  | 36605  | 43501  |
| Insurance fees | 18094  | 269  | 1694  | 9951  |
| Distribution fees - Advisor Shares (Note 3) | —  | —  | 7799  | —  |
| Service fees - Advisor Shares (Note 3) |  | —  | 1560  | —  |
| Interest expense on line of credit (Note 7) | —  | —  | —  | 952  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 12620556  | 373657  | 644202  | 2465000  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - expense cap (Note 3) | —  | (104346) | (3096) | —  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - investments in affiliates (Note 3) | —  | —  | (44580) | —  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 12620556  | 269311  | 596526  | 2465000  |
| **Net Investment Income (Loss)** | 10532245  | 359474  | 3973687  | 24756275  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments - unaffiliated | 47039773  | (121697) | (2940232) | (16625376)  |
| &nbsp;&nbsp;&nbsp; Less: foreign capital gains taxes paid | —  | (230) | —  | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | —  | —  | (315391) | (10178244)  |
| Net realized gain (loss) | 47039773  | (121927) | (3255623) | (26803620)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments - unaffiliated | 227574950  | 1265011  | 2447859  | 7280419  |
| &nbsp;&nbsp;&nbsp; Investments - affiliated (Note 3) | —  | —  | (339191) | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | —  | —  | 260505  | 2278699  |
|  Net change in unrealized appreciation (depreciation)  | 227574950  | 1265011  | 2369173  | 9559118  |
| **Net realized and unrealized gain (Loss)**  | 274614723  | 1143084  | (886450) | (17244502)  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $285146968  | $1502558  | $3087237  | $7511773 |

---

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

57<br>

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

**Statements of Operations** 

**For the Year Ended June 30, 2024(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY**<br>**MARYLAND**<br>**BOND**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**TAX-EXEMPT**<br>**BOND**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**TAX-EXEMPT**<br>**SUSTAINABLE**<br>**BOND**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**MORTGAGE**<br>**SECURITIES**<br>**FUND**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Interest Income | $5634188  | $37272171  | $11771252  | $13209058  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5634188  | 37272171  | 11771252  | 13209058  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 499594  | 2528227  | 870961  | 869152  |
| Service fees - Investor Shares (Note 3) | 83266  | 4542  | 145160  | 517  |
| Business management fees | 83266  | 421371  | 145160  | 144859  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent <br>fees | 54478  | 227519  | 88249  | 137804  |
| Professional fees | 29533  | 57403  | 32310  | 35817  |
| Miscellaneous expenses | 28978  | 44845  | 32144  | 36813  |
| Registration fees | 15312  | 52800  | 44529  | 37466  |
| Trustee fees | 7238  | 36252  | 12653  | 12771  |
| Custodian fees | 4996  | 26152  | 9065  | 24417  |
| Insurance fees | 2137  | 10239  | 3857  | 4069  |
| &nbsp;&nbsp;&nbsp; Total expenses | 808798  | 3409350  | 1384088  | 1303685  |
| **Net Investment Income (Loss)** | 4825390  | 33862821  | 10387164  | 11905373  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (229059) | (7992587) | (463917) | (8204633)  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | —  | —  | —  | (778528)  |
| Net realized gain (loss) | (229059) | (7992587) | (463917) | (8983161)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1347397  | 11058646  | 297427  | 2158486  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | —  | —  | —  | 492520  |
|  Net change in unrealized appreciation (depreciation)  | 1347397  | 11058646  | 297427  | 2651006  |
| **Net realized and unrealized gain (Loss)**  | 1118338  | 3066059  | (166490) | (6332155)  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $5943728  | $36928880  | $10220674  | $5573218 |

---

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

58<br>

------

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

**Statements of Operations** 

**For the Year Ended June 30, 2024(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY - WMC**<br>**STRATEGIC**<br>**EUROPEAN**<br>**EQUITY**<br>**FUND** | **BROWN**<br>**ADVISORY**<br>**EMERGING**<br>**MARKETS**<br>**SELECT**<br>**FUND** | **BROWN**<br>**ADVISORY - BEUTEL**<br>**GOODMAN**<br>**LARGE-CAP**<br>**VALUE**<br>**FUND**  |
| **INVESTMENT INCOME**<br>|  |  |  |
| Dividend income | $9219786  | $17751985  | $38822703  |
| Less: foreign taxes withheld | (721386) | (1807809) | —  |
| Interest Income | 503331  | 711596  | 2837131  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 9001731  | 16655772  | 41659834  |
| **EXPENSES**<br>|  |  |  |
| Investment advisory fees | 2576769  | 5179044  | 7815836  |
| Business management fees | 143154  | 287725  | 868426  |
| Custodian fees | 85662  | 429268  | 55706  |
| Administration, accounting and transfer agent fees  | 77381  | 149581  | 397151  |
| Registration fees | 44711  | 51697  | 53337  |
| Miscellaneous expenses | 38953  | 86179  | 65802  |
| Professional fees | 35176  | 47326  | 94324  |
| Service fees - Investor Shares (Note 3) | 19146  | 4088  | 13698  |
| Trustee fees | 11879  | 24547  | 74101  |
| Distribution fees - Advisor Shares (Note 3) | 6852  | 550  | —  |
| Service fees - Advisor Shares (Note 3) | 4111  | 330  | —  |
| Insurance fees | 3223  | 6764  | 20742  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 3047017  | 6267099  | 9459123  |
| **Net Investment Income (Loss)** | 5954714  | 10388673  | 32200711  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  | 16309980  | 3239073  | 84311860  |
| &nbsp;&nbsp;&nbsp; Less: foreign capital gains taxes paid | —  | (1357222) | —  |
| Net realized gain (loss)  | 16309980  | 1881851  | 84311860  |
|  Net change in unrealized appreciation (depreciation) on: Investments | 21218110  | 57599446  | 124368434  |
| &nbsp;&nbsp;&nbsp; Non-U.S. deferred tax on unrealized appreciation | —  | (5657061) | —  |
|  Net change in unrealized appreciation (depreciation) | 21218110  | 51942385  | 124368434  |
| **Net realized and unrealized gain (Loss)** | 37528090  | 53824236  | 208680294  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $43482804  | $64212909  | $240881005 |

---

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

59<br>

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

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY GROWTH** <br>**EQUITY FUND** | **BROWN ADVISORY GROWTH** <br>**EQUITY FUND** | **BROWN ADVISORY FLEXIBLE** <br>**EQUITY FUND** | **BROWN ADVISORY FLEXIBLE** <br>**EQUITY FUND** |
|  | **Fiscal Year Ended June 30,** | **Fiscal Year Ended June 30,** | **Fiscal Year Ended June 30,** | **Fiscal Year Ended June 30,** |
|  | **2024** | **2023** | **2024** | **2023**  |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2168948) | $(4279886) | $2882423  | $2198868  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 799401485  | 94224857  | 37289841  | 17278494  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (435614320) | 345339165  | 154549573  | 105107069  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 361618217  | 435284136  | 194721837  | 124584431  |
| **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (106614685) | (107639242) | (8129121) | (7731108)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (42711889) | (45764956) | (12731778) | (14223370)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (1128327) | (871243) | (147368) | (147568)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (150454901) | (154275441) | (21008267) | (22102046)  |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 154867016  | 352800458  | 68950789  | 64414428  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 28987614  | 36590247  | 33292821  | 30651069  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 11180291  | 10151247  | 1351700  | 309244  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 99969257  | 100551486  | 5190025  | 4788472  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 36922572  | 40450324  | 7923735  | 9054154  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 885281  | 620663  | 127562  | 123434  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (1723801021) | (434576260) | (24084013) | (41913971)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (204167045) | (167203846) | (46482100) | (63537532)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (10339925) | (11934066) | (781915) | (418189)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 3852  | 6352  | 1024  | 777  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1715  | 2703  | 1713  | 1465  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 40  | 47  | 21  | 16  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | (1605490353) | (72540645) | 45491362  | 3473367  |
| **Increase (Decrease) in Net Assets** | (1394327037) | 208468050  | 219204932  | 105955752  |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 2538731506  | 2330263456  | 707191674  | 601235922  |
| &nbsp;&nbsp;&nbsp; End of period  | $1144404469  | $2538731506  | $926396606  | $707191674  |
| **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 5804597  | 14949462  | 1899274  | 2252589  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1069616  | 1590304  | 956010  | 1088185  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 469950  | 457461  | 38288  | 10885  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 3786715  | 4371804  | 151142  | 173202  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1434443  | 1798592  | 231877  | 327852  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 38028  | 30232  | 3751  | 4487  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (61339233) | (18251670) | (690389) | (1487103)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (7609771) | (7257688) | (1340542) | (2239954)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (439355) | (554229) | (22262) | (14896)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in shares** <br>**outstanding** | (56785010) | (2865732) | 1227149  | 115247 |

---

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

60<br>

------

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** <br>**SUSTAINABLE GROWTH FUND** | **BROWN ADVISORY** <br>**SUSTAINABLE GROWTH FUND** | **BROWN ADVISORY MID-CAP** <br>**GROWTH FUND**  | **BROWN ADVISORY MID-CAP** <br>**GROWTH FUND**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2024** | **2023** | **2024** | **2023**  |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(9019452) | $1146864  | $(246009) | $(324396)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 438620143  | 5075647  | 9062653  | (5529060)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1727039131  | 1273242361  | 4375232  | 21470002  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 2156639822  | 1279464872  | 13191876  | 15616546  |
| **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (633798) | (10470) | —  | (4694458)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | —  | —  | —  | (1478899)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (633798) | (10470) | —  | (6173357)  |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1917817384  | 2078959516  | 17918626  | 22890113  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 633488241  | 625782512  | 2651464  | 1781026  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 60492485  | 66763534  | —  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 415944  | 6609  | —  | 3302277  |
| &nbsp;&nbsp;&nbsp; Investor Shares | —  | —  | —  | 1478899  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | —  | —  | —  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (1718053838) | (1155544299) | (30451794) | (56129763)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (673243513) | (563765771) | (2765430) | (4037738)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (76037156) | (70829290) | —  | —  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 18889  | 39252  | 9  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 7588  | 18500  | 3  | —  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 1255  | 3129  | —  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | 144907279  | 981433692  | (12647122) | (30715186)  |
| **Increase (Decrease) in Net Assets** | 2300913303  | 2260888094  | 544754  | (21271997)  |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 7652962889  | 5392074795  | 96379114  | 117651111  |
| &nbsp;&nbsp;&nbsp; End of period  | $9953876192  | $7652962889 | $96923868  | $96379114  |
| **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 39896249  | 55092165  | 1350814  | 1799089  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 13252830  | 17015921  | 183606  | 141511  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 1395798  | 1818879  | —  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 8635  | 192  | —  | 265456  |
| &nbsp;&nbsp;&nbsp; Investor Shares | —  | —  | —  | 119846  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | —  | —  | —  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (35179424) | (31017390) | (2199885) | (4464660)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (13958355) | (15389715) | (192488) | (319291)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (1722429) | (1952691) | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in shares** <br>**outstanding** | 3693304  | 25567361  | (857953) | (2458049) |

---

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

61<br>

------

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY SMALL-CAP** <br>**GROWTH FUND** | **BROWN ADVISORY SMALL-CAP** <br>**GROWTH FUND** | **BROWN ADVISORY SMALL-CAP** <br>**FUNDAMENTAL VALUE FUND**  | **BROWN ADVISORY SMALL-CAP** <br>**FUNDAMENTAL VALUE FUND**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2024** | **2023** | **2024** | **2023**  |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4127980) | $(3980177) | $9982536 | $7485609  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 105416039 | (8554578) | 156455112 | 96965631  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (43293407) | 286188644 | 21293340 | 35523126  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 57994652 | 273653889 | 187730988 | 139974366  |
| **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | (90997761) | (38971460) | (33185482)  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  | (59674115) | (36311622) | (34842760)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares |  | (715728) | (186263) | (166836)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** |  | (151387604) | (75469345) | (68195078)  |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 226319186 | 313252992 | 149333601 | 123319902  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 143478279 | 212108666 | 47591769 | 53655900  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 1344015 | 991855 | 896280 | 40206  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | 81812339 | 24734303 | 20951164  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  | 48936409 | 24239860 | 24128958  |
| &nbsp;&nbsp;&nbsp; Advisor Shares |  | 562578 | 179554 | 138370  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (812197912) | (286513304) | (94919377) | (154796904)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (235211167) | (131723686) | (91783890) | (85835294)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (3051675) | (1734771) | (470397) | (839784)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 664 | 996 | 1348 | 96  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 443 | 626 | 1233 | 99  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 4 | 8 | 7 | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | (679318163) | 237694708 | 59804291 | (19237287)  |
| **Increase (Decrease) in Net Assets** | (621323511) | 359960993 | 172065934 | 52542001  |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Beginning of period | 2241940364 | 1881979371 | 1182766093 | 1130224092  |
| &nbsp;&nbsp;&nbsp; End of period | $1620616853 | $2241940364 | $1354832027 | $1182766093  |
| **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 5113312 | 7324161 | 5063383 | 4488167  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 6584618 | 9912100 | 1631173 | 1971442  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 64569 | 48938 | 30928 | 1455  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | 1951630 | 862977 | 761092  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  | 2345945 | 849598 | 878374  |
| &nbsp;&nbsp;&nbsp; Advisor Shares |  | 28456 | 6340 | 5080  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (17843609) | (6684586) | (3280665) | (5538829)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (10585282) | (6200437) | (3164142) | (3122087)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (147723) | (85972) | (16532) | (30535)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in shares** <br>**outstanding** | (16814115) | 8640235 | 1983060 | (585841) |

---

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

62<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** <br>**SUSTAINABLE SMALL-CAP** <br>**CORE FUND** | **BROWN ADVISORY** <br>**SUSTAINABLE SMALL-CAP** <br>**CORE FUND** | **BROWN ADVISORY** <br>**SUSTAINABLE VALUE** <br>**FUND**  | **BROWN ADVISORY** <br>**SUSTAINABLE VALUE** <br>**FUND**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2024** | **2023** | **2024** | **2023<sup>\*</sup>**  |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $107465 | $71858 | $977259 | $207087  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3440884 | (6281256) | 282853 | (98682)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 2717993 | 11304700 | 13190651 | 1465263  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from** <br>**Operations** | 6266342 | 5095302 | 14450763 | 1573668  |
| **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** | **DISTRIBUTIONS FROM EARNINGS** |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (104328) | (588) | (656605) | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (182) | (28) | (2992) | —  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (104510) | (616) | (659597) | —  |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 18805048 | 33653477 | 36959292 | 49585364  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 5434563 | 1807860 | 521702 | 1664985  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 28260 | 389 | 118098 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 179 | 28 | 20 | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (6313716) | (19543834) | (1342824) | (889573)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (640657) | (1264572) | (117377) | (1463815)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | 58 | 50 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  | 2 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share** <br>**Transactions** | 17313677 | 14653408 | 36138961 | 48896961  |
| **Increase (Decrease) in Net Assets** | 23475509 | 19748094 | 49930127 | 50470629  |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp; Beginning of period | 53475370 | 33727276 | 50470629 | —  |
| &nbsp;&nbsp;&nbsp; End of period | $76950879 | $53475370 | $100400756 | $50470629  |
| **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** | **SHARE TRANSACTIONS** |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 2052148 | 4020237 | 3227009 | 5106507  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 569073 | 216947 | 45587 | 167746  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 2898 | 46 | 10659 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 18 | 3 | 2 | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (704569) | (2377529) | (117948) | (92872)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (67726) | (146693) | (10096) | (151444)  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in shares outstanding** | 1851842 | 1713011 | 3155213 | 5029937 |

---

\* Inception date of Fund was February 28, 2023. Results of operations are for the period from March 1, 2023 to June 30, 2023.

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

63<br>

------

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY GLOBAL** <br>**LEADERS FUND** | **BROWN ADVISORY GLOBAL** <br>**LEADERS FUND** | **BROWN ADVISORY** <br>**SUSTAINABLE** <br>**INTERNATIONAL LEADERS** <br>**FUND**  | **BROWN ADVISORY** <br>**SUSTAINABLE** <br>**INTERNATIONAL LEADERS** <br>**FUND**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2024** | **2023** | **2024** | **2023**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $10532245 | $8074102 | $359474 | $155583  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 47039773 | (28013222) | (121927) | (165459)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 227574950 | 274035271 | 1265011 | 4216118  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 285146968 | 254096151 | 1502558 | 4206242  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (8537871) | (6991035) | (147645) | (35516)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (236099) | (395703) | (6044) | (3388)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (8773970) | (7386738) | (153689) | (38904)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 348669548 | 325301984 | 14282825 | 13043816  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 7733420 | 3611292 | 468155 | 1375819  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 2087276 | 1666735 | 50961 | 6722  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 218403 | 326640 | 6045 | 2778  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (95537188) | (206154158) | (1588061) | (215587)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (59661836) | (17052237) | (121909) | (329690)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 50 | 14 |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 3 | 1 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | 203509676 | 107700271 | 13098016 | 13883858  |
| **Increase (Decrease) in Net Assets** | 479882674 | 354409684 | 14446885 | 18051196  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1479147574 | 1124737890 | 24346727 | 6295531  |
| &nbsp;&nbsp;&nbsp; End of period | $1959030248 | $1479147574 | $38793612 | $24346727  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 14969600 | 16769670 | 1414331 | 1462731  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 327249 | 187404 | 46767 | 164665  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 88481 | 88798 | 4877 | 740  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 9286 | 17449 | 580 | 306  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (4094157) | (10875202) | (152791) | (26248)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (2611070) | (865869) | (11634) | (34394)  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in shares outstanding** | 8689389 | 5322250 | 1302130 | 1567800 |

---

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

64<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** <br>**INTERMEDIATE INCOME** <br>**FUND** | **BROWN ADVISORY** <br>**INTERMEDIATE INCOME** <br>**FUND** | **BROWN ADVISORY** <br>**SUSTAINABLE BOND FUND**  | **BROWN ADVISORY** <br>**SUSTAINABLE BOND FUND**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2024** | **2023** | **2024** | **2023**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3973687 | $3240395 | $24756275 | $9469365  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3255623) | (4258695) | (26803620) | (25159484)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2369173 | (1177752) | 9559118 | 3740742  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 3087237 | (2196052) | 7511773 | (11949377)  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (24488981) | (9183982)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (3869544) | (3207474) | (462293) | (287987)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (99330) | (75420) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (3968874) | (3282894) | (24951274) | (9471969)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 186255910 | 180573932  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 17654002 | 16553797 | 3400933 | 9585925  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 402279 | 159427 |  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 6436616 | 2286754  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 949314 | 925384 | 433724 | 266441  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 94024 | 70124 |  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (348925269) | (71731117)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (27262957) | (29348887) | (8137193) | (9806662)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (331615) | (229653) |  | —  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 75 | 1010  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  | 241 | 1 | 36  |
| &nbsp;&nbsp;&nbsp; Advisor Shares |  | 6 |  | —  |
|  Proceeds from shares issued in fund reorganization<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  |  | 331003377  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  |  |  | 878796  |
| &nbsp;&nbsp;&nbsp; Advisor Shares |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | (8494953) | (11869561) | (160535203) | 443058492  |
| **Increase (Decrease) in Net Assets** | (9376590) | (17348507) | (177974704) | 421637146  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 125780244 | 143128751 | 736221111 | 314583965  |
| &nbsp;&nbsp;&nbsp; End of period | $116403654 | $125780244 | $558246407 | $736221111  |

---

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

65<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** <br>**INTERMEDIATE INCOME** <br>**FUND** | **BROWN ADVISORY** <br>**INTERMEDIATE INCOME** <br>**FUND** | **BROWN ADVISORY** <br>**SUSTAINABLE BOND FUND**  | **BROWN ADVISORY** <br>**SUSTAINABLE BOND FUND**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2024** | **2023** | **2024** | **2023**  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 22147561 | 20636386  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1843538 | 1695318 | 401555 | 1081597  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 43045 | 16547 |  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 767017 | 260828  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 99893 | 95347 | 51625 | 30316  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 10131 | 7400 |  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (41474248) | (8155671)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (2869971) | (3014392) | (967957) | (1108532)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (36039) | (24348) |  | —  |
| Shares issued in fund reorganization:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  |  | 38304761  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  |  |  | 101652  |
| &nbsp;&nbsp;&nbsp; Advisor Shares |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in shares outstanding** | (909403) | (1224128) | (19074447) | 51151337 |

---

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

66<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** <br>**MARYLAND BOND FUND** | **BROWN ADVISORY** <br>**MARYLAND BOND FUND** | **BROWN ADVISORY TAX-EXEMPT** <br>**BOND FUND**  | **BROWN ADVISORY TAX-EXEMPT** <br>**BOND FUND**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2024** | **2023** | **2024** | **2023**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4825390 | $3987153 | $33862821 | $23580676  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (229059) | (3837761) | (7992587) | (47633476)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1347397 | 3652185 | 11058646 | 48140333  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 5943728 | 3801577 | 36928880 | 24087533  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (33901558) | (26053611)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (5293681) | (4607468) | (364922) | (287501)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (5293681) | (4607468) | (34266480) | (26341112)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 462186030 | 663635553  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 43965536 | 174773197 | 5844870 | 1633814  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 6335010 | 5222194  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 955621 | 929140 | 262301 | 198959  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (349068471) | (684366338)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (40870616) | (180499653) | (4439792) | (4123128)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 138 | 2116  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  |  | 2 | 27  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | 4050541 | (4797316) | 121120088 | (17796803)  |
| **Increase (Decrease) in Net Assets** | 4700588 | (5603207) | 123782488 | (20050382)  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 163961318 | 169564525 | 796041041 | 816091423  |
| &nbsp;&nbsp;&nbsp; End of period | $168661906 | $163961318 | $919823529 | $796041041  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 50313735 | 72302156  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 4522052 | 18023157 | 627451 | 176346  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 685667 | 565465  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 97878 | 95116 | 28354 | 21550  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (38209731) | (74745047)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (4218167) | (18676506) | (479861) | (447059)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in shares** <br>**outstanding** | 401763 | (558233) | 12965615 | (2126589) |

---

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

67<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY** <br>**TAX-EXEMPT SUSTAINABLE** <br>**BOND FUND** | **BROWN ADVISORY** <br>**TAX-EXEMPT SUSTAINABLE** <br>**BOND FUND** | **BROWN ADVISORY** <br>**MORTGAGE SECURITIES** <br>**FUND**  | **BROWN ADVISORY** <br>**MORTGAGE SECURITIES** <br>**FUND**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2024** | **2023** | **2024** | **2023**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $10387164 | $7959448 | $11905373 | $9193504  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (463917) | (13460318) | (8983161) | (3920342)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 297427 | 8854591 | 2651006 | (12021031)  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 10220674 | 3353721 | 5573218 | (6747869)  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (12109609) | (9638698)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (10387080) | (7959450) | (41372) | (52840)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (10387080) | (7959450) | (12150981) | (9691538)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 46426497 | 61373989  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 132387588 | 277423997 | 8520 | 175883  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 2754137 | 2100585  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 2249883 | 1966078 | 33978 | 46398  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (59755895) | (55235735)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (142449679) | (311401610) | (626992) | (937681)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  | 3970 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | (7812208) | (32007565) | (11159755) | 7523439  |
| **Increase (Decrease) in Net Assets** | (7978614) | (36613294) | (17737518) | (8915968)  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 288992669 | 325605963 | 303682764 | 312598732  |
| &nbsp;&nbsp;&nbsp; End of period | $281014055 | $288992669 | $285945246 | $303682764  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 5210736 | 6588484  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 14920755 | 30707463 | 942 | 18626  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 310059 | 228007  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 251062 | 217344 | 3813 | 5022  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (6667153) | (5961698)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (15968306) | (34843481) | (70705) | (101285)  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in shares outstanding** | (796489) | (3918674) | (1212308) | 771156 |

---

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

68<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BROWN ADVISORY - WMC** <br>**STRATEGIC EUROPEAN** <br>**EQUITY FUND** | **BROWN ADVISORY - WMC** <br>**STRATEGIC EUROPEAN** <br>**EQUITY FUND** | **BROWN ADVISORY** <br>**EMERGING MARKETS** <br>**SELECT FUND**  | **BROWN ADVISORY** <br>**EMERGING MARKETS** <br>**SELECT FUND**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2024** | **2023** | **2024** | **2023**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $5954714 | $3729226 | $10388673 | $7700454  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16309980 | (4071080) | 1881851 | (39033202)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 21218110 | 24114599 | 51942385 | 50890808 |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 43482804 | 23772745 | 64212909 | 19558060  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (3510805) | (4638118) | (9908444) | (6069695)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (130207) | (312015) | (42165) | (47726)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (25691) | (66310) | (2868) | (270)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (3666703) | (5016443) | (9953477) | (6117691)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 78166747 | 74999578 | 103628440 | 215596170  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 6422066 | 5643182 | 2038116 | 611646  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 321449 | 642046 | 41245 | 192224  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 918481 | 1932897 | 2327569 | 1405878  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 113737 | 209903 | 41242 | 47075  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 23393 | 61604 | 2868 | 271  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (32862868) | (99210794) | (75126322) | (196962728)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (10419620) | (10980068) | (1165890) | (3226011)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (432855) | (770892) | (57975) | (7708)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 262 | 93 | 168 | 2375  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 14 | 6 | 1 | 20  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 3 | 1 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | 42250809 | (27472444) | 31729462 | 17659212  |
| **Increase (Decrease) in Net Assets** | 82066910 | (8716142) | 85988894 | 31099581  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 245017819 | 253733961 | 539710836 | 508611255  |
| &nbsp;&nbsp;&nbsp; End of period | $327084729 | $245017819 | $625699730 | $539710836  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 6276815 | 6596970 | 9490076 | 21527213  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 504438 | 483769 | 192775 | 61146  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 25622 | 61589 | 3726 | 18626  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 74191 | 180946 | 220623 | 140167  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 9209 | 19782 | 3909 | 4693  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 1922 | 5902 | 271 | 27  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (2603761) | (10012965) | (6971087) | (20841533)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (823963) | (1081748) | (111247) | (306384)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (35900) | (70370) | (5362) | (724)  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in shares outstanding** | 3428573 | (3816125) | 2823684 | 603231 |

---

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

69<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **BROWN ADVISORY - BEUTEL** <br>**GOODMAN LARGE-CAP** <br>**VALUE FUND**  | **BROWN ADVISORY - BEUTEL** <br>**GOODMAN LARGE-CAP** <br>**VALUE FUND**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2024** | **2023**  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $32200711 | $27863500  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 84311860 | (1597544)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 124368434 | 204984398  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 240881005 | 231250354  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (30358502) | (52068822)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (181162) | (26989)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (30539664) | (52095811)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| Sale of shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 308668113 | 435357095  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 14863174 | 2340189  |
| Reinvestment of distributions:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 8737382 | 27731260  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 160124 | 26670  |
| Redemption of shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (299601925) | (215339444)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (2218935) | (163756)  |
| Redemption fees:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1008 | 557  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 9 | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | 30608950 | 249952571  |
| **Increase (Decrease) in Net Assets** | 240950291 | 429107114  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1666597905 | 1237490791  |
| &nbsp;&nbsp;&nbsp; End of period | $1907548196 | $1666597905  |
| **SHARE TRANSACTIONS**<br>|  |  |
| Sale of shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 21912528 | 33565417  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1034015 | 179132  |
| Reinvestment of distributions:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 614876 | 2078008  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 11300 | 2023  |
| Redemption of shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (21661249) | (16734091)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (148924) | (12640)  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in shares outstanding** | 1762546 | 19077849 |

---

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

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

**Financial Highlights** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp; $26.74 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | 5.02 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.80) | (1.80) | $29.96 | &nbsp;&nbsp; 19.68% | &nbsp;&nbsp; $508835 | &nbsp;&nbsp;&nbsp; (0.06)% | &nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 33 %  |
| 07/01/22 | 06/30/23 | 23.82 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | 4.56 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.64) | (1.64) | 26.74 | 20.22 | &nbsp;&nbsp; 1837801 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/21 | 06/30/22 | 37.39 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (9.01) | (9.10) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.47) | (4.47) | 23.82 | &nbsp;&nbsp; (27.88) | &nbsp;&nbsp; 1611983 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/20 | 06/30/21 | 29.05 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;10.02 | 9.96 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.62) | (1.62) | 37.39 | 35.14 | &nbsp;&nbsp; 2321278 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/19 | 06/30/20 | 24.80 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | 5.52 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.27) | (1.27) | 29.05 | 22.88 | &nbsp;&nbsp; 1849565 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 22  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | 26.12 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | 4.86 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.80) | (1.80) | 29.18 | 19.53 | &nbsp;&nbsp; 618412 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/22 | 06/30/23 | 23.35 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;4.48 | 4.41 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.64) | (1.64) | 26.12 | 20.03 | &nbsp;&nbsp; 687058 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/21 | 06/30/22 | 36.79 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (8.84) | (8.97) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.47) | (4.47) | 23.35 | &nbsp;&nbsp; (28.02) | &nbsp;&nbsp; 704341 | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/20 | 06/30/21 | 28.64 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;9.88 | 9.77 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.62) | (1.62) | 36.79 | 34.98 | &nbsp;&nbsp; 1174666 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/19 | 06/30/20 | 24.50 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;5.49 | 5.41 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.27) | (1.27) | 28.64 | 22.70 | &nbsp;&nbsp; 983640 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; 22  |
| **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  |
| 07/01/23 | 06/30/24 | 23.82 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | 4.34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.80) | (1.80) | 26.36 | 19.22 | &nbsp;&nbsp; 17158 | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/22 | 06/30/23 | 21.48 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | 3.98 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.64) | (1.64) | 23.82 | 19.76 | &nbsp;&nbsp; 13873 | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/21 | 06/30/22 | 34.27 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (8.12) | (8.32) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.47) | (4.47) | 21.48 | &nbsp;&nbsp; (28.20) | &nbsp;&nbsp; 13940 | &nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/20 | 06/30/21 | 26.84 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | 9.05 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.62) | (1.62) | 34.27 | 34.63 | &nbsp;&nbsp; 34042 | &nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/19 | 06/30/20 | 23.09 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | 5.02 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.27) | (1.27) | 26.84 | 22.39 | &nbsp;&nbsp; 13692 | &nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 22  |
| **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  | **BROWN ADVISORY FLEXIBLE EQUITY FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | 31.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;8.51 | 8.67 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.85) | (0.97) | 39.64 | 27.63 | &nbsp;&nbsp; 376594 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 27.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | 5.68 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.92) | (1.05) | 31.94 | 21.44 | &nbsp;&nbsp; 259933 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| 07/01/21 | 06/30/22 | 34.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp; (5.71) | (5.62) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.27) | (1.33) | 27.31 | &nbsp;&nbsp; (17.18) | &nbsp;&nbsp; 196675 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/20 | 06/30/21 | 24.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.76 | 10.83 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.84) | (0.93) | 34.26 | 45.26 | &nbsp;&nbsp; 201849 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/19 | 06/30/20 | 22.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | 2.61 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.02) | (1.17) | 24.36 | 11.29 | &nbsp;&nbsp; 134574 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | 31.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;8.49 | 8.60 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.85) | (0.93) | 39.51 | 27.46 | &nbsp;&nbsp; 542524 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 27.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | 5.62 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.92) | (0.98) | 31.84 | 21.24 | &nbsp;&nbsp; 442013 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| 07/01/21 | 06/30/22 | 34.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (5.70) | (5.66) | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.27) | (1.30) | 27.20 | &nbsp;&nbsp; (17.32) | &nbsp;&nbsp; 400090 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/20 | 06/30/21 | 24.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;10.73 | 10.76 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.84) | (0.91) | 34.16 | 45.05 | &nbsp;&nbsp; 500233 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/19 | 06/30/20 | 22.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | 2.56 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.02) | (1.13) | 24.31 | 11.12 | &nbsp;&nbsp; 362695 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  |
| 07/01/23 | 06/30/24 | 31.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | 8.47 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.85) | (0.88) | 39.31 | 27.13 | &nbsp;&nbsp; 7279 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 27.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | 5.53 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.92) | (0.92) | 31.72 | 20.93 | &nbsp;&nbsp; 5245 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| 07/01/21 | 06/30/22 | 34.10 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (5.68) | (5.72) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.27) | (1.27) | 27.11 | &nbsp;&nbsp; (17.51) | &nbsp;&nbsp; 4471 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/20 | 06/30/21 | 24.30 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | 10.68 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.84) | (0.88) | 34.10 | 44.69 | &nbsp;&nbsp; 5965 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/19 | 06/30/20 | 22.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | 2.50 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (1.02) | (1.10) | 24.30 | 10.84 | &nbsp;&nbsp; 4403 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  | **BROWN ADVISORY SUSTAINABLE GROWTH FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | 43.08 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;11.86 | 11.84 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | (0.01) | 54.91 | 27.47 | &nbsp;&nbsp; 6818542 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/22 | 06/30/23 | 35.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;7.63 | 7.66 | &nbsp;&nbsp;&nbsp; (0.00) | &nbsp;&nbsp; — | (0.00) | 43.08 | 21.63 | &nbsp;&nbsp; 5145711 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/21 | 06/30/22 | 44.56 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (8.19) | (8.23) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.91) | (0.91) | 35.42 | &nbsp;&nbsp; (19.02) | &nbsp;&nbsp; 3378590 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/20 | 06/30/21 | 31.96 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;12.63 | 12.60 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 44.56 | 39.42 | &nbsp;&nbsp; 3364728 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |
| 07/01/19 | 06/30/20 | 26.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | 5.78 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.21) | (0.21) | 31.96 | 22.01 | &nbsp;&nbsp; 1601989 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 20  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | 42.29 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;11.64 | 11.55 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 53.84 | 27.31 | &nbsp;&nbsp; 2699561 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/22 | 06/30/23 | 34.83 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | 7.46 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 42.29 | 21.42 | &nbsp;&nbsp; 2150632 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/21 | 06/30/22 | 43.90 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (8.05) | (8.16) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.91) | (0.91) | 34.83 | &nbsp;&nbsp; (19.15) | &nbsp;&nbsp; 1714513 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/20 | 06/30/21 | 31.52 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;12.47 | 12.38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 43.90 | 39.28 | &nbsp;&nbsp; 1849429 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |
| 07/01/19 | 06/30/20 | 26.07 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;5.69 | 5.66 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.21) | (0.21) | 31.52 | 21.82 | &nbsp;&nbsp; 1108023 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; 20  |

---

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

71<br>

------

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

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp; $41.08 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;11.27 | 11.07 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | $52.15 | &nbsp;&nbsp; 26.95% | &nbsp;&nbsp; $435773 | &nbsp;&nbsp;&nbsp; (0.44)% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 35%  |
| 07/01/22 | 06/30/23 | 33.91 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | 7.17 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 41.08 | 21.14 | &nbsp;&nbsp; 356620 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/21 | 06/30/22 | 42.87 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; (7.84) | (8.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.91) | (0.91) | 33.91 | &nbsp;&nbsp; (19.35) | &nbsp;&nbsp; 298972 | &nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/20 | 06/30/21 | 30.86 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;12.19 | 12.01 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 42.87 | 38.92 | &nbsp;&nbsp; 444064 | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |
| 07/01/19 | 06/30/20 | 25.59 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | 5.48 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.21) | (0.21) | 30.86 | 21.53 | &nbsp;&nbsp; 285542 | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 20  |
| **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  | **BROWN ADVISORY MID-CAP GROWTH FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | 13.55 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | 1.95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 15.50 | 14.48 | &nbsp;&nbsp; 69167 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; 63  |
| 07/01/22 | 06/30/23 | 12.29 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | 2.07 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.81) | (0.81) | 13.55 | 17.38 | &nbsp;&nbsp; 71960 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 55  |
| 07/01/21 | 06/30/22 | 19.86 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (5.73) | (5.82) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.75) | (1.75) | 12.29 | &nbsp;&nbsp; (31.54) | &nbsp;&nbsp; 94754 | &nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| 07/01/20 | 06/30/21 | 13.86 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | 6.00 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 19.86 | 43.03 | &nbsp;&nbsp; 159180 | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| 07/01/19 | 06/30/20 | 13.14 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.76 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | (0.04) | 13.86 | 5.68 | &nbsp;&nbsp; 100367 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | 13.42 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | 1.91 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 15.33 | 14.23 | &nbsp;&nbsp; 27757 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; 63  |
| 07/01/22 | 06/30/23 | 12.20 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | 2.03 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.81) | (0.81) | 13.42 | 17.26 | &nbsp;&nbsp; 24419 | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp; 55  |
| 07/01/21 | 06/30/22 | 19.76 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (5.70) | (5.81) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.75) | (1.75) | 12.20 | &nbsp;&nbsp; (31.70) | &nbsp;&nbsp; 22897 | &nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| 07/01/20 | 06/30/21 | 13.81 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | 5.95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 19.76 | 42.90 | &nbsp;&nbsp; 33381 | &nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| 07/01/19 | 06/30/20 | 13.12 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 0.73 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | (0.04) | 13.81 | 5.46 | &nbsp;&nbsp; 28477 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  | **BROWN ADVISORY SMALL-CAP GROWTH FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | 44.48 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | 1.03 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 45.51 | 2.32 | &nbsp;&nbsp; 801675 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/22 | 06/30/23 | 41.98 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | 5.82 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.32) | (3.32) | 44.48 | 14.33 | &nbsp;&nbsp; 1349940 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/21 | 06/30/22 | 63.00 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (13.47) | (13.79) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (7.23) | (7.23) | 41.98 | &nbsp;&nbsp; (24.11) | &nbsp;&nbsp; 1165292 | &nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 44.31 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;19.48 | 19.14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.45) | (0.45) | 63.00 | 43.31 | &nbsp;&nbsp; 1758121 | &nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/19 | 06/30/20 | 44.24 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 0.95 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.88) | (0.88) | 44.31 | 2.18 | &nbsp;&nbsp; 1039126 | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | 22.12 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | 0.47 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 22.59 | 2.12 | &nbsp;&nbsp; 810889 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/22 | 06/30/23 | 20.91 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | 2.86 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.65) | (1.65) | 22.12 | 14.17 | &nbsp;&nbsp; 882356 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/21 | 06/30/22 | 31.42 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (6.71) | (6.91) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.60) | (3.60) | 20.91 | &nbsp;&nbsp; (24.23) | &nbsp;&nbsp; 707378 | &nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 22.13 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | 9.51 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.22) | (0.22) | 31.42 | 43.11 | &nbsp;&nbsp; 822075 | &nbsp;&nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/19 | 06/30/20 | 22.13 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.44 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.44) | (0.44) | 22.13 | 2.02 | &nbsp;&nbsp; 511028 | &nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  |
| 07/01/23 | 06/30/24 | 20.93 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 0.39 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 21.32 | 1.86 | &nbsp;&nbsp; 8053 | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/22 | 06/30/23 | 19.83 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | 2.67 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.57) | (1.57) | 20.93 | 13.91 | &nbsp;&nbsp; 9644 | &nbsp;&nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/21 | 06/30/22 | 29.88 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (6.37) | (6.63) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.42) | (3.42) | 19.83 | &nbsp;&nbsp; (24.44) | &nbsp;&nbsp; 9309 | &nbsp;&nbsp;&nbsp; (0.99) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 21.10 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;9.25 | 8.99 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.21) | (0.21) | 29.88 | 42.74 | &nbsp;&nbsp; 14939 | &nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/19 | 06/30/20 | 21.15 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 0.37 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.42) | (0.42) | 21.10 | 1.78 | &nbsp;&nbsp; 12159 | &nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  | **BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | 27.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | 4.41 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (1.58) | (1.79) | 30.30 | 16.33 | &nbsp;&nbsp; 724560 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 44  |
| 07/01/22 | 06/30/23 | 26.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | 3.29 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.57) | (1.70) | 27.68 | 12.67 | &nbsp;&nbsp; 588594 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/21 | 06/30/22 | 29.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp; (3.45) | (3.36) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.10) | (0.20) | 26.09 | &nbsp;&nbsp; (11.45) | &nbsp;&nbsp; 562382 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 19.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;10.44 | 10.55 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp; — | (0.15) | 29.65 | 54.97 | &nbsp;&nbsp; 591096 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| 07/01/19 | 06/30/20 | 24.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (4.46) | (4.25) | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.14) | (1.27) | 19.25 | &nbsp;&nbsp; (18.38) | &nbsp;&nbsp; 336819 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp; 56  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp; 27.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | 4.35 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (1.58) | (1.74) | 30.23 | 16.17 | &nbsp;&nbsp; 626715 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 44  |
| 07/01/22 | 06/30/23 | 26.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | 3.24 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.57) | (1.66) | 27.62 | 12.49 | &nbsp;&nbsp; 591487 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/21 | 06/30/22 | 29.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (3.45) | (3.41) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.10) | (0.15) | 26.04 | &nbsp;&nbsp; (11.59) | &nbsp;&nbsp; 564689 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 19.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.42 | 10.49 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | (0.11) | 29.60 | 54.74 | &nbsp;&nbsp; 648403 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| 07/01/19 | 06/30/20 | 24.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (4.46) | (4.28) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.14) | (1.25) | 19.22 | &nbsp;&nbsp; (18.49) | &nbsp;&nbsp; 432498 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 56  |

---

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

72<br>

------

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

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;27.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | 4.24 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.58) | (1.69) | 29.97 | 15.86 | &nbsp;&nbsp; 3557 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 44  |
| 07/01/22 | 06/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;25.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | 3.16 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.57) | (1.60) | 27.42 | 12.25 | &nbsp;&nbsp; 2685 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/21 | 06/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;29.43 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; (3.43) | (3.46) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.10) | (0.11) | 25.86 | &nbsp;&nbsp; (11.82) | &nbsp;&nbsp; 3154 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;19.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;10.36 | 10.37 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — | (0.04) | 29.43 | 54.37 | &nbsp;&nbsp; 8125 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| 07/01/19 | 06/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;24.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; (4.44) | (4.32) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (1.14) | (1.22) | 19.10 | &nbsp;&nbsp; (18.71) | &nbsp;&nbsp; 4480 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  | **BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 0.93 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | (0.02) | 9.72 | 10.51 | &nbsp;&nbsp; 70393 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| 07/01/22 | 06/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 1.07 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.00) | (0.00) | 8.81 | 13.83 | &nbsp;&nbsp; 51935 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| 09/30/21<sup>^</sup> | 06/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (2.24) | (2.26) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 7.74 | &nbsp;&nbsp; (22.60) | &nbsp;&nbsp; 32915 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.90 | &nbsp;&nbsp;&nbsp; (0.00) | &nbsp;&nbsp; — | (0.00) | 9.69 | 10.25 | &nbsp;&nbsp; 6558 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| 07/01/22 | 06/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 1.06 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.00) | (0.00) | 8.79 | 13.71 | &nbsp;&nbsp; 1540 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| 09/30/21<sup>^</sup> | 06/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (2.25) | (2.27) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 7.73 | &nbsp;&nbsp; (22.70) | &nbsp;&nbsp; 812 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  | **BROWN ADVISORY SUSTAINABLE VALUE FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | 2.35 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | (0.11) | 12.27 | 23.55 | &nbsp;&nbsp; 99767 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp; 37  |
| 02/28/23<sup>^</sup> | 06/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (0.03) | 0.03 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 10.03 | 0.30 | &nbsp;&nbsp; 50307 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp; 7  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | 2.32 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | (0.10) | 12.24 | 23.26 | &nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp; 37  |
| 02/28/23<sup>^</sup> | 06/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.03) | 0.02 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 10.02 | 0.20 | &nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  | **BROWN ADVISORY GLOBAL LEADERS FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;22.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | 3.94 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — | (0.13) | 25.89 | 17.88 | &nbsp;&nbsp; 1926704 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;18.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | 3.96 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | (0.12) | 22.08 | 21.83 | &nbsp;&nbsp; 1401528 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/21 | 06/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;22.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (4.19) | (4.09) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.25) | (0.27) | 18.24 | &nbsp;&nbsp; (18.34) | &nbsp;&nbsp; 1048587 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/20 | 06/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | 6.25 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | (0.03) | 22.60 | 38.17 | &nbsp;&nbsp; 1149790 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 14  |
| 07/01/19 | 06/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;15.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 1.20 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — | (0.06) | 16.38 | 7.85 | &nbsp;&nbsp; 605983 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;22.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | 3.88 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | (0.09) | 25.79 | 17.66 | &nbsp;&nbsp; 32326 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;18.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | 3.92 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | (0.10) | 22.00 | 21.63 | &nbsp;&nbsp; 77619 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/21 | 06/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;22.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (4.17) | (4.10) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.25) | (0.26) | 18.18 | &nbsp;&nbsp; (18.45) | &nbsp;&nbsp; 76150 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/20 | 06/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;6.20 | 6.20 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | (0.02) | 22.54 | 37.91 | &nbsp;&nbsp; 95940 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 14  |
| 07/01/19 | 06/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;15.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 1.17 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — | (0.04) | 16.36 | 7.68 | &nbsp;&nbsp; 66813 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  | **BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;10.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.26 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp; — | (0.05) | 10.73 | 2.49 | &nbsp;&nbsp; 36921 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/22 | 06/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | 2.11 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | (0.02) | 10.52 | 25.09 | &nbsp;&nbsp; 22884 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 02/28/22<sup>^</sup> | 06/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (1.63) | (1.57) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 8.43 | &nbsp;&nbsp; (15.70) | &nbsp;&nbsp; 6221 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;10.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.24 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — | (0.04) | 10.69 | 2.27 | &nbsp;&nbsp; 1873 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/22 | 06/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | 2.09 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | (0.02) | 10.49 | 24.88 | &nbsp;&nbsp; 1463 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 02/28/22<sup>^</sup> | 06/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (1.63) | (1.58) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 8.42 | &nbsp;&nbsp; (15.80) | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |

---

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

73<br>

------

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

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  | **BROWN ADVISORY INTERMEDIATE INCOME FUND:**  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (0.05) | 0.27 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | (0.32) | $9.55 | &nbsp;&nbsp; 2.86% | &nbsp;&nbsp; $113124 | &nbsp;&nbsp;&nbsp;&nbsp; 3.33% | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 27 %  |
| 07/01/22 | 06/30/23 | 9.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.38) | (0.14) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp; — | (0.25) | 9.60 | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; 122641 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; 32  |
| 07/01/21 | 06/30/22 | 11.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; (0.94) | (0.82) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.10) | (0.24) | 9.99 | &nbsp;&nbsp; (7.60) | &nbsp;&nbsp; 139856 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 58  |
| 07/01/20 | 06/30/21 | 11.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.13 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) | (0.14) | 11.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp; 167774 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/19 | 06/30/20 | 10.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | 0.59 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp; — | (0.25) | 11.06 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp; 148300 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; 105  |
| **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  |
| 07/01/23 | 06/30/24 | 9.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp; (0.05) | 0.24 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp; — | (0.30) | 9.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp; 3279 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/22 | 06/30/23 | 9.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (0.37) | (0.16) | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp; — | (0.22) | 9.38 | &nbsp;&nbsp; (1.62) | &nbsp;&nbsp; 3139 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp; 32  |
| 07/01/21 | 06/30/22 | 10.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (0.93) | (0.83) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.10) | (0.21) | 9.76 | &nbsp;&nbsp; (7.82) | &nbsp;&nbsp; 3273 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; 58  |
| 07/01/20 | 06/30/21 | 10.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.09 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.01) | (0.11) | 10.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp; 3661 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/19 | 06/30/20 | 10.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | 0.55 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp; — | (0.22) | 10.82 | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp; 3624 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; 105 |
| **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY SUSTAINABLE BOND FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | 8.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.19) | 0.16 | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp; — | (0.36) | 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp; 550052 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 251  |
| 07/01/22 | 06/30/23 | 9.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp; (0.54) | (0.29) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp; — | (0.25) | 8.60 | &nbsp;&nbsp; (3.22) | &nbsp;&nbsp; 723393 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp; 277  |
| 07/01/21 | 06/30/22 | 10.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.13) | (0.99) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.14) | (0.29) | 9.14 | &nbsp;&nbsp; (9.71) | &nbsp;&nbsp; 301917 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; 113  |
| 07/01/20 | 06/30/21 | 10.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.26 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.21) | (0.38) | 10.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp; 218476 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 89  |
| 07/01/19 | 06/30/20 | 10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.81 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.12) | (0.40) | 10.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp; 153472 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 97  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | 8.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.21) | 0.14 | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp; — | (0.35) | 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp; 8195 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 251  |
| 07/01/22 | 06/30/23 | 9.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.53) | (0.29) | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp; — | (0.24) | 8.61 | &nbsp;&nbsp; (3.16) | &nbsp;&nbsp; 12829 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 277  |
| 07/01/21 | 06/30/22 | 10.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (1.13) | (1.00) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.14) | (0.28) | 9.14 | &nbsp;&nbsp; (9.76) | &nbsp;&nbsp; 12667 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 113  |
| 07/01/20 | 06/30/21 | 10.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.26 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.21) | (0.38) | 10.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp; 5009 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 89  |
| 07/01/19 | 06/30/20 | 10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.80 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.12) | (0.39) | 10.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp; 2125 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; 97 |
| **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  | **BROWN ADVISORY MARYLAND BOND FUND:**  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | 9.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.36 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp; — | (0.31) | 9.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp; 168662 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 22  |
| 07/01/22 | 06/30/23 | 9.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.26 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp; — | (0.27) | 9.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp; 163961 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 51  |
| 07/01/21 | 06/30/22 | 10.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (1.04) | (0.85) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp; — | (0.23) | 9.80 | &nbsp;&nbsp; (7.90) | &nbsp;&nbsp; 169565 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; 22  |
| 07/01/20 | 06/30/21 | 10.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.47 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — | (0.26) | 10.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp; 186483 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 17  |
| 07/01/19 | 06/30/20 | 10.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp; (0.09) | 0.16 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp; — | (0.29) | 10.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp; 176198 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 37 |
| **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT BOND FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.41 | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp; — | (0.38) | 9.32 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp; 909986 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp; 57  |
| 07/01/22 | 06/30/23 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.33 | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp; — | (0.33) | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp; 787874 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; 79  |
| 07/01/21 | 06/30/22 | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (1.08) | (0.90) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.05) | (0.31) | 9.29 | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; 805608 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/20 | 06/30/21 | 10.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | 0.69 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp; — | (0.27) | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp; 1190436 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp; 47  |
| 07/01/19 | 06/30/20 | 10.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.08) | 0.16 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp; — | (0.28) | 10.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp; 1072444 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; 80  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.41 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp; — | (0.37) | 9.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp; 9838 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 57  |
| 07/01/22 | 06/30/23 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.32 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | (0.32) | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp; 8167 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 79  |
| 07/01/21 | 06/30/22 | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; (1.07) | (0.90) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.05) | (0.31) | 9.29 | &nbsp;&nbsp; (8.80) | &nbsp;&nbsp; 10484 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/20 | 06/30/21 | 10.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | 0.67 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — | (0.26) | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp; 11537 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 47  |
| 07/01/19 | 06/30/20 | 10.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.07) | 0.17 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp; — | (0.28) | 10.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp; 9982 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; 80 |

---

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

74<br>

------

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

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  | **BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:**  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (0.02) | 0.30 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | (0.32) | $9.04 | &nbsp;&nbsp; 3.42% | &nbsp;&nbsp; $281014 | &nbsp;&nbsp;&nbsp; 3.58% | &nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 50%  |
| 07/01/22 | 06/30/23 | 9.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.03) | 0.21 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp; — | (0.24) | 9.06 | 2.39 | &nbsp;&nbsp; 288993 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 111  |
| 07/01/21 | 06/30/22 | 10.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (1.01) | (0.86) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.10) | (0.24) | 9.09 | &nbsp;&nbsp; (8.60) | &nbsp;&nbsp; 325606 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 61  |
| 07/01/20 | 06/30/21 | 9.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 0.45 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) | (0.14) | 10.19 | 4.57 | &nbsp;&nbsp; 179123 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 66  |
| 12/02/19<sup>^</sup> | 06/30/20 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (0.12) | (0.04) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; — | (0.08) | 9.88 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; 157032 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; 39 |
| **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  | **BROWN ADVISORY MORTGAGE SECURITIES FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | 9.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp; (0.21) | 0.16 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp; — | (0.37) | 8.89 | 1.90 | &nbsp;&nbsp; 285175 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 335  |
| 07/01/22 | 06/30/23 | 9.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (0.48) | (0.20) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp; — | (0.29) | 9.10 | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp; 302293 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 229  |
| 07/01/21 | 06/30/22 | 10.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (0.92) | (0.82) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp; — | (0.15) | 9.59 | &nbsp;&nbsp; (7.86) | &nbsp;&nbsp; 310388 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; 204  |
| 07/01/20 | 06/30/21 | 10.46 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.16 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — | (0.06) | 10.56 | 1.53 | &nbsp;&nbsp; 288526 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 148  |
| 07/01/19 | 06/30/20 | 10.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 0.61 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp; — | (0.17) | 10.46 | 6.09 | &nbsp;&nbsp; 238202 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; 139  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | 9.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (0.20) | 0.16 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp; — | (0.37) | 8.91 | 1.84 | &nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 335  |
| 07/01/22 | 06/30/23 | 9.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; (0.47) | (0.20) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp; — | (0.29) | 9.12 | &nbsp;&nbsp; (2.11) | &nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 229  |
| 07/01/21 | 06/30/22 | 10.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp; (0.91) | (0.82) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | (0.14) | 9.61 | &nbsp;&nbsp; (7.81) | &nbsp;&nbsp; 2211 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 204  |
| 07/01/20 | 06/30/21 | 10.47 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.16 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — | (0.06) | 10.57 | 1.48 | &nbsp;&nbsp; 31876 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 148  |
| 07/01/19 | 06/30/20 | 10.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 0.61 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp; — | (0.16) | 10.47 | 6.15 | &nbsp;&nbsp; 9755 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; 139  |
| **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  | **BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | 11.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 1.88 | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp; — | (0.16) | 13.54 | 16.05 | &nbsp;&nbsp; 311205 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; 41  |
| 07/01/22 | 06/30/23 | 10.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | 1.77 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.08) | (0.29) | 11.82 | 17.50 | &nbsp;&nbsp; 227407 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp; 73  |
| 07/01/21 | 06/30/22 | 13.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (1.68) | (1.53) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.10) | (1.21) | 10.34 | &nbsp;&nbsp; (12.75) | &nbsp;&nbsp; 232340 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; 43  |
| 07/01/20 | 06/30/21 | 10.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | 3.33 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.73) | (0.76) | 13.08 | 32.55 | &nbsp;&nbsp; 417419 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; 51  |
| 07/01/19 | 06/30/20 | 11.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.07) | (0.04) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.50) | (0.60) | 10.51 | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; 287081 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp; 53  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | 11.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 1.86 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | (0.14) | 13.49 | 15.91 | &nbsp;&nbsp; 12912 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp; 41  |
| 07/01/22 | 06/30/23 | 10.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | 1.75 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.08) | (0.28) | 11.77 | 17.30 | &nbsp;&nbsp; 14922 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp; 73  |
| 07/01/21 | 06/30/22 | 13.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (1.67) | (1.54) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.10) | (1.19) | 10.30 | &nbsp;&nbsp; (12.89) | &nbsp;&nbsp; 19007 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp; 43  |
| 07/01/20 | 06/30/21 | 10.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | 3.30 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.73) | (0.75) | 13.03 | 32.36 | &nbsp;&nbsp; 39751 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp; 51  |
| 07/01/19 | 06/30/20 | 11.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.06) | (0.05) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.50) | (0.59) | 10.48 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; 22224 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp; 53  |
| **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  |
| 07/01/23 | 06/30/24 | 11.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | 1.80 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | (0.12) | 13.28 | 15.58 | &nbsp;&nbsp; 2968 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp; 41  |
| 07/01/22 | 06/30/23 | 10.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | 1.70 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.08) | (0.27) | 11.60 | 17.05 | &nbsp;&nbsp; 2689 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp; 73  |
| 07/01/21 | 06/30/22 | 12.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (1.65) | (1.55) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.10) | (1.16) | 10.17 | &nbsp;&nbsp; (13.09) | &nbsp;&nbsp; 2387 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp; 43  |
| 07/01/20 | 06/30/21 | 10.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | 3.24 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.73) | (0.74) | 12.88 | 32.01 | &nbsp;&nbsp; 3728 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp; 51  |
| 07/01/19 | 06/30/20 | 11.03 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.07) | (0.08) | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.50) | (0.57) | 10.38 | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; 3816 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp; 53 |
| **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  | **BROWN ADVISORY EMERGING MARKETS SELECT FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | 10.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 1.23 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — | (0.19) | 11.67 | 11.74 | &nbsp;&nbsp; 622254 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp; 70  |
| 07/01/22 | 06/30/23 | 10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 0.63 | &nbsp;&nbsp;&nbsp; (0.13) |  | (0.13) | 10.63 | 6.27 | &nbsp;&nbsp; 537466 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp; 69 |
| 07/01/21 | 06/30/22 | 12.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (2.50) | (2.36) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; — | (0.08) | 10.13 | &nbsp;&nbsp; (18.87) | &nbsp;&nbsp; 504216 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | 3.78 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | (0.07) | 12.57 | 42.71 | &nbsp;&nbsp; 529908 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp; 61  |
| 07/01/19 | 06/30/20 | 9.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (0.48) | (0.37) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | (0.11) | 8.86 | &nbsp;&nbsp; (4.04) | &nbsp;&nbsp; 267282 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; 62  |

---

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

75<br>

------

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

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period (000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 1.21 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp; — | (0.17) | $11.66 | &nbsp;&nbsp; 11.60% | &nbsp;&nbsp; $3220 | &nbsp;&nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 70%  |
| 07/01/22 | 06/30/23 | 10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.60 | &nbsp;&nbsp;&nbsp; (0.11) |  | (0.11) | 10.62 | 6.01 | &nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| 07/01/21 | 06/30/22 | 12.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (2.50) | (2.37) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — | (0.06) | 10.13 | &nbsp;&nbsp; (18.93) | &nbsp;&nbsp; 4368 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | 3.76 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp; — | (0.05) | 12.56 | 42.56 | &nbsp;&nbsp; 5908 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp; 61  |
| 07/01/19 | 06/30/20 | 9.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (0.49) | (0.39) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | (0.09) | 8.85 | &nbsp;&nbsp; (4.29) | &nbsp;&nbsp; 4202 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp; 62  |
| **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  | **Advisor Shares\***  |
| 07/01/23 | 06/30/24 | 10.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 1.19 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp; — | (0.15) | 11.69 | 11.32 | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/22 | 06/30/23 | 10.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.58 | &nbsp;&nbsp;&nbsp; (0.09) |  | (0.09) | 10.65 | 5.76 | &nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| 07/01/21 | 06/30/22 | 12.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (2.50) | (2.40) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — | (0.04) | 10.16 | &nbsp;&nbsp; (19.11) | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | 3.74 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | (0.01) | 12.60 | 42.17 | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; 61  |
| 07/01/19 | 06/30/20 | 9.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (0.50) | (0.42) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; — | (0.08) | 8.87 | &nbsp;&nbsp; (4.61) | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** | **BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:** |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/23 | 06/30/24 | 13.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | 2.00 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp; — | (0.25) | 15.43 | 14.80 | &nbsp;&nbsp; 1890909 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 24  |
| 07/01/22 | 06/30/23 | 12.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | 2.11 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.25) | (0.47) | 13.68 | 17.67 | &nbsp;&nbsp; 1664063 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 17  |
| 07/01/21 | 06/30/22 | 14.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (1.42) | (1.19) | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.98) | (1.18) | 12.04 | &nbsp;&nbsp; (8.68) | &nbsp;&nbsp; 1237283 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/20 | 06/30/21 | 10.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | 4.19 | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp; — | (0.39) | 14.41 | 40.12 | &nbsp;&nbsp; 1149351 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| 07/01/19 | 06/30/20 | 10.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp; (0.20) | 0.36 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.12) | (0.22) | 10.61 | 3.27 | &nbsp;&nbsp; 452012 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  | **Investor Shares\***  |
| 07/01/23 | 06/30/24 | 13.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | 1.99 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp; — | (0.25) | 15.38 | 14.73 | &nbsp;&nbsp; 16639 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 24  |
| 07/01/22 | 06/30/23 | 12.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | 2.08 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.25) | (0.46) | 13.64 | 17.46 | &nbsp;&nbsp; 2535 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 17  |
| 07/01/21<sup>^</sup> | 06/30/22 | 14.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (1.42) | (1.21) | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.98) | (1.18) | 12.02 | &nbsp;&nbsp; (8.87) | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

\* Redemption fees of less than $0.005/share are not presented and are included in net realized & unrealized gains (losses) from investment operations. 

<sup>^</sup> Information presented is for the entire history of the share class.

<sup>(a)</sup> Calculated based on average shares outstanding during the fiscal period.

<sup>(b)</sup> Annualized for periods less than one year. Ratios include only income and expenses of the funds themselves, as presented in the Statements of Operations, and do not include any additional or pro rata amounts of income or expenses from the ownership of any other investment companies (as applicable).

<sup>(c)</sup> Not annualized for periods less than one year. Portfolio turnover rates are calculated at the fund level (not by individual share class).

<sup>(d)</sup> Reflects the expense ratio excluding any expense waivers or expense recoupments.

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

76<br>

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

**Notes to Financial Statements** 

**June 30, 2024** 

**Note 1. Organization** 

Brown Advisory Funds (the "Trust") is registered under the Investment Company Act of 1940 as an open-ended management investment company. The Trust offers the following series of shares (each a "Fund," and collectively, the "Funds"):

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Sustainable Small-Cap Core Fund** ("Sustainable Small-Cap Core Fund") seeks to achieve long-term capital appreciation
 by investing primarily in equity securities of small-cap companies,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Sustainable Value Fund** ("Sustainable Value Fund") seeks to achieve long-term capital appreciation,

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Intermediate Income Fund** ("Intermediate Income Fund") seeks to provide a high level of current income consistent with
 the preservation of principal within an intermediate-term maturity structure,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Sustainable Bond Fund** ("Sustainable Bond Fund") seeks to provide a competitive total return consistent with the preservation
 of principal while giving special consideration to certain environmental, social and governance criteria,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Maryland Bond Fund** ("Maryland Bond Fund") seeks to provide a high level of current income exempt from both Federal
 and Maryland State income taxes without undue risk,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Tax-Exempt Bond Fund** ("Tax-Exempt Bond Fund") seeks to provide a high level of current income exempt from Federal income
 tax by investing primarily in intermediate-term investment grade municipal bonds,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Tax-Exempt Sustainable Bond Fund** ("Tax-Exempt Sustainable Bond Fund") seeks to provide a high level of current income
 exempt from Federal income tax by investing primarily in intermediate-term investment grade municipal bonds while giving special consideration
 to certain environmental, social, and governance criteria,

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory - WMC Strategic European Equity Fund** ("WMC Strategic European Equity Fund") seeks to achieve total return by investing
 principally in equity securities issued by companies established or operating in Europe,

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**June 30, 2024(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Emerging Markets Select Fund** ("Emerging Markets Select Fund") seeks to achieve total return by investing principally
 in equity securities issued by companies established or operating in emerging markets, and

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Institutional**<br>**Shares** | **Investor**<br>**Shares** | **Advisor**<br>**Shares** |
| Growth Equity | 10/19/2012 | 6/28/1999 | 5/18/2006 |
| Flexible Equity | 10/19/2012 | 11/30/2006 | 1/24/2007 |
| Sustainable Growth | 6/29/2012 | 6/29/2012 | 6/29/2012 |
| Mid-Cap Growth | 7/2/2018 | 10/2/2017 |  |
| Small-Cap Growth | 9/20/2002 | 6/28/1999 | 4/25/2006 |
| Small-Cap Fundamental Value  | 10/19/2012 | 12/31/2008 | 7/28/2011  |
| Sustainable Small-Cap Core | 9/30/2021 | 9/30/2021 |  |
| Sustainable Value | 2/28/2023 | 2/28/2023 | —  |
| Global Leaders | 10/31/2018 | 7/1/2015 | —  |
| Sustainable International Leaders | 2/28/2022 | 2/28/2022 | —  |
| Intermediate Income |  | 11/2/1995 | 5/13/1991  |
| Sustainable Bond | 7/2/2018 | 8/7/2017 | —  |
| Maryland Bond |  | 12/21/2000 | —  |
| Tax-Exempt Bond | 7/2/2018 | 6/29/2012 | —  |
| Tax-Exempt Sustainable Bond |  | 12/2/2019 | —  |
| Mortgage Securities | 5/13/2014 | 12/26/2013 | —  |
| WMC Strategic European Equity | 10/21/2013 | 10/21/2013 | 10/21/2013  |
| Emerging Markets Select | 12/12/2012 | 12/12/2012 | 12/12/2012  |
| Beutel Goodman Large-Cap Value  | 2/13/2018  | 6/30/2021  |  |

---

**Note 2. Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Funds are investment companies and follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies, which is part of U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Security Valuation – The Funds have adopted pricing and valuation procedures pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the Adviser serves as the Funds Valuation Designee. The Valuation Designee performs all fair value determinations along with all other responsibilities in accordance with Rule 2a-5. As Valuation Designee, the Adviser is authorized to make all necessary determinations of fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from independent pricing services are inaccurate or unreliable.

The Funds have adopted US GAAP fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the 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).

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**June 30, 2024(Continued)** 

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

**Domestic Equity Securities – Domestic equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market<sup>®</sup> ("NASDAQ"), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over- the counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Such domestic equity securities are typically categorized as Level 1 securities. Investments in other domestic open-ended mutual funds are valued at their reported Net Asset Value ("NAV") and are typically categorized as Level 1 securities. Investments in Exchange Traded Funds ("ETFs") and Closed-End Funds are valued at their last reported sale price and are typically categorized as Level 1 securities.** 

**Foreign Equity Securities – For foreign equity securities that are traded on foreign exchanges, the Funds have selected ICE Data Services ("ICE") to provide pricing data. The use of ICE's pricing services with respect to these foreign exchange traded securities is designed to capture events occurring after a foreign exchange closes that may affect the value of certain holdings of the Funds that are traded on those foreign exchanges. The Funds utilize a confidence interval when determining whether or not to utilize these prices provided by ICE. The confidence interval is a measure of the relationship that each foreign exchange traded security has to movements in various indices and the price of the foreign exchange traded security's corresponding American Depositary Receipt, if one exists. ICE provides a confidence interval for each foreign exchange traded security for which it provides a price. If the confidence interval provided by ICE is equal to or greater than a predefined level utilized by the Funds, the Funds will value that foreign exchange traded security at that price. If the confidence interval provided by ICE is less than the predefined level utilized by the Funds, the Funds will value that foreign exchange traded security at the preceding closing price on its respective foreign exchange, or, if there were no transactions on the preceding day, at the mean between the bid and the asked prices. Such foreign securities are typically categorized as Level 2 securities. Foreign securities for which the local market closing prices are utilized are typically categorized as Level 1 securities.**

**Debt Securities – Debt securities are valued by using the mean between the closing bid and asked prices provided by an independent pricing service. If the closing bid and asked prices are not readily available, the independent pricing service may provide a price determined by a matrix pricing method. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. Fixed income debt instruments, such as commercial paper, banker's acceptances and U.S. Treasury Bills, having a maturity of less than 60 days are valued at amortized cost when the amortized cost value is determined to approximate fair value established using market-based and issuer-specific factors. Such debt securities are typically categorized as Level 2.**

**Exchange Traded Options – Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes (NBBO). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Specifically, composite pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Such options are typically categorized as Level 2.**

**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

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**June 30, 2024(Continued)** 

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 $1,119,657 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 June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Growth Equity Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1109581034 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 36415991 |  | —  |
| **Total Investments** | $1145997025 | $— | $—  |
| **Flexible Equity Fund** | **Flexible Equity Fund** | **Flexible Equity Fund** | **Flexible Equity Fund** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $885840790 | $— | $—  |
| &nbsp;&nbsp;&nbsp; REIT<sup>^</sup> | 7336123 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 31357936 |  | —  |
| **Total Investments** | $924534849 | $— | $—  |
| **Sustainable Growth Fund** | **Sustainable Growth Fund** | **Sustainable Growth Fund** |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $9769898935 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 179869123 |  | —  |
| **Total Investments** | $9949768058 | $— | $—  |
| **Mid-Cap Growth Fund** | **Mid-Cap Growth Fund** | **Mid-Cap Growth Fund** |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $93032657 | $— | $—  |
| &nbsp;&nbsp;&nbsp; REIT<sup>^</sup> | 515091 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 3276451 |  | —  |
| **Total Investments** | $96824199 | $— | $—  |
| **Small-Cap Growth Fund†** | **Small-Cap Growth Fund†** | **Small-Cap Growth Fund†** | **Small-Cap Growth Fund†** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1554935385 | $— | $—  |
| &nbsp;&nbsp;&nbsp; REIT<sup>^</sup> | 24134979 |  | —  |
| &nbsp;&nbsp;&nbsp; Private Placements |  |  | 1119657  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 47308627 |  | —  |
| **Total Investments** | $1626378991 | $— | $1119657  |
| **Small-Cap Fundamental Value Fund** | **Small-Cap Fundamental Value Fund** | **Small-Cap Fundamental Value Fund** | **Small-Cap Fundamental Value Fund** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1180744888 | $— | $—  |
| &nbsp;&nbsp;&nbsp; REIT<sup>^</sup> | 125053487 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 47116779 |  | —  |
| **Total Investments** | $1352915154 | $— | $—  |

---

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**June 30, 2024(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Sustainable Small-Cap Core Fund** | **Sustainable Small-Cap Core Fund** | **Sustainable Small-Cap Core Fund** | **Sustainable Small-Cap Core Fund** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $68323684 | $— | $—  |
| &nbsp;&nbsp;&nbsp; REIT<sup>^</sup> | 3392578 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 5568865 |  | —  |
| **Total Investments** | $77285127 | $— | $—  |
| **Sustainable Value Fund** | **Sustainable Value Fund** | **Sustainable Value Fund** |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $95751093 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 4555948 |  | —  |
| **Total Investments** | $100307041 | $— | $—  |
| **Global Leaders Fund** | **Global Leaders Fund** | **Global Leaders Fund** |  |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $32621263 | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 43618315 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 41970032 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 62489899 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 118820992 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 60478123 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 37306586 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 27623937 | 48067306 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 37974779 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 52526475 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 84452367 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 152267198 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 1137910646 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 23704471 |  | —  |
| **Total Investments** | $1306312684 | $655519705 | $—  |
| **Sustainable International Leaders Fund** | **Sustainable International Leaders Fund** | **Sustainable International Leaders Fund** | **Sustainable International Leaders Fund** |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $1234721 | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 2539154 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 1007231 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 723082 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 1237452 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 3904378 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 3349725 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1804328 | 981259 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1252687 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1601528 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 2640046 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 925256 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 1160045 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 10113461 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 2900903 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1127715 |  | —  |
| **Total Investments** | $9606821 | $28896150 | $—  |

---

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**Notes to Financial Statements** 

**June 30, 2024(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Intermediate Income Fund** | **Intermediate Income Fund** | **Intermediate Income Fund** | **Intermediate Income Fund** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $36689881 | $—  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 29003956 | —  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities |  | 20315483 | —  |
| &nbsp;&nbsp;&nbsp; Affiliated Mutual Funds | 15322826 |  | —  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 5137355 | —  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 2463551 | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 742517 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2955033 |  | —  |
| **Total Investments** | $18277859 | $94352743 | $—  |
| **Futures Contracts - Long<sup>\*</sup>** | $76567 | $— | $—  |
| **Futures Contracts - Short<sup>\*</sup>** | $(41886) | $— | $—  |
| **Sustainable Bond Fund** | **Sustainable Bond Fund** | **Sustainable Bond Fund** | **Sustainable Bond Fund** |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $179029256 | $—  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities |  | 167775100 | —  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agency Issues |  | 89595535 | —  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 82371763 | —  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 31003801 | —  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 8299399 | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 2726001 | —  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 799359 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 22039699 | 798834 | —  |
| **Total Investments** | $22039699 | $562399048 | $—  |
| **Futures Contracts - Long<sup>\*</sup>** | $406199 | $— | $—  |
| **Futures Contracts - Short<sup>\*</sup>** | $(200049) | $— | $—  |
| **Maryland Bond Fund** | **Maryland Bond Fund** | **Maryland Bond Fund** |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $167035826 | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 114117 |  | —  |
| **Total Investments** | $114117 | $167035826 | $—  |
| **Tax-Exempt Bond Fund** | **Tax-Exempt Bond Fund** | **Tax-Exempt Bond Fund** |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $907554408 | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 24275066 |  | —  |
| **Total Investments** | $24275066 | $907554408 | $—  |
| **Tax-Exempt Sustainable Bond Fund** | **Tax-Exempt Sustainable Bond Fund** | **Tax-Exempt Sustainable Bond Fund** |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $272647134 | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 5813229 |  | —  |
| **Total Investments** | $5813229 | $272647134 | $—  |

---

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**June 30, 2024(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Mortgage Securities Fund** | **Mortgage Securities Fund** | **Mortgage Securities Fund** | **Mortgage Securities Fund** |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities | $— | $252592033 | $—  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 29728649 | —  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 11748827 | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage-Backed Securities |  | 1905996 | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 1425523 | —  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 410476 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 8763015 | 33787333 | —  |
| **Total Investments** | $8763015 | $331598837 | $—  |
| **Futures Contracts - Long<sup>\*</sup>** | $99363 | $— | $—  |
| **Futures Contracts - Short<sup>\*</sup>** | $(81318) | $— | $—  |
| **WMC Strategic European Equity Fund** | **WMC Strategic European Equity Fund** | **WMC Strategic European Equity Fund** |  |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $12053831 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 19304271 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic |  | 2489099 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 8346147 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 827684 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 36231056 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 43606297 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 8190649 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 2620975 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 15569332 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 2610808 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 5390075 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 14958685 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 14550794 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 18635229 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1891200 | 105117884 | —  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | 3127649 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 8737685 |  | —  |
| **Total Investments** | $10628885 | $313630465 | $—  |

---

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**June 30, 2024(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Emerging Markets Select Fund†** | **Emerging Markets Select Fund†** | **Emerging Markets Select Fund†** | **Emerging Markets Select Fund†** |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $2481364 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 21698578 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 10994185 | 148878794 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 4823904 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 130031514 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 20753111 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | 2911756 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 1848  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 5791594 | 24170232 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 4629628 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 93830839 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 92336781 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 3691412 | 10011580 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 2628180 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 4198083  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 2537784 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 12034061 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam |  | 5863193 | —  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 11598026 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 13025324 |  | —  |
| **Total Investments** | $81744936 | $547174987 | $1848  |
| **Beutel Goodman Large-Cap Value Fund** | **Beutel Goodman Large-Cap Value Fund** | **Beutel Goodman Large-Cap Value Fund** |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1827980920 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 74589712 |  | —  |
| **Total Investments** | $1902570632 | $— | $— |

---

<sup>^</sup> Real Estate Investment Trusts

<sup>\*</sup> Amounts presented for Futures Contracts represent total unrealized appreciation (depreciation) as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;† A reconciliation of Level 3 investments
 is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation
 to net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Securities Transactions and Investment Income – Investment securities transactions are accounted for on trade date. Discounts/premiums on debt securities purchased are accreted/amortized to contractual maturity, estimated maturity, or next call date, as applicable. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Identified cost of investments sold is used to determine the gain and loss for both financial statement and Federal income tax purposes. Distributions deemed to be a return of capital are recorded as a reduction of the cost of the related investments or as realized capital gains when there is no remaining cost basis on the investments.

**The Funds are subject to foreign income taxes imposed by certain countries in which they invest. Additionally, capital gains realized upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law, and, to the extent permitted, capital losses are used to offset capital gains. Taxes attributable to income are recognized by the Funds as a reduction of income. Current and deferred tax expense attributable to capital gains is reflected as a component of realized or change in unrealized gain (loss) on securities in the Statements of Operations. To the extent that the Funds may have country specific capital loss carryforwards, such carryforwards are applied against net unrealized gains when determining the deferred tax liability. Any deferred tax liability recognized by the Funds are included on the Statements of Assets and Liabilities as Non-U.S. deferred tax.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses and Share Class Allocations – Expenses directly attributable to a Fund are charged to that Fund. Expenses attributable to more than one Fund are allocated to the respective Funds on the basis of relative net assets or other appropriate methods. In Funds with multiple share classes, each share class has equal rights to earnings and assets except that each share class bears different shareholder servicing and/or Rule 12b-1 distribution expenses. Each share class has exclusive voting rights with respect to matters that affect just that share class. Income, expenses (other than expenses attributable to a specific share class), and realized and unrealized capital gains or losses on investments are allocated to each share class on the basis of relative net assets.

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**June 30, 2024(Continued)** 

**D.Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. Dollar amounts on the respective dates of such transactions.**

The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Some of the Funds may invest in forward foreign currency contracts. These amounts are presented separately from realized and unrealized gains and losses from investments in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Options – The Funds may invest in options. When a Fund writes an option, an amount equal to the premium received by a Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gain from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency determining whether a Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchase by a Fund. A Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

When a Fund purchases an option, an amount equal to the premium paid by a Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if a Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non- income producing securities. None of the Funds purchased, sold or wrote any options during the year ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. To-Be-Announced Securities – Some of the Funds may invest in to-be-announced securities ("TBAs"). TBAs is a term that is generally used to describe forward-settling mortgage-backed securities. These TBAs are generally issued by U.S. Government Agencies or U.S. Government Sponsored Entities such as Freddie Mac, Fannie Mae and Ginnie Mae. The actual mortgage-backed security that will be delivered to the buyer at the time TBAs trades are entered into is not known, however, the terms of the acceptable pools of loans that will comprise the mortgage-backed security are determined at the time the trade is entered into (coupon rate, maturity, credit quality, etc.). Investment in TBAs will generally increase a Fund's exposure to interest rate risk and could also expose a Fund to counterparty default risk. In order to mitigate counterparty default risk, the Funds only enter into TBAs with counterparties for which the risk of default is determined to be remote. As a purchaser or seller of TBAs, the Funds segregate cash or cash equivalents as collateral as required in accordance with applicable industry regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Tender Option Bonds – Maryland Bond Fund, Tax-Exempt Bond Fund and Tax-Exempt Sustainable Bond Fund may engage in tender option bond ("TOB") transactions up to 5% of its net assets which are accounted for by the funds as a secured borrowing. In a typical TOB transaction, a Fund or another party deposits fixed-rate municipal bonds or other securities into a special purposes entity, referred to as a tender option bond trust (a "TOB Trust"). The TOB Trust generally issues short-term floating rate interests ("Floaters"), which are generally sold to third party investors (often money market funds) and residual interests ("Residual Interests"), which are generally held by the Fund or party that contributed the securities to the TOB Trust. The interest rates payable on the Residual Interests bear an inverse relationship to the interest rate on the Floaters. The interest rate on the Floaters is reset by a remarketing process typically every 7 to 35 days. After income is paid on the Floaters at current, short- term rates, the residual income from the underlying bond held by the TOB Trust goes to the Residual Interests. If a Fund is the depositor of the municipal bonds or other securities to the TOB Trust, the Fund will receive the proceeds from the TOB Trust's sale of the Floaters, less certain transaction costs. These proceeds may be used by the Fund to invest in other securities, which would have a leveraging effect on the Fund.

Residual Interests may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances, the holder of the Residual Interests bears substantially all of the underlying bond's downside investment

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risk and also benefits from any appreciation in the value of the underlying bond. Investments in Residual Interests typically will involve greater risk than investments in the underlying municipal bond, including the risk of loss of principal. Because changes in the interest rate on the Floaters inversely affect the residual interest paid on the Residual Interests, the value of the Residual Interests is generally more volatile than that of a fixed-rate municipal bond. Floaters and Residual Interests are subject to interest rate adjustment formulas which generally reduce or, in the extreme, eliminate the interest received by the Residual Interests when short-term interest rates rise, and increase the interest received when short-term interest rates fall.

The Residual Interests held by a Fund provide the Fund with the right to: (1) cause the holders of the Floaters to tender their notes at par, and (2) cause the sale of the underlying bond held by the TOB Trust, thereby collapsing the TOB Trust. A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. Each Fund does not currently intend to invest in a TOB Trust on a recourse basis, although each Fund reserves the right to do so in the future. TOB Trusts are typically supported by a liquidity facility provided by a third-party bank or other financial institution (the "Liquidity Provider") that allows the holders of the Floaters to tender their Floaters in exchange for payment of par plus accrued interest on any business day (subject to the non- occurrence of a TOTE, as such term is defined below). Depending on the structure of the TOB Trust, the Liquidity Provider may purchase the tendered Floaters, or the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered Floaters.

The TOB Trust may also be collapsed without the consent of a Fund, as the holder of the Residual Interest, upon the occurrence of certain "tender option termination events" (or "TOTEs") as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, or a judgment or ruling that interest on the underlying municipal bond is subject to federal income taxation. Upon the occurrence of a TOTE, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the Floaters up to par plus accrued interest owed on the Floaters and a portion of gain share, if any, with the balance paid out to the holder of the Residual Interests. In the case of a mandatory termination event, as defined in the TOB Trust agreements, after the payment of fees, the holders of the Floaters would be paid before the holders of the Residual Interests (i.e., the Fund). In contrast, in the case of a TOTE, after payment of fees, the holders of the Floaters and the holders of the Residual Interests would be paid pro rata in proportion to the respective face values of their certificates.

Under GAAP, securities of a Fund that are deposited into a TOB Trust continue to be treated as investments of the Fund and are presented on the Fund's Schedule of Investments and outstanding Floaters issued by a TOB Trust are presented as "Floating rate note obligations, interest and fees" in the liabilities section of the Fund's Statement of Assets and Liabilities and also includes interest and fees associated with the floating rate obligations. Interest income from the underlying security is recorded by the Fund on an accrual basis and included as part of "Interest Income" on the Statements of Operations. Interest expense and other fees incurred on the Floaters is included on the Statement of Operations as "Interest expense and fees on floating rate note obligations". During the year ended June 30, 2024, none of the Funds engaged in TOB transactions.

**H.Distributions to Shareholders – For Maryland Bond Fund, Tax-Exempt Bond Fund and Tax-Exempt Sustainable Bond Fund, distributions of net investment income, if any, are declared daily and paid monthly. Distributions to shareholders of net investment income, if any, are declared and paid monthly for the Intermediate Income Fund, Sustainable Bond Fund and Mortgage Securities Fund. The remaining Funds declare and pay net investment income, if any, at least annually. Distributions to shareholders of net capital gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date. If a Fund is involved in a reorganization in which it acquires, or is being acquired by another fund, an additional distribution of net investment income and/or capital gains may be made prior to such reorganization.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Federal Taxes – Each Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.

The Funds recognize tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities.

The Funds have analyzed their tax positions and have concluded that no liability for unrecognized tax benefits should be recorded related to uncertain income tax positions taken on returns filed for open tax years (2021-2023) as of June 30, 2024 or are expected to be taken in the Funds' 2024 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal and Delaware State; however, the Funds are not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Redemption Fees – 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**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:** 

---

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

---

---

| | |
|:---|:---|
| **Fund** | **Annual** <br>**Fee**  |
| Mid-Cap Growth | 0.65%  |
| Small-Cap Growth | 0.85%  |
| Small-Cap Fundamental Value | 0.85%  |
| Sustainable Small-Cap Core | 0.85%  |
| Sustainable Value | 0.60%  |
| Global Leaders<sup>1</sup> | 0.65%  |
| Sustainable International Leaders<sup>1</sup> | 0.75%  |
| Intermediate Income | 0.30%  |
| Sustainable Bond | 0.30%  |
| Maryland Bond | 0.30%  |
| Tax-Exempt Bond | 0.30%  |

---

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**Notes to Financial Statements** 

**June 30, 2024(Continued)** 

---

| | |
|:---|:---|
| **Fund** | **Annual** <br>**Fee**  |
| Tax-Exempt Sustainable Bond | 0.30%  |
| Mortgage Securities | 0.30%  |
| WMC Strategic European Equity<sup>2</sup> | 0.90%  |
| Emerging Markets Select<sup>2,3</sup> | 0.90%  |
| Beutel Goodman Large-Cap Value<sup>4</sup> | 0.45% |

---

<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:** 

---

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

---

During the year ended June 30, 2024, the Adviser waived $17,028 in expenses for Mid-Cap Growth Fund, $92,246 in expenses for Sustainable Small-Cap Core Fund, $75,923 in expenses for Sustainable Value Fund, $104,346 in expenses for Sustainable International Leaders Fund, and $3,096 in expenses for Intermediate Income Fund. The Adviser may recoup any waived amounts from the Funds if such reimbursement does not cause the Funds to exceed its existing expense limitations or the limitation in place at the time the reduction was originally made and the amount recouped is made within three years after the date on which the Adviser waived the expense. The Funds must pay their

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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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2026** | **2027** | **Total**  |
| Mid-Cap Growth Fund | $— | $11288 | $17028 | $28316  |
| Sustainable Small-Cap Core Fund | 89225 | 96918 | 92246 | 278389  |
| Sustainable Value Fund | N/A | 56368 | 75923 | 132291  |
| Sustainable International Leaders Fund | 59952 | 110385 | 104346 | 274683  |
| Intermediate Income Fund |  |  | 3096 | 3096 |

---

**Distribution – ALPS Distributors, Inc. (the "Distributor") serves as principal underwriter for shares of the Funds and acts as each Fund's Distributor in a continuous public offering of each Fund's shares.**

**Rule 12b-1 Distribution Fees – Under a Distribution Plan adopted pursuant to Rule 12b-1 under the Act ("Distribution Plan"), each Fund pays ALPS Distributors, Inc. (the "Distributor"), or any other entity as authorized by the Board, as compensation for the distribution-related and/or shareholder services provided by such entities an aggregate fee equal to 0.25% of the average daily net assets of Advisor Shares for each Fund. The Distributor may pay any or all amounts received under the Rule 12b-1 Plan to financial intermediaries or other persons, including the Adviser, for any distribution or service activity. These fees are reported in the Funds' Statements of Operations as "Distribution fees – Advisor Shares".**

**Shareholder Servicing Fees – The Trust has also adopted a Shareholder Service Plan under which each Fund may pay a fee of up to 0.15% of the average daily net assets of each Fund's Investor and Advisor Shares (except for the Intermediate Income Fund, Sustainable Bond Fund, Maryland Bond Fund, Tax-Exempt Bond Fund, Tax-Exempt 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 June 30, 2024, the Intermediate Income Fund owned shares of the Mortgage Securities Fund with a total value of $15,322,826 or 13.2% 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 year ended June 30, 2024, the Intermediate Income Fund waived $44,580 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 year ended June 30, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Beginning** <br>**Market Value** <br>**06/30/2023** | **Purchases** | **Sales** | **Net** <br>**Realized** <br>**Gains** <br>(Losses) | **Change In** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Ending** <br>**Market Value** <br>**06/30/2024** | **Dividend** <br>**Income** | **Capital Gain** <br>**Distributions** | **Shares** <br>**Owned at** <br>**06/30/2024**  |
| $15057017 | $605000 | $— | $— | $(339191) | $15322826 | $627096 | $— | 1723602 |

---

**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** 

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("Administrator"), and in that capacity, performs various administrative services for the Funds. Fund Services also serves as the Funds' fund accountant and transfer agent. Certain officers of the Trust are employees of Fund Services and the Funds' custodian, U.S. Bank, N.A., is an affiliate of the Administrator. Fees paid to Fund Services and U.S. Bank, N.A. for its service can be found in the Statements of Operations as "Administration, accounting and transfer agent fees" and "Custodian fees", respectively. Additional amounts for miscellaneous expenses may be paid by the Funds to Fund Services and included in "Miscellaneous expenses" in the Statements of Operations.

**Rule 17a-7 Transactions – Each Fund is permitted to purchase and sell securities to certain affiliated parties under specified conditions outlined in procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. Pursuant to these procedures, during the year ended June 30, 2024, the WMC Strategic European Equity Fund engaged in such securities sales of $683,842, resulting in realized loss of $214,603. These transactions are included in the purchases and sales table in Note 4.** 

**Note 4. Purchases and Sales of Securities** 

The cost of purchases and the proceeds from sales of investments (including maturities), other than short-term investments, for the year ended June 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales**  |
| Growth Equity | $605898062 | $2317739249  |
| Flexible Equity | 131735105 | 118333594  |
| Sustainable Growth | 3119467701 | 3018718573  |
| Mid-Cap Growth | 57536282 | 67474559  |
| Small-Cap Growth | 545243029 | 1088285403  |
| Small-Cap Fundamental Value | 544766645 | 538218301  |
| Sustainable Small-Cap Core | 37763418 | 19177304  |
| Sustainable Value | 61271913 | 24377624  |
| Global Leaders | 453992592 | 249110642  |
| Sustainable International Leaders | 20941175 | 8362243  |
| Intermediate Income | 29697679 | 30856098  |
| Sustainable Bond | 1557984008 | 1664467514  |
| Maryland Bond | 49290463 | 36115070  |
| Tax-Exempt Bond | 594662194 | 474195449  |
| Tax-Exempt Sustainable Bond | 142082592 | 149186312  |
| Mortgage Securities | 991586253 | 981189470  |
| WMC Strategic European Equity | 154717226 | 111990459  |
| Emerging Markets Select | 425506484 | 392707224  |
| Beutel Goodman Large-Cap Value | 402046091 | 402084480 |

---

Purchases and sales of U.S. Government securities are included in the totals above and include U.S. Treasury Bonds and Notes. The Funds listed below purchased and sold U.S. Government securities for the year ended June 30, 2024 as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales**  |
| Intermediate Income | $2853469 | $5589465  |
| Sustainable Bond | 65718368 | 68526539  |
| Mortgage Securities |  | 4374654 |

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**Note 5. Federal Income Tax and Distribution Information** 

At June 30, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth** <br>**Equity Fund** | **Flexible** <br>**Equity Fund** | **Sustainable** <br>**Growth Fund** | **Mid-Cap** <br>**Growth Fund** | **Small-Cap** <br>**Growth Fund** | **Small-Cap** <br>**Fundamental** <br>**Value Fund**  |
| &nbsp;&nbsp;&nbsp; Cost of <br>investments | $599396126 | $391735343 | $6151827017 | $74390832 | $1327081589 | $1096593573  |
| Unrealized appreciation | 572414545 | 537049378 | 3930742709 | 26147287 | 421239474 | 347535805  |
| Unrealized depreciation | (25813646) | (4249872) | (132801668) | (3713920) | (120822415) | (91214224)  |
| Net unrealized app (dep) | 546600899 | 532799506 | 3797941041 | 22433367 | 300417059 | 256321581  |
| Undistributed income | 43031519 | 5538581 |  |  | 6116971 | 25482636  |
| &nbsp;&nbsp;&nbsp; Undistributed capital <br>gains | 391342200 | 25678691 | 394648811 |  | 73104332 | 106156824  |
| &nbsp;&nbsp;&nbsp; Total undistributed <br>earnings | 434373719 | 31217272 | 394648811 |  | 79221303 | 131639460  |
|  Other accumulated gains (losses) |  |  | (8748987) | (5481865) |  | —  |
|  Total distributable earnings (losses) | $980974618 | $564016778 | $4183840865 | $16951502 | $379638362 | $387961041 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sustainable** <br>**Small-Cap** <br>**Core Fund** | **Sustainable** <br>**Value Fund** | **Global Leaders** <br>**Fund** | **Sustainable** <br>**International** <br>**Leaders Fund** | **Intermediate** <br>**Income Fund** | **Sustainable** <br>**Bond Fund**  |
| Cost of investments | $74797359 | $86202529 | $1339929197 | $33967562 | $120794989 | $600863626  |
| Unrealized appreciation | 12071678 | 15934934 | 684548622 | 6282083 | 171583 | 2730756  |
| Unrealized depreciation | (9583910) | (1830422) | (62645430) | (1746674) | (8335970) | (19155635)  |
| Net unrealized app (dep) | 2487768 | 14104512 | 621903192 | 4535409 | (8164387) | (16424879)  |
| Undistributed income | 63438 | 1260322 | 9157352 | 331789 | 260141 | 1537387  |
| &nbsp;&nbsp;&nbsp; Undistributed capital <br>gains | 190242 |  |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total undistributed <br>earnings | 253680 | 1260322 | 9157352 | 331789 | 260141 | 1537387  |
|  Other accumulated gains (losses) |  |  | (6015831) | (226636) | (9992079) | (122039096)  |
|  Total distributable earnings (losses) | $2741448 | $15364834 | $625044713 | $4640562 | $(17896325) | $(136926588) |

---

91<br>

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**Notes to Financial Statements** 

**June 30, 2024(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Maryland** <br>**Bond Fund** | **Tax-Exempt** <br>**Bond Fund** | **Tax-Exempt** <br>**Sustainable** <br>**Bond** | **Mortgage** <br>**Securities** <br>**Fund** | **WMC Strategic** <br>**European** <br>**Equity Fund** | **Emerging** <br>**Markets** <br>**Select Fund**  |
| Cost of investments | $173801652 | $932598265 | $289165385 | $357859623 | $273203177 | $530799175  |
| Unrealized appreciation | 1436303 | 22104556 | 2000210 | 898658 | 72382337 | 146835288  |
| Unrealized depreciation | (8088012) | (22873347) | (12705232) | (18396429) | (21326164) | (48712692)  |
| Net unrealized app (dep) | (6651709) | (768791) | (10705022) | (17497771) | 51056173 | 98122596  |
| Undistributed income | 362623<sup>^</sup> | 2439852<sup>^</sup>  | 682662<sup>^</sup> | 826318 | 7817241 | 11449313  |
| &nbsp;&nbsp;&nbsp; Undistributed capital <br>gains |  |  |  |  | 2068798 | —  |
| &nbsp;&nbsp;&nbsp; Total undistributed <br>earnings | 362623 | 2439852 | 682662 | 826318 | 9886039 | 11449313  |
|  Other accumulated gains (losses) | (7569774) | (92099960) | (15737948) | (31088228) | (69524) | (84470611)  |
|  Total distributable earnings (losses) | $(13858860) | $(90428899) | $(25760308) | $(47759681) | $60872688 | $25101298 |

---

---

| | |
|:---|:---|
|  | **Beutel Goodman** <br>**Large-Cap Value** <br>**Fund**  |
| Cost of investments | $1598820623  |
| Unrealized appreciation | 391821089  |
| Unrealized depreciation | (88071080)  |
| Net unrealized app (dep) | 303750009  |
| Undistributed income | 21387010  |
| Undistributed capital gains | 74714139  |
| Total undistributed earnings | 96101149  |
| Other accumulated gains (losses) | —  |
| Total distributable earnings (losses) | $399851158 |

---

<sup>^</sup> Represents income that is exempt from federal income taxes.

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

**Notes to Financial Statements** 

**June 30, 2024(Continued)** 

At June 30, 2024 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.

At June 30, 2024, the following capital loss carryforwards and tax deferrals were available and outstanding, respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Capital Loss Carryforwards (Non-Expiring)** | **Capital Loss Carryforwards (Non-Expiring)** | **Capital Loss Carryforwards (Non-Expiring)** | **Tax Deferrals**  | **Tax Deferrals**  |
| <br>**Fund** | **Short-Term** | **Long-Term** | **Total** | **Post-October**<br>**Capital Losses** | **Post-December**<br>**Ordinary Losses**  |
| Growth Equity | $— | $— | $— | $— | $—  |
| Flexible Equity |  |  |  |  | —  |
| Sustainable Growth |  |  |  |  | (8748987)  |
| Mid-Cap Growth | (5309932) |  | (5309932) |  | (171933)  |
| Small-Cap Growth |  |  |  |  | —  |
| Small-Cap Fundamental Value |  |  |  |  | —  |
| Sustainable Small-Cap Core |  |  |  |  | —  |
| Sustainable Value |  |  |  |  | —  |
| Global Leaders | (3371670) | (2631740) | (6003410) |  | —  |
| Sustainable International Leaders | (226375) |  | (226375) |  | —  |
| Intermediate Income | (3409349) | (6349024) | (9758373) |  | —  |
| Sustainable Bond | (60551555) | (60143615) | (120695170) |  | —  |
| Maryland Bond | (222050) | (6985111) | (7207161) |  | —  |
| Tax-Exempt Bond | (27292814) | (62367697) | (89660511) |  | —  |
| Tax-Exempt Sustainable Bond | (3703909) | (11351331) | (15055240) |  | —  |
| Mortgage Securities | (25429650) | (4929101) | (30358751) |  | —  |
| WMC Strategic European Equity |  |  |  |  | —  |
| Emerging Markets Select | (41528256) | (31314311) | (72842567) |  | —  |
| Beutel Goodman Large-Cap Value |  |  |  |  |  |

---

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

**Notes to Financial Statements** 

**June 30, 2024(Continued)** 

Distributions during the fiscal periods ended as noted were characterized for tax purposes as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Tax Exempt Income** | **Tax Exempt Income** | **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain^**  | **Long-Term Capital Gain^**  |
| <br>**Fund** | **June 30, 2024** | **June 30, 2023** | **June 30, 2024** | **June 30, 2023** | **June 30, 2024** | **June 30, 2023**  |
| Growth Equity | $— | $— | $— | $— | $150454901 | $154275441  |
| Flexible Equity |  |  | 2099783 | 1834982 | 18908484 | 20267064  |
| Sustainable Growth |  |  | 633371 | 10470 | 427 | —  |
| Mid-Cap Growth |  |  |  |  |  | 6173357  |
| Small-Cap Growth |  |  |  |  |  | 151387604  |
|  Small-Cap Fundamental Value |  |  | 8209043 | 4527234 | 67260302 | 63667844  |
| Sustainable Small-Cap Core |  |  | 104510 | 440 |  | 176  |
| Sustainable Value |  |  | 659597 |  |  | —  |
| Global Leaders |  |  | 8773970 | 7386738 |  | —  |
|  Sustainable International Leaders |  |  | 153689 | 38904 |  | —  |
| Intermediate Income |  |  | 3968874 | 3282894 |  | —  |
| Sustainable Bond |  |  | 24951274 | 9471969 |  | —  |
| Maryland Bond | 5095216 | 4470119 | 198465 | 137349 |  | —  |
| Tax-Exempt Bond | 31623163 | 24497918 | 2643317 | 1843194 |  | —  |
|  Tax-Exempt Sustainable Bond | 9552568 | 7295855 | 834512 | 663595 |  | —  |
| Mortgage Securities |  |  | 12150981 | 9691538 |  | —  |
|  WMC Strategic European Equity |  |  | 3666703 | 3633267 |  | 1383176  |
| Emerging Markets Select |  |  | 9953477 | 6117691 |  | —  |
|  Beutel Goodman Large-Cap Value |  |  | 30539664 | 36650998 |  | 15444813 |

---

---

| | |
|:---|:---|
| <sup>^</sup><br>| Designated as a long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3). The Funds, as applicable, have also designated earnings and profits distributed to shareholders on the redemption of shares as capital gains in order to reduce earningsand profits of the Fund related to net capital gains to zero as of the date of this report.  |

---

U.S GAAP requires that certain components of net assets (presented on the Statements of Assets and Liabilities) be reclassified forpermanent differences between financial reporting and tax reporting. These reclassifications are primarily the result of net operating losses, investments in real estate investment trusts, foreign currency transactions, distribution reclassifications, equalization, and income adjustments to asset-backed security transactions. These reclassifications have no impact on the net assets of the Funds or the Funds' NAV's. For the year ended June 30, 2024, the following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in** <br>**Capital** | **Distributable** <br>**Earnings (Loss)**  |
| Growth Equity | $291482902 | $(291482902)  |
| Flexible Equity | 1715445 | (1715445)  |
| Sustainable Growth | 20806269 | (20806269)  |
| Mid-Cap Growth | (790117) | 790117  |
| Small-Cap Growth | 8293739 | (8293739)  |
| Small-Cap Fundamental Value | 8732407 | (8732407)  |
| Sustainable Small-Cap Core | 182 | (182)  |
| Sustainable Value |  | —  |
| Global Leaders |  | —  |
| Sustainable International Leaders |  |  |

---

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

**Notes to Financial Statements** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in** <br>**Capital** | **Distributable** <br>**Earnings** <br>(Loss)  |
| Intermediate Income | $— | $—  |
| Sustainable Bond |  | —  |
| Maryland Bond |  | —  |
| Tax-Exempt Bond |  | —  |
| Tax-Exempt Sustainable Bond |  | —  |
| Mortgage Securities |  | —  |
| WMC Strategic European Equity | 393708 | (393708)  |
| Emerging Markets Select |  | —  |
| Beutel Goodman Large-Cap Value | 4670964 | (4670964) |

---

**Note 6. Futures Contracts** 

The Intermediate Income Fund, Sustainable Bond Fund, and Mortgage Securities Fund invested in futures contracts during the year ended June 30, 2024. At the time a Fund purchases or enters into a futures contract, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the terms of the contract. This collateral may consist of cash and/or securities (generally U.S. Treasury Bills). Thereafter, in connection with changes in the value of the futures contracts, the Funds may send or receive collateral to or from the broker. Such amounts are included on the Statements of Assets and Liabilities as "Cash deposit at broker – futures contracts" or "Cash collateral from broker – futures contracts". Securities pledged as collateral, ifthere 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.

95<br>

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

**Notes to Financial Statements** 

**June 30, 2024(Continued)** 

During the year ended June 30, 2024, investments in futures contracts were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **Average Notional Value Outstanding**  | **Average Notional Value Outstanding**  |
| <br>**Fund** | <br>**Risk Type** | **Long Futures Contracts** | **Short Futures Contracts**  |
| Intermediate Income | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; $24830485 | &nbsp;&nbsp;&nbsp;&nbsp; $(8052226)  |
| Sustainable Bond | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 100141527 | &nbsp;&nbsp;&nbsp;&nbsp; (46606634)  |
| Mortgage Securities | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 21038583 | &nbsp;&nbsp;&nbsp;&nbsp; (13328054) |

---

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 June 30, 2024, 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 8.50% (prime rate). The following table shows the details of the Funds' borrowing activity during the year ended June 30, 2024. Funds that are not listed did not utilize the line of credit during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Maximum** <br>**Outstanding** <br>**Balance** | **Average Daily** <br>**Balance** | **Total Interest** <br>**Expense Incurred** | **Average Annual** <br>**Interest Rate**  |
| Sustainable Bond | $4033000 | &nbsp;&nbsp;&nbsp; $11019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% |

---

**Note 8. Subsequent Events** 

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition through the date the financial statements were issued. No material events or transactions occurred subsequent to June 30, 2024 that would require recognition or disclosure in these financial statements.

**Note 9. Restatement** 

Prior to the issuance of the Emerging Market Select Fund's June 30, 2025 financial statements, it was determined that the accrual for non-U.S. deferred taxes was understated as of June 30, 2024.

As a result, the Emerging Markets Select Fund has restated its Schedule of Investments and Statement of Assets and Liabilities as of June 30, 2024, and its Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights for the year ended June 30, 2024. There was no change to the cost and value of investments presented in the Schedule of Investments as of June 30, 2024, although the percentages of the categories of investments has been changed due to the change in net assets. Information in Note 5. Federal Income Tax and Distribution Information was updated and Note 9. Restatement and Note 10. Remediation Plan was added as part of the restatement.

The following tables present previously reported balances and restated balances after the adjustment for the non-U.S. deferred tax liability:

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **As Previously Reported** | **As Restated**  |
| **Liabilities:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. deferred tax | &nbsp;&nbsp;&nbsp;&nbsp; $—  | $5657061.00  |
| &nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 3708347  | 9365408  |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $631356791  | $625699730  |
| **Components of Net Assets**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; $600598432  | $600598432  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | &nbsp;&nbsp;&nbsp;&nbsp; 30758359  | 25101298  |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $631356791  | $625699730  |

---

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**Notes to Financial Statements** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **As Previously Reported** | **As Restated**  |
| **Computation of Net Asset Value**<br>|  |  |
| **Institutional Shares**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net assets | &nbsp;&nbsp;&nbsp;&nbsp; $627880401  | $622254489  |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 53316163  | 53316163  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp; $11.78  | $11.67  |
| **Investor Shares**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net assets | &nbsp;&nbsp;&nbsp;&nbsp; $3249293  | $3220179  |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 276201  | 276201  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp; $11.76  | $11.66  |
| **Advisor Shares**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net assets | &nbsp;&nbsp;&nbsp;&nbsp; $227097  | $225062  |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 19253  | 19253  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp; $11.80  | $11.69 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **As Previously Reported** | **As Restated**  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. deferred tax on unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; $—  | $(5657061)  |
| Net change in unrealized appreciation (depreciation): | &nbsp;&nbsp;&nbsp;&nbsp; 57599446  | 51942385  |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 59481297  | 53824236  |
| Increase in Net Assets From Operations | &nbsp;&nbsp;&nbsp;&nbsp; $69869970  | $64212909 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **As Previously Reported** | **As Restated**  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; $57599466  | $51942385  |
| Increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp; $69869970  | $64212909  |
| Increase in net assets  | &nbsp;&nbsp;&nbsp;&nbsp; $91645955  | $85988894  |
| Net assets - end of period | &nbsp;&nbsp;&nbsp;&nbsp; $631356791  | $625699730 |

---

---

| | | |
|:---|:---|:---|
| **Financial Highlights** | **As Previously Reported** | **As Restated**  |
| **Institutional Shares**<br>|  |  |
|  From investment operations, for a share outstanding throughout each fiscal period from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net realized & unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.14  | $1.03  |
| &nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34  | 1.23  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78  | 11.67  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.78% | 11.74%  |
| Net assets at end of period (000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $627880  | $622254  |
| **Investor Shares**<br>|  |  |
|  From investment operations, for a share outstanding throughout each fiscal period from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net realized & unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.13  | $1.03  |
| &nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31  | 1.21  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.76  | 11.66  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.54% | 11.60%  |
| Net assets at end of period (000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3249  | $3220  |

---

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**Notes to Financial Statements** 

**June 30, 2024(Continued)** 

---

| | | |
|:---|:---|:---|
| **Financial Highlights** | **As Previously Reported** | **As Restated**  |
| **Advisor Shares**<br>|  |  |
|  From investment operations, for a share outstanding throughout each fiscal period from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net realized & unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.15  | &nbsp;&nbsp; $1.04  |
| &nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30  | &nbsp;&nbsp;&nbsp;&nbsp;1.19  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.80  | &nbsp;&nbsp;&nbsp;&nbsp;11.69  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.36% | &nbsp;&nbsp;&nbsp;&nbsp;11.32%  |
| Net assets at end of period (000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $227  | &nbsp;&nbsp; $225 |

---

---

| | | |
|:---|:---|:---|
| **Note 5. Federal Income Tax and Distribution Information** | **As Previously Reported** | **As Restated**  |
| Other accumulated gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; $(78813550) | $(84470611) |
| Total distributable earnings (losses)  | &nbsp;&nbsp;&nbsp;&nbsp; $30758359  | $25101298  |

---

**Note 10. REMEDIATION PLAN** 

Subsequent to period end, the Emerging Markets Select Fund ("the Fund") determined that the non-U.S. deferred tax liability included in the calculation of the net asset values per share ("NAV") upon which the shareholders transacted had not been properly accounted for during the period of this report ("overstatement period"). As a result, the Fund's NAVs have been corrected during certain days of the overstatement period.

The Fund's investment adviser, Brown Advisory LLC (the "Adviser"), along with the Fund's other service providers, is assessing the extent to which shareholders who transacted in the Fund during the overstatement period were negatively impacted by the understatement of the Fund's non-U.S. deferred tax liability, including the Fund's overpayment of asset-based fees to affiliates. A remediation plan is being prepared that contemplates payments to shareholders whose accounts or transactions were negatively impacted by the overstatement of the NAVs during the overstatement period. The method of determining the actual remediation payments to be paid to individual shareholders is subject to various factors that are not yet certain and information that is not yet readily available, including retrieval of beneficial owner data for Fund shares held in omnibus accounts. The Fund's Board of Trustees (the "Board") has directed the Adviser to proceed with the remediation plan with any remediation payments to be made directly to affected shareholders outside of the Fund. Accordingly, all shareholder remediation payments are intended to be made directly to affected shareholders and not to the Fund and therefore no provision for such remediation payments have been made in the Fund's financial statements. No remediation payments will be made by the Fund.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**June 30, 2024** 

**To the Shareholders and Board of Trustees** 

**Brown Advisory Funds** 

**Baltimore, MD**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Brown Advisory Growth Equity Fund, Brown Advisory Flexible Equity Fund, Brown Advisory Sustainable Growth Fund, Brown Advisory Mid-Cap Growth Fund, Brown Advisory Small-Cap Growth Fund, Brown Advisory Small-Cap Fundamental Value Fund, Brown Advisory Sustainable Small-Cap Core Fund, Brown Advisory Sustainable Value Fund, Brown Advisory Global Leaders Fund, Brown Advisory Sustainable International Leaders Fund, Brown Advisory Intermediate Income Fund, Brown Advisory Sustainable Bond Fund, Brown Advisory Maryland Bond Fund, Brown Advisory Tax-Exempt Bond Fund, Brown Advisory Tax-Exempt Sustainable Bond Fund, Brown Advisory Mortgage Securities Fund, Brown Advisory – WMC Strategic European Equity Fund, Brown Advisory Emerging Markets Select Fund and Brown Advisory – Beutel Goodman Large-Cap Value Fund (the "Funds"), each a series of Brown Advisory Funds (the "Trust"), including the schedules of investments, as of June 30, 2024, the related statements of operations, the statement of changes in net assets and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2024, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting** <br>**Brown Advisory Funds**  | **Statement of** <br>**Operations**  | **Statements of** <br>**Changes in Net Assets**  | **Financial Highlights**  |
| Brown Advisory Growth Equity Fund, Brown Advisory Flexible Equity Fund, Brown Advisory Sustainable Growth Fund, Brown Advisory Mid-Cap Growth Fund, Brown Advisory Small-Cap Growth Fund, Brown Advisory Small-Cap Fundamental Value Fund, Brown Advisory Global Leaders Fund, Brown Advisory Intermediate Income Fund, Brown Advisory Sustainable Bond Fund, Brown Advisory Maryland Bond Fund, Brown Advisory Tax-Exempt Bond Fund, Brown Advisory Mortgage Securities Fund, Brown Advisory – WMC Strategic European Equity Fund, Brown Advisory Emerging Markets Select Fund, Brown Advisory – Beutel Goodman Large-Cap Value Fund  | For the year ended June 30, 2024  | For each of the two years in the period ended June 30, 2024  | For each of the five years in the period ended June 30, 2024  |
| Brown Advisory Tax-Exempt Sustainable Bond Fund  | For the year ended June 30, 2024  | For each of the two years in the period ended June 30, 2024  | For each of the four years in the period ended June 30, 2024 and the period from December 2, 2019 (commencement of operations) through June 30, 2020  |

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99<br>

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**June 30, 2024(Continued)** 

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| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting** <br>**Brown Advisory Funds**  | **Statement of** <br>**Operations**  | **Statements of** <br>**Changes in Net Assets**  | **Financial Highlights**  |
| Brown Advisory Sustainable Small-Cap Core Fund  | For the year ended June 30, 2024  | For each of the two years in the period ended June 30, 2024  | For each of the two years in the period ended June 30, 2024 and for the period from September 30, 2021 (commencement of operations) through June 30, 2022  |
| Brown Advisory Sustainable International Leaders Fund  | For the year ended June 30, 2024  | For each of the two years in the period ended June 30, 2024  | For each of the two years in the period ended June 30, 2024 and for the period from February 28, 2022 (commencement of operations) through June 30, 2022  |
| Brown Advisory Sustainable Value Fund  | For the year ended June 30, 2024  | For the year ended June 30, 2024 and for the period from February 28, 2023 (commencement of operations) through June 30, 2023  | For the year ended June 30, 2024 and for the period from February 28, 2023 (commencement of operations) through June 30, 2023 |

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**Correction of a Material Misstatement** 

As discussed in Note 9 to the financial statements, the accompanying 2024 financial statements have been restated to correct a misstatement.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2008.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](taitsig.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**August 28, 2024 (September 17, 2025 as to the effects of the restatement discussed in Note 9)**

100<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. In connection with the original filing and within 90 days prior to the filing date on September 6, 2024, management carried out an evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures and concluded they were effective. Subsequent to the original filing, a material error was identified in the registrant's 2024 financial statements related to a non-U.S. deferred tax liability. The principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures were not effective for the Brown Advisory Emerging Markets Select Fund due to a material weakness in the design of controls over the recognition of the non-U.S. deferred tax liability. The controls failed to adequately monitor when the amount of net unrealized appreciation on certain foreign securities would trigger the need to recognize a non-U.S. deferred tax liability.

The registrant has implemented enhancements to its disclosure controls and procedures to remediate the material weakness described above.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than the enhancements to controls noted above that were implemented subsequent to the original filing, there have been no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3 (d) under the Act) during the period covered by this report and subsequent to the date of their evaluation in connection with the preparation of this Form N-CSR/A that materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) [*Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](baf-efp17664_ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed –* Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](baf-efp17664_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant.* 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-efp17664_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Brown Advisory Funds

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Paul J. Chew |
|  | Paul J. Chew, Principal Executive Officer |

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Date: <u>September 22, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Paul J. Chew |
|  | Paul J. Chew, Principal Executive Officer |

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Date: <u>September 22, 2025</u> <br>

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jason T. Meix |
|  | Jason T. Meix, Principal Financial Officer |

---

Date: <u>September 22, 2025</u>

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

## Ex-99.Codeeth

**EX.99.CODE ETH**

BROWN ADVISORY FUNDS

**Code of Ethics<br> For Principal Executive Officer and Principal Financial Officer**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Brown Advisory Funds' (the "Trust") Code of Ethics for access persons (the "Investment Company Act Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Act Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **HONEST AND ETHICAL CONDUCT** 

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **FINANCIAL RECORDS AND REPORTING** 

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **COMPLIANCE WITH THIS CODE OF ETHICS** 

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **AMENDMENT AND WAIVER** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940.

**Adopted by the Board of Trustees on May 2, 2012**

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Paul J. Chew, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Brown Advisory Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the Registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 Registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the Registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the Registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 22, 2025 | /s/ Paul J. Chew |
|  |  | Paul J. Chew<br>Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jason T. Meix, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Brown Advisory Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the Registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 Registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the Registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the Registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 22, 2025 | /s/ Jason T. Meix |
|  |  | Jason T. Meix<br>Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Brown Advisory Funds, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Brown Advisory Funds for the period ended June 30, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Brown Advisory Funds for the stated period.

---

| | |
|:---|:---|
| /s/ Paul J. Chew | /s/ Jason T. Meix |
| Paul J. Chew <br>Principal Executive Officer | <br>Jason T. Meix<br> Principal Financial Officer<br>|

---

Dated: <u>September 22, 2025</u> Dated: <u>September 22, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Brown Advisory Funds for purposes of Section 18 of the Securities Exchange Act of 1934.