# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001133228-25-009923
**Filing Date:** 2025-9
**Character Count:** 772980
**Document Hash:** b194cb6856dc55b88532e394f05e8af0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009923.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001133228-25-009923

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

**PUBLIC DOCUMENT COUNT**: 152

**CONFORMED PERIOD OF REPORT**: 20241231

**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-CSRS/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251330018

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2024-12-13190823_BrownAdvisoryGrowthEquityFund_InstitutionalShares_TSRSemiAnnual

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of Registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>December 31, 2024</u>**

**Explanatory Note**

The registrant is filing this amendment to Form N-CSRS for the period ended December 31, 2024 ("Amendment"), originally filed with the Securities and Exchange Commission on March 10, 2025 (Accession Number 0001133228-25-002417) to restate the financial statements for the Emerging Markets Select Fund for the period ended December 31, 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 December 31, 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 and 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-CSRS filing.

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](ts2968img001.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](ts2968img002.jpg) |
| ![image](ts2968img001.jpg) | Institutional Shares \| BAFGX  | ![image](ts2968img002.jpg) |
| ![image](ts2968img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2968img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $37 | 0.71% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $770369814 |
| **Number of Holdings** | 32 |
| **Portfolio Turnover** | 13% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 34.6% |
|  Industrials  | 14.6% |
|  Health Care  | 12.2% |
|  Financials  | 11.5% |
|  Consumer Discretionary  | 8.8% |
|  Communication Services  | 8.8% |
|  Consumer Staples  | 4.5% |
|  Real Estate  | 2.6% |
|  Cash & Other  | 2.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amazon.com, Inc.  | 5.0% |
|  NVIDIA Corp.  | 4.8% |
|  Microsoft Corp.  | 4.8% |
|  ServiceNow, Inc.  | 4.5% |
|  Costco Wholesale Corp.  | 4.5% |
|  Alphabet, Inc.  | 4.4% |
|  Marvell Technology, Inc.  | 4.3% |
|  Mastercard, Inc.  | 4.2% |
|  Intuitive Surgical, Inc.  | 4.1% |
|  Hilton Worldwide Holdings, Inc.  | 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2966img001.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](ts2966img002.jpg) |
| ![image](ts2966img001.jpg) | Investor Shares \| BIAGX  | ![image](ts2966img002.jpg) |
| ![image](ts2966img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2966img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $45 | 0.86% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $770369814 |
| **Number of Holdings** | 32 |
| **Portfolio Turnover** | 13% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 34.6% |
|  Industrials  | 14.6% |
|  Health Care  | 12.2% |
|  Financials  | 11.5% |
|  Consumer Discretionary  | 8.8% |
|  Communication Services  | 8.8% |
|  Consumer Staples  | 4.5% |
|  Real Estate  | 2.6% |
|  Cash & Other  | 2.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amazon.com, Inc.  | 5.0% |
|  NVIDIA Corp.  | 4.8% |
|  Microsoft Corp.  | 4.8% |
|  ServiceNow, Inc.  | 4.5% |
|  Costco Wholesale Corp.  | 4.5% |
|  Alphabet, Inc.  | 4.4% |
|  Marvell Technology, Inc.  | 4.3% |
|  Mastercard, Inc.  | 4.2% |
|  Intuitive Surgical, Inc.  | 4.1% |
|  Hilton Worldwide Holdings, Inc.  | 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2967img001.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](ts2967img002.jpg) |
| ![image](ts2967img001.jpg) | Advisor Shares \| BAGAX  | ![image](ts2967img002.jpg) |
| ![image](ts2967img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2967img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $58 | 1.11% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $770369814 |
| **Number of Holdings** | 32 |
| **Portfolio Turnover** | 13% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 34.6% |
|  Industrials  | 14.6% |
|  Health Care  | 12.2% |
|  Financials  | 11.5% |
|  Consumer Discretionary  | 8.8% |
|  Communication Services  | 8.8% |
|  Consumer Staples  | 4.5% |
|  Real Estate  | 2.6% |
|  Cash & Other  | 2.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Amazon.com, Inc.  | 5.0% |
|  NVIDIA Corp.  | 4.8% |
|  Microsoft Corp.  | 4.8% |
|  ServiceNow, Inc.  | 4.5% |
|  Costco Wholesale Corp.  | 4.5% |
|  Alphabet, Inc.  | 4.4% |
|  Marvell Technology, Inc.  | 4.3% |
|  Mastercard, Inc.  | 4.2% |
|  Intuitive Surgical, Inc.  | 4.1% |
|  Hilton Worldwide Holdings, Inc.  | 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2961img001.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](ts2961img002.jpg) |
| ![image](ts2961img001.jpg) | Institutional Shares \| BAFFX  | ![image](ts2961img002.jpg) |
| ![image](ts2961img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2961img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

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

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $994958247 |
| **Number of Holdings** | 47 |
| **Portfolio Turnover** | 7% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 27.9% |
|  Information Technology  | 21.8% |
|  Consumer Discretionary  | 13.6% |
|  Communication Services  | 12.9% |
|  Health Care  | 11.2% |
|  Industrials  | 7.9% |
|  Energy  | 3.0% |
|  Consumer Staples  | 0.9% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 6.6% |
|  Microsoft Corp.  | 6.5% |
|  KKR & Co., Inc.  | 4.9% |
|  Meta Platforms, Inc.  | 4.9% |
|  Visa, Inc.  | 4.7% |
|  Mastercard, Inc.  | 4.7% |
|  Amazon.com, Inc.  | 4.5% |
|  Berkshire Hathaway, Inc.  | 3.8% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.7% |
|  UnitedHealth Group, Inc.  | 3.5% |

---

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

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2963img001.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](ts2963img002.jpg) |
| ![image](ts2963img001.jpg) | Investor Shares \| BIAFX  | ![image](ts2963img002.jpg) |
| ![image](ts2963img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2963img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $35 | 0.67% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $994958247 |
| **Number of Holdings** | 47 |
| **Portfolio Turnover** | 7% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 27.9% |
|  Information Technology  | 21.8% |
|  Consumer Discretionary  | 13.6% |
|  Communication Services  | 12.9% |
|  Health Care  | 11.2% |
|  Industrials  | 7.9% |
|  Energy  | 3.0% |
|  Consumer Staples  | 0.9% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 6.6% |
|  Microsoft Corp.  | 6.5% |
|  KKR & Co., Inc.  | 4.9% |
|  Meta Platforms, Inc.  | 4.9% |
|  Visa, Inc.  | 4.7% |
|  Mastercard, Inc.  | 4.7% |
|  Amazon.com, Inc.  | 4.5% |
|  Berkshire Hathaway, Inc.  | 3.8% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.7% |
|  UnitedHealth Group, Inc.  | 3.5% |

---

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

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2962img001.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](ts2962img002.jpg) |
| ![image](ts2962img001.jpg) | Advisor Shares \| BAFAX  | ![image](ts2962img002.jpg) |
| ![image](ts2962img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2962img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $48 | 0.92% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $994958247 |
| **Number of Holdings** | 47 |
| **Portfolio Turnover** | 7% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 27.9% |
|  Information Technology  | 21.8% |
|  Consumer Discretionary  | 13.6% |
|  Communication Services  | 12.9% |
|  Health Care  | 11.2% |
|  Industrials  | 7.9% |
|  Energy  | 3.0% |
|  Consumer Staples  | 0.9% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 6.6% |
|  Microsoft Corp.  | 6.5% |
|  KKR & Co., Inc.  | 4.9% |
|  Meta Platforms, Inc.  | 4.9% |
|  Visa, Inc.  | 4.7% |
|  Mastercard, Inc.  | 4.7% |
|  Amazon.com, Inc.  | 4.5% |
|  Berkshire Hathaway, Inc.  | 3.8% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.7% |
|  UnitedHealth Group, Inc.  | 3.5% |

---

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

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2984img001.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](ts2984img002.jpg) |
| ![image](ts2984img001.jpg) | Institutional Shares \| BAFWX  | ![image](ts2984img002.jpg) |
| ![image](ts2984img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2984img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $31 | 0.60% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $9778647845 |
| **Number of Holdings** | 35 |
| **Portfolio Turnover** | 15% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 40.5% |
|  Financials  | 19.7% |
|  Consumer Discretionary  | 12.2% |
|  Health Care  | 10.0% |
|  Industrials  | 9.8% |
|  Communication Services  | 4.6% |
|  Materials  | 1.5% |
|  Cash & Other  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.1% |
|  Amazon.com, Inc.  | 7.9% |
|  Microsoft Corp.  | 6.7% |
|  KKR & Co., Inc.  | 4.6% |
|  Marvell Technology, Inc.  | 4.4% |
|  ServiceNow, Inc.  | 4.3% |
|  Intuit, Inc.  | 4.3% |
|  Visa, Inc.  | 4.2% |
|  Alphabet, Inc.  | 3.9% |
|  Progressive Corp.  | 3.5% |

---

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

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2985img001.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](ts2985img002.jpg) |
| ![image](ts2985img001.jpg) | Investor Shares \| BIAWX  | ![image](ts2985img002.jpg) |
| ![image](ts2985img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2985img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $39 | 0.75% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $9778647845 |
| **Number of Holdings** | 35 |
| **Portfolio Turnover** | 15% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 40.5% |
|  Financials  | 19.7% |
|  Consumer Discretionary  | 12.2% |
|  Health Care  | 10.0% |
|  Industrials  | 9.8% |
|  Communication Services  | 4.6% |
|  Materials  | 1.5% |
|  Cash & Other  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.1% |
|  Amazon.com, Inc.  | 7.9% |
|  Microsoft Corp.  | 6.7% |
|  KKR & Co., Inc.  | 4.6% |
|  Marvell Technology, Inc.  | 4.4% |
|  ServiceNow, Inc.  | 4.3% |
|  Intuit, Inc.  | 4.3% |
|  Visa, Inc.  | 4.2% |
|  Alphabet, Inc.  | 3.9% |
|  Progressive Corp.  | 3.5% |

---

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

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2986img001.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](ts2986img002.jpg) |
| ![image](ts2986img001.jpg) | Advisor Shares \| BAWAX  | ![image](ts2986img002.jpg) |
| ![image](ts2986img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2986img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $52 | 1.00% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $9778647845 |
| **Number of Holdings** | 35 |
| **Portfolio Turnover** | 15% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 40.5% |
|  Financials  | 19.7% |
|  Consumer Discretionary  | 12.2% |
|  Health Care  | 10.0% |
|  Industrials  | 9.8% |
|  Communication Services  | 4.6% |
|  Materials  | 1.5% |
|  Cash & Other  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.1% |
|  Amazon.com, Inc.  | 7.9% |
|  Microsoft Corp.  | 6.7% |
|  KKR & Co., Inc.  | 4.6% |
|  Marvell Technology, Inc.  | 4.4% |
|  ServiceNow, Inc.  | 4.3% |
|  Intuit, Inc.  | 4.3% |
|  Visa, Inc.  | 4.2% |
|  Alphabet, Inc.  | 3.9% |
|  Progressive Corp.  | 3.5% |

---

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

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2972img001.jpg) | **Brown Advisory Mid-Cap Growth Fund**  | ![image](ts2972img002.jpg) |
| ![image](ts2972img001.jpg) | Institutional Shares \| BAFMX  | ![image](ts2972img002.jpg) |
| ![image](ts2972img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2972img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Mid-Cap Growth Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $43 | 0.82% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $72248652 |
| **Number of Holdings** | 58 |
| **Portfolio Turnover** | 36% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 28.7% |
|  Industrials  | 17.3% |
|  Health Care  | 17.3% |
|  Consumer Discretionary  | 10.3% |
|  Financials  | 7.0% |
|  Communication Services  | 4.2% |
|  Energy  | 4.2% |
|  Real Estate  | 2.8% |
|  Utilities  | 2.5% |
|  Cash & Other  | 5.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Marvell Technology, Inc.  | 4.7% |
|  Monolithic Power Systems, Inc.  | 3.5% |
|  West Pharmaceutical Services, Inc.  | 3.4% |
|  Insulet Corp.  | 2.8% |
|  CoStar Group, Inc.  | 2.8% |
|  Waste Connections, Inc.  | 2.8% |
|  Cheniere Energy, Inc.  | 2.8% |
|  Verisk Analytics, Inc.  | 2.6% |
|  Arthur J Gallagher & Co.  | 2.5% |
|  Vistra 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2973img001.jpg) | **Brown Advisory Mid-Cap Growth Fund**  | ![image](ts2973img002.jpg) |
| ![image](ts2973img001.jpg) | Investor Shares \| BMIDX  | ![image](ts2973img002.jpg) |
| ![image](ts2973img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2973img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Mid-Cap Growth Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $51 | 0.97% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $72248652 |
| **Number of Holdings** | 58 |
| **Portfolio Turnover** | 36% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 28.7% |
|  Industrials  | 17.3% |
|  Health Care  | 17.3% |
|  Consumer Discretionary  | 10.3% |
|  Financials  | 7.0% |
|  Communication Services  | 4.2% |
|  Energy  | 4.2% |
|  Real Estate  | 2.8% |
|  Utilities  | 2.5% |
|  Cash & Other  | 5.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Marvell Technology, Inc.  | 4.7% |
|  Monolithic Power Systems, Inc.  | 3.5% |
|  West Pharmaceutical Services, Inc.  | 3.4% |
|  Insulet Corp.  | 2.8% |
|  CoStar Group, Inc.  | 2.8% |
|  Waste Connections, Inc.  | 2.8% |
|  Cheniere Energy, Inc.  | 2.8% |
|  Verisk Analytics, Inc.  | 2.6% |
|  Arthur J Gallagher & Co.  | 2.5% |
|  Vistra 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2979img001.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](ts2979img002.jpg) |
| ![image](ts2979img001.jpg) | Institutional Shares \| BAFSX  | ![image](ts2979img002.jpg) |
| ![image](ts2979img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2979img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $49 | 0.95% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1455933594 |
| **Number of Holdings** | 75 |
| **Portfolio Turnover** | 16% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 28.0% |
|  Health Care  | 25.9% |
|  Information Technology  | 18.5% |
|  Consumer Discretionary  | 7.2% |
|  Financials  | 5.1% |
|  Energy  | 4.2% |
|  Communication Services  | 3.8% |
|  Consumer Staples  | 2.5% |
|  Materials  | 2.0% |
|  Cash & Other  | 2.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Bright Horizons Family Solutions, Inc.  | 3.5% |
|  HealthEquity, Inc.  | 3.3% |
|  Prosperity Bancshares, Inc.  | 3.2% |
|  Waste Connections, Inc.  | 2.9% |
|  Dynatrace, Inc.  | 2.9% |
|  CCC Intelligent Solutions Holdings, Inc.  | 2.9% |
|  Valmont Industries, Inc.  | 2.6% |
|  Phreesia, Inc.  | 2.5% |
|  Casey's General Stores, Inc.  | 2.5% |
|  Fluor 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2981img001.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](ts2981img002.jpg) |
| ![image](ts2981img001.jpg) | Investor Shares \| BIASX  | ![image](ts2981img002.jpg) |
| ![image](ts2981img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2981img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $57 | 1.10% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1455933594 |
| **Number of Holdings** | 75 |
| **Portfolio Turnover** | 16% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 28.0% |
|  Health Care  | 25.9% |
|  Information Technology  | 18.5% |
|  Consumer Discretionary  | 7.2% |
|  Financials  | 5.1% |
|  Energy  | 4.2% |
|  Communication Services  | 3.8% |
|  Consumer Staples  | 2.5% |
|  Materials  | 2.0% |
|  Cash & Other  | 2.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Bright Horizons Family Solutions, Inc.  | 3.5% |
|  HealthEquity, Inc.  | 3.3% |
|  Prosperity Bancshares, Inc.  | 3.2% |
|  Waste Connections, Inc.  | 2.9% |
|  Dynatrace, Inc.  | 2.9% |
|  CCC Intelligent Solutions Holdings, Inc.  | 2.9% |
|  Valmont Industries, Inc.  | 2.6% |
|  Phreesia, Inc.  | 2.5% |
|  Casey's General Stores, Inc.  | 2.5% |
|  Fluor 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2980img001.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](ts2980img002.jpg) |
| ![image](ts2980img001.jpg) | Advisor Shares \| BASAX  | ![image](ts2980img002.jpg) |
| ![image](ts2980img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2980img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $70 | 1.35% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1455933594 |
| **Number of Holdings** | 75 |
| **Portfolio Turnover** | 16% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 28.0% |
|  Health Care  | 25.9% |
|  Information Technology  | 18.5% |
|  Consumer Discretionary  | 7.2% |
|  Financials  | 5.1% |
|  Energy  | 4.2% |
|  Communication Services  | 3.8% |
|  Consumer Staples  | 2.5% |
|  Materials  | 2.0% |
|  Cash & Other  | 2.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Bright Horizons Family Solutions, Inc.  | 3.5% |
|  HealthEquity, Inc.  | 3.3% |
|  Prosperity Bancshares, Inc.  | 3.2% |
|  Waste Connections, Inc.  | 2.9% |
|  Dynatrace, Inc.  | 2.9% |
|  CCC Intelligent Solutions Holdings, Inc.  | 2.9% |
|  Valmont Industries, Inc.  | 2.6% |
|  Phreesia, Inc.  | 2.5% |
|  Casey's General Stores, Inc.  | 2.5% |
|  Fluor 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2976img001.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](ts2976img002.jpg) |
| ![image](ts2976img001.jpg) | Institutional Shares \| BAUUX  | ![image](ts2976img002.jpg) |
| ![image](ts2976img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2976img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

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

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1368545183 |
| **Number of Holdings** | 68 |
| **Portfolio Turnover** | 19% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 30.7% |
|  Industrials  | 11.8% |
|  Consumer Discretionary  | 10.2% |
|  Information Technology  | 8.2% |
|  Communication Services  | 6.6% |
|  Materials  | 6.4% |
|  Energy  | 6.3% |
|  Utilities  | 6.1% |
|  Real Estate  | 4.7% |
|  Cash & Other  | 9.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Talen Energy Corp.  | 4.3% |
|  NCR Atleos Corp.  | 3.3% |
|  Bancorp, Inc.  | 3.2% |
|  Eagle Materials, Inc.  | 3.1% |
|  First American Government Obligations Fund  | 2.9% |
|  Modine Manufacturing Co.  | 2.7% |
|  Nomad Foods Ltd.  | 2.5% |
|  NCR Voyix Corp.  | 2.4% |
|  Eastern Bankshares, Inc.  | 2.3% |
|  Old National Bancorp  | 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2978img001.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](ts2978img002.jpg) |
| ![image](ts2978img001.jpg) | Investor Shares \| BIAUX  | ![image](ts2978img002.jpg) |
| ![image](ts2978img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2978img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

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

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1368545183 |
| **Number of Holdings** | 68 |
| **Portfolio Turnover** | 19% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 30.7% |
|  Industrials  | 11.8% |
|  Consumer Discretionary  | 10.2% |
|  Information Technology  | 8.2% |
|  Communication Services  | 6.6% |
|  Materials  | 6.4% |
|  Energy  | 6.3% |
|  Utilities  | 6.1% |
|  Real Estate  | 4.7% |
|  Cash & Other  | 9.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Talen Energy Corp.  | 4.3% |
|  NCR Atleos Corp.  | 3.3% |
|  Bancorp, Inc.  | 3.2% |
|  Eagle Materials, Inc.  | 3.1% |
|  First American Government Obligations Fund  | 2.9% |
|  Modine Manufacturing Co.  | 2.7% |
|  Nomad Foods Ltd.  | 2.5% |
|  NCR Voyix Corp.  | 2.4% |
|  Eastern Bankshares, Inc.  | 2.3% |
|  Old National Bancorp  | 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2977img001.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](ts2977img002.jpg) |
| ![image](ts2977img001.jpg) | Advisor Shares \| BAUAX  | ![image](ts2977img002.jpg) |
| ![image](ts2977img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2977img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $71 | 1.35% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1368545183 |
| **Number of Holdings** | 68 |
| **Portfolio Turnover** | 19% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 30.7% |
|  Industrials  | 11.8% |
|  Consumer Discretionary  | 10.2% |
|  Information Technology  | 8.2% |
|  Communication Services  | 6.6% |
|  Materials  | 6.4% |
|  Energy  | 6.3% |
|  Utilities  | 6.1% |
|  Real Estate  | 4.7% |
|  Cash & Other  | 9.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Talen Energy Corp.  | 4.3% |
|  NCR Atleos Corp.  | 3.3% |
|  Bancorp, Inc.  | 3.2% |
|  Eagle Materials, Inc.  | 3.1% |
|  First American Government Obligations Fund  | 2.9% |
|  Modine Manufacturing Co.  | 2.7% |
|  Nomad Foods Ltd.  | 2.5% |
|  NCR Voyix Corp.  | 2.4% |
|  Eastern Bankshares, Inc.  | 2.3% |
|  Old National Bancorp  | 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2990img001.jpg) | **Brown Advisory Sustainable Small-Cap** **Core Fund**  | ![image](ts2990img002.jpg) |
| ![image](ts2990img001.jpg) | Institutional Shares \| BAFYX  | ![image](ts2990img002.jpg) |
| ![image](ts2990img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2990img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Small-Cap Core Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $48 | 0.93% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $85842894 |
| **Number of Holdings** | 72 |
| **Portfolio Turnover** | 21% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 19.2% |
|  Health Care  | 18.7% |
|  Industrials  | 18.7% |
|  Information Technology  | 13.6% |
|  Consumer Discretionary  | 9.1% |
|  Communication Services  | 3.8% |
|  Real Estate  | 3.6% |
|  Materials  | 2.9% |
|  Consumer Staples  | 2.9% |
|  Cash & Other  | 7.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 4.2% |
|  Bancorp, Inc.  | 2.9% |
|  Talen Energy Corp.  | 2.4% |
|  Bright Horizons Family Solutions, Inc.  | 2.3% |
|  HealthEquity, Inc.  | 2.2% |
|  Valmont Industries, Inc.  | 2.2% |
|  NCR Atleos Corp.  | 2.2% |
|  SPX Technologies, Inc.  | 2.1% |
|  Phreesia, Inc.  | 2.1% |
|  Assured Guaranty Ltd.  | 2.1% |

---

\* 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2989img001.jpg) | **Brown Advisory Sustainable Small-Cap** **Core Fund**  | ![image](ts2989img002.jpg) |
| ![image](ts2989img001.jpg) | Investor Shares \| BIAYX  | ![image](ts2989img002.jpg) |
| ![image](ts2989img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2989img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Small-Cap Core Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $56 | 1.08% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $85842894 |
| **Number of Holdings** | 72 |
| **Portfolio Turnover** | 21% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 19.2% |
|  Health Care  | 18.7% |
|  Industrials  | 18.7% |
|  Information Technology  | 13.6% |
|  Consumer Discretionary  | 9.1% |
|  Communication Services  | 3.8% |
|  Real Estate  | 3.6% |
|  Materials  | 2.9% |
|  Consumer Staples  | 2.9% |
|  Cash & Other  | 7.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 4.2% |
|  Bancorp, Inc.  | 2.9% |
|  Talen Energy Corp.  | 2.4% |
|  Bright Horizons Family Solutions, Inc.  | 2.3% |
|  HealthEquity, Inc.  | 2.2% |
|  Valmont Industries, Inc.  | 2.2% |
|  NCR Atleos Corp.  | 2.2% |
|  SPX Technologies, Inc.  | 2.1% |
|  Phreesia, Inc.  | 2.1% |
|  Assured Guaranty Ltd.  | 2.1% |

---

\* 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2992img001.jpg) | **Brown Advisory Sustainable Value Fund**  | ![image](ts2992img002.jpg) |
| ![image](ts2992img001.jpg) | Institutional Shares \| BASVX  | ![image](ts2992img002.jpg) |
| ![image](ts2992img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2992img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Value Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

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

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $124498586 |
| **Number of Holdings** | 42 |
| **Portfolio Turnover** | 10% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 21.9% |
|  Health Care  | 15.0% |
|  Industrials  | 11.7% |
|  Communication Services  | 9.7% |
|  Information Technology  | 9.4% |
|  Energy  | 5.9% |
|  Consumer Discretionary  | 5.2% |
|  Materials  | 5.1% |
|  Consumer Staples  | 4.9% |
|  Cash & Other  | 11.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CRH PLC  | 5.1% |
|  First American Government Obligations Fund  | 4.8% |
|  Cardinal Health, Inc.  | 4.2% |
|  Fidelity National Information Services, Inc.  | 3.9% |
|  T-Mobile US, Inc.  | 3.8% |
|  Constellation Energy Corp.  | 3.8% |
|  Ferguson Enterprises, Inc.  | 3.6% |
|  American International Group, Inc.  | 3.6% |
|  Willis Towers Watson PLC  | 3.5% |
|  Unilever PLC  | 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2991img001.jpg) | **Brown Advisory Sustainable Value Fund**  | ![image](ts2991img002.jpg) |
| ![image](ts2991img001.jpg) | Investor Shares \| BISVX  | ![image](ts2991img002.jpg) |
| ![image](ts2991img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2991img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Value Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $44 | 0.85% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $124498586 |
| **Number of Holdings** | 42 |
| **Portfolio Turnover** | 10% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 21.9% |
|  Health Care  | 15.0% |
|  Industrials  | 11.7% |
|  Communication Services  | 9.7% |
|  Information Technology  | 9.4% |
|  Energy  | 5.9% |
|  Consumer Discretionary  | 5.2% |
|  Materials  | 5.1% |
|  Consumer Staples  | 4.9% |
|  Cash & Other  | 11.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CRH PLC  | 5.1% |
|  First American Government Obligations Fund  | 4.8% |
|  Cardinal Health, Inc.  | 4.2% |
|  Fidelity National Information Services, Inc.  | 3.9% |
|  T-Mobile US, Inc.  | 3.8% |
|  Constellation Energy Corp.  | 3.8% |
|  Ferguson Enterprises, Inc.  | 3.6% |
|  American International Group, Inc.  | 3.6% |
|  Willis Towers Watson PLC  | 3.5% |
|  Unilever PLC  | 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2964img001.jpg) | **Brown Advisory Global Leaders Fund**  | ![image](ts2964img002.jpg) |
| ![image](ts2964img001.jpg) | Institutional Shares \| BAFLX  | ![image](ts2964img002.jpg) |
| ![image](ts2964img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2964img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Global Leaders Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $39 | 0.75% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $2086879041 |
| **Number of Holdings** | 37 |
| **Portfolio Turnover** | 8% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 29.9% |
|  Information Technology  | 23.6% |
|  Industrials  | 16.2% |
|  Health Care  | 10.9% |
|  Communication Services  | 7.0% |
|  Consumer Discretionary  | 6.5% |
|  Consumer Staples  | 3.4% |
|  Materials  | 1.8% |
|  Cash & Other  | 0.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.9% |
|  Alphabet, Inc.  | 5.3% |
|  London Stock Exchange Group PLC  | 4.6% |
|  Deutsche Boerse AG  | 4.5% |
|  Mastercard, Inc.  | 4.5% |
|  Safran S.A.  | 3.6% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.5% |
|  Unilever PLC  | 3.4% |
|  Visa, Inc.  | 3.4% |
|  Marvell Technology, Inc.  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 58.2% |
|  United Kingdom  | 9.9% |
|  Germany  | 6.2% |
|  Netherlands  | 4.0% |
|  France  | 3.6% |
|  Taiwan  | 3.5% |
|  India  | 3.0% |
|  Switzerland  | 2.6% |
|  China  | 2.3% |
|  Cash & Other  | 6.7% |

---

\* 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2965img001.jpg) | **Brown Advisory Global Leaders Fund**  | ![image](ts2965img002.jpg) |
| ![image](ts2965img001.jpg) | Investor Shares \| BIALX  | ![image](ts2965img002.jpg) |
| ![image](ts2965img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2965img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Global Leaders Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

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

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $2086879041 |
| **Number of Holdings** | 37 |
| **Portfolio Turnover** | 8% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 29.9% |
|  Information Technology  | 23.6% |
|  Industrials  | 16.2% |
|  Health Care  | 10.9% |
|  Communication Services  | 7.0% |
|  Consumer Discretionary  | 6.5% |
|  Consumer Staples  | 3.4% |
|  Materials  | 1.8% |
|  Cash & Other  | 0.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.9% |
|  Alphabet, Inc.  | 5.3% |
|  London Stock Exchange Group PLC  | 4.6% |
|  Deutsche Boerse AG  | 4.5% |
|  Mastercard, Inc.  | 4.5% |
|  Safran S.A.  | 3.6% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.5% |
|  Unilever PLC  | 3.4% |
|  Visa, Inc.  | 3.4% |
|  Marvell Technology, Inc.  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 58.2% |
|  United Kingdom  | 9.9% |
|  Germany  | 6.2% |
|  Netherlands  | 4.0% |
|  France  | 3.6% |
|  Taiwan  | 3.5% |
|  India  | 3.0% |
|  Switzerland  | 2.6% |
|  China  | 2.3% |
|  Cash & Other  | 6.7% |

---

\* 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2988img001.jpg) | **Brown Advisory Sustainable International** **Leaders Fund**  | ![image](ts2988img002.jpg) |
| ![image](ts2988img001.jpg) | Institutional Shares \| BAILX  | ![image](ts2988img002.jpg) |
| ![image](ts2988img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2988img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable International Leaders Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

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

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $32544280 |
| **Number of Holdings** | 32 |
| **Portfolio Turnover** | 16% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 35.5% |
|  Financials  | 24.4% |
|  Consumer Discretionary  | 16.5% |
|  Information Technology  | 9.4% |
|  Health Care  | 6.4% |
|  Consumer Staples  | 2.9% |
|  Communication Services  | 2.3% |
|  Cash & Other  | 2.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Deutsche Boerse AG  | 6.1% |
|  London Stock Exchange Group PLC  | 5.9% |
|  HDFC Bank, Ltd.  | 4.7% |
|  Waste Connections, Inc.  | 4.6% |
|  Safran S.A.  | 4.5% |
|  Wolters Kluwer NV  | 4.3% |
|  Rentokil Initial PLC  | 4.3% |
|  Experian PLC  | 4.2% |
|  Airbus SE  | 4.1% |
|  LVMH Moet Hennessy Louis Vuitton SE  | 4.0% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United Kingdom  | 27.4% |
|  France  | 12.7% |
|  Germany  | 8.4% |
|  United States  | 8.1% |
|  Netherlands  | 6.9% |
|  India  | 6.4% |
|  Canada  | 6.3% |
|  Switzerland  | 5.1% |
|  Japan  | 3.9% |
|  Cash & Other  | 14.8% |

---

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

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

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

------

**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.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2987img001.jpg) | **Brown Advisory Sustainable International** **Leaders Fund**  | ![image](ts2987img002.jpg) |
| ![image](ts2987img001.jpg) | Investor Shares \| BISLX  | ![image](ts2987img002.jpg) |
| ![image](ts2987img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2987img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable International Leaders Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

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

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $32544280 |
| **Number of Holdings** | 32 |
| **Portfolio Turnover** | 16% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 35.5% |
|  Financials  | 24.4% |
|  Consumer Discretionary  | 16.5% |
|  Information Technology  | 9.4% |
|  Health Care  | 6.4% |
|  Consumer Staples  | 2.9% |
|  Communication Services  | 2.3% |
|  Cash & Other  | 2.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Deutsche Boerse AG  | 6.1% |
|  London Stock Exchange Group PLC  | 5.9% |
|  HDFC Bank, Ltd.  | 4.7% |
|  Waste Connections, Inc.  | 4.6% |
|  Safran S.A.  | 4.5% |
|  Wolters Kluwer NV  | 4.3% |
|  Rentokil Initial PLC  | 4.3% |
|  Experian PLC  | 4.2% |
|  Airbus SE  | 4.1% |
|  LVMH Moet Hennessy Louis Vuitton SE  | 4.0% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United Kingdom  | 27.4% |
|  France  | 12.7% |
|  Germany  | 8.4% |
|  United States  | 8.1% |
|  Netherlands  | 6.9% |
|  India  | 6.4% |
|  Canada  | 6.3% |
|  Switzerland  | 5.1% |
|  Japan  | 3.9% |
|  Cash & Other  | 14.8% |

---

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

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

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

------

**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.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2970img001.jpg) | **Brown Advisory Intermediate Income Fund**  | ![image](ts2970img002.jpg) |
| ![image](ts2970img001.jpg) | Investor Shares \| BIAIX  | ![image](ts2970img002.jpg) |
| ![image](ts2970img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2970img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Intermediate Income Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

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

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $123001938 |
| **Number of Holdings** | 112 |
| **Portfolio Turnover** | 40% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 32.8% |
|  U.S. Treasury Securities  | 30.3% |
|  Corporate Bonds  | 26.7% |
|  Asset-Backed Securities  | 4.3% |
|  Money Market Funds  | 2.3% |
|  Agency Commercial Mortgage-Backed Securities  | 1.9% |
|  Non-Agency Residential Mortgage-Backed Securities  | 0.5% |
|  Futures Contracts  | 0.0% |
|  Cash & Other  | 1.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 30.3% |
|  Federal National Mortgage Association  | 18.3% |
|  Federal Home Loan Mortgage Corp.  | 10.9% |
|  Ginnie Mae II Pool  | 5.5% |
|  First American Government Obligations Fund  | 2.3% |
|  Waste Connections, Inc.  | 1.5% |
|  Carrier Global Corp.  | 1.0% |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust  | 1.0% |
|  HSBC Holdings PLC  | 1.0% |
|  Hasbro, Inc.  | 1.0% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2969img001.jpg) | **Brown Advisory Intermediate Income Fund**  | ![image](ts2969img002.jpg) |
| ![image](ts2969img001.jpg) | Advisor Shares \| BAIAX  | ![image](ts2969img002.jpg) |
| ![image](ts2969img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2969img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Intermediate Income Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $39 | 0.77% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $123001938 |
| **Number of Holdings** | 112 |
| **Portfolio Turnover** | 40% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 32.8% |
|  U.S. Treasury Securities  | 30.3% |
|  Corporate Bonds  | 26.7% |
|  Asset-Backed Securities  | 4.3% |
|  Money Market Funds  | 2.3% |
|  Agency Commercial Mortgage-Backed Securities  | 1.9% |
|  Non-Agency Residential Mortgage-Backed Securities  | 0.5% |
|  Futures Contracts  | 0.0% |
|  Cash & Other  | 1.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 30.3% |
|  Federal National Mortgage Association  | 18.3% |
|  Federal Home Loan Mortgage Corp.  | 10.9% |
|  Ginnie Mae II Pool  | 5.5% |
|  First American Government Obligations Fund  | 2.3% |
|  Waste Connections, Inc.  | 1.5% |
|  Carrier Global Corp.  | 1.0% |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust  | 1.0% |
|  HSBC Holdings PLC  | 1.0% |
|  Hasbro, Inc.  | 1.0% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2982img001.jpg) | **Brown Advisory Sustainable Bond Fund**  | ![image](ts2982img002.jpg) |
| ![image](ts2982img001.jpg) | Institutional Shares \| BAISX  | ![image](ts2982img002.jpg) |
| ![image](ts2982img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2982img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Bond Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

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

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $569070373 |
| **Number of Holdings** | 169 |
| **Portfolio Turnover** | 56% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 31.3% |
|  Corporate Bonds  | 31.1% |
|  U.S. Treasury Securities  | 18.5% |
|  Foreign Government Agency Issues  | 14.5% |
|  Asset-Backed Securities  | 4.8% |
|  Money Market Funds  | 1.2% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 1.1% |
|  Municipal Bonds  | 0.9% |
|  U.S. Treasury Bills  | 0.1% |
|  Cash & Other  | -3.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 16.1% |
|  United States Treasury Note  | 12.9% |
|  Ginnie Mae II Pool  | 7.6% |
|  Federal Home Loan Mortgage Corp.  | 5.9% |
|  United States Treasury STRIP  | 4.2% |
|  European Investment Bank  | 4.1% |
|  Inter-American Development Bank  | 3.8% |
|  International Bank for Reconstruction & Development  | 3.5% |
|  Kreditanstalt fuer Wiederaufbau  | 3.2% |
|  Asian Development Bank  | 3.2% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2983img001.jpg) | **Brown Advisory Sustainable Bond Fund**  | ![image](ts2983img002.jpg) |
| ![image](ts2983img001.jpg) | Investor Shares \| BASBX  | ![image](ts2983img002.jpg) |
| ![image](ts2983img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2983img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Bond Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $23 | 0.46% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $569070373 |
| **Number of Holdings** | 169 |
| **Portfolio Turnover** | 56% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 31.3% |
|  Corporate Bonds  | 31.1% |
|  U.S. Treasury Securities  | 18.5% |
|  Foreign Government Agency Issues  | 14.5% |
|  Asset-Backed Securities  | 4.8% |
|  Money Market Funds  | 1.2% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 1.1% |
|  Municipal Bonds  | 0.9% |
|  U.S. Treasury Bills  | 0.1% |
|  Cash & Other  | -3.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 16.1% |
|  United States Treasury Note  | 12.9% |
|  Ginnie Mae II Pool  | 7.6% |
|  Federal Home Loan Mortgage Corp.  | 5.9% |
|  United States Treasury STRIP  | 4.2% |
|  European Investment Bank  | 4.1% |
|  Inter-American Development Bank  | 3.8% |
|  International Bank for Reconstruction & Development  | 3.5% |
|  Kreditanstalt fuer Wiederaufbau  | 3.2% |
|  Asian Development Bank  | 3.2% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2971img001.jpg) | **Brown Advisory Maryland Bond Fund**  | ![image](ts2971img002.jpg) |
| ![image](ts2971img001.jpg) | Investor Shares \| BIAMX  | ![image](ts2971img002.jpg) |
| ![image](ts2971img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2971img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Maryland Bond Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $24 | 0.48% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $167357528 |
| **Number of Holdings** | 70 |
| **Portfolio Turnover** | 29% |

---

Visit https://www.brownadvisory.com/mf/funds/maryland-bond-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 97.9% |
|  Money Market Funds  | 1.0% |
|  Cash & Other  | 1.1% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Revenue Bonds  | 77.4% |
|  General Obligation Bonds  | 20.5% |
|  Cash & Other  | 2.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Maryland Stadium Authority  | 9.3% |
|  Maryland Economic Development Corporation  | 8.6% |
|  County of Frederick MD  | 6.8% |
|  State of Maryland Department of Transportation  | 6.1% |
|  MedStar Health  | 5.8% |
|  Maryland Community Development Administration  | 5.6% |
|  University of Maryland Medical System  | 5.1% |
|  State of Maryland  | 4.3% |
|  County of Howard MD  | 3.6% |
|  Main Street Natural Gas, Inc.  | 3.4% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2994img001.jpg) | **Brown Advisory Tax-Exempt Bond Fund**  | ![image](ts2994img002.jpg) |
| ![image](ts2994img001.jpg) | Institutional Shares \| BTEIX  | ![image](ts2994img002.jpg) |
| ![image](ts2994img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2994img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Tax-Exempt Bond Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $20 | 0.40% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1022734904 |
| **Number of Holdings** | 168 |
| **Portfolio Turnover** | 21% |

---

Visit https://www.brownadvisory.com/mf/funds/tax-exempt-bond-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Ten States** | **(%)** |
|  Texas  | 13.2% |
|  New York  | 9.7% |
|  Alabama  | 8.2% |
|  Illinois  | 7.9% |
|  Florida  | 6.3% |
|  Georgia  | 5.3% |
|  Wisconsin  | 4.6% |
|  Ohio  | 4.0% |
|  California  | 4.0% |
|  Cash & Other  | 36.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Black Belt Energy Gas District  | 7.2% |
|  Public Finance Authority  | 3.5% |
|  Main Street Natural Gas, Inc.  | 3.4% |
|  Texas Municipal Gas Acquisition and Supply Corp. II  | 3.0% |
|  Tobacco Settlement Financing Corp.  | 2.8% |
|  New Jersey Transportation Trust Fund Authority  | 2.4% |
|  Miami-Dade County Florida Expressway Authority  | 2.0% |
|  Fort Worth Texas  | 1.9% |
|  Central Plains Energy Project  | 1.8% |
|  Florida Development Finance Corp.  | 1.8% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 98.2% |
|  Money Market Funds  | 1.7% |
|  Cash & Other  | 0.1% |

---

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

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

------

**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.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2993img001.jpg) | **Brown Advisory Tax-Exempt Bond Fund**  | ![image](ts2993img002.jpg) |
| ![image](ts2993img001.jpg) | Investor Shares \| BIAEX  | ![image](ts2993img002.jpg) |
| ![image](ts2993img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2993img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Tax-Exempt Bond Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

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

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1022734904 |
| **Number of Holdings** | 168 |
| **Portfolio Turnover** | 21% |

---

Visit https://www.brownadvisory.com/mf/funds/tax-exempt-bond-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Ten States** | **(%)** |
|  Texas  | 13.2% |
|  New York  | 9.7% |
|  Alabama  | 8.2% |
|  Illinois  | 7.9% |
|  Florida  | 6.3% |
|  Georgia  | 5.3% |
|  Wisconsin  | 4.6% |
|  Ohio  | 4.0% |
|  California  | 4.0% |
|  Cash & Other  | 36.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Black Belt Energy Gas District  | 7.2% |
|  Public Finance Authority  | 3.5% |
|  Main Street Natural Gas, Inc.  | 3.4% |
|  Texas Municipal Gas Acquisition and Supply Corp. II  | 3.0% |
|  Tobacco Settlement Financing Corp.  | 2.8% |
|  New Jersey Transportation Trust Fund Authority  | 2.4% |
|  Miami-Dade County Florida Expressway Authority  | 2.0% |
|  Fort Worth Texas  | 1.9% |
|  Central Plains Energy Project  | 1.8% |
|  Florida Development Finance Corp.  | 1.8% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 98.2% |
|  Money Market Funds  | 1.7% |
|  Cash & Other  | 0.1% |

---

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

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

------

**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.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2995img001.jpg) | **Brown Advisory Tax-Exempt Sustainable** **Bond Fund**  | ![image](ts2995img002.jpg) |
| ![image](ts2995img001.jpg) | Investor Shares \| BITEX  | ![image](ts2995img002.jpg) |
| ![image](ts2995img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2995img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Tax-Exempt Sustainable Bond Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $24 | 0.48% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $296421480 |
| **Number of Holdings** | 101 |
| **Portfolio Turnover** | 18% |

---

Visit https://www.brownadvisory.com/mf/funds/tax-exempt-sustainable-bond-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Ten States** | **(%)** |
|  California  | 14.6% |
|  New York  | 12.0% |
|  Illinois  | 7.3% |
|  Maryland  | 5.8% |
|  Utah  | 5.3% |
|  Wisconsin  | 5.2% |
|  Colorado  | 4.2% |
|  Indiana  | 3.8% |
|  Texas  | 3.8% |
|  Cash & Other  | 38.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  California Community Choice Financing Authority  | 6.9% |
|  California Earthquake Authority  | 5.5% |
|  Maryland Health & Higher Educational Facilities Authority  | 4.0% |
|  New York Transportation Development Corp.  | 3.5% |
|  Utah Housing Corp.  | 3.4% |
|  New York Liberty Development Corp.  | 3.0% |
|  North Carolina Housing Finance Agency  | 2.9% |
|  Douglas County Nebraska  | 2.6% |
|  New Jersey Economic Development Authority  | 2.3% |
|  York County South Carolina Fort Mill School District No. 4  | 2.3% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 97.3% |
|  Money Market Funds  | 1.6% |
|  Cash & Other  | 1.1% |

---

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

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

------

**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.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2974img001.jpg) | **Brown Advisory Mortgage Securities Fund**  | ![image](ts2974img002.jpg) |
| ![image](ts2974img001.jpg) | Institutional Shares \| BAFZX  | ![image](ts2974img002.jpg) |
| ![image](ts2974img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2974img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Mortgage Securities Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

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

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $285407171 |
| **Number of Holdings** | 337 |
| **Portfolio Turnover** | 109% |

---

Visit https://www.brownadvisory.com/mf/funds/mortgage-securities-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 94.5% |
|  Money Market Funds  | 9.6% |
|  Asset-Backed Securities  | 7.4% |
|  Agency Commercial Mortgage-Backed Securities  | 4.0% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.7% |
|  Municipal Bonds  | 0.1% |
|  Futures Contracts  | 0.1% |
|  Cash & Other  | -16.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 50.5% |
|  Federal Home Loan Mortgage Corp.  | 24.5% |
|  Ginnie Mae II Pool  | 13.3% |
|  First American Government Obligations Fund  | 9.6% |
|  Government National Mortgage Association  | 9.0% |
|  American Express Travel Related Services Co., Inc.  | 1.2% |
|  Ford Credit Auto Owner Trust  | 0.9% |
|  CarMax Auto Owner Trust  | 0.9% |
|  Toyota Auto Receivables Owner Trust  | 0.8% |
|  FHF Trust  | 0.8% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2975img001.jpg) | **Brown Advisory Mortgage Securities Fund**  | ![image](ts2975img002.jpg) |
| ![image](ts2975img001.jpg) | Investor Shares \| BIAZX  | ![image](ts2975img002.jpg) |
| ![image](ts2975img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2975img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Mortgage Securities Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $25 | 0.50% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $285407171 |
| **Number of Holdings** | 337 |
| **Portfolio Turnover** | 109% |

---

Visit https://www.brownadvisory.com/mf/funds/mortgage-securities-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 94.5% |
|  Money Market Funds  | 9.6% |
|  Asset-Backed Securities  | 7.4% |
|  Agency Commercial Mortgage-Backed Securities  | 4.0% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.7% |
|  Municipal Bonds  | 0.1% |
|  Futures Contracts  | 0.1% |
|  Cash & Other  | -16.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 50.5% |
|  Federal Home Loan Mortgage Corp.  | 24.5% |
|  Ginnie Mae II Pool  | 13.3% |
|  First American Government Obligations Fund  | 9.6% |
|  Government National Mortgage Association  | 9.0% |
|  American Express Travel Related Services Co., Inc.  | 1.2% |
|  Ford Credit Auto Owner Trust  | 0.9% |
|  CarMax Auto Owner Trust  | 0.9% |
|  Toyota Auto Receivables Owner Trust  | 0.8% |
|  FHF Trust  | 0.8% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2957img001.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](ts2957img002.jpg) |
| ![image](ts2957img001.jpg) | Institutional Shares \| BAFHX  | ![image](ts2957img002.jpg) |
| ![image](ts2957img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2957img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $53 | 1.05% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $336703787 |
| **Number of Holdings** | 65 |
| **Portfolio Turnover** | 22% |

---

Visit https://www.brownadvisory.com/mf/funds/wmc-strategic-european-equity-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 32.8% |
|  Financials  | 17.4% |
|  Consumer Staples  | 16.9% |
|  Materials  | 8.3% |
|  Consumer Discretionary  | 6.0% |
|  Health Care  | 5.4% |
|  Communication Services  | 3.2% |
|  Information Technology  | 2.9% |
|  Energy  | 2.8% |
|  Cash & Other  | 4.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.8% |
|  Unilever PLC  | 4.0% |
|  Rheinmetall AG  | 3.8% |
|  Holcim, Ltd.  | 3.2% |
|  Haleon PLC  | 3.0% |
|  AIB Group PLC  | 3.0% |
|  First American Government Obligations Fund  | 3.0% |
|  Technip Energies NV  | 2.9% |
|  QIAGEN NV  | 2.7% |
|  Pandora AS  | 2.6% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United Kingdom  | 32.0% |
|  Germany  | 14.0% |
|  France  | 10.7% |
|  Ireland  | 5.4% |
|  Belgium  | 5.3% |
|  Switzerland  | 5.2% |
|  Denmark  | 4.5% |
|  Spain  | 4.2% |
|  Netherlands  | 3.6% |
|  Cash & Other  | 15.1% |

---

\* 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.

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

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

------

**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.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2956img001.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](ts2956img002.jpg) |
| ![image](ts2956img001.jpg) | Investor Shares \| BIAHX  | ![image](ts2956img002.jpg) |
| ![image](ts2956img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2956img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $61 | 1.20% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $336703787 |
| **Number of Holdings** | 65 |
| **Portfolio Turnover** | 22% |

---

Visit https://www.brownadvisory.com/mf/funds/wmc-strategic-european-equity-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 32.8% |
|  Financials  | 17.4% |
|  Consumer Staples  | 16.9% |
|  Materials  | 8.3% |
|  Consumer Discretionary  | 6.0% |
|  Health Care  | 5.4% |
|  Communication Services  | 3.2% |
|  Information Technology  | 2.9% |
|  Energy  | 2.8% |
|  Cash & Other  | 4.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.8% |
|  Unilever PLC  | 4.0% |
|  Rheinmetall AG  | 3.8% |
|  Holcim, Ltd.  | 3.2% |
|  Haleon PLC  | 3.0% |
|  AIB Group PLC  | 3.0% |
|  First American Government Obligations Fund  | 3.0% |
|  Technip Energies NV  | 2.9% |
|  QIAGEN NV  | 2.7% |
|  Pandora AS  | 2.6% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United Kingdom  | 32.0% |
|  Germany  | 14.0% |
|  France  | 10.7% |
|  Ireland  | 5.4% |
|  Belgium  | 5.3% |
|  Switzerland  | 5.2% |
|  Denmark  | 4.5% |
|  Spain  | 4.2% |
|  Netherlands  | 3.6% |
|  Cash & Other  | 15.1% |

---

\* 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.

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

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

------

**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.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2955img001.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](ts2955img002.jpg) |
| ![image](ts2955img001.jpg) | Advisor Shares \| BAHAX  | ![image](ts2955img002.jpg) |
| ![image](ts2955img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2955img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $74 | 1.45% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $336703787 |
| **Number of Holdings** | 65 |
| **Portfolio Turnover** | 22% |

---

Visit https://www.brownadvisory.com/mf/funds/wmc-strategic-european-equity-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 32.8% |
|  Financials  | 17.4% |
|  Consumer Staples  | 16.9% |
|  Materials  | 8.3% |
|  Consumer Discretionary  | 6.0% |
|  Health Care  | 5.4% |
|  Communication Services  | 3.2% |
|  Information Technology  | 2.9% |
|  Energy  | 2.8% |
|  Cash & Other  | 4.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.8% |
|  Unilever PLC  | 4.0% |
|  Rheinmetall AG  | 3.8% |
|  Holcim, Ltd.  | 3.2% |
|  Haleon PLC  | 3.0% |
|  AIB Group PLC  | 3.0% |
|  First American Government Obligations Fund  | 3.0% |
|  Technip Energies NV  | 2.9% |
|  QIAGEN NV  | 2.7% |
|  Pandora AS  | 2.6% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United Kingdom  | 32.0% |
|  Germany  | 14.0% |
|  France  | 10.7% |
|  Ireland  | 5.4% |
|  Belgium  | 5.3% |
|  Switzerland  | 5.2% |
|  Denmark  | 4.5% |
|  Spain  | 4.2% |
|  Netherlands  | 3.6% |
|  Cash & Other  | 15.1% |

---

\* 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.

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

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

------

**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.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2960img001.jpg) | **Brown Advisory Emerging Markets Select** **Fund**  | ![image](ts2960img002.jpg) |
| ![image](ts2960img001.jpg) | Institutional Shares \| BAFQX  | ![image](ts2960img002.jpg) |
| ![image](ts2960img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2960img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $55 | 1.09% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $605623315 |
| **Number of Holdings** | 104 |
| **Portfolio Turnover** | 29% |

---

Visit https://www.brownadvisory.com/mf/funds/emerging-markets-select-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 24.6% |
|  Information Technology  | 22.2% |
|  Consumer Discretionary  | 15.3% |
|  Communication Services  | 7.9% |
|  Industrials  | 7.2% |
|  Consumer Staples  | 6.9% |
|  Real Estate  | 5.7% |
|  Materials  | 3.5% |
|  Utilities  | 2.7% |
|  Cash & Other  | 4.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 11.5% |
|  Tencent Holdings, Ltd.  | 5.5% |
|  Samsung Electronics Co., Ltd.  | 4.1% |
|  ICICI Bank, Ltd.  | 1.7% |
|  Trip.com Group, Ltd.  | 1.6% |
|  DBS Group Holdings, Ltd.  | 1.5% |
|  Larsen & Toubro, Ltd.  | 1.4% |
|  Macrotech Developers, Ltd.  | 1.4% |
|  Axis Bank, Ltd.  | 1.4% |
|  SK Hynix, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  China  | 26.9% |
|  India  | 19.1% |
|  Taiwan  | 14.7% |
|  South Korea  | 12.3% |
|  Singapore  | 6.3% |
|  Brazil  | 5.7% |
|  Indonesia  | 4.2% |
|  Thailand  | 2.9% |
|  United States  | 2.8% |
|  Cash & Other  | 5.1% |

---

\* 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2959img001.jpg) | **Brown Advisory Emerging Markets Select** **Fund**  | ![image](ts2959img002.jpg) |
| ![image](ts2959img001.jpg) | Investor Shares \| BIAQX  | ![image](ts2959img002.jpg) |
| ![image](ts2959img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2959img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $62 | 1.24% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $605623315 |
| **Number of Holdings** | 104 |
| **Portfolio Turnover** | 29% |

---

Visit https://www.brownadvisory.com/mf/funds/emerging-markets-select-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 24.6% |
|  Information Technology  | 22.2% |
|  Consumer Discretionary  | 15.3% |
|  Communication Services  | 7.9% |
|  Industrials  | 7.2% |
|  Consumer Staples  | 6.9% |
|  Real Estate  | 5.7% |
|  Materials  | 3.5% |
|  Utilities  | 2.7% |
|  Cash & Other  | 4.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 11.5% |
|  Tencent Holdings, Ltd.  | 5.5% |
|  Samsung Electronics Co., Ltd.  | 4.1% |
|  ICICI Bank, Ltd.  | 1.7% |
|  Trip.com Group, Ltd.  | 1.6% |
|  DBS Group Holdings, Ltd.  | 1.5% |
|  Larsen & Toubro, Ltd.  | 1.4% |
|  Macrotech Developers, Ltd.  | 1.4% |
|  Axis Bank, Ltd.  | 1.4% |
|  SK Hynix, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  China  | 26.9% |
|  India  | 19.1% |
|  Taiwan  | 14.7% |
|  South Korea  | 12.3% |
|  Singapore  | 6.3% |
|  Brazil  | 5.7% |
|  Indonesia  | 4.2% |
|  Thailand  | 2.9% |
|  United States  | 2.8% |
|  Cash & Other  | 5.1% |

---

\* 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2958img001.jpg) | **Brown Advisory Emerging Markets Select** **Fund**  | ![image](ts2958img002.jpg) |
| ![image](ts2958img001.jpg) | Advisor Shares \| BAQAX  | ![image](ts2958img002.jpg) |
| ![image](ts2958img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2958img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $75 | 1.49% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $605623315 |
| **Number of Holdings** | 104 |
| **Portfolio Turnover** | 29% |

---

Visit https://www.brownadvisory.com/mf/funds/emerging-markets-select-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 24.6% |
|  Information Technology  | 22.2% |
|  Consumer Discretionary  | 15.3% |
|  Communication Services  | 7.9% |
|  Industrials  | 7.2% |
|  Consumer Staples  | 6.9% |
|  Real Estate  | 5.7% |
|  Materials  | 3.5% |
|  Utilities  | 2.7% |
|  Cash & Other  | 4.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 11.5% |
|  Tencent Holdings, Ltd.  | 5.5% |
|  Samsung Electronics Co., Ltd.  | 4.1% |
|  ICICI Bank, Ltd.  | 1.7% |
|  Trip.com Group, Ltd.  | 1.6% |
|  DBS Group Holdings, Ltd.  | 1.5% |
|  Larsen & Toubro, Ltd.  | 1.4% |
|  Macrotech Developers, Ltd.  | 1.4% |
|  Axis Bank, Ltd.  | 1.4% |
|  SK Hynix, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  China  | 26.9% |
|  India  | 19.1% |
|  Taiwan  | 14.7% |
|  South Korea  | 12.3% |
|  Singapore  | 6.3% |
|  Brazil  | 5.7% |
|  Indonesia  | 4.2% |
|  Thailand  | 2.9% |
|  United States  | 2.8% |
|  Cash & Other  | 5.1% |

---

\* 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.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2954img001.jpg) | **Brown Advisory - Beutel Goodman** **Large-Cap Value Fund**  | ![image](ts2954img002.jpg) |
| ![image](ts2954img001.jpg) | Institutional Shares \| BVALX  | ![image](ts2954img002.jpg) |
| ![image](ts2954img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2954img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - Beutel Goodman Large-Cap Value Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $28 | 0.54% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1926620871 |
| **Number of Holdings** | 32 |
| **Portfolio Turnover** | 15% |

---

Visit https://www.brownadvisory.com/mf/funds/beutel-goodman-large-cap-value-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 17.7% |
|  Information Technology  | 17.4% |
|  Health Care  | 16.3% |
|  Consumer Discretionary  | 12.4% |
|  Communication Services  | 10.5% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 8.7% |
|  Materials  | 4.2% |
|  Cash & Other  | 3.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Gen Digital, Inc.  | 4.9% |
|  Merck & Co., Inc.  | 4.7% |
|  American Express Co.  | 4.7% |
|  eBay, Inc.  | 4.6% |
|  Amdocs Ltd.  | 4.5% |
|  Comcast Corp.  | 4.3% |
|  Kimberly-Clark Corp.  | 4.2% |
|  PPG Industries, Inc.  | 4.2% |
|  QUALCOMM, Inc.  | 4.0% |
|  Medtronic PLC  | 4.0% |

---

\* 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.

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

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

------

**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.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2952img001.jpg) | **Brown Advisory - Beutel Goodman** **Large-Cap Value Fund**  | ![image](ts2952img002.jpg) |
| ![image](ts2952img001.jpg) | Investor Shares \| BIAVX  | ![image](ts2952img002.jpg) |
| ![image](ts2952img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2952img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - Beutel Goodman Large-Cap Value Fund (the"Fund") for the period of July 1, 2024 to December 31, 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 LAST SIX MONTHS?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $35 | 0.69% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $1926620871 |
| **Number of Holdings** | 32 |
| **Portfolio Turnover** | 15% |

---

Visit https://www.brownadvisory.com/mf/funds/beutel-goodman-large-cap-value-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 17.7% |
|  Information Technology  | 17.4% |
|  Health Care  | 16.3% |
|  Consumer Discretionary  | 12.4% |
|  Communication Services  | 10.5% |
|  Industrials  | 9.0% |
|  Consumer Staples  | 8.7% |
|  Materials  | 4.2% |
|  Cash & Other  | 3.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Gen Digital, Inc.  | 4.9% |
|  Merck & Co., Inc.  | 4.7% |
|  American Express Co.  | 4.7% |
|  eBay, Inc.  | 4.6% |
|  Amdocs Ltd.  | 4.5% |
|  Comcast Corp.  | 4.3% |
|  Kimberly-Clark Corp.  | 4.2% |
|  PPG Industries, Inc.  | 4.2% |
|  QUALCOMM, Inc.  | 4.0% |
|  Medtronic PLC  | 4.0% |

---

\* 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.

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

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

------

**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.

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2997img001.jpg) | **Brown Advisory - WMC Japan Equity Fund**  | ![image](ts2997img002.jpg) |
| ![image](ts2997img001.jpg) | Institutional Shares \| BAFJX  | ![image](ts2997img002.jpg) |
| ![image](ts2997img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2997img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - WMC Japan Equity Fund (the"Fund") for the period of September 30, 2024 to December 31, 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 PERIOD?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $24 | 1.00% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $121158587 |
| **Number of Holdings** | 79 |
| **Portfolio Turnover** | 29% |

---

Visit https://www.brownadvisory.com/mf/wmc-japan-equity-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 18.5% |
|  Consumer Discretionary  | 17.7% |
|  Financials  | 14.0% |
|  Materials  | 13.7% |
|  Information Technology  | 9.8% |
|  Health Care  | 8.4% |
|  Real Estate  | 4.7% |
|  Communication Services  | 3.9% |
|  Consumer Staples  | 2.3% |
|  Cash & Other  | 7.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 5.0% |
|  Sony Group Corp.  | 3.8% |
|  Shin-Etsu Chemical Co., Ltd.  | 2.9% |
|  Daiichi Sankyo Co., Ltd.  | 2.8% |
|  iShares MSCI Japan ETF  | 2.8% |
|  KDDI Corp.  | 2.5% |
|  Sumitomo Mitsui Trust Holdings, Inc.  | 2.5% |
|  Asahi Group Holdings, Ltd.  | 2.3% |
|  Astellas Pharma, Inc.  | 2.3% |
|  Honda Motor Co., Ltd.  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 95.8% |
|  United States  | 5.0% |
|  Cash & Other  | -0.8% |

---

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

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](ts2996img001.jpg) | **Brown Advisory - WMC Japan Equity Fund**  | ![image](ts2996img002.jpg) |
| ![image](ts2996img001.jpg) | Investor Shares \| BIJEX  | ![image](ts2996img002.jpg) |
| ![image](ts2996img001.jpg) | Semi-Annual Shareholder Report \| December 31, 2024  | ![image](ts2996img002.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - WMC Japan Equity Fund (the"Fund") for the period of September 30, 2024 to December 31, 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 PERIOD?** (based on a hypothetical $10,000 investment, percentage amount is annualized)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $28 | 1.15% |

---

**KEY FUND STATISTICS** (as of December 31, 2024)

---

| | |
|:---|:---|
| **Net Assets** | $121158587 |
| **Number of Holdings** | 79 |
| **Portfolio Turnover** | 29% |

---

Visit https://www.brownadvisory.com/mf/wmc-japan-equity-fund for recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2024)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 18.5% |
|  Consumer Discretionary  | 17.7% |
|  Financials  | 14.0% |
|  Materials  | 13.7% |
|  Information Technology  | 9.8% |
|  Health Care  | 8.4% |
|  Real Estate  | 4.7% |
|  Communication Services  | 3.9% |
|  Consumer Staples  | 2.3% |
|  Cash & Other  | 7.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 5.0% |
|  Sony Group Corp.  | 3.8% |
|  Shin-Etsu Chemical Co., Ltd.  | 2.9% |
|  Daiichi Sankyo Co., Ltd.  | 2.8% |
|  iShares MSCI Japan ETF  | 2.8% |
|  KDDI Corp.  | 2.5% |
|  Sumitomo Mitsui Trust Holdings, Inc.  | 2.5% |
|  Asahi Group Holdings, Ltd.  | 2.3% |
|  Astellas Pharma, Inc.  | 2.3% |
|  Honda Motor Co., Ltd.  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 95.8% |
|  United States  | 5.0% |
|  Cash & Other  | -0.8% |

---

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

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

**HOUSEHOLDING**

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

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

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

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

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

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

(a-b)

![](brown.jpg)

**Brown Advisory Growth Equity Fund**

**Brown Advisory Flexible Equity Fund** 

**Brown Advisory Sustainable Growth Fund** 

**Brown Advisory Mid-Cap Growth Fund** 

**Brown Advisory Small-Cap Growth Fund** 

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

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

**Brown Advisory Sustainable Value Fund** 

**Brown Advisory Global Leaders Fund** 

**Brown Advisory Sustainable International Leaders Fund** 

**Brown Advisory Intermediate Income Fund** 

**Brown Advisory Sustainable Bond Fund** 

**Brown Advisory Maryland Bond Fund** 

**Brown Advisory Tax-Exempt Bond Fund** 

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

**Brown Advisory Mortgage Securities Fund** 

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

**Brown Advisory Emerging Markets Select Fund** 

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

**BROWN ADVISORY - WMC JAPAN EQUITY FUND** 

Core Financial Statements

December 31, 2024 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#sch001)<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) | [14](#tba010) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Intermediate Income Fund](#tba011) | [15](#tba011) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Bond Fund](#tba012) | [19](#tba012) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Maryland Bond Fund](#tba013) | [24](#tba013) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Tax-Exempt Bond Fund](#tba014) | [26](#tba014) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Tax-Exempt Sustainable Bond Fund](#tba015) | [31](#tba015) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Mortgage Securities Fund](#tba016) | [34](#tba016) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory - WMC Strategic European Equity Fund](#tba017) | [41](#tba017) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Emerging Markets Select Fund](#tba018) | [43](#tba018) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory - Beutel Goodman Large-Cap Value Fund](#tba019) | [45](#tba019) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory - WMC Japan Equity Fund](#tba020) | [46](#tba020) |
| [Statements of Assets and Liabilities](#tsal) | [48](#tsal) |
| [Statements of Operations](#tsop) | [56](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [61](#tscna) |
| [Financial Highlights](#fihi) | [71](#fihi) |
| [Notes to Financial Statements](#tnotes) | [78](#tnotes) |
| [Additional Information](#tadd) | [98](#tadd) |

---

------

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

**BROWN ADVISORY GROWTH EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.6%**<br>|  |  |
| **Communication Services - 8.8%**<br>|  |  |
| Alphabet, Inc. - Class C | 176694 | $33649605  |
| Netflix, Inc.<sup>(a)</sup> | 22514 | 20067178  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 122486 | 14395780  |
|  |  | 68112563  |
| **Consumer Discretionary - 8.8%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 174081 | 38191630  |
| Hilton Worldwide Holdings, Inc. | 121079 | 29925886  |
|  |  | 68117516  |
| **Consumer Staples - 4.5%**<br>|  |  |
| Costco Wholesale Corp. | 37724 | 34565369  |
| **Financials - 11.5%**<br>|  |  |
| Mastercard, Inc. - Class A | 62047 | 32672089  |
| Progressive Corp. | 111833 | 26796305  |
| S&P Global, Inc. | 58161 | 28965923  |
|  |  | 88434317  |
| **Health Care - 12.2%**<br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 49718 | 10366700  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 60372 | 31511769  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 64459 | 13552505  |
| West Pharmaceutical Services, Inc. | 48713 | 15956430  |
| Zoetis, Inc. - Class A | 137898 | 22467721  |
|  |  | 93855125  |
| **Industrials - 14.6%**<br>|  |  |
| Cintas Corp. | 121146 | 22133374  |
| Generac Holdings, Inc.<sup>(a)</sup> | 74443 | 11542387  |
| Trane Technologies PLC | 34508 | 12745530  |
| TransDigm Group, Inc. | 17555 | 22247100  |
| Uber Technologies, Inc.<sup>(a)</sup> | 436877 | 26352421  |
| Veralto Corp. | 170596 | 17375203  |
|  |  | 112396015  |
| **Information Technology - 34.6%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 26802 | 11918313  |
| Autodesk, Inc.<sup>(a)</sup> | 94746 | 28004075  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 67207 | 20193015  |
| Intuit, Inc. | 41141 | 25857119  |
| Marvell Technology, Inc. | 302062 | 33362748  |
| Microsoft Corp. | 86839 | 36602639  |
| NVIDIA Corp. | 274723 | 36892552  |
| NXP Semiconductors NV | 68547 | 14247494  |
| ServiceNow, Inc.<sup>(a)</sup> | 32833 | 34806920  |
| Workday, Inc. - Class A<sup>(a)</sup> | 94545 | 24395446  |
|  |  | 266280321  |
| **Real Estate - 2.6%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 284908 | 20396564  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $368,821,057)** |  | 752157790  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** |
| **Money Market Funds - 2.0%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(b)</sup> | 15433321 | $15433321  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $15,433,321)** |  | 15433321  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%**<br>**(Cost $384,254,378)** |  | $767591111  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.4% |  | 2778703  |
| **TOTAL NET ASSETS - 100.0%** |  | $770369814 |

---

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

PLC - Public Limited Company

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

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

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.2%**<br>|  |  |
| **Communication Services - 12.9%**<br>|  |  |
| Alphabet, Inc. - Class A | 147460 | $27914178  |
| Alphabet, Inc. - Class C | 196055 | 37336714  |
| Meta Platforms, Inc. - Class A | 82963 | 48575666  |
| T-Mobile US, Inc. | 67513 | 14902145  |
|  |  | 128728703  |
| **Consumer Discretionary - 13.6%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 205824 | 45155727  |
| Amer Sports, Inc.<sup>(a)</sup> | 746272 | 20865765  |
| Booking Holdings, Inc. | 4977 | 24727826  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 75875 | 8410744  |
| CarMax, Inc.<sup>(a)</sup> | 125911 | 10294484  |
| Lowe's Cos., Inc. | 41875 | 10334750  |
| TJX Cos., Inc. | 128642 | 15541240  |
|  |  | 135330536  |
| **Consumer Staples - 0.9%**<br>|  |  |
| Nomad Foods Ltd. | 560784 | 9409955  |
| **Energy - 3.0%**<br>|  |  |
| Baker Hughes Co. - Class A | 315514 | 12942384  |
| Suncor Energy, Inc. | 478977 | 17089900  |
|  |  | 30032284  |
| **Financials - 27.9%**<br>|  |  |
| American International Group, Inc. | 210684 | 15337795  |
| Bank of America Corp. | 253028 | 11120581  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 83667 | 37924578  |
| Blackstone, Inc. | 42797 | 7379059  |
|  First Citizens BancShares, Inc. - Class A | 10724 | 22660026  |
| Fiserv, Inc.<sup>(a)</sup> | 121520 | 24962638  |
| KKR & Co., Inc. | 332740 | 49215573  |
| Mastercard, Inc. - Class A | 87873 | 46271286  |
| Progressive Corp. | 67262 | 16116648  |
| Visa, Inc. - Class A | 148365 | 46889275  |
|  |  | 277877459  |
| **Health Care - 11.2%**<br>|  |  |
| Agilent Technologies, Inc. | 87739 | 11786857  |
| Align Technology, Inc.<sup>(a)</sup> | 40870 | 8521804  |
| Danaher Corp. | 42512 | 9758630  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 289441 | 21427317  |
| Elevance Health, Inc. | 40870 | 15076943  |
| Illumina, Inc.<sup>(a)</sup> | 69641 | 9306127  |
| UnitedHealth Group, Inc. | 69596 | 35205832  |
|  |  | 111083510  |
| **Industrials - 7.9%**<br>|  |  |
| Canadian National Railway Co. | 91526 | 9290804  |
| Carrier Global Corp. | 198149 | 13525651  |
| Ferguson Enterprises, Inc. | 75205 | 13053332  |
| General Electric Co. | 67647 | 11282843  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Uber Technologies, Inc.<sup>(a)</sup> | 174003 | $10495861  |
| United Rentals, Inc. | 29660 | 20893690  |
|  |  | 78542181  |
| **Information Technology - 21.8%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 29492 | 13114502  |
| Analog Devices, Inc. | 60760 | 12909070  |
| Apple, Inc. | 135177 | 33851024  |
| Autodesk, Inc.<sup>(a)</sup> | 58230 | 17211041  |
| Intuit, Inc. | 31402 | 19736157  |
| KLA Corp. | 13355 | 8415253  |
| Microsoft Corp. | 154180 | 64986870  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 186436 | 36819246  |
| Workday, Inc. - Class A<sup>(a)</sup> | 36513 | 9421449  |
|  |  | 216464612  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $392,286,850)** |  | 987469240  |
| **SHORT-TERM INVESTMENTS - 0.8%** | **SHORT-TERM INVESTMENTS - 0.8%** | **SHORT-TERM INVESTMENTS - 0.8%** |
| **Money Market Funds - 0.8%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(b)</sup> | 7714733 | 7714733  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,714,733)** |  | 7714733  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $400,001,583)** |  | $995183973  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (225726)  |
| **TOTAL NET ASSETS - 100.0%** |  | $994958247 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

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

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

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

2<br>

------

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

**BROWN ADVISORY SUSTAINABLE GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.3%**<br>|  |  |
| **Communication Services - 4.6%**<br>|  |  |
| Alphabet, Inc. - Class A | 2029606 | $384204416  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 544423 | 63986035  |
|  |  | 448190451  |
| **Consumer Discretionary - 12.2%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 1737983 | 228388346  |
| Amazon.com, Inc.<sup>(a)</sup> | 3518434 | 771909236  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 3201927 | 193076198  |
|  |  | 1193373780  |
| **Financials - 19.7%**<br>|  |  |
| Ares Management Corp. | 1381412 | 244551366  |
| Arthur J Gallagher & Co. | 1056557 | 299903704  |
| KKR & Co., Inc. | 3020036 | 446693525  |
| MSCI, Inc. - Class A | 310097 | 186061301  |
| Progressive Corp. | 1434297 | 343671904  |
| Visa, Inc. - Class A | 1290066 | 407712459  |
|  |  | 1928594259  |
| **Health Care - 10.0%**<br>|  |  |
| Agilent Technologies, Inc. | 955130 | 128312164  |
| Danaher Corp. | 1156252 | 265417646  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 301282 | 157257153  |
| Thermo Fisher Scientific, Inc. | 333334 | 173410347  |
| West Pharmaceutical Services, Inc. | 763623 | 250132350  |
|  |  | 974529660  |
| **Industrials - 9.8%**<br>|  |  |
| Carrier Global Corp. | 1297904 | 88594927  |
| Fortive Corp. | 1488234 | 111617550  |
| General Electric Co. | 897350 | 149669007  |
| Uber Technologies, Inc.<sup>(a)</sup> | 3874204 | 233691985  |
| Veralto Corp. | 1810099 | 184358583  |
| Verisk Analytics, Inc. | 688302 | 189579020  |
|  |  | 957511072  |
| **Information Technology - 40.5%**<br>|  |  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 875802 | 263143469  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 1015287 | 145074359  |
| Dynatrace, Inc.<sup>(a)</sup> | 4065711 | 220971393  |
| Intuit, Inc. | 669071 | 420511124  |
| KLA Corp. | 290866 | 183280484  |
| Marvell Technology, Inc. | 3858178 | 426135760  |
| Microsoft Corp. | 1562502 | 658594593  |
| Monolithic Power Systems, Inc. | 358448 | 212093682  |
| NVIDIA Corp. | 5890232 | 790999255  |
| ServiceNow, Inc.<sup>(a)</sup> | 399840 | 423878381  |
| Workday, Inc. - Class A<sup>(a)</sup> | 846744 | 218485354  |
|  |  | 3963167854  |
| **Materials - 1.5%**<br>|  |  |
| Ecolab, Inc. | 628206 | 147201230  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,579,158,274)** |  | 9612568306  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** |
| **Money Market Funds - 1.7%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(b)</sup> | 163564262 | $163564262  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $163,564,262)** |  | 163564262  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $5,742,722,536)** |  | $9776132568  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 2515277  |
| **TOTAL NET ASSETS - 100.0%** |  | $9778647845 |

---

Percentages are stated as a percent of net assets.

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

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

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

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.9%**<br>|  |  |
| **Communication Services - 4.2%**<br>|  |  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 24004 | $696116  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 21311 | 1233054  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 9609 | 1129346  |
|  |  | 3058516  |
| **Consumer Discretionary - 10.3%**<br>|  |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 6449 | 714872  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 6622 | 399307  |
| Coupang, Inc. - Class A<sup>(a)</sup> | 59396 | 1305524  |
| Domino's Pizza, Inc. | 2225 | 933966  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 6163 | 1033843  |
| Hilton Worldwide Holdings, Inc. | 7101 | 1755083  |
| Ross Stores, Inc. | 8770 | 1326638  |
|  |  | 7469233  |
| **Consumer Staples - 2.3%**<br>|  |  |
| Casey's General Stores, Inc. | 2006 | 794837  |
| Kenvue, Inc. | 39639 | 846293  |
|  |  | 1641130  |
| **Energy - 4.2%**<br>|  |  |
| Cheniere Energy, Inc. | 9348 | 2008605  |
| Oceaneering International, Inc.<sup>(a)</sup> | 37769 | 985015  |
|  |  | 2993620  |
| **Financials - 7.0%**<br>|  |  |
| Ares Management Corp. | 9246 | 1636819  |
| Arthur J Gallagher & Co. | 6454 | 1831968  |
| Tradeweb Markets, Inc. - Class A | 11893 | 1557032  |
|  |  | 5025819  |
| **Health Care - 17.3%**<br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 1690 | 352382  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 4540 | 1068307  |
| Bio-Techne Corp. | 8796 | 633576  |
| Bruker Corp. | 18452 | 1081656  |
| Dexcom, Inc.<sup>(a)</sup> | 8283 | 644169  |
| HealthEquity, Inc.<sup>(a)</sup> | 15971 | 1532417  |
| Inari Medical, Inc.<sup>(a)</sup> | 18874 | 963518  |
| Insulet Corp.<sup>(a)</sup> | 7839 | 2046528  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 8113 | 1705758  |
| West Pharmaceutical Services, Inc. | 7437 | 2436064  |
|  |  | 12464375  |
| **Industrials - 17.3%**<br>|  |  |
| Applied Industrial Technologies, Inc. | 3329 | 797196  |
| Carlisle Cos., Inc. | 2264 | 835054  |
| Cintas Corp. | 2587 | 472645  |
| Copart, Inc.<sup>(a)</sup> | 14910 | 855685  |
| Equifax, Inc. | 6486 | 1652957  |
| HEICO Corp. - Class A | 7828 | 1456634  |
| Old Dominion Freight Line, Inc. | 6824 | 1203753  |
| OPENLANE, Inc.<sup>(a)</sup> | 19215 | 381226  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 7186 | $946899  |
| Verisk Analytics, Inc. | 6873 | 1893030  |
| Waste Connections, Inc. | 11781 | 2021384  |
|  |  | 12516463  |
| **Information Technology - 28.7%**<br>|  |  |
| Autodesk, Inc.<sup>(a)</sup> | 3101 | 916563  |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 82323 | 965649  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 9781 | 1397607  |
| Dynatrace, Inc.<sup>(a)</sup> | 24247 | 1317824  |
| Entegris, Inc. | 12498 | 1238052  |
| Fair Isaac Corp.<sup>(a)</sup> | 690 | 1373742  |
| Gartner, Inc.<sup>(a)</sup> | 3726 | 1805135  |
| Guidewire Software, Inc.<sup>(a)</sup> | 4742 | 799406  |
| HubSpot, Inc.<sup>(a)</sup> | 2096 | 1460430  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 9835 | 557153  |
| Marvell Technology, Inc. | 30675 | 3388054  |
| Monolithic Power Systems, Inc. | 4266 | 2524192  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 16688 | 1025144  |
| ServiceTitan, Inc. - Class A<sup>(a)</sup> | 1732 | 178171  |
| Workday, Inc. - Class A<sup>(a)</sup> | 3050 | 786991  |
| Zscaler, Inc.<sup>(a)</sup> | 5610 | 1012100  |
|  |  | 20746213  |
| **Materials - 1.3%**<br>|  |  |
| Vulcan Materials Co. | 3624 | 932202  |
| **Real Estate - 2.8%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 28379 | 2031653  |
| **Utilities - 2.5%**<br>|  |  |
| Vistra Corp. | 13197 | 1819470  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $51,759,424)** |  | 70698694  |
| **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** |
| **Money Market Funds - 2.3%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(b)</sup> | 1659716 | 1659716  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,659,716)** |  | 1659716  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%**<br>**(Cost $53,419,140)** |  | $72358410  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.2)% |  | (109758)  |
| **TOTAL NET ASSETS - 100.0%** |  | $72248652 |

---

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** 

**December 31, 2024 (Unaudited) (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.

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

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

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.2%**<br>|  |  |
| **Communication Services - 3.8%**<br>|  |  |
|  Cogent Communications Holdings, Inc. | 398208 | $30689890  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 132360 | 24364829  |
|  |  | 55054719  |
| **Consumer Discretionary - 7.2%**<br>|  |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 464838 | 51527292  |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 494431 | 9201361  |
| KinderCare Learning Cos., Inc.<sup>(a)</sup> | 825397 | 14692067  |
| Mister Car Wash, Inc.<sup>(a)</sup> | 3378400 | 24628536  |
| TopBuild Corp.<sup>(a)</sup> | 14934 | 4649551  |
|  |  | 104698807  |
| **Consumer Staples - 2.5%**<br>|  |  |
| Casey's General Stores, Inc. | 91021 | 36065251  |
| **Energy - 4.2%**<br>|  |  |
| Cactus, Inc. - Class A | 142858 | 8337193  |
| ChampionX Corp. | 1143952 | 31104055  |
| Oceaneering International, Inc.<sup>(a)</sup> | 852575 | 22235156  |
|  |  | 61676404  |
| **Financials - 5.1%**<br>|  |  |
| DigitalBridge Group, Inc. - Class A | 902061 | 10175248  |
| Houlihan Lokey, Inc. - Class A | 48614 | 8442307  |
| Prosperity Bancshares, Inc. | 623040 | 46946064  |
| WEX, Inc.<sup>(a)</sup> | 47774 | 8375738  |
|  |  | 73939357  |
| **Health Care - 25.9%**<br>|  |  |
| Biohaven Ltd.<sup>(a)</sup> | 242921 | 9073099  |
| Bio-Techne Corp. | 323139 | 23275702  |
| Blueprint Medicines Corp.<sup>(a)</sup> | 142717 | 12447777  |
| Bruker Corp. | 500529 | 29341010  |
| Cytokinetics, Inc.<sup>(a)</sup> | 274888 | 12930732  |
| Encompass Health Corp. | 366527 | 33848768  |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | 610318 | 28117350  |
| HealthEquity, Inc.<sup>(a)</sup> | 495401 | 47533726  |
| Inari Medical, Inc.<sup>(a)</sup> | 437821 | 22350762  |
| Insmed, Inc.<sup>(a)</sup> | 161240 | 11132010  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 1629719 | 12011029  |
| NeoGenomics, Inc.<sup>(a)</sup> | 1537904 | 25344658  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 211751 | 28904012  |
| OrthoPediatrics Corp.<sup>(a)</sup> | 467008 | 10825245  |
| Phreesia, Inc.<sup>(a)</sup> | 1455844 | 36629035  |
| SI-BONE, Inc.<sup>(a)</sup> | 1042725 | 14619004  |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | 238300 | 8583566  |
| Vaxcyte, Inc.<sup>(a)</sup> | 134530 | 11012626  |
|  |  | 377980111  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials - 28.0%**<br>|  |  |
| Applied Industrial Technologies, Inc. | 90240 | $21609773  |
| AZEK Co., Inc. - Class A<sup>(a)</sup> | 44953 | 2133919  |
|  Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 282883 | 29931850  |
| Curtiss-Wright Corp. | 88867 | 31536232  |
| EnPro, Inc. | 110809 | 19109012  |
| Fluor Corp.<sup>(a)</sup> | 729208 | 35964539  |
| FTI Consulting, Inc.<sup>(a)</sup> | 77642 | 14839715  |
| IDEX Corp. | 51402 | 10757925  |
| Kadant, Inc. | 38020 | 13116520  |
| MSA Safety, Inc. | 114713 | 19015974  |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. - <br>Class A | 505959 | 11384078  |
| OPENLANE, Inc.<sup>(a)</sup> | 560080 | 11111987  |
| Rentokil Initial PLC - ADR | 827499 | 20952275  |
| Simpson Manufacturing Co., Inc. | 43071 | 7142464  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 110550 | 14567173  |
| SPX Technologies, Inc.<sup>(a)</sup> | 93526 | 13609904  |
| Standardaero, Inc.<sup>(a)</sup> | 949540 | 23510610  |
| Valmont Industries, Inc. | 124833 | 38282536  |
| Waste Connections, Inc. | 249879 | 42874239  |
| Woodward, Inc. | 67652 | 11258646  |
| Zurn Elkay Water Solutions Corp. | 423765 | 15806434  |
|  |  | 408515805  |
| **Information Technology - 18.5%**<br>|  |  |
| BlackLine, Inc.<sup>(a)</sup> | 192449 | 11693201  |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 3545725 | 41591354  |
| Clear Secure, Inc. - Class A | 426607 | 11364810  |
| Dynatrace, Inc.<sup>(a)</sup> | 783942 | 42607248  |
| Entegris, Inc. | 247344 | 24501897  |
| Guidewire Software, Inc.<sup>(a)</sup> | 105788 | 17833741  |
| Infinera Corp.<sup>(a)</sup> | 972536 | 6389562  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 231951 | 13140024  |
| Littelfuse, Inc. | 89630 | 21121309  |
| Mirion Technologies, Inc. - Class A<sup>(a)</sup> | 929889 | 16226563  |
| Power Integrations, Inc. | 225377 | 13905761  |
| PROS Holdings, Inc.<sup>(a)</sup> | 658024 | 14450207  |
| ServiceTitan, Inc. - Class A<sup>(a)</sup> | 2771 | 285053  |
| SiTime Corp.<sup>(a)</sup> | 115427 | 24762554  |
| Workiva, Inc. - Class A<sup>(a)</sup> | 83961 | 9193730  |
|  |  | 269067014  |
| **Materials - 2.0%**<br>|  |  |
| HB Fuller Co. | 358532 | 24193740  |
| Quaker Chemical Corp. | 35503 | 4997402  |
|  |  | 29191142  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,081,114,166)** |  | 1416188610  |

---

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** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - 1.2%** | **REAL ESTATE INVESTMENT TRUSTS - 1.2%** | **REAL ESTATE INVESTMENT TRUSTS - 1.2%** |
| **Real Estate - 1.2%**<br>|  |  |
| EastGroup Properties, Inc. | 110852 | $17790638  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $10,997,424)** |  | 17790638  |
| **PRIVATE PLACEMENTS - 0.1%**<br>|  |  |
|  StepStone VC Global Partners IV-B, L.P<sup>(a)(b)(c)</sup> | 19200 | 935308  |
|  StepStone VC Global Partners V-B, L.P.<sup>(a)(b)(d)</sup> | 91769 | 87480  |
| &nbsp;&nbsp;&nbsp; **TOTAL PRIVATE PLACEMENTS** <br>**(Cost $0)** |  | 1022788  |
| **SHORT-TERM INVESTMENTS - 1.6%** | **SHORT-TERM INVESTMENTS - 1.6%** | **SHORT-TERM INVESTMENTS - 1.6%** |
| **Money Market Funds - 1.6%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(e)</sup> | 23011074 | 23011074  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $23,011,074)** |  | 23011074  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%**<br>**(Cost $1,115,122,664)** |  | $1458013110  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (2079516)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1455933594 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

7<br>

------

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

**BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 91.0%**<br>|  |  |
| **Communication Services - 6.6%**<br>|  |  |
| Cable One, Inc. | 47372 | $17154348  |
| IAC, Inc.<sup>(a)</sup> | 467512 | 20168468  |
| John Wiley & Sons, Inc. - Class A | 553504 | 24193660  |
| Nexstar Media Group, Inc. | 79588 | 12572516  |
| Shutterstock, Inc. | 521408 | 15824733  |
|  |  | 89913725  |
| **Consumer Discretionary - 10.2%**<br>|  |  |
| KinderCare Learning Cos., Inc.<sup>(a)</sup> | 244129 | 4345496  |
| La-Z-Boy, Inc. | 400625 | 17455231  |
| Modine Manufacturing Co.<sup>(a)</sup> | 317488 | 36806384  |
| Monarch Casino & Resort, Inc. | 129882 | 10247690  |
| Monro, Inc. | 420703 | 10433435  |
| Murphy USA, Inc. | 18529 | 9296926  |
| Signet Jewelers Ltd. | 368938 | 29776986  |
| YETI Holdings, Inc.<sup>(a)</sup> | 552885 | 21291601  |
|  |  | 139653749  |
| **Consumer Staples - 3.7%**<br>|  |  |
|  Guardian Pharmacy Services, Inc. - Class A<sup>(a)</sup> | 863481 | 17494125  |
| Nomad Foods Ltd. | 2004921 | 33642574  |
|  |  | 51136699  |
| **Energy - 6.3%**<br>|  |  |
| Bristow Group, Inc.<sup>(a)</sup> | 510114 | 17496910  |
| Expro Group Holdings NV<sup>(a)</sup> | 1056811 | 13178433  |
| Oceaneering International, Inc.<sup>(a)</sup> | 932700 | 24324816  |
| REX American Resources Corp.<sup>(a)</sup> | 413480 | 17237981  |
| Sitio Royalties Corp. - Class A | 754191 | 14465384  |
|  |  | 86703524  |
| **Financials - 29.3%**<br>|  |  |
| Assured Guaranty Ltd. | 315606 | 28407696  |
| Bancorp, Inc.<sup>(a)</sup> | 832855 | 43833159  |
| Dime Community Bancshares, Inc. | 567525 | 17442881  |
| Eastern Bankshares, Inc. | 1821652 | 31423497  |
| First Interstate BancSystem, Inc. | 584431 | 18976474  |
| Hanover Insurance Group, Inc. | 165018 | 25521684  |
| Horace Mann Educators Corp. | 535839 | 21020964  |
| MGIC Investment Corp. | 882111 | 20914852  |
| NCR Atleos Corp.<sup>(a)</sup> | 1340539 | 45471083  |
| Old National Bancorp | 1431706 | 31075179  |
| Pacific Premier Bancorp, Inc. | 860543 | 21444731  |
| Peapack-Gladstone Financial Corp. | 291136 | 9330909  |
| Peoples Bancorp, Inc. | 469582 | 14881054  |
| Seacoast Banking Corp. of Florida | 550898 | 15166222  |
| Virtus Investment Partners, Inc. | 49176 | 10847242  |
| White Mountains Insurance Group Ltd. | 11608 | 22578256  |
| WSFS Financial Corp. | 418506 | 22235224  |
|  |  | 400571107  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care - 2.4%**<br>|  |  |
| Avanos Medical, Inc.<sup>(a)</sup> | 1166267 | $18566971  |
| Patterson Cos., Inc. | 437912 | 13513964  |
|  |  | 32080935  |
| **Industrials - 11.8%**<br>|  |  |
| Albany International Corp. - Class A | 241253 | 19293002  |
| Curtiss-Wright Corp. | 48038 | 17047245  |
| EnPro, Inc. | 162509 | 28024677  |
| Kadant, Inc. | 56929 | 19639936  |
| Mueller Water Products, Inc. - Class A | 697406 | 15691635  |
| Sensata Technologies Holding PLC | 762348 | 20888335  |
| Tennant Co. | 300547 | 24503597  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 584153 | 16806082  |
|  |  | 161894509  |
| **Information Technology - 8.2%**<br>|  |  |
| Bel Fuse, Inc. - Class A | 104222 | 9388318  |
| Bel Fuse, Inc. - Class B | 85387 | 7041866  |
| Crane NXT Co. | 302115 | 17589135  |
| CTS Corp. | 291762 | 15384610  |
| NCR Voyix Corp.<sup>(a)</sup> | 2351356 | 32542767  |
| OSI Systems, Inc.<sup>(a)</sup> | 150052 | 25123206  |
| PC Connection, Inc. | 79685 | 5519780  |
|  |  | 112589682  |
| **Materials - 6.4%**<br>|  |  |
| Eagle Materials, Inc. | 173489 | 42810146  |
| Ingevity Corp.<sup>(a)</sup> | 486295 | 19816521  |
| Orion S.A. | 1604694 | 25338118  |
|  |  | 87964785 |
| **Utilities - 6.1%**<br>|  |  |
| Portland General Electric Co. | 383370 | 16722599  |
| Star Group L.P. | 588094 | 6786605  |
| Talen Energy Corp.<sup>(a)</sup> | 294586 | 59350242  |
|  |  | 82859446  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $987,161,928)** |  | 1245368161  |
| **REAL ESTATE INVESTMENT TRUSTS - 6.1%** | **REAL ESTATE INVESTMENT TRUSTS - 6.1%** | **REAL ESTATE INVESTMENT TRUSTS - 6.1%** |
| **Financials - 1.4%**<br>|  |  |
| Ladder Capital Corp. - Class A | 1750262 | 19585432  |
| **Real Estate - 4.7%**<br>|  |  |
| Curbline Properties Corp. | 472366 | 10968339  |
| Essential Properties Realty Trust, Inc. | 703368 | 22001351  |
| Getty Realty Corp. | 364860 | 10993232  |
| Global Medical REIT, Inc. | 790582 | 6103293  |
| Global Net Lease, Inc. | 1425245 | 10404288  |
| SITE Centers Corp. | 226822 | 3468108  |
|  |  | 63938611  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $77,771,194)** |  | 83524043  |

---

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** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **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, 4.37%<sup>(b)</sup> | 39810847 | $39810847  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $39,810,847)** |  | 39810847  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $1,104,743,969)** |  | $1368703051  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (157868)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1368545183 |

---

Percentages are stated as a percent of net assets.

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

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

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

9<br>

------

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

**BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.3%**<br>|  |  |
| **Communication Services - 3.8%** | **Communication Services - 3.8%** |  |
| Cable One, Inc.  | 2727 | $987501  |
| John Wiley & Sons, Inc. - Class A  | 29997 | 1311169  |
| Nexstar Media Group, Inc.  | 5837 | 922071  |
|  |  | 3220741  |
| **Consumer Discretionary - 9.1%** | **Consumer Discretionary - 9.1%** |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 18143 | 2011151  |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 47040 | 875414  |
| KinderCare Learning Cos., Inc.<sup>(a)</sup> | 50441 | 897850  |
| TopBuild Corp.<sup>(a)</sup> | 3482 | 1084086  |
| Wyndham Hotels & Resorts, Inc.  | 16421 | 1655073  |
| YETI Holdings, Inc.<sup>(a)</sup> | 33031 | 1272024  |
|  |  | 7795598  |
| **Consumer Staples - 2.9%** | **Consumer Staples - 2.9%** |  |
|  Guardian Pharmacy Services, Inc. - Class A<sup>(a)</sup> | 46527 | 942637  |
| Nomad Foods Ltd.  | 92705 | 1555590  |
|  |  | 2498227  |
| **Energy - 1.0%** | **Energy - 1.0%** |  |
| ChampionX Corp.  | 32320 | 878781  |
| **Financials - 19.2%** | **Financials - 19.2%** |  |
| Assured Guaranty Ltd.  | 19943 | 1795069  |
| Bancorp, Inc.<sup>(a)</sup> | 46924 | 2469610  |
| DigitalBridge Group, Inc.  | 61952 | 698819  |
| Eastern Bankshares, Inc.  | 100656 | 1736316  |
| Horace Mann Educators Corp.  | 32417 | 1271719  |
| MGIC Investment Corp.  | 54900 | 1301679  |
| NCR Atleos Corp.<sup>(a)</sup> | 55589 | 1885579  |
| Old National Bancorp  | 71931 | 1561262  |
| Pacific Premier Bancorp, Inc.  | 43732 | 1089801  |
| Prosperity Bancshares, Inc.  | 10948 | 824932  |
| WEX, Inc.<sup>(a)</sup> | 4178 | 732487  |
| WSFS Financial Corp.  | 20735 | 1101651  |
|  |  | 16468924  |
| **Health Care - 18.7%** | **Health Care - 18.7%** |  |
| Ascendis Pharma A/S - ADR<sup>(a)</sup> | 7717 | 1062399  |
| Biohaven Ltd.<sup>(a)</sup> | 13388 | 500042  |
| Blueprint Medicines Corp.<sup>(a)</sup> | 9944 | 867316  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 2863 | 528510  |
| Cytokinetics, Inc.<sup>(a)</sup> | 16251 | 764447  |
| Encompass Health Corp.  | 16871 | 1558037  |
| Haemonetics Corp.<sup>(a)</sup> | 2736 | 213627  |
| HealthEquity, Inc.<sup>(a)</sup> | 19942 | 1913435  |
| Inari Medical, Inc.<sup>(a)</sup> | 21315 | 1088131  |
| Insmed, Inc.<sup>(a)</sup> | 10815 | 746668  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 77407 | 570490  |
| NeoGenomics, Inc.<sup>(a)</sup> | 93074 | 1533859  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 7971 | 1088041  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| OrthoPediatrics Corp.<sup>(a)</sup> | 24081 | $558197  |
| Phreesia, Inc.<sup>(a)</sup> | 71662 | 1803016  |
| SI-BONE, Inc.<sup>(a)</sup> | 34371 | 481881  |
| Vaxcyte, Inc.<sup>(a)</sup> | 9577 | 783973  |
|  |  | 16062069  |
| **Industrials - 18.7%** | **Industrials - 18.7%** |  |
| Applied Industrial Technologies, Inc. | 5435 | 1301520  |
| AZEK Co., Inc.<sup>(a)</sup> | 31160 | 1479165  |
| EnPro, Inc.  | 10000 | 1724500  |
| Kadant, Inc.  | 4910 | 1693901  |
| OPENLANE, Inc.<sup>(a)</sup> | 43349 | 860044  |
| Sensata Technologies Holding PLC  | 32978 | 903597  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 6846 | 902097  |
| SPX Technologies, Inc.<sup>(a)</sup> | 12572 | 1829478  |
| Standardaero, Inc.<sup>(a)</sup> | 41566 | 1029174  |
| Tennant Co.  | 15009 | 1223684  |
| Valmont Industries, Inc.  | 6233 | 1911474  |
| Zurn Elkay Water Solutions Corp.  | 32238 | 1202477  |
|  |  | 16061111  |
| **Information Technology - 13.6%** | **Information Technology - 13.6%** |  |
| BlackLine, Inc.<sup>(a)</sup> | 9999 | 607539  |
| CTS Corp.  | 21779 | 1148407  |
| Dynatrace, Inc.<sup>(a)</sup> | 14899 | 809761  |
| Entegris, Inc.  | 6836 | 677174  |
| Infinera Corp.<sup>(a)</sup> | 167714 | 1101881  |
| Littelfuse, Inc.  | 4565 | 1075742  |
| NCR Voyix Corp.<sup>(a)</sup> | 67504 | 934255  |
| Onto Innovation, Inc.<sup>(a)</sup> | 7408 | 1234691  |
| OSI Systems, Inc.<sup>(a)</sup> | 6050 | 1012952  |
| Power Integrations, Inc.  | 14040 | 866268  |
| SiTime Corp.<sup>(a)</sup> | 4266 | 915185  |
| Workiva, Inc.<sup>(a)</sup> | 11528 | 1262316  |
|  |  | 11646171  |
| **Materials - 2.9%** | **Materials - 2.9%** |  |
| HB Fuller Co.  | 18278 | 1233399  |
| Ingevity Corp.<sup>(a)</sup> | 31234 | 1272786  |
|  |  | 2506185  |
| **Utilities - 2.4%** | **Utilities - 2.4%** |  |
| Talen Energy Corp.<sup>(a)</sup> | 10406 | 2096497  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $70,042,934)** |  | 79234304  |
| **REAL ESTATE INVESTMENT TRUSTS - 3.6%** | **REAL ESTATE INVESTMENT TRUSTS - 3.6%** | **REAL ESTATE INVESTMENT TRUSTS - 3.6%** |
| **Real Estate - 3.6%** | **Real Estate - 3.6%** |  |
| Curbline Properties Corp.  | 28665 | 665601  |
| EastGroup Properties, Inc.  | 7195 | 1154726  |
| Essential Properties Realty Trust, Inc.  | 40908 | 1279602  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $2,784,093)** |  | 3099929  |

---

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** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 4.2%** | **SHORT-TERM INVESTMENTS - 4.2%** | **SHORT-TERM INVESTMENTS - 4.2%** |
| **Money Market Funds - 4.2%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(b)</sup> | 3609646 | $3609646  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,609,646)** |  | 3609646  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%**<br>**(Cost $76,436,673)** |  | $85943879  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)%  |  | (100985)  |
| **TOTAL NET ASSETS - 100.0%** |  | $85842894 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.1%**<br>|  |  |
| **Communication Services - 9.7%**<br>|  |  |
| Alphabet, Inc. - Class C | 9388 | $1787851  |
| Comcast Corp. - Class A | 112485 | 4221562  |
| Nexstar Media Group, Inc. | 8378 | 1323473  |
| T-Mobile US, Inc. | 21605 | 4768871  |
|  |  | 12101757  |
| **Consumer Discretionary - 5.2%**<br>|  |  |
| Best Buy Co., Inc. | 17265 | 1481337  |
| Expedia Group, Inc.<sup>(a)</sup> | 10832 | 2018327  |
| Wyndham Hotels & Resorts, Inc. | 29688 | 2992253  |
|  |  | 6491917  |
| **Consumer Staples - 4.9%**<br>|  |  |
| Kenvue, Inc. | 85928 | 1834563  |
| Unilever PLC - ADR | 75516 | 4281757  |
|  |  | 6116320  |
| **Energy - 5.9%**<br>|  |  |
| ChampionX Corp. | 84600 | 2300274  |
| Schlumberger NV | 73272 | 2809249  |
| Weatherford International PLC | 31413 | 2250113  |
|  |  | 7359636  |
| **Financials - 21.9%**<br>|  |  |
| American International Group, Inc. | 60884 | 4432355  |
| Ameriprise Financial, Inc. | 2592 | 1380059  |
| Assurant, Inc. | 7740 | 1650323  |
| Bank of America Corp. | 95010 | 4175689  |
| Citigroup, Inc. | 40100 | 2822639  |
|  Fidelity National Information Services, Inc. | 60591 | 4893935  |
| KKR & Co., Inc. | 23612 | 3492451  |
| Willis Towers Watson PLC | 13963 | 4373770  |
|  |  | 27221221  |
| **Health Care - 15.0%**<br>|  |  |
| Cardinal Health, Inc. | 43960 | 5199149  |
| Elevance Health, Inc. | 6918 | 2552050  |
| Gilead Sciences, Inc. | 19868 | 1835207  |
| Labcorp Holdings, Inc. | 10740 | 2462897  |
| Medtronic PLC | 18463 | 1474825  |
| Merck & Co., Inc. | 17261 | 1717124  |
| Sanofi - ADR | 70863 | 3417723  |
|  |  | 18658975  |
| **Industrials - 11.7%**<br>|  |  |
| Ferguson Enterprises, Inc. | 26025 | 4517159  |
| Masco Corp. | 23451 | 1701839  |
| Pentair PLC | 25698 | 2586247  |
| Trane Technologies PLC | 10475 | 3868941  |
| Waste Connections, Inc. | 10742 | 1843113  |
|  |  | 14517299  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 9.4%**<br>|  |  |
| Applied Materials, Inc. | 7149 | $1162642  |
| Cisco Systems, Inc. | 27129 | 1606037  |
| Dell Technologies, Inc. - Class C | 21137 | 2435828  |
| Flex, Ltd.<sup>(a)</sup> | 54573 | 2095057  |
| NXP Semiconductors NV | 8933 | 1856724  |
| TD SYNNEX Corp. | 21786 | 2555062  |
|  |  | 11711350  |
| **Materials - 5.1%**<br>|  |  |
| CRH PLC | 69251 | 6407102  |
| **Real Estate - 2.5%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 23836 | 3129428  |
| **Utilities - 3.8%**<br>|  |  |
| Constellation Energy Corp. | 20949 | 4686501  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $99,359,038)** |  | 118401506  |
| **SHORT-TERM INVESTMENTS - 4.8%** | **SHORT-TERM INVESTMENTS - 4.8%** | **SHORT-TERM INVESTMENTS - 4.8%** |
| **Money Market Funds - 4.8%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(b)</sup> | 5915302 | 5915302  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,915,302)** |  | 5915302  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $105,274,340)** |  | $124316808  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 181778  |
| **TOTAL NET ASSETS - 100.0%** |  | $124498586 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.3%**<br>|  |  |
| **Brazil - 1.4%**<br>|  |  |
| B3 S.A. - Brasil Bolsa Balcao | 18258180 | $30339043  |
| **China - 2.3%**<br>|  |  |
| AIA Group, Ltd. | 6601930 | 47420756  |
| **Denmark - 1.7%**<br>|  |  |
| Coloplast A/S - Class B | 328086 | 35945813  |
| **France - 3.6%**<br>|  |  |
| Safran S.A. | 339904 | 74475613  |
| **Germany - 6.2%**<br>|  |  |
| CTS Eventim AG & Co. KGaA | 427276 | 36119855  |
| Deutsche Boerse AG | 405859 | 93492255  |
|  |  | 129612110  |
| **India - 3.0%**<br>|  |  |
| HDFC Bank, Ltd. | 3016655 | 62385354  |
| **Indonesia - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br>Tbk PT | 149108664 | 37642277  |
| **Netherlands - 4.0%**<br>|  |  |
| ASML Holding NV | 49127 | 34048941  |
| Wolters Kluwer NV | 298129 | 49532500  |
|  |  | 83581441  |
| **Sweden - 1.6%**<br>|  |  |
| Atlas Copco AB - Class B | 2408852 | 32546021  |
| **Switzerland - 2.6%**<br>|  |  |
| Roche Holding AG | 194184 | 54295157  |
| **Taiwan - 3.5%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 371316 | 73331197  |
| **United Kingdom - 9.9%**<br>|  |  |
| London Stock Exchange Group PLC | 686967 | 96968299  |
| Rentokil Initial PLC | 7788380 | 38875306  |
| Unilever PLC | 1260404 | 71616564  |
|  |  | 207460169  |
| **United States - 57.7%**<br>|  |  |
| **Communication Services - 5.3%**<br>|  |  |
| Alphabet, Inc. - Class C | 582684 | 110966341  |
| **Consumer Discretionary - 6.5%**<br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 15487 | 49589374  |
| Booking Holdings, Inc. | 9747 | 48427190  |
| TJX Cos., Inc. | 308889 | 37316880  |
|  |  | 135333444  |
| **Financials - 12.3%**<br>|  |  |
| Charles Schwab Corp. | 676307 | 50053481  |
| Mastercard, Inc. - Class A | 176922 | 93161818  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Moody's Corp. | 87834 | $41577981  |
| Visa, Inc. - Class A | 226412 | 71555248  |
|  |  | 256348528  |
| **Health Care - 6.6%**<br>|  |  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 720915 | 53369337  |
| Illumina, Inc.<sup>(a)</sup> | 226148 | 30220157  |
| Zoetis, Inc. - Class A | 333391 | 54319396  |
|  |  | 137908890  |
| **Industrials - 6.7%**<br>|  |  |
| Allegion PLC | 296840 | 38791051  |
| Ferguson Enterprises, Inc. | 226930 | 39388240  |
| General Electric Co. | 369706 | 61663264  |
|  |  | 139842555  |
| **Information Technology - 18.5%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 98671 | 43877020  |
| Autodesk, Inc.<sup>(a)</sup> | 182844 | 54043201  |
| Intuit, Inc. | 84390 | 53039115  |
| Marvell Technology, Inc. | 641630 | 70868033  |
| Microsoft Corp. | 388935 | 163936103  |
|  |  | 385763472 |
| **Materials - 1.8%**<br>|  |  |
| Sherwin-Williams Co. | 114304 | 38855359  |
| **Total United States** |  | 1205018589  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,377,901,066)** |  | 2074053540  |
| **SHORT-TERM INVESTMENTS - 0.5%** | **SHORT-TERM INVESTMENTS - 0.5%** | **SHORT-TERM INVESTMENTS - 0.5%** |
| **Money Market Funds - 0.5%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(b)</sup> | 9657491 | 9657491  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $9,657,491)** |  | 9657491  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%**<br>**(Cost $1,387,558,557)** |  | $2083711031  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 3168010  |
| **TOTAL NET ASSETS - 100.0%** |  | $2086879041 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

13<br>

------

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

**BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4%**<br>|  |  |
| **Brazil - 2.3%**<br>|  |  |
| B3 S.A. - Brasil Bolsa Balcao | 456472 | $758505  |
| **Canada - 6.3%**<br>|  |  |
| Canadian National Railway Co. | 5204 | 528455  |
| Waste Connections, Inc. | 8785 | 1507100  |
|  |  | 2035555  |
| **China - 2.4%**<br>|  |  |
| AIA Group, Ltd. | 109472 | 786323  |
| **Finland - 2.3%**<br>|  |  |
| Kone Oyj - Class B | 15264 | 744122  |
| **France - 12.7%**<br>|  |  |
| Airbus SE | 8368 | 1339977  |
|  LVMH Moet Hennessy Louis Vuitton SE | 1971 | 1296512  |
| Safran S.A. | 6758 | 1480730  |
|  |  | 4117219  |
| **Germany - 8.4%**<br>|  |  |
| CTS Eventim AG & Co. KGaA | 8746 | 739345  |
| Deutsche Boerse AG | 8658 | 1994426  |
|  |  | 2733771  |
| **India - 6.4%**<br>|  |  |
| HDFC Bank, Ltd. - ADR | 23839 | 1522359  |
| Tata Consultancy Services, Ltd. | 11841 | 565070  |
|  |  | 2087429  |
| **Indonesia - 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br>Tbk PT | 3879156 | 979288  |
| **Japan - 3.9%**<br>|  |  |
| Keyence Corp. | 1688 | 686124  |
| Shimano, Inc. | 4416 | 594030  |
|  |  | 1280154  |
| **Netherlands - 6.9%**<br>|  |  |
| ASML Holding NV | 1215 | 851029  |
| Wolters Kluwer NV | 8391 | 1394119  |
|  |  | 2245148  |
| **Spain - 2.1%**<br>|  |  |
| Amadeus IT Group S.A. | 9826 | 693561  |
| **Sweden - 2.0%**<br>|  |  |
| Atlas Copco AB - Class B | 48716 | 658202  |
| **Switzerland - 5.1%**<br>|  |  |
| Cie Financiere Richemont S.A. | 4427 | 669691  |
| Roche Holding AG | 3554 | 993722  |
|  |  | 1663413  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **United Kingdom - 27.4%**<br>|  |  |
| AstraZeneca PLC | 4055 | $528687  |
| Compass Group PLC | 31960 | 1063413  |
| ConvaTec Group PLC | 202465 | 559632  |
| Diageo PLC | 30287 | 962450  |
| Experian PLC | 31771 | 1365507  |
| Howden Joinery Group PLC | 114921 | 1138468  |
| London Stock Exchange Group PLC | 13570 | 1915463  |
| Rentokil Initial PLC | 277696 | 1386106  |
|  |  | 8919726  |
| **United States - 6.2%**<br>|  |  |
| Booking Holdings, Inc. | 210 | 1043368  |
| NXP Semiconductors NV | 4678 | 972323  |
|  |  | 2015691  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $27,432,061)** |  | 31718107  |
| **SHORT-TERM INVESTMENTS - 1.9%** | **SHORT-TERM INVESTMENTS - 1.9%** | **SHORT-TERM INVESTMENTS - 1.9%** |
| **Money Market Funds - 1.9%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(a)</sup> | 611561 | 611561  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $611,561)** |  | 611561  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%**<br>**(Cost $28,043,622)** |  | $32329668  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  | 214612  |
| **TOTAL NET ASSETS - 100.0%** |  | $32544280 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

14<br>

------

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

**BROWN ADVISORY INTERMEDIATE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 32.8%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 32.8%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 32.8%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool QE0622, 2.00%, 04/01/2052 | $740331 | $585405  |
| &nbsp;&nbsp;&nbsp; Pool QF0492, 5.50%, 09/01/2052 | 727225 | 722693  |
| &nbsp;&nbsp;&nbsp; Pool RA7927, 4.50%, 09/01/2052 | 1193974 | 1125980  |
| &nbsp;&nbsp;&nbsp; Pool RC2401, 2.00%, 01/01/2037 | 964322 | 857751  |
| &nbsp;&nbsp;&nbsp; Pool SB0531, 2.50%, 06/01/2036 | 926609 | 846282  |
| &nbsp;&nbsp;&nbsp; Pool SD0913, 2.50%, 02/01/2052 | 1372851 | 1128611  |
| &nbsp;&nbsp;&nbsp; Pool SD3234, 2.50%, 12/01/2051 | 1524089 | 1253063  |
| &nbsp;&nbsp;&nbsp; Pool SD3475, 5.50%, 08/01/2053 | 1153970 | 1145962  |
| &nbsp;&nbsp;&nbsp; Pool SD3477, 6.50%, 08/01/2053 | 490791 | 506352  |
| &nbsp;&nbsp;&nbsp; Pool SD4697, 6.00%, 02/01/2054 | 1645569 | 1668161  |
| &nbsp;&nbsp;&nbsp; Pool SD5573, 3.00%, 08/01/2052 | 1292506 | 1115478  |
| &nbsp;&nbsp;&nbsp; Series 4634, Class MA, 4.50%, 11/15/2054 | 733255 | 720082  |
| &nbsp;&nbsp;&nbsp; Series 5145, Class AB, 1.50%, 09/25/2049 | 392462 | 301718  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 628837, 6.50%, 03/01/2032 | 7062 | 7285  |
| &nbsp;&nbsp;&nbsp; Pool 663238, 5.50%, 09/01/2032 | 9080 | 9275  |
| &nbsp;&nbsp;&nbsp; Pool 741373, 6.78% (1 yr. CMT Rate + 2.28%), 12/01/2033 | 5310 | 5436  |
| &nbsp;&nbsp;&nbsp; Pool 744805, 6.64% (RFUCCT6M + 1.52%), 11/01/2033 | 2232 | 2225  |
| &nbsp;&nbsp;&nbsp; Pool 764342, 6.90% (RFUCCT6M + 1.52%), 02/01/2034 | 18010 | 18082  |
| &nbsp;&nbsp;&nbsp; Pool BQ3248, 2.00%, 11/01/2050 | 1388995 | 1091158  |
| &nbsp;&nbsp;&nbsp; Pool BQ6307, 2.00%, 11/01/2050 | 1236733 | 971345  |
| &nbsp;&nbsp;&nbsp; Pool BR5634, 2.00%, 03/01/2051 | 760407 | 600423  |
| &nbsp;&nbsp;&nbsp; Pool BW0025, 4.00%, 07/01/2052 | 624404 | 571512  |
| &nbsp;&nbsp;&nbsp; Pool CB2548, 2.50%, 01/01/2052 | 1231526 | 1012737  |
| &nbsp;&nbsp;&nbsp; Pool FM6555, 2.00%, 04/01/2051 | 956960 | 757178  |
| &nbsp;&nbsp;&nbsp; Pool FM9973, 3.00%, 08/01/2051 | 1264315 | 1089604  |
| &nbsp;&nbsp;&nbsp; Pool FS0031, 2.50%, 10/01/2051 | 1218169 | 994605  |
| &nbsp;&nbsp;&nbsp; Pool FS0348, 2.00%, 01/01/2052 | 1378766 | 1088291  |
| &nbsp;&nbsp;&nbsp; Pool FS3239, 3.50%, 08/01/2050 | 1230587 | 1104877  |
| &nbsp;&nbsp;&nbsp; Pool FS3607, 2.50%, 02/01/2037 | 910468 | 829633  |
| &nbsp;&nbsp;&nbsp; Pool FS4862, 2.50%, 10/01/2051 | 1417349 | 1167807  |
| &nbsp;&nbsp;&nbsp; Pool FS7086, 5.50%, 09/01/2053 | 1878528 | 1859748  |
| &nbsp;&nbsp;&nbsp; Pool FS7276, 5.00%, 09/01/2053 | 1741224 | 1683607  |
| &nbsp;&nbsp;&nbsp; Pool FS7744, 6.50%, 04/01/2054 | 559260 | 580737  |
| &nbsp;&nbsp;&nbsp; Pool FS8384, 3.50%, 02/01/2051 | 1883013 | 1694019  |
| &nbsp;&nbsp;&nbsp; Pool FS8791, 6.00%, 08/01/2054 | 1470017 | 1480399  |
| &nbsp;&nbsp;&nbsp; Pool MA2998, 3.50%, 04/01/2032 | 249114 | 240311  |
| &nbsp;&nbsp;&nbsp; Pool MA4208, 2.00%, 12/01/2050 | 695274 | 545896  |
| &nbsp;&nbsp;&nbsp; Pool MA4492, 2.00%, 12/01/2051 | 1073271 | 839334  |
| &nbsp;&nbsp;&nbsp; Pool MB0291, 5.00%, 12/01/2054 | 1410000 | 1361588  |
|  Ginnie Mae I, Pool 781186, 9.00%, 06/15/2030 | 6330 | 6367  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA6598, 2.50%, 04/20/2050 | 663152 | 556896  |
| &nbsp;&nbsp;&nbsp; Pool MA6994, 2.00%, 11/20/2050 | 687237 | 551305  |
| &nbsp;&nbsp;&nbsp; Pool MA7706, 3.00%, 11/20/2051 | 2552709 | 2216243  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool MA8487, 3.50%, 12/20/2052 | $954372 | $853941  |
| &nbsp;&nbsp;&nbsp; Pool MA8876, 4.00%, 05/20/2053 | 1816714 | 1675017  |
| &nbsp;&nbsp;&nbsp; Pool MA9777, 4.50%, 07/20/2054 | 925695 | 875710  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $42,112,303)** |  | 40320129  |
| **U.S. TREASURY SECURITIES - 30.3%** | **U.S. TREASURY SECURITIES - 30.3%** | **U.S. TREASURY SECURITIES - 30.3%** |
| United States Treasury Note<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/15/2025 | 2000000 | 1989182  |
| &nbsp;&nbsp;&nbsp; 2.25%, 03/31/2026 | 2000000 | 1952007  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2026 | 4600000 | 4564311  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 7600000 | 7504631  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 5395000 | 5154377  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 3180000 | 3035001  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 5230000 | 4280331  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 8245000 | 6937372  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 1850000 | 1822142  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $38,924,031)** |  | 37239354  |
| **CORPORATE BONDS - 26.7%**<br>|  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 1445000 | 1259574  |
|  American Tower Corp., 3.60%, 01/15/2028 | 646000 | 621758  |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc., <br>1.70%, 10/01/2028 | 1375000 | 1234746  |
|  Aptiv Swiss Holdings Ltd., 5.15%, 09/13/2034 | 1315000 | 1243888  |
| Broadcom, Inc., 4.55%, 02/15/2032 | 1265000 | 1223656  |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., <br>2.24%, 02/15/2025 | 1270000 | 1265003  |
| Citigroup, Inc., 3.20%, 10/21/2026 | 1284000 | 1249648  |
| Clorox Co., 4.40%, 05/01/2029 | 1251000 | 1232030  |
| Comcast Corp., 3.40%, 04/01/2030 | 659000 | 611663  |
| Crown Castle, Inc., 3.30%, 07/01/2030 | 674000 | 613397  |
| Dollar Tree, Inc., 4.20%, 05/15/2028 | 1281000 | 1246020  |
|  Eastman Chemical Co., 5.75%, 03/08/2033 | 95000 | 96818  |
|  Ferguson Finance PLC, 4.65%, 04/20/2032<sup>(a)</sup> | 1280000 | 1221650  |
| Fortis, Inc., 3.06%, 10/04/2026 | 645000 | 625167  |
| Hasbro, Inc., 3.55%, 11/19/2026 | 1285000 | 1257550  |
|  HSBC Holdings PLC, 6.03% (3 mo. Term SOFR + 1.64%), 09/12/2026 | 1250000 | 1258657  |
|  JB Hunt Transport Services, Inc., 3.88%, 03/01/2026 | 1254000 | 1242080  |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., <br>4.60%, 04/06/2027 | 1251000 | 1245262  |
| Morgan Stanley, 3.13%, 07/27/2026 | 1285000 | 1256095  |

---

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

15<br>

------

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

**BROWN ADVISORY INTERMEDIATE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| MSCI, Inc., 3.63%, 09/01/2030<sup>(a)</sup> | $675000 | $617007  |
| Oracle Corp., 2.80%, 04/01/2027 | 1300000 | 1248504  |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 1102000 | 1203374  |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 1460000 | 1215700  |
| Revvity, Inc., 1.90%, 09/15/2028 | 694000 | 621912  |
|  Roper Technologies, Inc., 4.50%, 10/15/2029 | 1255000 | 1232774  |
| Stryker Corp., 1.95%, 06/15/2030 | 1415000 | 1216918  |
| Sysco Corp., 5.95%, 04/01/2030 | 589000 | 613870  |
|  US Bancorp, 5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030 | 1215000 | 1225392  |
|  Waste Connections, Inc., 5.00%, 03/01/2034 | 1845000 | 1801749  |
| Wells Fargo & Co., 3.00%, 10/23/2026 | 1289000 | 1250813  |
|  Yara International ASA, 7.38%, 11/14/2032<sup>(a)</sup> | 555000 | 602304  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $33,808,363)** |  | 32854979  |
| **ASSET-BACKED SECURITIES - 4.3%** | **ASSET-BACKED SECURITIES - 4.3%** | **ASSET-BACKED SECURITIES - 4.3%** |
|  American Homes 4 Rent, Series 2015-SFR2, Class C, 4.69%, 10/17/2052<sup>(a)</sup> | 510000 | 507270  |
|  CarMax Auto Owner Trust, Series 2021-2, Class C, 1.34%, 02/16/2027 | 900000 | 887807  |
|  CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 204946 | 206163  |
| CNH Equipment Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class A2, 5.90%, 02/16/2027 | 493591 | 495428  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 5.42%, 10/15/2027 | 515000 | 518023  |
| FHF Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 0.83%, 12/15/2026<sup>(a)</sup> | 53147 | 52776  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 4.94%, 11/15/2030<sup>(a)</sup> | 905000 | 903550  |
|  Ford Credit Auto Owner Trust, Series 2024-B, Class B, 5.23%, 05/15/2030 | 730000 | 734541  |
|  John Deere Owner Trust, Series 2023-C, Class A2, 5.76%, 08/17/2026 | 436165 | 437220  |
|  JPMorgan Chase Bank NA, Series 2021-3, Class B, 0.76%, 02/26/2029<sup>(a)</sup> | 57623 | 57133  |
|  Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3, 4.88%, 03/15/2029 | 500000 | 503769  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $5,327,007)** |  | 5303680  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.9%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.9%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.9%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool WA3311, 2.21%, 04/01/2038 | $1631137 | $1186469  |
| &nbsp;&nbsp;&nbsp; Series Q006, Class APT2, 2.76%, 09/25/2026<sup>(b)</sup> | 84411 | 82433  |
| &nbsp;&nbsp;&nbsp; Series Q007, Class APT1, 7.40%, 10/25/2047<sup>(b)</sup> | 58136 | 58137  |
| &nbsp;&nbsp;&nbsp; Series Q010, Class APT1, 6.74%, 04/25/2046<sup>(b)</sup> | 42209 | 42474  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool BL1160, 3.64%, 01/01/2026 | 750000 | 742967  |
| &nbsp;&nbsp;&nbsp; Series 2016-M10, Class AV1, 2.35%, 11/25/2045 | 130637 | 128721  |
|  FREMF Mortgage Trust, Series 2020-KF74, Class B, 6.93% (30 day avg SOFR US + 2.26%), 01/25/2027<sup>(a)</sup> | 148475 | 144153  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,725,286)** |  | 2385354  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.5%** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.5%** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.5%** |
|  JP Morgan Mortgage Trust, Series 2020-LTV2, Class A15, 3.00%, 11/25/2050<sup>(a)(b)</sup> | 717628 | 643108  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $679,504)** |  | 643108  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** |
| **Money Market Funds - 2.3%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(c)</sup> | 2823204 | 2823204  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,823,204)** |  | 2823204  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%**<br>**(Cost $126,399,698)** |  | $121569808  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.2% |  | 1432130  |
| **TOTAL NET ASSETS - 100.0%** |  | $123001938 |

---

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** 

**December 31, 2024 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury

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> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2024.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

17<br>

------

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

**Brown Advisory Intermediate Income Fund** 

**Schedule of Open Futures Contracts** 

**December 31, 2024 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration**<br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp; 7 | 03/20/2025 | $800281 | $779188 | &nbsp;&nbsp;&nbsp;&nbsp; $(21093)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 03/31/2025 | 2877044 | 2878531 | &nbsp;&nbsp;&nbsp;&nbsp; 1487  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 92 | 03/31/2025 | 9831281 | 9780031 | &nbsp;&nbsp;&nbsp;&nbsp; (51250)  |
|  |  |  | $13508606 | $13437750 | &nbsp;&nbsp;&nbsp;&nbsp; $(70856) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(16) | 03/20/2025 | $(1748043) | $(1740000) | &nbsp;&nbsp;&nbsp;&nbsp; $8043  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(14) | 03/20/2025 | (1605720) | (1593812) | &nbsp;&nbsp;&nbsp;&nbsp; 11908  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(6) | 03/20/2025 | (737095) | (713437) | &nbsp;&nbsp;&nbsp;&nbsp; 23658  |
|  |  |  | $(4090858) | $(4047249) | &nbsp;&nbsp;&nbsp;&nbsp; $43609  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(27247) |

---

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.

18<br>

------

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

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 31.3%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 31.3%** |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool G31063, 3.50%, 11/01/2037 | $511501 | $481807  |
| &nbsp;&nbsp;&nbsp; Pool QD5888, 3.50%, 02/01/2052 | 1720177 | 1533768  |
| &nbsp;&nbsp;&nbsp; Pool QD7054, 3.00%, 02/01/2052 | 1579538 | 1356601  |
| &nbsp;&nbsp;&nbsp; Pool QE0380, 2.50%, 04/01/2052 | 145509 | 120022  |
| &nbsp;&nbsp;&nbsp; Pool RA6064, 2.50%, 09/01/2051 | 4441358 | 3726872  |
| &nbsp;&nbsp;&nbsp; Pool RA6699, 3.50%, 02/01/2052 | 1637812 | 1459061  |
| &nbsp;&nbsp;&nbsp; Pool RA7935, 5.00%, 09/01/2052 | 4832493 | 4719281  |
| &nbsp;&nbsp;&nbsp; Pool RC2401, 2.00%, 01/01/2037 | 3000112 | 2668559  |
| &nbsp;&nbsp;&nbsp; Pool SB0531, 2.50%, 06/01/2036 | 5798779 | 5296090  |
| &nbsp;&nbsp;&nbsp; Pool SD2875, 5.00%, 05/01/2053 | 3071665 | 2999764  |
| &nbsp;&nbsp;&nbsp; Pool SD3234, 2.50%, 12/01/2051 | 7060238 | 5804726  |
| &nbsp;&nbsp;&nbsp; Pool SD3477, 6.50%, 08/01/2053 | 2545460 | 2626164  |
| &nbsp;&nbsp;&nbsp; Series4107, Class LI, 3.00%, 08/15/2027 <sup>(a)</sup> | 1608247 | 51988  |
| &nbsp;&nbsp;&nbsp; Series 4143, Class IA, 3.50%, 09/15/2042<sup>(a)</sup> | 828307 | 57012  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/2055<sup>(b)</sup> | 6400000 | 5661267  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2055<sup>(b)</sup> | 1550000 | 1417529  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2055<sup>(b)</sup> | 5200000 | 4891269  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2055<sup>(b)</sup> | 2950000 | 2847431  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2055<sup>(b)</sup> | 2420000 | 2388310  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2055<sup>(b)</sup> | 3900000 | 3918586  |
| &nbsp;&nbsp;&nbsp; Pool BH7686, 4.50%, 12/01/2047 | 65905 | 62749  |
| &nbsp;&nbsp;&nbsp; Pool BK5105, 5.50%, 05/01/2048 | 72993 | 73574  |
| &nbsp;&nbsp;&nbsp; Pool BK8032, 5.50%, 06/01/2048 | 206410 | 208234  |
| &nbsp;&nbsp;&nbsp; Pool BN4921, 5.50%, 01/01/2049 | 142518 | 142693  |
| &nbsp;&nbsp;&nbsp; Pool BN4936, 5.50%, 12/01/2048 | 142037 | 142387  |
| &nbsp;&nbsp;&nbsp; Pool BT7699, 4.00%, 09/01/2051 | 1613867 | 1525452  |
| &nbsp;&nbsp;&nbsp; Pool BV4532, 3.50%, 03/01/2052 | 1367467 | 1216130  |
| &nbsp;&nbsp;&nbsp; Pool BW9710, 3.00%, 05/01/2053 | 1831339 | 1557872  |
| &nbsp;&nbsp;&nbsp; Pool CA8871, 3.00%, 02/01/2051 | 1023384 | 870409  |
| &nbsp;&nbsp;&nbsp; Pool CB2432, 3.00%, 12/01/2051 | 2637932 | 2247643  |
| &nbsp;&nbsp;&nbsp; Pool CB2909, 3.50%, 02/01/2052 | 1507015 | 1343608  |
| &nbsp;&nbsp;&nbsp; Pool DA0025, 6.00%, 09/01/2053 | 3990011 | 4059273  |
| &nbsp;&nbsp;&nbsp; Pool DA4870, 6.50%, 01/01/2054 | 2314722 | 2364975  |
| &nbsp;&nbsp;&nbsp; Pool FM8754, 3.00%, 09/01/2051 | 5152435 | 4402548  |
| &nbsp;&nbsp;&nbsp; Pool FS0031, 2.50%, 10/01/2051 | 1060986 | 866269  |
| &nbsp;&nbsp;&nbsp; Pool FS0195, 2.50%, 01/01/2052 | 3689326 | 3035434  |
| &nbsp;&nbsp;&nbsp; Pool FS0491, 3.50%, 01/01/2052 | 2528594 | 2238892  |
| &nbsp;&nbsp;&nbsp; Pool FS0731, 2.00%, 02/01/2052 | 974565 | 772365  |
| &nbsp;&nbsp;&nbsp; Pool FS1480, 2.50%, 11/01/2051 | 549827 | 452998  |
| &nbsp;&nbsp;&nbsp; Pool FS4862, 2.50%, 10/01/2051 | 7131885 | 5876225  |
| &nbsp;&nbsp;&nbsp; Pool FS5314, 2.00%, 05/01/2052 | 7239205 | 5649654  |
| &nbsp;&nbsp;&nbsp; Pool FS5458, 5.50%, 08/01/2053 | 6577202 | 6496159  |
| &nbsp;&nbsp;&nbsp; Pool FS6744, 2.50%, 10/01/2051 | 6168648 | 5114663  |
| &nbsp;&nbsp;&nbsp; Pool FS7086, 5.50%, 09/01/2053 | 5242404 | 5189994  |
| &nbsp;&nbsp;&nbsp; Pool FS8791, 6.00%, 08/01/2054 | 6272072 | 6316370  |
| &nbsp;&nbsp;&nbsp; Pool FS9155, 5.50%, 09/01/2054 | 2366526 | 2348556  |
| &nbsp;&nbsp;&nbsp; Pool MA2897, 3.00%, 02/01/2037 | 368012 | 341660  |
| &nbsp;&nbsp;&nbsp; Pool MA4565, 3.50%, 03/01/2052 | 2150478 | 1910744  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool MB0291, 5.00%, 12/01/2054 | $3050000 | $2945280  |
| &nbsp;&nbsp;&nbsp; Series 2012-65, Class HJ, 5.00%, 07/25/2040 | 157183 | 157074  |
| &nbsp;&nbsp;&nbsp; Series 2021-95, Class WI, 1.57%, 02/25/2035<sup>(a)(c)</sup> | 3667651 | 207120  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-HQ2, Class M3, 7.93% (30 day avg SOFR US + 3.36%), 05/25/2025 | 14410 | 14458  |
| Ginnie Mae I Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 723334, 5.00%, 09/15/2039 | 203710 | 203290  |
| &nbsp;&nbsp;&nbsp; Pool 781950, 4.50%, 07/15/2035 | 423260 | 408833  |
| &nbsp;&nbsp;&nbsp; Pool 783467, 4.00%, 10/15/2041 | 2396989 | 2267086  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 784507, 4.00%, 12/20/2047 | 2822798 | 2619461  |
| &nbsp;&nbsp;&nbsp; Pool MA2754, 3.50%, 04/20/2045 | 921719 | 837710  |
| &nbsp;&nbsp;&nbsp; Pool MA6994, 2.00%, 11/20/2050 | 3222585 | 2585174  |
| &nbsp;&nbsp;&nbsp; Pool MA7106, 2.00%, 01/20/2036 | 520099 | 465421  |
| &nbsp;&nbsp;&nbsp; Pool MA7164, 2.00%, 02/20/2036 | 505103 | 452017  |
| &nbsp;&nbsp;&nbsp; Pool MA7192, 2.00%, 02/20/2051 | 10717453 | 8591107  |
| &nbsp;&nbsp;&nbsp; Pool MA7254, 2.00%, 03/20/2051 | 3325387 | 2664985  |
| &nbsp;&nbsp;&nbsp; Pool MA7419, 3.00%, 06/20/2051 | 5987233 | 5204113  |
| &nbsp;&nbsp;&nbsp; Pool MA7471, 2.00%, 07/20/2051 | 6783044 | 5433497  |
| &nbsp;&nbsp;&nbsp; Pool MA7650, 3.00%, 10/20/2051 | 5877153 | 5105363  |
| &nbsp;&nbsp;&nbsp; Pool MA7774, 6.00%, 11/20/2051 | 246997 | 253529  |
| &nbsp;&nbsp;&nbsp; Pool MA8268, 4.50%, 09/20/2052 | 4265492 | 4041999  |
| &nbsp;&nbsp;&nbsp; Pool MA8642, 2.50%, 02/20/2053 | 5896921 | 4935882  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2055<sup>(b)</sup> | 2484000 | 2288107  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-167, Class SE, 1.72% <br>(-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047<sup>(a)(d)</sup> | 1699861 | 202769  |
| &nbsp;&nbsp;&nbsp; Series 2021-125, Class UL, 1.50%, 07/20/2051 | 920144 | 631276  |
| &nbsp;&nbsp;&nbsp; Series 2021-158, Class JD, 1.50%, 09/20/2051 | 1343418 | 813190  |
| &nbsp;&nbsp;&nbsp; Series 2021-160, Class DK, 2.00%, 09/20/2051 | 2104659 | 1288728  |
| &nbsp;&nbsp;&nbsp; Series 2021-177, Class KD, 2.00%, 10/20/2051 | 1383690 | 886335  |
| &nbsp;&nbsp;&nbsp; Series 2022-9, Class CD, 2.00%, 01/20/2052 | 2468351 | 1626608  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $186,725,918)** |  | 177984049  |
| **CORPORATE BONDS - 31.1%**<br>|  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 6530000 | 5692055  |
| AIB Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.58% to 10/14/2025 then SOFR + 3.46%, 10/14/2026<sup>(e)</sup> | 2800000 | 2852651  |

---

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

19<br>

------

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

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |  |
| &nbsp;&nbsp;&nbsp; 6.61% to 09/13/2028 then SOFR + 2.33%, 09/13/2029<sup>(e)</sup> | $2725000 | $2849090  |
| &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd., <br>5.15%, 09/13/2034 | 6015000 | 5689725  |
| AT&T, Inc., 4.35%, 03/01/2029 | 5835000 | 5711487  |
|  Banco Bilbao Vizcaya Argentaria SA, 6.03% to 03/13/2034 then 1 yr. CMT Rate + 1.95%, 03/13/2035 | 2845000 | 2845077  |
|  BBVA Bancomer SA/Texas, 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039<sup>(e)</sup> | 2805000 | 2863599  |
| Broadcom, Inc., 4.55%, 02/15/2032 | 5895000 | 5702332  |
|  CaixaBank SA, 6.84% to 09/13/2033 then SOFR + 2.77%, 09/13/2034<sup>(e)</sup> | 5350000 | 5692281  |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., <br>2.24%, 02/15/2025 | 5730000 | 5707456  |
| Crown Castle, Inc., 3.30%, 07/01/2030 | 6285000 | 5719878  |
|  Eastman Chemical Co., 5.75%, 03/08/2033 | 450000 | 458613  |
| Equinix, Inc., 3.20%, 11/18/2029 | 9320000 | 8574269  |
| &nbsp;&nbsp;&nbsp; Ferguson Finance PLC, <br>4.65%, 04/20/2032<sup>(e)</sup> | 5975000 | 5702626  |
|  Ford Motor Credit Co. LLC, 7.45% (SOFR + 2.95%), 03/06/2026 | 2235000 | 2278792  |
| Fortis, Inc./Canada, 3.06%, 10/04/2026 | 5890000 | 5708885  |
| Intesa Sanpaolo SpA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.80%, 11/28/2053<sup>(e)</sup> | 2530000 | 2832866  |
| &nbsp;&nbsp;&nbsp; 7.78% to 06/20/2053 then 1 yr. CMT Rate + 3.90%, 06/20/2054<sup>(e)</sup> | 2665000 | 2849438  |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., <br>4.95%, 10/15/2034 | 5915000 | 5692968  |
| &nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau, <br>0.63%, 01/22/2026 | 19025000 | 18307753  |
| &nbsp;&nbsp;&nbsp; Mercer International, Inc., <br>12.88%, 10/01/2028<sup>(e)</sup> | 2660000 | 2866693  |
| MSCI, Inc., 3.63%, 09/01/2030<sup>(e)</sup> | 3130000 | 2861085  |
|  Nationwide Building Society, 4.30% to 03/08/2028 then 3 mo. LIBOR US + 1.45%, 03/08/2029<sup>(e)(f)</sup> | 2935000 | 2852185  |
|  NatWest Group PLC, 5.08% to 01/27/2029 then 3 mo. LIBOR US + 1.91%, 01/27/2030<sup>(f)</sup> | 2880000 | 2852579  |
| Oracle Corp., 6.15%, 11/09/2029 | 5445000 | 5712894  |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 5205000 | 5683813  |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., <br>6.30%, 02/15/2030 | 5545000 | 5706587  |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., <br>1.75%, 09/15/2030 | 6860000 | 5712124  |
| Revvity, Inc., 2.25%, 09/15/2031 | 10360000 | 8541908  |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., <br>1.75%, 02/15/2031 | 5195000 | 4269349  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Societe Generale SA, 5.38% to 11/18/2030 then 5 yr. CMT Rate + 4.51%, Perpetual<sup>(e)</sup> | $3355000 | $2858636  |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., <br>8.75%, 03/15/2032 | 7155000 | 8551609  |
| Stryker Corp., 1.95%, 06/15/2030 | 3675000 | 3160548  |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc., <br>5.00%, 03/01/2034 | 8755000 | 8549761  |
| &nbsp;&nbsp;&nbsp; Yara International ASA, <br>7.38%, 11/14/2032<sup>(e)</sup> | 2615000 | 2837883  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $177,988,128)** |  | 176749495  |
| **U.S. TREASURY SECURITIES - 18.5%** | **U.S. TREASURY SECURITIES - 18.5%** |  |
| United States Treasury Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043 | 2650000 | 2339203  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 6000000 | 5345737  |
| United States Treasury Note<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 2800000 | 2734769  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 15000000 | 14811771  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/30/2028 | 2980000 | 2905528  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 13560000 | 12955209  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 | 2200000 | 2188338  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 4565000 | 3736082  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 13990000 | 11771235  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 22200000 | 22106446  |
| &nbsp;&nbsp;&nbsp; United States Treasury STRIP, <br>4.39%, 05/15/2043<sup>(g)</sup> | 61020000 | 24143452  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $111,300,102)** |  | 105037770  |
| &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT** <br>**AGENCY ISSUES - 14.5%** | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT** <br>**AGENCY ISSUES - 14.5%** |  |
| &nbsp;&nbsp;&nbsp; Asian Development Bank, <br>2.88%, 05/06/2025 | 18050000 | 17957089  |
| &nbsp;&nbsp;&nbsp; European Investment Bank, <br>1.38%, 03/15/2027 | 24655000 | 23140926  |
|  Inter-American Development Bank, 0.88%, 04/20/2026 | 22670000 | 21681542  |
|  International Bank for Reconstruction & Development, 0.63%, 04/22/2025 | 20000000 | 19775836  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT AGENCY ISSUES** <br>**(Cost $83,093,425)** |  | 82555393  |
| **ASSET-BACKED SECURITIES - 4.8%** | **ASSET-BACKED SECURITIES - 4.8%** |  |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Series <br>2015-SFR1, Class D, <br>4.41%, 04/17/2052<sup>(e)</sup> | 520000 | 517868  |
| CarMax Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class C, <br>1.34%, 02/16/2027 | 2255000 | 2224450  |

---

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

20<br>

------

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

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A2A, <br>5.72%, 11/16/2026 | $922440 | $924712  |
| &nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust, Series 2024-A, Class A2A, <br>5.78%, 09/15/2027 | 990570 | 996454  |
| CNH Equipment Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, <br>1.41%, 04/16/2029 | 2650000 | 2559363  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A2, <br>5.90%, 02/16/2027 | 2066662 | 2074351  |
|  Dext ABS Funding LLC, Series 2021-1, Class B, 1.76%, 02/15/2028<sup>(e)</sup> | 456902 | 455131  |
| FHF Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, <br>0.83%, 12/15/2026<sup>(e)</sup> | 77015 | 76477  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, <br>5.69%, 02/15/2030<sup>(e)</sup> | 1943690 | 1963001  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, <br>5.89%, 06/15/2030<sup>(e)</sup> | 1907816 | 1931739  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, <br>4.94%, 11/15/2030<sup>(e)</sup> | 2255000 | 2251386  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B, <br>5.23%, 05/15/2030 | 3475000 | 3496618  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class B, <br>4.88%, 09/15/2030 | 1000000 | 1001116  |
| John Deere Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A2, <br>5.59%, 06/15/2026 | 1000310 | 1001454  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A2, <br>5.76%, 08/17/2026 | 2248074 | 2253513  |
|  JPMorgan Chase Bank NA, Series 2021-3, Class B, 0.76%, 02/26/2029<sup>(e)</sup> | 157903 | 156560  |
| &nbsp;&nbsp;&nbsp; Stack Infrastructure Issuer LLC, Series 2024-1A, Class A2, <br>5.90%, 03/25/2049<sup>(e)</sup> | 1000000 | 1016995  |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3, <br>4.88%, 03/15/2029 | 2545000 | 2564185  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $27,477,848)** |  | 27465373  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1%** |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, 5.89% <br>(1 mo. Term SOFR + 1.49%), 07/15/2029<sup>(e)</sup> | 2725000 | 2739794  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT5, Class A, <br>5.41%, 11/13/2046<sup>(c)(e)</sup> | 3430000 | 3435541  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL** <br>**MORTGAGE-BACKED SECURITIES** <br>**(Cost $6,202,982)** | &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL** <br>**MORTGAGE-BACKED SECURITIES** <br>**(Cost $6,202,982)** | 6175335  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 0.9%**<br>|  |  |
|  California Health Facilities Financing Authority, 3.03%, 06/01/2034 | $2650000 | $2253256  |
| &nbsp;&nbsp;&nbsp; City & County of Honolulu HI, <br>3.00%, 09/01/2027 | 100000 | 96567  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles CA Wastewater System Revenue, <br>3.49%, 06/01/2029 | 430000 | 410499  |
|  Colorado Health Facilities Authority, 3.36%, 12/01/2030 (Obligor: Covenant Living Cmn) | 1325000 | 1162699  |
|  New York City Housing Development Corp., 2.71%, 08/01/2031 | 1000000 | 869728  |
| &nbsp;&nbsp;&nbsp; University of California, <br>2.99%, 05/15/2026 | 355000 | 348571  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $5,871,539)** |  | 5141320  |
|  **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 | 289466  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q007, Class APT1, <br>7.40%, 10/25/2047<sup>(c)</sup> | 107329 | 107330  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q010, Class APT1, <br>6.74%, 04/25/2046<sup>(c)</sup> | 84417 | 84948  |
|  Federal National Mortgage Association, Pool 467095, 5.90%, 01/01/2041 | 236588 | 248513  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-135, Class IO, <br>0.41%, 01/16/2056<sup>(a)(c)</sup> | 216043 | 4384  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-45, Class BI, <br>0.49%, 07/16/2054<sup>(a)(c)</sup> | 345375 | 3137  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-172, Class IO, <br>0.60%, 03/16/2057<sup>(a)(c)</sup> | 196105 | 4090  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-40, Class IO, <br>0.57%, 07/16/2057<sup>(a)(c)</sup> | 389135 | 8303  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-56, Class IO, <br>0.96%, 11/16/2057<sup>(a)(c)</sup> | 254336 | 10846  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-98, Class IO, <br>0.84%, 05/16/2058<sup>(a)(c)</sup> | 410073 | 17214  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL** <br>**MORTGAGE-BACKED SECURITIES** <br>**(Cost $876,635)** |  | 778231  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** |  |
| **Money Market Funds - 1.2%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(h)</sup> | 6592657 | 6592657  |

---

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** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - (Continued)**  | **SHORT-TERM INVESTMENTS - (Continued)**  | **SHORT-TERM INVESTMENTS - (Continued)**  |
| **U.S. Treasury Bills - 0.1%**<br>|  |  |
| 4.58%, 01/09/2025<sup>(i)</sup> | &nbsp;&nbsp; $800000 | $799346  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,391,851)** |  | 7392003  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.6%** <br>**(Cost $606,928,428)** |  | $589278969  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.6)% |  | (20208594)  |
| **TOTAL NET ASSETS - 100.0%** |  | $569070373 |

---

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

STRIP - Separate Trading of Registered Interest and Principal

<sup>(a)</sup> Interest only security.

<sup>(b)</sup> To-be-announced security.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2024.

<sup>(d)</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>(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> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(g)</sup> Zero-coupon bond. The rate shown is the effective yield as of December 31, 2024.

<sup>(h)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

<sup>(i)</sup> This security is pledged as collateral in connection with open futures contracts. The rate shown is the annualized effective yield as of December 31, 2024.

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

22<br>

------

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

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Futures Contracts** 

**December 31, 2024 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; 63 | 03/31/2025 | $12944170 | $12953391 | $9221  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp; 435 | 03/31/2025 | 46422582 | 46242539 | (180043)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 241 | 03/20/2025 | 29762205 | 28656406 | (1105799)  |
|  |  |  | $89128957 | $87852336 | $(1276621) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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;(34) | 03/20/2025 | $(3862828) | $(3784625) | $78203  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(242) | 03/20/2025 | (26573241) | (26317500) | 255741  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(98) | 03/20/2025 | (11383780) | (11156687) | 227093  |
|  |  |  | $(41819849) | $(41258812) | $561037  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | $(715584) |

---

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.

23<br>

------

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

**BROWN ADVISORY MARYLAND BOND FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 97.9%**<br>|  |  |
| **General Obligation Bonds - 20.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Anne Arundel County Maryland, <br>5.00%, 10/01/2033 | $2000000 | $2061649  |
| &nbsp;&nbsp;&nbsp; Baltimore County Maryland, <br>4.00%, 03/01/2038 | 5000000 | 5142901  |
| &nbsp;&nbsp;&nbsp; Frederick County Maryland, <br>1.88%, 10/01/2038 | 8755000 | 6504109  |
| &nbsp;&nbsp;&nbsp; Howard County Maryland, <br>1.75%, 08/15/2036 | 7875000 | 6040965  |
| Hyattsville Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2025 | 310000 | 310000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2026 | 160000 | 161948  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 170000 | 174089  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 | 2065000 | 2081534  |
| Maryland State, 3.00%, 06/01/2031 | 7500000 | 7250134  |
| &nbsp;&nbsp;&nbsp; Montgomery County Maryland, <br>3.00%, 10/01/2034 | 3370000 | 3140527  |
|  Prince George's County Maryland, 5.00%, 10/01/2025 | 1500000 | 1521615  |
|  |  | 34389471  |
| **Revenue Bonds - 77.4%**<br>|  |  |
| Austin Texas, 7.88%, 09/01/2026 | 475000 | 476722  |
| Baltimore Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | 520000 | 520353  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/2031<sup>(a)</sup> | 225000 | 213391  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033 | 1470000 | 1486887  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2033 | 670000 | 670417  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2039<sup>(a)</sup> | 1260000 | 1111818  |
|  California Municipal Finance Authority, 5.00%, 11/01/2039<sup>(a)</sup> | 1750000 | 1694613  |
|  Florida Development Finance Corp., 5.00%, 07/01/2044 | 3435000 | 3530972  |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio, <br>5.00%, 11/15/2034 | 1550000 | 1550479  |
| Frederick County Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1975000 | 2090055  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 1385000 | 1477437  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/01/2039 | 1410000 | 1263350  |
| Gaithersburg Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 1000000 | 1022618  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 2000000 | 2040103  |
|  Lehigh County Pennsylvania, 3.82% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 2550000 | 2533121  |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., <br>4.63% (SOFR + 1.70%), 12/01/2053 | 5500000 | 5665688  |
|  Maryland Community Development Administration<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/01/2027 | 1270000 | 1174378  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1245000 | 1312065  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 1030000 | 1086588  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/01/2042 | 3930000 | 3963628  |
| &nbsp;&nbsp;&nbsp; 2.41%, 07/01/2043 | 2660000 | 1842306  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Maryland Economic Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | $1000000 | $1046669  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 750000 | 793053  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | 6715000 | 6823943  |
| &nbsp;&nbsp;&nbsp; 4.10%, 10/01/2036<sup>(b)</sup> | 2600000 | 2647454  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 | 1500000 | 1418550  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2044 | 4500000 | 4246082  |
|  Maryland Health & Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 420000 | 423820  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 4000000 | 4015468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 2000000 | 2078143  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2030 | 100000 | 100015  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2031 | 300000 | 300039  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 1250000 | 1252123  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 1955000 | 1969145  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 1000000 | 1017589  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 5000000 | 5025068  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1200000 | 1206527  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 1500000 | 1552037  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2042 | 4335000 | 4438628  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 | 1310000 | 1339907  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045<sup>(b)</sup> | 4000000 | 4128124  |
| Maryland Stadium Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 3000000 | 3065829  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 1040000 | 1159119  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 | 1340000 | 1372991  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 | 1000000 | 1019829  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 | 5000000 | 5214017  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2041 | 4460000 | 3762711  |
| Maryland State Department of Transportation | Maryland State Department of Transportation | Maryland State Department of Transportation |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2026 | 6000000 | 5937969  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1000000 | 1066210  |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/01/2033 | 1395000 | 1246564  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/01/2036 | 1000000 | 806608  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2038 | 1150000 | 1129253  |
|  Maryland State Transportation Authority, 5.00%, 07/01/2028 | 2420000 | 2533911  |
|  Maryland State Transportation Authority Passenger Facility Charge Revenue, 4.00%, 06/01/2035 | 4330000 | 4305076  |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington DC Airports Authority Aviation Revenue, <br>5.00%, 10/01/2040 | 1500000 | 1543254  |
|  Miami-Dade County Florida Expressway Authority, 5.50% (1 mo. Term SOFR + 1.05%), 07/01/2032 | 5000000 | 5022897  |
|  New York Transportation Development Corp., 6.00%, 04/01/2035 | 3000000 | 3342589  |
|  Washington Suburban Sanitary Commission, 3.00%, 06/01/2047 | 5600000 | 4417216  |
|  |  | 129495416  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $167,769,845)** |  | 163884887 |

---

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** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.0%** | **SHORT-TERM INVESTMENTS - 1.0%** |  |
| **Money Market Funds - 1.0%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(c)</sup> | 1650648 | $1650648  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,650,648)** |  | 1650648  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $169,420,493)** |  | $165535535  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1%  |  | 1821993  |
| **TOTAL NET ASSETS - 100.0%** |  | $167357528 |

---

Percentages are stated as a percent of net assets.

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(b)</sup> Coupon rate 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 December 31, 2024.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

25<br>

------

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

**BROWN ADVISORY TAX-EXEMPT BOND FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - 98.2%**<br>|  |  |
| **Alabama - 8.2%**<br>|  |  |
| Black Belt Energy Gas District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.07% (SIFMA Municipal Swap Index + 0.35%), 10/01/2052 | $34225000 | $33287687  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052<sup>(a)</sup> | 14500000 | 14505975  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2055<sup>(a)</sup> | 4100000 | 4372449  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2055<sup>(a)</sup> | 20000000 | 21103570  |
|  Energy Southeast A Cooperative District, 5.25%, 07/01/2054<sup>(a)</sup> | 5500000 | 5938790  |
|  Industrial Development Board of Mobile Alabama, 3.78%, 06/01/2034<sup>(a)</sup> | 2500000 | 2509829  |
|  Madison Alabama, 3.00%, 02/01/2036 | 2730000 | 2481529  |
|  |  | 84199829  |
| **Arizona - 2.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chandler Industrial Development Authority, 4.00%, <br>06/01/2049<sup>(a)</sup> | 7000000 | 7018810  |
|  Maricopa County Pollution Control Corp., 2.40%, 06/01/2035 | 12555000 | 10309724  |
|  Maricopa County Unified School District No 69 Paradise Valley, 3.00%, 07/01/2031 | 10500000 | 10007853  |
|  |  | 27336387 |
| **Arkansas - 0.5%**<br>|  |  |
|  Bentonville South Dakota School District No 6<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2041 | 2680000 | 1867261  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2042 | 2750000 | 1877910  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2043 | 2825000 | 1887269  |
|  |  | 5632440  |
| **California - 4.0%**<br>|  |  |
| California Community Choice Financing Authority | California Community Choice Financing Authority |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 4280000 | 4499358  |
| &nbsp;&nbsp;&nbsp; 3.17% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 5000000 | 4718798  |
|  California Earthquake Authority, 5.60%, 07/01/2027 | 15275000 | 15339720  |
| Los Angeles California Department of Airports | Los Angeles California Department of Airports |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2041 | 3660000 | 3574516  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2042 | 7950000 | 7755390  |
|  San Diego California Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032 | 3000000 | 3019254  |
| &nbsp;&nbsp;&nbsp; Temecula Valley California Unified School District, 3.00%, <br>08/01/2047 | 2000000 | 1609990  |
|  |  | 40517026  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colorado - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University System, <br>4.00%, 03/01/2036 | $3255000 | $3292995  |
|  Colorado Health Facilities Authority, 5.00%, 12/01/2035 | 7715000 | 7718858  |
|  Park Creek Metropolitan District, 5.00%, 12/01/2034 | 1000000 | 1008808  |
|  |  | 12020661  |
| **District of Columbia - 0.3%**<br>|  |  |
|  Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2032 | 2660000 | 2707916  |
| **Florida - 6.3%**<br>|  |  |
|  Florida Development Finance Corp., 5.00%, 07/01/2044 | 17500000 | 17988938  |
|  JEA Electric System Revenue, 5.58%, 10/01/2027 | 4350000 | 4383473  |
| &nbsp;&nbsp;&nbsp; Lee Florida Airport Revenue, <br>5.00%, 10/01/2035 | 5555000 | 6033732  |
|  Miami-Dade County Florida Expressway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50% (1 mo. Term SOFR + 1.05%), 07/01/2026 | 2715000 | 2750017  |
| &nbsp;&nbsp;&nbsp; 5.50% (1 mo. Term SOFR + 1.05%), 07/01/2029 | 5260000 | 5296290  |
| &nbsp;&nbsp;&nbsp; 5.50% (1 mo. Term SOFR + 1.05%), 07/01/2032 | 8260000 | 8297826  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 4000000 | 4014255  |
| Miami-Dade Florida Aviation Revenue | Miami-Dade Florida Aviation Revenue |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 3500000 | 3756312  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 10000000 | 10033927  |
| Tampa Florida<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.61%, 09/01/2039<sup>(b)</sup> | 1100000 | 580197  |
| &nbsp;&nbsp;&nbsp; 4.71%, 09/01/2041<sup>(b)</sup> | 1280000 | 603979  |
| &nbsp;&nbsp;&nbsp; 3.76%, 09/01/2045<sup>(b)</sup> | 1850000 | 702083  |
|  |  | 64441029  |
| **Georgia - 5.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bartow County Georgia Development Authority, <br>3.95%, 12/01/2032<sup>(a)</sup> | 6295000 | 6422625  |
|  Clayton County Development Authority, 5.00%, 07/01/2032 | 13255000 | 13148877  |
| Main Street Natural Gas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63% (SOFR + 1.70%), <br>12/01/2053 | 28500000 | 29358565  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2054<sup>(a)</sup> | 5000000 | 5323441  |
|  |  | 54253508  |

---

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

26<br>

------

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

**BROWN ADVISORY TAX-EXEMPT BOND FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Illinois - 7.9%**<br>|  |  |
|  Chicago Illinois Board of Education Dedicated Capital Improvement Tax<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2036 | $3200000 | $3477436  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2037 | 3700000 | 4005602  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2039 | 2250000 | 2408949  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2040 | 5250000 | 5593260  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2042 | 1000000 | 1074173  |
|  Chicago Illinois Park District, 5.00%, 01/01/2044 | 9000000 | 9347872  |
|  Chicago O'Hare International Airport, 5.00%, 01/01/2034 | 7675000 | 7675000  |
| &nbsp;&nbsp;&nbsp; Du Page Illinois, 3.00%, <br>05/15/2047 | 7680000 | 6018333  |
| &nbsp;&nbsp;&nbsp; DuPage & Cook Counties Community Unit School District No 205 Elmhurst, <br>2.13%, 01/01/2040 | 1600000 | 1157317  |
| &nbsp;&nbsp;&nbsp; Illinois Development Finance Authority, <br>3.54%, 07/15/2025<sup>(b)</sup> | 9330000 | 9163972  |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, <br>4.13%, 12/01/2050<sup>(a)(c)</sup> | 5000000 | 4949200  |
| Illinois State<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025 | 4050000 | 4108131  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/01/2026 | 4910000 | 4899999  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2033 | 1700000 | 1712831  |
| &nbsp;&nbsp;&nbsp; 6.73%, 04/01/2035 | 5923077 | 6165517  |
|  Metropolitan Pier & Exposition Authority, 5.55%, 12/15/2037<sup>(b)</sup> | 15365000 | 9218604  |
|  |  | 80976196  |
| **Iowa - 0.7%**<br>|  |  |
| Des Moines Iowa<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 4635000 | 3358348  |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/01/2040 | 3575000 | 2410121  |
| &nbsp;&nbsp;&nbsp; West Des Moines Iowa, <br>2.00%, 06/01/2040 | 1280000 | 889072  |
|  |  | 6657541  |
| **Kentucky - 1.6%**<br>|  |  |
| Kentucky Public Energy Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2049<sup>(a)</sup> | 1585000 | 1585795  |
| &nbsp;&nbsp;&nbsp; 4.42% (1 mo. LIBOR US Fallback + 1.30%), 12/01/2049<sup>(d)</sup> | 4100000 | 4104798  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055<sup>(a)</sup> | 10000000 | 10657661  |
|  |  | 16348254  |
| **Louisiana - 1.1%**<br>|  |  |
|  Louisiana Public Facilities Authority, 5.00%, 06/01/2045<sup>(a)</sup> | 9000000 | 9049283  |
| &nbsp;&nbsp;&nbsp; Terrebonne Parish Louisiana, <br>3.19%, 04/01/2036<sup>(b)</sup> | 3045000 | 1928611  |
|  |  | 10977894  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Maine - 0.2%**<br>|  |  |
| Lewiston Maine<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 02/15/2038 | $1270000 | $875687  |
| &nbsp;&nbsp;&nbsp; 1.75%, 02/15/2039 | 1270000 | 846267  |
|  |  | 1721954  |
| **Maryland - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, <br>2.41%, 07/01/2043 | 5000000 | 3462981  |
|  Maryland Economic Development Corp., 4.38%, 07/01/2036 | 3000000 | 2901547  |
|  |  | 6364528  |
| **Massachusetts - 1.9%**<br>|  |  |
| Commonwealth of Massachusetts<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2037 | 2250000 | 1785778  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2038 | 6000000 | 6136121  |
|  Massachusetts Housing Finance Agency, 4.00%, 12/01/2033 | 2705000 | 2620322  |
| &nbsp;&nbsp;&nbsp; Milford Massachusetts, <br>2.00%, 12/01/2037 | 3000000 | 2305748  |
| Waltham Massachusetts<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/15/2038 | 3455000 | 2701591  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/15/2039 | 4455000 | 3416140  |
|  |  | 18965700  |
| **Minnesota - 0.7%**<br>|  |  |
|  Osseo Independent School District No 279, 3.00%, 02/01/2028 | 6900000 | 6764394  |
| **Missouri - 1.3%**<br>|  |  |
|  Cass County Missouri Reorganized School District No R-2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2039 | 3375000 | 2398551  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2041 | 2235000 | 1530668  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of St Louis Missouri, <br>2.22%, 12/01/2038 | 4764542 | 3515063  |
| &nbsp;&nbsp;&nbsp; St Charles County Francis Howell R-III School District, <br>3.00%, 03/01/2033 | 6180000 | 5861985  |
|  |  | 13306267  |
| **Nebraska - 2.5%**<br>|  |  |
| Central Plains Energy Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053<sup>(a)</sup> | 7670000 | 7995490  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17% (SOFR + 2.18%), <br>05/01/2053 | 10000000 | 10384701  |
|  Omaha Nebraska School District, 2.00%, 12/15/2039 | 8010000 | 5634941  |
| &nbsp;&nbsp;&nbsp; Sarpy Nebraska, <br>1.75%, 06/01/2036 | 2710000 | 2050136  |
|  |  | 26065268  |

---

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

27<br>

------

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

**BROWN ADVISORY TAX-EXEMPT BOND FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Nevada - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Clark County Nevada, <br>2.10%, 06/01/2031 | $4960000 | $4338929  |
| Henderson Nevada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2038 | 2830000 | 2058672  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 1585000 | 1130670  |
|  Las Vegas Nevada Redevelopment Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2026 | 1000000 | 1015231  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 2280000 | 2312857  |
|  |  | 10856359  |
| **New Jersey - 2.9%**<br>|  |  |
|  New Jersey Transportation Trust Fund Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.31%, 12/15/2037<sup>(b)</sup> | 5050000 | 3037576  |
| &nbsp;&nbsp;&nbsp; 4.86%, 12/15/2039<sup>(b)</sup> | 16355000 | 8953260  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2040 | 8250000 | 9114271  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2042 | 3500000 | 3833258  |
|  Tobacco Settlement Financing Corp., 5.25%, 06/01/2046 | 5000000 | 5125992  |
|  |  | 30064357  |
| **New Mexico - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Farmington New Mexico, <br>1.80%, 04/01/2029 | 15000000 | 13567905  |
| **New York - 9.7%**<br>|  |  |
|  Metropolitan Transportation Authority, 5.25%, 11/15/2031 | 11540000 | 11707554  |
|  Mount Vernon City School District, 3.00%, 08/15/2031 | 4005000 | 3824342  |
| &nbsp;&nbsp;&nbsp; New York City New York, <br>5.00%, 08/01/2038 | 5500000 | 5623244  |
|  New York Convention Center Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 8000000 | 8089929  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 5000000 | 5055506  |
|  New York Liberty Development Corp., 3.13%, 09/15/2050 | 13735000 | 10956043  |
|  New York Mortgage Agency Homeowner Mortgage Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/01/2036 | 1745000 | 1760126  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 | 6380000 | 6450035  |
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., <br>5.00%, 07/01/2041 | 11775000 | 11775267  |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., <br>5.25%, 12/31/2054 | 5000000 | 5307033  |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & <br>New Jersey, 4.00%, 09/01/2043 | 2970000 | 2782200  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Suffolk County Water Authority, 3.25%, 06/01/2042 | $19000000 | $16941371  |
| TSASC, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 7960000 | 8177270  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 1070000 | 1099065  |
|  |  | 99548985  |
| **North Carolina - 1.6%**<br>|  |  |
| Cary North Carolina<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/01/2037 | 6250000 | 4689391  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/01/2038 | 6250000 | 4582749  |
| &nbsp;&nbsp;&nbsp; Raleigh North Carolina, <br>3.00%, 04/01/2028 | 7120000 | 7084010  |
|  |  | 16356150  |
| **Ohio - 4.0%**<br>|  |  |
| American Municipal Power, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2037 | 5310000 | 5373966  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2038 | 5940000 | 5960668  |
| &nbsp;&nbsp;&nbsp; Buckeye Ohio Tobacco Settlement Financing Authority, <br>4.00%, 06/01/2037 | 10325000 | 10062344  |
| &nbsp;&nbsp;&nbsp; Columbus Ohio, <br>3.00%, 08/15/2030 | 4325000 | 4220928  |
|  Lancaster Ohio Port Authority, 5.00%, 08/01/2049<sup>(a)</sup> | 13565000 | 13583305  |
| Warren County, 5.00%, 05/15/2044 | 2000000 | 2060231  |
|  |  | 41261442  |
| **Oregon - 0.3%**<br>|  |  |
|  Seaside School District No 10, 5.42%, 06/15/2040<sup>(b)</sup> | 6825000 | 3405387  |
| **Pennsylvania - 1.5%**<br>|  |  |
|  Delaware Valley Regional Finance Authority, 3.12% (SIFMA Municipal Swap Index + 0.40%), 03/01/2057 | 3000000 | 2976803  |
|  Lehigh Pennsylvania, 3.82% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 9435000 | 9372546  |
|  Philadelphia Pennsylvania Authority for Industrial Development, 5.00%, 04/01/2032 | 3000000 | 3009623  |
|  |  | 15358972  |
| **Puerto Rico - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, <br>5.71%, 07/01/2031<sup>(b)</sup> | 16249000 | 12513259  |
| **Rhode Island - 2.3%**<br>|  |  |
|  Tobacco Settlement Financing Corp., 5.00%, 06/01/2035 | 23310000 | 23407133  |

---

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

28<br>

------

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

**BROWN ADVISORY TAX-EXEMPT BOND FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **South Carolina - 1.3%**<br>|  |  |
|  Fort Mill School District No 4, 3.00%, 03/01/2029 | $6500000 | $6366391  |
|  South Carolina Public Service Authority, 5.00%, 12/01/2038 | 5890000 | 6493755  |
|  |  | 12860146  |
| **Tennessee - 1.8%**<br>|  |  |
| Knox Tennesee, 3.05%, 06/01/2035 | 4905000 | 4562352  |
| &nbsp;&nbsp;&nbsp; Oak Ridge Tennessee, <br>2.00%, 06/01/2032 | 1865000 | 1611158  |
| &nbsp;&nbsp;&nbsp; Rutherford Tennessee, <br>3.00%, 04/01/2036 | 5355000 | 4919971  |
| &nbsp;&nbsp;&nbsp; Tennergy Corp., <br>5.00%, 10/01/2054<sup>(a)</sup> | 6500000 | 6824918  |
|  |  | 17918399  |
| **Texas - 13.2%**<br>|  |  |
| Austin Texas, 7.88%, 09/01/2026 | 2000000 | 2007250  |
| Del Valle Independent School District | Del Valle Independent School District |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/15/2038 | 10135000 | 7479515  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/15/2039 | 3085000 | 2217445  |
| Denton Texas, 3.00%, 07/15/2026 | 7330000 | 7248030  |
| Fort Worth Texas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2039 | 6475000 | 4696374  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2043 | 15000000 | 15008146  |
| Frisco Texas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2039 | 1710000 | 1248443  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2040 | 1745000 | 1237889  |
|  Joshua Texas Independent School District, 3.00%, 08/15/2035 | 3105000 | 2880235  |
|  Lewisville Independent School District, 3.00%, 08/15/2028 | 8635000 | 8594945  |
| &nbsp;&nbsp;&nbsp; Love Field Texas Airport Modernization Corp., <br>4.00%, 11/01/2036 | 17720000 | 17539438  |
| &nbsp;&nbsp;&nbsp; San Marcos Texas, <br>2.00%, 08/15/2039 | 4265000 | 2985757  |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. V, <br>5.00%, 01/01/2055<sup>(a)</sup> | 10000000 | 10646782  |
| Texas Municipal Gas Acquisition and Supply Corp. II | Texas Municipal Gas Acquisition and Supply Corp. II |  |
| &nbsp;&nbsp;&nbsp; 3.27% (SIFMA Municipal Swap Index + 0.55%), 09/15/2027 | 5315000 | 5268129  |
| &nbsp;&nbsp;&nbsp; 3.74% (3 mo. Term SOFR + 0.86%), 09/15/2027 | 15735000 | 15750246  |
| &nbsp;&nbsp;&nbsp; 3.97% (3 mo. Term SOFR + 1.05%), 09/15/2027 | 10020000 | 10070395  |
| Texas Municipal Power Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2035 | 1630000 | 1475695  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2038 | 3985000 | 3424853  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2040 | 3780000 | 3121580  |
| Texas State, 5.50%, 08/01/2028 | 5620000 | 5817332  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Travis County Water Control & Improvement District No 10, 3.00%, 08/15/2041 | $5035000 | $4172861  |
|  Willis Texas Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2038 | 1525000 | 1135606  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2039 | 1500000 | 1085361  |
|  |  | 135112307  |
| **Utah - 1.7%**<br>|  |  |
| Utah Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/21/2052 | $5077881 | $4396035  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/21/2052 | 8746737 | 8475441  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/21/2052 | 4584096 | 4664825  |
|  |  | 17536301  |
| **Vermont - 0.8%**<br>|  |  |
|  Vermont Student Assistance Corp., 5.65% (30 day avg SOFR US + 1.00%), 06/02/2042 | 8082501 | 8081444  |
| **Virginia - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fairfax Virginia, 3.00%, <br>10/01/2026 | 7440000 | 7374675  |
| &nbsp;&nbsp;&nbsp; Henrico County Virginia Economic Development Authority, <br>6.24%, 08/23/2027<sup>(a)</sup> | 1150000 | 1150000  |
| &nbsp;&nbsp;&nbsp; Newport News Virginia Economic Development Authority, <br>5.00%, 12/01/2031 | 3375000 | 3398837  |
| Suffolk Virginia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/01/2038 | 1645000 | 1207617  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/01/2040 | 1385000 | 962265  |
|  Virginia Small Business Financing Authority, 4.00%, 12/01/2036 | 1230000 | 1205958  |
|  |  | 15299352  |
| **West Virginia - 0.4%**<br>|  |  |
|  Tobacco Settlement Finance Authority, 2.55%, 06/01/2029 | 4505000 | 4016823  |
| **Wisconsin - 4.6%**<br>|  |  |
|  Oak Creek-Franklin Joint School District, 3.15%, 04/01/2028 | 5140000 | 5077177  |
| Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2059<sup>(a)</sup> | 22035000 | 21815630  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2059<sup>(a)</sup> | 14466000 | 14348556  |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, <br>5.00%, 02/01/2058<sup>(a)</sup> | 6000000 | 6147244  |
|  |  | 47388607  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $996,058,297)** |  | 1003810120 |

---

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** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** |  |
| **Money Market Funds - 1.7%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(e)</sup> | 17577482 | $17577482  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $17,577,482)** |  | 17577482  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $1,013,635,779)** |  | 1021387602  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 1347302  |
| **TOTAL NET ASSETS - 100.0%** |  | $1022734904 |

---

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 December 31, 2024.

<sup>(b)</sup> Zero-coupon bond. The rate shown is the effective yield as of December 31, 2024

<sup>(c)</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>(d)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

30<br>

------

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

**BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 97.3%**<br>|  |  |
| **Alabama - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Auburn University, <br>4.00%, 06/01/2034 | $3550000 | $3551753  |
| **Alaska - 0.3%**<br>|  |  |
|  Alaska Housing Finance Corp., 4.60%, 12/01/2042 | 890000 | 897499  |
| **Arizona - 2.6%**<br>|  |  |
|  Arizona Industrial Development Authority, 4.00%, 07/01/2041 | 1920000 | 1786063  |
| Peoria Arizona, 2.00%, 07/15/2038 | 3375000 | 2518409  |
|  Pima County Unified School District No 20 Vail, 5.00%, 07/01/2036 | 3280000 | 3349628  |
|  |  | 7654100  |
| **California - 14.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, <br>0.15%, 04/01/2055 <sup>(a)</sup> | 3000000 | 3000000  |
|  California Community Choice Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 3805000 | 4020189  |
| &nbsp;&nbsp;&nbsp; 3.17% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 5900000 | 5568182  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2054<sup>(a)</sup> | 5000000 | 5290448  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056<sup>(a)</sup> | 5000000 | 5454347  |
|  California Earthquake Authority, 5.60%, 07/01/2027 | 16095000 | 16163194  |
|  California Municipal Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029<sup>(b)</sup> | 1020000 | 1035470  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2049<sup>(b)</sup> | 1575000 | 1446289  |
|  California School Finance Authority, 5.00%, 07/01/2037<sup>(b)</sup> | 1180000 | 1206755  |
|  |  | 43184874  |
| **Colorado - 4.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Adams & Arapahoe Colorado Joint School District 28J Aurora, <br>5.00%, 12/01/2031 | 3000000 | 3106027  |
|  Colorado Health Facilities Authority, 4.00%, 12/01/2040 | 3500000 | 3313960  |
|  Colorado Housing and Finance Authority, 5.75%, 11/01/2053 | 5625000 | 5955448  |
|  |  | 12375435  |
| **District of Columbia - 0.8%**<br>|  |  |
|  District of Columbia Housing Finance Agency, 5.00%, 12/01/2026<sup>(a)</sup> | 2500000 | 2534372  |
| **Florida - 3.4%**<br>|  |  |
|  Florida Development Finance Corp., 5.00%, 07/01/2044 | 5500000 | 5653666  |
| &nbsp;&nbsp;&nbsp; Miami Beach Florida Health Facilities Authority, <br>5.00%, 11/15/2039 | 4455000 | 4455975  |
|  |  | 10109641  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Georgia - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cartersville Georgia, <br>2.00%, 10/01/2039 | $3195000 | $2337831  |
| **Illinois - 7.3%**<br>|  |  |
| Chicago Illinois Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 | 1425000 | 1433158  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2036 | 2930000 | 2944445  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2036 | 1000000 | 999957  |
| &nbsp;&nbsp;&nbsp; Du Page County Illinois, <br>3.00%, 05/15/2047 | 7495000 | 5873360  |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, <br>4.13%, 12/01/2050<sup>(a)(b)</sup> | 2500000 | 2474600  |
|  Illinois Housing Development Authority, 4.85%, 10/01/2042 | 2700000 | 2738199  |
| Illinois State, 5.00%, 02/01/2039 | 5150000 | 5152602  |
|  |  | 21616321  |
| **Indiana - 3.8%**<br>|  |  |
|  Greenfield-Central Community School Corp., 5.00%, 01/15/2025 | 1535000 | 1535501  |
| &nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, <br>5.00%, 10/01/2026<sup>(a)</sup> | 4452000 | 4478342  |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br>5.00%, 02/01/2049 | 5050000 | 5327454  |
|  |  | 11341297  |
| **Iowa - 3.1%**<br>|  |  |
|  Bondurant-Farrar Iowa Community School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2038 | 1805000 | 1282216  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 2555000 | 1759154  |
| Iowa Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/01/2042<sup>(a)</sup> | 4000000 | 4004615  |
| &nbsp;&nbsp;&nbsp; 2.75%, 07/01/2049<sup>(a)</sup> | 2050000 | 2050000  |
|  |  | 9095985  |
| **Louisiana - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Louisiana Housing Corp., <br>5.00%, 11/01/2026<sup>(a)</sup> | 2300000 | 2328518  |
| **Maine - 0.5%**<br>|  |  |
|  Portland Maine General Airport Revenue, 4.00%, 01/01/2038 | 1500000 | 1493114  |
| **Maryland - 5.8%**<br>|  |  |
| Baltimore County Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2039 | 1000000 | 979998  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2040 | 1525000 | 1483023  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, <br>2.41%, 07/01/2043 | 2500000 | 1731491  |
|  Maryland Economic Development Corp., 4.00%, 07/01/2040 | 1275000 | 1205767  |

---

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

31<br>

------

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

**BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Maryland - (Continued)**  | **Maryland - (Continued)**  | **Maryland - (Continued)**  |
|  Maryland Health & Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038 | $10000000 | $10004513  |
| &nbsp;&nbsp;&nbsp; 2.35%, 07/01/2041<sup>(a)</sup> | 1800000 | 1800000  |
|  |  | 17204792  |
| **Massachusetts - 0.3%**<br>|  |  |
|  Massachusetts Development Finance Agency, 3.32% (SIFMA Municipal Swap Index + 0.60%), 07/01/2049<sup>(b)</sup> | 1000000 | 996851  |
| **Minnesota - 1.0%**<br>|  |  |
| Minnesota State, 1.75%, 08/01/2038 | 4150000 | 3003125  |
| **Missouri - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of St Louis Missouri, <br>2.22%, 12/01/2038 | 2858725 | 2109038  |
| **Montana - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, <br>4.90%, 12/01/2042 | 1000000 | 1025964  |
| **Nebraska - 3.4%**<br>|  |  |
|  Douglas County Nebraska, 3.25% (SIFMA Municipal Swap Index + 0.53%), 07/01/2035 | 7775000 | 7691724  |
|  Nebraska Investment Finance Authority, 4.35%, 09/01/2043 | 2500000 | 2485490  |
|  |  | 10177214  |
| **New Hampshire - 0.6%**<br>|  |  |
|  New Hampshire Housing Finance Authority, 4.65%, 07/01/2047 | 1800000 | 1813413  |
| **New Jersey - 2.9%**<br>|  |  |
|  New Jersey Economic Development Authority, 3.97% (SIFMA Municipal Swap Index + 1.25%), 09/01/2025 | 6910000 | 6918790  |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, <br>1.60%, 10/01/2026 | 1765000 | 1678987  |
|  |  | 8597777  |
| **New York - 12.0%**<br>|  |  |
|  Buffalo New York Sewer Authority, 4.00%, 06/15/2051 | 750000 | 724017  |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., <br>5.00%, 09/01/2030 | 1200000 | 1310332  |
|  New York City Municipal Water Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 06/15/2033<sup>(a)</sup> | 1240000 | 1240000  |
| &nbsp;&nbsp;&nbsp; 2.45%, 06/15/2050<sup>(a)</sup> | 5415000 | 5415000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; New York City New York Housing Development Corp., <br>2.60%, 11/01/2034 | $1970000 | $1686972  |
|  New York Liberty Development Corp., 3.13%, 09/15/2050 | 11000000 | 8774406  |
|  New York Mortgage Agency Homeowner Mortgage Revenue, 4.65%, 10/01/2043 | 3000000 | 3032932  |
| New York State Dormitory Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2040 | 1205000 | 1314397  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2049 | 750000 | 809937  |
|  New York State Housing Finance Agency, 1.65%, 05/15/2039 | 1224111 | 967525  |
|  New York Transportation Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 5000000 | 5000114  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/31/2054 | 5000000 | 5307033  |
|  |  | 35582665  |
| **North Carolina - 2.9%**<br>|  |  |
|  North Carolina Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 07/01/2048<sup>(a)</sup> | 4000000 | 3990790  |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/01/2056<sup>(a)</sup> | 4700000 | 4677569  |
|  |  | 8668359  |
| **North Dakota - 1.3%**<br>|  |  |
|  North Dakota Housing Finance Agency, 4.60%, 07/01/2043 | 3785000 | 3816875  |
| **Ohio - 0.4%**<br>|  |  |
|  American Municipal Power, Inc., 5.00%, 02/15/2036 | 1000000 | 1054828  |
| **Pennsylvania - 1.8%**<br>|  |  |
|  Allegheny County Pennsylvania Hospital Development Authority, 3.30% (SIFMA Municipal Swap Index + 0.58%), 11/15/2026 | 1750000 | 1733881  |
| &nbsp;&nbsp;&nbsp; Lancaster County Pennsylvania Hospital Authority, <br>5.00%, 08/15/2042 | 2380000 | 2415205  |
|  Lancaster Municipal Authority, 5.00%, 05/01/2044 | 1200000 | 1247088  |
|  |  | 5396174  |
| **Rhode Island - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp., <br>3.60%, 10/01/2054<sup>(a)</sup> | 3300000 | 3261963  |
| **South Carolina - 2.3%**<br>|  |  |
|  York County South Carolina Fort Mill School District No. 4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 03/01/2037 | 4585000 | 3443837  |
| &nbsp;&nbsp;&nbsp; 1.88%, 03/01/2038 | 4675000 | 3425809  |
|  |  | 6869646  |

---

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** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Tennessee - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Health Educational and Housing Facility Board of Memphis Tennessee, <br>5.00%, 07/01/2027<sup>(a)</sup> | $6000000 | $6139271  |
| **Texas - 3.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance <br>Corp. | &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance <br>Corp. |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2039 | 225000 | 242005  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2044 | 400000 | 389561  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2049 | 270000 | 256483  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2054 | 460000 | 441605  |
| Austin Texas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/01/2026 | 1100000 | 1103988  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/2032<sup>(b)</sup> | 470000 | 463518  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2044<sup>(b)</sup> | 1126000 | 1116291  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2053<sup>(b)</sup> | 750000 | 750356  |
| &nbsp;&nbsp;&nbsp; Clifton Texas Higher Education Finance Corp., <br>4.00%, 04/01/2040 | 2450000 | 2411248  |
|  Houston Texas Combined Utility System Revenue, 3.13% (SIFMA Municipal Swap Index + 0.01%), 05/15/2034 | 2000000 | 2000000  |
|  Kilgore Independent School District, 2.00%, 02/15/2052<sup>(a)</sup> | 2000000 | 1981047  |
|  |  | 11156102  |
| **Utah - 5.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Utah County Utah, <br>2.40%, 05/15/2058<sup>(a)</sup> | 5600000 | 5600000  |
| Utah Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/01/2026 | 1957000 | 1956067  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/21/2052 | 1692627 | 1465345  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/21/2052 | 4373621 | 4237965  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/21/2052 | 2292048 | 2332412  |
|  |  | 15591789  |
| **Virginia - 0.7%**<br>|  |  |
|  Virginia Small Business Financing Authority, 4.00%, 01/01/2036 | 2250000 | 2220347  |
| **Wisconsin - 5.2%**<br>|  |  |
| Calumet County Wisconsin<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 12/01/2037 | 1035000 | 716262  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/01/2038 | 1320000 | 899854  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/01/2039 | 2650000 | 1747295  |
| &nbsp;&nbsp;&nbsp; New Glarus School District, <br>2.00%, 04/01/2039 | 1510000 | 1070047  |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br>4.00%, 08/01/2059<sup>(a)</sup> | 3990000 | 3957607  |
|  Westosha Wisconsin Central High School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2038 | 1000000 | 731846  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2039 | 1500000 | 1064479  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, <br>5.00%, 02/01/2058<sup>(a)</sup> | $5000000 | $5122703  |
|  |  | 15310093  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $292,684,425)** |  | 288517026 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 1.6%** | **SHORT-TERM INVESTMENTS - 1.6%** |  |
| **Money Market Funds - 1.6%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(c)</sup> | 4729306 | 4729306  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,729,306)** |  | 4729306  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%**<br>**(Cost $297,413,731)** |  | 293246332  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 3175148  |
| **TOTAL NET ASSETS - 100.0%** |  | $296421480 |

---

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 December 31, 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> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

33<br>

------

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

**BROWN ADVISORY MORTGAGE SECURITIES FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 94.5%** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 94.5%** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 94.5%** |
|  Fannie Mae Grantor Trust, Series 2017-T1, Class A, 2.90%, 06/25/2027 | $1984568 | $1896780  |
| Fannie Mae Whole Loan<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W10, Class 3A5, <br>4.30%, 06/25/2043 | 5148 | 4747  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W12, Class 1A8, <br>4.55%, 06/25/2043 | 8279 | 8179  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W12, Class 1A9, <br>4.48%, 06/25/2043 | 1380 | 1361  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W12, Class 2A6, <br>5.00%, 06/25/2043 | 5635 | 5521  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W12, Class 2A7, <br>4.68%, 06/25/2043 | 4830 | 4636  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 1G2249, 6.78% (RFUCCT1Y + 1.78%), 10/01/2037 | 33494 | 33902  |
| &nbsp;&nbsp;&nbsp; Pool 1H1348, 7.23% (1 yr. CMT Rate + 2.14%), 10/01/2036 | 11626 | 12085  |
| &nbsp;&nbsp;&nbsp; Pool 1J0204, 7.11% (RFUCCT1Y + 1.75%), 05/01/2035 | 13969 | 14066  |
| &nbsp;&nbsp;&nbsp; Pool 1J1681, 7.73% (RFUCCT1Y + 1.98%), 06/01/2037 | 16877 | 17284  |
| &nbsp;&nbsp;&nbsp; Pool 1L1263, 6.61% (1 yr. CMT Rate + 2.25%), 03/01/2036 | 12617 | 13054  |
| &nbsp;&nbsp;&nbsp; Pool 847727, 7.49% (RFUCCT1Y + 1.74%), 02/01/2037 | 2919 | 2958  |
| &nbsp;&nbsp;&nbsp; Pool A14256, 5.50%, 10/01/2033 | 29685 | 29939  |
| &nbsp;&nbsp;&nbsp; Pool A46629, 5.00%, 08/01/2035 | 29342 | 29185  |
| &nbsp;&nbsp;&nbsp; Pool B31891, 5.38%, 01/01/2037 | 59869 | 60411  |
| &nbsp;&nbsp;&nbsp; Pool B31900, 5.38%, 02/01/2037 | 76972 | 77394  |
| &nbsp;&nbsp;&nbsp; Pool B31934, 5.38%, 04/01/2037 | 38145 | 38352  |
| &nbsp;&nbsp;&nbsp; Pool B31976, 5.10%, 05/01/2037 | 77394 | 77378  |
| &nbsp;&nbsp;&nbsp; Pool C03427, 5.50%, 10/01/2039 | 225020 | 226403  |
| &nbsp;&nbsp;&nbsp; Pool C53878, 5.50%, 12/01/2030 | 34086 | 34645  |
| &nbsp;&nbsp;&nbsp; Pool C66421, 6.50%, 02/01/2032 | 41949 | 43058  |
| &nbsp;&nbsp;&nbsp; Pool C91366, 4.50%, 04/01/2031 | 72565 | 72119  |
| &nbsp;&nbsp;&nbsp; Pool C91826, 3.00%, 05/01/2035 | 305150 | 282833  |
| &nbsp;&nbsp;&nbsp; Pool G04540, 6.00%, 08/01/2038 | 94767 | 98351  |
| &nbsp;&nbsp;&nbsp; Pool G04655, 6.00%, 08/01/2038 | 85108 | 88293  |
| &nbsp;&nbsp;&nbsp; Pool G08348, 5.00%, 06/01/2039 | 50851 | 50757  |
| &nbsp;&nbsp;&nbsp; Pool G08828, 5.50%, 04/01/2048 | 72805 | 73748  |
| &nbsp;&nbsp;&nbsp; Pool G20028, 7.50%, 12/01/2036 | 65623 | 67185  |
| &nbsp;&nbsp;&nbsp; Pool G30932, 4.50%, 03/01/2034 | 85691 | 85237  |
| &nbsp;&nbsp;&nbsp; Pool G31063, 3.50%, 11/01/2037 | 511501 | 481807  |
| &nbsp;&nbsp;&nbsp; Pool K93349, 4.00%, 11/01/2035 | 205057 | 197017  |
| &nbsp;&nbsp;&nbsp; Pool K93365, 3.50%, 11/01/2035 | 156746 | 149129  |
| &nbsp;&nbsp;&nbsp; Pool N30530, 5.50%, 01/01/2029 | 26439 | 26634  |
| &nbsp;&nbsp;&nbsp; Pool N70071, 6.00%, 06/01/2035 | 90739 | 91286  |
| &nbsp;&nbsp;&nbsp; Pool N70078, 5.50%, 01/01/2033 | 126229 | 126174  |
| &nbsp;&nbsp;&nbsp; Pool N70082, 6.00%, 07/01/2038 | 260751 | 262900  |
| &nbsp;&nbsp;&nbsp; Pool QC5310, 3.00%, 08/01/2051 | 1353286 | 1161356  |
| &nbsp;&nbsp;&nbsp; Pool QD7999, 4.00%, 03/01/2052 | 3654325 | 3349591  |
| &nbsp;&nbsp;&nbsp; Pool QD9382, 4.00%, 04/01/2052 | 2621054 | 2402791  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool QD9775, 4.00%, 04/01/2052 | $2519101 | $2308843  |
| &nbsp;&nbsp;&nbsp; Pool QE0380, 2.50%, 04/01/2052 | 852264 | 702984  |
| &nbsp;&nbsp;&nbsp; Pool QE0622, 2.00%, 04/01/2052 | 501780 | 396775  |
| &nbsp;&nbsp;&nbsp; Pool QE0898, 4.50%, 04/01/2052 | 2637661 | 2486656  |
| &nbsp;&nbsp;&nbsp; Pool QE2358, 3.50%, 05/01/2052 | 2921992 | 2589874  |
| &nbsp;&nbsp;&nbsp; Pool QF0493, 5.50%, 09/01/2052 | 2176628 | 2165625  |
| &nbsp;&nbsp;&nbsp; Pool QF0773, 5.50%, 09/01/2052 | 2781981 | 2763116  |
| &nbsp;&nbsp;&nbsp; Pool RA6766, 2.50%, 02/01/2052 | 1708423 | 1409553  |
| &nbsp;&nbsp;&nbsp; Pool RA6966, 2.00%, 03/01/2052 | 3441339 | 2714469  |
| &nbsp;&nbsp;&nbsp; Pool RA7374, 3.00%, 05/01/2052 | 3517947 | 2995833  |
| &nbsp;&nbsp;&nbsp; Pool RA7935, 5.00%, 09/01/2052 | 2553015 | 2493205  |
| &nbsp;&nbsp;&nbsp; Pool RC2401, 2.00%, 01/01/2037 | 3035827 | 2700328  |
| &nbsp;&nbsp;&nbsp; Pool SB0531, 2.50%, 06/01/2036 | 2929280 | 2675345  |
| &nbsp;&nbsp;&nbsp; Pool SD0846, 2.50%, 02/01/2052 | 2830296 | 2325430  |
| &nbsp;&nbsp;&nbsp; Pool SD1846, 4.50%, 10/01/2052 | 3016699 | 2846557  |
| &nbsp;&nbsp;&nbsp; Pool SD3234, 2.50%, 12/01/2051 | 3309487 | 2720965  |
| &nbsp;&nbsp;&nbsp; Pool SD3475, 5.50%, 08/01/2053 | 2663009 | 2644527  |
| &nbsp;&nbsp;&nbsp; Pool SD3477, 6.50%, 08/01/2053 | 1256093 | 1295918  |
| &nbsp;&nbsp;&nbsp; Pool SD4697, 6.00%, 02/01/2054 | 3931081 | 3985052  |
| &nbsp;&nbsp;&nbsp; Pool SD5573, 3.00%, 08/01/2052 | 3160507 | 2727628  |
| &nbsp;&nbsp;&nbsp; Pool SD8196, 3.50%, 02/01/2052 | 4384245 | 3898860  |
| &nbsp;&nbsp;&nbsp; Pool T30346, 5.38%, 10/01/2037 | 66137 | 66411  |
| &nbsp;&nbsp;&nbsp; Pool U30606, 5.10%, 09/01/2037 | 45001 | 44799  |
| &nbsp;&nbsp;&nbsp; Pool U30653, 5.13%, 07/01/2037 | 44800 | 45143  |
| &nbsp;&nbsp;&nbsp; Pool U30681, 5.10%, 09/01/2037 | 184467 | 184429  |
| &nbsp;&nbsp;&nbsp; Pool U30800, 5.10%, 11/01/2037 | 65976 | 65970  |
| &nbsp;&nbsp;&nbsp; Pool U31874, 5.38%, 04/01/2038 | 121297 | 121799  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1843, Class Z, <br>7.00%, 04/15/2026 | 36 | 36  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2517, Class Z, <br>5.50%, 10/15/2032 | 26826 | 27328  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2890, Class ZA, <br>5.00%, 11/15/2034 | 131554 | 132193  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2907, Class VZ, <br>4.50%, 05/15/2034 | 474878 | 468453  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3150, Class DZ, <br>5.50%, 05/15/2036 | 253003 | 258628  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3294, Class CB, <br>5.50%, 03/15/2037 | 153497 | 157708  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 366, Class IO, <br>4.00%, 08/15/2049 <sup>(a)</sup> | 677346 | 110612  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4121, Class DH, <br>2.00%, 10/15/2042 | 762124 | 515521  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4888, Class AC, <br>3.50%, 01/15/2049 | 593890 | 532298  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4891, Class PA, <br>3.50%, 07/15/2048 | 87160 | 84753  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5080, Class PB, <br>1.25%, 03/25/2050 | 1877651 | 1413488  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5083, Class UB, <br>1.25%, 03/25/2051 | 2400693 | 1781147  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/15/2055<sup>(b)</sup> | 17120000 | 13322838  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2055<sup>(b)</sup> | 1500000 | 1410943  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2055<sup>(b)</sup> | 3760000 | 3629268  |

---

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

34<br>

------

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

**BROWN ADVISORY MORTGAGE SECURITIES FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2055<sup>(b)</sup> | $5400000 | $5329286  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2055<sup>(b)</sup> | 6530000 | 6561120  |
| &nbsp;&nbsp;&nbsp; Pool 257203, 5.00%, 05/01/2028 | 200206 | 200481  |
| &nbsp;&nbsp;&nbsp; Pool 336422, 3.43% (3 yr. CMT Rate + 2.30%), 10/01/2025 | 1339 | 1332  |
| &nbsp;&nbsp;&nbsp; Pool 344903, 5.50%, 10/01/2025 | 323 | 326  |
| &nbsp;&nbsp;&nbsp; Pool 356232, 6.50%, 01/01/2026 | 9227 | 9417  |
| &nbsp;&nbsp;&nbsp; Pool 356329, 6.78% (1 yr. CMT Rate + 2.65%), 01/01/2027 | 18139 | 18229  |
| &nbsp;&nbsp;&nbsp; Pool 363850, 6.81% (1 yr. CMT Rate + 2.13%), 04/01/2027 | 7090 | 7099  |
| &nbsp;&nbsp;&nbsp; Pool 406380, 7.30% (1 yr. CMT Rate + 2.17%), 11/01/2027 | 6807 | 6859  |
| &nbsp;&nbsp;&nbsp; Pool 406521, 5.90% (1 yr. CMT Rate + 2.52%), 05/01/2026 | 2166 | 2160  |
| &nbsp;&nbsp;&nbsp; Pool 520478, 6.66% (1 yr. CMT Rate + 2.16%), 11/01/2029 | 6707 | 6760  |
| &nbsp;&nbsp;&nbsp; Pool 628837, 6.50%, 03/01/2032 | 6621 | 6830  |
| &nbsp;&nbsp;&nbsp; Pool 640225, 5.40% (1 yr. CMT Rate + 2.27%), 04/01/2032 | 10885 | 11035  |
| &nbsp;&nbsp;&nbsp; Pool 642122, 5.40% (1 yr. CMT Rate + 2.27%), 03/01/2032 | 6827 | 6918  |
| &nbsp;&nbsp;&nbsp; Pool 656181, 6.35% (1 yr. CMT Rate + 2.16%), 08/01/2031 | 22901 | 23154  |
| &nbsp;&nbsp;&nbsp; Pool 662138, 7.43% (1 yr. CMT Rate + 2.30%), 09/01/2032 | 27854 | 28563  |
| &nbsp;&nbsp;&nbsp; Pool 668309, 7.14% (1 yr. CMT Rate + 2.02%), 11/01/2032 | 16592 | 16692  |
| &nbsp;&nbsp;&nbsp; Pool 723313, 7.67% (1 yr. CMT Rate + 2.54%), 09/01/2031 | 24835 | 25503  |
| &nbsp;&nbsp;&nbsp; Pool 741373, 6.78% (1 yr. CMT Rate + 2.28%), 12/01/2033 | 13517 | 13838  |
| &nbsp;&nbsp;&nbsp; Pool 744805, 6.64% (RFUCCT6M + 1.52%), 11/01/2033 | 3324 | 3314  |
| &nbsp;&nbsp;&nbsp; Pool 745626, 7.16% (1 yr. CMT Rate + 2.14%), 05/01/2036 | 15350 | 15775  |
| &nbsp;&nbsp;&nbsp; Pool 745818, 6.50%, 09/01/2036 | 55047 | 56489  |
| &nbsp;&nbsp;&nbsp; Pool 751498, 6.34% (1 yr. CMT Rate + 2.22%), 11/01/2033 | 4939 | 5030  |
| &nbsp;&nbsp;&nbsp; Pool 764342, 6.90% (RFUCCT6M + 1.52%), 02/01/2034 | 21546 | 21633  |
| &nbsp;&nbsp;&nbsp; Pool 774969, 7.15% (1 yr. CMT Rate + 2.28%), 04/01/2034 | 22501 | 23022  |
| &nbsp;&nbsp;&nbsp; Pool 783554, 7.34% (1 yr. CMT Rate + 2.21%), 07/01/2034 | 90447 | 93405  |
| &nbsp;&nbsp;&nbsp; Pool 819649, 6.12% (RFUCCT1Y + 1.52%), 03/01/2035 | 2542 | 2565  |
| &nbsp;&nbsp;&nbsp; Pool 830970, 7.58% (RFUCCT1Y + 1.83%), 08/01/2035 | 2818 | 2837  |
| &nbsp;&nbsp;&nbsp; Pool 836715, 6.64% (RFUCCT1Y + 1.77%), 10/01/2035 | 42962 | 43728  |
| &nbsp;&nbsp;&nbsp; Pool 837329, 7.17% (1 yr. CMT Rate + 2.04%), 09/01/2035 | 18412 | 18812  |
| &nbsp;&nbsp;&nbsp; Pool 842006, 4.25%, 10/01/2035 | 89674 | 85955  |
| &nbsp;&nbsp;&nbsp; Pool 850232, 4.25%, 12/01/2035 | 146345 | 140235  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool 865849, 5.97% (RFUCCT1Y + 1.60%), 03/01/2036 | $7850 | $7944  |
| &nbsp;&nbsp;&nbsp; Pool 868568, 6.59% (RFUCCT1Y + 1.78%), 04/01/2036 | 7191 | 7327  |
| &nbsp;&nbsp;&nbsp; Pool 877009, 8.18% (RFUCCT1Y + 2.38%), 03/01/2036 | 5711 | 5908  |
| &nbsp;&nbsp;&nbsp; Pool 882017, 6.69% (RFUCCT6M + 1.56%), 05/01/2036 | 31199 | 31150  |
| &nbsp;&nbsp;&nbsp; Pool 886163, 7.58% (RFUCCT1Y + 1.83%), 07/01/2036 | 14257 | 14623  |
| &nbsp;&nbsp;&nbsp; Pool 889829, 5.00%, 07/01/2035 | 27493 | 27264  |
| &nbsp;&nbsp;&nbsp; Pool 896838, 5.45%, 07/01/2036 | 193193 | 191694  |
| &nbsp;&nbsp;&nbsp; Pool 922680, 7.32% (RFUCCT1Y + 1.91%), 11/01/2035 | 12491 | 12829  |
| &nbsp;&nbsp;&nbsp; Pool 930507, 6.50%, 02/01/2039 | 77557 | 79256  |
| &nbsp;&nbsp;&nbsp; Pool 941050, 7.45% (RFUCCT1Y + 1.70%), 08/01/2037 | 22949 | 23338  |
| &nbsp;&nbsp;&nbsp; Pool 950382, 6.78% (RFUCCT6M + 1.13%), 08/01/2037 | 28307 | 28855  |
| &nbsp;&nbsp;&nbsp; Pool 952835, 7.28% (1 yr. CMT Rate + 2.32%), 09/01/2037 | 27288 | 28129  |
| &nbsp;&nbsp;&nbsp; Pool 955233, 6.50%, 12/01/2037 | 62036 | 64706  |
| &nbsp;&nbsp;&nbsp; Pool 995521, 7.19% (RFUCCT1Y + 1.82%), 05/01/2037 | 16049 | 16120  |
| &nbsp;&nbsp;&nbsp; Pool AB0577, 4.00%, 03/01/2036 | 158777 | 150302  |
| &nbsp;&nbsp;&nbsp; Pool AD0100, 7.00%, 12/01/2038 | 167411 | 174021  |
| &nbsp;&nbsp;&nbsp; Pool AD0427, 5.50%, 10/01/2039 | 124004 | 124732  |
| &nbsp;&nbsp;&nbsp; Pool AD0941, 5.50%, 04/01/2040 | 172326 | 173630  |
| &nbsp;&nbsp;&nbsp; Pool AH8447, 5.50%, 04/01/2041 | 150162 | 150719  |
| &nbsp;&nbsp;&nbsp; Pool AI4717, 4.50%, 07/01/2031 | 781686 | 770952  |
| &nbsp;&nbsp;&nbsp; Pool AL0407, 6.50%, 04/01/2039 | 147632 | 150763  |
| &nbsp;&nbsp;&nbsp; Pool AL0898, 5.00%, 02/01/2031 | 40278 | 40293  |
| &nbsp;&nbsp;&nbsp; Pool AL7654, 3.00%, 09/01/2035 | 337074 | 312849  |
| &nbsp;&nbsp;&nbsp; Pool AS1429, 4.00%, 12/01/2043 | 152958 | 144313  |
| &nbsp;&nbsp;&nbsp; Pool AS2249, 4.00%, 04/01/2039 | 1168540 | 1103016  |
| &nbsp;&nbsp;&nbsp; Pool AV7739, 4.00%, 01/01/2044 | 220307 | 207161  |
| &nbsp;&nbsp;&nbsp; Pool AW6485, 4.00%, 06/01/2044 | 124900 | 117891  |
| &nbsp;&nbsp;&nbsp; Pool AW9534, 4.00%, 03/01/2045 | 259848 | 243892  |
| &nbsp;&nbsp;&nbsp; Pool AY0382, 4.00%, 11/01/2044 | 175592 | 169608  |
| &nbsp;&nbsp;&nbsp; Pool AZ4154, 4.00%, 06/01/2045 | 111356 | 104789  |
| &nbsp;&nbsp;&nbsp; Pool AZ7828, 4.00%, 08/01/2045 | 810395 | 752855  |
| &nbsp;&nbsp;&nbsp; Pool BA3674, 4.50%, 10/01/2045 | 482646 | 464019  |
| &nbsp;&nbsp;&nbsp; Pool BC1738, 4.50%, 09/01/2043 | 207678 | 201369  |
| &nbsp;&nbsp;&nbsp; Pool BC6366, 4.50%, 02/01/2046 | 304764 | 292927  |
| &nbsp;&nbsp;&nbsp; Pool BD1241, 4.50%, 05/01/2046 | 123935 | 118973  |
| &nbsp;&nbsp;&nbsp; Pool BD5189, 4.50%, 07/01/2046 | 540305 | 519348  |
| &nbsp;&nbsp;&nbsp; Pool BD8599, 4.50%, 11/01/2046 | 161622 | 155221  |
| &nbsp;&nbsp;&nbsp; Pool BH7686, 4.50%, 12/01/2047 | 196872 | 187444  |
| &nbsp;&nbsp;&nbsp; Pool BJ8287, 4.50%, 01/01/2048 | 135930 | 130344  |
| &nbsp;&nbsp;&nbsp; Pool BK5105, 5.50%, 05/01/2048 | 178977 | 180404  |
| &nbsp;&nbsp;&nbsp; Pool BK8032, 5.50%, 06/01/2048 | 365521 | 368752  |
| &nbsp;&nbsp;&nbsp; Pool BN4921, 5.50%, 01/01/2049 | 102575 | 102700  |
| &nbsp;&nbsp;&nbsp; Pool BN4936, 5.50%, 12/01/2048 | 177500 | 177937  |
| &nbsp;&nbsp;&nbsp; Pool BP5419, 3.00%, 05/01/2050 | 2114850 | 1844232  |
| &nbsp;&nbsp;&nbsp; Pool BQ3248, 2.00%, 11/01/2050 | 2651599 | 2083026  |

---

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

35<br>

------

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

**BROWN ADVISORY MORTGAGE SECURITIES FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES — (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES — (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Pool BQ6307, 2.00%, 11/01/2050 | $1236733 | $971345  |
| &nbsp;&nbsp;&nbsp; Pool BR5634, 2.00%, 03/01/2051 | 760407 | 600423  |
| &nbsp;&nbsp;&nbsp; Pool BV4128, 2.00%, 03/01/2052 | 3541741 | 2769428  |
| &nbsp;&nbsp;&nbsp; Pool BV4532, 3.50%, 03/01/2052 | 2001517 | 1780008  |
| &nbsp;&nbsp;&nbsp; Pool BW0025, 4.00%, 07/01/2052 | 676438 | 619138  |
| &nbsp;&nbsp;&nbsp; Pool BY4776, 5.00%, 07/01/2053 | 1937884 | 1871832  |
| &nbsp;&nbsp;&nbsp; Pool CB2400, 2.50%, 12/01/2051 | 1703098 | 1391945  |
| &nbsp;&nbsp;&nbsp; Pool CB2539, 2.50%, 01/01/2052 | 2758116 | 2274125  |
| &nbsp;&nbsp;&nbsp; Pool CB2548, 2.50%, 01/01/2052 | 2785711 | 2290812  |
| &nbsp;&nbsp;&nbsp; Pool CB2789, 2.00%, 02/01/2052 | 3530243 | 2758381  |
| &nbsp;&nbsp;&nbsp; Pool CB2909, 3.50%, 02/01/2052 | 2260522 | 2015412  |
| &nbsp;&nbsp;&nbsp; Pool CB3103, 2.50%, 03/01/2052 | 3646601 | 3021778  |
| &nbsp;&nbsp;&nbsp; Pool DA0025, 6.00%, 09/01/2053 | 1944683 | 1978441  |
| &nbsp;&nbsp;&nbsp; Pool DA4870, 6.50%, 01/01/2054 | 2657644 | 2715342  |
| &nbsp;&nbsp;&nbsp; Pool FM8754, 3.00%, 09/01/2051 | 3434956 | 2935032  |
| &nbsp;&nbsp;&nbsp; Pool FM9501, 2.50%, 11/01/2051 | 1707312 | 1410891  |
| &nbsp;&nbsp;&nbsp; Pool FM9760, 3.50%, 11/01/2051 | 3368628 | 3004927  |
| &nbsp;&nbsp;&nbsp; Pool FM9973, 3.00%, 08/01/2051 | 2458727 | 2118965  |
| &nbsp;&nbsp;&nbsp; Pool FS0031, 2.50%, 10/01/2051 | 2885100 | 2355613  |
| &nbsp;&nbsp;&nbsp; Pool FS0348, 2.00%, 01/01/2052 | 3004898 | 2371835  |
| &nbsp;&nbsp;&nbsp; Pool FS0731, 2.00%, 02/01/2052 | 974565 | 772365  |
| &nbsp;&nbsp;&nbsp; Pool FS0832, 3.50%, 03/01/2052 | 2534115 | 2260261  |
| &nbsp;&nbsp;&nbsp; Pool FS0922, 3.50%, 03/01/2052 | 1344627 | 1190714  |
| &nbsp;&nbsp;&nbsp; Pool FS0945, 4.00%, 03/01/2052 | 3540494 | 3246266  |
| &nbsp;&nbsp;&nbsp; Pool FS1480, 2.50%, 11/01/2051 | 403399 | 332357  |
| &nbsp;&nbsp;&nbsp; Pool FS1521, 3.00%, 04/01/2052 | 3243760 | 2793057  |
| &nbsp;&nbsp;&nbsp; Pool FS3607, 2.50%, 02/01/2037 | 2731404 | 2488900  |
| &nbsp;&nbsp;&nbsp; Pool FS4862, 2.50%, 10/01/2051 | 3340250 | 2752156  |
| &nbsp;&nbsp;&nbsp; Pool FS5126, 2.50%, 05/01/2051 | 1570294 | 1282501  |
| &nbsp;&nbsp;&nbsp; Pool FS5314, 2.00%, 05/01/2052 | 3550438 | 2770849  |
| &nbsp;&nbsp;&nbsp; Pool FS5458, 5.50%, 08/01/2053 | 2912761 | 2876870  |
| &nbsp;&nbsp;&nbsp; Pool FS6744, 2.50%, 10/01/2051 | 3147430 | 2609655  |
| &nbsp;&nbsp;&nbsp; Pool FS7086, 5.50%, 09/01/2053 | 2874585 | 2845846  |
| &nbsp;&nbsp;&nbsp; Pool FS7269, 4.00%, 07/01/2050 | 1463281 | 1367023  |
| &nbsp;&nbsp;&nbsp; Pool FS7276, 5.00%, 09/01/2053 | 2791636 | 2699261  |
| &nbsp;&nbsp;&nbsp; Pool FS7518, 6.00%, 03/01/2053 | 1912569 | 1941556  |
| &nbsp;&nbsp;&nbsp; Pool FS7553, 2.50%, 06/01/2037 | 1558753 | 1419635  |
| &nbsp;&nbsp;&nbsp; Pool FS7744, 6.50%, 04/01/2054 | 1313699 | 1364146  |
| &nbsp;&nbsp;&nbsp; Pool FS8791, 6.00%, 08/01/2054 | 2822433 | 2842367  |
| &nbsp;&nbsp;&nbsp; Pool FS9155, 5.50%, 09/01/2054 | 1479079 | 1467847  |
| &nbsp;&nbsp;&nbsp; Pool MA3208, 4.50%, 10/01/2037 | 1243897 | 1221988  |
| &nbsp;&nbsp;&nbsp; Pool MA4208, 2.00%, 12/01/2050 | 903856 | 709665  |
| &nbsp;&nbsp;&nbsp; Pool MA4492, 2.00%, 12/01/2051 | 1072379 | 838637  |
| &nbsp;&nbsp;&nbsp; Pool MA4565, 3.50%, 03/01/2052 | 1689661 | 1501299  |
| &nbsp;&nbsp;&nbsp; Pool MB0291, 5.00%, 12/01/2054 | 2950000 | 2848713  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-80, Class Z, <br>6.00%, 01/25/2032 | 61747 | 63035  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-71, Class MB, <br>5.50%, 08/25/2033 | 205947 | 209825  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-110, Class GL, <br>5.50%, 12/25/2035 | 471011 | 482331  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-112, Class QC, <br>5.50%, 11/25/2036 | 675884 | 691494  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21, Class Z, <br>5.50%, 04/25/2036 | $211469 | $216081  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-22, Class A, <br>5.50%, 03/25/2037 | 295933 | 298523  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2, Class PH, <br>5.50%, 02/25/2038 | 394434 | 393216  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-20, Class DS, 2.72% <br>(-1 x 30 day avg SOFR US + 7.29%), 04/25/2039<sup>(a)(c)</sup> | 460925 | 59843  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-10, Class UF, 5.23% <br>(30 day avg SOFR US + 0.66%), 02/25/2042 | 44525 | 44109  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-139, Class HI, <br>2.50%, 12/25/2027<sup>(a)</sup> | 270612 | 6202  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-27, Class PI, <br>4.50%, 02/25/2042<sup>(a)</sup> | 418917 | 29554  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-65, Class HJ, <br>5.00%, 07/25/2040 | 785916 | 785371  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-15, Class QI, <br>3.00%, 03/25/2028<sup>(a)</sup> | 21161 | 643  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-34, Class IG, <br>3.00%, 05/25/2042<sup>(a)</sup> | 235811 | 20455  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-8, Class IQ, <br>4.00%, 03/25/2034<sup>(a)</sup> | 938454 | 95784  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-40, Class LI, <br>4.50%, 03/25/2045<sup>(a)</sup> | 290919 | 50350  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-86, Class JA, <br>4.00%, 05/25/2047 | 116419 | 115119  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37, Class IM, <br>5.00%, 07/25/2049<sup>(a)</sup> | 755301 | 140222  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class WI, <br>1.57%, 02/25/2035<sup>(a)(d)</sup> | 4715550 | 266297  |
| Ginnie Mae I Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 589694, 4.50%, 08/15/2029 | 511006 | 506087  |
| &nbsp;&nbsp;&nbsp; Pool 623145, 5.50%, 10/15/2028 | 101621 | 104342  |
| &nbsp;&nbsp;&nbsp; Pool 728157, 3.75%, 11/15/2029 | 16943 | 16509  |
| &nbsp;&nbsp;&nbsp; Pool 784315, 6.00%, 06/15/2036 | 17734 | 18127  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 3160, 6.00%, 11/20/2031 | 185272 | 191463  |
| &nbsp;&nbsp;&nbsp; Pool 3489, 6.00%, 12/20/2033 | 270944 | 278985  |
| &nbsp;&nbsp;&nbsp; Pool 4194, 5.50%, 07/20/2038 | 94872 | 96052  |
| &nbsp;&nbsp;&nbsp; Pool 770225, 4.25%, 08/20/2031 | 163824 | 161149  |
| &nbsp;&nbsp;&nbsp; Pool 770226, 4.75%, 09/20/2036 | 176746 | 172107  |
| &nbsp;&nbsp;&nbsp; Pool 782173, 5.50%, 05/20/2035 | 143404 | 146932  |
| &nbsp;&nbsp;&nbsp; Pool AC0521, 5.50%, 05/20/2042 | 506945 | 515750  |
| &nbsp;&nbsp;&nbsp; Pool BM9287, 4.00%, 08/20/2049 | 837948 | 775714  |
| &nbsp;&nbsp;&nbsp; Pool BT1891, 2.50%, 12/20/2050 | 1019653 | 832543  |
| &nbsp;&nbsp;&nbsp; Pool CJ2171, 4.00%, 05/20/2052 | 1506956 | 1433921  |
| &nbsp;&nbsp;&nbsp; Pool MA6598, 2.50%, 04/20/2050 | 1068971 | 897691  |
| &nbsp;&nbsp;&nbsp; Pool MA6656, 3.00%, 05/20/2050 | 2569502 | 2239924  |
| &nbsp;&nbsp;&nbsp; Pool MA6994, 2.00%, 11/20/2050 | 1575692 | 1264028  |
| &nbsp;&nbsp;&nbsp; Pool MA7051, 2.00%, 12/20/2050 | 3288972 | 2637792  |
| &nbsp;&nbsp;&nbsp; Pool MA7106, 2.00%, 01/20/2036 | 520099 | 465421  |
| &nbsp;&nbsp;&nbsp; Pool MA7164, 2.00%, 02/20/2036 | 505103 | 452017  |
| &nbsp;&nbsp;&nbsp; Pool MA7192, 2.00%, 02/20/2051 | 3267516 | 2619240  |
| &nbsp;&nbsp;&nbsp; Pool MA7254, 2.00%, 03/20/2051 | 3391895 | 2718284  |

---

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

36<br>

------

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

**BROWN ADVISORY MORTGAGE SECURITIES FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES — (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES — (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES — (Continued)**  |
| &nbsp;&nbsp;&nbsp; Pool MA7312, 2.50%, 04/20/2051 | $3188826 | $2666459  |
| &nbsp;&nbsp;&nbsp; Pool MA7419, 3.00%, 06/20/2051 | 2993616 | 2602057  |
| &nbsp;&nbsp;&nbsp; Pool MA7471, 2.00%, 07/20/2051 | 3325880 | 2664166  |
| &nbsp;&nbsp;&nbsp; Pool MA7650, 3.00%, 10/20/2051 | 2938577 | 2552681  |
| &nbsp;&nbsp;&nbsp; Pool MA7834, 6.00%, 01/20/2052 | 302848 | 315504  |
| &nbsp;&nbsp;&nbsp; Pool MA8268, 4.50%, 09/20/2052 | 1974923 | 1871445  |
| &nbsp;&nbsp;&nbsp; Pool MA8348, 5.00%, 10/20/2052 | 3307953 | 3219913  |
| &nbsp;&nbsp;&nbsp; Pool MA8642, 2.50%, 02/20/2053 | 3032702 | 2538454  |
| &nbsp;&nbsp;&nbsp; Pool MB0025, 5.00%, 11/20/2054 | 1600000 | 1553421  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/15/2055<sup>(b)</sup> | 4300000 | 3439664  |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/15/2055<sup>(b)</sup> | 6920000 | 5779822  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/2055<sup>(b)</sup> | 1205000 | 1045055  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/2055<sup>(b)</sup> | 3300000 | 2950028  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2055<sup>(b)</sup> | 3190000 | 3015547  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-93, Class PD, <br>5.00%, 11/16/2034 | 273805 | 272941  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-40, Class B, <br>6.00%, 08/20/2036 | 49571 | 49930  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-105, Class IB, <br>4.50%, 01/16/2040<sup>(a)</sup> | 462442 | 39848  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-156, Class PM, <br>2.00%, 04/20/2040 | 682000 | 531849  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-2, Class DP, <br>5.46%, 03/20/2039<sup>(d)</sup> | 366499 | 371585  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-143, Class IC, <br>5.00%, 10/16/2041<sup>(a)</sup> | 757618 | 126958  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-52, Class WA, <br>6.18%, 04/20/2038<sup>(d)</sup> | 284891 | 291694  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-97, Class GB, <br>2.00%, 08/16/2042 | 831612 | 662903  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-168, Class IA, <br>2.50%, 11/16/2028<sup>(a)</sup> | 129047 | 2997  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-86, Class IA, <br>5.00%, 06/20/2043<sup>(a)</sup> | 401455 | 42996  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-6, Class IG, <br>4.50%, 01/16/2044<sup>(a)</sup> | 297535 | 36688  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-112, Class AW, <br>6.96%, 12/20/2040<sup>(d)</sup> | 153736 | 160304  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-12, Class KI, <br>5.00%, 09/20/2038<sup>(a)</sup> | 565926 | 68907  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-68, Class IC, <br>6.00%, 01/20/2040<sup>(a)(d)</sup> | 378498 | 47472  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-103, Class IM, <br>5.00%, 06/20/2043<sup>(a)</sup> | 638042 | 76949  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-167, Class SE, 1.72% <br>(-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047<sup>(a)(c)</sup> | 1699861 | 202769  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-83, Class ID, <br>7.00%, 01/20/2039<sup>(a)</sup> | 234405 | 24732  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-83, Class IK, <br>6.00%, 05/20/2040<sup>(a)</sup> | 641049 | 110674  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-127, Class PB, <br>3.00%, 09/20/2047 | $240184 | $222265  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-153, Class QA, <br>3.50%, 11/20/2048 | 393830 | 370778  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-36, Class LI, <br>5.00%, 03/20/2048<sup>(a)</sup> | 1722665 | 243118  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-162, Class KB, <br>2.00%, 12/20/2049 | 579422 | 349937  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-125, Class UL, <br>1.50%, 07/20/2051 | 1840288 | 1262552  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-160, Class DK, <br>2.00%, 09/20/2051 | 1049804 | 642817  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-177, Class KD, <br>2.00%, 10/20/2051 | 1791418 | 1147509  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-50, Class PL, <br>1.25%, 03/20/2051 | 552000 | 231894  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9, Class CD, <br>2.00%, 01/20/2052 | 2515250 | 1657514  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $286,012,570)** |  | 269642816  |
| **ASSET-BACKED SECURITIES - 7.4%** | **ASSET-BACKED SECURITIES - 7.4%** |  |
|  American Express Travel Related Services Co., Inc., Series 2022-2, Class A, 3.39%, 05/15/2027 | 3500000 | 3484843  |
| American Homes 4 Rent<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SFR1, Class A, <br>3.47%, 04/17/2052<sup>(e)</sup> | 296409 | 294991  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SFR2, Class A, <br>3.73%, 10/17/2052<sup>(e)</sup> | 205273 | 203411  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SFR2, Class C, <br>4.69%, 10/17/2052<sup>(e)</sup> | 250000 | 248662  |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D, <br>1.21%, 12/18/2026 | 1404000 | 1380236  |
| CarMax Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class C, <br>1.34%, 02/16/2027 | 1505000 | 1484611  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A2A, <br>5.72%, 11/16/2026 | 1006006 | 1008484  |
| &nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust, Series 2024-A, Class A2A, <br>5.78%, 09/15/2027 | 512364 | 515407  |
|  CNH Equipment Trust, Series 2023-B, Class A2, 5.90%, 02/16/2027 | 1765692 | 1772261  |
|  Dext ABS Funding LLC, Series 2021-1, Class B, 1.76%, 02/15/2028<sup>(e)</sup> | 199567 | 198793  |
| FHF Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, <br>0.83%, 12/15/2026<sup>(e)</sup> | 92609 | 91962  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, <br>5.89%, 06/15/2030<sup>(e)</sup> | 982814 | 995138  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, <br>4.94%, 11/15/2030<sup>(e)</sup> | 1090000 | 1088253  |

---

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** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A2A, <br>5.68%, 09/15/2026 | $887701 | $890421  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B, <br>5.23%, 05/15/2030 | 1795000 | 1806167  |
| John Deere Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A2, <br>5.59%, 06/15/2026 | 790973 | 791878  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A2, <br>5.76%, 08/17/2026 | 1052944 | 1055491  |
|  JPMorgan Chase Bank NA, Series 2021-3, Class B, 0.76%, 02/26/2029<sup>(e)</sup> | 108761 | 107836  |
| Toyota Auto Receivables Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A2A, <br>5.28%, 05/15/2026 | 285948 | 286157  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, <br>4.83%, 10/16/2028 | 2000000 | 2011174  |
|  Verizon Master Trust, Series 2022-4, Class A, 3.40%, 11/20/2028 | 1500000 | 1493701  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $21,255,431)** |  | 21209877  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%** |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool WA3311, 2.21%, 04/01/2038 | 3129196 | 2276137  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q006, Class APT2, <br>2.76%, 09/25/2026<sup>(d)</sup> | 393919 | 384687  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q007, Class APT1, <br>7.40%, 10/25/2047<sup>(d)</sup> | 509824 | 509833  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q010, Class APT1, <br>6.74%, 04/25/2046<sup>(d)</sup> | 70348 | 70790  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 467095, 5.90%, 01/01/2041 | 552039 | 579864  |
| &nbsp;&nbsp;&nbsp; Pool 470828, 3.53%, 03/01/2032 | 749867 | 700635  |
| &nbsp;&nbsp;&nbsp; Pool 957502, 3.98%, 07/01/2029 | 233287 | 232550  |
| &nbsp;&nbsp;&nbsp; Pool 958720, 5.65%, 10/01/2028 | 727811 | 750713  |
| &nbsp;&nbsp;&nbsp; Pool AN8842, 3.32%, 04/01/2028 | 150000 | 144427  |
| &nbsp;&nbsp;&nbsp; Pool AN9202, 3.32%, 05/01/2025 | 1000000 | 993178  |
| &nbsp;&nbsp;&nbsp; Pool AN9931, 4.24%, 08/01/2048 | 980882 | 850303  |
| &nbsp;&nbsp;&nbsp; Pool BL0387, 4.28%, 05/01/2028 | 2638590 | 2596784  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-M2, Class A2A, <br>5.27%, 10/25/2032<sup>(d)</sup> | 84893 | 84947  |
| FREMF Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF73, Class B, 7.23% <br>(30 day avg SOFR US + 2.56%), 11/25/2029<sup>(e)</sup> | 570850 | 539341  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-KF74, Class B, 6.93% <br>(30 day avg SOFR US + 2.26%), 01/25/2027<sup>(e)</sup> | 490858 | 476570  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-135, Class IO, <br>0.41%, 01/16/2056<sup>(a)(d)</sup> | 1026206 | 20822  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-172, Class IO, <br>0.60%, 03/16/2057<sup>(a)(d)</sup> | $931497 | $19428  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-40, Class IO, <br>0.57%, 07/16/2057<sup>(a)(d)</sup> | 1894866 | 40432  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-56, Class IO, <br>0.96%, 11/16/2057<sup>(a)(d)</sup> | 1240266 | 52890  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-98, Class IO, <br>0.84%, 05/16/2058<sup>(a)(d)</sup> | 1947845 | 81767  |
|  Small Business Administration Pools, Pool 522053, 8.61% (Prime Rate + 0.61%), 05/25/2026 | 3243 | 3215  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $12,852,270)** | &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $12,852,270)** | 11409313  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%** |  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, 5.89% <br>(1 mo. Term SOFR + 1.49%), 07/15/2029<sup>(e)</sup> | 1425000 | 1432736  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT5, Class A, 5.41%, 11/13/2046<sup>(d)(e)</sup> | 570000 | 570921  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,002,543)** |  | 2003657  |
| **MUNICIPAL BONDS - 0.1%**<br>|  |  |
|  Colorado Health Facilities Authority, 2.80%, 12/01/2026 | 365000 | 347854  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $365,000)** |  | 347854 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 9.6%** | **SHORT-TERM INVESTMENTS - 9.6%** |  |
| **Money Market Funds - 9.6%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(f)</sup> | 27394863 | 27394863  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $27,394,863)** |  | 27394863  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 116.3%** <br>**(Cost $349,882,677)** |  | $332008380  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (16.3)% |  | (46601209)  |
| **TOTAL NET ASSETS - 100.0%** |  | $285407171 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

RFUCCT1Y - Refinitiv USD IBOR Consumer Cash

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** 

**December 31, 2024 (Unaudited)(Continued)** 

Fallbacks Term 1 Year

RFUCCT6M - Refinitiv USD IBOR Consumer Cash

Fallbacks Term 6 Months

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Interest only security.

<sup>(b)</sup> To-be-announced security.

<sup>(c)</sup> Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

<sup>(d)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 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> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

39<br>

------

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

**BROWN ADVISORY MORTGAGE SECURITIES FUND** 

**Schedule of Futures Contracts** 

**December 31, 2024 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp; 03/20/2024 | $9054317 | $8905000 | $(149317)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 03/20/2024 | 654481 | 652500 | (1981)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 03/31/2024 | 616389 | 616828 | 439  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 03/31/2024 | 747646 | 744133 | (3513)  |
|  |  |  | $11072833 | $10918461 | $(154372) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(82) | 03/20/2024 | $(9571439) | $(9335188) | &nbsp;&nbsp; 236251  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(21) | 03/20/2024 | (2579833) | (2497031) | &nbsp;&nbsp; 82802  |
|  |  |  | $(12151272) | $(11832219) | &nbsp;&nbsp; $319053  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | &nbsp;&nbsp; $164681 |

---

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.

40<br>

------

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

**BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.3%**<br>|  |  |
| **Austria - 3.4%**<br>|  |  |
| Erste Group Bank AG | $141310 | $8746548  |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | 84603 | 2658188  |
|  |  | 11404736  |
| **Belgium - 5.3%**<br>|  |  |
| Azelis Group NV | 99427 | 1957189  |
| KBC Group NV | 111625 | 8618494  |
| UCB S.A. | 37347 | 7434442  |
|  |  | 18010125  |
| **Czech Republic - 0.8%**<br>|  |  |
| Komercni Banka AS | 72368 | 2527268  |
| **Denmark - 4.5%**<br>|  |  |
| Pandora AS | 48708 | 8911396  |
| Royal Unibrew AS | 87530 | 6163638  |
|  |  | 15075034  |
| **Finland - 1.5%**<br>|  |  |
| Sampo Oyj | 95932 | 3918341  |
| Wartsila OYJ Abp | 65788 | 1165942  |
|  |  | 5084283  |
| **France - 10.7%**<br>|  |  |
| Dassault Aviation S.A. | 19646 | 4014385  |
| Elis S.A. | 394801 | 7727523  |
| Legrand S.A. | 22918 | 2229267  |
| Publicis Groupe S.A. | 53530 | 5698791  |
| SPIE S.A. | 94105 | 2926473  |
| Technip Energies NV | 359774 | 9610116  |
| Thales S.A. | 26285 | 3774408  |
|  |  | 35980963  |
| **Germany - 13.1%**<br>|  |  |
| Beiersdorf AG | 12738 | 1640159  |
| Brenntag SE | 94648 | 5692010  |
| Hannover Rueck SE | 8249 | 2065711  |
| Heidelberg Materials AG | 54241 | 6702195  |
| Hensoldt AG | 119533 | 4294879  |
| Ionos SE <sup>(a)</sup> | 55592 | 1263060  |
| Jenoptik AG | 65987 | 1543132  |
| RENK Group AG<sup>(a)</sup> | 152920 | 2862427  |
| Rheinmetall AG | 20163 | 12882313  |
| United Internet AG | 322100 | 5236157  |
|  |  | 44182043  |
| **Ireland - 5.4%**<br>|  |  |
| AIB Group PLC | 1816305 | 10044000  |
| Bank of Ireland Group PLC | 493486 | 4500323  |
| Ryanair Holdings PLC - ADR | 82160 | 3581354  |
|  |  | 18125677  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Italy - 0.8%**<br>|  |  |
| Buzzi SpA | $26495 | $978061  |
| DiaSorin S.p.A. | 16395 | 1691055  |
|  |  | 2669116  |
| **Netherlands - 3.6%**<br>|  |  |
| Heineken NV | 39760 | 2833665  |
| QIAGEN NV | 203460 | 9119866  |
|  |  | 11953531  |
| **Norway - 1.0%**<br>|  |  |
| Storebrand ASA | 308505 | 3289833  |
| **Portugal - 1.9%**<br>|  |  |
| Jeronimo Martins SGPS S.A. | 337346 | 6447170  |
| **Spain - 4.2%**<br>|  |  |
| Bankinter S.A. | 848928 | 6718808  |
| Fluidra S.A. | 145039 | 3531221  |
| Industria de Diseno Textil S.A. | 77554 | 3972626  |
|  |  | 14222655  |
| **Sweden - 1.9%**<br>|  |  |
| Hexpol AB | 154657 | 1440615  |
| Trelleborg AB - Class B | 147752 | 5056163  |
|  |  | 6496778  |
| **Switzerland - 5.2%**<br>|  |  |
| ABB, Ltd. | 89376 | 4826171  |
| Holcim, Ltd. | 111759 | 10760712  |
| Sulzer AG | 13805 | 1996986  |
|  |  | 17583869  |
| **United Kingdom - 32.0%**<br>|  |  |
| BAE Systems PLC | 600378 | 8612547  |
| Beazley PLC | 533318 | 5444340  |
| British American Tobacco PLC | 449881 | 16233752  |
| Bunzl PLC | 199696 | 8222470  |
| Compass Group PLC | 38502 | 1281087  |
| Glencore PLC | 862263 | 3797540  |
| Haleon PLC | 2153494 | 10154002  |
| Hill & Smith PLC | 50661 | 1180242  |
| IMI PLC | 191864 | 4357568  |
| Next PLC | 31040 | 3682015  |
| Rotork PLC | 726778 | 2857645  |
| RS GROUP PLC | 836164 | 7124221  |
| Savills PLC | 119343 | 1547833  |
| Serco Group PLC | 2030878 | 3827305  |
| Smiths Group PLC | 324180 | 6950565  |
| Softcat PLC | 63605 | 1210083  |
| Spectris PLC | 179733 | 5615759  |
| Unilever PLC | 235144 | 13360958  |
| WH Smith PLC | 151537 | 2255630  |
|  |  | 107715562  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $258,368,301)** |  | $320768643  |

---

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

41<br>

------

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

**BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND** 

**Schedule of Investments** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 0.9%**<br>|  |  |
| **Germany - 0.9%**<br>|  |  |
| FUCHS SE | 73676 | $3183593  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $2,612,767)** |  | 3183593  |
| **SHORT-TERM INVESTMENTS - 3.0%**  | **SHORT-TERM INVESTMENTS - 3.0%**  |  |
| **Money Market Funds - 3.0%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(b)</sup> | 10034682 | 10034682  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $10,034,682)** |  | 10034682  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.2%**<br>**(Cost $271,015,750)** |  | $333986918  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.8% |  | 2716869  |
| **TOTAL NET ASSETS - 100.0%** |  | $336703787 |

---

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

ASA - Advanced Subscription Agreement

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

42<br>

------

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

**BROWN ADVISORY EMERGING MARKETS SELECT FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.4%**<br>|  |  |
| **Brazil - 3.6%** | **Brazil - 3.6%** |  |
| Ambev S.A.  | 3538400 | $6728233  |
| Banco do Brasil S.A.  | 712900 | 2764409  |
| Natura & Co. Holding S.A.  | 2197800 | 4535434  |
| Neoenergia S.A.  | 1189300 | 3638144  |
| Vale S.A.  | 465900 | 4120254  |
|  |  | 21786474  |
| **China - 26.9%** | **China - 26.9%** |  |
| Alibaba Group Holding, Ltd.  | 740700 | 7839092  |
| ANTA Sports Products, Ltd.  | 555779 | 5489043  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 8203 | 691595  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 483250 | 5096650  |
|  Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A  | 802500 | 1427448  |
|  Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A  | 558500 | 993433  |
| BYD Co., Ltd. - Class A  | 134218 | 5191433  |
|  China Merchants Bank Co., Ltd. - Class H  | 1087500 | 5551014  |
|  China Overseas Land & Investment, Ltd.  | 4116746 | 6503617  |
|  China Pacific Insurance Group Co., Ltd. - Class H  | 1318731 | 4242483  |
|  Fuyao Glass Industry Group Co., Ltd. - Class A  | 706165 | 6036978  |
| Galaxy Entertainment Group, Ltd.  | 1104000 | 4647438  |
| GF Securities Co., Ltd. - Class H  | 897600 | 1205792  |
| Haier Smart Home Co., Ltd. - Class H | 1788800 | 6250369  |
| Kanzhun, Ltd.<sup>(a)</sup> | 594001 | 4027376  |
| KE Holdings, Inc. - Class A  | 1213758 | 7389489  |
| PetroChina Co., Ltd. - Class H  | 5614955 | 4392878  |
|  Ping An Insurance Group Co. of China, Ltd. - Class A  | 133500 | 963225  |
|  Ping An Insurance Group Co. of China, Ltd. - Class H  | 438000 | 2570778  |
| Proya Cosmetics Co., Ltd. - Class A | 418955 | 4863311  |
| Tencent Holdings, Ltd.  | 624449 | 33328608  |
| Trip.com Group, Ltd.<sup>(a)</sup> | 144013 | 9911024  |
| Weichai Power Co., Ltd. - Class H  | 4825000 | 7328206  |
| WH Group, Ltd. | 10051500 | 7746036  |
| Yue Yuen Industrial Holdings, Ltd.  | 1101500 | 2453710  |
| Yum China Holdings, Inc.  | 135800 | 6492111  |
|  Zhejiang Longsheng Group Co., Ltd. - Class A  | 1813900 | 2556980  |
| Zhongsheng Group Holdings, Ltd.  | 1794500 | 3205494  |
| ZTO Express Cayman, Inc. - ADR  | 243134 | 4753270  |
|  |  | 163148881  |
| **Hungary - 1.4%** | **Hungary - 1.4%** |  |
| OTP Bank Nyrt  | 86867 | 4747479  |
| Richter Gedeon Nyrt  | 134564 | 3524792  |
|  |  | 8272271  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **India - 19.1%** | **India - 19.1%** |  |
| Amber Enterprises India, Ltd.<sup>(a)</sup> | 54998 | $4733133  |
| Apollo Hospitals Enterprise, Ltd.  | 44104 | 3752825  |
| Ashok Leyland, Ltd.  | 1869299 | 4802338  |
| AU Small Finance Bank, Ltd.  | 449825 | 2930533  |
| Axis Bank, Ltd.  | 676031 | 8382861  |
| Bajaj Auto, Ltd.  | 35768 | 3669518  |
| Bajaj Finance, Ltd.  | 55807 | 4437695  |
| DLF, Ltd.  | 616969 | 5926758  |
| Five-Star Business Finance, Ltd.<sup>(a)</sup> | 472407 | 4262667  |
| Godrej Consumer Products, Ltd.  | 286262 | 3611625  |
| HDFC Bank, Ltd.  | 231675 | 4791110  |
| ICICI Bank, Ltd.  | 677767 | 10127074  |
| JSW Energy, Ltd.  | 405885 | 3039287  |
| Jubilant Foodworks, Ltd.  | 497099 | 4160479  |
| Larsen & Toubro, Ltd.  | 202437 | 8509309  |
| Macrotech Developers, Ltd.  | 523227 | 8474835  |
| Mahindra & Mahindra, Ltd.  | 174708 | 6115341  |
| Oberoi Realty, Ltd.  | 228092 | 6144785  |
| Patanjali Foods Ltd.  | 142757 | 2963085  |
| SBI Life Insurance Co., Ltd.  | 222990 | 3613535  |
| Tech Mahindra Ltd.  | 252959 | 5023812  |
| UltraTech Cement, Ltd.  | 29837 | 3974346  |
| UPL, Ltd.  | 411173 | 2401874  |
|  |  | 115848825  |
| **Indonesia - 4.2%** | **Indonesia - 4.2%** |  |
| Bank Central Asia Tbk PT  | 13958491 | 8366624  |
| Bank Mandiri Persero Tbk PT  | 10569603 | 3720538  |
| &nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero <br>Tbk PT  | 18068408 | 4862703  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br>Tbk PT  | 32458000 | 8193977  |
|  |  | 25143842  |
| **Kazakhstan - 0.6%** | **Kazakhstan - 0.6%** |  |
| Kaspi.KZ JSC - ADR  | 37434 | 3545374  |
| **Russia - 0.0%<sup>(c)</sup>** | **Russia - 0.0%<sup>(c)</sup>** |  |
| &nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC - <br>ADR<sup>(a)(c)(d)</sup> | 184769 | 1848  |
| **Singapore - 6.3%** | **Singapore - 6.3%** |  |
| DBS Group Holdings, Ltd.  | 291729 | 9348604  |
| Grab Holdings, Ltd. - Class A<sup>(a)</sup> | 1479305 | 6982320  |
| Oversea-Chinese Banking Corp. Ltd. | 457364 | 5585822  |
| Seatrium, Ltd.<sup>(a)</sup> | 1275282 | 1932932  |
| Sembcorp Industries, Ltd.  | 810307 | 3278081  |
| United Overseas Bank, Ltd.  | 201989 | 5363994  |
| Wilmar International, Ltd.  | 2439208 | 5536356  |
|  |  | 38028109  |
| **South Africa - 0.4%** | **South Africa - 0.4%** |  |
| Sasol, Ltd.  | 609530 | 2684203  |

---

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

43<br>

------

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

**BROWN ADVISORY EMERGING MARKETS SELECT FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **South Korea - 12.3%**  | **South Korea - 12.3%**  |  |
| DB Insurance Co., Ltd.  | 47037  | $3268146  |
| Hankook Tire & Technology Co., Ltd. | 178507 | 4609074  |
|  HD Hyundai Heavy Industries Co., Ltd.<sup>(a)</sup> | 30338 | 5875456  |
| Hyundai Mobis Co., Ltd.  | 30601 | 4866682  |
| Hyundai Motor Co.  | 31866 | 4524041  |
| KB Financial Group, Inc.  | 145122 | 8171959  |
| Kia Corp.  | 40503 | 2740820  |
| Samsung Electronics Co., Ltd.  | 687316 | 24528117  |
| Samsung Heavy Industries Co., Ltd.<sup>(a)</sup> | 431035 | 3288595  |
| Shinhan Financial Group Co., Ltd.  | 130200 | 4221973  |
| SK Hynix, Inc.  | 73138 | 8380907  |
|  |  | 74475770  |
| **Taiwan - 14.7%** | **Taiwan - 14.7%** |  |
| Accton Technology Corp.  | 189904 | 4463464  |
| ASE Technology Holding Co., Ltd.  | 1121376 | 5506445  |
| Compal Electronics, Inc.  | 1817140 | 2080466  |
| Hon Hai Precision Industry Co., Ltd. | 372000 | 2079722  |
| Realtek Semiconductor Corp.  | 299572 | 5177337  |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 2140390 | 69562787  |
|  |  | 88870221  |
| **Thailand - 2.9%** | **Thailand - 2.9%** |  |
| Bangkok Bank PCL - NVDR  | 530300 | 2343596  |
| Bangkok Bank PCL  | 511600 | 2299536  |
| Indorama Ventures PCL - NVDR  | 4102000 | 2975865  |
| SCB X PCL  | 1429700 | 4912663  |
| True Corp. PCL - NVDR<sup>(a)</sup> | 15322673 | 4973902  |
|  |  | 17505562  |
| **Turkey - 0.4%** | **Turkey - 0.4%** |  |
| Akbank T.A.S.  | 1434101 | 2625917  |
| **United Arab Emirates - 0.4%** | **United Arab Emirates - 0.4%** |  |
| Abu Dhabi Commercial Bank PJSC | 851642 | 2414395  |
| **United States - 2.3%** | **United States - 2.3%** |  |
|  Cognizant Technology Solutions Corp. - Class A  | 103061 | 7925391  |
| Credicorp, Ltd.  | 31153 | 5710968  |
|  |  | 13636359  |
| **Vietnam - 0.9%** | **Vietnam - 0.9%** |  |
| Vietnam Dairy Products JSC  | 2280600 | 5671818  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $491,932,003)** |  | 583659869  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 2.1%**<br>|  |  |
| **Brazil - 2.1%** | **Brazil - 2.1%** |  |
| Cia Energetica de Minas Gerais | 3422043 | $6104571  |
| Itau Unibanco Holding S.A.  | 653300 | 3231828  |
| Petroleo Brasileiro S.A. | 615200 | 3638589  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $11,383,590)** |  | 12974988  |
| **SHORT-TERM INVESTMENTS - 0.5%** | **SHORT-TERM INVESTMENTS - 0.5%** | **SHORT-TERM INVESTMENTS - 0.5%** |
| **Money Market Funds - 0.5%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(e)</sup> | 3032868 | 3032868  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,032,868)** |  | 3032868  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%**<br>**(Cost $506,348,461)** |  | $599667725  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.0% |  | 5955590  |
| **TOTAL NET ASSETS - 100.0%** |  | $605623315 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PJSC - Public Joint Stock Company

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

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

<sup>(c)</sup> Security is being fair valued, using significant unobservable inputs (Level 3), in accordance with the policies and procedures adopted by the Fund. These securities represented $1,848 or 0.0% of net assets as of December 31, 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 annualized effective yield as of December 31, 2024.

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

44<br>

------

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

**BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.2%**<br>|  |  |
| **Communication Services - 10.5%**<br>|  |  |
| Comcast Corp. - Class A | 2229715 | $83681204  |
| Interpublic Group of Cos., Inc. | 2011285 | 56356205  |
| Omnicom Group, Inc. | 720222 | 61967901  |
|  |  | 202005310  |
| **Consumer Discretionary - 12.4%**<br>|  |  |
| eBay, Inc. | 1441505 | 89301235  |
| Gentex Corp. | 1359790 | 39066767  |
| Harley-Davidson, Inc. | 1702054 | 51282887  |
| Polaris, Inc. | 569820 | 32833028  |
| Tempur Sealy International, Inc. | 464750 | 26346677  |
|  |  | 238830594  |
| **Consumer Staples - 8.7%**<br>|  |  |
| Kellanova | 318901 | 25821414  |
| Kimberly-Clark Corp. | 621975 | 81503604  |
| The Campbell's Co. | 1469020 | 61522558  |
|  |  | 168847576  |
| **Financials - 17.7%**<br>|  |  |
| American Express Co. | 301970 | 89621676  |
| Ameriprise Financial, Inc. | 108350 | 57688790  |
| Blackrock, Inc. | 50215 | 51475899  |
| Carlyle Group, Inc. | 634920 | 32057111  |
| Chubb Ltd. | 215610 | 59573043  |
| SEI Investments Co. | 606870 | 50054638  |
|  |  | 340471157  |
| **Health Care - 16.3%**<br>|  |  |
| Amgen, Inc. | 264385 | 68909306  |
| Biogen, Inc.<sup>(a)</sup> | 373010 | 57040689  |
| Cencora, Inc. | 96911 | 21773964  |
| Medtronic PLC | 959890 | 76676013  |
| Merck & Co., Inc. | 903275 | 89857797  |
|  |  | 314257769  |
| **Industrials - 9.0%**<br>|  |  |
| Cummins, Inc. | 137555 | 47951673  |
| Flowserve Corp. | 585479 | 33676752  |
| Masco Corp. | 611000 | 44340270  |
|  Westinghouse Air Brake Technologies Corp. | 246730 | 46777541  |
|  |  | 172746236  |
| **Information Technology - 17.4%**<br>|  |  |
| Amdocs Ltd. | 1015397 | 86450901  |
| Gen Digital, Inc. | 3479845 | 95278156  |
| NetApp, Inc. | 657325 | 76302286  |
| QUALCOMM, Inc. | 505950 | 77724039  |
|  |  | 335755382  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Materials - 4.2%**<br>|  |  |
| PPG Industries, Inc. | 676640 | $80824648  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,568,717,421)** |  | 1853738672  |
| **SHORT-TERM INVESTMENTS - 3.6%** | **SHORT-TERM INVESTMENTS - 3.6%** | **SHORT-TERM INVESTMENTS - 3.6%** |
| **Money Market Funds - 3.6%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(b)</sup> | 68942245 | 68942245  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $68,942,245)** |  | 68942245  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%**<br>**(Cost $1,637,659,666)** |  | $1922680917  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 3939954  |
| **TOTAL NET ASSETS - 100.0%** |  | $1926620871 |

---

Percentages are stated as a percent of net assets.

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

PLC - Public Limited Company

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

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

45<br>

------

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

**Brown Advisory - WMC Japan Equity Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 91.5%**<br>|  |  |
| **Japan - 91.5%** | **Japan - 91.5%** | **Japan - 91.5%** |
| **Communication Services - 3.9%**<br>|  |  |
| KDDI Corp. | 96712 | $3080335  |
| Nippon Telegraph & Telephone Corp. | 1749094 | 1747107  |
|  |  | 4827442  |
| **Consumer Discretionary - 17.7%**<br>|  |  |
| ABC-Mart, Inc. | 38814 | 783068  |
| Adastria Co., Ltd. | 40107 | 878541  |
| Aisin Corp. | 90037 | 1005910  |
| ASKUL Corp. | 112975 | 1205074  |
| Honda Motor Co., Ltd. | 287993 | 2741926  |
| Isuzu Motors, Ltd. | 156810 | 2133147  |
| Sega Sammy Holdings, Inc. | 95010 | 1841523  |
| Sekisui House, Ltd. | 58217 | 1388134  |
| Shimamura Co., Ltd. | 20948 | 1164930  |
| Sony Group Corp. | 220974 | 4657150  |
| Stanley Electric Co., Ltd. | 30275 | 496484  |
| Suzuki Motor Corp. | 128200 | 1436397  |
| Yamaha Corp. | 124707 | 887053  |
| Yamaha Motor Co., Ltd. | 91397 | 805272  |
|  |  | 21424609  |
| **Consumer Staples - 2.3%**<br>|  |  |
| Asahi Group Holdings, Ltd. | 269926 | 2831711  |
| **Financials - 14.0%**<br>|  |  |
| 77 Bank Ltd. | 39031 | 1119364  |
| Dai-ichi Life Holdings, Inc. | 80073 | 2133653  |
| Japan Post Holdings Co., Ltd. | 95869 | 902870  |
| Marui Group Co., Ltd. | 88147 | 1406112  |
| Mebuki Financial Group, Inc. | 251181 | 1017595  |
| Mitsubishi UFJ Financial Group, Inc. | 205735 | 2401895  |
| Mizuho Financial Group, Inc. | 57436 | 1402159  |
|  MS&AD Insurance Group Holdings, Inc. | 71044 | 1534374  |
| Sumitomo Mitsui Trust Holdings, Inc. | 130790 | 3055194  |
| T&D Holdings, Inc. | 104100 | 1905421  |
|  |  | 16878637  |
| **Health Care - 8.4%**<br>|  |  |
| Astellas Pharma, Inc. | 283852 | 2756410  |
| Daiichi Sankyo Co., Ltd. | 122580 | 3354187  |
| Kyowa Hakko Kirin Co., Ltd. | 52103 | 783524  |
| M3, Inc. | 126630 | 1097230  |
| Shionogi & Co., Ltd. | 152743 | 2142246  |
|  |  | 10133597  |
| **Industrials - 18.5%**<br>|  |  |
| DIP Corp. | 101291 | 1602637  |
| En-Japan, Inc. | 67733 | 910095  |
| Fuji Corp. | 104464 | 1578853  |
| Hikari Tsushin, Inc. | 6134 | 1331386  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| ITOCHU Corp. | 29765 | $1463675  |
| JGC Corp. | 116730 | 971091  |
| Kokuyo Co. Ltd. | 1750 | 30954  |
| Marubeni Corp. | 82493 | 1238103  |
| MISUMI Group, Inc. | 165068 | 2537640  |
| OKUMA Corp. | 20814 | 446053  |
| Open Up Group, Inc. | 81647 | 924106  |
| OSG Corp. | 63000 | 739903  |
| Sankyu, Inc. | 23370 | 807107  |
| Sekisui Chemical Co., Ltd. | 61832 | 1058702  |
| TechnoPro Holdings, Inc. | 105966 | 1981336  |
| THK Co., Ltd. | 49111 | 1132847  |
| Toyo Tanso Co. Ltd. | 7869 | 210306  |
| Toyota Industries Corp. | 11688 | 940013  |
| Toyota Tsusho Corp. | 81851 | 1447497  |
| Ushio, Inc. | 98939 | 1328794  |
|  |  | 22681098  |
| **Information Technology - 9.8%**<br>|  |  |
| BIPROGY, Inc. | 56376 | 1691394  |
| Canon Marketing Japan, Inc. | 34306 | 1117338  |
| Future Corp. | 123900 | 1447431  |
| Koa Corp. | 60761 | 376968  |
| Nichicon Corp. | 123426 | 850989  |
| Optorun Co. Ltd. | 52653 | 620024  |
| Rohm Co., Ltd. | 137400 | 1276668  |
| TIS, Inc. | 34889 | 824082  |
| Tokyo Electron, Ltd. | 9617 | 1445622  |
| Tokyo Seimitsu Co., Ltd. | 24964 | 1135695  |
| Ulvac, Inc. | 25315 | 971041  |
|  |  | 11757252  |
| **Materials - 13.7%**<br>|  |  |
| ADEKA Corp. | 102007 | 1817039  |
| Aica Kogyo Co. Ltd. | 12101 | 252754  |
| ARE Holdings, Inc. | 119544 | 1291395  |
| Fuso Chemical Co., Ltd. | 84922 | 1901736  |
| KH Neochem Co., Ltd. | 119000 | 1532980  |
| Lintec Corp. | 63569 | 1222976  |
| Mitsubishi Gas Chemical Co., Inc. | 82620 | 1465475  |
| Nippon Soda Co. Ltd. | 51304 | 943859  |
| NOF Corp. | 111400 | 1544024  |
| Shin-Etsu Chemical Co., Ltd. | 108324 | 3567881  |
| Yamato Kogyo Co., Ltd. | 22794 | 1070162  |
|  |  | 16610281  |
| **Real Estate - 3.2%**<br>|  |  |
| Daito Trust Constrution Co., Ltd. | 16439 | 1837791  |
| Mitsubishi Estate Co., Ltd. | 140641 | 1952343  |
|  |  | 3790134  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $116,207,242)** |  | 110934761  |

---

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

46<br>

------

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

**Brown Advisory - WMC Japan Equity Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 2.8%** | **EXCHANGE TRADED FUNDS - 2.8%** | **EXCHANGE TRADED FUNDS - 2.8%** |
| **Japan - 2.8%** | **Japan - 2.8%** | **Japan - 2.8%** |
| iShares MSCI Japan ETF | 49742 | $3337688  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $3,342,700)** |  | 3337688  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.5%** | **REAL ESTATE INVESTMENT TRUSTS - 1.5%** | **REAL ESTATE INVESTMENT TRUSTS - 1.5%** |
| **Japan - 1.5%** | **Japan - 1.5%** | **Japan - 1.5%** |
| **Real Estate - 1.5%**<br>|  |  |
| LaSalle Logiport | 2017 | 1821335  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $1,936,563)** |  | 1821335  |
| **SHORT-TERM INVESTMENTS - 5.0%** | **SHORT-TERM INVESTMENTS - 5.0%** | **SHORT-TERM INVESTMENTS - 5.0%** |
| **Money Market Funds - 5.0%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.37%<sup>(a)</sup> | 6037705 | 6037705  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $6,037,705)** |  | 6037705  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%**<br>**(Cost $127,524,210)** |  | $122131489  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.8)% |  | (972902)  |
| **TOTAL NET ASSETS - 100.0%** |  | $121158587 |

---

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

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

47<br>

------

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2024 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory**<br>**Growth** <br>**Equity**<br>**Fund** | **Brown** <br>**Advisory**<br>**Flexible**<br>**Equity** <br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**Growth** <br>**Fund** | **Brown** <br>**Advisory**<br>**Mid-Cap**<br>**Growth** <br>**Fund**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $384254378 | $400001583 | $5742722536 | $53419140  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 383336733 | 595182390 | 4033410032 | 18939270  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 767591111 | 995183973 | 9776132568 | 72358410  |
| Cash | 35111 |  |  | —  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 8760194 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 43632 | 553960 | 11352659 | 382  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 164043 | 297719 | 2558752 | 17208  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  |  | 372  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 73647 | 65089 | 196434 | 31558  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 776667738 | 996100741 | 9790240413 | 72407930  |
| **LIABILITIES**<br>|  |  |  |  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 5620501 | 554410 | 5518693 | 78736  |
| &nbsp;&nbsp;&nbsp; Interest expense on line of credit | 1118 |  |  | —  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 451835 | 366928 | 4300665 | 45903  |
| &nbsp;&nbsp;&nbsp; Service fees | 63660 | 76281 | 396343 | 1960  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 64208 | 61374 | 599898 | 6366  |
| &nbsp;&nbsp;&nbsp; Business management fees | 37653 | 43811 | 428308 | 3812  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 6053 | 6739 | 43890 | 569  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 3423 | 1572 | 94026 | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 13254 | 13772 | 30370 | 12110  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 8681 | 4885 | 49771 | 1477  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 27538 | 12722 | 130604 | 8345  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 6297924 | 1142494 | 11592568 | 159278  |
| **NET ASSETS** | $770369814 | $994958247 | $9778647845 | $72248652  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $169990941 | $395274377 | $5559715791 | $45510633  |
| Total distributable earnings (loss) | 600378873 | 599683870 | 4218932054 | 26738019  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $770369814 | $994958247 | $9778647845 | $72248652  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $339575984 | $417968630 | $6771538842 | $70829758  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 19551544 | 10155313 | 122870718 | 4193674  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $17.37 | $41.16 | $55.11 | $16.89  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $416242347 | $569752122 | $2574836144 | $1418894  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 25201773 | 13882532 | 47739547 | 84972  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $16.52 | $41.04 | $53.94 | $16.70  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $14551483 | $7237495 | $432272859 | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 1078968 | 177232 | 8297642 | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $13.49 | $40.84 | $52.10 | $— |

---

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

48<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory**<br>**Small-Cap**<br>**Growth** <br>**Fund** | **Brown** <br>**Advisory**<br>**Small-Cap**<br>**Fundamental**<br>**Value** <br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**Small-Cap**<br>**Core** <br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**Value** <br>**Fund**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $1115122664 | $1104743969 | $76436673 | $105274340  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 342890446 | 263959082 | 9507206 | 19042468  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 1458013110 | 1368703051 | 85943879 | 124316808  |
| Cash |  |  |  | 8649  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1133092 | 1588641 | 26404 | 130769  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 710111 | 1811025 | 66641 | 121137  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  |  | 6632  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 79582 | 62384 | 35602 | 27274  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1459935895 | 1372165101 | 86072526 | 124611269  |
| **LIABILITIES**<br>|  |  |  |  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 486818 | 1573814 | 122254 | —  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 2047166 | 712015 | 24000 | 21102  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees, net | 1103256 | 1052429 | 53748 | 57391  |
| &nbsp;&nbsp;&nbsp; Service fees | 102925 | 84960 | 907 | 114  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 93031 | 89875 | 5477 | 7518  |
| &nbsp;&nbsp;&nbsp; Business management fees | 64897 | 61908 | 3795 | 5404  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 7747 | 4448 | 539 | 1120  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 1754 | 575 |  | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 14850 | 13966 | 9577 | 9155  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 8251 | 5864 | 1478 | 2135  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 71606 | 20064 | 7857 | 8744  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 4002301 | 3619918 | 229632 | 112683  |
| **NET ASSETS** | $1455933594 | $1368545183 | $85842894 | $124498586  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $1087394010 | $1066347259 | $79184767 | $105526956  |
| Total distributable earnings (loss) | 368539584 | 302197924 | 6658127 | 18971630  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $1455933594 | $1368545183 | $85842894 | $124498586  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $687812778 | $740532200 | $78918131 | $123347315  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 15260292 | 26015098 | 7737937 | 9694143  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $45.07 | $28.47 | $10.20 | $12.72  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $760376846 | $625389052 | $6924763 | $1151271  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 34004250 | 22011218 | 680581 | 90688  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $22.36 | $28.41 | $10.17 | $12.69  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $7743970 | $2623931 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 367388 | 93079 |  | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $21.08 | $28.19 | $— | $— |

---

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

49<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory**<br>**Global** <br>**Leaders**<br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**International** <br>**Leaders** <br>**Fund** | **Brown** <br>**Advisory**<br>**Intermediate**<br>**Income** <br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**Bond** <br>**Fund**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $1387558557 | $28043622 | $126399698 | $606928428  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 696152474 | 4286046 | (4829890) | (17649459)  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 2083711031 | 32329668 | 121569808 | 589278969  |
| Cash - segregated |  |  |  | 670000  |
|  Cash deposit at broker - futures contracts (Note 6) |  |  | 200864 | 1447106  |
|  Gross unrealized appreciation - futures contracts (Note 6) |  |  | 45096 | 570258  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 494455 | 174204 |  | 8516878  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1552655 | 164 | 636000 | 587733  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 1540494 | 39266 | 791954 | 3728573  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1430336 | 34507 |  | 20859  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 54158 | 24314 | 28687 | 54899  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2088783129 | 32602123 | 123272409 | 604875275  |
| **LIABILITIES**<br>|  |  |  |  |
|  Gross unrealized depreciation - futures contracts (Note 6) |  |  | 72343 | 1285842  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased |  |  |  | 32586873  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 411552 | 21300 | 119409 | 1684602  |
| &nbsp;&nbsp;&nbsp; Distribution to shareholders |  |  |  | —  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees, net | 1188314 | 7935 | 32802 | 148713  |
| &nbsp;&nbsp;&nbsp; Service fees | 3828 | 227 | 5282 | 313  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 128982 | 2220 | 11118 | 39523  |
| &nbsp;&nbsp;&nbsp; Business management fees | 91409 | 1432 | 5282 | 24786  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 8669 | 294 | 918 | 3334  |
| &nbsp;&nbsp;&nbsp; Distribution fees |  |  | 652 | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 15297 | 9545 | 12479 | 13218  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 41602 | 7229 | 1455 | 4553  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 14435 | 7661 | 8731 | 13145  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1904088 | 57843 | 270471 | 35804902  |
| **NET ASSETS** | $2086879041 | $32544280 | $123001938 | $569070373  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $1389988587 | $28313275 | $140550620 | $709764749  |
| Total distributable earnings(loss) | 696890454 | 4231005 | (17548682) | (140694376)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $2086879041 | $32544280 | $123001938 | $569070373  |

---

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

50<br>

------

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory**<br>**Global** <br>**Leaders**<br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**International** <br>**Leaders** <br>**Fund** | **Brown** <br>**Advisory**<br>**Intermediate**<br>**Income** <br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**Bond** <br>**Fund**  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $2057874635 | $30814239 | $— | $562046876  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 76720338 | 2930443 |  | 67255526  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $26.82 | $10.52 | $— | $8.36  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $29004406 | $1730041 | $121203589 | $7023497  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 1084429 | 164995 | 12636061 | 839984  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $26.75 | $10.49 | $9.59 | $8.36  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $— | $— | $1798349 | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) |  |  | 192261 | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $— | $— | $9.35 | $— |

---

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

51<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory**<br>**Maryland**<br>**Bond** <br>**Fund** | **Brown** <br>**Advisory**<br>**Tax-Exempt**<br>**Bond** <br>**Fund** | **Brown** <br>**Advisory**<br>**Tax-Exempt**<br>**Sustainable**<br>**Bond** <br>**Fund** | **Brown** <br>**Advisory**<br>**Mortgage** <br>**Securities** <br>**Fund**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $169420493 | $1013635779 | $297413731 | $349882677  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | (3884958) | 7751823 | (4167399) | (17874297)  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 165535535 | 1021387602 | 293246332 | 332008380  |
| Cash - segregated |  |  |  | 818393  |
| &nbsp;&nbsp;&nbsp; Cash deposit at broker - futures contracts <br>(Note 6) |  |  |  | 347907  |
|  Gross unrealized appreciation - futures contracts (Note 6) |  |  |  | 319492  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold |  |  |  | 1439177  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 607340 | 2063500 | 808847 | 448064  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 1833834 | 9180965 | 3324161 | 1035368  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 13846 | 36081 | 37822 | 37053  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 167990555 | 1032668148 | 297417162 | 336453834  |
| **LIABILITIES**<br>|  |  |  |  |
|  Gross unrealized depreciation - futures contracts (Note 6) |  |  |  | 154811  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased |  |  |  | 50304503  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 128848 | 6802466 | 142624 | 438670  |
| &nbsp;&nbsp;&nbsp; Distribution to shareholders | 412120 | 2725763 | 703742 | —  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 43358 | 266952 | 74724 | 73753  |
| &nbsp;&nbsp;&nbsp; Service fees | 7226 | 467 | 12454 | 33  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 13062 | 67010 | 22952 | 33749  |
| &nbsp;&nbsp;&nbsp; Business management fees | 7226 | 44492 | 12454 | 12292  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 987 | 4428 | 1721 | 1552  |
| &nbsp;&nbsp;&nbsp; Professional fees | 11988 | 13106 | 11462 | 12929  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 642 | 5841 | 1288 | 4230  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 7570 | 2719 | 12261 | 10141  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 633027 | 9933244 | 995682 | 51046663  |
| **NET ASSETS** | $167357528 | $1022734904 | $296421480 | $285407171  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $181443329 | $1117438708 | $322168032 | $333968521  |
| Total distributable earnings (loss) | (14085801) | (94703804) | (25746552) | (48561350)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $167357528 | $1022734904 | $296421480 | $285407171  |

---

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

52<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory**<br>**Maryland**<br>**Bond** <br>**Fund** | **Brown** <br>**Advisory**<br>**Tax-Exempt**<br>**Bond** <br>**Fund** | **Brown** <br>**Advisory**<br>**Tax-Exempt**<br>**Sustainable**<br>**Bond** <br>**Fund** | **Brown** <br>**Advisory**<br>**Mortgage** <br>**Securities** <br>**Fund**  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $— | $1012102985 | $— | $284626386  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) |  | 108886246 |  | 32064190  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $— | $9.30 | $— | $8.88  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $167357528 | $10631919 | $296421480 | $780785  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 17038427 | 1143187 | 32773873 | 87773  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $9.82 | $9.30 | $9.04 | $8.90  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $— | $— | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $— | $— | $— | $— |

---

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

53<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory - Wmc** <br>**Strategic**<br>**European** <br>**Equity**<br>**Fund** | **Brown** <br>**Advisory**<br>**Emerging** <br>**Markets**<br>**Select Fund** | **Brown** <br>**Advisory -** <br>**Beutel** <br>**Goodman**<br>**Large-Cap**<br>**Value Fund** | **Brown** <br>**Advisory -**<br>**Wmc Japan**<br>**Equity** <br>**Fund**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $271015750 | $506348461 | $1637659666 | $127524210  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 62971168 | 93319264 | 285021251 | (5392721)  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 333986918 | 599667725 | 1922680917 | 122131489  |
|  Foreign currency (Cost of $24, $961,369, $—,and $—, respectively.) | 24 | 956243 |  | —  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 453715 | 8429830 |  | 383714  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1332516 | 593483 | 2122701 | 2528167  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 551717 | 1751911 | 3915335 | 203651  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1370919 | 29718 | 169369 | 11914  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 53728 | 61149 | 66131 | 37424  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 337749537 | 611490059 | 1928954453 | 125296359  |
| **LIABILITIES**<br>|  |  |  |  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 173085 |  |  | 4037418  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 524353 | 685376 | 1304844 | 10096  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. deferred tax  |  | 4509738 |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 263491 | 485531 | 767147 | 63113  |
| &nbsp;&nbsp;&nbsp; Service fees | 2425 | 671 | 2460 | 1  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 20882 | 38261 | 125904 | 6233  |
| &nbsp;&nbsp;&nbsp; Business management fees | 14638 | 26974 | 85239 | 4824  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 2173 | 4391 | 8235 | 989  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 670 | 48 |  | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 13044 | 13751 | 15504 | 5424  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 17471 | 77753 | 9433 | 7098  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 13518 | 24250 | 14816 | 2576  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1045750 | 5866744 | 2333582 | 4137772  |
| **NET ASSETS** | $336703787 | $605623315 | $1926620871 | $121158587  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $287466275 | $592938758 | $1627458847 | $126418655  |
| Total distributable earnings (loss) | 49237512 | 12684557 | 299162024 | (5260068)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $336703787 | $605623315 | $1926620871 | $121158587  |

---

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

54<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory - Wmc** <br>**Strategic**<br>**European** <br>**Equity**<br>**Fund** | **Brown** <br>**Advisory**<br>**Emerging** <br>**Markets**<br>**Select Fund** | **Brown** <br>**Advisory -** <br>**Beutel** <br>**Goodman**<br>**Large-Cap**<br>**Value Fund** | **Brown** <br>**Advisory -**<br>**Wmc Japan**<br>**Equity** <br>**Fund**  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $318164556 | $600454651 | $1907893415 | $121149270  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 24306949 | 52443617 | 130086963 | 12999553  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $13.09 | $11.45 | $14.67 | $9.32  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $15482177 | $4951604 | $18727456 | $9317  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 1185744 | 432776 | 1281016 | 1000  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $13.06 | $11.44 | $14.62 | $9.32  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $3057054 | $217060 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 237504 | 18910 |  | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $12.87 | $11.48 | $— | $— |

---

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

55<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2024 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory**<br>**Growth**<br>**Equity** <br>**Fund** | **Brown** <br>**Advisory**<br>**Flexible**<br>**Equity** <br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**Growth** <br>**Fund** | **Brown** <br>**Advisory**<br>**Mid-Cap**<br>**Growth** <br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income | $3550341 | $3908628 | $18252890 | $180179  |
| Less: foreign taxes withheld | (25608) | (122877) |  | (2288)  |
| Interest Income | 696380 | 555954 | 3024051 | 69580  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4221113 | 4341705 | 21276941 | 247471  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 3226668 | 2092408 | 25174970 | 317182  |
| Service fees - Investor Shares (Note 3) | 432702 | 431093 | 1999705 | 19329  |
| Service fees - Advisor Shares (Note 3) | 12769 | 5546 | 327645 | —  |
| Business management fees | 268889 | 249112 | 2503155 | 24399  |
| Administration, accounting and transfer agent fees | 126916 | 117581 | 1164989 | 12580  |
| Miscellaneous expenses | 39533 | 22384 | 243045 | 12270  |
| Professional fees | 36671 | 34270 | 239602 | 14180  |
| Trustee fees | 25674 | 22852 | 212711 | 2253  |
| Distribution fees - Advisor Shares (Note 3) | 21281 | 9243 | 546075 | —  |
| Custodian fees | 20513 | 14947 | 151689 | 4414  |
| Registration fees | 40351 | 24340 | 89164 | 20417  |
| Insurance fees | 9603 | 4991 | 53996 | 581  |
| Interest expense on line of credit (Note 7) | 1118 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 4262688 | 3028767 | 32706746 | 427605  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - expense cap (Note 3) |  |  |  | (8139)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 4262688 | 3028767 | 32706746 | 419466  |
| **Net investment income (loss)** | (41575) | 1312938 | (11429805) | (171995)  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) on investments | 257383675 | 20441104 | 357910669 | 15358310  |
|  Net change in unrealized appreciation (depreciation) on investments | (178132722) | 61371754 | 187685792 | (5399798)  |
| **Net realized and unrealized gain (loss)**  | 79250953 | 81812858 | 545596461 | 9958512  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $79209378 | $83125796 | $534166656 | $9786517 |

---

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

56<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2024 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory**<br>**Small-Cap**<br>**Growth** <br>**Fund** | **Brown** <br>**Advisory**<br>**Small-Cap**<br>**Fundamental**<br>**Value** <br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**Small-Cap**<br>**Core** <br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**Value** <br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income | $4342765 | $24620489 | $989765 | $978814  |
| Less: foreign taxes withheld | (46762) | (13998) |  | (7154)  |
| Interest Income | 822780 | 1236955 | 89532 | 139553  |
| &nbsp;&nbsp;&nbsp; **Total investment income**<br>| 5118783 | 25843446 | 1079297 | 1111213  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 6766673 | 6257766 | 367914 | 360186  |
| Service fees - Investor Shares (Note 3) | 619249 | 507265 | 5220 | 545  |
| Service fees - Advisor Shares (Note 3) | 6260 | 2602 |  | —  |
| Business management fees | 398040 | 368104 | 21642 | 30016  |
| Administration, accounting and transfer agent fees | 187875 | 173745 | 11135 | 14612  |
| Miscellaneous expenses | 79880 | 35426 | 11615 | 12498  |
| Professional fees | 48538 | 44689 | 11350 | 11524  |
| Trustee fees | 36968 | 28843 | 1934 | 2832  |
| Distribution fees - Advisor Shares (Note 3) | 10433 | 4336 |  | —  |
| Custodian fees | 24747 | 22531 | 5253 | 5941  |
| Registration fees | 41453 | 29554 | 20480 | 18977  |
| Insurance fees | 11185 | 7823 | 400 | 424  |
| &nbsp;&nbsp;&nbsp; Total expenses | 8231301 | 7482684 | 456943 | 457555  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - expense cap (Note 3) |  |  | (49181) | (36793)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 8231301 | 7482684 | 407762 | 420762  |
| **Net investment income (loss)** | (3112518) | 18360762 | 671535 | 690451  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) on investments | 35653999 | 114243157 | 1083927 | 1338256  |
|  Net change in unrealized appreciation (depreciation) on investments | 38256154 | (8242308) | 2882603 | 4386554  |
| **Net realized and unrealized gain (loss)**  | 73910153 | 106000849 | 3966530 | 5724810  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $70797635 | $124361611 | $4638065 | $6415261 |

---

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

57<br>

------

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2024 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory**<br>**Global** <br>**Leaders** <br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**International**<br>**Leaders** <br>**Fund** | **Brown** <br>**Advisory**<br>**Intermediate**<br>**Income** <br>**Fund** | **Brown** <br>**Advisory**<br>**Sustainable**<br>**Bond** <br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income - unaffiliated | $9653123 | $187467 | $— | $—  |
| Dividend income - affiliated (Note 3) |  |  | 24811 | —  |
| Less: foreign taxes withheld | (568373) | (21058) |  | —  |
| Interest Income | 535410 | 18222 | 2480930 | 14239115  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 9620160 | 184631 | 2505741 | 14239115  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 6806122 | 139384 | 185252 | 888003  |
| Service fees - Investor Shares (Note 3) | 23113 | 1381 | 30041 | 1980  |
| Service fees - Advisor Shares (Note 3) |  |  | 834 | —  |
| Business management fees | 523548 | 9292 | 30875 | 148000  |
| Administration, accounting and transfer agent fees | 248004 | 5543 | 22318 | 81756  |
| Miscellaneous expenses | 31563 | 10437 | 14093 | 22306  |
| Professional fees | 58365 | 10326 | 15078 | 23892  |
| Trustee fees | 42515 | 954 | 2990 | 13122  |
| Distribution fees - Advisor Shares (Note 3) |  |  | 4172 | —  |
| Custodian fees | 126366 | 19233 | 3873 | 13005  |
| Registration fees | 22219 | 19228 | 21040 | 26560  |
| Insurance fees | 10451 | 190 | 743 | 3817  |
| Interest expense on line of credit (Note 7) |  | 754 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 7892266 | 216722 | 331309 | 1222441  |
| &nbsp;&nbsp;&nbsp; Expenses (waived) recovered by adviser - expense cap (Note 3) |  | (57373) | 140 | —  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - investments in affiliates (Note 3) |  |  | (3864) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 7892266 | 159349 | 327585 | 1222441  |
| **Net investment income (loss)** | 1727894 | 25282 | 2178156 | 13016674  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments - unaffiliated | 17181427 | 325643 | (788607) | 301142  |
| &nbsp;&nbsp;&nbsp; Investments - affiliated (Note 3) |  |  | (1931982) | —  |
| &nbsp;&nbsp;&nbsp; Less: foreign capital gains taxes paid |  | (15536) |  | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) |  |  | (4582) | (1299320)  |
| Net realized gain (loss) | 17181427 | 310107 | (2725171) | (998178)  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments - unaffiliated | 63896653 | (349410) | 887450 | (1549879)  |
| &nbsp;&nbsp;&nbsp; Investments - affiliated (Note 3) |  |  | 2234687 | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) |  |  | (61928) | (921734)  |
| Net change in unrealized appreciation (depreciation) | 63896653 | (349410) | 3060209 | (2471613)  |
| **Net realized and unrealized gain (loss)**  | 81078080 | (39303) | 335038 | (3469791)  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $82805974 | $(14021) | $2513194 | $9546883 |

---

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

58<br>

------

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2024 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown**<br>**Advisory**<br>**Maryland**<br>**Bond**<br>**Fund** | **Brown**<br>**Advisory**<br>**Tax-Exempt**<br>**Bond**<br>**Fund** | **Brown**<br>**Advisory**<br>**Tax-Exempt**<br>**Sustainable**<br>**Bond**<br>**Fund** | **Brown**<br>**Advisory**<br>**Mortgage**<br>**Securities**<br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Interest Income | $3033248 | $21507804 | $5907238 | $6773919  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3033248 | 21507804 | 5907238 | 6773919  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 260506 | 1510027 | 435316 | 439896  |
| Service fees - Investor Shares (Note 3) | 43418 | 2649 | 72553 | 200  |
| Business management fees | 43418 | 251671 | 72553 | 73316  |
| Administration, accounting and transfer agent fees | 27023 | 131109 | 44255 | 68415  |
| Miscellaneous expenses | 12459 | 12675 | 18212 | 17784  |
| Professional fees | 15646 | 33877 | 17489 | 19058  |
| Trustee fees | 3941 | 20608 | 6623 | 6502  |
| Custodian fees | 2605 | 16430 | 4353 | 12444  |
| Registration fees | 10742 | 33809 | 17675 | 20356  |
| Insurance fees | 1018 | 5210 | 1729 | 1787  |
| &nbsp;&nbsp;&nbsp; Total expenses | 420776 | 2018065 | 690758 | 659758  |
| **Net investment income (loss)** | 2612472 | 19489739 | 5216480 | 6114161  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (721433) | (9167996) | (6523768) | (88436)  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) |  |  |  | 36828  |
| Net realized gain (loss) | (721433) | (9167996) | (6523768) | (51608)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 745820 | 5234186 | 6537623 | (376526)  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) |  |  |  | 146637  |
| Net change in unrealized appreciation (depreciation) | 745820 | 5234186 | 6537623 | (229889)  |
| **Net realized and unrealized gain (loss)** | 24387 | (3933810) | 13855 | (281497)  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $2636859 | $15555929 | $5230335 | $5832664 |

---

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

59<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2024 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown**<br>**Advisory - Wmc**<br>**Strategic**<br>**European Equity**<br>**Fund** | **Brown**<br>**Advisory**<br>**Emerging**<br>**Markets**<br>**Select Fund** | **Brown**<br>**Advisory -**<br>**Beutel Goodman**<br>**Large-Cap**<br>**Value Fund** | **Brown**<br>**Advisory -**<br>**Wmc Japan**<br>**Equity** <br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp; $2748626 | $8543703 | $21300483 | $240187  |
| Less: foreign taxes withheld | &nbsp;&nbsp; (148144) | (891909) |  | (22433)  |
| Interest Income | &nbsp;&nbsp; 278223 | 319139 | 1930384 | 71452  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 2878705 | 7970933 | 23230867 | 289206  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 1600585 | 2896126 | 4565500 | 190099  |
| Service fees - Investor Shares (Note 3) | &nbsp;&nbsp; 10974 | 3023 | 14198 | 4  |
| Service fees - Advisor Shares (Note 3) | &nbsp;&nbsp; 2412 | 172 |  | —  |
| Business management fees | &nbsp;&nbsp; 88921 | 160896 | 507278 | 11881  |
| Administration, accounting and transfer agent fees | &nbsp;&nbsp; 45816 | 82188 | 239435 | 6233  |
| Miscellaneous expenses | &nbsp;&nbsp; 21938 | 31626 | 32373 | 15529  |
| Professional fees | &nbsp;&nbsp; 20483 | 27227 | 57811 | 6209  |
| Trustee fees | &nbsp;&nbsp; 8196 | 15124 | 41834 | 989  |
| Distribution fees - Advisor Shares (Note 3) | &nbsp;&nbsp; 4020 | 287 |  | —  |
| Custodian fees | &nbsp;&nbsp; 51261 | 273238 | 30437 | 16294  |
| Registration fees | &nbsp;&nbsp; 25466 | 29844 | 25182 | 9995  |
| Insurance fees | &nbsp;&nbsp; 1873 | 3572 | 10921 | 4  |
| Interest expense on line of credit (Note 7) | &nbsp;&nbsp; — | 2837 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 1881945 | 3526160 | 5524969 | 257237  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - expense cap (Note 3) | &nbsp;&nbsp; — |  |  | (19610)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 1881945 | 3526160 | 5524969 | 237627  |
| **Net investment income (loss)** | &nbsp;&nbsp; 996760 | 4444773 | 17705898 | 51579  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 5152693 | 12511927 | 82069783 | 81286  |
| &nbsp;&nbsp;&nbsp; Less: foreign capital gains taxes paid | &nbsp;&nbsp; — | (1837843) |  | —  |
| Net realized gain (loss) | &nbsp;&nbsp; 5152693 | 10674084 | 82069783 | 81286  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(deprecation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (380506) | (16650741) | (49156754) | (5392933) |
| &nbsp;&nbsp;&nbsp; Non-U.S. deferred tax on unrealized appreciation | &nbsp;&nbsp; — | 1147323 |  |  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (380506) | (15503418) | (49156754) | (5392933)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 4772187 | (4829334) | 32913029 | (5311647)  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | &nbsp;&nbsp; $5768947 | $(384561) | $50618927 | $(5260068) |

---

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

60<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Growth** <br>**Equity Fund** | **Brown Advisory Growth** <br>**Equity Fund** | **Brown Advisory Flexible** <br>**Equity Fund**  | **Brown Advisory Flexible** <br>**Equity Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(41575) | $(2168948) | $1312938 | $2882423  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 257383675 | 799401485 | 20441104 | 37289841  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (178132722) | (435614320) | 61371754 | 154549573  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 79209378 | 361618217 | 83125796 | 194721837  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (191713498) | (106614685) | (20214574) | (8129121)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (257849015) | (42711889) | (26919046) | (12731778)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (10242610) | (1128327) | (325084) | (147368)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (459805123) | (150454901) | (47458704) | (21008267)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 19677661 | 154867016 | 44412766 | 68950789  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 15524457 | 28987614 | 10871793 | 33292821  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 5349719 | 11180291 | 135283 | 1351700  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 154769055 | 99969257 | 13034044 | 5190025  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 206503060 | 36922572 | 17158576 | 7923735  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 8562473 | 885281 | 277765 | 127562  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (189036089) | (1723801021) | (30852469) | (24084013)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (207439835) | (204167045) | (21416325) | (46482100)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (7375202) | (10339925) | (729707) | (781915)  |
| Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 11274 | 3852 | 1180 | 1024  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 14059 | 1715 | 1622 | 1713  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 458 | 40 | 21 | 21  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 6561090 | (1605490353) | 32894549 | 45491362  |
| **Increase (decrease) in net assets** | (374034655) | (1394327037) | 68561641 | 219204932  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1144404469 | 2538731506 | 926396606 | 707191674  |
| &nbsp;&nbsp;&nbsp; End of period | $770369814 | $1144404469 | $994958247 | $926396606  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 737615 | 5804597 | 1068156 | 1899274  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 622975 | 1069616 | 260210 | 956010  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 257231 | 469950 | 3327 | 38288  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 8531921 | 3786715 | 306836 | 151142  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 11971192 | 1434443 | 405268 | 231877  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 607699 | 38028 | 6605 | 3751  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (6702449) | (61339233) | (718915) | (690389)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (8586362) | (7609771) | (512899) | (1340542)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (436964) | (439355) | (17862) | (22262)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 7002858 | (56785010) | 800726 | 1227149 |

---

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

61<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Sustainable** <br>**Growth Fund** | **Brown Advisory Sustainable** <br>**Growth Fund** | **Brown Advisory Mid-Cap** <br>**Growth Fund**  | **Brown Advisory Mid-Cap** <br>**Growth Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(11429805) | $(9019452) | $(171995) | $(246009)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 357910669 | 438620143 | 15358310 | 9062653  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 187685792 | 1727039131 | (5399798) | 4375232  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 534166656 | 2156639822 | 9786517 | 13191876  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (342901647) | (633798) |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (133279990) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (22893830) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (499075467) | (633798) |  | —  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 572420245 | 1917817384 | 3918835 | 17918626  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 222532754 | 633488241 | 717624 | 2651464  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 14869905 | 60492485 |  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 253752369 | 415944 |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 124171709 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 20510704 |  |  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (900706532) | (1718053838) | (8475011) | (30451794)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (479748932) | (673243513) | (30623616) | (2765430)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (38133771) | (76037156) |  | —  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 8261 | 18889 | 427 | 9  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 3225 | 7588 | 8 | 3  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 527 | 1255 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | (210319536) | 144907279 | (34461733) | (12647122)  |
| **Increase (decrease) in net assets** | (175228347) | 2300913303 | (24675216) | 544754  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 9953876192 | 7652962889 | 96923868 | 96379114  |
| &nbsp;&nbsp;&nbsp; End of period | $9778647845 | $9953876192 | $72248652 | $96923868  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 10270027 | 39896249 | 239947 | 1350814  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 4036249 | 13252830 | 44685 | 183606  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 282342 | 1395798 |  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 4461972 | 8635 |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 2230897 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 381453 |  |  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (16038471) | (35179424) | (509858) | (2199885)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (8672571) | (13958355) | (1769756) | (192488)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (721500) | (1722429) |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | (3769602) | 3693304 | (1994982) | (857953) |

---

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

62<br>

------

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Small-Cap** <br>**Growth Fund** | **Brown Advisory Small-Cap** <br>**Growth Fund** | **Brown Advisory Small-Cap** <br>**Fundamental Value Fund**  | **Brown Advisory Small-Cap** <br>**Fundamental Value Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3112518) | $(4127980) | $18360762 | $9982536  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 35653999 | 105416039 | 114243157 | 156455112  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 38256154 | (43293407) | (8242308) | 21293340  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 70797635 | 57994652 | 124361611 | 187730988  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (38524053) |  | (114272275) | (38971460)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (42930109) |  | (95475678) | (36311622)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (442251) |  | (376775) | (186263)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (81896413) |  | (210124728) | (75469345)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 46056343 | 226319186 | 51473895 | 149333601  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 40528282 | 143478279 | 24393246 | 47591769  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 362528 | 1344015 | 14309 | 896280  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 30028509 |  | 67547544 | 24734303  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 34570233 |  | 57607026 | 24239860  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 364416 |  | 359801 | 179554  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (184615489) | (812197912) | (56186729) | (94919377)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (119929731) | (235211167) | (44512643) | (91783890)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (950249) | (3051675) | (1221047) | (470397)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 318 | 664 | 469 | 1348  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 355 | 443 | 400 | 1233  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 4 | 4 | 2 | 7  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | (153584481) | (679318163) | 99476273 | 59804291  |
| **Increase (decrease) in net assets** | (164683259) | (621323511) | 13713156 | 172065934  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1620616853 | 2241940364 | 1354832027 | 1182766093  |
| &nbsp;&nbsp;&nbsp; End of period | $1455933594 | $1620616853 | $1368545183 | $1354832027  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 976126 | 5113312 | 1621304 | 5063383  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1727320 | 6584618 | 771536 | 1631173  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 16209 | 64569 | 599 | 30928  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 640403 |  | 2227110 | 862977  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1486252 |  | 1902688 | 849598  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 16617 |  | 12037 | 6340  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (3973159) | (17843609) | (1745273) | (3280665)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (5099359) | (10585282) | (1392019) | (3164142)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (43093) | (147723) | (38234) | (16532)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in shares** <br>**outstanding** | (4252684) | (16814115) | 3359748 | 1983060 |

---

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

63<br>

------

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Sustainable** <br>**Small-Cap Core Fund** | **Brown Advisory Sustainable** <br>**Small-Cap Core Fund** | **Brown Advisory Sustainable** <br>**Value Fund**  | **Brown Advisory Sustainable** <br>**Value Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $671535 | $107465 | $690451 | $977259  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1083927 | 3440884 | 1338256 | 282853  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2882603 | 2717993 | 4386554 | 13190651  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 4638065 | 6266342 | 6415261 | 14450763  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (671378) | (104328) | (2788979) | (656605)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (50008) | (182) | (19486) | (2992)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (721386) | (104510) | (2808465) | (659597)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 8718652 | 18805048 | 22615943 | 36959292  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1785956 | 5434563 | 559811 | 521702  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 268090 | 28260 | 1119990 | 118098  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 49986 | 179 | 9692 | 20  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (4052912) | (6313716) | (3752218) | (1342824)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1794440) | (640657) | (62184) | (117377)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 4 |  |  | 50  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 4975336 | 17313677 | 20491034 | 36138961  |
| **Increase (decrease) in net assets** | 8892015 | 23475509 | 24097830 | 49930127  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 76950879 | 53475370 | 100400756 | 50470629  |
| &nbsp;&nbsp;&nbsp; End of period | $85842894 | $76950879 | $124498586 | $100400756  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 857642 | 2052148 | 1769215 | 3227009  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 173343 | 569073 | 43113 | 45587  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 25609 | 2898 | 85098 | 10659  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 4817 | 18 | 742 | 2  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (389078) | (704569) | (293525) | (117948)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (174216) | (67726) | (4962) | (10096)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 498117 | 1851842 | 1599681 | 3155213 |

---

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

64<br>

------

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Global** <br>**Leaders Fund** | **Brown Advisory Global** <br>**Leaders Fund** | **Brown Advisory Sustainable** <br>**International Leaders Fund**  | **Brown Advisory Sustainable** <br>**International Leaders Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1727894 | $10532245 | $25282 | $359474  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17181427 | 47039773 | 310107 | (121927)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 63896653 | 227574950 | (349410) | 1265011  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 82805974 | 285146968 | (14021) | 1502558  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (10854902) | (8537871) | (376141) | (147645)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (105331) | (236099) | (19395) | (6044)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (10960233) | (8773970) | (395536) | (153689)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 156535036 | 348669548 | 4345981 | 14282825  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 542769 | 7733420 | 19982 | 468155  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 2932684 | 2087276 | 139020 | 50961  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 88388 | 218403 | 19395 | 6045  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (98959143) | (95537188) | (10212818) | (1588061)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (5137828) | (59661836) | (151335) | (121909)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1130 | 50 |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 16 | 3 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 56003052 | 203509676 | (5839775) | 13098016  |
| **Increase (decrease) in net assets** | 127848793 | 479882674 | (6249332) | 14446885  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1959030248 | 1479147574 | 38793612 | 24346727  |
| &nbsp;&nbsp;&nbsp; End of period | $2086879041 | $1959030248 | $32544280 | $38793612  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 5821201 | 14969600 | 393516 | 1414331  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 20260 | 327249 | 1842 | 46767  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 107899 | 88481 | 12998 | 4877  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 3262 | 9286 | 1825 | 580  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (3641015) | (4094157) | (917990) | (152791)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (192570) | (2611070) | (13817) | (11634)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 2119037 | 8689389 | (521626) | 1302130 |

---

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

65<br>

------

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory** <br>**Intermediate Income Fund** | **Brown Advisory** <br>**Intermediate Income Fund** | **Brown Advisory** <br>**Sustainable Bond Fund**  | **Brown Advisory** <br>**Sustainable Bond Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2178156 | $3973687 | $13016674 | $24756275  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2725171) | (3255623) | (998178) | (26803620)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3060209 | 2369173 | (2471613) | 9559118  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 2513194 | 3087237 | 9546883 | 7511773  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (13140988) | (24488981)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (2113687) | (3869544) | (173683) | (462293)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (51864) | (99330) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (2165551) | (3968874) | (13314671) | (24951274)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 89028553 | 186255910  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 18781770 | 17654002 | 798505 | 3400933  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 230 | 402279 |  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 3776471 | 6436616  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 482593 | 949314 | 155398 | 433724  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 49456 | 94024 |  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (77058736) | (348925269)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (11519099) | (27262957) | (2110157) | (8137193)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (1544659) | (331615) |  | —  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 1696 | 75  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 340 |  | 24 | 1  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 10 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 6250641 | (8494953) | 14591754 | (160535203)  |
| **Increase (decrease) in net assets** | 6598284 | (9376590) | 10823966 | (177974704)  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 116403654 | 125780244 | 558246407 | 736221111  |
| &nbsp;&nbsp;&nbsp; End of period | $123001938 | $116403654 | $569070373 | $558246407  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 10330599 | 22147561  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1914560 | 1843538 | 92744 | 401555  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 24 | 43045 |  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 442389 | 767017  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 49623 | 99893 | 18189 | 51625  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 5205 | 10131 |  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (9033665) | (41474248)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1175750) | (2869971) | (246505) | (967957)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (164950) | (36039) |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 628712 | (909403) | 1603751 | (19074447) |

---

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

66<br>

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory** <br>**Maryland Bond Fund** | **Brown Advisory** <br>**Maryland Bond Fund** | **Brown Advisory Tax-Exempt** <br>**Bond Fund**  | **Brown Advisory Tax-Exempt** <br>**Bond Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2612472 | $4825390 | $19489739 | $33862821  |
| &nbsp;&nbsp;&nbsp; Net realized gain(loss) | (721433) | (229059) | (9167996) | (7992587)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation(depreciation) | 745820 | 1347397 | 5234186 | 11058646  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 2636859 | 5943728 | 15555929 | 36928880  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (19624739) | (33901558)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (2863800) | (5293681) | (206095) | (364922)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (2863800) | (5293681) | (19830834) | (34266480)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 204278089 | 462186030  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 17615217 | 43965536 | 2347600 | 5844870  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 3810472 | 6335010  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 491259 | 955621 | 181774 | 262301  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (101747209) | (349068471)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (19183913) | (40870616) | (1684446) | (4439792)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  |  | 138  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  |  |  | 2  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | (1077437) | 4050541 | 107186280 | 121120088  |
| **Increase (decrease) in net assets** | (1304378) | 4700588 | 102911375 | 123782488  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 168661906 | 163961318 | 919823529 | 796041041  |
| &nbsp;&nbsp;&nbsp; End of period | $167357528 | $168661906 | $1022734904 | $919823529  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 21750992 | 50313735  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1776974.000 | 4522052 | 249547 | 627451  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 406350 | 685667  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 49570.000 | 97878 | 19380 | 28354  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (10894173) | (38209731)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1933648.000) | (4218167) | (180576) | (479861)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | (107104) | 401763 | 11351520 | 12965615 |

---

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

67<br>

------

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory** <br>**Tax-Exempt Sustainable** <br>**Bond Fund** | **Brown Advisory** <br>**Tax-Exempt Sustainable** <br>**Bond Fund** | **Brown Advisory** <br>**Mortgage Securities** <br>**Fund**  | **Brown Advisory** <br>**Mortgage Securities** <br>**Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $5216480 | $10387164 | $6114161 | $11905373  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6523768) | (463917) | (51608) | (8983161)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation(depreciation) | 6537623 | 297427 | (229889) | 2651006  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 5230335 | 10220674 | 5832664 | 5573218  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (6616498) | (12109609)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (5216579) | (10387080) | (17835) | (41372)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (5216579) | (10387080) | (6634333) | (12150981)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 27798522 | 46426497  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 30323058 | 132387588 | 20287 | 8520  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 1779022 | 2754137  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1021909 | 2249883 | 14493 | 33978  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (29325781) | (59755895)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (15951298) | (142449679) | (22968) | (626992)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 19 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 15393669 | (7812208) | 263594 | (11159755)  |
| **Increase (decrease) in net assets** | 15407425 | (7978614) | (538075) | (17737518)  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 281014055 | 288992669 | 285945246 | 303682764  |
| &nbsp;&nbsp;&nbsp; End of period | $296421480 | $281014055 | $285407171 | $285945246  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 3036701 | 5210736  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 3325924 | 14920755 | 2243 | 942  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 196475 | 310059  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 112169 | 251062 | 1597 | 3813  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (3233178) | (6667153)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1753711) | (15968306) | (2531) | (70705)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 1684382 | (796489) | 1307 | (1212308) |

---

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

68<br>

------

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory - WMC**<br>**Strategic European**<br>**Equity Fund** | **Brown Advisory - WMC**<br>**Strategic European**<br>**Equity Fund** | **Brown Advisory**<br>**Emerging Markets**<br>**Select Fund** | **Brown Advisory**<br>**Emerging Markets**<br>**Select Fund** |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income(loss) | $996760 | $5954714 | $4444773 | $10388673  |
| &nbsp;&nbsp;&nbsp; Net realized gain(loss) | 5152693 | 16309980 | 10674084 | 1881851  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation(depreciation) | (380506) | 21218110 | (15503418) | 51942385  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 5768947 | 43482804 | (384561) | 64212909  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (16478230) | (3510805) | (11936670) | (9908444)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (779851) | (130207) | (91912) | (42165)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (146042) | (25691) | (3598) | (2868)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (17404123) | (3666703) | (12032180) | (9953477)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 43844747 | 78166747 | 75701857 | 103628440  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 6450088 | 6422066 | 2064756 | 2038116  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 274459 | 321449 | 792 | 41245  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 9270962 | 918481 | 2679950 | 2327569  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 699928 | 113737 | 89778 | 41242  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 135130 | 23393 | 3597 | 2868  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (35182976) | (32862868) | (87924456) | (75126322)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (4021738) | (10419620) | (267432) | (1165890)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (216366) | (432855) | (8516) | (57975)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | 262 |  | 168  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  | 14 |  | 1  |
| &nbsp;&nbsp;&nbsp; Advisor Shares |  | 3 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 21254234 | 42250809 | (7659674) | 31729462  |
| **Increase (decrease) in net assets** | 9619058 | 82066910 | (20076415) | 85988894  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 327084729 | 245017819 | 625699730 | 539710836  |
| &nbsp;&nbsp;&nbsp; End of period | $336703787 | $327084729 | $605623315 | $625699730  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 3113937 | 6276815 | 6199673 | 9490076  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 456237 | 504438 | 171407 | 192775  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 19725 | 25622 | 66 | 3726  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 680125 | 74191 | 230039 | 220623  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 51976 | 9209 | 7713 | 3909  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 10183 | 1922 | 308 | 271  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (2478908) | (2603761) | (7302258) | (6971087)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (279703) | (823963) | (22545) | (111247)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (15943) | (35900) | (717) | (5362)  |
| &nbsp;&nbsp;&nbsp; **Increase(decrease) in shares outstanding** | 1557629 | 3428573 | (716314) | 2823684 |

---

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

69<br>

------

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

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Brown Advisory - Beutel**<br>**Goodman Large-Cap**<br>**Value Fund**  | **Brown Advisory - Beutel**<br>**Goodman Large-Cap**<br>**Value Fund**  | **Brown** <br>**Advisory - WMC** <br>**Japan Equity Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2024**<br>(Unaudited) | **Fiscal**<br>**Year Ended**<br>**June 30,**<br>**2024** | **Period Ended** <br>**December 31,** <br>**2024\***<br>(Unaudited)  |
| **OPERATIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income(loss) | $17705898 | $32200711 | &nbsp;&nbsp; $51579  |
| &nbsp;&nbsp;&nbsp; Net realized gain(loss) | 82069783 | 84311860 | &nbsp;&nbsp; 81286  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation(depreciation) | (49156754) | 124368434 | &nbsp;&nbsp; (5392933)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 50618927 | 240881005 | &nbsp;&nbsp; (5260068)  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (149862981) | (30358502) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1445080) | (181162) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (151308061) | (30539664) | &nbsp;&nbsp; —  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |
| Sale of shares:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 135038371 | 308668113 | &nbsp;&nbsp; 127728273  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 3170789 | 14863174 | &nbsp;&nbsp; 10000  |
| Reinvestment of distributions:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 98185445 | 8737382 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1315220 | 160124 | &nbsp;&nbsp; —  |
| Redemption of shares:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (116588014) | (299601925) | &nbsp;&nbsp; (1319618)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1362935) | (2218935) | &nbsp;&nbsp; —  |
| Redemption fees:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 2905 | 1008 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 28 | 9 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 119761809 | 30608950 | &nbsp;&nbsp; 126418655  |
| **Increase (decrease) in net assets** | 19072675 | 240950291 | &nbsp;&nbsp; 121158587  |
| **NET ASSETS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1907548196 | 1666597905 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of period | $1926620871 | $1907548196 | &nbsp;&nbsp; $121158587  |
| **SHARE TRANSACTIONS**<br>|  |  |  |
| Sale of shares:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 8438874 | 21912528 | &nbsp;&nbsp; 13137214  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 200081 | 1034015 | &nbsp;&nbsp; 1000  |
| Reinvestment of distributions:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 6387114 | 614876 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 86271 | 11300 | &nbsp;&nbsp; —  |
| Redemption of shares:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (7287095) | (21661249) | &nbsp;&nbsp; (137661)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (87504) | (148924) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 7737741 | 1762546 | &nbsp;&nbsp; 13000553 |

---

\* Inception date of Fund was September 30, 2024. Results of operations are for the period from October 1, 2024 to December 31, 2024.

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

70<br>

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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>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending** | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment** <br>**Income**<br>(Loss) | **Net**<br>**Realized**<br>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** | **BROWN ADVISORY GROWTH EQUITY FUND:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/24 | 12/31/24 | &nbsp;&nbsp; $29.96 | &nbsp;&nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $2.52 | $2.53 | &nbsp;&nbsp;&nbsp; $— | $(15.12) | $(15.12) | $17.37 | &nbsp;&nbsp; 6.30% | $339576 | &nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 13%  |
| 07/01/23 | 06/30/24 | 26.74 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | 5.02 | &nbsp;&nbsp;&nbsp; — | (1.80) | (1.80) | 29.96 | 19.68 | 508835 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/22 | 06/30/23 | 23.82 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | 4.56 | &nbsp;&nbsp;&nbsp; — | (1.64) | (1.64) | 26.74 | 20.22 | 1837801 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/21 | 06/30/22 | 37.39 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (9.01) | (9.10) | &nbsp;&nbsp;&nbsp; — | (4.47) | (4.47) | 23.82 | &nbsp;&nbsp; (27.88) | 1611983 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/20 | 06/30/21 | 29.05 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;10.02 | 9.96 | &nbsp;&nbsp;&nbsp; — | (1.62) | (1.62) | 37.39 | 35.14 | 2321278 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/19 | 06/30/20 | 24.80 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | 5.52 | &nbsp;&nbsp;&nbsp; — | (1.27) | (1.27) | 29.05 | 22.88 | 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\*** |
| 07/01/24 | 12/31/24 | 29.18 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | 2.46 | &nbsp;&nbsp;&nbsp; — | (15.12) | (15.12) | 16.52 | 6.24 | 416242 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/23 | 06/30/24 | 26.12 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | 4.86 | &nbsp;&nbsp;&nbsp; — | (1.80) | (1.80) | 29.18 | 19.53 | 618412 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/22 | 06/30/23 | 23.35 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;4.48 | 4.41 | &nbsp;&nbsp;&nbsp; — | (1.64) | (1.64) | 26.12 | 20.03 | 687058 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/21 | 06/30/22 | 36.79 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (8.84) | (8.97) | &nbsp;&nbsp;&nbsp; — | (4.47) | (4.47) | 23.35 | &nbsp;&nbsp; (28.02) | 704341 | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/20 | 06/30/21 | 28.64 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;9.88 | 9.77 | &nbsp;&nbsp;&nbsp; — | (1.62) | (1.62) | 36.79 | 34.98 | 1174666 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/19 | 06/30/20 | 24.50 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;5.49 | 5.41 | &nbsp;&nbsp;&nbsp; — | (1.27) | (1.27) | 28.64 | 22.70 | 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\*** |
| 07/01/24 | 12/31/24 | 26.36 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | 2.25 | &nbsp;&nbsp;&nbsp; — | (15.12) | (15.12) | 13.49 | 6.09 | 14551 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/23 | 06/30/24 | 23.82 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | 4.34 | &nbsp;&nbsp;&nbsp; — | (1.80) | (1.80) | 26.36 | 19.22 | 17158 | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/22 | 06/30/23 | 21.48 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | 3.98 | &nbsp;&nbsp;&nbsp; — | (1.64) | (1.64) | 23.82 | 19.76 | 13873 | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/21 | 06/30/22 | 34.27 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (8.12) | (8.32) | &nbsp;&nbsp;&nbsp; — | (4.47) | (4.47) | 21.48 | &nbsp;&nbsp; (28.20) | 13940 | &nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/20 | 06/30/21 | 26.84 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | 9.05 | &nbsp;&nbsp;&nbsp; — | (1.62) | (1.62) | 34.27 | 34.63 | 34042 | &nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/19 | 06/30/20 | 23.09 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | 5.02 | &nbsp;&nbsp;&nbsp; — | (1.27) | (1.27) | 26.84 | 22.39 | 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\*** |
| 07/01/24 | 12/31/24 | 39.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | 3.55 | &nbsp;&nbsp;&nbsp; (0.16) | (1.87) | (2.03) | 41.16 | 8.83 | 417969 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; 7  |
| 07/01/23 | 06/30/24 | 31.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;8.51 | 8.67 | &nbsp;&nbsp;&nbsp; (0.12) | (0.85) | (0.97) | 39.64 | 27.63 | 376594 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 27.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | 5.68 | &nbsp;&nbsp;&nbsp; (0.13) | (0.92) | (1.05) | 31.94 | 21.44 | 259933 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| 07/01/21 | 06/30/22 | 34.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (5.71) | (5.62) | &nbsp;&nbsp;&nbsp; (0.06) | (1.27) | (1.33) | 27.31 | &nbsp;&nbsp; (17.18) | 196675 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/20 | 06/30/21 | 24.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.76 | 10.83 | &nbsp;&nbsp;&nbsp; (0.09) | (0.84) | (0.93) | 34.26 | 45.26 | 201849 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 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) | (1.02) | (1.17) | 24.36 | 11.29 | 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\*** |
| 07/01/24 | 12/31/24 | 39.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | 3.51 | &nbsp;&nbsp;&nbsp; (0.11) | (1.87) | (1.98) | 41.04 | 8.73 | 569752 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 7  |
| 07/01/23 | 06/30/24 | 31.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;8.49 | 8.60 | &nbsp;&nbsp;&nbsp; (0.08) | (0.85) | (0.93) | 39.51 | 27.46 | 542524 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 27.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | 5.62 | &nbsp;&nbsp;&nbsp; (0.06) | (0.92) | (0.98) | 31.84 | 21.24 | 442013 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| 07/01/21 | 06/30/22 | 34.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (5.70) | (5.66) | &nbsp;&nbsp;&nbsp; (0.03) | (1.27) | (1.30) | 27.20 | &nbsp;&nbsp; (17.32) | 400090 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/20 | 06/30/21 | 24.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;10.73 | 10.76 | &nbsp;&nbsp;&nbsp; (0.07) | (0.84) | (0.91) | 34.16 | 45.05 | 500233 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 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) | (1.02) | (1.13) | 24.31 | 11.12 | 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\*** |
| 07/01/24 | 12/31/24 | 39.31 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | 3.44 | &nbsp;&nbsp;&nbsp; (0.04) | (1.87) | (1.91) | 40.84 | 8.60 | 7237 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp; 7  |
| 07/01/23 | 06/30/24 | 31.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | 8.47 | &nbsp;&nbsp;&nbsp; (0.03) | (0.85) | (0.88) | 39.31 | 27.13 | 7279 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 27.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | 5.53 | &nbsp;&nbsp;&nbsp; — | (0.92) | (0.92) | 31.72 | 20.93 | 5245 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| 07/01/21 | 06/30/22 | 34.10 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (5.68) | (5.72) | &nbsp;&nbsp;&nbsp; — | (1.27) | (1.27) | 27.11 | &nbsp;&nbsp; (17.51) | 4471 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/20 | 06/30/21 | 24.30 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | 10.68 | &nbsp;&nbsp;&nbsp; (0.04) | (0.84) | (0.88) | 34.10 | 44.69 | 5965 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 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) | (1.02) | (1.10) | 24.30 | 10.84 | 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\*** |
| 07/01/24 | 12/31/24 | &nbsp;&nbsp; 54.91 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | 3.08 | &nbsp;&nbsp;&nbsp; — | (2.88) | (2.88) | 55.11 | 5.45 | 6771539 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/23 | 06/30/24 | 43.08 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;11.86 | 11.84 | &nbsp;&nbsp;&nbsp; (0.01) |  | (0.01) | 54.91 | 27.47 | 6818542 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/22 | 06/30/23 | 35.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;7.63 | 7.66 | &nbsp;&nbsp;&nbsp; (0.00) |  | (0.00) | 43.08 | 21.63 | 5145711 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/21 | 06/30/22 | 44.56 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (8.19) | (8.23) | &nbsp;&nbsp;&nbsp; — | (0.91) | (0.91) | 35.42 | &nbsp;&nbsp; (19.02) | 3378590 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/20 | 06/30/21 | 31.96 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;12.63 | 12.60 | &nbsp;&nbsp;&nbsp; — |  |  | 44.56 | 39.42 | 3364728 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |
| 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; — | (0.21) | (0.21) | 31.96 | 22.01 | 1601989 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &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>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending** | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment** <br>**Income**<br>(Loss) | **Net**<br>**Realized**<br>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/24 | 12/31/24 | &nbsp;&nbsp; $53.84 | &nbsp;&nbsp;&nbsp; $(0.09) | &nbsp;&nbsp; $3.07 | $2.98 | &nbsp;&nbsp; $— | $(2.88) | $(2.88) | $53.94 | 5.37% | $2574836 | &nbsp;&nbsp;&nbsp; (0.32)% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 15%  |
| 07/01/23 | 06/30/24 | 42.29 | &nbsp;&nbsp;&nbsp; (0.09) | 11.64 | 11.55 | &nbsp;&nbsp; — |  |  | 53.84 | 27.31 | 2699561 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/22 | 06/30/23 | 34.83 | &nbsp;&nbsp;&nbsp; (0.02) | 7.48 | 7.46 | &nbsp;&nbsp; — |  |  | 42.29 | 21.42 | 2150632 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/21 | 06/30/22 | 43.90 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.05) | (8.16) | &nbsp;&nbsp; — | (0.91) | (0.91) | 34.83 | &nbsp;&nbsp; (19.15) | 1714513 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/20 | 06/30/21 | 31.52 | &nbsp;&nbsp;&nbsp; (0.09) | 12.47 | 12.38 | &nbsp;&nbsp; — |  |  | 43.90 | 39.28 | 1849429 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |
| 07/01/19 | 06/30/20 | 26.07 | &nbsp;&nbsp;&nbsp; (0.03) | 5.69 | 5.66 | &nbsp;&nbsp; — | (0.21) | (0.21) | 31.52 | 21.82 | 1108023 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; 20  |
| **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\*** |
| 07/01/24 | 12/31/24 | 52.15 | &nbsp;&nbsp;&nbsp; (0.15) | 2.98 | 2.83 | &nbsp;&nbsp; — | (2.88) | (2.88) | 52.10 | 5.26 | 432273 | &nbsp;&nbsp;&nbsp; (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/23 | 06/30/24 | 41.08 | &nbsp;&nbsp;&nbsp; (0.20) | 11.27 | 11.07 | &nbsp;&nbsp; — |  |  | 52.15 | 26.95 | 435773 | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/22 | 06/30/23 | 33.91 | &nbsp;&nbsp;&nbsp; (0.11) | 7.28 | 7.17 | &nbsp;&nbsp; — |  |  | 41.08 | 21.14 | 356620 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/21 | 06/30/22 | 42.87 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (7.84) | (8.05) | &nbsp;&nbsp; — | (0.91) | (0.91) | 33.91 | &nbsp;&nbsp; (19.35) | 298972 | &nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/20 | 06/30/21 | 30.86 | &nbsp;&nbsp;&nbsp; (0.18) | 12.19 | 12.01 | &nbsp;&nbsp; — |  |  | 42.87 | 38.92 | 444064 | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |
| 07/01/19 | 06/30/20 | 25.59 | &nbsp;&nbsp;&nbsp; (0.09) | 5.57 | 5.48 | &nbsp;&nbsp; — | (0.21) | (0.21) | 30.86 | 21.53 | 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\*** |
| 07/01/24 | 12/31/24 | 15.50 | &nbsp;&nbsp;&nbsp; (0.03) | 1.42 | 1.39 | &nbsp;&nbsp; — |  |  | 16.89 | 8.97 | 70830 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; 36  |
| 07/01/23 | 06/30/24 | 13.55 | &nbsp;&nbsp;&nbsp; (0.03) | 1.98 | 1.95 | &nbsp;&nbsp; — |  |  | 15.50 | 14.48 | 69167 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; 63  |
| 07/01/22 | 06/30/23 | 12.29 | &nbsp;&nbsp;&nbsp; (0.04) | 2.11 | 2.07 | &nbsp;&nbsp; — | (0.81) | (0.81) | 13.55 | 17.38 | 71960 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 55  |
| 07/01/21 | 06/30/22 | 19.86 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (5.73) | (5.82) | &nbsp;&nbsp; — | (1.75) | (1.75) | 12.29 | &nbsp;&nbsp; (31.54) | 94754 | &nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| 07/01/20 | 06/30/21 | 13.86 | &nbsp;&nbsp;&nbsp; (0.08) | 6.08 | 6.00 | &nbsp;&nbsp; — |  |  | 19.86 | 43.03 | 159180 | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| 07/01/19 | 06/30/20 | 13.14 | &nbsp;&nbsp;&nbsp; (0.01) | 0.77 | 0.76 | &nbsp;&nbsp; — | (0.04) | (0.04) | 13.86 | 5.68 | 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\*** |
| 07/01/24 | 12/31/24 | 15.33 | &nbsp;&nbsp;&nbsp; (0.04) | 1.41 | 1.37 | &nbsp;&nbsp; — |  |  | 16.70 | 8.94 | 1419 | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; 36  |
| 07/01/23 | 06/30/24 | 13.42 | &nbsp;&nbsp;&nbsp; (0.05) | 1.96 | 1.91 | &nbsp;&nbsp; — |  |  | 15.33 | 14.23 | 27757 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; 63  |
| 07/01/22 | 06/30/23 | 12.20 | &nbsp;&nbsp;&nbsp; (0.05) | 2.08 | 2.03 | &nbsp;&nbsp; — | (0.81) | (0.81) | 13.42 | 17.26 | 24419 | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp; 55  |
| 07/01/21 | 06/30/22 | 19.76 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (5.70) | (5.81) | &nbsp;&nbsp; — | (1.75) | (1.75) | 12.20 | &nbsp;&nbsp; (31.70) | 22897 | &nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| 07/01/20 | 06/30/21 | 13.81 | &nbsp;&nbsp;&nbsp; (0.10) | 6.05 | 5.95 | &nbsp;&nbsp; — |  |  | 19.76 | 42.90 | 33381 | &nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| 07/01/19 | 06/30/20 | 13.12 | &nbsp;&nbsp;&nbsp; (0.03) | 0.76 | 0.73 | &nbsp;&nbsp; — | (0.04) | (0.04) | 13.81 | 5.46 | 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\*** |
| 07/01/24 | 12/31/24 | 45.51 | &nbsp;&nbsp;&nbsp; (0.07) | 2.23 | 2.16 | &nbsp;&nbsp; — | (2.60) | (2.60) | 45.07 | 4.53 | 687813 | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 16  |
| 07/01/23 | 06/30/24 | 44.48 | &nbsp;&nbsp;&nbsp; (0.06) | 1.09 | 1.03 | &nbsp;&nbsp; — |  |  | 45.51 | 2.32 | 801675 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/22 | 06/30/23 | 41.98 | &nbsp;&nbsp;&nbsp; (0.06) | 5.88 | 5.82 | &nbsp;&nbsp; — | (3.32) | (3.32) | 44.48 | 14.33 | 1349940 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/21 | 06/30/22 | 63.00 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (13.47) | (13.79) | &nbsp;&nbsp; — | (7.23) | (7.23) | 41.98 | &nbsp;&nbsp; (24.11) | 1165292 | &nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 44.31 | &nbsp;&nbsp;&nbsp; (0.34) | 19.48 | 19.14 | &nbsp;&nbsp; — | (0.45) | (0.45) | 63.00 | 43.31 | 1758121 | &nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/19 | 06/30/20 | 44.24 | &nbsp;&nbsp;&nbsp; (0.20) | 1.15 | 0.95 | &nbsp;&nbsp; — | (0.88) | (0.88) | 44.31 | 2.18 | 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\*** |
| 07/01/24 | 12/31/24 | 22.59 | &nbsp;&nbsp;&nbsp; (0.05) | 1.11 | 1.06 | &nbsp;&nbsp; — | (1.29) | (1.29) | 22.36 | 4.48 | 760377 | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 16  |
| 07/01/23 | 06/30/24 | 22.12 | &nbsp;&nbsp;&nbsp; (0.06) | 0.53 | 0.47 | &nbsp;&nbsp; — |  |  | 22.59 | 2.12 | 810889 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/22 | 06/30/23 | 20.91 | &nbsp;&nbsp;&nbsp; (0.06) | 2.92 | 2.86 | &nbsp;&nbsp; — | (1.65) | (1.65) | 22.12 | 14.17 | 882356 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/21 | 06/30/22 | 31.42 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (6.71) | (6.91) | &nbsp;&nbsp; — | (3.60) | (3.60) | 20.91 | &nbsp;&nbsp; (24.23) | 707378 | &nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 22.13 | &nbsp;&nbsp;&nbsp; (0.21) | 9.72 | 9.51 | &nbsp;&nbsp; — | (0.22) | (0.22) | 31.42 | 43.11 | 822075 | &nbsp;&nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/19 | 06/30/20 | 22.13 | &nbsp;&nbsp;&nbsp; (0.13) | 0.57 | 0.44 | &nbsp;&nbsp; — | (0.44) | (0.44) | 22.13 | 2.02 | 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\*** |
| 07/01/24 | 12/31/24 | 21.32 | &nbsp;&nbsp;&nbsp; (0.08) | 1.06 | 0.98 | &nbsp;&nbsp; — | (1.22) | (1.22) | 21.08 | 4.36 | 7744 | &nbsp;&nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 16  |
| 07/01/23 | 06/30/24 | 20.93 | &nbsp;&nbsp;&nbsp; (0.11) | 0.50 | 0.39 | &nbsp;&nbsp; — |  |  | 21.32 | 1.86 | 8053 | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/22 | 06/30/23 | 19.83 | &nbsp;&nbsp;&nbsp; (0.11) | 2.78 | 2.67 | &nbsp;&nbsp; — | (1.57) | (1.57) | 20.93 | 13.91 | 9644 | &nbsp;&nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/21 | 06/30/22 | 29.88 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (6.37) | (6.63) | &nbsp;&nbsp; — | (3.42) | (3.42) | 19.83 | &nbsp;&nbsp; (24.44) | 9309 | &nbsp;&nbsp;&nbsp; (0.99) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 21.10 | &nbsp;&nbsp;&nbsp; (0.26) | 9.25 | 8.99 | &nbsp;&nbsp; — | (0.21) | (0.21) | 29.88 | 42.74 | 14939 | &nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/19 | 06/30/20 | 21.15 | &nbsp;&nbsp;&nbsp; (0.18) | 0.55 | 0.37 | &nbsp;&nbsp; — | (0.42) | (0.42) | 21.10 | 1.78 | 12159 | &nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |

---

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>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending** | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment** <br>**Income**<br>(Loss) | **Net**<br>**Realized**<br>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/24 | 12/31/24 | &nbsp;&nbsp; $30.30 | &nbsp;&nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $2.49 | $2.91 | &nbsp;&nbsp;&nbsp; $(0.46) | $(4.28) | $(4.74) | $28.47 | 8.90% | $740532 | &nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 19%  |
| 07/01/23 | 06/30/24 | 27.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | 4.41 | &nbsp;&nbsp;&nbsp; (0.21) | (1.58) | (1.79) | 30.30 | 16.33 | 724560 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 44  |
| 07/01/22 | 06/30/23 | 26.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | 3.29 | &nbsp;&nbsp;&nbsp; (0.13) | (1.57) | (1.70) | 27.68 | 12.67 | 588594 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/21 | 06/30/22 | 29.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (3.45) | (3.36) | &nbsp;&nbsp;&nbsp; (0.10) | (0.10) | (0.20) | 26.09 | &nbsp;&nbsp; (11.45) | 562382 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 19.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;10.44 | 10.55 | &nbsp;&nbsp;&nbsp; (0.15) |  | (0.15) | 29.65 | 54.97 | 591096 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| 07/01/19 | 06/30/20 | 24.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (4.46) | (4.25) | &nbsp;&nbsp;&nbsp; (0.13) | (1.14) | (1.27) | 19.25 | &nbsp;&nbsp; (18.38) | 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\*** |
| 07/01/24 | 12/31/24 | 30.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | 2.88 | &nbsp;&nbsp;&nbsp; (0.42) | (4.28) | (4.70) | 28.41 | 8.80 | 625389 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/23 | 06/30/24 | 27.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | 4.35 | &nbsp;&nbsp;&nbsp; (0.16) | (1.58) | (1.74) | 30.23 | 16.17 | 626715 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 44  |
| 07/01/22 | 06/30/23 | 26.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | 3.24 | &nbsp;&nbsp;&nbsp; (0.09) | (1.57) | (1.66) | 27.62 | 12.49 | 591487 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/21 | 06/30/22 | 29.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (3.45) | (3.41) | &nbsp;&nbsp;&nbsp; (0.05) | (0.10) | (0.15) | 26.04 | &nbsp;&nbsp; (11.59) | 564689 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 19.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.42 | 10.49 | &nbsp;&nbsp;&nbsp; (0.11) |  | (0.11) | 29.60 | 54.74 | 648403 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| 07/01/19 | 06/30/20 | 24.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (4.46) | (4.28) | &nbsp;&nbsp;&nbsp; (0.11) | (1.14) | (1.25) | 19.22 | &nbsp;&nbsp; (18.49) | 432498 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 56  |
| **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\*** |
| 07/01/24 | 12/31/24 | 29.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | 2.82 | &nbsp;&nbsp;&nbsp; (0.32) | (4.28) | (4.60) | 28.19 | 8.66 | 2624 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/23 | 06/30/24 | 27.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | 4.24 | &nbsp;&nbsp;&nbsp; (0.11) | (1.58) | (1.69) | 29.97 | 15.86 | 3557 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 44  |
| 07/01/22 | 06/30/23 | 25.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | 3.16 | &nbsp;&nbsp;&nbsp; (0.03) | (1.57) | (1.60) | 27.42 | 12.25 | 2685 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/21 | 06/30/22 | 29.43 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (3.43) | (3.46) | &nbsp;&nbsp;&nbsp; (0.01) | (0.10) | (0.11) | 25.86 | &nbsp;&nbsp; (11.82) | 3154 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 19.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;10.36 | 10.37 | &nbsp;&nbsp;&nbsp; (0.04) |  | (0.04) | 29.43 | 54.37 | 8125 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| 07/01/19 | 06/30/20 | 24.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; (4.44) | (4.32) | &nbsp;&nbsp;&nbsp; (0.08) | (1.14) | (1.22) | 19.10 | &nbsp;&nbsp; (18.71) | 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\*** |
| 07/01/24 | 12/31/24 | 9.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | 0.56 | &nbsp;&nbsp;&nbsp; (0.06) | (0.02) | (0.08) | 10.20 | 5.82 | 78918 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/23 | 06/30/24 | 8.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 0.93 | &nbsp;&nbsp;&nbsp; (0.02) |  | (0.02) | 9.72 | 10.51 | 70393 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/22 | 06/30/23 | 7.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 1.07 | &nbsp;&nbsp;&nbsp; — | (0.00) | (0.00) | 8.81 | 13.83 | 51935 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 66  |
| 09/30/21**^** | 06/30/22 | 10.00 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (2.24) | (2.26) | &nbsp;&nbsp;&nbsp; — |  |  | 7.74 | &nbsp;&nbsp; (22.60) | 32915 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/24 | 12/31/24 | 9.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | 0.55 | &nbsp;&nbsp;&nbsp; (0.05) | (0.02) | (0.07) | 10.17 | 5.70 | 6925 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/23 | 06/30/24 | 8.79 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.90 | &nbsp;&nbsp;&nbsp; (0.00) |  | (0.00) | 9.69 | 10.25 | 6558 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/22 | 06/30/23 | 7.73 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 1.06 | &nbsp;&nbsp;&nbsp; — | (0.00) | (0.00) | 8.79 | 13.71 | 1540 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp; 66  |
| 09/30/21**^** | 06/30/22 | 10.00 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (2.25) | (2.27) | &nbsp;&nbsp;&nbsp; — |  |  | 7.73 | &nbsp;&nbsp; (22.70) | 812 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/24 | 12/31/24 | 12.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 0.75 | &nbsp;&nbsp;&nbsp; (0.13) | (0.17) | (0.30) | 12.72 | 6.01 | 123347 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/23 | 06/30/24 | 10.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | 2.35 | &nbsp;&nbsp;&nbsp; (0.11) |  | (0.11) | 12.27 | 23.55 | 99767 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp; 37  |
| 02/28/23^ | 06/30/23 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.03) | 0.03 | &nbsp;&nbsp;&nbsp; — |  |  | 10.03 | 0.30 | 50307 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp; 7  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/24 | 12/31/24 | 12.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | 0.73 | &nbsp;&nbsp;&nbsp; (0.11) | (0.17) | (0.28) | 12.69 | 5.93 | 1151 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/23 | 06/30/24 | 10.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | 2.32 | &nbsp;&nbsp;&nbsp; (0.10) |  | (0.10) | 12.24 | 23.26 | 634 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp; 37  |
| 02/28/23^ | 06/30/23 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.03) | 0.02 | &nbsp;&nbsp;&nbsp; — |  |  | 10.02 | 0.20 | 163 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp; 7  |
| **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/24 | 12/31/24 | 25.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 1.07 | &nbsp;&nbsp;&nbsp; (0.14) |  | (0.14) | 26.82 | 4.13 | 2057875 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 8  |
| 07/01/23 | 06/30/24 | 22.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | 3.94 | &nbsp;&nbsp;&nbsp; (0.13) |  | (0.13) | 25.89 | 17.88 | 1926704 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 18.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | 3.96 | &nbsp;&nbsp;&nbsp; (0.12) |  | (0.12) | 22.08 | 21.83 | 1401528 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/21 | 06/30/22 | 22.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (4.19) | (4.09) | &nbsp;&nbsp;&nbsp; (0.02) | (0.25) | (0.27) | 18.24 | &nbsp;&nbsp; (18.34) | 1048587 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/20 | 06/30/21 | 16.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | 6.25 | &nbsp;&nbsp;&nbsp; (0.03) |  | (0.03) | 22.60 | 38.17 | 1149790 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 14  |
| 07/01/19 | 06/30/20 | 15.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 1.20 | &nbsp;&nbsp;&nbsp; (0.06) |  | (0.06) | 16.38 | 7.85 | 605983 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |

---

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>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending** | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment** <br>**Income**<br>(Loss) | **Net**<br>**Realized**<br>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/24 | 12/31/24 | &nbsp;&nbsp; $25.79 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $1.06 | $1.06 | &nbsp;&nbsp;&nbsp; $(0.10) | $— | $(0.10) | $26.75 | 4.10% | $29004 | &nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 8%  |
| 07/01/23 | 06/30/24 | 22.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | 3.88 | &nbsp;&nbsp;&nbsp; (0.09) |  | (0.09) | 25.79 | 17.66 | 32326 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 18.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | 3.92 | &nbsp;&nbsp;&nbsp; (0.10) |  | (0.10) | 22.00 | 21.63 | 77619 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; 19  |
| 07/01/21 | 06/30/22 | 22.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (4.17) | (4.10) | &nbsp;&nbsp;&nbsp; (0.01) | (0.25) | (0.26) | 18.18 | &nbsp;&nbsp; (18.45) | 76150 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; 25  |
| 07/01/20 | 06/30/21 | 16.36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;6.20 | 6.20 | &nbsp;&nbsp;&nbsp; (0.02) |  | (0.02) | 22.54 | 37.91 | 95940 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; 14  |
| 07/01/19 | 06/30/20 | 15.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 1.17 | &nbsp;&nbsp;&nbsp; (0.04) |  | (0.04) | 16.36 | 7.68 | 66813 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &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\*** |
| 07/01/24 | 12/31/24 | 10.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.09) | (0.08) | &nbsp;&nbsp;&nbsp; (0.11) | (0.02) | (0.13) | 10.52 | &nbsp;&nbsp; (0.77) | 30814 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; 16  |
| 07/01/23 | 06/30/24 | 10.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.26 | &nbsp;&nbsp;&nbsp; (0.05) |  | (0.05) | 10.73 | 2.49 | 36921 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/22 | 06/30/23 | 8.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | 2.11 | &nbsp;&nbsp;&nbsp; (0.02) |  | (0.02) | 10.52 | 25.09 | 22884 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; 21  |
| 02/28/22**^** | 06/30/22 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (1.63) | (1.57) | &nbsp;&nbsp;&nbsp; — |  |  | 8.43 | &nbsp;&nbsp; (15.70) | 6221 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp; 12  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/24 | 12/31/24 | 10.69 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) | (0.08) | &nbsp;&nbsp;&nbsp; (0.10) | (0.02) | (0.12) | 10.49 | &nbsp;&nbsp; (0.78) | 1730 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; 16  |
| 07/01/23 | 06/30/24 | 10.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.24 | &nbsp;&nbsp;&nbsp; (0.04) |  | (0.04) | 10.69 | 2.27 | 1873 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/22 | 06/30/23 | 8.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | 2.09 | &nbsp;&nbsp;&nbsp; (0.02) |  | (0.02) | 10.49 | 24.88 | 1463 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp; 21  |
| 02/28/22**^** | 06/30/22 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (1.63) | (1.58) | &nbsp;&nbsp;&nbsp; — |  |  | 8.42 | &nbsp;&nbsp; (15.80) | 75 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp; 12  |
| **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/24 | 12/31/24 | 9.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.21 | &nbsp;&nbsp;&nbsp; (0.17) |  | (0.17) | 9.59 | 2.22 | 121204 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; 40  |
| 07/01/23 | 06/30/24 | 9.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp; (0.05) | 0.27 | &nbsp;&nbsp;&nbsp; (0.32) |  | (0.32) | 9.55 | 2.86 | 113124 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/22 | 06/30/23 | 9.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (0.38) | (0.14) | &nbsp;&nbsp;&nbsp; (0.25) |  | (0.25) | 9.60 | &nbsp;&nbsp; (1.44) | 122641 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; 32  |
| 07/01/21 | 06/30/22 | 11.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; (0.94) | (0.82) | &nbsp;&nbsp;&nbsp; (0.14) | (0.10) | (0.24) | 9.99 | &nbsp;&nbsp; (7.60) | 139856 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 58  |
| 07/01/20 | 06/30/21 | 11.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.13 | &nbsp;&nbsp;&nbsp; (0.13) | (0.01) | (0.14) | 11.05 | 1.11 | 167774 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 50  |
| 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) |  | (0.25) | 11.06 | 5.55 | 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\*** |
| 07/01/24 | 12/31/24 | 9.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.19 | &nbsp;&nbsp;&nbsp; (0.16) |  | (0.16) | 9.35 | 2.01 | 1798 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; 40  |
| 07/01/23 | 06/30/24 | 9.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp; (0.05) | 0.24 | &nbsp;&nbsp;&nbsp; (0.30) |  | (0.30) | 9.32 | 2.57 | 3279 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/22 | 06/30/23 | 9.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (0.37) | (0.16) | &nbsp;&nbsp;&nbsp; (0.22) |  | (0.22) | 9.38 | &nbsp;&nbsp; (1.62) | 3139 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp; 32  |
| 07/01/21 | 06/30/22 | 10.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (0.93) | (0.83) | &nbsp;&nbsp;&nbsp; (0.11) | (0.10) | (0.21) | 9.76 | &nbsp;&nbsp; (7.82) | 3273 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; 58  |
| 07/01/20 | 06/30/21 | 10.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.09 | &nbsp;&nbsp;&nbsp; (0.10) | (0.01) | (0.11) | 10.80 | 0.79 | 3661 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; 50  |
| 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) |  | (0.22) | 10.82 | 5.32 | 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\*** |
| 07/01/24 | 12/31/24 | 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.04) | 0.15 | &nbsp;&nbsp;&nbsp; (0.19) |  | (0.19) | 8.36 | 1.81 | 562047 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 56  |
| 07/01/23 | 06/30/24 | 8.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp; (0.19) | 0.16 | &nbsp;&nbsp;&nbsp; (0.36) |  | (0.36) | 8.40 | 1.90 | 550052 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 251  |
| 07/01/22 | 06/30/23 | 9.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (0.54) | (0.29) | &nbsp;&nbsp;&nbsp; (0.25) |  | (0.25) | 8.60 | &nbsp;&nbsp; (3.22) | 723393 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp; 277  |
| 07/01/21 | 06/30/22 | 10.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (1.13) | (0.99) | &nbsp;&nbsp;&nbsp; (0.15) | (0.14) | (0.29) | 9.14 | &nbsp;&nbsp; (9.71) | 301917 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; 113  |
| 07/01/20 | 06/30/21 | 10.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.26 | &nbsp;&nbsp;&nbsp; (0.17) | (0.21) | (0.38) | 10.42 | 2.44 | 218476 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 89  |
| 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) | (0.12) | (0.40) | 10.54 | 8.14 | 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\*** |
| 07/01/24 | 12/31/24 | 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.04) | 0.15 | &nbsp;&nbsp;&nbsp; (0.19) |  | (0.19) | 8.36 | 1.78 | 7023 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 56  |
| 07/01/23 | 06/30/24 | 8.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp; (0.21) | 0.14 | &nbsp;&nbsp;&nbsp; (0.35) |  | (0.35) | 8.40 | 1.73 | 8195 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 251  |
| 07/01/22 | 06/30/23 | 9.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (0.53) | (0.29) | &nbsp;&nbsp;&nbsp; (0.24) |  | (0.24) | 8.61 | &nbsp;&nbsp; (3.16) | 12829 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 277  |
| 07/01/21 | 06/30/22 | 10.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (1.13) | (1.00) | &nbsp;&nbsp;&nbsp; (0.14) | (0.14) | (0.28) | 9.14 | &nbsp;&nbsp; (9.76) | 12667 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 113  |
| 07/01/20 | 06/30/21 | 10.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.26 | &nbsp;&nbsp;&nbsp; (0.17) | (0.21) | (0.38) | 10.42 | 2.39 | 5009 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 89  |
| 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) | (0.12) | (0.39) | 10.54 | 8.09 | 2125 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; 97  |

---

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>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending** | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment** <br>**Income**<br>(Loss) | **Net**<br>**Realized**<br>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/24 | 12/31/24 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $(0.01) | $0.14 | &nbsp;&nbsp;&nbsp; $(0.16) | $— | $(0.16) | $9.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | $167358 | &nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 29%  |
| 07/01/23 | 06/30/24 | 9.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.36 | &nbsp;&nbsp;&nbsp; (0.31) |  | (0.31) | 9.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | 168662 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 22  |
| 07/01/22 | 06/30/23 | 9.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.26 | &nbsp;&nbsp;&nbsp; (0.27) |  | (0.27) | 9.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | 163961 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 51  |
| 07/01/21 | 06/30/22 | 10.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (1.04) | (0.85) | &nbsp;&nbsp;&nbsp; (0.23) |  | (0.23) | 9.80 | &nbsp;&nbsp; (7.90) | 169565 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; 22  |
| 07/01/20 | 06/30/21 | 10.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.47 | &nbsp;&nbsp;&nbsp; (0.26) |  | (0.26) | 10.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | 186483 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 17  |
| 07/01/19 | 06/30/20 | 10.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (0.09) | 0.16 | &nbsp;&nbsp;&nbsp; (0.29) |  | (0.29) | 10.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | 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\*** |
| 07/01/24 | 12/31/24 | 9.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (0.01) | 0.17 | &nbsp;&nbsp;&nbsp; (0.19) |  | (0.19) | 9.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | 1012103 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp; 21  |
| 07/01/23 | 06/30/24 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.41 | &nbsp;&nbsp;&nbsp; (0.38) |  | (0.38) | 9.32 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | 909986 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp; 57  |
| 07/01/22 | 06/30/23 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.33 | &nbsp;&nbsp;&nbsp; (0.33) |  | (0.33) | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | 787874 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; 79  |
| 07/01/21 | 06/30/22 | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (1.08) | (0.90) | &nbsp;&nbsp;&nbsp; (0.26) | (0.05) | (0.31) | 9.29 | &nbsp;&nbsp; (8.75) | 805608 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/20 | 06/30/21 | 10.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | 0.69 | &nbsp;&nbsp;&nbsp; (0.27) |  | (0.27) | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | 1190436 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp; 47  |
| 07/01/19 | 06/30/20 | 10.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (0.08) | 0.16 | &nbsp;&nbsp;&nbsp; (0.28) |  | (0.28) | 10.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | 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\*** |
| 07/01/24 | 12/31/24 | 9.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (0.03) | 0.15 | &nbsp;&nbsp;&nbsp; (0.18) |  | (0.18) | 9.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | 10632 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 21  |
| 07/01/23 | 06/30/24 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.41 | &nbsp;&nbsp;&nbsp; (0.37) |  | (0.37) | 9.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | 9838 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 57  |
| 07/01/22 | 06/30/23 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.32 | &nbsp;&nbsp;&nbsp; (0.32) |  | (0.32) | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | 8167 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 79  |
| 07/01/21 | 06/30/22 | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; (1.07) | (0.90) | &nbsp;&nbsp;&nbsp; (0.26) | (0.05) | (0.31) | 9.29 | &nbsp;&nbsp; (8.80) | 10484 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/20 | 06/30/21 | 10.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | 0.67 | &nbsp;&nbsp;&nbsp; (0.26) |  | (0.26) | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 | 11537 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 47  |
| 07/01/19 | 06/30/20 | 10.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (0.07) | 0.17 | &nbsp;&nbsp;&nbsp; (0.28) |  | (0.28) | 10.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | 9982 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; 80  |
| **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\*** |
| 07/01/24 | 12/31/24 | 9.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; — | 0.17 | &nbsp;&nbsp;&nbsp; (0.17) |  | (0.17) | 9.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | 296421 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 18  |
| 07/01/23 | 06/30/24 | 9.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp; (0.02) | 0.30 | &nbsp;&nbsp;&nbsp; (0.32) |  | (0.32) | 9.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | 281014 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/22 | 06/30/23 | 9.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (0.03) | 0.21 | &nbsp;&nbsp;&nbsp; (0.24) |  | (0.24) | 9.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | 288993 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 111  |
| 07/01/21 | 06/30/22 | 10.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; (1.01) | (0.86) | &nbsp;&nbsp;&nbsp; (0.14) | (0.10) | (0.24) | 9.09 | &nbsp;&nbsp; (8.60) | 325606 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 61  |
| 07/01/20 | 06/30/21 | 9.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 0.45 | &nbsp;&nbsp;&nbsp; (0.13) | (0.01) | (0.14) | 10.19 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | 179123 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 66  |
| 12/02/19^ | 06/30/20 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.12) | (0.04) | &nbsp;&nbsp;&nbsp; (0.08) |  | (0.08) | 9.88 | &nbsp;&nbsp; (0.37) | 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\*** |
| 07/01/24 | 12/31/24 | 8.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.20 | &nbsp;&nbsp;&nbsp; (0.21) |  | (0.21) | 8.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | 284626 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 109  |
| 07/01/23 | 06/30/24 | 9.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp; (0.21) | 0.16 | &nbsp;&nbsp;&nbsp; (0.37) |  | (0.37) | 8.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | 285175 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 335  |
| 07/01/22 | 06/30/23 | 9.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp; (0.48) | (0.20) | &nbsp;&nbsp;&nbsp; (0.29) |  | (0.29) | 9.10 | &nbsp;&nbsp; (2.06) | 302293 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 229  |
| 07/01/21 | 06/30/22 | 10.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (0.92) | (0.82) | &nbsp;&nbsp;&nbsp; (0.15) |  | (0.15) | 9.59 | &nbsp;&nbsp; (7.86) | 310388 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; 204  |
| 07/01/20 | 06/30/21 | 10.46 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.16 | &nbsp;&nbsp;&nbsp; (0.06) |  | (0.06) | 10.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | 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) |  | (0.17) | 10.46 | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | 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\*** |
| 07/01/24 | 12/31/24 | 8.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.20 | &nbsp;&nbsp;&nbsp; (0.21) |  | (0.21) | 8.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | 781 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 109  |
| 07/01/23 | 06/30/24 | 9.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp; (0.20) | 0.16 | &nbsp;&nbsp;&nbsp; (0.37) |  | (0.37) | 8.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | 771 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 335  |
| 07/01/22 | 06/30/23 | 9.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp; (0.47) | (0.20) | &nbsp;&nbsp;&nbsp; (0.29) |  | (0.29) | 9.12 | &nbsp;&nbsp; (2.11) | 1390 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 229  |
| 07/01/21 | 06/30/22 | 10.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.91) | (0.82) | &nbsp;&nbsp;&nbsp; (0.14) |  | (0.14) | 9.61 | &nbsp;&nbsp; (7.81) | 2211 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 204  |
| 07/01/20 | 06/30/21 | 10.47 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.16 | &nbsp;&nbsp;&nbsp; (0.06) |  | (0.06) | 10.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | 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) |  | (0.16) | 10.47 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 | 9755 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; 139  |

---

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>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending** | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment** <br>**Income**<br>(Loss) | **Net**<br>**Realized**<br>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory - WMC Strategic European Equity Fund:** | **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\*** |
| 07/01/24 | 12/31/24 | &nbsp;&nbsp; $13.54 | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $0.21 | $0.25 | &nbsp;&nbsp;&nbsp; $(0.28) | $(0.42) | $(0.70) | $13.09 | 1.75% | $318165 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 22%  |
| 07/01/23 | 06/30/24 | 11.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 1.88 | &nbsp;&nbsp;&nbsp; (0.16) |  | (0.16) | 13.54 | 16.05 | 311205 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp; 41  |
| 07/01/22 | 06/30/23 | 10.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | 1.77 | &nbsp;&nbsp;&nbsp; (0.21) | (0.08) | (0.29) | 11.82 | 17.50 | 227407 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp; 73  |
| 07/01/21 | 06/30/22 | 13.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; (1.68) | (1.53) | &nbsp;&nbsp;&nbsp; (0.11) | (1.10) | (1.21) | 10.34 | &nbsp;&nbsp; (12.75) | 232340 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp; 43  |
| 07/01/20 | 06/30/21 | 10.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | 3.33 | &nbsp;&nbsp;&nbsp; (0.03) | (0.73) | (0.76) | 13.08 | 32.55 | 417419 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp; 51  |
| 07/01/19 | 06/30/20 | 11.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.07) | (0.04) | &nbsp;&nbsp;&nbsp; (0.10) | (0.50) | (0.60) | 10.51 | &nbsp;&nbsp; (0.66) | 287081 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&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\*** |
| 07/01/24 | 12/31/24 | 13.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.25 | &nbsp;&nbsp;&nbsp; (0.26) | (0.42) | (0.68) | 13.06 | 1.72 | 15482 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp; 22  |
| 07/01/23 | 06/30/24 | 11.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 1.86 | &nbsp;&nbsp;&nbsp; (0.14) |  | (0.14) | 13.49 | 15.91 | 12912 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp; 41  |
| 07/01/22 | 06/30/23 | 10.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | 1.75 | &nbsp;&nbsp;&nbsp; (0.20) | (0.08) | (0.28) | 11.77 | 17.30 | 14922 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp; 73  |
| 07/01/21 | 06/30/22 | 13.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (1.67) | (1.54) | &nbsp;&nbsp;&nbsp; (0.09) | (1.10) | (1.19) | 10.30 | &nbsp;&nbsp; (12.89) | 19007 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp; 43  |
| 07/01/20 | 06/30/21 | 10.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | 3.30 | &nbsp;&nbsp;&nbsp; (0.02) | (0.73) | (0.75) | 13.03 | 32.36 | 39751 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp; 51  |
| 07/01/19 | 06/30/20 | 11.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.06) | (0.05) | &nbsp;&nbsp;&nbsp; (0.09) | (0.50) | (0.59) | 10.48 | &nbsp;&nbsp; (0.77) | 22224 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&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\*** |
| 07/01/24 | 12/31/24 | 13.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.22 | &nbsp;&nbsp;&nbsp; (0.21) | (0.42) | (0.63) | 12.87 | 1.54 | 3057 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp; 22  |
| 07/01/23 | 06/30/24 | 11.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | 1.80 | &nbsp;&nbsp;&nbsp; (0.12) |  | (0.12) | 13.28 | 15.58 | 2968 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp; 41  |
| 07/01/22 | 06/30/23 | 10.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | 1.70 | &nbsp;&nbsp;&nbsp; (0.19) | (0.08) | (0.27) | 11.60 | 17.05 | 2689 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp; 73  |
| 07/01/21 | 06/30/22 | 12.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (1.65) | (1.55) | &nbsp;&nbsp;&nbsp; (0.06) | (1.10) | (1.16) | 10.17 | &nbsp;&nbsp; (13.09) | 2387 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp; 43  |
| 07/01/20 | 06/30/21 | 10.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | 3.24 | &nbsp;&nbsp;&nbsp; (0.01) | (0.73) | (0.74) | 12.88 | 32.01 | 3728 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp; 51  |
| 07/01/19 | 06/30/20 | 11.03 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.07) | (0.08) | &nbsp;&nbsp;&nbsp; (0.07) | (0.50) | (0.57) | 10.38 | &nbsp;&nbsp; (1.04) | 3816 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&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\*** |
| 07/01/24 | 12/31/24 | &nbsp;&nbsp; 11.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.07) | 0.01  | &nbsp;&nbsp;&nbsp; (0.23) |  | (0.23) | 11.45 | &nbsp;&nbsp; 0.05 | 600455 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/23 | 06/30/24 | 10.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; 1.03 | 1.23 | &nbsp;&nbsp;&nbsp; (0.19) |  | (0.19) | 11.67 | &nbsp;&nbsp; 11.74 | 622254 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/22 | 06/30/23 | 10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 0.63 | &nbsp;&nbsp;&nbsp; (0.13) |  | (0.13) | 10.63 | 6.27 | 537466 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 69  |
| 07/01/21 | 06/30/22 | 12.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (2.50) | (2.36) | &nbsp;&nbsp;&nbsp; (0.08) |  | (0.08) | 10.13 | &nbsp;&nbsp; (18.87) | 504216 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | 3.78 | &nbsp;&nbsp;&nbsp; (0.07) |  | (0.07) | 12.57 | 42.71 | 529908 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 61  |
| 07/01/19 | 06/30/20 | 9.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (0.48) | (0.37) | &nbsp;&nbsp;&nbsp; (0.11) |  | (0.11) | 8.86 | &nbsp;&nbsp; (4.04) | 267282 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 62  |
| **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\*** |
| 07/01/24 | 12/31/24 | &nbsp;&nbsp; 11.66  | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.07) |  | &nbsp;&nbsp;&nbsp; (0.22) |  | (0.22) | 11.44  | &nbsp;&nbsp; (0.05)  | 4952 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/23 | 06/30/24 | 10.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 1.21  | &nbsp;&nbsp;&nbsp; (0.17) |  | (0.17) | 11.66  | &nbsp;&nbsp; 11.60  | 3220 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/22 | 06/30/23 | 10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.60 | &nbsp;&nbsp;&nbsp; (0.11) |  | (0.11) | 10.62 | 6.01 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp; 69  |
| 07/01/21 | 06/30/22 | 12.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (2.50) | (2.37) | &nbsp;&nbsp;&nbsp; (0.06) |  | (0.06) | 10.13 | &nbsp;&nbsp; (18.93) | 4368 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | 3.76 | &nbsp;&nbsp;&nbsp; (0.05) |  | (0.05) | 12.56 | 42.56 | 5908 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp; 61  |
| 07/01/19 | 06/30/20 | 9.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (0.49) | (0.39) | &nbsp;&nbsp;&nbsp; (0.09) |  | (0.09) | 8.85 | &nbsp;&nbsp; (4.29) | 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\*** |
| 07/01/24 | 12/31/24 | &nbsp;&nbsp; 11.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.08) | (0.02) | &nbsp;&nbsp;&nbsp; (0.19) |  | (0.19) | 11.48 | &nbsp;&nbsp; (0.16) | 217 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/23 | 06/30/24 | 10.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; 1.04 | 1.19 | &nbsp;&nbsp;&nbsp; (0.15) |  | (0.15) | 11.69 | &nbsp;&nbsp; 11.32 | 225 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/22 | 06/30/23 | 10.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.58 | &nbsp;&nbsp;&nbsp; (0.09) |  | (0.09) | 10.65 | 5.76 | 220 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp; 69  |
| 07/01/21 | 06/30/22 | 12.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (2.50) | (2.40) | &nbsp;&nbsp;&nbsp; (0.04) |  | (0.04) | 10.16 | &nbsp;&nbsp; (19.11) | 27 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | 3.74 | &nbsp;&nbsp;&nbsp; (0.01) |  | (0.01) | 12.60 | 42.17 | 24 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; 61  |
| 07/01/19 | 06/30/20 | 9.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.50) | (0.42) | &nbsp;&nbsp;&nbsp; (0.08) |  | (0.08) | 8.87 | &nbsp;&nbsp; (4.61) | 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\*** |
| 07/01/24 | 12/31/24 | 15.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | 0.45 | &nbsp;&nbsp;&nbsp; (0.22) | (0.99) | (1.21) | 14.67 | 2.64 | 1907893 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/23 | 06/30/24 | 13.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | 2.00 | &nbsp;&nbsp;&nbsp; (0.25) |  | (0.25) | 15.43 | 14.80 | 1890909 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 24  |
| 07/01/22 | 06/30/23 | 12.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | 2.11 | &nbsp;&nbsp;&nbsp; (0.22) | (0.25) | (0.47) | 13.68 | 17.67 | 1664063 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 17  |
| 07/01/21 | 06/30/22 | 14.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (1.42) | (1.19) | &nbsp;&nbsp;&nbsp; (0.20) | (0.98) | (1.18) | 12.04 | &nbsp;&nbsp; (8.68) | 1237283 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/20 | 06/30/21 | 10.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | 4.19 | &nbsp;&nbsp;&nbsp; (0.39) |  | (0.39) | 14.41 | 40.12 | 1149351 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| 07/01/19 | 06/30/20 | 10.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp; (0.20) | 0.36 | &nbsp;&nbsp;&nbsp; (0.10) | (0.12) | (0.22) | 10.61 | 3.27 | 452012 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

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

76<br>

------

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

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share**<br>**Outstanding**<br>**Throughout**<br>**Each Fiscal Period:** | **For a Share**<br>**Outstanding**<br>**Throughout**<br>**Each Fiscal Period:** | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment** <br>**Income**<br>(Loss) | **Net**<br>**Realized**<br>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending** | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment** <br>**Income**<br>(Loss) | **Net**<br>**Realized**<br>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  | **Brown Advisory - Beutel Goodman Large-Cap Value Fund (Continued)**  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/24 | 12/31/24 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.30 | $0.43 | &nbsp;&nbsp;&nbsp; $(0.20) | $(0.99) | $(1.19) | $14.62 | &nbsp;&nbsp; 2.51% | $18727 | &nbsp;&nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; 15%  |
| 07/01/23 | 06/30/24 | 13.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | 1.99 | &nbsp;&nbsp;&nbsp; (0.25) |  | (0.25) | 15.38 | 14.73 | 16639 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 24  |
| 07/01/22 | 06/30/23 | 12.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | 2.08 | &nbsp;&nbsp;&nbsp; (0.21) | (0.25) | (0.46) | 13.64 | 17.46 | 2535 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 17  |
| 07/01/21^ | 06/30/22 | 14.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (1.42) | (1.21) | &nbsp;&nbsp;&nbsp; (0.20) | (0.98) | (1.18) | 12.02 | &nbsp;&nbsp; (8.87) | 208 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 09/30/24^ | 12/31/24 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.69) | (0.68) | &nbsp;&nbsp;&nbsp; — |  |  | 9.32 | &nbsp;&nbsp; (6.80) | 121149 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &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\*** |
| 09/30/24^ | 12/31/24 | 10.00 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.68) | (0.68) | &nbsp;&nbsp;&nbsp; — |  |  | 9.32 | &nbsp;&nbsp; (6.80) | 9 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |

---

\* Information for periods beginning after June 30, 2024 is unaudited. Redemption fees of less than $0.005/share are not presented and are included in net realized & unrealized gains (losses) from investment operations. 

<sup>^</sup> Information presented is for the entire history of the share class.

<sup>(a)</sup> Calculated based on average shares outstanding during the fiscal period.

<sup>(b)</sup> Annualized for periods less than one year. Ratios include only income and expenses of the funds themselves, as presented in the Statements of Operations, and do not include any additional or pro rata amounts of income or expenses from the ownership of any other investment companies (as applicable).

<sup>(c)</sup> Not annualized for periods less than one year. Portfolio turnover rates are calculated at the fund level (not by individual share class).

<sup>(d)</sup> Reflects the expense ratio excluding any expense waivers or expense recoupments.

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

77<br>

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

**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)** 

**NOTE 1. ORGANIZATION** 

Brown Advisory Funds (the "Trust") is registered under the Investment Company Act of 1940 as an open-ended management investment company. The Trust offers the following series of shares (each a "Fund," and collectively, the "Funds"):

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Sustainable Small-Cap Core Fund** ("Sustainable Small-Cap Core Fund") seeks to achieve long-term capital appreciation
 by investing primarily in equity securities of small-cap companies,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Sustainable Value Fund** ("Sustainable Value Fund") seeks to achieve long-term capital appreciation,

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Intermediate Income Fund** ("Intermediate Income Fund") seeks to provide a high level of current income consistent with
 the preservation of principal within an intermediate-term maturity structure,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Sustainable Bond Fund** ("Sustainable Bond Fund") seeks to provide a competitive total return consistent with the preservation
 of principal while giving special consideration to certain 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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**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Emerging Markets Select Fund** ("Emerging Markets Select Fund") seeks to achieve total return by investing principally
 in equity securities issued by companies established or operating in emerging markets, and

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory - WMC Japan Equity Fund** ("WMC Japan Equity Fund") seeks to achieve total return by investing principally in equity
 securities of companies which are domiciled in or exercise the predominant part of their economic activity in Japan.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Institutional**<br>**Shares** | **Investor**<br>**Shares** | **Advisor**<br>**Shares**  |
| Growth Equity | 10/19/2012 | 6/28/1999 | 5/18/2006  |
| Flexible Equity | 10/19/2012 | 11/30/2006 | 1/24/2007  |
| Sustainable Growth | 6/29/2012 | 6/29/2012 | 6/29/2012  |
| Mid-Cap Growth | 7/2/2018 | 10/2/2017 | —  |
| Small-Cap Growth | 9/20/2002 | 6/28/1999 | 4/25/2006  |
| Small-Cap Fundamental Value | 10/19/2012 | 12/31/2008 | 7/28/2011  |
| Sustainable Small-Cap Core | 9/30/2021 | 9/30/2021 | —  |
| Sustainable Value | 2/28/2023 | 2/28/2023 | —  |
| Global Leaders | 10/31/2018 | 7/1/2015 | —  |
| Sustainable International Leaders | 2/28/2022 | 2/28/2022 | —  |
| Intermediate Income |  | 11/2/1995 | 5/13/1991  |
| Sustainable Bond | 7/2/2018 | 8/7/2017 | —  |
| Maryland Bond |  | 12/21/2000 | —  |
| Tax-Exempt Bond | 7/2/2018 | 6/29/2012 | —  |
| Tax-Exempt Sustainable Bond |  | 12/2/2019 | —  |
| Mortgage Securities | 5/13/2014 | 12/26/2013 | —  |
| WMC Strategic European Equity | 10/21/2013 | 10/21/2013 | 10/21/2013  |
| Emerging Markets Select | 12/12/2012 | 12/12/2012 | 12/12/2012  |
| Beutel Goodman Large-Cap Value | 2/13/2018 | 6/30/2021 | —  |
| WMC Japan Equity | 9/30/2024 | 9/30/2024 |  |

---

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Funds are investment companies and follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies, which is part of U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Security Valuation – The Funds have adopted pricing and valuation procedures pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the Adviser serves as the Funds Valuation Designee. The Valuation Designee performs all fair value determinations along with all other responsibilities in accordance with Rule 2a-5. As Valuation Designee, the Adviser is authorized to make all necessary determinations of fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from independent pricing services are inaccurate or unreliable.

The Funds have adopted US GAAP fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the

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**December 31, 2024 (Unaudited)(Continued)** 

various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc).

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

**Domestic Equity Securities – Domestic equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market<sup>®</sup> ("NASDAQ"), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over- the counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Such domestic equity securities are typically categorized as Level 1 securities. Investments in other domestic open-ended mutual funds are valued at their reported Net Asset Value ("NAV") and are typically categorized as Level 1 securities. Investments in Exchange Traded Funds ("ETFs") and Closed-End Funds are valued at their last reported sale price and are typically categorized as Level 1 securities.** 

**Foreign Equity Securities – For foreign equity securities that are traded on foreign exchanges, the Funds have selected ICE Data Services ("ICE") to provide pricing data. The use of ICE's pricing services with respect to these foreign exchange traded securities is designed to capture events occurring after a foreign exchange closes that may affect the value of certain holdings of the Funds that are traded on those foreign exchanges. The Funds utilize a confidence interval when determining whether or not to utilize these prices provided by ICE. The confidence interval is a measure of the relationship that each foreign exchange traded security has to movements in various indices and the price of the foreign exchange traded security's corresponding American Depositary Receipt, if one exists. ICE provides a confidence interval for each foreign exchange traded security for which it provides a price. If the confidence interval provided by ICE is equal to or greater than a predefined level utilized by the Funds, the Funds will value that foreign exchange traded security at that price. If the confidence interval provided by ICE is less than the predefined level utilized by the Funds, the Funds will value that foreign exchange traded security at the preceding closing price on its respective foreign exchange, or, if there were no transactions on the preceding day, at the mean between the bid and the asked prices. Such foreign securities are typically categorized as Level 2 securities. Foreign securities for which the local market closing prices are utilized are typically categorized as Level 1 securities.** 

**Debt Securities – Debt securities are valued by using the mean between the closing bid and asked prices provided by an independent pricing service. If the closing bid and asked prices are not readily available, the independent pricing service may provide a price determined by a matrix pricing method. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. Fixed income debt instruments, such as commercial paper, banker's acceptances and U.S. Treasury Bills, having a maturity of less than 60 days are valued at amortized cost when the amortized cost value is determined to approximate fair value established using market-based and issuer-specific factors. Such debt securities are typically categorized as Level 2.** 

**Exchange Traded Options – Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes (NBBO). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Specifically, composite pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Such options are typically categorized as Level 2.** 

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**December 31, 2024 (Unaudited)(Continued)** 

**Futures Contracts – Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1 securities.** 

**Forward Foreign Currency Contracts – Forward foreign currency contracts are valued at the prevailing forward exchange rates of the underlying currencies and are categorized as Level 2 securities.** 

Securities for which quotations are not readily available, or for which quotations are deemed to be inaccurate or unreliable, are valued at their respective fair values as determined in good faith under guidelines and procedures adopted by the Board of Trustees. These are generally considered Level 3 securities when significant unobservable inputs are utilized in the determination of the fair value. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the guidelines and procedures adopted by the Board of Trustees. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of the date of this report, the Small-Cap Growth Fund and Emerging Markets Select Fund held Level 3 securities for which significant and unobservable inputs or assumptions were used in the determination of fair value. The total value of such securities held as of the date of this report was $1,022,788 or 0.1% of Small-Cap Growth Fund's net assets and $1,848 or 0.0% of Emerging Market Select Fund's net assets. The following is a summary of inputs used to value the Funds' investments as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Growth Equity Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $752157790  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 15433321 | —  | —  |
| **Total Investments** | $767591111 | $—  | $—  |
| **Flexible Equity Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $987469240  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 7714733 | —  | —  |
| **Total Investments** | $995183973 | $—  | $—  |
| **Sustainable Growth Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $9612568306  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 163564262 | —  | —  |
| **Total Investments** | $9776132568  | $—  | $—  |
| **Mid-Cap Growth Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $70698694  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1659716 | —  | —  |
| **Total Investments** | $72358410 | $—  | $—  |
| **Small-Cap Growth Fund†**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1416188610  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; REIT^ | 17790638  | —  | —  |
| &nbsp;&nbsp;&nbsp; Private Placements | —  | —  | 1022788  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 23011074 | —  | —  |
| **Total Investments**  | $1456990322  | $—  | $1022788  |

---

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**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Small-Cap Fundamental Value Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $1245368161  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; REIT^ | 83524043  | —  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 39810847 | —  | —  |
| **Total Investments**  | $1368703051  | $—  | $—  |
| **Sustainable Small-Cap Core Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $79234304  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; REIT^ | 3099929  | —  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 3609646 | —  | —  |
| **Total Investments** | $85943879 | $—  | $—  |
| **Sustainable Value Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $118401506  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 5915302 | —  | —  |
| **Total Investments** | $124316808 | $—  | $—  |
| **Global Leaders Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $—  | $30339043  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | —  | 47420756  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | —  | 35945813  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | —  | 74475613  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany  | —  | 129612110  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | —  | 62385354  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | —  | 37642277  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 34048941  | 49532500  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | —  | 32546021  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | —  | 54295157  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 73331197  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom  | —  | 207460169  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 1205018589  | —  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 9657491 | —  | —  |
| **Total Investments**  | $1322056218  | $761654813  | $—  |
| **Sustainable International Leaders Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $—  | $758505  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 2035555  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | —  | 786323  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | —  | 744122  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | —  | 4117219  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany  | —  | 2733771  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1522359  | 565070  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | —  | 979288  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | —  | 1280154  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | —  | 2245148  | —  |

---

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**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Sustainable International Leaders Fund - (Continued)**  | **Sustainable International Leaders Fund - (Continued)**  | **Sustainable International Leaders Fund - (Continued)**  | **Sustainable International Leaders Fund - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  | &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  | &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  | &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | $—  | $693561  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | —  | 658202  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | —  | 1663413  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom  | —  | 8919726  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 2015691  | —  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 611561 | —  | —  |
| **Total Investments** | $6185166  | $26144502  | $—  |
| **Intermediate Income Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities | $—  | $40320129  | $—  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | —  | 37239354  | —  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | —  | 32854979  | —  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | —  | 5303680  | —  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities | —  | 2385354  | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage-Backed Securities | —  | 643108  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2823204 | —  | —  |
| **Total Investments** | $2823204  | $118746604 | $—  |
| **Futures Contracts - Long\*** | $(70856) | $—  | $—  |
| **Futures Contracts - Short\*** | $43609 | $—  | $—  |
| **Sustainable Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities | $—  | $177984049  | $—  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | —  | 176749495  | —  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | —  | 105037770  | —  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agency Issues | —  | 82555393  | —  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | —  | 27465373  | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities | —  | 6175335  | —  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 5141320  | —  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 778231  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 6592657 | 799346  | —  |
| **Total Investments** | $6592657  | $582686312 | $—  |
| **Futures Contracts - Long\*** | $(1276621) | $— | $—  |
| **Futures Contracts - Short\*** | $561037 | $— | $—  |
| **Maryland Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $—  | $163884887  | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1650648 | —  | —  |
| **Total Investments** | $1650648  | $163884887  | $—  |
| **Tax-Exempt Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $—  | $1003810120  | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 17577482 | —  | —  |
| **Total Investments** | $17577482  | $1003810120  | $—  |

---

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**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Tax-Exempt Sustainable Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $—  | $288517026  | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 4729306 | —  | —  |
| **Total Investments** | $4729306  | $288517026  | $—  |
| **Mortgage Securities Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities | $—  | $269642816  | $—  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | —  | 21209877  | —  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities | —  | 11409313  | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities | —  | 2003657  | —  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | —  | 347854  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 27394863 | —  | —  |
| **Total Investments** | $27394863  | $304613517 | $—  |
| **Futures Contracts - Long\*** | $(154372) | $—  | $—  |
| **Futures Contracts - Short\*** | $319053 | $—  | $—  |
| **WMC Strategic European Equity Fund** | **WMC Strategic European Equity Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | $—  | $11404736  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | —  | 18010125  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic | —  | 2527268  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | —  | 15075034  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | —  | 5084283  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | —  | 35980963  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | —  | 44182043  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 3581354  | 14544323  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | —  | 2669116  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | —  | 11953531  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | —  | 3289833  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 6447170  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | —  | 14222655  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | —  | 6496778  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | —  | 17583869  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 3803463  | 103912099  | —  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | —  | 3183593  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 10034682 | —  | —  |
| **Total Investments** | $23866669 | $310120249  | $—  |
| **Emerging Markets Select Fund†**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $—  | $21786474  | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 5444865  | 157704016  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary | —  | 8272271  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | —  | 115848825  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | —  | 25143842  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan  | 3545374  | —  | —  |

---

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**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Emerging Markets Select Fund - (Continued)**  | **Emerging Markets Select Fund - (Continued)**  | **Emerging Markets Select Fund - (Continued)**  | **Emerging Markets Select Fund - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  | &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  | &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  | &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | $—  | $—  | $1848  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 6982320  | 31045789  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | —  | 2684203  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | —  | 74475770  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | —  | 88870221  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 17505562  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | —  | 2625917  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 2414395  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 13636359  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | —  | 5671818  | —  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | —  | 12974988  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 3032868 | —  | —  |
| **Total Investments** | $32641786  | $567024091  | $1848  |
| **Beutel Goodman Large-Cap Value Fund** | **Beutel Goodman Large-Cap Value Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $1853738672  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 68942245 | —  | —  |
| **Total Investments**  | $1922680917  | $—  | $—  |
| **WMC Japan Equity Fund** | **WMC Japan Equity Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $—  | $110934761  | $—  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 3337688  | —  | —  |
| &nbsp;&nbsp;&nbsp; REIT^ | —  | 1821335  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 6037705 | —  | —  |
| **Total Investments** | $9375393  | $112756096  | $— |

---

^ Real Estate Investment Trusts

\* Amounts presented for Futures Contracts represent total unrealized appreciation (depreciation) as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;† A reconciliation of Level 3 investments
 is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation
 to net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Securities Transactions and Investment Income – Investment securities transactions are accounted for on trade date. Discounts/premiums on debt securities purchased are accreted/amortized to contractual maturity, estimated maturity, or next call date, as applicable. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. 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.

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**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses and Share Class Allocations – Expenses directly attributable to a Fund are charged to that Fund. Expenses attributable to more than one Fund are allocated to the respective Funds on the basis of relative net assets or other appropriate methods. In Funds with multiple share classes, each share class has equal rights to earnings and assets except that each share class bears different shareholder servicing and/or Rule 12b-1 distribution expenses. Each share class has exclusive voting rights with respect to matters that affect just that share class. Income, expenses (other than expenses attributable to a specific share class), and realized and unrealized capital gains or losses on investments are allocated to each share class on the basis of relative net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. Dollar amounts on the respective dates of such transactions.

The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Some of the Funds may invest in forward foreign currency contracts. These amounts are presented separately from realized and unrealized gains and losses from investments in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Options – The Funds may invest in options. When a Fund writes an option, an amount equal to the premium received by a Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gain from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency determining whether a Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchase by a Fund. A Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

When a Fund purchases an option, an amount equal to the premium paid by a Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if a Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non- income producing securities. None of the Funds purchased, sold or wrote any options during the six months ended December 31, 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

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**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

relationship to the interest rate on the Floaters. The interest rate on the Floaters is reset by a remarketing process typically every 7 to 35 days. After income is paid on the Floaters at current, short- term rates, the residual income from the underlying bond held by the TOB Trust goes to the Residual Interests. If a Fund is the depositor of the municipal bonds or other securities to the TOB Trust, the Fund will receive the proceeds from the TOB Trust's sale of the Floaters, less certain transaction costs. These proceeds may be used by the Fund to invest in other securities, which would have a leveraging effect on the Fund.

Residual Interests may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances, the holder of the Residual Interests bears substantially all of the underlying bond's downside investment risk and also benefits from any appreciation in the value of the underlying bond. Investments in Residual Interests typically will involve greater risk than investments in the underlying municipal bond, including the risk of loss of principal. Because changes in the interest rate on the Floaters inversely affect the residual interest paid on the Residual Interests, the value of the Residual Interests is generally more volatile than that of a fixed-rate municipal bond. Floaters and Residual Interests are subject to interest rate adjustment formulas which generally reduce or, in the extreme, eliminate the interest received by the Residual Interests when short-term interest rates rise, and increase the interest received when short-term interest rates fall.

The Residual Interests held by a Fund provide the Fund with the right to: (1) cause the holders of the Floaters to tender their notes at par, and (2) cause the sale of the underlying bond held by the TOB Trust, thereby collapsing the TOB Trust. A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. Each Fund does not currently intend to invest in a TOB Trust on a recourse basis, although each Fund reserves the right to do so in the future. TOB Trusts are typically supported by a liquidity facility provided by a third-party bank or other financial institution (the "Liquidity Provider") that allows the holders of the Floaters to tender their Floaters in exchange for payment of par plus accrued interest on any business day (subject to the non- occurrence of a TOTE, as such term is defined below). Depending on the structure of the TOB Trust, the Liquidity Provider may purchase the tendered Floaters, or the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered Floaters.

The TOB Trust may also be collapsed without the consent of a Fund, as the holder of the Residual Interest, upon the occurrence of certain "tender option termination events" (or "TOTEs") as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, or a judgment or ruling that interest on the underlying municipal bond is subject to federal income taxation. Upon the occurrence of a TOTE, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the Floaters up to par plus accrued interest owed on the Floaters and a portion of gain share, if any, with the balance paid out to the holder of the Residual Interests. In the case of a mandatory termination event, as defined in the TOB Trust agreements, after the payment of fees, the holders of the Floaters would be paid before the holders of the Residual Interests (i.e., the Fund). In contrast, in the case of a TOTE, after payment of fees, the holders of the Floaters and the holders of the Residual Interests would be paid pro rata in proportion to the respective face values of their certificates.

Under GAAP, securities of a Fund that are deposited into a TOB Trust continue to be treated as investments of the Fund and are presented on the Fund's Schedule of Investments and outstanding Floaters issued by a TOB Trust are presented as "Floating rate note obligations, interest and fees" in the liabilities section of the Fund's Statement of Assets and Liabilities and also includes interest and fees associated with the floating rate obligations. Interest income from the underlying security is recorded by the Fund on an accrual basis and included as part of "Interest Income" on the Statements of Operations. Interest expense and other fees incurred on the Floaters is included on the Statement of Operations as "Interest expense and fees on floating rate note obligations". During six months ended December 31, 2024, none of the Funds engaged in TOB transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Distributions to Shareholders – For Maryland Bond Fund, Tax-Exempt Bond Fund and Tax-Exempt Sustainable Bond Fund, distributions of net investment income, if any, are declared daily and paid monthly. Distributions to shareholders of net investment income, if any, are declared and paid monthly for the Intermediate Income Fund, Sustainable Bond Fund and Mortgage Securities Fund. The remaining Funds declare and pay net investment income, if any, at least annually. Distributions to shareholders of net capital gains, if any, are declared and

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**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

paid at least annually. Distributions are recorded on the ex-dividend date. If a Fund is involved in a reorganization in which it acquires, or is being acquired by another fund, an additional distribution of net investment income and/or capital gains may be made prior to such reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Federal Taxes – Each Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.

The Funds recognize tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities.

The Funds have analyzed their tax positions and have concluded that no liability for unrecognized tax benefits should be recorded related to uncertain income tax positions taken on returns filed for open tax years (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. 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%<br>|
| Small-Cap Fundamental Value  | 0.85%<br>|

---

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**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| **Fund**  | **Annual** <br>**Fee**  |
| Sustainable Small-Cap Core  | 0.85%<br>|
| Sustainable Value  | 0.60%<br>|
| Global Leaders<sup>1</sup>  | 0.65%<br>|
| Sustainable International Leaders<sup>1</sup>  | 0.75%<br>|
| Intermediate Income  | 0.30%<br>|
| Sustainable Bond  | 0.30%<br>|
| Maryland Bond  | 0.30%<br>|
| Tax-Exempt Bond  | 0.30%  |
| Tax-Exempt Sustainable Bond | 0.30%  |
| Mortgage Securities | 0.30%  |
| WMC Strategic European Equity<sup>2</sup> | 0.90%  |
| Emerging Markets Select<sup>2,3</sup> | 0.90%  |
| Beutel Goodman Large-Cap Value<sup>4</sup> | 0.45%  |
| WMC Japan Equity<sup>2</sup> | 0.80% |

---

<sup>1</sup> Brown Advisory Limited ("BAL") serves as sub-adviser to the Global Leaders Fund and the Sustainable International Leaders Fund and makes investment decisions on their behalf. BAL is compensated for its services by the Adviser.

<sup>2</sup> Wellington Management Company LLP ("Wellington") serves as sub-adviser to the WMC Strategic European Equity Fund, the Emerging Markets Select Fund, and the WMC Japan Equity Fund and makes investment decisions on their behalf. Wellington is compensated for its services by the Adviser. 

<sup>3</sup> Pzena Investment Management, LLC ("Pzena") serves as sub-adviser to the Emerging Markets Select Fund and makes investment decisions on its behalf. Pzena is compensated for its services by the Adviser.

<sup>4</sup> Beutel, Goodman & Company Ltd. ("Beutel Goodman") serves as sub-adviser to the Beutel Goodman Large-Cap Value Fund and makes investment decisions on its behalf. Beutel Goodman is compensated for its services by the Adviser.

These fees are reported on the Funds' Statements of Operations as "Investment advisory fees".

**Business Management Fees – The Adviser is also entitled to receive an annual business management fee of 0.05%, accrued daily and payable monthly, of the Funds' average daily net assets in exchange for its management and oversight of the non-investment advisory services provided to the Funds and the Trust. These fees are reported on the Funds' Statements of Operations as "Business management fees".** 

**Fee Waivers and Expense Reimbursements (Operating Expense Caps) – The Adviser has contractually agreed to waive a portion of its fees and reimburse certain expenses to limit total annual operating expenses as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund(s):** | **Institutional**<br>**Shares**  | **Investor**<br>**Shares** | **Advisor**<br>**Shares**  |
| Growth Equity, Flexible Equity, Sustainable Growth and Mid-Cap Growth  | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.22%  |
| Small-Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.44%  |
| Small-Cap Fundamental Value | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.43%  |
| Sustainable Small-Cap Core | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.33%  |
| Global Leaders | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.27%  |
| Sustainable International Leaders | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.25%  |
| Intermediate Income | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.78%  |
| Sustainable Bond | &nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.83%  |
| Maryland Bond and Mortgage Securities | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.85%  |
| Tax-Exempt Bond and Tax-Exempt Sustainable Bond | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.92%  |
| WMC Strategic European Equity | &nbsp;&nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.51%  |
| Emerging Markets Select | &nbsp;&nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.57%  |
| Sustainable Value and Beutel Goodman Large-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.10%  |
| WMC Japan Equity | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.40% |

---

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**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

During the six months ended December 31, 2024, the Adviser waived $8,139 in expenses for Mid-Cap Growth Fund, $49,181 in expenses for Sustainable Small-Cap Core Fund, $36,793 in expenses for Sustainable Value Fund, and $57,373 in expenses for Sustainable International Leaders Fund. The Adviser may recoup any waived amounts from the Funds if such reimbursement does not cause the Funds to exceed its existing expense limitations or the limitation in place at the time the reduction was originally made and the amount recouped is made within three years after the date on which the Adviser waived the expense. The Funds must pay their current ordinary operating expenses before the Adviser is entitled to any recoupment of previously waived fees and/or expenses. The cumulative amounts of previously waived fees that the Adviser may recoup from the Funds are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 |

---

During the six months ended December 31, 2024, the Adviser has recovered $140 of the $3,096 of previously waived fees in the Intermediate Income Fund.

**Distribution – ALPS Distributors, Inc. (the "Distributor") serves as principal underwriter for shares of the Funds and acts as each Fund's Distributor in a continuous public offering of each Fund's shares.** 

**Rule 12b-1 Distribution Fees – Under a Distribution Plan adopted pursuant to Rule 12b-1 under the Act ("Distribution Plan"), each Fund pays ALPS Distributors, Inc. (the "Distributor"), or any other entity as authorized by the Board, as compensation for the distribution-related and/or shareholder services provided by such entities an aggregate fee equal to 0.25% of the average daily net assets of Advisor Shares for each Fund. The Distributor may pay any or all amounts received under the Rule 12b-1 Plan to financial intermediaries or other persons, including the Adviser, for any distribution or service activity. These fees are reported in the Funds' Statements of Operations as "Distribution fees – Advisor Shares".** 

**Shareholder Servicing Fees – The Trust has also adopted a Shareholder Service Plan under which each Fund may pay a fee of up to 0.15% of the average daily net assets of each Fund's Investor and Advisor Shares (except for the Intermediate Income Fund, Sustainable Bond Fund, Maryland Bond Fund, Tax-Exempt Bond Fund, Tax-Exempt Sustainable Bond Fund and Mortgage Securities Fund, which may pay a fee of up to 0.05%) for shareholder services provided to the Funds by financial institutions, including the Adviser. The Adviser serves as the shareholder servicing agent of the Funds. These fees are reported in the Funds' Statements of Operations as "Service fees – Investor Shares" and "Service fees – Advisor Shares".** 

**Investments in Affiliates – Intermediate Income Fund – The Intermediate Income Fund and Mortgage Securities Fund are considered affiliates since Brown Advisory LLC is the Adviser to both of the Funds. In seeking to achieve its investment objective, the Intermediate Income Fund may invest a portion of its assets into the Mortgage Securities Fund. As of December 31, 2024, the Intermediate Income Fund did not own shares of the Mortgage Securities Fund.** 

The Intermediate Income Fund has entered into a Fee Waiver Agreement (the "Agreement") with the Adviser. Per the Agreement, the Intermediate Income Fund will waive Advisory Fees in an amount equal to the Advisory Fees earned by the Mortgage Securities Fund on the assets invested into it by the Intermediate Income Fund. For example, if the Intermediate Income Fund owned $10,000,000 worth of the Mortgage Securities Fund for an entire year, it would waive, on an annual basis, $30,000 in Advisory Fees ($10,000,000 multiplied by 0.30%, the annual Advisory Fee ratio for the Mortgage Securities Fund). For the six months ended December 31, 2024, the Intermediate Income Fund waived $3,864 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.

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**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

See the table below for details of the Intermediate Income Fund's investment in the Mortgage Securities Fund Institutional Shares for the six months ended December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Beginning** <br>**Market Value** <br>**6/30/2024** | **Purchases** | **Sales** | **Net** <br>**Realized** <br>**Gains** <br>(Losses) | **Change In** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Ending** <br>**Market Value** <br>**12/31/2024** | **Dividend** <br>**Income** | **Capital Gain** <br>**Distributions** | **Shares** <br>**Owned at** <br>**12/31/2024**  |
| $15322826<br>| $—  | $(15625531) | $(1931982) | $2234687  | $—  | $24811  | $—  | $— |

---

**Other Service Providers – U.S. Bancorp Fund Services, LLC ("Fund Services"), doing business as U.S. Bank Global Fund Services, an indirect wholly-owned subsidiary of U.S. Bancorp, serves as the Funds' Administrator ("Administrator"), and in that capacity, performs various administrative services for the Funds. Fund Services also serves as the Funds' fund accountant and transfer agent. Certain officers of the Trust are employees of Fund Services and the Funds' custodian, U.S. Bank, N.A., is an affiliate of the Administrator. Fees paid to Fund Services and U.S. Bank, N.A. for its service can be found in the Statements of Operations as "Administration, accounting and transfer agent fees" and "Custodian fees", respectively. Additional amounts for miscellaneous expenses may be paid by the Funds to Fund Services and included in "Miscellaneous expenses" in the Statements of Operations.** 

**Rule 17a-7 Transactions – Each Fund is permitted to purchase and sell securities to certain affiliated parties under specified conditions outlined in procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. Pursuant to these procedures, during the six months ended December 31, 2024, the WMC Japan Equity Fund engaged in such securities purchases of $889,437. The WMC Strategic European Equity Fund and Emerging Markets Selects Fund engaged in such securities sales of $476,273 and $256,430, resulting in realized gain (loss) of $127,361 and $(46,486), respectively. These transactions are included in the purchases and sales table in Note 4.** 

**NOTE 4. PURCHASES AND SALES OF SECURITIES** 

The cost of purchases and the proceeds from sales of investments (including maturities), other than short-term investments, for the six months ended December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  |
| Growth Equity  | $135749910  | $572327210  |
| Flexible Equity  | 76247812  | 63723529  |
| Sustainable Growth  | 1427532514  | 2128518733  |
| Mid-Cap Growth  | 33037026  | 65807319  |
| Small-Cap Growth  | 252333875  | 471057799  |
| Small-Cap Fundamental Value | 268405073  | 330067679  |
| Sustainable Small-Cap Core  | 25023034  | 17518156  |
| Sustainable Value  | 27877024  | 10951390  |
| Global Leaders  | 223947277  | 169103777  |
| Sustainable International Leaders  | 5726660  | 11365292  |
| Intermediate Income  | 52888798  | 45153648  |
| Sustainable Bond  | 350012168  | 332164650  |
| Maryland Bond  | 48556085  | 50033116  |
| Tax-Exempt Bond  | 302031824  | 203351847  |
| Tax-Exempt Sustainable Bond  | 65674431  | 49684316  |
| Mortgage Securities  | 336450116  | 329968374  |
| WMC Strategic European Equity  | 77807338  | 74187110  |
| Emerging Markets Select  | 177093671  | 192429428  |
| Beutel Goodman Large-Cap Value  | 288736542  | 295803218  |
| WMC Japan Equity  | 143139991  | 21844191 |

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**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

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 December 31, 2024 as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales**  |
| Intermediate Income | $16775447 | $18062676  |
| Sustainable Bond | 34243584 | 10637496 |

---

**NOTE 5. FEDERAL INCOME TAX AND DISTRIBUTION INFORMATION** 

Distributions during the fiscal periods ended as noted were characterized for tax purposes as follows (tax character during the six months ended December 31, 2024 is estimated):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Tax Exempt Income** | **Tax Exempt Income** | **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain^**  | **Long-Term Capital Gain^**  |
| <br>**Fund** | **December 31,** <br>**2024** | **June 30,** <br>**2024** | **December 31,** <br>**2024** | **June 30,** <br>**2024** | **December 31,** <br>**2024** | **June 30,** <br>**2024**  |
| Growth Equity | $— | $—  | $43084378  | $—  | $416720745  | $150454901  |
| Flexible Equity |  | —  | 6762519  | 2099783  | 40696185  | 18908484  |
| Sustainable Growth |  | —  | 2661  | 633371  | 499072806  | 427  |
| Mid-Cap Growth |  | —  | —  | —  | —  | —  |
| Small-Cap Growth |  | —  | 6117075  | —  | 75779338  | —  |
| Small-Cap Fundamental Value |  | —  | 46218898  | 8209043  | 163905830  | 67260302  |
| Sustainable Small-Cap Core |  | —  | 531066  | 104510  | 190320  | —  |
| Sustainable Value |  | —  | 2349210  | 659597  | 459255  | —  |
| Global Leaders |  | —  | 10960233  | 8773970  | —  | —  |
|  Sustainable International Leaders |  | —  | 338796  | 153689  | 56740  | —  |
| Intermediate Income |  | —  | 2165551  | 3968874  | —  | —  |
| Sustainable Bond |  | —  | 13314671  | 24951274  | —  | —  |
| Maryland Bond | 2818752 | 5095216  | 45048  | 198465  | —  | —  |
| Tax-Exempt Bond | 18515250 | 31623163  | 1315584  | 2643317  | —  | —  |
| Tax-Exempt Sustainable Bond | 4631008 | 9552568  | 585571  | 834512  | —  | —  |
| Mortgage Securities |  | —  | 6634333  | 12150981  | —  | —  |
| &nbsp;&nbsp;&nbsp; WMC Strategic European <br>Equity |  | —  | 9565960  | 3666703  | 7838163  | —  |
| Emerging Markets Select |  | —  | 12032180  | 9953477  | —  | —  |
|  Beutel Goodman Large-Cap Value |  | —  | 40959212  | 30539664  | 110348849  | —  |
| WMC Japan Equity |  | N/A  | —  | N/A  | —  | N/A |

---

---

| | |
|:---|:---|
| ^<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 toreduce earnings and profits of the Fund related to net capital gains to zero as of the date of this report. |

---

92<br>

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

**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

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**  |
| Cost of 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  |
| Undistributed capital gains | 391342200 | 25678691  | 394648811  | —  | 73104332  | 106156824  |
| Total undistributed 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  |
| Undistributed capital gains | 190242 | —  | —  | —  | —  | —  |
| Total undistributed 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) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | 362,623^  | 2,439,852^  | 682,662^  | 826318  | 7817241  | 11449313  |
| Undistributed capital gains |  | —  | —  | —  | 2068798  | —  |
| Total undistributed 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 |

---

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

**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **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 |

---

^ Represents income that is exempt from federal income taxes.

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.

**NOTE 6. FUTURES CONTRACTS** 

The Intermediate Income Fund, Sustainable Bond Fund, and Mortgage Securities Fund invested in futures contracts during the six months ended December 31, 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.

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

**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

During the six months ended December 31, 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; $19004928  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3862070  |
| Sustainable Bond | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 98664117  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33127367  |
| Mortgage Securities | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 15827361  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15473409 |

---

Investment in long futures contracts increases a Fund's exposure to interest rate risk, while investment in short futures contracts serves to reduce a Fund's exposure to interest rate risk. Assets and/or liabilities related to futures contracts were not subject to an arrangement wherein those assets and/or liabilities were, or could have been, settled on a net basis with any other derivative related obligations.

**NOTE 7. LINE OF CREDIT** 

As of December 31, 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 7.50% (prime rate). The following table shows the details of the Funds' borrowing activity during six months ended December 31, 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**  |
| Growth Equity | $5194000  | &nbsp;&nbsp;&nbsp; $28228  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1118  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%  |
| Sustainable International Leaders | $2283000  | &nbsp;&nbsp;&nbsp; $17359  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $754  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.49%  |
| Emerging Markets Select | $7537000  | &nbsp;&nbsp;&nbsp; $69380  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2837  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% |

---

**NOTE 8. SUBSEQUENT EVENTS** 

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition through the date the financial statements were issued. No material events or transactions occurred subsequent to December 31, 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 December 31, 2024.

As a result, the Emerging Markets Select Fund has restated its Schedule of Investments and Statement of Assets and Liabilities as of December 31, 2024, and its Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights for the six months ended December 31, 2024. There was no change to the cost and value of investments presented in the Schedule of Investments as of December 31, 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>|  |  |
| Non-U.S. deferred tax  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | $4509738  |
| Total Liabilities  | &nbsp;&nbsp;&nbsp;&nbsp; 1357006  | 5866744  |
| Net Assets  | &nbsp;&nbsp;&nbsp;&nbsp; $610133053  | $605623315  |

---

95<br>

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

**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **As Previously Reported**  | **As Restated**  |
| **Components of Net Assets** <br>|  |  |
| Paid-in capital  | &nbsp;&nbsp;&nbsp;&nbsp; $592938758  | $592938758  |
| Total distributable earnings  | &nbsp;&nbsp;&nbsp;&nbsp; 17194295  | 12684557  |
| Net Assets  | &nbsp;&nbsp;&nbsp;&nbsp; $610133053  | $605623315  |
| **Computation of Net Asset Value** <br>|  |  |
| **Institutional Shares** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | &nbsp;&nbsp;&nbsp;&nbsp; $604925901  | $600454651  |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 52443617  | 52443617  |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | &nbsp;&nbsp;&nbsp;&nbsp; $11.53  | $11.45  |
| **Investor Shares** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | &nbsp;&nbsp;&nbsp;&nbsp; $4988476  | $4951604  |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 432776  | 432776  |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | &nbsp;&nbsp;&nbsp;&nbsp; $11.53  | $11.44  |
| **Advisor Shares** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | &nbsp;&nbsp;&nbsp;&nbsp; $218676  | $217060  |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 18910  | 18910  |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | &nbsp;&nbsp;&nbsp;&nbsp; $11.56  | $11.48 |

---

---

| | | |
|:---|:---|:---|
| **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; $—  | $1147323  |
| Net change in unrealized appreciation (depreciation):  | &nbsp;&nbsp;&nbsp;&nbsp; (16650741)  | (15503418)  |
| Net realized and unrealized gain (loss)  | &nbsp;&nbsp;&nbsp;&nbsp; (5976657)  | (4829334)  |
| Increase (decrease) in Net Assets From Operations  | &nbsp;&nbsp;&nbsp;&nbsp; $(1531884)  | $(384561) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **As Previously Reported**  | **As Restated**  |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp;&nbsp; $(16650741)  | $(15503418)  |
| Increase (decrease) in net assets from operations  | &nbsp;&nbsp;&nbsp;&nbsp; $(1531884)  | $(384561)  |
| Increase (decrease) in net assets  | &nbsp;&nbsp;&nbsp;&nbsp; $(21223738)  | $(20076415)  |
| Net assets - end of period  | &nbsp;&nbsp;&nbsp;&nbsp; $610133053  | $605623315 |

---

---

| | | |
|:---|:---|:---|
| **Financial Highlights**  | **As Previously Reported**  | **As Restated**  |
| **Institutional Shares** <br>|  |  |
| Net asset value, beginning of period  | &nbsp;&nbsp;&nbsp;&nbsp; $11.78  | $11.67  |
|  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; $(0.10)  | $(0.07)  |
| &nbsp;&nbsp;&nbsp; Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  | 0.01  |
| Net asset value, end of period  | &nbsp;&nbsp;&nbsp;&nbsp;11.53  | 11.45  |
| Total return  | &nbsp;&nbsp;&nbsp;&nbsp; (0.21)%  | 0.05%  |
| Net assets at end of period (000's)  | &nbsp;&nbsp;&nbsp;&nbsp; $604926  | $600455  |

---

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

**Brown Advisory Funds** 

**Notes to Financial Statements** 

**December 31, 2024 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Financial Highlights**  | **As Previously Reported**  | **As Restated**  |
| **Investor Shares** <br>|  |  |
| Net asset value, beginning of period  | &nbsp;&nbsp;&nbsp;&nbsp; $11.76  | $11.66  |
|  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; $(0.08)  | $(0.07)  |
| &nbsp;&nbsp;&nbsp; Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  | —  |
| Net asset value, end of period  | &nbsp;&nbsp;&nbsp;&nbsp;11.53  | 11.44  |
| Total return  | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)%  | (0.05)%  |
| Net assets at end of period (000's)  | &nbsp;&nbsp;&nbsp;&nbsp; $4988  | $4952  |
| **Advisor Shares** <br>|  |  |
| Net asset value, beginning of period  | &nbsp;&nbsp;&nbsp;&nbsp; $11.80  | $11.69  |
|  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; $(0.11)  | $(0.08)  |
| &nbsp;&nbsp;&nbsp; Total from investment operations  | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)  | (0.02)  |
| Net asset value, end of period  | &nbsp;&nbsp;&nbsp;&nbsp;11.56  | 11.48  |
| Total return  | &nbsp;&nbsp;&nbsp;&nbsp; (0.41)%  | (0.16)%  |
| Net assets at end of period (000's)  | &nbsp;&nbsp;&nbsp;&nbsp; $219  | $217 |

---

---

| | | |
|:---|:---|:---|
| **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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**BROWN ADVISORY FUNDS** 

**Additional Information** 

**December 31, 2024 (Unaudited)** 

**The below information is required disclosure from Form N-CSR**

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

(1) A special meeting was held on December 13, 2024 to vote on the election of trustees.

(2-3):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Trustee** | **Elected at** <br>**Meeting** | **Elected and** <br>**Continuing after** <br>**Meeting** | **Votes** <br>**For** | **Votes** <br>**Withheld**  |
| Darrell N. Braman | X |  | 779581957 | 2091271  |
| Margaret W. Adams |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X | 767967265 | 13705963  |
| Michael D. Hankin |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X | 779414186 | 2259042  |
| Henry H. Hopkins |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X | 768947235 | 12725993  |
| Georgette D. Kiser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X | 771920564 | 9752664  |
| Thomas F. O'Neil III |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X | 769349047 | 12324181  |
| Neal F. Triplett |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X | 757684236 | 23988992 |

---

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

**Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Funds, (ii) the Continuation of the Sub-Investment Advisory Agreements for the Sub-Advised Funds and (iii) the Adoption of the Investment Advisory Agreement and the Sub-Investment Advisory Agreement for a New Fund (Unaudited)** 

In accordance with the Investment Company Act of 1940, the Board of Trustees of the Trust is required, on an annual basis, to consider: (i) the continuation of the Investment Advisory Agreement between the Trust, on behalf of each of the Funds, and Brown Advisory LLC ("Brown Advisory" or the "Adviser"), as well as (ii) the continuation of each of the applicable Sub-Advisory Agreements that are being considered for continuation, and this must take place at an in-person meeting of the Board. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the continuation of the Investment Advisory Agreement and each of the Sub-Advisory Agreements, and it is the duty of the Adviser, and each of the Sub-Advisers, as applicable, to furnish the Trustees with such information that is responsive to their request. In addition, in accordance with the Investment Company Act of 1940, the Board of Trustees is also required to consider the initial adoption of the Investment Advisory Agreement and any applicable new Sub-Investment Advisory Agreement for any new Fund that is added to the Trust.

Set forth below is information regarding the Board's most recent consideration of the approval of the continuation of the Investment Advisory Agreement for each of the Funds and each of the Sub-Advisory Agreements, as well as information regarding the Board's recent approval of the adoption of the Investment Advisory Agreement and a Sub-Investment Advisory Agreement for a recently added series of the Trust. The first section provides information regarding the Board's review of matters with respect to the continuation of the Investment Advisory Agreement with Brown Advisory. In addition, set forth immediately following that section are separate discussions of the Board's consideration of matters with respect to: (1) the approval of the continuation of the Sub-Investment Advisory Agreement with respect to the Brown Advisory-WMC Strategic European Equity Fund; (2) the approval of the continuation of the Sub-Investment Advisory Agreement with respect to the Brown Advisory Global Leaders Fund; (3) the approval of the continuation of the Sub-Investment Advisory Agreement with respect to the Brown Advisory Sustainable International Leaders Fund; (4) the approval of the continuation of the Sub-Investment Advisory Agreement with respect to the Brown Advisory-Beutel Goodman Large-Cap Value Fund; (5) the approval of the continuation of each of the Sub-Investment Advisory Agreements for the Brown Advisory Emerging Markets Select

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**BROWN ADVISORY FUNDS** 

**Additional Information** 

**December 31, 2024 (Unaudited)(Continued)** 

Fund; and (6) the approval of the initial adoption of each of the Investment Advisory Agreement and the Sub-Investment Advisory Agreement for the Brown Advisory – WMC Japan Equity Fund, the most recently added series in the Trust.

1. Board of Trustees Approval of the Continuation of the Investment Advisory Agreement for the Funds

In determining whether to approve the continuation of the Investment Advisory Agreement with respect to each of the applicable Funds, the Trustees requested, and Brown Advisory provided, information and data relevant to the Board's consideration. This included materials prepared by Brown Advisory and by the Funds' administrator that provided the Board with information regarding the investment performance of the Funds, and information regarding the fees and expenses of the Funds, as compared to other similar mutual funds. As part of its deliberations, the Board also considered and relied upon information about the Funds and Brown Advisory that they had received during the past year in connection with their regular Board meetings at which they engage in the ongoing oversight of the Funds and their operations.

The Board most recently considered the continuation of the Investment Advisory Agreement at an in-person meeting held on September 10, 2024. At this meeting, the Board engaged in a thorough review process in connection with determining whether to continue the Investment Advisory Agreement. In addition, the Board also considered the continuation of the currently effective Expense Limitation Agreement with respect to each Fund which would limit the total operating expenses for each class of shares of each of the Funds through October 31, 2025.

Following their review and consideration, the Trustees determined that the continuation of the Investment Advisory Agreement with respect to each of the subject Funds was advisable and would enable shareholders of the Funds to continue to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of the Funds and their shareholders. Accordingly, the Board, including those Trustees who are not considered to be "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940 (the "Independent Trustees"), unanimously approved the continuation of the Investment Advisory Agreement. In reaching their decision, the Trustees requested and obtained from the Adviser such information as they deemed reasonably necessary to evaluate the Investment Advisory Agreement. The Trustees also carefully considered the profitability data and comparative fee, expense and performance information prepared for their use, which performance information included information comparing each Fund's investment performance to the performance of the Fund's benchmark performance index that is considered by the Board as being relevant for comparative purposes. In considering the continuation of the Investment Advisory Agreement with respect to each applicable Fund, the Trustees evaluated a number of factors that they believed, in light of their reasonable business judgment, to be relevant. They based their decision on the following considerations, among others, although they did not identify any one specific consideration or any particular information that was controlling of their decision:

**The nature, extent and quality of the advisory services provided. The Trustees concluded that Brown Advisory is capable of providing high quality services to the Funds, as indicated by the nature, extent and quality of the services provided in the past by Brown Advisory to each of the Funds, Brown Advisory's management capabilities as demonstrated with respect to the Funds, the professional qualifications and experience of each of the portfolio managers of the Funds, Brown Advisory's investment management and compliance oversight processes, and the competitive investment performance of the Funds. On the basis of the Trustees' assessment of the nature, extent and quality of the advisory services provided by Brown Advisory, the Trustees concluded that Brown Advisory is capable of generating a level of long-term investment performance that is appropriate in light of the Funds' investment objectives, policies and strategies and is competitive with many other comparable investment companies.** 

The Board received and reviewed performance information for each of the Funds separately, including performance information for applicable one-, three-, five- and ten-year periods ended June 30, 2024, and for shorter periods as applicable with respect to those Funds with shorter operating histories. The Board also reviewed with the representatives of Brown Advisory other information and data, including each Fund's performance against its benchmark performance index and its peers, as follows:

1. Flexible Equity Fund

The Board first reviewed information and materials regarding the performance results for the Flexible Equity Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the S&P 500 Index, for the three-year period ended June 30, 2024, but had outperformed its benchmark performance index

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for the one-, five- and ten-year periods ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three-, five- and ten-year periods ended June 30, 2024.

2. Growth Equity Fund

The Board next reviewed information and materials regarding the performance results for the Growth Equity Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the Russell 1000 Growth Index, for the one-, three-, five- and ten-year periods ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the one-, three-, five- and ten-year periods ended June 30, 2024. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

3. Small-Cap Fundamental Value Fund

The Board then reviewed information and materials regarding the performance results for the Small-Cap Fundamental Value Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Russell 2000 Value Index, for the one-, three-, five- and ten-year periods ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the five- and ten-year periods ended June 30, 2024, but had outperformed its peer group median for the one- and three-year periods ended June 30, 2024.

4. Small-Cap Growth Fund

The Board next reviewed information and materials regarding the performance results for the Small-Cap Growth Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Russell 2000 Growth Index, for the three- and ten-year periods ended June 30, 2024, but had underperformed its benchmark performance index for the one- and five-year periods ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the one-, five- and ten-year periods ended June 30, 2024, but had outperformed its peer group median for the three-year period ended June 30, 2024.

5. Sustainable Growth Fund

The Board then reviewed information and materials regarding the performance results for the Sustainable Growth Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the Russell 1000 Growth Index, for the one-, three-, five- and ten-year periods ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the three-, five- and ten-year periods ended June 30, 2024, but had underperformed its peer group median for the one-year period ended June 30, 2024.

6. Intermediate Income Fund

The Board next reviewed information and materials regarding the performance results for the Intermediate Income Fund, noting that the Investor Shares of the Fund had underperformed its benchmark performance index, the Bloomberg Intermediate US Aggregate Bond Index, for the one-, three-, five- and ten-year periods ended June 30, 2024. The Board noted that the Investor Shares of the Fund had underperformed its peer group median for the one-, three-, five- and ten-year periods ended June 30, 2024. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

7. Maryland Bond Fund

The Board then reviewed information and materials regarding the performance results for the Maryland Bond Fund, noting that the Investor Shares of the Fund had outperformed its benchmark performance index, the Bloomberg 1-10 Year Blended Municipal Bond Index, for the one-year period ended June 30, 2024, but had underperformed its benchmark performance for the three-, five- and ten-year periods ended June 30, 2024. The Board noted that the Investor Shares of the Fund had outperformed its peer group median for the one-, three- and five-year periods ended June 30, 2024, but had underperformed its peer group median for the ten-year period ended June 30, 2024.

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8. Tax-Exempt Bond Fund

The Board next reviewed information and materials regarding the performance results for the Tax-Exempt Bond Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Bloomberg 1-10 Year Blended Municipal Bond Index, for the one-, five- and ten-year periods ended June 30, 2024, but had underperformed its benchmark performance index for the three-year period ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three-, five- and ten-year periods ended June 30, 2024.

9. Emerging Markets Select Fund

The Board then reviewed information and materials regarding the performance results for the Emerging Markets Select Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the MSCI Emerging Markets Index, for the one-, three-, five- and ten-year periods ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the three-, five- and ten-year periods ended June 30, 2024, but had performed in line with its peer group median for the one-year period ended June 30, 2024. The members of the Board took into consideration that in February 2019 the Fund's previous Sub-Adviser that had been sub-advising the Fund since its inception in December 2012 was replaced by the current two Sub-Advisers and the Fund became subject to new principal investment strategies at that time.

10. WMC Strategic European Equity Fund

The Board next reviewed information and materials regarding the performance results for the WMC Strategic European Equity Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the MSCI Europe Index, for the one-, three-, five- and ten-year periods ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three- and five-year periods ended June 30, 2024.

11. Mortgage Securities Fund

The Board then reviewed information and materials regarding the performance results for the Mortgage Securities Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Bloomberg Mortgage Backed Securities Index, for the three-, five- and ten-year periods ended June 30, 2024, but had underperformed its benchmark performance index for the one-year period ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three- and five-year periods ended June 30, 2024.

12. Global Leaders Fund

The Board next reviewed information and materials regarding the performance results for the Global Leaders Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the MSCI All Country World Index, for the one-year period ended June 30, 2024, but had outperformed its benchmark performance index for the three- and five-year periods ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three- and five-year periods ended June 30, 2024.

13. Mid-Cap Growth Fund

The Board then reviewed information and materials regarding the performance results for the Mid-Cap Growth Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the Russell Midcap Growth Index, for the one-, three- and five-year periods ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the three- and five-year periods ended June 30, 2024, but had outperformed its peer group median for the one-year period ended June 30, 2024.

14. Sustainable Bond Fund

The Board next reviewed information and materials regarding the performance results for the Sustainable Bond Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the Bloomberg US Aggregate Bond Index, for the one-, three- and five-year periods ended June 30, 2024. The Board noted

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that the Institutional Shares of the Fund had underperformed its peer group median for the one-, three- and five-year periods ended June 30, 2024. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

15. Beutel Goodman Large-Cap Value Fund

The Board then reviewed information and materials regarding the performance results for the Beutel Goodman Large-Cap Value Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Russell 1000 Value Index, for the one-, three- and five-year periods ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three- and five-year periods ended June 30, 2024.

16. Tax-Exempt Sustainable Bond Fund

The Board next reviewed information and materials regarding the performance results for the Tax-Exempt Sustainable Bond Fund, noting that the Investor Shares of the Fund had outperformed its benchmark performance index, the Bloomberg 1-10 Year Blended Municipal Bond Index, for the one-year period ended June 30, 2024, but had underperformed its benchmark performance index for the three-year period ended June 30, 2024. The Board noted that the Investor Shares of the Fund had outperformed its peer group median for the one-year period ended June 30, 2024, but had underperformed its peer group median for the three-year period ended June 30, 2024.

17. Sustainable Small-Cap Core Fund

The Board then reviewed information and materials regarding the performance results for the Sustainable Small-Cap Core Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Russell 2000 Index, for the one-year period ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the one-year period ended June 30, 2024. The Board also noted that, because the Fund commenced operations in September 2021, the Fund has a relatively short performance history.

18. Sustainable International Leaders Fund

The Board next reviewed information and materials regarding the performance results for the Sustainable International Leaders Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the MSCI All Country World Index ex U.S. Index, for the one-year period ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the one-year period ended June 30, 2024. The Board also noted that, because the Fund commenced operations in February 2022, the Fund has a relatively short performance history.

19. Sustainable Value Fund

The Board then reviewed information and materials regarding the performance results for the Sustainable Value Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Russell 1000 Value Index, for the one-year period ended June 30, 2024. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-year period ended June 30, 2024. The Board also noted that, because the Fund commenced operations in February 2023, the Fund has a relatively short performance history.

**The cost of advisory services provided and the level of profitability. The Board also considered the advisory fees and overall expenses of the Funds as compared to the advisory fees and overall expenses of other mutual funds in each Fund's peer group, as well as profitability information with respect to Brown Advisory's management and operation of the Funds. On the basis of this comparative information, the Trustees determined that the overall advisory fees and expense ratios of the Funds are competitive with industry averages. The Trustees noted that Brown Advisory had proposed the continuation of their contractual commitment for the benefit of shareholders of the Funds to limit the Funds' operating expenses through October 31, 2025, subject to recoupment by the Adviser of certain amounts under specified circumstances.** 

The Board also considered Brown Advisory's level of profitability with respect to each of the subject Funds and noted that Brown Advisory's level of profitability was acceptable and not unreasonable. The Board reviewed the extent to which Brown Advisory uses its own financial resources to help promote and market the Funds in order to support

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various components of the distribution efforts of the Funds. In considering the profitability of Brown Advisory from their operation of the Funds, the Trustees considered the level of profitability realized by Brown Advisory before the imposition of any distribution and marketing expenses incurred by the firm from its own resources. The Board also considered information regarding the fees that Brown Advisory charges to its other clients for investment advisory services that are similar to the advisory services provided to the Funds and the Board noted that the fees charged to the Funds by the Adviser were reasonable in light of the nature of the services provided by the Adviser to the other accounts, the types of accounts involved, and the applicable services provided in each case. Accordingly, on the basis of the Board's review of the fees charged by Brown Advisory for investment advisory services, the investment advisory and other services provided to the Funds by Brown Advisory, and the level of profitability from Brown Advisory's relationship with the Funds, the Board concluded that the level of investment advisory fees and Brown Advisory's profitability were appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies.

The Board reviewed with the representatives of Brown Advisory certain fee and expense information for the relevant share classes of the Funds as compared to the advisory fees and overall expenses (excluding Rule 12b-1 fees) of other mutual funds in each Fund's peer group, as follows:

1. Flexible Equity Fund

The Board first reviewed expense information and materials for the Flexible Equity Fund, noting that due to the breakpoints provided for in the Investment Advisory Agreement, the investment advisory fee for the period was 0.43% for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.53%, which was lower than the median net expense ratio of its peer funds. The Board took into account that the Investment Advisory Agreement included breakpoints to the Fund's investment advisory fee such that the advisory fee charged with respect to the Fund would be 0.50% on all assets less than $150 million; 0.45% on all assets greater than or equal to $150 million but less than $250 million; 0.40% on all assets greater than or equal to $250 million but less than $1 billion; and 0.38% on all assets greater than or equal to $1 billion.

2. Growth Equity Fund

The Board next reviewed expense information and materials for the Growth Equity Fund, noting that due to the breakpoints provided for in the Investment Advisory Agreement, the investment advisory fee for the period was 0.59% for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.68%, which was lower than the median net expense ratio of its peer funds. The Board took into account that the Investment Advisory Agreement included breakpoints to the Fund's investment advisory fee such that the advisory fee charged with respect to the Fund would be 0.60% on all assets less than $1.5 billion; 0.55% on all assets greater than or equal to $1.5 billion but less than $3 billion; 0.50% on all assets greater than or equal to $3 billion but less than $6 billion; and 0.45% on all assets greater than or equal to $6 billion.

3. Small-Cap Fundamental Value Fund

The Board then reviewed expense information and materials for the Small-Cap Fundamental Value Fund, noting that the Investment Advisory Agreement provided for a 0.85% investment advisory fee for the Fund, which was above the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.95%, which was in line with the median net expense ratio of its peer funds.

4. Small-Cap Growth Fund

The Board next reviewed expense information and materials for the Small-Cap Growth Fund, noting that the Investment Advisory Agreement provided for a 0.85% investment advisory fee for the Fund, which was above the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.95%, which was lower than the median net expense ratio of its peer funds.

5. Sustainable Growth Fund

The Board then reviewed expense information and materials for the Sustainable Growth Fund, noting that due to the breakpoints provided for in the Investment Advisory Agreement, the investment advisory fee for the period was 0.51% for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense

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ratio of the Fund's Institutional Shares was 0.60%, which was lower than the median net expense ratio of its peer funds. The Board took into account that the Investment Advisory Agreement included breakpoints to the Fund's investment advisory fee such that the advisory fee charged with respect to the Fund would be 0.60% on all assets less than $1.5 billion; 0.55% on all assets greater than or equal to $1.5 billion but less than $3 billion; 0.50% on all assets greater than or equal to $3 billion but less than $6 billion; and 0.45% on all assets greater than or equal to $6 billion.

6. Intermediate Income Fund

The Board next reviewed expense information and materials for the Intermediate Income Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Investor Shares was 0.49%, which was lower than the median net expense ratio of its peer funds.

7. Maryland Bond Fund

The Board then reviewed expense information and materials for the Maryland Bond Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Investor Shares was 0.49%, which was lower than the median net expense ratio of its peer funds.

8. Tax-Exempt Bond Fund

The Board next reviewed expense information and materials for the Tax-Exempt Bond Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.40%, which was lower than the median net expense ratio of its peer funds.

9. Emerging Markets Select Fund

The Board then reviewed expense information and materials for the Emerging Markets Select Fund, noting that the Investment Advisory Agreement provided for a 0.90% investment advisory fee for the Fund, which was in line with the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 1.09%, which was higher than the median net expense ratio of its peer funds.

10. WMC Strategic European Equity Fund

The Board next reviewed expense information and materials for the WMC Strategic European Equity Fund, noting that the Investment Advisory Agreement provided for a 0.90% investment advisory fee for the Fund, which was in line with its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 1.05%, which was lower than the median net expense ratio of its peer funds.

11. Mortgage Securities Fund

The Board then reviewed expense information and materials for the Mortgage Securities Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.45%, which was lower than the median net expense ratio of its peer funds.

12. Global Leaders Fund

The Board next reviewed expense information and materials for the Global Leaders Fund, noting that the Investment Advisory Agreement provided for a 0.65% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.75%, which was lower than the median net expense ratio of its peer funds.

13. Mid-Cap Growth Fund

The Board then reviewed expense information and materials for the Mid-Cap Growth Fund, noting that the Investment Advisory Agreement provided for a 0.65% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.82%, which was lower than the median net expense ratio of its peer funds.

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14. Sustainable Bond Fund

The Board next reviewed expense information and materials for the Sustainable Bond Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.41%, which was lower than the median net expense ratio of its peer funds.

15. Beutel Goodman Large-Cap Value Fund

The Board then reviewed expense information and materials for the Beutel Goodman Large-Cap Value Fund, noting that the Investment Advisory Agreement provided for a 0.45% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.54%, which was lower than the median net expense ratio of its peer funds.

16. Tax-Exempt Sustainable Bond Fund

The Board next reviewed expense information and materials for the Tax-Exempt Sustainable Bond Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Investor Shares was 0.48%, which was lower than the median net expense ratio of its peer funds.

17. Sustainable Small-Cap Core Fund

The Board then reviewed expense information and materials for the Sustainable Small-Cap Core Fund, noting that the Investment Advisory Agreement provided for a 0.85% investment advisory fee for the Fund, which was in line with its peer funds. The Board also noted that the net expense ratio of the Fund's Investor Shares was 0.93%, which was lower than the median net expense ratio of its peer funds.

18. Sustainable International Leaders Fund

The Board next reviewed expense information and materials for the Sustainable International Leaders Fund, noting that the Investment Advisory Agreement provided for a 0.75% investment advisory fee for the Fund, which was in line with the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.85%, which was lower than the median net expense ratio of its peer funds.

19. Sustainable Value Fund

The Board then reviewed expense information and materials for the Sustainable Value Fund, noting that the Investment Advisory Agreement provided for a 0.60% investment advisory fee for the Fund, which was above the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Investor Shares was 0.70%, which was lower than the median net expense ratio of its peer funds.

**The extent to which economies of scale may be realized as the Funds grow and whether the advisory fees reflect possible economies of scale. While it was noted that, for most of the Funds, the Funds' investment advisory fees will not decrease as those Funds' assets grow because they are not subject to investment advisory fee breakpoints, the Trustees concluded that the Funds' investment advisory fees are appropriate in light of the size of the Funds, and appropriately reflect the current economic environment for Brown Advisory and the competitive nature of the mutual fund market. The Trustees took into consideration that the Adviser has previously informed the Board that the Adviser has consistently attempted to set the investment advisory fees at a level that provides for economies of scale by being set at a starting point that is at a reasonable rate without necessarily requiring the imposition of breakpoints, which approach has been favorably recognized by relevant court decisions as one of the acceptable means of achieving economies of scale. The Trustees also noted that the Funds' advisory fees are competitive against their peers. The Trustees further noted that they will have the opportunity to periodically re-examine whether any of the Funds not currently subject to breakpoints have achieved economies of scale, and the appropriateness of investment advisory fees payable to Brown Advisory with respect to the Funds, in the future at which time the implementation of fee breakpoints on other Funds could be considered further.** 

**Benefits to Brown Advisory from its relationship with the Funds (and any corresponding benefits to the Funds). The Trustees concluded that certain benefits that may be derived by Brown Advisory from its relationship with** 

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the Funds, including "soft dollar" benefits in connection with Fund brokerage transactions and use of the Funds' performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Funds and their shareholders. In addition, the Trustees determined that the Funds benefit from their relationship with Brown Advisory by virtue of Brown Advisory's provision of business management and shareholder services, in addition to investment advisory services, at a cost to the Funds that is generally comparable to the costs of an outside service provider, which the Trustees have previously determined to be reasonable, fair and in the best interests of the shareholders of the Funds in light of the nature and quality of the services provided and the necessity of the services for the Funds' operations.

**Other Considerations. In approving the continuation of the Investment Advisory Agreement, the Trustees determined that Brown Advisory has made a substantial commitment to the recruitment and retention of high-quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Funds in a professional manner that is consistent with the best interests of the Funds and their shareholders. The Board also acknowledged the experience and expertise of members of the Brown Advisory senior management team and the focus these individuals have on ensuring the Funds operate successfully. The Trustees also concluded that Brown Advisory has made a significant entrepreneurial commitment to the management and success of the Funds, which entails a substantial financial and professional commitment, including the Expense Limitation Agreement under which Brown Advisory has undertaken to waive a portion of its fees and to reimburse expenses of the Funds to the benefit of Fund shareholders to the extent necessary in accordance with the terms of the Expense Limitation Agreement. The Board also considered matters with respect to the brokerage practices of Brown Advisory, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

The Board also considered various matters with respect to the distribution and shareholder servicing arrangements applicable to the Funds and they considered the distribution fees and the non-distribution shareholder servicing fees payable with respect to certain of the share classes of the Funds, including certain of such fees which are payable to the Adviser for the shareholder administrative services that it provides to shareholders of the Funds. The Board took note of the fact that the non-distribution related shareholder administrative fees payable to the Adviser are intended to compensate the Adviser for providing certain administrative services to those Fund shareholders covered by the applicable servicing arrangements in the relevant share classes.

The Board also took into consideration the nature and extent of the business management fees payable to the Adviser by each of the Funds pursuant to which Brown Advisory provides certain business management services to the Funds, which the Board had previously considered and approved based upon a finding that the business management fees charged are fair and reasonable in light of the usual and customary charges made by others for services of the same nature and quality.

Additionally, the Trustees considered the overall nature and extent of the risks incurred by the Adviser as a result of managing its own proprietary family of mutual funds, which risks include, but are not necessarily limited to, entrepreneurial risk, reputational risk, financial risk, litigation risk, regulatory risk and business risk.

The Trustees also took into consideration the Adviser's statements that the Adviser has in the past, and intends to continue to going forward, reinvest profits into its business in order to make the necessary investments in personnel and infrastructure to continue to build out the Adviser's portfolio management and research capabilities and its operational, technology, compliance and cybersecurity infrastructure.

The Trustees also reviewed with the Adviser the efforts that the Adviser has taken in response to various regulatory developments relating to the Securities and Exchange Commission's ongoing monitoring and oversight of various types of investment strategies and practices relating to sustainable-related investment practices, including with respect to marketing and disclosure in connection with such investment strategies and practices, and the Trustees considered the extensive resources that the Adviser has devoted to its sustainable investing business and to its compliance oversight operations that are related to its sustainable investing business.

In reaching their conclusion with respect to the approval of the continuation of the Investment Advisory Agreement and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, but rather, the Board took note of a combination of factors that had influenced their decision-making process. They

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noted the level and quality of the investment advisory services provided by Brown Advisory to each of the Funds in the Trust, and they found that these services will continue to benefit the Funds and their shareholders and also reflected the Adviser's overall commitment to the continued growth and development of the Funds.

Based upon their review and consideration of these factors and other matters deemed relevant by the Board in reaching an informed business judgment, a majority of the Board of Trustees, including a majority of the Independent Trustees, concluded that the terms of the Investment Advisory Agreement, were fair and reasonable and the Board voted to renew the Investment Advisory Agreement with respect to the Funds for an additional one-year period.

2. Board of Trustees Approval of the Continuation of the Sub-Investment Advisory Agreement with Respect to the Brown Advisory-WMC Strategic European Equity Fund

The continuation of the Sub-Investment Advisory Agreement with respect to the Brown Advisory-WMC Strategic European Equity Fund between Brown Advisory and Wellington Management Company LLP, the sub-investment adviser to the Fund ("Wellington"), was also approved by the Board of Trustees at the Board meeting held on September 10, 2024.

In accordance with the Investment Company Act of 1940, the Board of Trustees was required to consider the approval of the continuation of the Sub-Investment Advisory Agreement, and this was required to take place at an in-person meeting of the Board. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the approval of the continuation of the Sub-Advisory Agreement, and it is the duty of Brown Advisory and Wellington, as applicable, to furnish the Trustees with such information that is responsive to their request.

Accordingly, in determining whether to approve the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Wellington, the Board of Trustees requested, and Brown Advisory and Wellington provided, information and data relevant to the Board's consideration.

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Wellington. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Wellington in connection with the management and operation of the Fund and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the operations of Wellington. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing monitoring program involving Wellington's investment activities with respect to Wellington's day-to-day portfolio management of the Fund's assets in order to make sure that Wellington is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Wellington with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Wellington, which reports contain detailed analyses of how Wellington is performing.

The Board reviewed and evaluated the information that Brown Advisory and Wellington had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Wellington and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Wellington is capable of providing high quality sub-advisory services to the Fund as indicated by the professional qualifications and experience of the portfolio managers of the Fund, and Wellington's investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Wellington, the Trustees concluded that Wellington is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

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**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Fund's operating expenses through October 31, 2025. The Board also took note of the fact that the sub-advisory fees for the Fund had been separately negotiated by Brown Advisory and Wellington. Accordingly, on the basis of the Board's review of the fees charged by Wellington for sub-investment advisory services provided to the Fund, the Board concluded that the level of sub-investment advisory fees is appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies, and that the sub-advisory fee had been separately negotiated at arm's-length by independent third parties.** 

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because they will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Wellington and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.** 

**Benefits to Wellington from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Wellington from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement, the Trustees determined that Wellington has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Board also considered matters with respect to the brokerage practices of Wellington, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Wellington with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Wellington to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Wellington and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Wellington, reasonably reflected the nature and extent of the services provided by Wellington with respect to the Fund.

3. Board of Trustees Approval of the Continuation of the Sub-Investment Advisory Agreement with Respect to the Brown Advisory Global Leaders Fund

At their September 10, 2024 Board meeting, the Board also undertook the consideration of matters with respect to the proposed continuation of the Sub-Investment Advisory Agreement between Brown Advisory and its affiliate Brown Advisory Ltd. with respect to the Brown Advisory Global Leaders Fund.

In accordance with the Investment Company Act of 1940, the Board of Trustees was required to consider the approval of the continuation of the Sub-Investment Advisory Agreement, and this was required to take place at an in-person Board meeting. The relevant provisions of the Investment Company Act of 1940 specifically provide that it

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is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the approval of the continuation of the Sub-Advisory Agreement, and it is the duty of Brown Advisory and Brown Advisory Ltd., as applicable, to furnish the Trustees with such information that is responsive to their request.

Accordingly, in determining whether to approve the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Brown Advisory Ltd., the Board of Trustees requested, and Brown Advisory and Brown Advisory Ltd. provided, information and data relevant to the Board's consideration. In connection with these matters with respect to the sub-advisory arrangements for the Global Leaders Fund, the Trustees took into consideration the fact that the two firms are affiliates of one another and under common control.

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Brown Advisory Ltd. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Brown Advisory Ltd. in connection with the management and operation of the Fund and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the operations of Brown Advisory Ltd. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing monitoring program involving Brown Advisory Ltd.'s investment activities with respect to Brown Advisory Ltd.'s day-to-day portfolio management of the Fund's assets in order to make sure that Brown Advisory Ltd. is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Brown Advisory Ltd. with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Brown Advisory Ltd., which reports contain detailed analyses of how Brown Advisory Ltd. is performing.

The Board reviewed and evaluated the information that Brown Advisory and Brown Advisory Ltd. had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Brown Advisory Ltd. and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its respective shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Brown Advisory Ltd. is capable of providing high quality sub-advisory services to the Fund as indicated by the professional qualifications and experience of the portfolio managers of the Fund, and Brown Advisory Ltd.'s investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Brown Advisory Ltd., the Trustees concluded that Brown Advisory Ltd. is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each respective class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Fund's operating expenses through October 31, 2025. Accordingly, on the basis of the Board's review of the fees charged by Brown Advisory Ltd. for sub-investment advisory services provided to the Fund, the Board concluded that the level of sub-investment advisory fees is appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies.** 

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because they will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Brown Advisory Ltd. and the** 

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competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.

**Benefits to Brown Advisory Ltd. from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Brown Advisory Ltd. from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement, the Trustees determined that Brown Advisory Ltd. has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Board also considered matters with respect to the brokerage practices of Brown Advisory Ltd., including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Brown Advisory Ltd. with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Brown Advisory Ltd. to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Brown Advisory Ltd. and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Brown Advisory Ltd., reasonably reflected the nature and extent of the services provided by Brown Advisory Ltd. with respect to the Fund. The Trustees also took into consideration the fact that Brown Advisory and Brown Advisory Ltd. are affiliated entities and are under common control.

4. Board of Trustees Approval of the Continuation of the Sub-Investment Advisory Agreement with Respect to the Brown Advisory Sustainable International Leaders Fund

At their September 10, 2024 Board meeting, the Board also undertook the consideration of matters with respect to the proposed continuation of the Sub-Investment Advisory Agreement between Brown Advisory and its affiliate Brown Advisory Ltd. with respect to the Brown Advisory Sustainable International Leaders Fund.

In accordance with the Investment Company Act of 1940, the Board of Trustees was required to consider the approval of the continuation of the Sub-Investment Advisory Agreement, and this was required to take place at an in-person Board meeting. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the approval of the continuation of the Sub-Advisory Agreement, and it is the duty of Brown Advisory and Brown Advisory Ltd., as applicable, to furnish the Trustees with such information that is responsive to their request.

Accordingly, in determining whether to approve the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Brown Advisory Ltd., the Board of Trustees requested, and Brown Advisory and Brown Advisory Ltd. provided, information and data relevant to the Board's consideration. In connection with these matters with respect to the sub-advisory arrangements for the Sustainable International Leaders Fund, the Trustees took into consideration the fact that the two firms are affiliates of one another and under common control.

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Brown Advisory Ltd. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Brown Advisory Ltd. in connection with the management and operation of the Fund and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the

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**Additional Information** 

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operations of Brown Advisory Ltd. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing monitoring program involving Brown Advisory Ltd.'s investment activities with respect to Brown Advisory Ltd.'s day-to-day portfolio management of the Fund's assets in order to make sure that Brown Advisory Ltd. is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Brown Advisory Ltd. with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Brown Advisory Ltd., which reports contain detailed analyses of how Brown Advisory Ltd. is performing.

The Board reviewed and evaluated the information that Brown Advisory and Brown Advisory Ltd. had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Brown Advisory Ltd. and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its respective shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Brown Advisory Ltd. is capable of providing high quality sub-advisory services to the Fund as indicated by the professional qualifications and experience of the portfolio manager of the Fund, and Brown Advisory Ltd.'s investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Brown Advisory Ltd., the Trustees concluded that Brown Advisory Ltd. is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each respective class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Fund's operating expenses through October 31, 2025. Accordingly, on the basis of the Board's review of the fees charged by Brown Advisory Ltd. for sub-investment advisory services provided to the Fund, the Board concluded that the level of sub-investment advisory fees is appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies.** 

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because they will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Brown Advisory Ltd. and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.** 

**Benefits to Brown Advisory Ltd. from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Brown Advisory Ltd. from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement, the Trustees determined that Brown Advisory Ltd. has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its** 

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shareholders. The Board also considered matters with respect to the brokerage practices of Brown Advisory Ltd., including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Brown Advisory Ltd. with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Brown Advisory Ltd. to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Brown Advisory Ltd. and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Brown Advisory Ltd., reasonably reflected the nature and extent of the services provided by Brown Advisory Ltd. with respect to the Fund. The Trustees also took into consideration the fact that Brown Advisory and Brown Advisory Ltd. are affiliated entities and are under common control.

5. Board of Trustees Approval of the Continuation of the Sub-Investment Advisory Agreement with Respect to the Brown Advisory-Beutel Goodman Large-Cap Value Fund

The continuation of the Sub-Investment Advisory Agreement with respect to the Brown Advisory-Beutel Goodman Large-Cap Value Fund between Brown Advisory and Beutel Goodman & Company, Ltd., the sub-investment adviser to the Fund ("Beutel Goodman"), was also approved by the Board of Trustees at the Board meeting held on September 10, 2024.

In accordance with the Investment Company Act of 1940, the Board of Trustees was required to consider the approval of the continuation of the Sub-Investment Advisory Agreement, and this was required to take place at an in-person meeting of the Board. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the approval of the continuation of the Sub-Advisory Agreement, and it is the duty of Brown Advisory and Beutel Goodman, as applicable, to furnish the Trustees with such information that is responsive to their request.

Accordingly, in determining whether to approve the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Beutel Goodman, the Board of Trustees requested, and Brown Advisory and Beutel Goodman provided, information and data relevant to the Board's consideration.

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Beutel Goodman. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Beutel Goodman in connection with the management and operation of the Fund and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the operations of Beutel Goodman. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing monitoring program involving Beutel Goodman's investment activities with respect to Beutel Goodman's day-to-day portfolio management of the Fund's assets in order to make sure that Beutel Goodman is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Beutel Goodman with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Beutel Goodman, which reports contain detailed analyses of how Beutel Goodman is performing.

The Board reviewed and evaluated the information that Brown Advisory and Beutel Goodman had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Beutel Goodman and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests

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of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its respective shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Beutel Goodman is capable of providing high quality sub-advisory services to the Fund as indicated by the professional qualifications and experience of the portfolio managers of the Fund, and Beutel Goodman's investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Beutel Goodman, the Trustees concluded that Beutel Goodman is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each respective class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Funds' operating expenses through October 31, 2025. The Board also took note of the fact that the sub-advisory fees for the Fund had been separately negotiated by Brown Advisory and Beutel Goodman. Accordingly, on the basis of the Board's review of the fees charged by Beutel Goodman for sub-investment advisory services provided to the Fund, the Board concluded that the level of sub-investment advisory fees are appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies.** 

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because they will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Beutel Goodman and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.** 

**Benefits to Beutel Goodman from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Beutel Goodman from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement, the Trustees determined that Beutel Goodman has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Board also considered matters with respect to the brokerage practices of Beutel Goodman, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Beutel Goodman with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Beutel Goodman to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory

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**Additional Information** 

**December 31, 2024 (Unaudited)(Continued)** 

and Beutel Goodman and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Beutel Goodman, reasonably reflected the nature and extent of the services provided by Beutel Goodman with respect to the Fund.

6. Board of Trustees Approval of the Continuation of the Sub-Investment Advisory Agreements with Respect to the Brown Advisory Emerging Markets Select Fund

At their September 10, 2024 Board meeting, the Board also undertook the consideration of matters with respect to the proposed continuation of the Sub-Investment Advisory Agreements between Brown Advisory and Wellington and Pzena Investment Management LLC ("Pzena") with respect to the Brown Advisory Emerging Markets Select Fund.

In accordance with the Investment Company Act of 1940, the Board of Trustees was required to consider the approval of the continuation of the Sub-Investment Advisory Agreements, and this was required to take place at an in-person meeting of the Board. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the approval of the continuation of the Sub-Advisory Agreements, and it is the duty of Brown Advisory, Wellington and Pzena, as applicable, to furnish the Trustees with such information that is responsive to their request.

Accordingly, in determining whether to approve the continuation of the Sub-Investment Advisory Agreements between Brown Advisory and Wellington and Pzena, the Board of Trustees requested, and Brown Advisory, Wellington and Pzena provided, information and data relevant to the Board's consideration.

<u>Approval of the Continuation of the Sub-Investment Advisory Agreement with Wellington Management Company LLP</u>

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Wellington. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Wellington in connection with the management and operation of Wellington's allocated portion of the Fund's portfolio and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the operations of Wellington. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing monitoring program involving Wellington's investment activities with respect to Wellington's day-to-day portfolio management of the Fund's assets that have been allocated to Wellington to manage in order to make sure that Wellington is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Wellington with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Wellington, which reports contain detailed analyses of how Wellington is performing.

The Board reviewed and evaluated the information that Brown Advisory and Wellington had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Wellington and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its respective shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Wellington is capable of providing high quality sub-advisory services to the Fund as indicated by the professional qualifications and experience of the portfolio managers for Wellington, and Wellington's investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Wellington, the Trustees concluded that Wellington is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

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**Additional Information** 

**December 31, 2024 (Unaudited)(Continued)** 

**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each respective class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Fund's operating expenses through October 31, 2025. The Board also took note of the fact that the sub-advisory fees for the Fund had been separately negotiated by Brown Advisory and Wellington. Accordingly, on the basis of the Board's review of the fees charged by Wellington for sub-investment advisory services provided to the Fund, the Board concluded that the level of sub-investment advisory fees is appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies, and that the sub-advisory fees had been separately negotiated at arm's-length by independent third parties.** 

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because they will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Wellington and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.** 

**Benefits to Wellington from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Wellington from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement with Wellington, the Trustees determined that Wellington has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Board also considered matters with respect to the brokerage practices of Wellington, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Wellington with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement with Wellington and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Wellington to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Wellington and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Wellington, reasonably reflected the nature and extent of the services provided by Wellington with respect to the Fund.

<u>Approval of the Continuation of the Sub-Investment Advisory Agreement with Pzena Investment Management LLC</u>

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Pzena. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Pzena in connection with the management and operation of Pzena's allocated portion of the Fund's portfolio and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the operations of Pzena. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing

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monitoring program involving Pzena's investment activities with respect to Pzena's day-to-day portfolio management of the Fund's assets that have been allocated to Pzena to manage in order to make sure that Pzena is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Pzena with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Pzena, which reports contain detailed analyses of how Pzena is performing.

The Board reviewed and evaluated the information that Brown Advisory and Pzena had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Pzena and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its respective shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Pzena is capable of providing high quality sub-advisory services to the Fund as indicated by the professional qualifications and experience of the portfolio managers for Pzena, and Pzena's investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Pzena, the Trustees concluded that Pzena is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each respective class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Fund's operating expenses through October 31, 2025. The Board also took note of the fact that the sub-advisory fees for the Fund had been separately negotiated by Brown Advisory and Pzena. Accordingly, on the basis of the Board's review of the fees charged by Pzena for sub-investment advisory services provided to the Fund, the Board concluded that the level of sub-investment advisory fees is appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies, and that the sub-advisory fees had been separately negotiated at arm's-length by independent third parties.** 

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because they will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Pzena and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.** 

**Benefits to Pzena from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Pzena from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement with Pzena, the Trustees determined that Pzena has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its** 

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shareholders. The Board also considered matters with respect to the brokerage practices of Pzena, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Pzena with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement with Pzena and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Pzena to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Pzena and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Pzena, reasonably reflected the nature and extent of the services provided by Pzena with respect to the Fund.

7. Board of Trustees Approval of the Adoption of Each of the Investment Advisory Agreement and the Sub-Investment Advisory Agreement with Respect to the Brown Advisory – WMC Japan Equity Fund

At their meeting held on September 10, 2024, the members of the Board also undertook the consideration of matters with respect to the proposed adoption of the Investment Advisory Agreement between the Trust, on behalf of the Brown Advisory – WMC Japan Equity Fund (the "New Fund"), and Brown Advisory. At the same meeting, the Board of Trustees also approved the Sub-Investment Advisory Agreement with respect to the New Fund between Brown Advisory and Wellington, the sub-investment adviser to the New Fund.

In accordance with the Investment Company Act of 1940, the Board of Trustees was required to consider the approval of the adoption of both the Investment Advisory Agreement and the Sub-Investment Advisory Agreement, and this was required to take place at an in-person meeting of the Board. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the approval of each of these Agreements, and it is the duty of Brown Advisory and Wellington, as applicable, to furnish the Trustees with such information that is responsive to their request.

Accordingly, in determining whether to approve: (1) the Investment Advisory Agreement between Brown Advisory and the Trust with respect to the New Fund, and (2) the Sub-Investment Advisory Agreement between Brown Advisory and Wellington, the Board of Trustees requested, and both Brown Advisory and Wellington each provided, information and data relevant to the Board's consideration.

This included materials prepared by Brown Advisory, by Wellington and by the New Fund's administrator that provided the Board with information regarding the investment performance of Wellington's separate accounts having similar investment objectives and strategies as the New Fund, and information regarding the estimated fees and expenses of the New Fund, as compared to other similar mutual funds.

At the meeting, the Board discussed with representatives of Brown Advisory various matters with respect to the proposed establishment and organization of the New Fund, the proposed sub-advisory services to be provided to the New Fund by Wellington, the nature and extent of the duties and responsibilities of Brown Advisory and Wellington with respect to the New Fund, the compliance oversight process involving the New Fund and its operations, and the proposed fees and expenses of the New Fund, including the proposed sub-advisory fees applicable to the New Fund. During the meeting representatives of Brown Advisory made a presentation to the Board regarding their recommendation to retain Wellington to provide sub-advisory services to the New Fund and they reviewed the process that they had followed in determining to select Wellington to serve as Sub-Adviser to the New Fund. Representatives of Wellington also made a presentation to the Board at this meeting during which they reviewed their plans for providing sub-advisory services to the New Fund.

At the meeting, the members of the Board reviewed and considered the approval of the Investment Advisory Agreement and the Sub-Investment Advisory Agreement. In addition, the Board also considered the adoption of an Expense Limitation Agreement with respect to the New Fund which would limit the total operating expenses of the New

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Fund through October 31, 2026, as well as a Business Management Agreement with Brown Advisory pursuant to which Brown Advisory would provide certain business management services to the New Fund. At this meeting, representatives of Wellington, including the proposed portfolio manager of the New Fund, reviewed for the members of the Board Wellington's experience and background in managing Japanese equity securities, and they also reviewed information regarding the investment advisory process followed by Wellington and the compliance program of the firm. In addition, the members of the Board reviewed with the representatives of Wellington various matters with respect to the proposed sub-advisory services to be provided to the New Fund by Wellington and the investment strategies that would be employed by the firm in managing the New Fund.

Following their review and consideration of these matters, the Trustees determined that the Investment Advisory Agreement with Brown Advisory with respect to the New Fund would enable shareholders of the New Fund to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of the New Fund and its shareholders. Accordingly, the Board, including all of the Independent Trustees, unanimously approved the Investment Advisory Agreement for the New Fund. In reaching their decision, the Trustees requested and obtained from Brown Advisory such information as they deemed reasonably necessary to evaluate the Investment Advisory Agreement. The Trustees also carefully considered the projected profitability data and comparative fee, expense and performance information prepared by Trust management. In considering the Investment Advisory Agreement with respect to the New Fund, the Trustees evaluated a number of factors that they believed, in light of their reasonable business judgment, to be relevant. They based their decision on the following considerations, among others, although they did not identify any one specific consideration or any particular information that was controlling of their decision:

**The nature, extent and quality of the advisory services to be provided. The Trustees concluded that Brown Advisory is capable of providing high quality services to the New Fund, as indicated by the nature, extent and quality of services provided in the past to the other Funds in the Trust, Brown Advisory's management capabilities demonstrated with respect to the other Funds in the Trust, the professional qualifications and experience of the members of Brown Advisory's Investment Solutions Group who will be responsible for the ongoing supervision and oversight of Wellington's investment activities with respect to the New Fund, Brown Advisory's investment and compliance oversight processes, and the competitive investment performance of the other Funds in the Trust. The Trustees also determined that Brown Advisory proposed to provide investment advisory services that were of the same quality as services provided to the other Funds in the Trust, and that these services are appropriate in scope and extent in light of the New Fund's proposed operations, the competitive landscape of the investment company business and investor needs. On the basis of the Trustees' assessment of the nature, extent and quality of the advisory services to be provided by Brown Advisory, the Trustees concluded that Brown Advisory is capable of generating a level of long-term investment performance that is appropriate in light of the New Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

**The cost of advisory services to be provided and the expected level of profitability. On the basis of comparative information derived from the data that was provided to the Board, the Trustees determined that the overall projected expense ratios for each respective class of shares of the New Fund were competitive with industry averages. The Trustees also noted that Brown Advisory had proposed a contractual commitment for the benefit of shareholders of the New Fund to limit the New Fund's operating expenses through October 31, 2026. The Board also focused on Brown Advisory's projected level of profitability with respect to the New Fund and noted that Brown Advisory's expected level of profitability was acceptable and not unreasonable. Accordingly, on the basis of the Board's review of the fees to be charged by Brown Advisory for investment advisory services, the investment advisory services and sub-advisory oversight services to be provided to the New Fund by Brown Advisory, and the estimated level of profitability from Brown Advisory's relationship with the New Fund, the Board concluded that the level of investment advisory fees and Brown Advisory's projected profitability are appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies.** 

**The extent to which economies of scale may be realized as the New Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the New Fund's investment advisory fees will not decrease as the New Fund's assets grow because they will not be subject to investment advisory fee breakpoints, the Trustees concluded that the New Fund's investment advisory fees are appropriate in light of the projected size of the New Fund, and appropriately reflect the current economic environment for Brown Advisory and the competitive nature** 

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of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the New Fund has achieved economies of scale, and the appropriateness of the investment advisory fees payable to Brown Advisory with respect to the New Fund, in the future at which time the implementation of fee breakpoints on the Fund could be considered.

**Benefits to Brown Advisory from its relationship with the New Fund (and any corresponding benefits to the New Fund). The Trustees concluded that other benefits that may be derived by Brown Advisory from its relationship with the New Fund, including any potential "soft dollar" benefits in connection with the New Fund's brokerage transactions and use of the New Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the New Fund and its shareholders. In addition, the Trustees determined that the New Fund will benefit from its relationship with Brown Advisory by virtue of Brown Advisory's provision of business management and shareholder services, in addition to investment advisory services, at a cost to the New Fund that is generally comparable to the costs of an outside service provider, which the Trustees determined to be reasonable, fair and in the best interests of the shareholders of the New Fund in light of the nature and quality of the services to be provided and the necessity of the services for the New Fund's operations.** 

**Other Considerations. In approving the Investment Advisory Agreement, the Trustees determined that Brown Advisory has made a substantial commitment to the recruitment and retention of high-quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the New Fund in a professional manner that is consistent with the best interests of the New Fund and its shareholders. The Board also considered the nature of the oversight duties to be performed by Brown Advisory which include extensive investment management and compliance due diligence with respect to the operations of Wellington, and the Board determined that the investment advisory fee fairly compensated Brown Advisory for the services that it is to perform pursuant to the Investment Advisory Agreement. The Trustees also concluded that Brown Advisory has made a significant entrepreneurial commitment to the management and success of the New Fund, which entails a substantial financial and professional commitment, including the Expense Limitation Agreement under which Brown Advisory has undertaken to waive a portion of its fees to the benefit of the New Fund's shareholders to the extent necessary in accordance with the terms of the Expense Limitation Agreement. The Board also considered matters with respect to the brokerage practices of Brown Advisory, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

In considering information regarding the investment management fees payable by the New Fund to Brown Advisory under the Investment Advisory Agreement, the Board also took note of the business management fees that are payable by the New Fund to Brown Advisory under the terms of the Business Management Agreement. In considering the approval of the Business Management Agreement with respect to the New Fund, the Board members considered various factors with respect to the business management fees, including the level and amount of these fees and the services to be provided by Brown Advisory in connection with the Business Management Agreement, in determining the reasonableness of the total fees to be paid by the New Fund to Brown Advisory for the overall level of services that Brown Advisory is to provide to the New Fund and its shareholders. In considering the nature and extent of the non-advisory business management services to be provided to the New Fund by Brown Advisory, the Board took into consideration: (1) whether the Business Management Agreement is in the best interest of the New Fund and its shareholders; (2) whether the services to be performed under the Business Management Agreement are required for the operation of the New Fund; (3) whether the services to be provided are of a nature and quality at least equal to the same or similar services provided by independent third parties; and (4) whether the fees for the services are fair and reasonable in light of the usual and customary charges made by others for services of the same nature and quality. After reviewing these factors with respect to the Business Management Agreement, the Board of Trustees determined that approval of the Business Management Agreement was advisable and in the best interest of the New Fund and its shareholders and that the fees payable to Brown Advisory under the terms of the Business Management Agreement were fair and reasonable in light of the services to be provided.

The Board also considered various matters with respect to the proposed distribution and shareholder servicing arrangements applicable to the New Fund and they considered the distribution fees and the non-distribution shareholder servicing fees payable with respect to certain of the share classes of the New Fund, including certain of such fees which may be payable to Brown Advisory for the shareholder administrative services that it provides to shareholders of the

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New Fund. The Board took note of the fact that the non-distribution related shareholder administrative fees payable to Brown Advisory are intended to compensate Brown Advisory for providing certain administrative services to those New Fund shareholders covered by the applicable servicing arrangements in the relevant share classes.

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them with respect to the proposed contract and the presentation of the representatives of Brown Advisory and Wellington with respect to the proposed establishment and operation of the New Fund, and during which meeting they had reviewed matters with respect to the New Fund with representatives of each of the firms. In reaching their conclusion with respect to the approval of the Investment Advisory Agreement and the level of fees to be paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision making process. They noted the level and quality of investment advisory services provided by Brown Advisory to each of the other Funds in the Trust, and they found that these services will benefit the New Fund and its shareholders and also reflected management's overall commitment to the growth and development of the New Fund.

<u>Approval of the Adoption of the Sub-Investment Advisory Agreement with Wellington Management Company LLP</u>

The Board then undertook the consideration of various matters with respect to the proposed approval of the Sub-Advisory Agreement between Brown Advisory and Wellington. They considered various matters involving the respective services to be provided by each of the firms in connection with the management and operation of the New Fund and they took note of the extensive oversight duties to be performed by Brown Advisory including investment management and compliance oversight of the operations of Wellington.

The Board reviewed and evaluated the information that Wellington had presented for the Board's review. The Board particularly noted, among other considerations, that the New Fund's proposed investment advisory fees and overall operating expenses were competitive with comparable mutual funds, and that Wellington has successfully managed other accounts with similar investment objectives and policies. The Board took note of the fact that Wellington has extensive experience serving as an investment adviser and sub-investment adviser to mutual funds, including serving as a sub-investment adviser to two other Funds in the Trust, and that Wellington manages a substantial amount of assets as the sub-adviser for numerous registered investment companies. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the New Fund and its shareholders and would enable the New Fund to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the New Fund and its shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services to be provided. The Trustees concluded that Wellington is capable of providing high quality sub-advisory services to the New Fund, as indicated by the nature and quality of services provided to its other managed accounts having a similar investment objective and strategy as the New Fund, the professional qualifications and experience of the proposed portfolio manager of the New Fund, and Wellington's investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services to be provided by Wellington, the Trustees concluded that Wellington is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

**The cost of advisory services to be provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the overall projected expense ratios for each respective class of shares of the New Fund are competitive with industry averages. The Trustees also noted that the New Fund will be subject to a contractual expense limitation agreement for the benefit of shareholders of the New Fund to limit the New Fund's operating expenses through October 31, 2026. The Board took note of the fact that the sub-advisory fee had been separately negotiated by Brown Advisory and Wellington and was consistent with fee arrangements for sub-advisory services in connection with other sub-advised mutual funds. Accordingly, on the basis of the Board's review of the fees to be charged by Wellington for sub-investment advisory services to be provided to the New Fund, the Board concluded that the level of sub-investment advisory fees are** 

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**December 31, 2024 (Unaudited)(Continued)** 

appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies, and that the sub-advisory fee had been separately negotiated at arms-length by independent third parties.

**The extent to which economies of scale may be realized as the New Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the New Fund's investment advisory fees will not decrease as the New Fund's assets grow because they will not be subject to investment advisory fee breakpoints, the Trustees concluded that the New Fund's investment advisory fees are appropriate in light of the projected size of the New Fund, and appropriately reflect the current economic environment for Brown Advisory and Wellington and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the New Fund has achieved economies of scale, and the appropriateness of the investment advisory fees and sub-investment advisory fees with respect to the New Fund, in the future at which time the implementation of fee breakpoints on the New Fund could be further considered.** 

**Benefits to Wellington from its relationship with the New Fund (and any corresponding benefits to the New Fund). The Trustees concluded that other benefits that may be derived by Wellington from its relationship with the New Fund, including any potential "soft dollar" benefits in connection with the New Fund's brokerage transactions and use of the New Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the New Fund and its shareholders.** 

**Other Considerations. In approving the Sub-Investment Advisory Agreement, the Trustees determined that Wellington has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the New Fund in a professional manner that is consistent with the best interests of the New Fund and its shareholders. The Board also considered matters with respect to the brokerage practices of Wellington, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them with respect to the proposed contract and the presentation of the representatives of Brown Advisory and Wellington with respect to the proposed establishment and operation of the New Fund. In reaching their conclusion with respect to the approval of the Sub-Investment Advisory Agreement and the level of fees to be paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision making process. They noted the level and quality of investment advisory services provided by Wellington to its other investment advisory clients and they found that these services will benefit the New Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Wellington and they determined that the sub-advisory fee, as negotiated by Brown Advisory and Wellington, reasonably reflected the nature and extent of the services to be provided by Wellington with respect to the New Fund.

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**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

Refer to the Additional Information section of the financial statements filed under Item 7 of this Form.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

Refer to the Additional Information section of the financial statements filed under Item 7 of this Form.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

Refer to the Additional Information section of the financial statements filed under Item 7 of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Refer to the Additional Information section of the financial statements filed under Item 7 of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures
 (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing
 of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
 In connection with the original filing and within 90 days prior to the filing date on March 10, 2025, 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-CSRS/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 the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed* Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](baf-efp17658_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-efp17658_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Brown
 Advisory Funds

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Paul J. Chew |
|  | Paul J. Chew, Principal Executive Officer |

---

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.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Paul J. Chew |
|  | Paul J. Chew, Principal Executive Officer |

---

Date <u>September 22, 2025</u>

---

| | |
|:---|:---|
| 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.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 |
|  |  | 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 |
|  |  | 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 | Jason T. Meix |
| Principal Executive Officer | Principal Financial Officer |

---

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.