# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015710
**Filing Date:** 2025-11
**Character Count:** 22123
**Document Hash:** df67305b911dfdfb3cb2ea5f193a0b40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015710.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015710

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251527257

**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 Global Leaders Fund (Series ID: S000049137)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Global Leaders Fund** | **Brown Advisory Global Leaders Fund** | **Brown Advisory Global Leaders Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.4%** | **Shares** | **Value**  |
| **Brazil - 2.6%** | **Brazil - 2.6%** | |
| B3 SA - Brasil Bolsa Balcao | 25714034 | $64499479 |
| **China - 2.9%** | **China - 2.9%** |  |
| AIA Group Ltd. | 7617530 | 73006146 |
| **France - 3.0%** | **France - 3.0%** |  |
| Safran SA | 211913 | 75201586 |
| **Germany - 5.6%** | **Germany - 5.6%** |  |
| CTS Eventim AG & Co. KGaA | 462953 | 45450304 |
| Deutsche Boerse AG | 351186 | 94044772 |
|  |  | 139495076 |
| **India - 2.8%** | **India - 2.8%** |  |
| HDFC Bank Ltd. | 6547632 | 70169049 |
| **Indonesia - 2.0%** | **Indonesia - 2.0%** |  |
| Bank Central Asia Tbk PT | 107337800 | 49156470 |
| **Netherlands - 3.6%** | **Netherlands - 3.6%** |  |
| ASML Holding NV | 92190 | 89248217 |
| **Sweden - 2.4%** | **Sweden - 2.4%** |  |
| Atlas Copco AB - Class B | 3953676 | 59492772 |
| **Switzerland - 3.1%** | **Switzerland - 3.1%** |  |
| Roche Holding AG | 233171 | 77642111 |
| **Taiwan - 3.0%** | **Taiwan - 3.0%** |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 271570 | 75846785 |
| **United Kingdom - 12.5%** | **United Kingdom - 12.5%** |  |
| Experian PLC | 1145367 | 57528523 |
| London Stock Exchange Group PLC | 977515 | 112104424 |
| Rentokil Initial PLC | 9756225 | 49422552 |
| Unilever PLC | 1571664 | 92898898 |
|  |  | 311954397 |
| **United States - 53.9%** | **United States - 53.9%** |  |
| **Communication Services - 5.4%** |  |  |
| Alphabet, Inc. - Class C | 555468 | 135284232 |
|  |  | $– |
| **Consumer Discretionary - 4.7%** |  |  |
| AutoZone, Inc. <sup>(a)</sup> | 16457 | 70604479 |
| Booking Holdings, Inc. | 8747 | 47227415 |
|  |  | 117831894 |
| **Financials - 13.4%** |  |  |
| Charles Schwab Corp. | 826290 | 78885906 |
| Mastercard, Inc. - Class A | 185332 | 105418695 |
| Moody's Corp. | 56198 | 26777223 |
| Visa, Inc. - Class A | 364134 | 124308065 |
|  |  | 335389889 |
| **Health Care - 4.8%** |  |  |
| Edwards Lifesciences Corp. <sup>(a)</sup> | 766456 | 59607283 |
| Zoetis, Inc. - Class A | 421596 | 61687927 |
|  |  | 121295210 |
| **Industrials - 8.1%** |  |  |
| Allegion PLC | 350332 | 62131380 |
| Ferguson Enterprises, Inc. | 254076 | 57060388 |
| GE Aerospace | 272686 | 82029403 |
|  |  | 201221171 |
| **Information Technology - 16.0%** |  |  |
| Autodesk, Inc. <sup>(a)</sup> | 193790 | 61561269 |
| Intuit, Inc. | 94625 | 64620359 |
| Microsoft Corp. | 454312 | 235310900 |
| Workday, Inc. - Class A <sup>(a)</sup> | 159182 | 38319883 |
|  |  | 399812411 |
| **Materials - 1.5%** |  |  |
| Sherwin-Williams Co. | 105702 | 36600374 |
| **Total United States** | **Total United States** | 1347435181 |
| **TOTAL COMMON STOCKS** (Cost $1,586,500,268) | **TOTAL COMMON STOCKS** (Cost $1,586,500,268) | 2433147269 |
| **SHORT-TERM INVESTMENTS - 3.2%** | **Shares** | **Value**  |
| **Money Market Funds - 3.2%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(b)</sup> | 79977684 | 79977684 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $79,977,684) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $79,977,684) | 79977684 |
| **TOTAL INVESTMENTS - 100.6% (**Cost $1,666,477,952**)** | **TOTAL INVESTMENTS - 100.6% (**Cost $1,666,477,952**)** | 2513124953 |
| Liabilities in Excess of Other Assets - (0.6)% | Liabilities in Excess of Other Assets - (0.6)% | (15869567) |
| **TOTAL NET ASSETS - 100.0%** |  | $2497255386 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | 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. | 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. | 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 <br> PLC - Public Limited Company

(a) Non-income producing security.

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

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Brown Advisory Global Leaders Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $1577029662 | $856117607 | $– | $2433147269 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 79977684 | – | – | 79977684 |
| Total Investments | $1657007346 | $856117607 | $– | $2513124953 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

  - **Telephone number:** 4105375400

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

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

- **b. EDGAR series identifier (if any):** S000049137

- **c. LEI of Series:** 549300FMSM8J3F33CI33

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2505690426.35

**Total Liabilities:** $7655120.25

**Net Assets:** $2498035306.10

**Cash Not Reported:** $1263607.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000154927 | -1.29%               | 0.54%                | 1.20%                |
| Class ID C000154928 | -1.33%               | 0.54%                | 1.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $14405557.19             | $-45665104.68                              |
| Month 2  | $20223701.37             | $-5154253.14                               |
| Month 3  | $24287347.31             | $6813946.08                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    362292 | NS      | $123679242.96 | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp      | Edwards Lifesciences Corp                  | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |    762578 | NS      | $59305691.06  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                    | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |    105168 | NS      | $36415471.68  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC           | Rentokil Initial PLC                       | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |   9756225 | NS      | $49422552.02  | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                              | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   6547632 | NS      | $70169048.99  | 2.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    552657 | NS      | $134599612.35 | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |    192810 | NS      | $61249952.70  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                   | AutoZone Inc                               | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     16374 | NS      | $70248389.76  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises Inc                   | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    252790 | NS      | $56771578.20  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                        | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |    271306 | NS      | $81614270.92  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    184395 | NS      | $104885719.95 | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Eventim AG & Co KGaA       | CTS Eventim AG & Co KGaA                   | CUSIP: N/A<br>LEI: 529900FDHSN08UBJII80       | Long             | EC               | CORP              | DE        |    460611 | NS      | $45220378.26  | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                               | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     55913 | NS      | $26641426.24  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    822109 | NS      | $78486746.23  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    270196 | NS      | $75463040.84  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                              | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |   7617530 | NS      | $73006146.36  | 2.92%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao                | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |  25583924 | NS      | $64173119.53  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                            | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |     91723 | NS      | $88796119.07  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                      | Safran SA                                  | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |    210841 | NS      | $74821164.85  | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     94147 | NS      | $64293927.77  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    452013 | NS      | $234120133.35 | 9.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG             | Deutsche Boerse AG                         | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |    349409 | NS      | $93568906.21  | 3.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT       | Bank Central Asia Tbk PT                   | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        | 107337800 | NS      | $49156469.77  | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                 | Atlas Copco AB                             | CUSIP: W1R924229<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |   3933671 | NS      | $59191747.24  | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegion plc                   | Allegion plc                               | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |    348559 | NS      | $61816938.65  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      8703 | NS      | $46989846.81  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  78669925 | NS      | $78669924.93  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                           | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |    231991 | NS      | $77249190.54  | 3.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Workday Inc                    | Workday Inc                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    158814 | NS      | $38231294.22  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |    419462 | NS      | $61375679.84  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL | London Stock Exchange Group PLC            | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |    972569 | NS      | $111537201.72 | 4.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                               | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |   1563712 | NS      | $92428865.97  | 3.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                   | Experian PLC                               | CUSIP: N/A<br>LEI: 635400RXXHHYT1JTSZ26       | Long             | EC               | CORP              | IE        |   1139571 | NS      | $57237406.03  | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer