# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-016030
**Filing Date:** 2026-5
**Character Count:** 22301
**Document Hash:** b98e1513147f6680fb15709c88a972cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016030.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000894189-26-016030

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 261024365

**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 International Leaders Fund (Series ID: S000075346)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Sustainable International Leaders Fund** | **Brown Advisory Sustainable International Leaders Fund** | **Brown Advisory Sustainable International Leaders Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 97.2%** | **Shares**  | **Value**  |
| **Brazil - 3.0%** | **Brazil - 3.0%** | |
| B3 SA - Brasil Bolsa Balcao | 272502 | $967989 |
| **Canada - 4.1%** | **Canada - 4.1%** |  |
| Canadian National Railway Co. | 4759 | 489823 |
| Waste Connections, Inc. | 5196 | 844224 |
|  |  | 1334047 |
| **China - 9.2%** | **China - 9.2%** |  |
| AIA Group Ltd. | 144472 | 1605276 |
| ANTA Sports Products Ltd. | 86200 | 842663 |
| Tencent Holdings Ltd. | 8400 | 529808 |
|  |  | 2977747 |
| **Finland - 2.1%** | **Finland - 2.1%** |  |
| Kone Oyj - Class B | 10422 | 665351 |
| **France - 9.1%** | **France - 9.1%** |  |
| Airbus SE | 5425 | 1025726 |
| LVMH Moet Hennessy Louis Vuitton SE | 1641 | 897056 |
| Safran SA | 3115 | 1019324 |
|  |  | 2942106 |
| **Germany - 7.8%** | **Germany - 7.8%** |  |
| CTS Eventim AG & Co. KGaA | 8085 | 473546 |
| Deutsche Boerse AG | 4585 | 1343161 |
| SAP SE | 4163 | 709723 |
|  |  | 2526430 |
| **India - 2.7%** | **India - 2.7%** |  |
| HDFC Bank Ltd. - ADR | 34652 | 862142 |
| **Indonesia - 2.2%** | **Indonesia - 2.2%** |  |
| Bank Rakyat Indonesia Persero Tbk PT | 3570556 | 713472 |
| **Japan - 4.6%** | **Japan - 4.6%** |  |
| Keyence Corp. | 3188 | 1134633 |
| Nintendo Co., Ltd. | 6100 | 348222 |
|  |  | 1482855 |
| **Netherlands - 8.0%** | **Netherlands - 8.0%** |  |
| ASML Holding NV | 835 | 1110352 |
| Universal Music Group NV | 39323 | 763295 |
| Wolters Kluwer NV | 9543 | 712754 |
|  |  | 2586401 |
| **Spain - 2.8%** | **Spain - 2.8%** |  |
| Amadeus IT Group SA | 15740 | 900030 |
| **Sweden - 1.8%** | **Sweden - 1.8%** |  |
| Atlas Copco AB - Class B | 35963 | 562183 |
| **Switzerland - 5.6%** | **Switzerland - 5.6%** |  |
| Cie Financiere Richemont SA | 6055 | 1069108 |
| Roche Holding AG | 1879 | 749892 |
|  |  | 1819000 |
| **Taiwan - 4.4%** | **Taiwan - 4.4%** |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 4168 | 1408576 |
| **United Kingdom - 27.3%** | **United Kingdom - 27.3%** |  |
| AstraZeneca PLC | 5589 | 1092866 |
| Compass Group PLC | 45167 | 1260193 |
| ConvaTec Group PLC | 343934 | 992050 |
| Diageo PLC | 35818 | 666111 |
| Experian PLC | 29010 | 1003580 |
| Games Workshop Group PLC | 1517 | 358612 |
| Howden Joinery Group PLC | 138232 | 1464113 |
| London Stock Exchange Group PLC | 9647 | 1139186 |
| Rentokil Initial PLC | 133568 | 828908 |
|  |  | 8805619 |
| **United States - 2.5%** | **United States - 2.5%** |  |
| Booking Holdings, Inc. | 194 | 816802 |
| **TOTAL COMMON STOCKS** (Cost $26,665,801) | **TOTAL COMMON STOCKS** (Cost $26,665,801) | 31370750 |
| **SHORT-TERM INVESTMENTS - 0.9%** | **Shares**  | **Value**  |
| **Money Market Funds - 0.9%**<br> First American Government Obligations Fund - Class Z, 3.54% <sup>(a)</sup> | 300985 | 300985 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $300,985) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $300,985) | 300985 |
| **TOTAL INVESTMENTS - 98.1% (**Cost $26,966,786**)** | **TOTAL INVESTMENTS - 98.1% (**Cost $26,966,786**)** | 31671735 |
| Other Assets in Excess of Liabilities - 1.9% | Other Assets in Excess of Liabilities - 1.9% | 606543 |
| **TOTAL NET ASSETS - 100.0%** |  | $32278278 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

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

---

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

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Brown Advisory Sustainable International Leaders Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $5389556 | $25981194 | $– | $31370750 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 300985 | – | – | 300985 |
| Total Investments | $5690541 | $25981194 | $– | $31671735 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Brown Advisory Funds

- **b. Investment Company Act file number:** 811-22708

- **c. CIK number of Registrant:** 0001548609

- **d. LEI of Registrant:** 254900ZS9LW6H6GM4251

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 901 South Bond Street, Suite 400

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

  - **Telephone number:** 4105375400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Brown Advisory Sustainable International Leaders Fund

- **b. EDGAR series identifier (if any):** S000075346

- **c. LEI of Series:** 254900KBBP96543DCJ91

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

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

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $32335111.96

**Total Liabilities:** $37716.38

**Net Assets:** $32297395.58

**Cash Not Reported:** $31184.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234308 | -0.77%               | 3.01%                | -9.87%               |
| Class ID C000234309 | -0.77%               | 2.94%                | -9.90%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2904.70                | $-405637.69                                |
| Month 2  | $-357230.93              | $1508353.42                                |
| Month 3  | $393975.83               | $-4210612.35                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Canadian National Railway Co   | Canadian National Railway Co               | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      4759 | NS      | $489823.61    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                     | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |      4163 | NS      | $709722.66    | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                            | CUSIP: N/A<br>LEI: 353800FEEXU6I9M0ZF27       | Long             | EC               | CORP              | JP        |      6200 | NS      | $353930.98    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                      | Safran SA                                  | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |      3115 | NS      | $1019324.23   | 3.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                 | Atlas Copco AB                             | CUSIP: W1R924229<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     35963 | NS      | $562183.13    | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                      | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      5196 | NS      | $844223.94    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                 | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |     35818 | NS      | $666110.83    | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE        | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      1641 | NS      | $897056.34    | 2.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero  | Bank Rakyat Indonesia Persero Tbk PT       | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               | CORP              | ID        |   3635756 | NS      | $726500.49    | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                            | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       835 | NS      | $1110352.15   | 3.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                       | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |      8600 | NS      | $542422.48    | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Games Workshop Group PLC       | Games Workshop Group PLC                   | CUSIP: N/A<br>LEI: 213800RP9QJQYGWHNT41       | Long             | EC               | CORP              | GB        |      1517 | NS      | $358611.77    | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |      5589 | NS      | $1092866.19   | 3.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV              | Wolters Kluwer NV                          | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |      9543 | NS      | $712753.46    | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                               | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |      3288 | NS      | $1170223.42   | 3.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC           | Rentokil Initial PLC                       | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    133568 | NS      | $828908.14    | 2.57%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PL | London Stock Exchange Group PLC            | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      9647 | NS      | $1139185.52   | 3.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA    | Cie Financiere Richemont SA                | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |      6055 | NS      | $1069107.97   | 3.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Convatec Group PLC             | Convatec Group PLC                         | CUSIP: N/A<br>LEI: 213800LS272L4FIDOH92       | Long             | EC               | CORP              | GB        |    343934 | NS      | $992050.11    | 3.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV       | Universal Music Group NV                   | CUSIP: N/A<br>LEI: 724500GJBUL3D9TW9Y18       | Long             | EC               | CORP              | NL        |     39323 | NS      | $763295.40    | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                           | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      1879 | NS      | $749891.69    | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                              | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     34652 | NS      | $862141.76    | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG             | Deutsche Boerse AG                         | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |      4585 | NS      | $1343161.07   | 4.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                       | Kone Oyj                                   | CUSIP: N/A<br>LEI: 2138001CNF45JP5XZK38       | Long             | EC               | CORP              | FI        |     10422 | NS      | $665351.37    | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                              | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    147072 | NS      | $1634165.21   | 5.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Howden Joinery Group PLC       | Howden Joinery Group PLC                   | CUSIP: N/A<br>LEI: 213800KC1LJOJTY3JP45       | Long             | EC               | CORP              | GB        |    138232 | NS      | $1464113.49   | 4.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       194 | NS      | $816802.08    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    297639 | NS      | $297638.72    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                      | Airbus SE                                  | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |      5425 | NS      | $1025725.79   | 3.18%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd       | ANTA Sports Products Ltd                   | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | CN        |     87800 | NS      | $858303.95    | 2.66%             |  |  |  | No            |                  2 | On Loan: No      |
| CTS Eventim AG & Co KGaA       | CTS Eventim AG & Co KGaA                   | CUSIP: N/A<br>LEI: 529900FDHSN08UBJII80       | Long             | EC               | CORP              | DE        |      8085 | NS      | $473546.50    | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                   | Experian PLC                               | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               | CORP              | IE        |     29010 | NS      | $1003580.05   | 3.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Amadeus IT Group SA            | Amadeus IT Group SA                        | CUSIP: N/A<br>LEI: 9598004A3FTY3TEHHN09       | Long             | EC               | CORP              | ES        |     15740 | NS      | $900029.65    | 2.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC              | Compass Group PLC                          | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     45167 | NS      | $1260193.32   | 3.90%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao                | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |    272502 | NS      | $967988.80    | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      4168 | NS      | $1408575.60   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer