# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015726
**Filing Date:** 2025-11
**Character Count:** 23024
**Document Hash:** e58fab76b3fb889c7d458622bd07d4b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015726.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015726

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251527273

**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** | **Brown Advisory Sustainable International Leaders Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** | **Shares** | **Value**  |
| **Brazil - 3.1%** | **Brazil - 3.1%** | **Brazil - 3.1%** | |
| B3 SA - Brasil Bolsa Balcao | B3 SA - Brasil Bolsa Balcao | 515954 | $1294187 |
| **Canada - 3.1%** | **Canada - 3.1%** | **Canada - 3.1%** |  |
| Canadian National Railway Co. | Canadian National Railway Co. | 5869 | 553458 |
| Waste Connections, Inc. | Waste Connections, Inc. | 4042 | 710581 |
|  |  |  | 1264039 |
| **China - 5.5%** | **China - 5.5%** | **China - 5.5%** |  |
| AIA Group Ltd. | AIA Group Ltd. | 177872 | 1704719 |
| ANTA Sports Products Ltd. | ANTA Sports Products Ltd. | 46800 | 560589 |
|  |  |  | 2265308 |
| **Finland - 2.8%** | **Finland - 2.8%** | **Finland - 2.8%** |  |
| Kone Oyj - Class B | Kone Oyj - Class B | 17203 | 1173405 |
| **France - 12.0%** | **France - 12.0%** | **France - 12.0%** |  |
| Airbus SE | Airbus SE | 8481 | 1980540 |
| LVMH Moet Hennessy Louis Vuitton SE | LVMH Moet Hennessy Louis Vuitton SE | 2594 | 1596304 |
| Safran SA | Safran SA | 3847 | 1365185 |
|  |  |  | 4942029 |
| **Germany - 7.9%** | **Germany - 7.9%** | **Germany - 7.9%** |  |
| CTS Eventim AG & Co. KGaA | CTS Eventim AG & Co. KGaA | 9858 | 967807 |
| Deutsche Boerse AG | Deutsche Boerse AG | 6354 | 1701550 |
| SAP SE | SAP SE | 2189 | 586144 |
|  |  |  | 3255501 |
| **India - 3.5%** | **India - 3.5%** | **India - 3.5%** |  |
| HDFC Bank Ltd. - ADR | HDFC Bank Ltd. - ADR | 42774 | 1461160 |
| **Indonesia - 2.5%** | **Indonesia - 2.5%** | **Indonesia - 2.5%** |  |
| Bank Rakyat Indonesia Persero Tbk PT | Bank Rakyat Indonesia Persero Tbk PT | 4350556 | 1019694 |
| **Japan - 3.1%** | **Japan - 3.1%** | **Japan - 3.1%** |  |
| Keyence Corp. | Keyence Corp. | 1888 | 703395 |
| Shimano, Inc. | Shimano, Inc. | 5116 | 571757 |
|  |  |  | 1275152 |
| **Netherlands - 9.1%** | **Netherlands - 9.1%** | **Netherlands - 9.1%** |  |
| ASML Holding NV | ASML Holding NV | 1641 | 1600287 |
| NXP Semiconductors NV | NXP Semiconductors NV | 5275 | 1201276 |
| Wolters Kluwer NV | Wolters Kluwer NV | 6809 | 929430 |
|  |  |  | 3730993 |
| **Spain - 2.6%** | **Spain - 2.6%** | **Spain - 2.6%** |  |
| Amadeus IT Group SA | Amadeus IT Group SA | 13566 | 1078361 |
| **Sweden - 2.5%** | **Sweden - 2.5%** | **Sweden - 2.5%** |  |
| Atlas Copco AB - Class B | Atlas Copco AB - Class B | 68714 | 1033971 |
| **Switzerland - 5.4%** | **Switzerland - 5.4%** | **Switzerland - 5.4%** |  |
| Cie Financiere Richemont SA | Cie Financiere Richemont SA | 7478 | 1435525 |
| Roche Holding AG | Roche Holding AG | 2321 | 772855 |
|  |  |  | 2208380 |
| **Taiwan - 4.4%** | **Taiwan - 4.4%** | **Taiwan - 4.4%** |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 6528 | 1823205 |
| **United Kingdom - 27.1%<sup>(a)</sup>** | **United Kingdom - 27.1%<sup>(a)</sup>** | **United Kingdom - 27.1%<sup>(a)</sup>** |  |
| AstraZeneca PLC | AstraZeneca PLC | 4571 | 700282 |
| Compass Group PLC | Compass Group PLC | 30294 | 1032594 |
| ConvaTec Group PLC | ConvaTec Group PLC | 424425 | 1325163 |
| Diageo PLC | Diageo PLC | 44213 | 1057914 |
| Experian PLC | Experian PLC | 35808 | 1798534 |
| Howden Joinery Group PLC | Howden Joinery Group PLC | 170591 | 1940793 |
| London Stock Exchange Group PLC | London Stock Exchange Group PLC | 15293 | 1753848 |
| Rentokil Initial PLC | Rentokil Initial PLC | 312925 | 1585198 |
|  |  |  | 11194326 |
| **United States - 3.1%** | **United States - 3.1%** | **United States - 3.1%** |  |
| Booking Holdings, Inc. | Booking Holdings, Inc. | 235 | 1268828 |
| **TOTAL COMMON STOCKS** (Cost $32,381,425) | **TOTAL COMMON STOCKS** (Cost $32,381,425) | **TOTAL COMMON STOCKS** (Cost $32,381,425) | 40288539 |
| **SHORT-TERM INVESTMENTS - 2.4%** | **SHORT-TERM INVESTMENTS - 2.4%** | **Shares** | **Value**  |
| **Money Market Funds – 2.4%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(a)</sup> | **Money Market Funds – 2.4%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(a)</sup> | 980200 | 980200 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $980,200) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $980,200) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $980,200) | 980200 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $33,361,625**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $33,361,625**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $33,361,625**)** | 41268739 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (24377) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $41244362 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $8312695 | $31975844 | $– | $40288539 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 980200 | – | – | 980200 |
| Total Investments | $9292895 | $31975844 | $– | $41268739 |
| 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:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $41533738.66

**Total Liabilities:** $289746.11

**Net Assets:** $41243992.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234308 | -5.46%               | 1.55%                | 1.61%                |
| Class ID C000234309 | -5.41%               | 1.56%                | 1.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-78.88                  | $-2276101.19                               |
| Month 2  | $216441.38               | $351023.29                                 |
| Month 3  | $-146911.78              | $770729.87                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Keyence Corp                   | Keyence Corp                               | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |      1888 | NS      | $703395.00    | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                      | Safran SA                                  | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |      3847 | NS      | $1365185.24   | 3.31%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PL | London Stock Exchange Group PLC            | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |     15293 | NS      | $1753848.24   | 4.25%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd       | ANTA Sports Products Ltd                   | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | CN        |     46800 | NS      | $560588.40    | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Howden Joinery Group PLC       | Howden Joinery Group PLC                   | CUSIP: N/A<br>LEI: 213800KC1LJOJTY3JP45       | Long             | EC               | CORP              | GB        |    170591 | NS      | $1940792.85   | 4.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                      | Airbus SE                                  | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |      8481 | NS      | $1980539.68   | 4.80%             |  |  |  | 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        |   4350556 | NS      | $1019694.14   | 2.47%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                              | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    177872 | NS      | $1704719.15   | 4.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                            | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      1641 | NS      | $1600286.64   | 3.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA    | Cie Financiere Richemont SA                | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |      7478 | NS      | $1435524.83   | 3.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                 | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |     44213 | NS      | $1057914.37   | 2.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       235 | NS      | $1268828.45   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |      4571 | NS      | $700282.02    | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co   | Canadian National Railway Co               | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      5869 | NS      | $553458.04    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1120083 | NS      | $1120083.40   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC              | Compass Group PLC                          | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     30294 | NS      | $1032593.61   | 2.50%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                              | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     42774 | NS      | $1461159.84   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                     | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |      2189 | NS      | $586144.18    | 1.42%             |  |  |  | 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        |      9858 | NS      | $967806.87    | 2.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc                    | Shimano Inc                                | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |      5116 | NS      | $571756.80    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG             | Deutsche Boerse AG                         | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |      6354 | NS      | $1701549.85   | 4.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                   | Experian PLC                               | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               | CORP              | IE        |     35808 | NS      | $1798533.87   | 4.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Amadeus IT Group SA            | Amadeus IT Group SA                        | CUSIP: N/A<br>LEI: 9598004A3FTY3TEHHN09       | Long             | EC               | CORP              | ES        |     13566 | NS      | $1078361.19   | 2.61%             |  |  |  | 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        |    515954 | NS      | $1294186.84   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                      | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      4042 | NS      | $710581.10    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE        | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      2594 | NS      | $1596303.77   | 3.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV              | Wolters Kluwer NV                          | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |      6809 | NS      | $929430.63    | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                           | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      2321 | NS      | $772854.86    | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      6528 | NS      | $1823205.12   | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC           | Rentokil Initial PLC                       | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    312925 | NS      | $1585198.38   | 3.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                       | Kone Oyj                                   | CUSIP: N/A<br>LEI: 2138001CNF45JP5XZK38       | Long             | EC               | CORP              | FI        |     17203 | NS      | $1173405.41   | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Convatec Group PLC             | Convatec Group PLC                         | CUSIP: N/A<br>LEI: 213800LS272L4FIDOH92       | Long             | EC               | CORP              | GB        |    424425 | NS      | $1325162.68   | 3.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                 | Atlas Copco AB                             | CUSIP: W1R924229<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     68714 | NS      | $1033971.00   | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| NXP Semiconductors NV          | NXP Semiconductors NV                      | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |      5275 | NS      | $1201275.75   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer