# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-013194
**Filing Date:** 2025-10
**Character Count:** 27548
**Document Hash:** 1ea9849a2f88584e08d322ce44f559f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013194.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0000894189-25-013194

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251031

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-181202
- **FILM NUMBER:** 251439897

**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 - 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           |

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| | |
|:---|:---|
| ![image_0a.jpg](image_0a.jpg) | **Brown Advisory – WMC Strategic European Equity Fund**<br>Class/Ticker: Institutional Shares / BAFHX <br>Investor Shares / BIAHX <br>Advisor Shares / BAHAX  |
| | Summary Prospectus \| <br>October 31, 2025 |

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*Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund online at https://www.brownadvisory.com/mf/wmc-strategic-european-equity-fund. You may also obtain this information at no cost by calling (800) 540-6807 or by sending an e-mail request to mutualfunds@brownadvisory.com. The Fund's Prospectus and Statement of Additional Information, both dated October 31, 2025, are incorporated by reference into this Summary Prospectus.*

**Investment Objective**

The Brown Advisory - WMC Strategic European Equity Fund (the "Fund") seeks to achieve total return by investing principally in equity securities issued by companies established or operating in Europe.

**Fees and Expenses**

The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

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| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees**<br>***(fees paid directly from your investment)*** | **Institutional Shares** | **Investor Shares** | **Advisor Shares** |
| Maximum Sales Charge (Load) imposed on Purchases <br> (as a % of the offering price) |  |  |  |
| Maximum Deferred Sales Charge (Load) imposed on Redemptions <br> (as a % of the sale price) |  |  |  |
| Redemption Fee |  |  |  |
| Exchange Fee |  |  |  |
| **Annual Fund Operating Expenses**<br>***(expenses that you pay each year as a percentage of the value of your investment)*** | **Annual Fund Operating Expenses**<br>***(expenses that you pay each year as a percentage of the value of your investment)*** |  |  |
| Management Fees | 0.90% | 0.90% | 0.90% |
| Distribution and Service (12b-1) Fees |  |  | 0.25% |
| Shareholder Servicing Fees |  | 0.15% | 0.15% |
| Other Expenses | 0.14% | 0.14% | 0.14% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.01% | 0.01% | 0.01% |
| Total Annual Fund Operating Expenses | 1.05% | 1.20% | 1.45% |

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<sup>(1)</sup> Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses.

**Example**

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Institutional Shares** | $107 | $334 | $579 | $1283 |
| **Investor Shares** | $122 | $381 | $660 | $1455 |
| **Advisor Shares** | $148 | $459 | $792 | $1735 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 47% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal conditions, the Brown Advisory - WMC Strategic European Equity Fund seeks to achieve its investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of companies which are domiciled in or exercise the predominant part of their economic activity in Europe – defined as countries included in the MSCI Europe Index.

In determining whether a company is domiciled in or exercises the predominant part of its economic activity in Europe, the Fund will consider any one of the following four factors when making its determination: (i) country of organization; (ii) primary securities trading market; (iii) location of assets; or (iv) country where the company derives at least half of its revenue or profits. As of September 30, 2025, the following countries were included in the MSCI Europe Index: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

The Fund may purchase equity securities of companies of any size capitalization. Equity securities in which the Fund may invest include common stock, preferred stock, equity-equivalent securities such as stock futures contracts or convertible securities, equity options, other investment companies, American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), real estate investment trusts ("REITs"), initial public offerings ("IPOs"), and exchange traded funds ("ETFs").

The Fund may invest up to 20% of its net assets in securities of companies that are established or operating in countries that are considered to be outside of Europe, which may include less developed and emerging markets countries as well as other developed market countries.

The Fund may utilize options, futures contracts, currency forwards, swaps and options on futures. These investments will typically be made for investment purposes consistent with the Fund's investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances. The Fund may also invest in participatory notes which are instruments that are used to replicate the performance of certain underlying issuers and markets. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security. Investments in derivatives may be counted towards the Fund's 80% investment policy if they have economic characteristics similar to the other investments that are included in the Fund's 80% investment policy. The Fund intends to use the mark-to-market value of such derivatives for purposes of complying with the Fund's 80% investment policy.

The Fund may sell its portfolio securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.

In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments. A defensive position, taken at the wrong time, may have an adverse impact on the Fund's performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.

**Principal Investment Risks**

As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds.

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Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. The following are the principal risks that could affect the value of your investment:

• **American Depositary Receipts ("ADRs") and Global Depository Receipts ("GDRs") Risk**. ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.

• **Credit Risk**. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund's portfolio securities. Generally, investment risk and price volatility increase as a security's credit rating declines. The financial condition of an issuer of a fixed income security held by a Fund may cause it to default or become unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling to pay interest or principal due on the security.

• **Convertible Securities Risk.** The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.

• **Currency and Exchange Rate Risk.** Investments in currencies, currency futures contracts, forward currency exchange contracts or similar instruments, as well as securities that are denominated in foreign currency, are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. In addition, the Fund may engage in currency hedging transactions. Currency hedging transactions are subject to the risk that a result opposite expectations occurs (an expected decline turns into a rise and conversely) resulting in a loss to the Fund.

• **Derivatives Risk**. The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund's volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.

• **Emerging Markets Risk.** The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company's regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.

• **Equity and General Market Risk**. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund's portfolio may not increase their earnings at the rate anticipated. The Fund's NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental

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actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.

• **ETF Risk**. ETFs may trade at a discount to the aggregate value of the underlying securities and frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations.

• **European Securities Risk.** Because a significant portion of the assets of the Fund are invested in European securities, the Fund's performance is expected to be impacted by the political, social and economic environment within Europe. As such, the Fund's performance may be more volatile than the performance of funds that are more geographically diverse.

• **Foreign Securities Risk**. The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund's investments in such securities harder to value.

**• Investments in Other Investment Companies Risk**. Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.

**• Large Capitalization Company Risk.** Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

• **Large Investor Risk.** Ownership of shares of the Fund may be concentrated in one or more large investors. These investors may redeem shares in substantial quantities or on a frequent basis, which may negatively impact the Fund's performance, may increase realized capital gains, may accelerate the realization of taxable income to other shareholders and may potentially limit the use of available capital loss carryforwards or certain other losses to offset any future realized capital gains. Large investor redemption activity also may increase the Fund's brokerage and other expenses.

• **Liquidity Risk**. Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Fund would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.

• **Management Risk**. The Fund may not meet its investment objective based on the Sub-Adviser's success or failure to implement investment strategies for the Fund.

• **REIT and Real Estate Risk**. The value of the Fund's investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund's investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn.

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• **Smaller and Medium Capitalization Company Risk**. Securities of smaller and medium sized companies may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. Additionally the price of smaller companies may decline more in response to selling pressures.

• **Valuation Risk**. The prices provided by pricing services or independent dealers or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.

**Performance Information**

The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance of Investor Shares from year-to-year. The table shows how the average annual returns for Investor Shares, Advisor Shares and Institutional Shares for the 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index.

Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/wmc-strategic-european-equity-fund or by calling 800-540-6807 (toll free) or call 414-203-9064.

**Brown Advisory – WMC Strategic European Equity Fund – Investor Shares** 

**Annual Total Returns**

![chart-6ce90ba5b2be4871929a.jpg](chart-6ce90ba5b2be4871929a.jpg)

The Fund's calendar year-to-date total return as of September 30, 2025 was 42.11%. During the period shown in the chart, the highest quarterly return was 21.67% (for the quarter ended December 31, 2022) and the lowest quarterly return was -22.13% (for the quarter ended March 31, 2020).

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

**Average Annual Total Returns**

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| | | | |
|:---|:---|:---|:---|
| **For the periods ended December 31, 2024** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Shares** | | | |
| &nbsp;&nbsp;&nbsp;Return Before Taxes | 10.84% | 8.24% | 7.71% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 9.74% | 7.16% | 6.79% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 7.55% | 6.49% | 6.20% |
| **Advisor Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return Before Taxes | 10.53% | 7.95% | 7.44% |
| **Institutional Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return Before Taxes | 11.02% | 8.38% | 7.86% |
| **MSCI Europe Index** <br>(reflects no deduction for fees, expenses and taxes) | 1.79% | 4.90% | 4.98% |

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After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary.

**Management**

Brown Advisory LLC is the Fund's investment adviser. Wellington Management Company LLP is the Fund's Sub-Adviser.

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| | |
|:---|:---|
| **Investment Sub-Adviser** | **Portfolio Manager** |
| **Wellington Management Company LLP** | C. Dirk Enderlein, CFA, has served as portfolio manager since the Fund's inception in 2013. |

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**Purchase and Sale of Fund Shares**

The Fund will stop accepting new purchases, subject to certain exceptions. For more information, please see the section entitled "Your Account - How to Buy Shares - General Notes on Buying Shares - Restriction on Sale of Shares of the Brown Advisory - WMC Strategic European Equity Fund" in the Fund's statutory prospectus. You may purchase, exchange or redeem Fund shares on any business day by written request via mail (Brown Advisory Funds, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252), by wire transfer, by telephone at 800-540-6807 (toll free) or 414-203-9064, or through the Internet at www.brownadvisory.com/client-login. Investors who wish to purchase, exchange or redeem Fund shares through a broker-dealer should contact the broker-dealer directly. The minimum initial and subsequent investment amounts for various types of accounts are shown below.

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| | | |
|:---|:---|:---|
| **Type of Account** | **Minimum Initial Investment** | **Minimum Additional Investment** |
| **Institutional Shares** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;• Standard Accounts | $1000000 | $100 |
| **Investor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Standard Accounts | $100 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Traditional and Roth IRA Accounts | $100 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;• Accounts with Systematic Investment Plans | $100 | $100 |
| **Advisor Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;• Standard Accounts | $100 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Traditional and Roth IRA Accounts | $100 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;• Accounts with Systematic Investment Plans | $100 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;• Qualified Retirement Plans | N/A | N/A |

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The minimum investment requirements are waived for retirement plans that are qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended ("IRC") and tax-exempt under Section 501(a) of the IRC, and plans operating consistent with Section 403(a), 403(b), 408, 408A, 457 or 223(d) of the IRC.

**Tax Information** 

The Fund's distributions are taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a fund-supermarket), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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