# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001133228-25-009596
**Filing Date:** 2025-9
**Character Count:** 762793
**Document Hash:** 040abdee04f6ab5ef926b7e8958d2d8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009596.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001133228-25-009596

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 107

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251299740

**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 - 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'? 2025-06-26190823_BrownAdvisoryGrowthEquityFund_InstitutionalShares_TSRAnnual

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>**

&nbsp;&nbsp;&nbsp;&nbsp;**<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>June 30, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFGX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $76 | 0.71% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's underperformance was driven primarily by the Information Technology sector, mainly due to not owning Broadcom. While we recognize the strength of Broadcom's business model, we believe the company's most compelling growth segments—such as data center optics and semi-custom data center silicon—are also core areas of expertise for Marvell, a current Fund holding. The Industrials sector was the best-performing sector both in absolute terms and relative to the benchmark, driven by Uber Technologies, a global mobility platform. The stock has traded sharply higher in 2025 as Uber continues to demonstrate strength in its core rideshare and delivery businesses.

**POSITIONING**

The Fund's allocation to Communication Services shifted from an underweight to an overweight position during the period, primarily due to the addition of Meta Platforms, Trade Desk, and Netflix. The Fund's exposure to Health Care decreased during the period as a result of exiting positions in Thermo Fisher Scientific, Edwards Lifesciences, and Align Technology. Align Technology continues to face subdued revenue growth as macroeconomic uncertainty weighs on consumers' willingness to spend on discretionary items like teeth aligners, particularly in the adult category.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Netflix, Inc. |
| ↑ | NVIDIA Corporation |
| ↑ | ServiceNow, Inc. |
| ↑ | Uber Technologies, Inc. |
| ↑ | Progressive Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | Trade Desk, Inc. Class A |
| ↓ | Adobe Inc. |
| ↓ | Align Technology, Inc. |
| ↓ | West Pharmaceutical Services, Inc. |

---

**PERFORMANCE**

The Fund delivered strong absolute performance during the period, underperforming the benchmark.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4598img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 14.50 | 9.93 | 13.01 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 1000® Growth Index**  | 17.32 | 18.17 | 17.02 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $644860049 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $5213858 |
| **Portfolio Turnover** | 27% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 34.1% |
|  Industrials  | 16.0% |
|  Communication Services  | 13.3% |
|  Consumer Discretionary  | 10.3% |
|  Health Care  | 9.3% |
|  Financials  | 8.2% |
|  Consumer Staples  | 4.1% |
|  Real Estate  | 2.4% |
|  Cash & Other  | 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.1% |
|  Microsoft Corp.  | 4.5% |
|  Amazon.com, Inc.  | 4.4% |
|  Netflix, Inc.  | 4.2% |
|  Meta Platforms, Inc.  | 4.2% |
|  Costco Wholesale Corp.  | 4.1% |
|  Uber Technologies, Inc.  | 4.1% |
|  Hilton Worldwide Holdings, Inc.  | 3.9% |
|  Mastercard, Inc.  | 3.8% |
|  Intuit, Inc.  | 3.7% |

---

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 Growth Equity Fund PAGE 2 TSR-AR-115233702

------

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Growth Equity Fund PAGE 3 TSR-AR-115233702

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAGX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $92 | 0.86% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's underperformance was driven primarily by the Information Technology sector, mainly due to not owning Broadcom. While we recognize the strength of Broadcom's business model, we believe the company's most compelling growth segments—such as data center optics and semi-custom data center silicon—are also core areas of expertise for Marvell, a current Fund holding. The Industrials sector was the best-performing sector both in absolute terms and relative to the benchmark, driven by Uber Technologies, a global mobility platform. The stock has traded sharply higher in 2025 as Uber continues to demonstrate strength in its core rideshare and delivery businesses.

**POSITIONING**

The Fund's allocation to Communication Services shifted from an underweight to an overweight position during the period, primarily due to the addition of Meta Platforms, Trade Desk, and Netflix. The Fund's exposure to Health Care decreased during the period as a result of exiting positions in Thermo Fisher Scientific, Edwards Lifesciences, and Align Technology. Align Technology continues to face subdued revenue growth as macroeconomic uncertainty weighs on consumers' willingness to spend on discretionary items like teeth aligners, particularly in the adult category.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Netflix, Inc. |
| ↑ | NVIDIA Corporation |
| ↑ | ServiceNow, Inc. |
| ↑ | Uber Technologies, Inc. |
| ↑ | Progressive Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | Trade Desk, Inc. Class A |
| ↓ | Adobe Inc. |
| ↓ | Align Technology, Inc. |
| ↓ | West Pharmaceutical Services, Inc. |

---

**PERFORMANCE**

The Fund delivered strong absolute performance during the period, underperforming the benchmark.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4599img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 14.34 | 9.77 | 12.84 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 1000® Growth Index**  | 17.32 | 18.17 | 17.02 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $644860049 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $5213858 |
| **Portfolio Turnover** | 27% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 34.1% |
|  Industrials  | 16.0% |
|  Communication Services  | 13.3% |
|  Consumer Discretionary  | 10.3% |
|  Health Care  | 9.3% |
|  Financials  | 8.2% |
|  Consumer Staples  | 4.1% |
|  Real Estate  | 2.4% |
|  Cash & Other  | 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.1% |
|  Microsoft Corp.  | 4.5% |
|  Amazon.com, Inc.  | 4.4% |
|  Netflix, Inc.  | 4.2% |
|  Meta Platforms, Inc.  | 4.2% |
|  Costco Wholesale Corp.  | 4.1% |
|  Uber Technologies, Inc.  | 4.1% |
|  Hilton Worldwide Holdings, Inc.  | 3.9% |
|  Mastercard, Inc.  | 3.8% |
|  Intuit, Inc.  | 3.7% |

---

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 Growth Equity Fund PAGE 2 TSR-AR-115233504

------

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Growth Equity Fund PAGE 3 TSR-AR-115233504

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAGAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $119 | 1.11% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's underperformance was driven primarily by the Information Technology sector, mainly due to not owning Broadcom. While we recognize the strength of Broadcom's business model, we believe the company's most compelling growth segments—such as data center optics and semi-custom data center silicon—are also core areas of expertise for Marvell, a current Fund holding. The Industrials sector was the best-performing sector both in absolute terms and relative to the benchmark, driven by Uber Technologies, a global mobility platform. The stock has traded sharply higher in 2025 as Uber continues to demonstrate strength in its core rideshare and delivery businesses.

**POSITIONING**

The Fund's allocation to Communication Services shifted from an underweight to an overweight position during the period, primarily due to the addition of Meta Platforms, Trade Desk, and Netflix. The Fund's exposure to Health Care decreased during the period as a result of exiting positions in Thermo Fisher Scientific, Edwards Lifesciences, and Align Technology. Align Technology continues to face subdued revenue growth as macroeconomic uncertainty weighs on consumers' willingness to spend on discretionary items like teeth aligners, particularly in the adult category.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Netflix, Inc. |
| ↑ | NVIDIA Corporation |
| ↑ | ServiceNow, Inc. |
| ↑ | Uber Technologies, Inc. |
| ↑ | Progressive Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | Trade Desk, Inc. Class A |
| ↓ | Adobe Inc. |
| ↓ | Align Technology, Inc. |
| ↓ | West Pharmaceutical Services, Inc. |

---

**PERFORMANCE**

The Fund delivered strong absolute performance during the period, underperforming the benchmark.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4597img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 14.04 | 9.50 | 12.56 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 1000® Growth Index**  | 17.32 | 18.17 | 17.02 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $644860049 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $5213858 |
| **Portfolio Turnover** | 27% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 34.1% |
|  Industrials  | 16.0% |
|  Communication Services  | 13.3% |
|  Consumer Discretionary  | 10.3% |
|  Health Care  | 9.3% |
|  Financials  | 8.2% |
|  Consumer Staples  | 4.1% |
|  Real Estate  | 2.4% |
|  Cash & Other  | 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.1% |
|  Microsoft Corp.  | 4.5% |
|  Amazon.com, Inc.  | 4.4% |
|  Netflix, Inc.  | 4.2% |
|  Meta Platforms, Inc.  | 4.2% |
|  Costco Wholesale Corp.  | 4.1% |
|  Uber Technologies, Inc.  | 4.1% |
|  Hilton Worldwide Holdings, Inc.  | 3.9% |
|  Mastercard, Inc.  | 3.8% |
|  Intuit, Inc.  | 3.7% |

---

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 Growth Equity Fund PAGE 2 TSR-AR-115233603

------

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Growth Equity Fund PAGE 3 TSR-AR-115233603

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFFX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $56 | 0.52% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the S&P 500® Index.

While the market's finish to the year was strong, the journey from start to finish was far from smooth. The period saw a sharp 19% drawdown from its February high on April 8th, primarily driven by fears of an all-out trade war. However, the S&P 500® Index recovered from its April low and the year ended at a new high.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector allocation had a larger effect on the portfolio. The performance of the Fund was driven by Consumer Discretionary, Energy and Financials sectors. Meta Platforms, Amer Sports and Visa were top contributors. The Health Care sector was the Fund's largest detractor. Within the sector, UnitedHealth Group detracted the most from the return.

**POSITIONING**

The Consumer Staples sector weighting increased with the addition of Mondelez International. The Energy sector weighting fell with the sale of Baker Hughes. The Health Care weighting was lower with the decline in the sector return and the elimination of Agilent Technologies and Merck & Co. The Industrials weighting was higher with the new investment in Old Dominion Freight Line as well as additions to existing holdings. In Real Estate, we eliminated SBA Communications bringing the sector weighting down to zero.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Meta Platforms Inc Class A |
| ↑ | Amer Sports, Inc. |
| ↑ | Visa Inc. Class A |
| ↑ | KKR & Co Inc |
| ↑ | Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | UnitedHealth Group Incorporated |
| ↓ | Elevance Health, Inc. |
| ↓ | Adobe Inc. |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | Illumina, Inc. |

---

**PERFORMANCE**

The Fund's return exceeded the S&P 500® Index.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4593img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 15.41 | 16.56 | 13.87 |
| **S&P 500® Index**  | 15.16 | 16.64 | 13.65 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1031226798 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $4143680 |
| **Portfolio Turnover** | 17% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 27.1% |
|  Information Technology  | 24.0% |
|  Communication Services  | 12.1% |
|  Consumer Discretionary  | 11.6% |
|  Industrials  | 10.4% |
|  Health Care  | 8.8% |
|  Consumer Staples  | 2.1% |
|  Energy  | 1.9% |
|  Cash & Other  | 2.0% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.3% |
|  Meta Platforms, Inc.  | 6.1% |
|  Alphabet, Inc.  | 4.8% |
|  Visa, Inc.  | 4.7% |
|  Mastercard, Inc.  | 4.4% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 4.3% |
|  Amazon.com, Inc.  | 4.3% |
|  KKR & Co., Inc.  | 4.2% |
|  Berkshire Hathaway, Inc.  | 3.6% |
|  Intuit, Inc.  | 2.9% |

---

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 Flexible Equity Fund PAGE 2 TSR-AR-115233843

------

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Flexible Equity Fund PAGE 3 TSR-AR-115233843

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAFX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $72 | 0.67% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the S&P 500® Index.

While the market's finish to the year was strong, the journey from start to finish was far from smooth. The period saw a sharp 19% drawdown from its February high on April 8th, primarily driven by fears of an all-out trade war. However, the S&P 500® Index recovered from its April low and the year ended at a new high.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector allocation had a larger effect on the portfolio. The performance of the Fund was driven by Consumer Discretionary, Energy and Financials sectors. Meta Platforms, Amer Sports and Visa were top contributors. The Health Care sector was the Fund's largest detractor. Within the sector, UnitedHealth Group detracted the most from the return.

**POSITIONING**

The Consumer Staples sector weighting increased with the addition of Mondelez International. The Energy sector weighting fell with the sale of Baker Hughes. The Health Care weighting was lower with the decline in the sector return and the elimination of Agilent Technologies and Merck & Co. The Industrials weighting was higher with the new investment in Old Dominion Freight Line as well as additions to existing holdings. In Real Estate, we eliminated SBA Communications bringing the sector weighting down to zero.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Meta Platforms Inc Class A |
| ↑ | Amer Sports, Inc. |
| ↑ | Visa Inc. Class A |
| ↑ | KKR & Co Inc |
| ↑ | Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | UnitedHealth Group Incorporated |
| ↓ | Elevance Health, Inc. |
| ↓ | Adobe Inc. |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | Illumina, Inc. |

---

**PERFORMANCE**

The Fund's return exceeded the S&P 500® Index.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4594img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 15.22 | 16.39 | 13.69 |
| **S&P 500® Index**  | 15.16 | 16.64 | 13.65 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1031226798 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $4143680 |
| **Portfolio Turnover** | 17% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 27.1% |
|  Information Technology  | 24.0% |
|  Communication Services  | 12.1% |
|  Consumer Discretionary  | 11.6% |
|  Industrials  | 10.4% |
|  Health Care  | 8.8% |
|  Consumer Staples  | 2.1% |
|  Energy  | 1.9% |
|  Cash & Other  | 2.0% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.3% |
|  Meta Platforms, Inc.  | 6.1% |
|  Alphabet, Inc.  | 4.8% |
|  Visa, Inc.  | 4.7% |
|  Mastercard, Inc.  | 4.4% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 4.3% |
|  Amazon.com, Inc.  | 4.3% |
|  KKR & Co., Inc.  | 4.2% |
|  Berkshire Hathaway, Inc.  | 3.6% |
|  Intuit, Inc.  | 2.9% |

---

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 Flexible Equity Fund PAGE 2 TSR-AR-115233868

------

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Flexible Equity Fund PAGE 3 TSR-AR-115233868

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAFAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $99 | 0.92% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the S&P 500® Index.

While the market's finish to the year was strong, the journey from start to finish was far from smooth. The period saw a sharp 19% drawdown from its February high on April 8th, primarily driven by fears of an all-out trade war. However, the S&P 500® Index recovered from its April low and the year ended at a new high.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Sector allocation had a larger effect on the portfolio. The performance of the Fund was driven by Consumer Discretionary, Energy and Financials sectors. Meta Platforms, Amer Sports and Visa were top contributors. The Health Care sector was the Fund's largest detractor. Within the sector, UnitedHealth Group detracted the most from the return.

**POSITIONING**

The Consumer Staples sector weighting increased with the addition of Mondelez International. The Energy sector weighting fell with the sale of Baker Hughes. The Health Care weighting was lower with the decline in the sector return and the elimination of Agilent Technologies and Merck & Co. The Industrials weighting was higher with the new investment in Old Dominion Freight Line as well as additions to existing holdings. In Real Estate, we eliminated SBA Communications bringing the sector weighting down to zero.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Meta Platforms Inc Class A |
| ↑ | Amer Sports, Inc. |
| ↑ | Visa Inc. Class A |
| ↑ | KKR & Co Inc |
| ↑ | Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | UnitedHealth Group Incorporated |
| ↓ | Elevance Health, Inc. |
| ↓ | Adobe Inc. |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | Illumina, Inc. |

---

**PERFORMANCE**

The Fund's return was less than the S&P 500® Index.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4592img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 14.93 | 16.09 | 13.41 |
| **S&P 500® Index**  | 15.16 | 16.64 | 13.65 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1031226798 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $4143680 |
| **Portfolio Turnover** | 17% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 27.1% |
|  Information Technology  | 24.0% |
|  Communication Services  | 12.1% |
|  Consumer Discretionary  | 11.6% |
|  Industrials  | 10.4% |
|  Health Care  | 8.8% |
|  Consumer Staples  | 2.1% |
|  Energy  | 1.9% |
|  Cash & Other  | 2.0% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.3% |
|  Meta Platforms, Inc.  | 6.1% |
|  Alphabet, Inc.  | 4.8% |
|  Visa, Inc.  | 4.7% |
|  Mastercard, Inc.  | 4.4% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 4.3% |
|  Amazon.com, Inc.  | 4.3% |
|  KKR & Co., Inc.  | 4.2% |
|  Berkshire Hathaway, Inc.  | 3.6% |
|  Intuit, Inc.  | 2.9% |

---

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 Flexible Equity Fund PAGE 2 TSR-AR-115233850

------

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Flexible Equity Fund PAGE 3 TSR-AR-115233850

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFWX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $63 | 0.60% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

During the period, sector positioning had a positive effect on relative returns against the Russell 1000® Index, while stock selection was detractive. From a sector allocation perspective, the strategy benefited from its overweight in financials and lack of exposure to energy, which outweighed the negative effects of our underweight to communication services. Inclusive of stock selection and interaction, strong performance from our financials and information technology names was not enough to overcome weakness from our health care and communication services names. Within financials, our favorable positioning and stock selection within the insurance and asset management industries were a key driver of absolute returns, with PGR, AJG, KKR and ARES all among the top performers during the period. The strategy's sector exposures result from bottom-up stock-picking, not sector preferences or macro inputs.

**POSITIONING**

Consistent with the strategy's long-standing portfolio construction philosophy, we continued to balance exposure between durable and rapid growth companies while ensuring diversification by business model, end market, and growth theme. Trading activity increased slightly, with ten name swaps and a number of strategic position re-sizing trades to optimize the ratio of upside potential to downside risk at the security and portfolio levels. We believe these trades represent upgrades to the portfolio that will better position the strategy for future success.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | NVIDIA Corporation |
| ↑ | ServiceNow, Inc. |
| ↑ | Visa Inc. Class A |
| ↑ | Microsoft Corporation |
| ↑ | Progressive Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | West Pharmaceutical Services, Inc. |
| ↓ | Trade Desk, Inc. Class A |
| ↓ | Danaher Corporation |
| ↓ | Thermo Fisher Scientific Inc. |

---

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

------

**PERFORMANCE**

The Fund's underperformance was largely driven by weakness in our health care, consumer discretionary, and communication services names.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4662img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 11.02 | 14.21 | 16.07 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 1000® Growth Index**  | 17.32 | 18.17 | 17.02 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9027770024 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $47705230 |
| **Portfolio Turnover** | 32% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 45.4% |
|  Financials  | 19.1% |
|  Consumer Discretionary  | 11.7% |
|  Industrials  | 10.9% |
|  Health Care  | 6.3% |
|  Communication Services  | 2.9% |
|  Materials  | 1.7% |
|  Cash & Other  | 2.0% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.8% |
|  Microsoft Corp.  | 8.6% |
|  Amazon.com, Inc.  | 7.4% |
|  Intuit, Inc.  | 4.4% |
|  Visa, Inc.  | 4.0% |
|  KKR & Co., Inc.  | 3.9% |
|  Marvell Technology, Inc.  | 3.5% |
|  Progressive Corp.  | 3.4% |
|  ServiceNow, Inc.  | 3.1% |
|  Arthur J Gallagher & Co.  | 2.9% |

---

Brown Advisory Sustainable Growth Fund PAGE 2 TSR-AR-115233207

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Growth Fund PAGE 3 TSR-AR-115233207

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAWX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $79 | 0.75% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

During the period, sector positioning had a positive effect on relative returns against the Russell 1000® Index, while stock selection was detractive. From a sector allocation perspective, the strategy benefited from its overweight in financials and lack of exposure to energy, which outweighed the negative effects of our underweight to communication services. Inclusive of stock selection and interaction, strong performance from our financials and information technology names was not enough to overcome weakness from our health care and communication services names. Within financials, our favorable positioning and stock selection within the insurance and asset management industries were a key driver of absolute returns, with PGR, AJG, KKR and ARES all among the top performers during the period. The strategy's sector exposures result from bottom-up stock-picking, not sector preferences or macro inputs.

**POSITIONING**

Consistent with the strategy's long-standing portfolio construction philosophy, we continued to balance exposure between durable and rapid growth companies while ensuring diversification by business model, end market, and growth theme. Trading activity increased slightly, with ten name swaps and a number of strategic position re-sizing trades to optimize the ratio of upside potential to downside risk at the security and portfolio levels. We believe these trades represent upgrades to the portfolio that will better position the strategy for future success.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | NVIDIA Corporation |
| ↑ | ServiceNow, Inc. |
| ↑ | Visa Inc. Class A |
| ↑ | Microsoft Corporation |
| ↑ | Progressive Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | West Pharmaceutical Services, Inc. |
| ↓ | Trade Desk, Inc. Class A |
| ↓ | Danaher Corporation |
| ↓ | Thermo Fisher Scientific Inc. |

---

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

------

**PERFORMANCE**

The Fund's underperformance was largely driven by weakness in our health care, consumer discretionary, and communication services names.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4663img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 10.84 | 14.05 | 15.89 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 1000® Growth Index**  | 17.32 | 18.17 | 17.02 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9027770024 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $47705230 |
| **Portfolio Turnover** | 32% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 45.4% |
|  Financials  | 19.1% |
|  Consumer Discretionary  | 11.7% |
|  Industrials  | 10.9% |
|  Health Care  | 6.3% |
|  Communication Services  | 2.9% |
|  Materials  | 1.7% |
|  Cash & Other  | 2.0% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.8% |
|  Microsoft Corp.  | 8.6% |
|  Amazon.com, Inc.  | 7.4% |
|  Intuit, Inc.  | 4.4% |
|  Visa, Inc.  | 4.0% |
|  KKR & Co., Inc.  | 3.9% |
|  Marvell Technology, Inc.  | 3.5% |
|  Progressive Corp.  | 3.4% |
|  ServiceNow, Inc.  | 3.1% |
|  Arthur J Gallagher & Co.  | 2.9% |

---

Brown Advisory Sustainable Growth Fund PAGE 2 TSR-AR-115233306

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Growth Fund PAGE 3 TSR-AR-115233306

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAWAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $105 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

During the period, sector positioning had a positive effect on relative returns against the Russell 1000® Index, while stock selection was detractive. From a sector allocation perspective, the strategy benefited from its overweight in financials and lack of exposure to energy, which outweighed the negative effects of our underweight to communication services. Inclusive of stock selection and interaction, strong performance from our financials and information technology names was not enough to overcome weakness from our health care and communication services names. Within financials, our favorable positioning and stock selection within the insurance and asset management industries were a key driver of absolute returns, with PGR, AJG, KKR and ARES all among the top performers during the period. The strategy's sector exposures result from bottom-up stock-picking, not sector preferences or macro inputs.

**POSITIONING**

Consistent with the strategy's long-standing portfolio construction philosophy, we continued to balance exposure between durable and rapid growth companies while ensuring diversification by business model, end market, and growth theme. Trading activity increased slightly, with ten name swaps and a number of strategic position re-sizing trades to optimize the ratio of upside potential to downside risk at the security and portfolio levels. We believe these trades represent upgrades to the portfolio that will better position the strategy for future success.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | NVIDIA Corporation |
| ↑ | ServiceNow, Inc. |
| ↑ | Visa Inc. Class A |
| ↑ | Microsoft Corporation |
| ↑ | Progressive Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | West Pharmaceutical Services, Inc. |
| ↓ | Trade Desk, Inc. Class A |
| ↓ | Danaher Corporation |
| ↓ | Thermo Fisher Scientific Inc. |

---

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

------

**PERFORMANCE**

The Fund's underperformance was largely driven by weakness in our health care, consumer discretionary, and communication services names.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4661img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 10.59 | 13.76 | 15.60 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 1000® Growth Index**  | 17.32 | 18.17 | 17.02 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9027770024 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $47705230 |
| **Portfolio Turnover** | 32% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 45.4% |
|  Financials  | 19.1% |
|  Consumer Discretionary  | 11.7% |
|  Industrials  | 10.9% |
|  Health Care  | 6.3% |
|  Communication Services  | 2.9% |
|  Materials  | 1.7% |
|  Cash & Other  | 2.0% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.8% |
|  Microsoft Corp.  | 8.6% |
|  Amazon.com, Inc.  | 7.4% |
|  Intuit, Inc.  | 4.4% |
|  Visa, Inc.  | 4.0% |
|  KKR & Co., Inc.  | 3.9% |
|  Marvell Technology, Inc.  | 3.5% |
|  Progressive Corp.  | 3.4% |
|  ServiceNow, Inc.  | 3.1% |
|  Arthur J Gallagher & Co.  | 2.9% |

---

Brown Advisory Sustainable Growth Fund PAGE 2 TSR-AR-115233405

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Growth Fund PAGE 3 TSR-AR-115233405

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Mid-Cap Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFMX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Mid-Cap Growth Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $89 | 0.82% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The main factor influencing performance was stock selection. Our strategy invests in mid- and small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase large- or mega-cap stocks. Thus, we never considered some of the most impactful Russell 1000® constituents during the last year such as Nvidia, Broadcom, Meta, Tesla, or Netflix. Despite that tilt, contributions from holdings such as Roblox, DoorDash, and Vistra helped the Fund outpace the benchmark over the period.

**POSITIONING**

Our philosophy harnesses the power of compounding, focusing on "3G" businesses (durable Growth, sound Governance, scalable Go-to-market strategies) that have a higher than average probability of making the journey from small- or mid-cap to large-cap than most companies. Since we are more closely aligned with the mid-cap universe, we are meaningfully underweight Information Technology and Financials and considerably overweight Industrials and Healthcare when compared to the Russell 1000® Index.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Roblox Corp. Class A |
| ↑ | DoorDash, Inc. Class A |
| ↑ | Vistra Corp. |
| ↑ | Cheniere Energy, Inc. |
| ↑ | Insulet Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | DexCom, Inc. |
| ↓ | West Pharmaceutical Services, Inc. |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | Bio-Techne Corporation |
| ↓ | Entegris, Inc. |

---

**PERFORMANCE**

The Fund's relative outperformance during the 12-month period ending June 30, 2025 was commendable considering its structural focus on mid-caps kept it out of the top-10 Russell 1000® contributors. Returns were driven by positive stock selection, mostly in the Consumer, Energy, and Utilities sectors.

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4607img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/02/2018)** |
| **Institutional Shares**  | 16.77 | 8.97 | 9.52 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 14.05 |
| **Russell Midcap® Growth Index**  | 26.49 | 12.65 | 12.67 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72530892 |
| **Number of Holdings** | 59 |
| **Net Advisory Fee** | $511191 |
| **Portfolio Turnover** | 73% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 25.0% |
|  Industrials  | 21.1% |
|  Health Care  | 15.3% |
|  Consumer Discretionary  | 11.6% |
|  Financials  | 5.4% |
|  Energy  | 4.6% |
|  Utilities  | 3.7% |
|  Communication Services  | 3.5% |
|  Real Estate  | 2.7% |
|  Cash & Other  | 7.1% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 4.8% |
|  Vistra Corp.  | 3.7% |
|  Marvell Technology, Inc.  | 3.7% |
|  West Pharmaceutical Services, Inc.  | 3.2% |
|  Cheniere Energy, Inc.  | 3.2% |
|  Hilton Worldwide Holdings, Inc.  | 3.0% |
|  CoStar Group, Inc.  | 2.7% |
|  HEICO Corp.  | 2.6% |
|  Datadog, Inc.  | 2.6% |
|  CCC Intelligent Solutions Holdings, Inc.  | 2.3% |

---

Brown Advisory Mid-Cap Growth Fund PAGE 2 TSR-AR-115233413

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Mid-Cap Growth Fund PAGE 3 TSR-AR-115233413

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Mid-Cap Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BMIDX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Mid-Cap Growth Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $105 | 0.97% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The main factor influencing performance was stock selection. Our strategy invests in mid- and small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase large- or mega-cap stocks. Thus, we never considered some of the most impactful Russell 1000® constituents during the last year such as Nvidia, Broadcom, Meta, Tesla, or Netflix. Despite that tilt, contributions from holdings such as Roblox, DoorDash, and Vistra helped the Fund outpace the benchmark over the period.

**POSITIONING**

Our philosophy harnesses the power of compounding, focusing on "3G" businesses (durable Growth, sound Governance, scalable Go-to-market strategies) that have a higher than average probability of making the journey from small- or mid-cap to large-cap than most companies. Since we are more closely aligned with the mid-cap universe, we are meaningfully underweight Information Technology and Financials and considerably overweight Industrials and Healthcare when compared to the Russell 1000® Index.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Roblox Corp. Class A |
| ↑ | DoorDash, Inc. Class A |
| ↑ | Vistra Corp. |
| ↑ | Cheniere Energy, Inc. |
| ↑ | Insulet Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | DexCom, Inc. |
| ↓ | West Pharmaceutical Services, Inc. |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | Bio-Techne Corporation |
| ↓ | Entegris, Inc. |

---

**PERFORMANCE**

The Fund's relative outperformance during the 12-month period ending June 30, 2025 was commendable considering its structural focus on mid-caps kept it out of the top-10 Russell 1000® contributors. Returns were driven by positive stock selection, mostly in the Consumer, Energy, and Utilities sectors.

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4616img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/02/2017)** |
| **Investor Shares**  | 16.70 | 8.82 | 10.29 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.94 |
| **Russell Midcap® Growth Index**  | 26.49 | 12.65 | 13.09 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72530892 |
| **Number of Holdings** | 59 |
| **Net Advisory Fee** | $511191 |
| **Portfolio Turnover** | 73% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 25.0% |
|  Industrials  | 21.1% |
|  Health Care  | 15.3% |
|  Consumer Discretionary  | 11.6% |
|  Financials  | 5.4% |
|  Energy  | 4.6% |
|  Utilities  | 3.7% |
|  Communication Services  | 3.5% |
|  Real Estate  | 2.7% |
|  Cash & Other  | 7.1% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 4.8% |
|  Vistra Corp.  | 3.7% |
|  Marvell Technology, Inc.  | 3.7% |
|  West Pharmaceutical Services, Inc.  | 3.2% |
|  Cheniere Energy, Inc.  | 3.2% |
|  Hilton Worldwide Holdings, Inc.  | 3.0% |
|  CoStar Group, Inc.  | 2.7% |
|  HEICO Corp.  | 2.6% |
|  Datadog, Inc.  | 2.6% |
|  CCC Intelligent Solutions Holdings, Inc.  | 2.3% |

---

Brown Advisory Mid-Cap Growth Fund PAGE 2 TSR-AR-115233439

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Mid-Cap Growth Fund PAGE 3 TSR-AR-115233439

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFSX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $97 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its regulatory benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

We are in a multi-year cycle where the largest companies have provided the strongest returns, and the main factor influencing performance remains our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific contributors in the large-cap space such as Nvidia, Broadcom and other mega-cap technology names, along with a number of the best performers within the communication services and consumer discretionary sectors.

**POSITIONING**

Our philosophy harnesses the power of compounding, focusing on "3G" businesses (durable Growth, sound Governance, scalable Go-to-market strategies) that have a higher than average probability of making the journey from small-cap to mid-cap (and perhaps large-cap) than most companies. Since we are more closely aligned with the smaller capitalization universe, we are underweight financials and information technology and overweight industrials and health care.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Curtiss-Wright Corporation |
| ↑ | SiTime Corporation |
| ↑ | Inari Medical, Inc. |
| ↑ | Mirion Technologies, Inc. Class A |
| ↑ | Encompass Health Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | KinderCare Learning Companies Inc |
| ↓ | Entegris, Inc. |
| ↓ | Bruker Corporation |
| ↓ | Bio-Techne Corporation |
| ↓ | ChampionX Corporation |

---

**PERFORMANCE**

The 12-month period ending June 30, 2025 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000® Index over this period.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4657img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 4.37 | 5.83 | 8.03 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 2000® Growth Index**  | 9.73 | 7.42 | 7.14 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $932266930 |
| **Number of Holdings** | 75 |
| **Net Advisory Fee** | $11838825 |
| **Portfolio Turnover** | 28% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 30.1% |
|  Information Technology  | 24.6% |
|  Health Care  | 20.6% |
|  Consumer Discretionary  | 6.4% |
|  Energy  | 4.7% |
|  Financials  | 4.4% |
|  Communication Services  | 2.4% |
|  Consumer Staples  | 2.1% |
|  Real Estate  | 1.9% |
|  Cash & Other  | 2.8% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CCC Intelligent Solutions Holdings, Inc.  | 4.0% |
|  HealthEquity, Inc.  | 3.2% |
|  Dynatrace, Inc.  | 3.2% |
|  Bright Horizons Family Solutions, Inc.  | 3.2% |
|  Waste Connections, Inc.  | 3.0% |
|  Prosperity Bancshares, Inc.  | 2.9% |
|  Curtiss-Wright Corp.  | 2.5% |
|  StandardAero, Inc.  | 2.5% |
|  Mirion Technologies, Inc.  | 2.5% |
|  Encompass Health Corp.  | 2.5% |

---

Brown Advisory Small-Cap Growth Fund PAGE 2 TSR-AR-115233819

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Growth Fund PAGE 3 TSR-AR-115233819

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIASX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $112 | 1.10% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its regulatory benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

We are in a multi-year cycle where the largest companies have provided the strongest returns, and the main factor influencing performance remains our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific contributors in the large-cap space such as Nvidia, Broadcom and other mega-cap technology names, along with a number of the best performers within the communication services and consumer discretionary sectors.

**POSITIONING**

Our philosophy harnesses the power of compounding, focusing on "3G" businesses (durable Growth, sound Governance, scalable Go-to-market strategies) that have a higher than average probability of making the journey from small-cap to mid-cap (and perhaps large-cap) than most companies. Since we are more closely aligned with the smaller capitalization universe, we are underweight financials and information technology and overweight industrials and health care.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Curtiss-Wright Corporation |
| ↑ | SiTime Corporation |
| ↑ | Inari Medical, Inc. |
| ↑ | Mirion Technologies, Inc. Class A |
| ↑ | Encompass Health Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | KinderCare Learning Companies Inc |
| ↓ | Entegris, Inc. |
| ↓ | Bruker Corporation |
| ↓ | Bio-Techne Corporation |
| ↓ | ChampionX Corporation |

---

**PERFORMANCE**

The 12-month period ending June 30, 2025 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000® Index over this period.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4658img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 4.24 | 5.68 | 7.87 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 2000® Growth Index**  | 9.73 | 7.42 | 7.14 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $932266930 |
| **Number of Holdings** | 75 |
| **Net Advisory Fee** | $11838825 |
| **Portfolio Turnover** | 28% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 30.1% |
|  Information Technology  | 24.6% |
|  Health Care  | 20.6% |
|  Consumer Discretionary  | 6.4% |
|  Energy  | 4.7% |
|  Financials  | 4.4% |
|  Communication Services  | 2.4% |
|  Consumer Staples  | 2.1% |
|  Real Estate  | 1.9% |
|  Cash & Other  | 2.8% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CCC Intelligent Solutions Holdings, Inc.  | 4.0% |
|  HealthEquity, Inc.  | 3.2% |
|  Dynatrace, Inc.  | 3.2% |
|  Bright Horizons Family Solutions, Inc.  | 3.2% |
|  Waste Connections, Inc.  | 3.0% |
|  Prosperity Bancshares, Inc.  | 2.9% |
|  Curtiss-Wright Corp.  | 2.5% |
|  StandardAero, Inc.  | 2.5% |
|  Mirion Technologies, Inc.  | 2.5% |
|  Encompass Health Corp.  | 2.5% |

---

Brown Advisory Small-Cap Growth Fund PAGE 2 TSR-AR-115233835

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Growth Fund PAGE 3 TSR-AR-115233835

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BASAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $138 | 1.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its regulatory benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

We are in a multi-year cycle where the largest companies have provided the strongest returns, and the main factor influencing performance remains our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific contributors in the large-cap space such as Nvidia, Broadcom and other mega-cap technology names, along with a number of the best performers within the communication services and consumer discretionary sectors.

**POSITIONING**

Our philosophy harnesses the power of compounding, focusing on "3G" businesses (durable Growth, sound Governance, scalable Go-to-market strategies) that have a higher than average probability of making the journey from small-cap to mid-cap (and perhaps large-cap) than most companies. Since we are more closely aligned with the smaller capitalization universe, we are underweight financials and information technology and overweight industrials and health care.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Curtiss-Wright Corporation |
| ↑ | SiTime Corporation |
| ↑ | Inari Medical, Inc. |
| ↑ | Mirion Technologies, Inc. Class A |
| ↑ | Encompass Health Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | KinderCare Learning Companies Inc |
| ↓ | Entegris, Inc. |
| ↓ | Bruker Corporation |
| ↓ | Bio-Techne Corporation |
| ↓ | ChampionX Corporation |

---

**PERFORMANCE**

The 12-month period ending June 30, 2025 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000® Index over this period.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4656img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 3.97 | 5.41 | 7.60 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 2000® Growth Index**  | 9.73 | 7.42 | 7.14 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $932266930 |
| **Number of Holdings** | 75 |
| **Net Advisory Fee** | $11838825 |
| **Portfolio Turnover** | 28% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 30.1% |
|  Information Technology  | 24.6% |
|  Health Care  | 20.6% |
|  Consumer Discretionary  | 6.4% |
|  Energy  | 4.7% |
|  Financials  | 4.4% |
|  Communication Services  | 2.4% |
|  Consumer Staples  | 2.1% |
|  Real Estate  | 1.9% |
|  Cash & Other  | 2.8% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CCC Intelligent Solutions Holdings, Inc.  | 4.0% |
|  HealthEquity, Inc.  | 3.2% |
|  Dynatrace, Inc.  | 3.2% |
|  Bright Horizons Family Solutions, Inc.  | 3.2% |
|  Waste Connections, Inc.  | 3.0% |
|  Prosperity Bancshares, Inc.  | 2.9% |
|  Curtiss-Wright Corp.  | 2.5% |
|  StandardAero, Inc.  | 2.5% |
|  Mirion Technologies, Inc.  | 2.5% |
|  Encompass Health Corp.  | 2.5% |

---

Brown Advisory Small-Cap Growth Fund PAGE 2 TSR-AR-115233827

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Growth Fund PAGE 3 TSR-AR-115233827

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAUUX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This 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 June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $97 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its regulatory benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contribution to Fund performance was mainly driven by the financials and utilities sectors while the communication services and health care sectors were the biggest detractors. The largest individual contributor to performance was Talen Energy Corp (TLN) and the largest individual detractor to performance was Cable One, Inc. (CABO).

**POSITIONING**

We were active during the period and invested in fifteen new companies and exited from sixteen companies. We also had two additions and deletions during the period. The additions during the period were diversified across most economic sectors. A notable addition to the communication services sector in the second quarter of 2025 was Cars.com (CARS). CARS assists consumers navigating the new and used car market. The company's business revenue model is based on monthly subscriptions from over 19,000 dealers along with advertising revenues from original equipment manufacturers "OEMS" and dealers. The company's valuation is down recently due to negative sentiment in the auto sector. CARS trades at approximately 6x EBITDA and has begun to use its significant cash flow to repurchase its shares.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Talen Energy Corp |
| ↑ | Bancorp Inc |
| ↑ | OSI Systems, Inc. |
| ↑ | Hanover Insurance Group, Inc. |
| ↑ | Curtiss-Wright Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Cable One, Inc. |
| ↓ | Orion S.A. |
| ↓ | Acadia Healthcare Company, Inc. |
| ↓ | Avanos Medical, Inc. |
| ↓ | Expro Group Holdings N.V. |

---

**PERFORMANCE**

The Fund posted positive returns and underperformed its regulatory benchmark, Russell 1000® Index, during the period.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4640img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 3.93 | 13.33 | 6.99 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 2000® Value Index**  | 5.54 | 12.47 | 6.72 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1177998140 |
| **Number of Holdings** | 65 |
| **Net Advisory Fee** | $11566211 |
| **Portfolio Turnover** | 39% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 30.6% |
|  Consumer Discretionary  | 11.8% |
|  Industrials  | 9.5% |
|  Information Technology  | 8.3% |
|  Communication Services  | 7.2% |
|  Materials  | 7.0% |
|  Utilities  | 6.2% |
|  Energy  | 5.6% |
|  Real Estate  | 4.7% |
|  Cash & Other  | 9.1% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Talen Energy Corp.  | 4.1% |
|  First American Government Obligations Fund  | 3.8% |
|  Signet Jewelers Ltd.  | 3.0% |
|  Bancorp, Inc.  | 2.9% |
|  NCR Atleos Corp.  | 2.9% |
|  Eastern Bankshares, Inc.  | 2.4% |
|  Eagle Materials, Inc.  | 2.4% |
|  John Wiley & Sons, Inc.  | 2.3% |
|  Old National Bancorp  | 2.3% |
|  Nomad Foods Ltd.  | 2.2% |

---

Brown Advisory Small-Cap Fundamental Value Fund PAGE 2 TSR-AR-115233777

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Fundamental Value Fund PAGE 3 TSR-AR-115233777

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAUX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This 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 June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $112 | 1.10% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its regulatory benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contribution to Fund performance was mainly driven by the financials and utilities sectors while the communication services and health care sectors were the biggest detractors. The largest individual contributor to performance was Talen Energy Corp (TLN) and the largest individual detractor to performance was Cable One, Inc. (CABO).

**POSITIONING**

We were active during the period and invested in fifteen new companies and exited from sixteen companies. We also had two additions and deletions during the period. The additions during the period were diversified across most economic sectors. A notable addition to the communication services sector in the second quarter of 2025 was Cars.com (CARS). CARS assists consumers navigating the new and used car market. The company's business revenue model is based on monthly subscriptions from over 19,000 dealers along with advertising revenues from original equipment manufacturers "OEMS" and dealers. The company's valuation is down recently due to negative sentiment in the auto sector. CARS trades at approximately 6x EBITDA and has begun to use its significant cash flow to repurchase its shares.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Talen Energy Corp |
| ↑ | Bancorp Inc |
| ↑ | OSI Systems, Inc. |
| ↑ | Hanover Insurance Group, Inc. |
| ↑ | Curtiss-Wright Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Cable One, Inc. |
| ↓ | Orion S.A. |
| ↓ | Acadia Healthcare Company, Inc. |
| ↓ | Avanos Medical, Inc. |
| ↓ | Expro Group Holdings N.V. |

---

**PERFORMANCE**

The Fund posted positive returns and underperformed its regulatory benchmark, Russell 1000® Index, during the period.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4649img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 3.78 | 13.16 | 6.83 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 2000® Value Index**  | 5.54 | 12.47 | 6.72 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1177998140 |
| **Number of Holdings** | 65 |
| **Net Advisory Fee** | $11566211 |
| **Portfolio Turnover** | 39% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 30.6% |
|  Consumer Discretionary  | 11.8% |
|  Industrials  | 9.5% |
|  Information Technology  | 8.3% |
|  Communication Services  | 7.2% |
|  Materials  | 7.0% |
|  Utilities  | 6.2% |
|  Energy  | 5.6% |
|  Real Estate  | 4.7% |
|  Cash & Other  | 9.1% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Talen Energy Corp.  | 4.1% |
|  First American Government Obligations Fund  | 3.8% |
|  Signet Jewelers Ltd.  | 3.0% |
|  Bancorp, Inc.  | 2.9% |
|  NCR Atleos Corp.  | 2.9% |
|  Eastern Bankshares, Inc.  | 2.4% |
|  Eagle Materials, Inc.  | 2.4% |
|  John Wiley & Sons, Inc.  | 2.3% |
|  Old National Bancorp  | 2.3% |
|  Nomad Foods Ltd.  | 2.2% |

---

Brown Advisory Small-Cap Fundamental Value Fund PAGE 2 TSR-AR-115233793

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Fundamental Value Fund PAGE 3 TSR-AR-115233793

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAUAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This 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 June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $137 | 1.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its regulatory benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contribution to Fund performance was mainly driven by the financials and utilities sectors while the communication services and health care sectors were the biggest detractors. The largest individual contributor to performance was Talen Energy Corp (TLN) and the largest individual detractor to performance was Cable One, Inc. (CABO).

**POSITIONING**

We were active during the period and invested in fifteen new companies and exited from sixteen companies. We also had two additions and deletions during the period. The additions during the period were diversified across most economic sectors. A notable addition to the communication services sector in the second quarter of 2025 was Cars.com (CARS). CARS assists consumers navigating the new and used car market. The company's business revenue model is based on monthly subscriptions from over 19,000 dealers along with advertising revenues from original equipment manufacturers "OEMS" and dealers. The company's valuation is down recently due to negative sentiment in the auto sector. CARS trades at approximately 6x EBITDA and has begun to use its significant cash flow to repurchase its shares.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Talen Energy Corp |
| ↑ | Bancorp Inc |
| ↑ | OSI Systems, Inc. |
| ↑ | Hanover Insurance Group, Inc. |
| ↑ | Curtiss-Wright Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Cable One, Inc. |
| ↓ | Orion S.A. |
| ↓ | Acadia Healthcare Company, Inc. |
| ↓ | Avanos Medical, Inc. |
| ↓ | Expro Group Holdings N.V. |

---

**PERFORMANCE**

The Fund posted positive returns and underperformed its regulatory benchmark, Russell 1000® Index, during the period.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4631img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 3.50 | 12.87 | 6.56 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.35 |
| **Russell 2000® Value Index**  | 5.54 | 12.47 | 6.72 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1177998140 |
| **Number of Holdings** | 65 |
| **Net Advisory Fee** | $11566211 |
| **Portfolio Turnover** | 39% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 30.6% |
|  Consumer Discretionary  | 11.8% |
|  Industrials  | 9.5% |
|  Information Technology  | 8.3% |
|  Communication Services  | 7.2% |
|  Materials  | 7.0% |
|  Utilities  | 6.2% |
|  Energy  | 5.6% |
|  Real Estate  | 4.7% |
|  Cash & Other  | 9.1% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Talen Energy Corp.  | 4.1% |
|  First American Government Obligations Fund  | 3.8% |
|  Signet Jewelers Ltd.  | 3.0% |
|  Bancorp, Inc.  | 2.9% |
|  NCR Atleos Corp.  | 2.9% |
|  Eastern Bankshares, Inc.  | 2.4% |
|  Eagle Materials, Inc.  | 2.4% |
|  John Wiley & Sons, Inc.  | 2.3% |
|  Old National Bancorp  | 2.3% |
|  Nomad Foods Ltd.  | 2.2% |

---

Brown Advisory Small-Cap Fundamental Value Fund PAGE 2 TSR-AR-115233785

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Fundamental Value Fund PAGE 3 TSR-AR-115233785

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Small-Cap** **Core Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFYX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This 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 June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $96 | 0.93% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its regulatory benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contribution to Fund performance was primarily driven by stock selection in the financials and industrials sector, while the consumer discretionary sector was the biggest detractor. The largest individual contributor to performance was Talen Energy Corp (TLN) and the largest individual detractor to performance was KinderCare Learning Companies Inc (KLC).

**POSITIONING**

We were active during the 12-month period and invested in 24 new companies and exited from 20 companies. Two companies were bought and sold in the quarter. Activity was broad based across sectors, but most heavily focused within the health care, industrials, and information technology sectors. A notable addition to the information technology sector during the period was Mirion Technologies. Mirion Technologies leverages their expertise in ionizing radiation technology to measure the presence of radioactive material in medical diagnostics, nuclear energy, military nuclear threat prevention settings, and deliver radiation therapies to treat cancer. Mirion has high levels of recurring revenue for their nuclear radiation detection, test, and measurement products which are required in any setting where radiation is present. They are benefitting from the growth of nuclear power globally and the increasing use of radiation therapies to treat cancer and other diseases.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Talen Energy Corp |
| ↑ | Bancorp Inc |
| ↑ | Encompass Health Corporation |
| ↑ | Inari Medical, Inc. |
| ↑ | Mirion Technologies, Inc. Class A |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | KinderCare Learning Companies Inc |
| ↓ | Onto Innovation, Inc. |
| ↓ | Vaxcyte, Inc. |
| ↓ | Biohaven Ltd. |
| ↓ | Cable One, Inc. |

---

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

------

**PERFORMANCE**

Small cap indices continued to face unprecedented underperformance relative to large cap indices during the 12-month period, resulting in the fund underperforming compared to its regulatory benchmark.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4666img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2021)** |
| **Institutional Shares**  | 6.96 | 1.09 |
| **Russell 1000® Index**  | 15.66 | 11.11 |
| **Russell 2000® Index**  | 7.68 | 1.08 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $99422927 |
| **Number of Holdings** | 74 |
| **Net Advisory Fee** | $664803 |
| **Portfolio Turnover** | 43% |

---

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

Brown Advisory Sustainable Small-Cap Core Fund PAGE 2 TSR-AR-115233298

------

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 19.8% |
|  Financials  | 19.0% |
|  Health Care  | 15.8% |
|  Information Technology  | 14.5% |
|  Consumer Discretionary  | 9.3% |
|  Real Estate  | 5.0% |
|  Consumer Staples  | 3.2% |
|  Utilities  | 3.2% |
|  Communication Services  | 3.0% |
|  Cash & Other  | 7.2% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 4.5% |
|  Talen Energy Corp.  | 3.2% |
|  Bancorp, Inc.  | 2.9% |
|  Encompass Health Corp.  | 2.4% |
|  SPX Technologies, Inc.  | 2.3% |
|  Eastern Bankshares, Inc.  | 2.2% |
|  Old National Bancorp  | 2.0% |
|  Valmont Industries, Inc.  | 2.0% |
|  EnPro, Inc.  | 1.9% |
|  Bright Horizons Family Solutions, Inc.  | 1.9% |

---

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Small-Cap Core Fund PAGE 3 TSR-AR-115233298

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Small-Cap** **Core Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAYX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This 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 June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $112 | 1.08% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its regulatory benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contribution to Fund performance was primarily driven by stock selection in the financials and industrials sector, while the consumer discretionary sector was the biggest detractor. The largest individual contributor to performance was Talen Energy Corp (TLN) and the largest individual detractor to performance was KinderCare Learning Companies Inc (KLC).

**POSITIONING**

We were active during the 12-month period and invested in 24 new companies and exited from 20 companies. Two companies were bought and sold in the quarter. Activity was broad based across sectors, but most heavily focused within the health care, industrials, and information technology sectors. A notable addition to the information technology sector during the period was Mirion Technologies. Mirion Technologies leverages their expertise in ionizing radiation technology to measure the presence of radioactive material in medical diagnostics, nuclear energy, military nuclear threat prevention settings, and deliver radiation therapies to treat cancer. Mirion has high levels of recurring revenue for their nuclear radiation detection, test, and measurement products which are required in any setting where radiation is present. They are benefitting from the growth of nuclear power globally and the increasing use of radiation therapies to treat cancer and other diseases.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Talen Energy Corp |
| ↑ | Bancorp Inc |
| ↑ | Encompass Health Corporation |
| ↑ | Inari Medical, Inc. |
| ↑ | Mirion Technologies, Inc. Class A |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | KinderCare Learning Companies Inc |
| ↓ | Onto Innovation, Inc. |
| ↓ | Vaxcyte, Inc. |
| ↓ | Biohaven Ltd. |
| ↓ | Cable One, Inc. |

---

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

------

**PERFORMANCE**

Small cap indices continued to face unprecedented underperformance relative to large cap indices during the 12-month period, resulting in the fund underperforming compared to its regulatory benchmark.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4667img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2021)** |
| **Investor Shares**  | 6.74 | 0.91 |
| **Russell 1000® Index**  | 15.66 | 11.11 |
| **Russell 2000® Index**  | 7.68 | 1.08 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $99422927 |
| **Number of Holdings** | 74 |
| **Net Advisory Fee** | $664803 |
| **Portfolio Turnover** | 43% |

---

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

Brown Advisory Sustainable Small-Cap Core Fund PAGE 2 TSR-AR-115233280

------

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 19.8% |
|  Financials  | 19.0% |
|  Health Care  | 15.8% |
|  Information Technology  | 14.5% |
|  Consumer Discretionary  | 9.3% |
|  Real Estate  | 5.0% |
|  Consumer Staples  | 3.2% |
|  Utilities  | 3.2% |
|  Communication Services  | 3.0% |
|  Cash & Other  | 7.2% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 4.5% |
|  Talen Energy Corp.  | 3.2% |
|  Bancorp, Inc.  | 2.9% |
|  Encompass Health Corp.  | 2.4% |
|  SPX Technologies, Inc.  | 2.3% |
|  Eastern Bankshares, Inc.  | 2.2% |
|  Old National Bancorp  | 2.0% |
|  Valmont Industries, Inc.  | 2.0% |
|  EnPro, Inc.  | 1.9% |
|  Bright Horizons Family Solutions, Inc.  | 1.9% |

---

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Small-Cap Core Fund PAGE 3 TSR-AR-115233280

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BASVX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Value Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $75 | 0.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Health Care, Utilities, and Real Estate were the leading contributors to performance during the period. Energy, Information Technology, and Communication Services were the leading sources of underperformance. Our overweight to health care hurt as the sector lagged the benchmark returns, but this was offset by our strong stock selection. Energy was a detractor to performance during the period as our exposure to oilfield services underperformed other areas of energy such as exploration & production. We were pleased that our performance over the last year was driven by stock selection across the portfolio as opposed to sector allocation.

**POSITIONING**

During the period, we added five new companies and eliminated six companies. The new additions included two in Health Care, one in Financials, one in Information Technology, and one in Consumer Discretionary. The eliminations included three in Health Care, one in Financials, one in Consumer Discretionary, and one in Information Technology. We remain overweight in Health Care, Financials and Materials and are underweight Information Technology and Consumer Discretionary. We continue to look for high quality businesses that generate consistent high levels of free cash flow, possess a Sustainable Free Cash Flow Advantage, exhibit capital discipline and trade at attractive valuations.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Constellation Energy Corporation |
| ↑ | Cardinal Health, Inc. |
| ↑ | T-Mobile US, Inc. |
| ↑ | CRH public limited company |
| ↑ | Trane Technologies plc |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Weatherford International plc |
| ↓ | Schlumberger Limited |
| ↓ | Elevance Health, Inc. |
| ↓ | ChampionX Corporation |
| ↓ | Merck & Co., Inc. |

---

**PERFORMANCE**

The Fund posted positive returns and underperformed its regulatory benchmark during the period.

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4668img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/28/2023)** |
| **Institutional Shares**  | 13.76 | 15.85 |
| **Russell 1000® Index**  | 15.66 | 22.47 |
| **Russell 1000® Value Index**  | 13.70 | 13.06 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $158641914 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $717079 |
| **Portfolio Turnover** | 29% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 22.1% |
|  Health Care  | 17.5% |
|  Information Technology  | 12.3% |
|  Industrials  | 11.5% |
|  Communication Services  | 7.9% |
|  Energy  | 4.9% |
|  Consumer Staples  | 4.7% |
|  Materials  | 4.5% |
|  Consumer Discretionary  | 4.3% |
|  Cash & Other  | 10.3% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 5.3% |
|  CRH PLC  | 4.5% |
|  Ferguson Enterprises, Inc.  | 4.2% |
|  Sanofi SA  | 4.1% |
|  Cardinal Health, Inc.  | 4.1% |
|  American International Group, Inc.  | 3.8% |
|  Unilever PLC  | 3.8% |
|  Bank of America Corp.  | 3.7% |
|  Constellation Energy Corp.  | 3.5% |
|  Willis Towers Watson PLC  | 3.5% |

---

Brown Advisory Sustainable Value Fund PAGE 2 TSR-AR-115233256

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Value Fund PAGE 3 TSR-AR-115233256

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BISVX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Value Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $91 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Health Care, Utilities, and Real Estate were the leading contributors to performance during the period. Energy, Information Technology, and Communication Services were the leading sources of underperformance. Our overweight to health care hurt as the sector lagged the benchmark returns, but this was offset by our strong stock selection. Energy was a detractor to performance during the period as our exposure to oilfield services underperformed other areas of energy such as exploration & production. We were pleased that our performance over the last year was driven by stock selection across the portfolio as opposed to sector allocation.

**POSITIONING**

During the period, we added five new companies and eliminated six companies. The new additions included two in Health Care, one in Financials, one in Information Technology, and one in Consumer Discretionary. The eliminations included three in Health Care, one in Financials, one in Consumer Discretionary, and one in Information Technology. We remain overweight in Health Care, Financials and Materials and are underweight Information Technology and Consumer Discretionary. We continue to look for high quality businesses that generate consistent high levels of free cash flow, possess a Sustainable Free Cash Flow Advantage, exhibit capital discipline and trade at attractive valuations.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Constellation Energy Corporation |
| ↑ | Cardinal Health, Inc. |
| ↑ | T-Mobile US, Inc. |
| ↑ | CRH public limited company |
| ↑ | Trane Technologies plc |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Weatherford International plc |
| ↓ | Schlumberger Limited |
| ↓ | Elevance Health, Inc. |
| ↓ | ChampionX Corporation |
| ↓ | Merck & Co., Inc. |

---

**PERFORMANCE**

The Fund posted positive returns and underperformed its regulatory benchmark during the period.

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4669img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/28/2023)** |
| **Investor Shares**  | 13.60 | 15.61 |
| **Russell 1000® Index**  | 15.66 | 22.47 |
| **Russell 1000® Value Index**  | 13.70 | 13.06 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $158641914 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $717079 |
| **Portfolio Turnover** | 29% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 22.1% |
|  Health Care  | 17.5% |
|  Information Technology  | 12.3% |
|  Industrials  | 11.5% |
|  Communication Services  | 7.9% |
|  Energy  | 4.9% |
|  Consumer Staples  | 4.7% |
|  Materials  | 4.5% |
|  Consumer Discretionary  | 4.3% |
|  Cash & Other  | 10.3% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 5.3% |
|  CRH PLC  | 4.5% |
|  Ferguson Enterprises, Inc.  | 4.2% |
|  Sanofi SA  | 4.1% |
|  Cardinal Health, Inc.  | 4.1% |
|  American International Group, Inc.  | 3.8% |
|  Unilever PLC  | 3.8% |
|  Bank of America Corp.  | 3.7% |
|  Constellation Energy Corp.  | 3.5% |
|  Willis Towers Watson PLC  | 3.5% |

---

Brown Advisory Sustainable Value Fund PAGE 2 TSR-AR-115233249

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Value Fund PAGE 3 TSR-AR-115233249

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Global Leaders Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFLX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Global Leaders Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $81 | 0.75% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the MSCI All Country World Index (ACWI).

**WHAT FACTORS INFLUENCED PERFORMANCE**

Outperformance was driven primarily by financials, consumer discretionary and industrials. Financials performed strongly in the face of volatility (e.g. Deutsche Boerse, B3), delivering counter-cyclical ballast to the portfolio. Industrials contributed to relative performance, particularly through the ongoing contribution of aerospace. Health Care contributed negatively, and we have exited two health care companies during the reporting period. Technology performed strongly in absolute terms. The Fund delivered downside capture during the market weakness in early 2025. While not an explicit target, we aim to identify companies that can help insulate our investors in bad times so we can compound a smaller loss thereafter.

**POSITIONING**

We are looking for high-quality companies with superior customer outcomes that we believe are able to pass on prices and generate high levels of recurring revenue while requiring low leverage. Sector and country diversification is an output of investment selection and capital allocation. During the year we added Rentokil and Experian. We exited TJX Companies, Adobe and Coloplast. We initiated and exited Illumina following an unusually short holding period due to a combination of supply-side and demand-side risks impacting our thesis.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Deutsche Boerse AG |
| ↑ | GE Aerospace |
| ↑ | Safran SA |
| ↑ | Mastercard Incorporated Class A |
| ↑ | London Stock Exchange Group plc |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Illumina, Inc. |
| ↓ | Adobe Inc. |
| ↓ | Alphabet Inc. Class C |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | Zoetis, Inc. Class A |

---

**PERFORMANCE**

The Fund delivered absolute positive performance during the reporting period, outperforming the benchmark.

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4595img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/31/2018)** |
| **Institutional Shares**  | 16.95 | 13.64 | 13.88 |
| **MSCI All Country World Index (ACWI)**  | 16.17 | 13.65 | 11.96 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2417663440 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $13850998 |
| **Portfolio Turnover** | 22% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 32.8% |
|  Information Technology  | 22.7% |
|  Industrials  | 18.9% |
|  Health Care  | 8.1% |
|  Communication Services  | 5.4% |
|  Consumer Discretionary  | 4.5% |
|  Consumer Staples  | 3.9% |
|  Materials  | 1.5% |
|  Cash & Other  | 2.2% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 9.4% |
|  London Stock Exchange Group PLC  | 4.9% |
|  Deutsche Boerse AG  | 4.6% |
|  Visa, Inc.  | 4.3% |
|  Unilever PLC  | 3.9% |
|  Mastercard, Inc.  | 3.8% |
|  Intuit, Inc.  | 3.8% |
|  Safran SA  | 3.3% |
|  Alphabet, Inc.  | 3.3% |
|  HDFC Bank Ltd.  | 3.2% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United States  | 54.2% |
|  United Kingdom  | 12.9% |
|  Germany  | 6.7% |
|  Netherlands  | 4.6% |
|  France  | 3.3% |
|  India  | 3.2% |
|  Switzerland  | 3.0% |
|  China  | 2.8% |
|  Brazil  | 2.8% |
|  Taiwan  | 2.5% |

---

Brown Advisory Global Leaders Fund PAGE 2 TSR-AR-115233355

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Global Leaders Fund PAGE 3 TSR-AR-115233355

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Global Leaders Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIALX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Global Leaders Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $98 | 0.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the MSCI All Country World Index (ACWI).

**WHAT FACTORS INFLUENCED PERFORMANCE**

Outperformance was driven primarily by financials, consumer discretionary and industrials. Financials performed strongly in the face of volatility (e.g. Deutsche Boerse, B3), delivering counter-cyclical ballast to the portfolio. Industrials contributed to relative performance, particularly through the ongoing contribution of aerospace. Health Care contributed negatively, and we have exited two health care companies during the reporting period. Technology performed strongly in absolute terms. The Fund delivered downside capture during the market weakness in early 2025. While not an explicit target, we aim to identify companies that can help insulate our investors in bad times so we can compound a smaller loss thereafter.

**POSITIONING**

We are looking for high-quality companies with superior customer outcomes that we believe are able to pass on prices and generate high levels of recurring revenue while requiring low leverage. Sector and country diversification is an output of investment selection and capital allocation. During the year we added Rentokil and Experian. We exited TJX Companies, Adobe and Coloplast. We initiated and exited Illumina following an unusually short holding period due to a combination of supply-side and demand-side risks impacting our thesis.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Deutsche Boerse AG |
| ↑ | GE Aerospace |
| ↑ | Safran SA |
| ↑ | Mastercard Incorporated Class A |
| ↑ | London Stock Exchange Group plc |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Illumina, Inc. |
| ↓ | Adobe Inc. |
| ↓ | Alphabet Inc. Class C |
| ↓ | Edwards Lifesciences Corporation |
| ↓ | Zoetis, Inc. Class A |

---

**PERFORMANCE**

The Fund delivered absolute positive performance during the reporting period, outperforming the benchmark.

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4596img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/01/2015)** |
| **Investor Shares**  | 16.78 | 13.45 | 11.98 |
| **MSCI All Country World Index (ACWI)**  | 16.17 | 13.65 | 9.93 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2417663440 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $13850998 |
| **Portfolio Turnover** | 22% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 32.8% |
|  Information Technology  | 22.7% |
|  Industrials  | 18.9% |
|  Health Care  | 8.1% |
|  Communication Services  | 5.4% |
|  Consumer Discretionary  | 4.5% |
|  Consumer Staples  | 3.9% |
|  Materials  | 1.5% |
|  Cash & Other  | 2.2% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 9.4% |
|  London Stock Exchange Group PLC  | 4.9% |
|  Deutsche Boerse AG  | 4.6% |
|  Visa, Inc.  | 4.3% |
|  Unilever PLC  | 3.9% |
|  Mastercard, Inc.  | 3.8% |
|  Intuit, Inc.  | 3.8% |
|  Safran SA  | 3.3% |
|  Alphabet, Inc.  | 3.3% |
|  HDFC Bank Ltd.  | 3.2% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United States  | 54.2% |
|  United Kingdom  | 12.9% |
|  Germany  | 6.7% |
|  Netherlands  | 4.6% |
|  France  | 3.3% |
|  India  | 3.2% |
|  Switzerland  | 3.0% |
|  China  | 2.8% |
|  Brazil  | 2.8% |
|  Taiwan  | 2.5% |

---

Brown Advisory Global Leaders Fund PAGE 2 TSR-AR-115233462

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Global Leaders Fund PAGE 3 TSR-AR-115233462

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable International** **Leaders Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAILX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable International Leaders Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $92 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the MSCI ACWI ex USA Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Underperformance was driven primarily by Industrials and Information Technology. Within Technology it was mainly the exposure to semiconductor end markets that are still recovering from cyclical lows (eg. NXP Semiconductor; certain ASML end markets) that detracted from performance. Health Care was the largest relative, positive contributor to performance while Financials delivered the largest contribution to absolute returns. The main driver being the counter-cyclical revenue drivers of financial market infrastructure companies (eg. Deutsche Boerse, B3) that benefited from the market volatility in 2025.

**POSITIONING**

International equity indices outperformed both global and U.S. indices over the reporting period and especially since the beginning of 2025. The Fund benefited from its regional exposure with the largest allocation being to Europe. During the year we added Richemont, Amadeus IT, AstraZeneca, Anta Sports, SAP and Taiwan Semiconductor Manufacturing. We exited Coloplast. We look for competitively advantaged businesses that earn high returns on invested capital (ROIC), are run by capable management teams and are attractively valued, have the ability to generate attractive through-the-cycle shareholder returns. Sector and country diversification is an output of stock picking.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Deutsche Boerse AG |
| ↑ | Safran SA |
| ↑ | Airbus SE |
| ↑ | B3 SA - Brasil, Bolsa, Balcao |
| ↑ | CTS Eventim AG & Co. KGaA |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | LVMH Moet Hennessy Louis Vuitton SE |
| ↓ | Rentokil Initial plc |
| ↓ | NXP Semiconductors NV |
| ↓ | Diageo plc |
| ↓ | ASML Holding NV |

---

**PERFORMANCE**

The Fund delivered absolute positive performance during the reporting period, underperforming the benchmark.

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4664img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/28/2022)** |
| **Institutional Shares**  | 15.64 | 6.92 |
| **MSCI ACWI ex USA Index**  | 17.72 | 7.68 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $42021685 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $163359 |
| **Portfolio Turnover** | 47% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 31.2% |
|  Financials  | 24.7% |
|  Consumer Discretionary  | 16.1% |
|  Information Technology  | 13.2% |
|  Health Care  | 6.5% |
|  Communication Services  | 2.9% |
|  Consumer Staples  | 2.6% |
|  Cash & Other  | 2.8% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Deutsche Boerse AG  | 6.4% |
|  London Stock Exchange Group PLC  | 5.2% |
|  Howden Joinery Group PLC  | 4.7% |
|  Experian PLC  | 4.3% |
|  Airbus SE  | 4.1% |
|  HDFC Bank Ltd.  | 3.8% |
|  AIA Group Ltd.  | 3.8% |
|  Wolters Kluwer NV  | 3.7% |
|  Rentokil Initial PLC  | 3.5% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.4% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United Kingdom  | 27.4% |
|  Germany  | 10.3% |
|  France  | 10.2% |
|  United States  | 8.2% |
|  Netherlands  | 6.7% |
|  China  | 5.1% |
|  India  | 5.1% |
|  Switzerland  | 3.9% |
|  Japan  | 3.5% |
|  Taiwan  | 3.4% |

---

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

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable International Leaders Fund PAGE 3 TSR-AR-115233272

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable International** **Leaders Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BISLX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable International Leaders Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $108 | 1.00% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the MSCI ACWI ex USA Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Underperformance was driven primarily by Industrials and Information Technology. Within Technology it was mainly the exposure to semiconductor end markets that are still recovering from cyclical lows (eg. NXP Semiconductor; certain ASML end markets) that detracted from performance. Health Care was the largest relative, positive contributor to performance while Financials delivered the largest contribution to absolute returns. The main driver being the counter-cyclical revenue drivers of financial market infrastructure companies (eg. Deutsche Boerse, B3) that benefited from the market volatility in 2025.

**POSITIONING**

International equity indices outperformed both global and U.S. indices over the reporting period and especially since the beginning of 2025. The Fund benefited from its regional exposure with the largest allocation being to Europe. During the year we added Richemont, Amadeus IT, AstraZeneca, Anta Sports, SAP and Taiwan Semiconductor Manufacturing. We exited Coloplast. We look for competitively advantaged businesses that earn high returns on invested capital (ROIC), are run by capable management teams and are attractively valued, have the ability to generate attractive through-the-cycle shareholder returns. Sector and country diversification is an output of stock picking.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Deutsche Boerse AG |
| ↑ | Safran SA |
| ↑ | Airbus SE |
| ↑ | B3 SA - Brasil, Bolsa, Balcao |
| ↑ | CTS Eventim AG & Co. KGaA |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | LVMH Moet Hennessy Louis Vuitton SE |
| ↓ | Rentokil Initial plc |
| ↓ | NXP Semiconductors NV |
| ↓ | Diageo plc |
| ↓ | ASML Holding NV |

---

**PERFORMANCE**

The Fund delivered absolute positive performance during the reporting period, underperforming the benchmark.

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4665img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/28/2022)** |
| **Investor Shares**  | 15.49 | 6.71 |
| **MSCI ACWI ex USA Index**  | 17.72 | 7.68 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $42021685 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $163359 |
| **Portfolio Turnover** | 47% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 31.2% |
|  Financials  | 24.7% |
|  Consumer Discretionary  | 16.1% |
|  Information Technology  | 13.2% |
|  Health Care  | 6.5% |
|  Communication Services  | 2.9% |
|  Consumer Staples  | 2.6% |
|  Cash & Other  | 2.8% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Deutsche Boerse AG  | 6.4% |
|  London Stock Exchange Group PLC  | 5.2% |
|  Howden Joinery Group PLC  | 4.7% |
|  Experian PLC  | 4.3% |
|  Airbus SE  | 4.1% |
|  HDFC Bank Ltd.  | 3.8% |
|  AIA Group Ltd.  | 3.8% |
|  Wolters Kluwer NV  | 3.7% |
|  Rentokil Initial PLC  | 3.5% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.4% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United Kingdom  | 27.4% |
|  Germany  | 10.3% |
|  France  | 10.2% |
|  United States  | 8.2% |
|  Netherlands  | 6.7% |
|  China  | 5.1% |
|  India  | 5.1% |
|  Switzerland  | 3.9% |
|  Japan  | 3.5% |
|  Taiwan  | 3.4% |

---

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

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable International Leaders Fund PAGE 3 TSR-AR-115233264

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Intermediate Income Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAIX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Intermediate Income Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $55 | 0.53% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ending June 30, 2025, the Fund outperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although we experienced periods of risk aversion during the period, there was a decidedly robust bid for risk assets, especially after the tariff announcement. Positive contributions to performance were led by an overweight position in corporate credit during a period of compressing spreads. Security selection within corporate bonds was additive throughout the period as well given our downside focused research efforts. Our ongoing overweight in asset-backed bonds was additive as securitized credit outperformed mortgage bonds in a volatile interest rate environment. Active yield curve management resulted in mixed performance results as our mild yield curve steepening posture detracted at times as expected policy accommodation wax and waned.

**POSITIONING**

We maintained a mildly overweight duration profile over the entirety of the period, adjusting as dictated by incoming economic data. The Fund added to its overweight allocation to corporate bonds, market value and spread duration, based on elevated yields and ongoing strong corporate fundamentals. We continued to maintain a mildly overweight position in agency-backed mortgage bonds due to relatively attractive spreads and overall yields.

**PERFORMANCE**

The Fund outperformed its regulatory benchmark for the reported period. Exposure to spread sectors were additive as the economy continued to perform. This performance was further bolstered by strong corporate bond selection as fundamentals remained strong and spreads tightened markedly, especially after a bout of weakness post-tariff announcement. The primary detractors were duration positioning and mortgage bonds in a volatile interest rate environment.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4602img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 6.24 | 0.13 | 1.64 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.08 | -0.73 | 1.76 |
| **Bloomberg Intermediate U.S. Aggregate Bond Index**  | 6.69 | 0.23 | 1.80 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $128582672 |
| **Number of Holdings** | 119 |
| **Net Advisory Fee** | $370608 |
| **Portfolio Turnover** | 50% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 32.6% |
|  U.S. Treasury Securities  | 30.8% |
|  Corporate Bonds  | 27.5% |
|  Asset-Backed Securities  | 4.4% |
|  Agency Commercial Mortgage-Backed Securities  | 1.8% |
|  Money Market Funds  | 0.9% |
|  Non-Agency Residential Mortgage-Backed Securities  | 0.5% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.5% |
|  Futures Contracts  | 0.0% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 30.8% |
|  Federal National Mortgage Association  | 17.8% |
|  Federal Home Loan Mortgage Corp.  | 11.4% |
|  Ginnie Mae II Pool  | 5.1% |
|  Waste Connections, Inc.  | 1.5% |
|  Verizon Master Trust  | 1.0% |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust  | 1.0% |
|  Prologis LP  | 1.0% |
|  Analog Devices, Inc.  | 1.0% |
|  Kroger Co.  | 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.

Brown Advisory Intermediate Income Fund PAGE 2 TSR-AR-115233744

------

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Intermediate Income Fund PAGE 3 TSR-AR-115233744

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Intermediate Income Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAIAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Intermediate Income Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $80 | 0.78% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ending June 30, 2025, the Fund underperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although we experienced periods of risk aversion during the period, there was a decidedly robust bid for risk assets, especially after the tariff announcement. Positive contributions to performance were led by an overweight position in corporate credit during a period of compressing spreads. Security selection within corporate bonds was additive throughout the period as well given our downside focused research efforts. Our ongoing overweight in asset-backed bonds was additive as securitized credit outperformed mortgage bonds in a volatile interest rate environment. Active yield curve management resulted in mixed performance results as our mild yield curve steepening posture detracted at times as expected policy accommodation wax and waned.

**POSITIONING**

We maintained a mildly overweight duration profile over the entirety of the period, adjusting as dictated by incoming economic data. The Fund added to its overweight allocation to corporate bonds, market value and spread duration, based on elevated yields and ongoing strong corporate fundamentals. We continued to maintain a mildly overweight position in agency-backed mortgage bonds due to relatively attractive spreads and overall yields.

**PERFORMANCE**

The Fund underperformed its regulatory benchmark for the reported period. Exposure to spread sectors were additive as the economy continued to perform. This performance was further bolstered by strong corporate bond selection as fundamentals remained strong and spreads tightened markedly, especially after a bout of weakness post-tariff announcement. The primary detractors were duration positioning and mortgage bonds in a volatile interest rate environment.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4600img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 5.89 | -0.14 | 1.38 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.08 | -0.73 | 1.76 |
| **Bloomberg Intermediate U.S. Aggregate Bond Index**  | 6.69 | 0.23 | 1.80 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $128582672 |
| **Number of Holdings** | 119 |
| **Net Advisory Fee** | $370608 |
| **Portfolio Turnover** | 50% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 32.6% |
|  U.S. Treasury Securities  | 30.8% |
|  Corporate Bonds  | 27.5% |
|  Asset-Backed Securities  | 4.4% |
|  Agency Commercial Mortgage-Backed Securities  | 1.8% |
|  Money Market Funds  | 0.9% |
|  Non-Agency Residential Mortgage-Backed Securities  | 0.5% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.5% |
|  Futures Contracts  | 0.0% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 30.8% |
|  Federal National Mortgage Association  | 17.8% |
|  Federal Home Loan Mortgage Corp.  | 11.4% |
|  Ginnie Mae II Pool  | 5.1% |
|  Waste Connections, Inc.  | 1.5% |
|  Verizon Master Trust  | 1.0% |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust  | 1.0% |
|  Prologis LP  | 1.0% |
|  Analog Devices, Inc.  | 1.0% |
|  Kroger Co.  | 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.

Brown Advisory Intermediate Income Fund PAGE 2 TSR-AR-115233736

------

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Intermediate Income Fund PAGE 3 TSR-AR-115233736

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAISX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Bond Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $42 | 0.41% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although we experienced periods of risk aversion during the period, there was a decidedly robust bid for risk assets, especially after the tariff announcement. Positive contributors to performance were led by our overweight position in corporate credit and generally positive security selection. Our ongoing overweight in asset-backed bonds was also additive as securitized credit outperformed mortgage bonds in a volatile interest rate environment. Active yield curve management resulted in mixed performance results as our mild yield curve steepening posture detracted at times as expected policy accommodation wax and waned.

**POSITIONING**

We maintained an overweight position in corporate credit, by market value, during the period, while tactically increasing spread duration over time. Given the tumult in the mortgage bond market, we moved to an overweight position to capitalize on elevate yields and spreads from a high-quality sector. Toward the end of the period, we reduced our duration overweight which was reflective of recent sticky inflation data and continued full employment. We did maintain a yield curve steepening bias as well as an underweight to the longest key rates given the ongoing sizable deficit projections.

**PERFORMANCE**

The Fund underperformed its regulatory benchmark for the reported period. The primary detractors were duration positioning and mortgage bonds in a volatile interest rate environment. This was offset, partially, through an overweight in corporate credit and asset-backed bonds during a period of compressing spreads, particularly after a bout of weakness post tariff-announcement.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4659img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/02/2018)** |
| **Institutional Shares**  | 5.68 | -0.73 | 1.65 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.08 | -0.73 | 1.79 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $575811377 |
| **Number of Holdings** | 169 |
| **Net Advisory Fee** | $1734450 |
| **Portfolio Turnover** | 104% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 37.3% |
|  Agency Residential Mortgage-Backed Securities  | 29.4% |
|  U.S. Treasury Securities  | 21.2% |
|  Foreign Government Agency Issues  | 5.1% |
|  Asset-Backed Securities  | 4.8% |
|  Money Market Funds  | 2.1% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 1.6% |
|  Municipal Bonds  | 0.9% |
|  U.S. Treasury Bills  | 0.1% |
|  Cash & Other  | -2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 13.6% |
|  United States Treasury Note  | 12.0% |
|  Ginnie Mae II Pool  | 7.3% |
|  Federal Home Loan Mortgage Corp.  | 6.8% |
|  Kreditanstalt fuer Wiederaufbau  | 6.4% |
|  United States Treasury Bond  | 5.1% |
|  European Investment Bank  | 5.1% |
|  United States Treasury STRIP  | 4.0% |
|  First American Government Obligations Fund  | 2.1% |
|  BX Trust  | 1.6% |

---

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 Bond Fund PAGE 2 TSR-AR-115233389

------

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Bond Fund PAGE 3 TSR-AR-115233389

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BASBX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Sustainable Bond Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $47 | 0.46% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Although we experienced periods of risk aversion during the period, there was a decidedly robust bid for risk assets, especially after the tariff announcement. Positive contributors to performance were led by our overweight position in corporate credit and generally positive security selection. Our ongoing overweight in asset-backed bonds was also additive as securitized credit outperformed mortgage bonds in a volatile interest rate environment. Active yield curve management resulted in mixed performance results as our mild yield curve steepening posture detracted at times as expected policy accommodation wax and waned.

**POSITIONING**

We maintained an overweight position in corporate credit, by market value, during the period, while tactically increasing spread duration over time. Given the tumult in the mortgage bond market, we moved to an overweight position to capitalize on elevate yields and spreads from a high-quality sector. Toward the end of the period, we reduced our duration overweight which was reflective of recent sticky inflation data and continued full employment. We did maintain a yield curve steepening bias as well as an underweight to the longest key rates given the ongoing sizable deficit projections.

**PERFORMANCE**

The Fund underperformed its regulatory benchmark for the reported period. The primary detractors were duration positioning and mortgage bonds in a volatile interest rate environment. This was offset, partially, through an overweight in corporate credit and asset-backed bonds during a period of compressing spreads, particularly after a bout of weakness post tariff-announcement.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4660img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/07/2017)** |
| **Investor Shares**  | 5.75 | -0.76 | 1.27 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.08 | -0.73 | 1.44 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $575811377 |
| **Number of Holdings** | 169 |
| **Net Advisory Fee** | $1734450 |
| **Portfolio Turnover** | 104% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 37.3% |
|  Agency Residential Mortgage-Backed Securities  | 29.4% |
|  U.S. Treasury Securities  | 21.2% |
|  Foreign Government Agency Issues  | 5.1% |
|  Asset-Backed Securities  | 4.8% |
|  Money Market Funds  | 2.1% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 1.6% |
|  Municipal Bonds  | 0.9% |
|  U.S. Treasury Bills  | 0.1% |
|  Cash & Other  | -2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 13.6% |
|  United States Treasury Note  | 12.0% |
|  Ginnie Mae II Pool  | 7.3% |
|  Federal Home Loan Mortgage Corp.  | 6.8% |
|  Kreditanstalt fuer Wiederaufbau  | 6.4% |
|  United States Treasury Bond  | 5.1% |
|  European Investment Bank  | 5.1% |
|  United States Treasury STRIP  | 4.0% |
|  First American Government Obligations Fund  | 2.1% |
|  BX Trust  | 1.6% |

---

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 Bond Fund PAGE 2 TSR-AR-115233447

------

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Bond Fund PAGE 3 TSR-AR-115233447

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Maryland Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAMX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Maryland Bond Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $48 | 0.48% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve steepened dramatically over the past year as short-term municipal bond yields fell, while longer-maturity municipal bond yields rose. The Fund's active yield curve positioning benefitted relative and absolute returns during the period as we added exposure to longer-duration bonds as the curve steepened. The Fund also benefitted from an overweight in ultra-short duration floating-rate, and short-callable bonds which helped provide downside protection during a volatile interest rate environment. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

**POSITIONING**

We tactically added to a duration barbell with an overweight to ultra-short duration bonds, and large weightings to longer duration bonds. We maintained an overweight in revenue-backed municipal sectors and added tactically to Local GOs, Transportation, and Housing Revenue, while trimming our positions in Higher Education and Healthcare.

**PERFORMANCE**

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by downside protection, particularly during the first half of 2025 as longer maturity municipal bond yields rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?<sup>1,</sup>**<sup>**2**</sup>

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4604img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 1.70 | 0.83 | 1.74 |
| **Bloomberg Municipal Bond Index**  | 1.11 | 0.51 | 2.20 |
| **Bloomberg Municipal 1-15 Year Index**  | 2.63 | 0.86 | 2.13 |
| **Bloomberg 1-10 Year Blended Municipal Bond Index**  | 3.47 | 0.96 | 1.96 |

---

---

| | |
|:---|:---|
| 1 | **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** |

---

---

| | |
|:---|:---|
| 2 | The Adviser has determined that the Bloomberg Municipal 1-15 Year Index reflects the Fund's investment strategy better than the Bloomberg 1-10 Year Blended Municipal Bond Index. The Bloomberg Municipal 1-15 Year Index is now the Fund's more narrowly based additional index. Returns for the former more narrowly based additional index are presented for comparison purposes. |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $164283859 |
| **Number of Holdings** | 66 |
| **Net Advisory Fee** | $505391 |
| **Portfolio Turnover** | 46% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 97.3% |
|  Money Market Funds  | 1.8% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Revenue Bonds  | 78.0% |
|  General Obligation Bonds  | 19.3% |
|  Cash & Other  | 2.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Maryland Economic Development Corporation  | 11.5% |
|  County of Frederick MD  | 10.1% |
|  State of Maryland Department of Transportation  | 8.0% |
|  Maryland Stadium Authority  | 6.7% |
|  MedStar Health  | 5.8% |
|  University of Maryland Medical System  | 5.2% |
|  Maryland Community Development Administration  | 4.6% |
|  State of Maryland  | 4.5% |
|  Main Street Natural Gas, Inc.  | 3.4% |
|  Miami-Dade County Expressway Authority  | 3.1% |

---

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 Maryland Bond Fund PAGE 2 TSR-AR-115233751

------

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Maryland Bond Fund PAGE 3 TSR-AR-115233751

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Tax Exempt Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BTEIX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Tax Exempt Bond Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $42 | 0.41% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve steepened dramatically over the past year as short-term municipal bond yields fell, while longer-maturity municipal bond yields rose. The Fund's active yield curve positioning benefitted relative and absolute returns during the period as we added exposure to longer-duration bonds as the curve steepened. The Fund also benefitted from an overweight in ultra-short duration floating-rate, and short-callable bonds which helped mitigate risk during a volatile interest rate environment. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

**POSITIONING**

We tactically added to a duration barbell with an overweight to ultra-short duration bonds, and large weightings to longer duration bonds. We maintained an overweight in revenue-backed municipal sectors and added tactically to Prepaid Gas, Airports, and Housing Revenue, while trimming our positions in Higher Education and Healthcare.

**PERFORMANCE**

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by mitigating risk, particularly during the first half of 2025 as longer maturity municipal bond yields rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?<sup>1,</sup>**<sup>**2**</sup>

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4670img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/02/2018)** |
| **Institutional Shares**  | 2.44 | 1.58 | 2.27 |
| **Bloomberg Municipal Bond Index**  | 1.11 | 0.51 | 1.93 |
| **Bloomberg Municipal 1-15 Year Index**  | 2.63 | 0.86 | 2.07 |
| **Bloomberg 1-10 Year Blended Municipal Bond Index**  | 3.47 | 0.96 | 2.00 |

---

---

| | |
|:---|:---|
| 1 | **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** |

---

---

| | |
|:---|:---|
| 2 | The Adviser has determined that the Bloomberg Municipal 1-15 Year Index reflects the Fund's investment strategy better than the Bloomberg 1-10 Year Blended Municipal Bond Index. The Bloomberg Municipal 1-15 Year Index is now the Fund's more narrowly based additional index. Returns for the former more narrowly based additional index are presented for comparison purposes. |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1019941148 |
| **Number of Holdings** | 169 |
| **Net Advisory Fee** | $3041771 |
| **Portfolio Turnover** | 40% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 States** | **(%)** |
|  Texas  | 11.5% |
|  New York  | 9.9% |
|  Alabama  | 8.5% |
|  Florida  | 8.2% |
|  Illinois  | 5.5% |
|  Georgia  | 5.1% |
|  Wisconsin  | 5.0% |
|  California  | 4.2% |
|  New Jersey  | 3.3% |
|  Kentucky  | 3.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Black Belt Energy Gas District  | 4.7% |
|  Public Finance Authority  | 3.5% |
|  Miami-Dade County Florida Expressway Authority  | 3.4% |
|  Main Street Natural Gas, Inc.  | 3.3% |
|  Texas Municipal Gas Acquisition and Supply Corp. II  | 3.2% |
|  Kentucky Public Energy Authority  | 3.1% |
|  Tobacco Settlement Financing Corp.  | 2.8% |
|  First American Government Obligations Fund  | 2.7% |
|  Southeast Energy Authority A Cooperative District  | 2.7% |
|  New Jersey Transportation Trust Fund Authority  | 2.4% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 98.9% |
|  Money Market Funds  | 2.7% |
|  Cash & Other  | -1.6% |

---

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

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Tax Exempt Bond Fund PAGE 3 TSR-AR-115233371

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Tax Exempt Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAEX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Tax Exempt Bond Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $47 | 0.46% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve steepened dramatically over the past year as short-term municipal bond yields fell, while longer-maturity municipal bond yields rose. The Fund's active yield curve positioning benefitted relative and absolute returns during the period as we added exposure to longer-duration bonds as the curve steepened. The Fund also benefitted from an overweight in ultra-short duration floating-rate, and short-callable bonds which helped mitigate risk during a volatile interest rate environment. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

**POSITIONING**

We tactically added to a duration barbell with an overweight to ultra-short duration bonds, and large weightings to longer duration bonds. We maintained an overweight in revenue-backed municipal sectors and added tactically to Prepaid Gas, Airports, and Housing Revenue, while trimming our positions in Higher Education and Healthcare.

**PERFORMANCE**

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by mitigating risk, particularly during the first half of 2025 as longer maturity municipal bond yields rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?<sup>1,</sup>**<sup>**2**</sup>

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4671img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 2.28 | 1.51 | 2.39 |
| **Bloomberg Municipal Bond Index**  | 1.11 | 0.51 | 2.20 |
| **Bloomberg Municipal 1–15 Year Index**  | 2.63 | 0.86 | 2.13 |
| **Bloomberg 1-10 Year Blended Municipal Bond Index**  | 3.47 | 0.96 | 1.96 |

---

---

| | |
|:---|:---|
| 1 | **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** |

---

---

| | |
|:---|:---|
| 2 | The Adviser has determined that the Bloomberg Municipal 1-15 Year Index reflects the Fund's investment strategy better than the Bloomberg 1-10 Year Blended Municipal Bond Index. The Bloomberg Municipal 1-15 Year Index is now the Fund's more narrowly based additional index. Returns for the former more narrowly based additional index are presented for comparison purposes. |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1019941148 |
| **Number of Holdings** | 169 |
| **Net Advisory Fee** | $3041771 |
| **Portfolio Turnover** | 40% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 States** | **(%)** |
|  Texas  | 11.5% |
|  New York  | 9.9% |
|  Alabama  | 8.5% |
|  Florida  | 8.2% |
|  Illinois  | 5.5% |
|  Georgia  | 5.1% |
|  Wisconsin  | 5.0% |
|  California  | 4.2% |
|  New Jersey  | 3.3% |
|  Kentucky  | 3.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Black Belt Energy Gas District  | 4.7% |
|  Public Finance Authority  | 3.5% |
|  Miami-Dade County Florida Expressway Authority  | 3.4% |
|  Main Street Natural Gas, Inc.  | 3.3% |
|  Texas Municipal Gas Acquisition and Supply Corp. II  | 3.2% |
|  Kentucky Public Energy Authority  | 3.1% |
|  Tobacco Settlement Financing Corp.  | 2.8% |
|  First American Government Obligations Fund  | 2.7% |
|  Southeast Energy Authority A Cooperative District  | 2.7% |
|  New Jersey Transportation Trust Fund Authority  | 2.4% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 98.9% |
|  Money Market Funds  | 2.7% |
|  Cash & Other  | -1.6% |

---

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

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Tax Exempt Bond Fund PAGE 3 TSR-AR-115233108

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Tax-Exempt Sustainable** **Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BITEX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This 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 June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $48 | 0.47% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve steepened dramatically over the past year as short-term municipal bond yields fell, while longer-maturity municipal bond yields rose. The Fund's active yield curve positioning benefitted relative and absolute returns during the period as we added exposure to longer-duration bonds as the curve steepened. The Fund also benefitted from an overweight in ultra-short duration floating-rate, and short-callable bonds which helped provide risk mitigation during a volatile interest rate environment. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

**POSITIONING**

We tactically added to a duration barbell with an overweight to ultra-short duration bonds, and large weightings to longer duration bonds. We maintained an overweight in revenue-backed municipal sectors and added tactically to Prepaid Power, Airports, and Affordable Housing, while trimming our positions in Higher Education and Healthcare.

**PERFORMANCE**

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by mitigating risk, particularly during the first half of 2025 as longer maturity municipal bond yields rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?<sup>1,</sup>**<sup>**2**</sup>

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4672img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/02/2019)** |
| **Investor Shares**  | 2.15 | 0.67 | 0.53 |
| **Bloomberg Municipal Bond Index**  | 1.11 | 0.51 | 0.90 |
| **Bloomberg Municipal 1-15 Year Index**  | 2.63 | 0.86 | 1.23 |
| **Bloomberg 1-10 Year Blended Municipal Bond Index**  | 3.47 | 0.96 | 1.30 |

---

---

| | |
|:---|:---|
| 1 | **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** |

---

---

| | |
|:---|:---|
| 2 | The Adviser has determined that the Bloomberg Municipal 1-15 Year Index reflects the Fund's investment strategy better than the Bloomberg 1-10 Year Blended Municipal Bond Index. The Bloomberg Municipal 1-15 Year Index is now the Fund's more narrowly based additional index. Returns for the former more narrowly based additional index are presented for comparison purposes. |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $291746440 |
| **Number of Holdings** | 104 |
| **Net Advisory Fee** | $873602 |
| **Portfolio Turnover** | 37% |

---

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

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

------

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of June 30, 2025)

---

| | |
|:---|:---|
| **Top 10 States** | **(%)** |
|  California  | 17.0% |
|  New York  | 10.5% |
|  Texas  | 8.3% |
|  Illinois  | 6.1% |
|  Maryland  | 5.8% |
|  Wisconsin  | 5.7% |
|  Colorado  | 4.1% |
|  Florida  | 3.4% |
|  Indiana  | 3.3% |
|  Utah  | 3.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  California Community Choice Financing Authority  | 8.7% |
|  California Earthquake Authority  | 5.6% |
|  Maryland Health & Higher Educational Facilities Authority  | 4.0% |
|  New York Transportation Development Corp.  | 3.4% |
|  Utah Housing Corp.  | 3.3% |
|  First American Government Obligations Fund  | 2.7% |
|  New York Liberty Development Corp.  | 2.7% |
|  Northside Independent School District  | 2.6% |
|  New Jersey Economic Development Authority  | 2.4% |
|  York County South Carolina Fort Mill School District No. 4  | 2.3% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 97.2% |
|  Money Market Funds  | 2.7% |
|  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.

**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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Tax-Exempt Sustainable Bond Fund PAGE 3 TSR-AR-115233348

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Mortgage Securities Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFZX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Mortgage Securities Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $46 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Despite periods of volatility, spreads on risk assets generally ended the period in a stronger position as demand for risk remained robust. Similarly, interest rate volatility managed to decline over the period and elevated interest rates constrained prepayment activity, enabling the mortgage sector to produce tighter spreads and positive excess returns relative to Treasuries and risk-free assets. Our significant allocations to agency-backed mortgage securities, in addition to asset-backed and commercial mortgage-backed credit, were key contributors to the Fund's outperformance relative to the benchmark. Additionally, our active duration and yield curve management benefitted performance. On the other hand, our underweight to shorter term mortgages detracted from performance as these securities outperformed during the period.

**POSITIONING**

We continued to add to mortgage basis over the past year as we believe that agency-backed mortgages continue to offer compelling carry and relative value. We also maintain an overweight to asset-backed and commercial mortgage-backed securitized credit. We maintain a slight overall duration overweight, but remain underweight the longest points on the yield curve as inflation and longer-term deficit risks remain present.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | US Duration Position, US IG Credit |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Non-US Sovereign Debt, Agency Mortgages, Structured Products |

---

**PERFORMANCE**

The Fund delivered positive returns and outperformed its regulatory benchmark over the reported period. Exposure to spread sectors and selection within these sectors supported performance as risk assets broadly ended the year in a better position.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4625img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 6.29 | -0.15 | 1.56 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.08 | -0.73 | 1.76 |
| **Bloomberg Mortgage Backed Securities Index**  | 6.52 | -0.60 | 1.30 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $289676716 |
| **Number of Holdings** | 340 |
| **Net Advisory Fee** | $870085 |
| **Portfolio Turnover** | 221% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 98.2% |
|  Money Market Funds  | 4.6% |
|  Asset-Backed Securities  | 4.6% |
|  Agency Commercial Mortgage-Backed Securities  | 3.6% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 1.0% |
|  Municipal Bonds  | 0.1% |
|  Futures Contracts  | -0.2% |
|  Cash & Other  | -11.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 56.4% |
|  Federal Home Loan Mortgage Corp.  | 27.2% |
|  Ginnie Mae II Pool  | 13.7% |
|  First American Government Obligations Fund  | 4.6% |
|  Government National Mortgage Association  | 3.3% |
|  Verizon Master Trust  | 1.0% |
|  BX Trust  | 1.0% |
|  Toyota Auto Receivables Owner Trust  | 0.7% |
|  Ford Credit Auto Owner Trust  | 0.7% |
|  Fannie Mae Grantor Trust  | 0.7% |

---

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Mortgage Securities Fund PAGE 2 TSR-AR-115233546

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Mortgage Securities Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAZX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory Mortgage Securities Fund (the"Fund") for the period of July 1, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $52 | 0.50% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Despite periods of volatility, spreads on risk assets generally ended the period in a stronger position as demand for risk remained robust. Similarly, interest rate volatility managed to decline over the period and elevated interest rates constrained prepayment activity, enabling the mortgage sector to produce tighter spreads and positive excess returns relative to Treasuries and risk-free assets. Our significant allocations to agency-backed mortgage securities, in addition to asset-backed and commercial mortgage-backed credit, were key contributors to the Fund's outperformance relative to the benchmark. Additionally, our active duration and yield curve management benefitted performance. On the other hand, our underweight to shorter term mortgages detracted from performance as these securities outperformed during the period.

**POSITIONING**

We continued to add to mortgage basis over the past year as we believe that agency-backed mortgages continue to offer compelling carry and relative value. We also maintain an overweight to asset-backed and commercial mortgage-backed securitized credit. We maintain a slight overall duration overweight, but remain underweight the longest points on the yield curve as inflation and longer-term deficit risks remain present.

**PERFORMANCE**

The Fund delivered positive returns and outperformed its regulatory benchmark over the reported period. Exposure to spread sectors and selection within these sectors supported performance as risk assets broadly ended the year in a better position.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4628img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 6.10 | -0.21 | 1.52 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.08 | -0.73 | 1.76 |
| **Bloomberg Mortgage Backed Securities Index**  | 6.52 | -0.60 | 1.30 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $289676716 |
| **Number of Holdings** | 340 |
| **Net Advisory Fee** | $870085 |
| **Portfolio Turnover** | 221% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 98.2% |
|  Money Market Funds  | 4.6% |
|  Asset-Backed Securities  | 4.6% |
|  Agency Commercial Mortgage-Backed Securities  | 3.6% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 1.0% |
|  Municipal Bonds  | 0.1% |
|  Futures Contracts  | -0.2% |
|  Cash & Other  | -11.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 56.4% |
|  Federal Home Loan Mortgage Corp.  | 27.2% |
|  Ginnie Mae II Pool  | 13.7% |
|  First American Government Obligations Fund  | 4.6% |
|  Government National Mortgage Association  | 3.3% |
|  Verizon Master Trust  | 1.0% |
|  BX Trust  | 1.0% |
|  Toyota Auto Receivables Owner Trust  | 0.7% |
|  Ford Credit Auto Owner Trust  | 0.7% |
|  Fannie Mae Grantor Trust  | 0.7% |

---

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Mortgage Securities Fund PAGE 2 TSR-AR-115233587

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFHX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This 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 June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $125 | 1.04% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the MSCI Europe Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Strong security selection was the key driver of relative outperformance. Particularly, the positive stock selection results in Industrials, Health Care, and Consumer Staples contributed to relative returns. Weaker stock selection in Communication Services detracted from performance. Sector allocation, a result of our bottom-up stock selection process, also added to relative returns. Positive allocation effects driven by our overweight in Industrials and underweight in Health Care was partially offset by our underweight position in Financials and lack of exposure to Utilities detracted from performance. At the issuer level, our top two relative contributors were our overweight position in Rheinmetall and not holding Novo Nordisk, while our top two relative detractors were our overweight position in Bunzl and out-of-benchmark allocation to Vistry Group.

**POSITIONING**

We remain overweight industrials and consumer staples, with large underweights to information technology and consumer discretionary. We continue to hold a zero weight in Utilities. We will continue to use volatility to opportunistically adjust our positioning. We think the portfolio is well positioned, despite potential for near term volatility.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Rheinmetall AG |
| ↑ | British American Tobacco p.l.c. |
| ↑ | Erste Group Bank AG |
| ↑ | Technip Energies NV |
| ↑ | AIB Group plc |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Vistry Group PLC |
| ↓ | Heineken NV |
| ↓ | Glencore plc |
| ↓ | Bunzl plc |
| ↓ | RS Group PLC |

---

**PERFORMANCE**

The Fund posted positive active returns driven by positive bottom-up stock selection and positive allocation effects.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4587img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 40.15 | 17.19 | 10.70 |
| **MSCI Europe Index**  | 18.38 | 12.38 | 6.78 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $684062760 |
| **Number of Holdings** | 66 |
| **Net Advisory Fee** | $3714220 |
| **Portfolio Turnover** | 47% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 29.6% |
|  Financials  | 20.3% |
|  Consumer Staples  | 13.3% |
|  Health Care  | 10.7% |
|  Materials  | 6.5% |
|  Communication Services  | 4.5% |
|  Consumer Discretionary  | 4.2% |
|  Information Technology  | 3.1% |
|  Energy  | 2.8% |
|  Cash & Other  | 5.0% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.7% |
|  First American Government Obligations Fund  | 4.0% |
|  AIB Group PLC  | 3.4% |
|  Smiths Group PLC  | 3.3% |
|  Unilever PLC  | 3.0% |
|  Haleon PLC  | 3.0% |
|  Bunzl PLC  | 2.8% |
|  Technip Energies NV  | 2.7% |
|  Erste Group Bank AG  | 2.7% |
|  Publicis Groupe SA  | 2.7% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United Kingdom  | 27.0% |
|  France  | 13.3% |
|  Germany  | 13.1% |
|  Ireland  | 6.5% |
|  Switzerland  | 6.4% |
|  United States  | 5.0% |
|  Belgium  | 4.9% |
|  Denmark  | 4.3% |
|  Spain  | 3.9% |
|  Austria  | 3.6% |

---

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

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund PAGE 3 TSR-AR-115233629

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAHX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This 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 June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $143 | 1.19% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the MSCI Europe Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Strong security selection was the key driver of relative outperformance. Particularly, the positive stock selection results in Industrials, Health Care, and Consumer Staples contributed to relative returns. Weaker stock selection in Communication Services detracted from performance. Sector allocation, a result of our bottom-up stock selection process, also added to relative returns. Positive allocation effects driven by our overweight in Industrials and underweight in Health Care was partially offset by our underweight position in Financials and lack of exposure to Utilities detracted from performance. At the issuer level, our top two relative contributors were our overweight position in Rheinmetall and not holding Novo Nordisk, while our top two relative detractors were our overweight position in Bunzl and out-of-benchmark allocation to Vistry Group.

**POSITIONING**

We remain overweight industrials and consumer staples, with large underweights to information technology and consumer discretionary. We continue to hold a zero weight in Utilities. We will continue to use volatility to opportunistically adjust our positioning. We think the portfolio is well positioned, despite potential for near term volatility.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Rheinmetall AG |
| ↑ | British American Tobacco p.l.c. |
| ↑ | Erste Group Bank AG |
| ↑ | Technip Energies NV |
| ↑ | AIB Group plc |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Vistry Group PLC |
| ↓ | Heineken NV |
| ↓ | Glencore plc |
| ↓ | Bunzl plc |
| ↓ | RS Group PLC |

---

**PERFORMANCE**

The Fund posted positive active returns driven by positive bottom-up stock selection and positive allocation effects.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4588img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 40.04 | 17.03 | 10.54 |
| **MSCI Europe Index**  | 18.38 | 12.38 | 6.78 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $684062760 |
| **Number of Holdings** | 66 |
| **Net Advisory Fee** | $3714220 |
| **Portfolio Turnover** | 47% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 29.6% |
|  Financials  | 20.3% |
|  Consumer Staples  | 13.3% |
|  Health Care  | 10.7% |
|  Materials  | 6.5% |
|  Communication Services  | 4.5% |
|  Consumer Discretionary  | 4.2% |
|  Information Technology  | 3.1% |
|  Energy  | 2.8% |
|  Cash & Other  | 5.0% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.7% |
|  First American Government Obligations Fund  | 4.0% |
|  AIB Group PLC  | 3.4% |
|  Smiths Group PLC  | 3.3% |
|  Unilever PLC  | 3.0% |
|  Haleon PLC  | 3.0% |
|  Bunzl PLC  | 2.8% |
|  Technip Energies NV  | 2.7% |
|  Erste Group Bank AG  | 2.7% |
|  Publicis Groupe SA  | 2.7% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United Kingdom  | 27.0% |
|  France  | 13.3% |
|  Germany  | 13.1% |
|  Ireland  | 6.5% |
|  Switzerland  | 6.4% |
|  United States  | 5.0% |
|  Belgium  | 4.9% |
|  Denmark  | 4.3% |
|  Spain  | 3.9% |
|  Austria  | 3.6% |

---

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

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund PAGE 3 TSR-AR-115233611

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAHAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This 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 June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Advisor Shares | $173 | 1.44% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the MSCI Europe Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Strong security selection was the key driver of relative outperformance. Particularly, the positive stock selection results in Industrials, Health Care, and Consumer Staples contributed to relative returns. Weaker stock selection in Communication Services detracted from performance. Sector allocation, a result of our bottom-up stock selection process, also added to relative returns. Positive allocation effects driven by our overweight in Industrials and underweight in Health Care was partially offset by our underweight position in Financials and lack of exposure to Utilities detracted from performance. At the issuer level, our top two relative contributors were our overweight position in Rheinmetall and not holding Novo Nordisk, while our top two relative detractors were our overweight position in Bunzl and out-of-benchmark allocation to Vistry Group.

**POSITIONING**

We remain overweight industrials and consumer staples, with large underweights to information technology and consumer discretionary. We continue to hold a zero weight in Utilities. We will continue to use volatility to opportunistically adjust our positioning. We think the portfolio is well positioned, despite potential for near term volatility.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Rheinmetall AG |
| ↑ | British American Tobacco p.l.c. |
| ↑ | Erste Group Bank AG |
| ↑ | Technip Energies NV |
| ↑ | AIB Group plc |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Vistry Group PLC |
| ↓ | Heineken NV |
| ↓ | Glencore plc |
| ↓ | Bunzl plc |
| ↓ | RS Group PLC |

---

**PERFORMANCE**

The Fund posted positive active returns driven by positive bottom-up stock selection and positive allocation effects.

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

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4586img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 39.65 | 16.73 | 10.26 |
| **MSCI Europe Index**  | 18.38 | 12.38 | 6.78 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $684062760 |
| **Number of Holdings** | 66 |
| **Net Advisory Fee** | $3714220 |
| **Portfolio Turnover** | 47% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 29.6% |
|  Financials  | 20.3% |
|  Consumer Staples  | 13.3% |
|  Health Care  | 10.7% |
|  Materials  | 6.5% |
|  Communication Services  | 4.5% |
|  Consumer Discretionary  | 4.2% |
|  Information Technology  | 3.1% |
|  Energy  | 2.8% |
|  Cash & Other  | 5.0% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.7% |
|  First American Government Obligations Fund  | 4.0% |
|  AIB Group PLC  | 3.4% |
|  Smiths Group PLC  | 3.3% |
|  Unilever PLC  | 3.0% |
|  Haleon PLC  | 3.0% |
|  Bunzl PLC  | 2.8% |
|  Technip Energies NV  | 2.7% |
|  Erste Group Bank AG  | 2.7% |
|  Publicis Groupe SA  | 2.7% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United Kingdom  | 27.0% |
|  France  | 13.3% |
|  Germany  | 13.1% |
|  Ireland  | 6.5% |
|  Switzerland  | 6.4% |
|  United States  | 5.0% |
|  Belgium  | 4.9% |
|  Denmark  | 4.3% |
|  Spain  | 3.9% |
|  Austria  | 3.6% |

---

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

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund PAGE 3 TSR-AR-115233595

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - Beutel Goodman** **Large-Cap Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BVALX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This 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 June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Shares | $55 | 0.54% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Relative underperformance was driven primarily by stock selection in the Communication Services, Health Care, Information Technology and Consumer Discretionary sectors. Stock selection in Materials and an underweight in Industrials also dragged on performance. Having no exposure to the underperforming Energy sector was the main contributor to relative performance during the period.

**POSITIONING**

During the period, we exited Fund positions in Gentex Corp., Polaris Inc., Tempur Sealy International Inc. (which recently changed its name to Somnigroup International Inc.), Kellanova and Biogen Inc.

We initiated new Fund positions in Elevance Health Inc., Medtronic plc and Chubb Limited.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Kellanova |
| ↑ | eBay Inc. |
| ↑ | American Express Company |
| ↑ | BlackRock, Inc. |
| ↑ | Westinghouse Air Brake Technologies Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Merck & Co., Inc. |
| ↓ | Biogen Inc. |
| ↓ | Polaris Inc. |
| ↓ | Campbell's Company |
| ↓ | Harley-Davidson, Inc. |

---

**PERFORMANCE**

The Fund posted positive returns during the period, which will likely be remembered in large part for the events surrounding "Liberation Day". The April 2 announcement, which ushered in a new era for global trade, introduced a 10% global baseline tariff as well as higher reciprocal tariffs targeting countries with large trade deficits with the United States. This led to a broad sell-off in equity markets before the U.S. government announced a 90-day moratorium on

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

------

tariffs for most countries. Although the baseline 10% tariff was maintained, the pause drove a market reversal, with equities rebounding through to the end of the period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4584img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(02/13/2018)** |
| **Institutional Shares**  | 1.94 | 11.99 | 9.44 |
| **Russell 1000® Index**  | 15.66 | 16.30 | 13.82 |
| **Russell 1000® Value Index**  | 13.70 | 13.93 | 9.14 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1668425758 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $8604338 |
| **Portfolio Turnover** | 27% |

---

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

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

------

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 20.6% |
|  Information Technology  | 19.1% |
|  Health Care  | 18.4% |
|  Industrials  | 10.7% |
|  Communication Services  | 10.0% |
|  Consumer Discretionary  | 7.0% |
|  Consumer Staples  | 6.9% |
|  Materials  | 4.7% |
|  Cash & Other  | 2.6% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Gen Digital, Inc.  | 5.1% |
|  American Express Co.  | 5.1% |
|  QUALCOMM, Inc.  | 4.9% |
|  eBay, Inc.  | 4.9% |
|  Merck & Co., Inc.  | 4.8% |
|  PPG Industries, Inc.  | 4.7% |
|  Medtronic PLC  | 4.7% |
|  Comcast Corp.  | 4.6% |
|  Westinghouse Air Brake Technologies Corp.  | 4.6% |
|  Amdocs Ltd.  | 4.6% |

---

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - Beutel Goodman Large-Cap Value Fund PAGE 3 TSR-AR-115233421

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - Beutel Goodman** **Large-Cap Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAVX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This 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 June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Shares | $70 | 0.69% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the Russell 1000® Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Relative underperformance was driven primarily by stock selection in the Communication Services, Health Care, Information Technology and Consumer Discretionary sectors. Stock selection in Materials and an underweight in Industrials also dragged on performance. Having no exposure to the underperforming Energy sector was the main contributor to relative performance during the period.

**POSITIONING**

During the period, we exited Fund positions in Gentex Corp., Polaris Inc., Tempur Sealy International Inc. (which recently changed its name to Somnigroup International Inc.), Kellanova and Biogen Inc.

We initiated new Fund positions in Elevance Health Inc., Medtronic plc and Chubb Limited.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Kellanova |
| ↑ | eBay Inc. |
| ↑ | American Express Company |
| ↑ | BlackRock, Inc. |
| ↑ | Westinghouse Air Brake Technologies Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Merck & Co., Inc. |
| ↓ | Biogen Inc. |
| ↓ | Polaris Inc. |
| ↓ | Campbell's Company |
| ↓ | Harley-Davidson, Inc. |

---

**PERFORMANCE**

The Fund posted positive returns during the period, which will likely be remembered in large part for the events surrounding "Liberation Day". The April 2 announcement, which ushered in a new era for global trade, introduced a 10% global baseline tariff as well as higher reciprocal tariffs targeting countries with large trade deficits with the United States. This led to a broad sell-off in equity markets before the U.S. government announced a 90-day moratorium on

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

------

tariffs for most countries. Although the baseline 10% tariff was maintained, the pause drove a market reversal, with equities rebounding through to the end of the period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4585img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/30/2021)** |
| **Investor Shares**  | 1.74 | 5.73 |
| **Russell 1000® Index**  | 15.66 | 10.43 |
| **Russell 1000® Value Index**  | 13.70 | 7.51 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1668425758 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $8604338 |
| **Portfolio Turnover** | 27% |

---

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

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

------

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 20.6% |
|  Information Technology  | 19.1% |
|  Health Care  | 18.4% |
|  Industrials  | 10.7% |
|  Communication Services  | 10.0% |
|  Consumer Discretionary  | 7.0% |
|  Consumer Staples  | 6.9% |
|  Materials  | 4.7% |
|  Cash & Other  | 2.6% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Gen Digital, Inc.  | 5.1% |
|  American Express Co.  | 5.1% |
|  QUALCOMM, Inc.  | 4.9% |
|  eBay, Inc.  | 4.9% |
|  Merck & Co., Inc.  | 4.8% |
|  PPG Industries, Inc.  | 4.7% |
|  Medtronic PLC  | 4.7% |
|  Comcast Corp.  | 4.6% |
|  Westinghouse Air Brake Technologies Corp.  | 4.6% |
|  Amdocs Ltd.  | 4.6% |

---

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - Beutel Goodman Large-Cap Value Fund PAGE 3 TSR-AR-115233314

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory-WMC Japan Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFJX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory-WMC Japan Equity Fund (the"Fund") for the period of September 30, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $78 | 1.00% |

---

\* Costs of a $10,000 investment is for the period from inception on September 30, 2024 to June 30, 2025. Costs paid as a percentage of a $10,000 investment is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 9-month period ended June 30, 2025, the Fund outperformed its benchmark, the TOPIX Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Security selection was the primary driver of relative outperformance. Strong selection in Information Technology and Materials was partially offset by selection in Communication Services and Consumer Discretionary. Sector allocation, a result of our bottom-up stock selection process, however, detracted from returns. Allocation effect was driven by our overweight to Materials and underweight to Communication Services, but partially offset by our underweight to Consumer Staples and Consumer Discretionary.

**POSITIONING**

Over the 9-month period, we increased our exposure the most to Materials, Real Estate and Health Care, while rotating away from Consumer Discretionary and Industrials. At the sector level, our largest overweight were Materials, Health Care and Real Estate. We were most underweight to Industrials, Communication Services and Consumer Staples.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sony Group Corporation |
| ↑ | Mitsubishi UFJ Financial Group, Inc. |
| ↑ | TechnoPro Holdings Inc. |
| ↑ | THK Co., Ltd. |
| ↑ | Shionogi & Co., Ltd. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Daiichi Sankyo Company, Limited |
| ↓ | Shin-Etsu Chemical Co Ltd |
| ↓ | MISUMI Group Inc. |
| ↓ | Astellas Pharma Inc. |
| ↓ | dip Corporation |

---

**PERFORMANCE**

Following a challenging '24 (we struggled in a narrow large cap, momentum rally), in 1H '25 our strategy generated alpha amid volatile market environments (1Q: reversal of '24 factor pattern, 2Q: resurgence of risk-momentum rally driven by domestic/thematics areas). Our engagement led value realization (shareholder return improvement, takeovers, etc.) on the back of accelerating shareholder activism, contributed positively to alpha.

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts4673img003.jpg)

**Cumulative TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/30/2024)** |
| **Institutional Shares**  | 8.90 |
| **TOPIX Index**  | 8.15 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $306307899 |
| **Number of Holdings** | 79 |
| **Net Advisory Fee** | $917513 |
| **Portfolio Turnover** | 73% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 18.1% |
|  Materials  | 16.8% |
|  Consumer Discretionary  | 14.5% |
|  Financials  | 13.9% |
|  Information Technology  | 10.8% |
|  Health Care  | 10.5% |
|  Real Estate  | 5.6% |
|  Communication Services  | 4.1% |
|  Consumer Staples  | 2.4% |
|  Cash & Other  | 3.3% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 4.1% |
|  KDDI Corp.  | 3.1% |
|  Shin-Etsu Chemical Co. Ltd.  | 3.0% |
|  Daiichi Sankyo Co. Ltd.  | 2.7% |
|  Sony Group Corp.  | 2.6% |
|  Tokyo Electron Ltd.  | 2.6% |
|  Sumitomo Mitsui Trust Group, Inc.  | 2.5% |
|  Asahi Group Holdings Ltd.  | 2.4% |
|  Dai-ichi Life Holdings, Inc.  | 2.3% |
|  Shionogi & Co. Ltd.  | 2.2% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  Japan  | 96.7% |
|  United States  | 4.1% |

---

Brown Advisory-WMC Japan Equity Fund PAGE 2 TSR-AR-115233231

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory-WMC Japan Equity Fund PAGE 3 TSR-AR-115233231

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory-WMC Japan Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIJEX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278052_202412301726333.jpg) |

---

This annual shareholder report contains important information about the Brown Advisory-WMC Japan Equity Fund (the"Fund") for the period of September 30, 2024, to June 30, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $90 | 1.15% |

---

\* Costs of a $10,000 investment is for the period from inception on September 30, 2024 to June 30, 2025. Costs paid as a percentage of a $10,000 investment is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 9-month period ended June 30, 2025, the Fund outperformed its benchmark, the TOPIX Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Security selection was the primary driver of relative outperformance. Strong selection in Information Technology and Materials was partially offset by selection in Communication Services and Consumer Discretionary. Sector allocation, a result of our bottom-up stock selection process, however, detracted from returns. Allocation effect was driven by our overweight to Materials and underweight to Communication Services, but partially offset by our underweight to Consumer Staples and Consumer Discretionary.

**POSITIONING**

Over the 9-month period, we increased our exposure the most to Materials, Real Estate and Health Care, while rotating away from Consumer Discretionary and Industrials. At the sector level, our largest overweight were Materials, Health Care and Real Estate. We were most underweight to Industrials, Communication Services and Consumer Staples.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sony Group Corporation |
| ↑ | Mitsubishi UFJ Financial Group, Inc. |
| ↑ | TechnoPro Holdings Inc. |
| ↑ | THK Co., Ltd. |
| ↑ | Shionogi & Co., Ltd. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Daiichi Sankyo Company, Limited |
| ↓ | Shin-Etsu Chemical Co Ltd |
| ↓ | MISUMI Group Inc. |
| ↓ | Astellas Pharma Inc. |
| ↓ | dip Corporation |

---

**PERFORMANCE**

Following a challenging '24 (we struggled in a narrow large cap, momentum rally), in 1H '25 our strategy generated alpha amid volatile market environments (1Q: reversal of '24 factor pattern, 2Q: resurgence of risk-momentum rally driven by domestic/thematics areas). Our engagement led value realization (shareholder return improvement, takeovers, etc.) on the back of accelerating shareholder activism, contributed positively to alpha.

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4674img003.jpg)

**Cumulative TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/30/2024)** |
| **Investor Shares**  | 8.80 |
| **TOPIX Index**  | 8.15 |

---

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** **The graph and table do not** **reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $306307899 |
| **Number of Holdings** | 79 |
| **Net Advisory Fee** | $917513 |
| **Portfolio Turnover** | 73% |

---

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 June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 18.1% |
|  Materials  | 16.8% |
|  Consumer Discretionary  | 14.5% |
|  Financials  | 13.9% |
|  Information Technology  | 10.8% |
|  Health Care  | 10.5% |
|  Real Estate  | 5.6% |
|  Communication Services  | 4.1% |
|  Consumer Staples  | 2.4% |
|  Cash & Other  | 3.3% |

---

\* 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.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 4.1% |
|  KDDI Corp.  | 3.1% |
|  Shin-Etsu Chemical Co. Ltd.  | 3.0% |
|  Daiichi Sankyo Co. Ltd.  | 2.7% |
|  Sony Group Corp.  | 2.6% |
|  Tokyo Electron Ltd.  | 2.6% |
|  Sumitomo Mitsui Trust Group, Inc.  | 2.5% |
|  Asahi Group Holdings Ltd.  | 2.4% |
|  Dai-ichi Life Holdings, Inc.  | 2.3% |
|  Shionogi & Co. Ltd.  | 2.2% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  Japan  | 96.7% |
|  United States  | 4.1% |

---

Brown Advisory-WMC Japan Equity Fund PAGE 2 TSR-AR-115233223

------

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.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory-WMC Japan Equity Fund PAGE 3 TSR-AR-115233223

------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The Registrant's Board of Trustees has not designated an audit committee financial expert. The Registrant has determined that it will retain the services of an independent third party to assist it if circumstances arise that require specific investment company auditing expertise.

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

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant including the review of federal income tax returns, review of federal excise tax returns, review of state tax returns, if any, and assistance with calculation of required income, capital gain and excise distributions. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 6/30/2025 | FYE 6/30/2024 |
| (a) Audit Fees | $357.375 | $332850 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $57.950 | $54000 |
| (d) All Other Fees | N/A | N/A |

---

(e) (1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the Registrant, including services provided to any entity affiliated with the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The percentages of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 6/30/2025 | FYE 6/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the Registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the Registrant's accountant for services to the Registrant and to the Registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two fiscal years.

 

<u>Non-Audit Related Fees</u> <u>FYE 6/30/2025</u> <u>FYE 6/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A</u> <u> N/A</u>

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

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

**<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_advisory-logo.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 - Beutel Goodman Large-Cap Value Fund** 

**Brown Advisory - WMC Japan Equity Fund** 

Core Financial Statements

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1123)<br>|  |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Growth Equity Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Flexible Equity Fund](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Growth Fund](#soi3) | [3](#soi3) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Mid-Cap Growth Fund](#soi4) | [4](#soi4) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Small-Cap Growth Fund](#soi5) | [5](#soi5) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Small-Cap Fundamental Value Fund](#soi6) | [7](#soi6) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Small-Cap Core Fund](#soi7) | [9](#soi7) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Value Fund](#soi8) | [11](#soi8) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Global Leaders Fund](#soi9) | [12](#soi9) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable International Leaders Fund](#soi10) | [13](#soi10) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Intermediate Income Fund](#soi11) | [14](#soi11) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Bond Fund](#soi12) | [18](#soi12) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Maryland Bond Fund](#soi13) | [23](#soi13) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Tax-Exempt Bond Fund](#soi14) | [25](#soi14) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Tax-Exempt Sustainable Bond Fund](#soi15) | [30](#soi15) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Mortgage Securities Fund](#soi16) | [33](#soi16) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory - WMC Strategic European Equity Fund](#soi17) | [41](#soi17) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory - Beutel Goodman Large-Cap Value Fund](#soi19) | [43](#soi19) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory - WMC Japan Equity Fund](#soi20) | [44](#soi20) |
| [Statements of Assets and Liabilities](#sal) | [46](#sal) |
| [Statements of Operations](#sop) | [54](#sop) |
| [Statements of Changes in Net Assets](#scna) | [59](#scna) |
| [Financial Highlights](#fihi) | [69](#fihi) |
| [Notes to the Financial Statements](#notes) | [75](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep1) | [93](#rep1) |
| [Additional Information (Unaudited)](#ai1) | [96](#ai1) |

---

------

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

**BROWN ADVISORY GROWTH EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%** <br>|  |  |
| **Communication Services - 13.3%** <br>|  |  |
| Alphabet, Inc. - Class C | 96107 | $17048420  |
| Meta Platforms, Inc. - Class A | 36443 | 26898214  |
| Netflix, Inc.<sup>(a)</sup> | 20252 | 27120061  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 202417 | 14572000  |
|  |  | 85638695  |
| **Consumer Discretionary - 10.3%** <br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 128229 | 28132160  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 310798 | 13330126  |
| Hilton Worldwide Holdings, Inc. | 94076 | 25056202  |
|  |  | 66518488  |
| **Consumer Staples - 4.1%** <br>|  |  |
| Costco Wholesale Corp. | 26708 | 26439318  |
| **Financials - 8.2%** <br>|  |  |
| Mastercard, Inc. - Class A | 43368 | 24370214  |
| Progressive Corp. | 75334 | 20103631  |
| S&P Global, Inc. | 16452 | 8674975  |
|  |  | 53148820  |
| **Health Care - 9.3%** <br>|  |  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 40192 | 21840735  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 33216 | 9565543  |
| West Pharmaceutical Services, Inc. | 55394 | 12120207  |
| Zoetis, Inc. - Class A | 107144 | 16709107  |
|  |  | 60235592  |
| **Industrials - 16.0%** <br>|  |  |
| Cintas Corp. | 89911 | 20038464  |
| Generac Holdings, Inc.<sup>(a)</sup> | 64535 | 9242057  |
| Trane Technologies PLC | 36443 | 15940533  |
| TransDigm Group, Inc. | 13640 | 20741530  |
| Uber Technologies, Inc.<sup>(a)</sup> | 281187 | 26234747  |
| Veralto Corp. | 110944 | 11199797  |
|  |  | 103397128  |
| **Information Technology - 34.1%** <br>|  |  |
| Autodesk, Inc.<sup>(a)</sup> | 66223 | 20500654  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 52218 | 16090977  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 110059 | 14784225  |
| Fair Isaac Corp.<sup>(a)</sup> | 8230 | 15044111  |
| Intuit, Inc. | 30352 | 23906146  |
| Marvell Technology, Inc. | 205957 | 15941072  |
| Microsoft Corp. | 58570 | 29133303  |
| NVIDIA Corp. | 207824 | 32834114  |
| NXP Semiconductors NV | 53259 | 11636559  |
| ServiceNow, Inc.<sup>(a)</sup> | 23063 | 23710609  |
| Workday, Inc. - Class A<sup>(a)</sup> | 67108 | 16105920  |
|  |  | 219687690  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Real Estate - 2.4%** <br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 190964 | $15353506  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $317,837,008)** |  | 630419237  |
| **SHORT-TERM INVESTMENTS - 2.4%**  | **SHORT-TERM INVESTMENTS - 2.4%**  |  |
| **Money Market Funds - 2.4%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(b)</sup> | 15341927 | 15341927  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $15,341,927)** |  | 15341927  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $333,178,935)** |  | $645761164  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (901115)  |
| **TOTAL NET ASSETS - 100.0%** |  | $644860049 |

---

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 June 30, 2025.

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** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.0%** <br>|  |  |
| **Communication Services - 12.1%** <br>|  |  |
| Alphabet, Inc. - Class A | 143854 | $25351390  |
| Alphabet, Inc. - Class C | 133605 | 23700191  |
| Meta Platforms, Inc. - Class A | 84988 | 62728793  |
| T-Mobile US, Inc. | 55596 | 13246303  |
|  |  | 125026677  |
| **Consumer Discretionary - 11.6%** <br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 200791 | 44051537  |
| Amer Sports, Inc.<sup>(a)</sup> | 585781 | 22704872  |
| Booking Holdings, Inc. | 4855 | 28106760  |
| Lowe's Cos., Inc. | 40851 | 9063611  |
| TJX Cos., Inc. | 125497 | 15497625  |
|  |  | 119424405  |
| **Consumer Staples - 2.1%** <br>|  |  |
| Mondelez International, Inc. - Class A | 178461 | 12035410  |
| Nomad Foods Ltd. | 547072 | 9294753  |
|  |  | 21330163  |
| **Energy - 1.9%** <br>|  |  |
| Suncor Energy, Inc. | 518317 | 19410972  |
| **Financials - 27.1%** <br>|  |  |
| American International Group, Inc. | 188482 | 16132174  |
| Bank of America Corp. | 367809 | 17404722  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 76439 | 37131773  |
| Charles Schwab Corp. | 116735 | 10650902  |
|  First Citizens BancShares, Inc. - Class A | 10462 | 20468589  |
| Fiserv, Inc.<sup>(a)</sup> | 142481 | 24565149  |
| KKR & Co., Inc. | 326925 | 43490833  |
| Mastercard, Inc. - Class A | 81278 | 45673359  |
| Progressive Corp. | 60713 | 16201871  |
| Visa, Inc. - Class A | 135190 | 47999210  |
|  |  | 279718582  |
| **Health Care - 8.8%** <br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 46295 | 8765032  |
| Danaher Corp. | 41473 | 8192577  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 253592 | 19833430  |
| Elevance Health, Inc. | 39871 | 15508224  |
| Illumina, Inc.<sup>(a)</sup> | 109019 | 10401503  |
| UnitedHealth Group, Inc. | 89010 | 27768450  |
|  |  | 90469216  |
| **Industrials - 10.4%** <br>|  |  |
| Canadian National Railway Co. | 103428 | 10760649  |
| Carrier Global Corp. | 307472 | 22503876  |
| Ferguson Enterprises, Inc. | 56953 | 12401516  |
| General Electric Co. | 61682 | 15876330  |
| Old Dominion Freight Line, Inc. | 53586 | 8697008  |
| Uber Technologies, Inc.<sup>(a)</sup> | 169748 | 15837488  |
| United Rentals, Inc. | 28934 | 21798875  |
|  |  | 107875742  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 24.0%** <br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 28771 | $11130925  |
| Analog Devices, Inc. | 59275 | 14108636  |
| Apple, Inc. | 74185 | 15220536  |
| Autodesk, Inc.<sup>(a)</sup> | 56806 | 17585433  |
| Intuit, Inc. | 38399 | 30244204  |
| KLA Corp. | 15088 | 13514925  |
| Marvell Technology, Inc. | 225134 | 17425372  |
| Microsoft Corp. | 150410 | 74815438  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 196704 | 44551489  |
| Workday, Inc. - Class A<sup>(a)</sup> | 35620 | 8548800  |
|  |  | 247145758  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $411,977,604)** |  | 1010401515  |
| **SHORT-TERM INVESTMENTS - 2.1%**  | **SHORT-TERM INVESTMENTS - 2.1%**  |  |
| **Money Market Funds - 2.1%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(b)</sup> | 21549965 | 21549965  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $21,549,965)** |  | 21549965  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $433,527,569)** |  | $1031951480  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (724682)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1031226798 |

---

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 June 30, 2025.

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** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.0%**<br>|  |  |
| **Communication Services - 2.9%**<br>|  |  |
| Spotify Technology SA<sup>(a)</sup> | 123301 | $94613789  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 2260880 | 162760751  |
|  |  | 257374540  |
| **Consumer Discretionary - 11.7%** <br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 1526216 | 201979425  |
| Amazon.com, Inc.<sup>(a)</sup> | 3059558 | 671236430  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 3275731 | 183932296  |
|  |  | 1057148151  |
| **Financials - 19.1%**<br>|  |  |
| Ares Management Corp. | 1260406 | 218302319  |
| Arthur J Gallagher & Co. | 805930 | 257994312  |
| Charles Schwab Corp. | 2494807 | 227626191  |
| KKR & Co., Inc. | 2657593 | 353539597  |
| Progressive Corp. | 1138254 | 303754462  |
| Visa, Inc. - Class A | 1024229 | 363652506  |
|  |  | 1724869387  |
| **Health Care - 6.3%**<br>|  |  |
| Danaher Corp. | 1134128 | 224035645  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 289190 | 157148738  |
| West Pharmaceutical Services, Inc. | 856441 | 187389291  |
|  |  | 568573674  |
| **Industrials - 10.9%**<br>|  |  |
| Carrier Global Corp. | 2943407 | 215427958  |
| General Electric Co. | 837812 | 215644431  |
| Uber Technologies, Inc.<sup>(a)</sup> | 2088466 | 194853878  |
| Veralto Corp. | 1733137 | 174960180  |
| Verisk Analytics, Inc. | 577004 | 179736746  |
|  |  | 980623193  |
| **Information Technology - 45.4%**<br>|  |  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 598134 | 184314992  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 1776522 | 238640200  |
| Dynatrace, Inc.<sup>(a)</sup> | 3290235 | 181653874  |
| Intuit, Inc. | 502362 | 395675382  |
| KLA Corp. | 222675 | 199458904  |
| Marvell Technology, Inc. | 4050029 | 313472245  |
| Microsoft Corp. | 1561224 | 776568430  |
| Monolithic Power Systems, Inc. | 313070 | 228973137  |
| NVIDIA Corp. | 5010119 | 791548701  |
| ServiceNow, Inc.<sup>(a)</sup> | 275436 | 283170243  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 784011 | 90435669  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 1065100 | 241234499  |
| Workday, Inc. - Class A<sup>(a)</sup> | 738040 | 177129600  |
|  |  | 4102275876  |
| **Materials - 1.7%**<br>|  |  |
| Ecolab, Inc. | 583380 | 157185907  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,147,114,444)** |  | 8848050728  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.1%** | **SHORT-TERM INVESTMENTS - 1.1%** |  |
| **Money Market Funds - 1.1%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(b)</sup> | 96947803 | $96947803  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $96,947,803)** |  | 96947803  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%**<br>**(Cost $5,244,062,247)** |  | $8944998531  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 82771493  |
| **TOTAL NET ASSETS - 100.0%** |  | $9027770024 |

---

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 June 30, 2025.

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** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.3%** <br>|  |  |
| **Communication Services - 3.5%** <br>|  |  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 12857 | $1352556  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 15949 | 1148169  |
|  |  | 2500725  |
| **Consumer Discretionary - 11.6%**<br>|  |  |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 6148 | 759831  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 15865 | 890820  |
| Coupang, Inc. - Class A<sup>(a)</sup> | 49978 | 1497341  |
| Domino's Pizza, Inc. | 2072 | 933643  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 4618 | 1138383  |
| Hilton Worldwide Holdings, Inc. | 8148 | 2170138  |
| Ross Stores, Inc. | 8246 | 1052025  |
|  |  | 8442181  |
| **Consumer Staples - 0.8%**<br>|  |  |
| Casey's General Stores, Inc. | 1054 | 537825  |
| **Energy - 4.6%**<br>|  |  |
| Cheniere Energy, Inc. | 9547 | 2324885  |
| Oceaneering International, Inc.<sup>(a)</sup> | 48536 | 1005666  |
|  |  | 3330551  |
| **Financials - 5.4%**<br>|  |  |
| Ares Management Corp. | 8621 | 1493157  |
| Arthur J Gallagher & Co. | 3457 | 1106655  |
| Tradeweb Markets, Inc. - Class A | 9150 | 1339560  |
|  |  | 3939372  |
| **Health Care - 15.3%**<br>|  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 4235 | 1380991  |
| Bio-Techne Corp. | 20557 | 1057658  |
| Bruker Corp. | 26689 | 1099587  |
| Dexcom, Inc.<sup>(a)</sup> | 16243 | 1417852  |
| HealthEquity, Inc.<sup>(a)</sup> | 9299 | 974163  |
| Insulet Corp.<sup>(a)</sup> | 4110 | 1291280  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 5232 | 1506711  |
| West Pharmaceutical Services, Inc. | 10749 | 2351881  |
|  |  | 11080123  |
| **Industrials - 21.1%**<br>|  |  |
| AAON, Inc. | 13202 | 973648  |
| Applied Industrial Technologies, Inc. | 3662 | 851232  |
| Carlisle Cos., Inc. | 2212 | 825961  |
| Cintas Corp. | 2428 | 541128  |
| Comfort Systems USA, Inc. | 2302 | 1234355  |
| Copart, Inc.<sup>(a)</sup> | 13897 | 681926  |
| Equifax, Inc. | 5289 | 1371808  |
| HEICO Corp. - Class A | 7304 | 1889910  |
| Old Dominion Freight Line, Inc. | 6261 | 1016160  |
| OPENLANE, Inc.<sup>(a)</sup> | 37080 | 906606  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 6696 | 809814  |
| Verisk Analytics, Inc. | 4739 | 1476199  |
| Vertiv Holdings Co. - Class A | 10669 | 1370006  |
| Voyager Technologies, Inc. - Class A<sup>(a)</sup> | 10757 | 422212  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Waste Connections, Inc. | 5071 | $946857  |
|  |  | 15317822  |
| **Information Technology - 25.0%**<br>|  |  |
| Autodesk, Inc.<sup>(a)</sup> | 2393 | 740801  |
| &nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, <br>Inc.<sup>(a)</sup> | 173701 | 1634526  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 4361 | 854015  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 14023 | 1883710  |
| Dynatrace, Inc.<sup>(a)</sup> | 18328 | 1011889  |
| Fair Isaac Corp.<sup>(a)</sup> | 641 | 1171722  |
| Gartner, Inc.<sup>(a)</sup> | 1522 | 615223  |
| HubSpot, Inc.<sup>(a)</sup> | 1877 | 1044795  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 12145 | 594984  |
| Marvell Technology, Inc. | 34261 | 2651801  |
| MongoDB, Inc. - Class A<sup>(a)</sup> | 1557 | 326954  |
| Monolithic Power Systems, Inc. | 1797 | 1314290  |
| Onestream, Inc. - Class A<sup>(a)</sup> | 23512 | 665390  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 22986 | 1323534  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 1830 | 1084897  |
| Workday, Inc. - Class A<sup>(a)</sup> | 2771 | 665040  |
| Zscaler, Inc.<sup>(a)</sup> | 1843 | 578591  |
|  |  | 18162162  |
| **Materials - 1.6%**<br>|  |  |
| Vulcan Materials Co. | 4350 | 1134567  |
| **Real Estate - 2.7%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 24611 | 1978724  |
| **Utilities - 3.7%**<br>|  |  |
| Vistra Corp. | 13875 | 2689114  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $51,028,299)** |  | 69113166  |
| **SHORT-TERM INVESTMENTS - 4.8%** | **SHORT-TERM INVESTMENTS - 4.8%** |  |
| **Money Market Funds - 4.8%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(b)</sup> | 3477727 | 3477727  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,477,727)** |  | 3477727  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $54,506,026)** |  | $72590893  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (60001)  |
| **TOTAL NET ASSETS - 100.0%** |  | $72530892 |

---

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 June 30, 2025.

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

4<br>

------

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

**BROWN ADVISORY SMALL-CAP GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.8%** <br>|  |  |
| **Communication Services - 2.4%** <br>|  |  |
| Cogent Communications Holdings, Inc. | 303942 | $14653044  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 31306 | 7602662  |
|  |  | 22255706  |
| **Consumer Discretionary - 6.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, <br>Inc.<sup>(a)</sup> | 241986 | 29907050  |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 200128 | 3210053  |
| KinderCare Learning Cos., Inc.<sup>(a)</sup> | 607448 | 6135225  |
| Mister Car Wash, Inc.<sup>(a)</sup> | 3066589 | 18430200  |
| TopBuild Corp.<sup>(a)</sup> | 6504 | 2105605  |
|  |  | 59788133  |
| **Consumer Staples - 2.1%**<br>|  |  |
| Casey's General Stores, Inc. | 38544 | 19667847  |
| **Energy - 4.7%**<br>|  |  |
| Cactus, Inc. - Class A | 142858 | 6245752  |
| ChampionX Corp. | 582074 | 14458718  |
| Oceaneering International, Inc.<sup>(a)</sup> | 1085863 | 22499081  |
|  |  | 43203551  |
| **Financials - 4.4%**<br>|  |  |
| DigitalBridge Group, Inc. - Class A | 794198 | 8219949  |
| Houlihan Lokey, Inc. - Class A | 33080 | 5952746  |
| Prosperity Bancshares, Inc. | 385154 | 27053217  |
|  |  | 41225912  |
| **Health Care - 20.6%**<br>|  |  |
| Biohaven Ltd.<sup>(a)</sup> | 242921 | 3427615  |
| Bio-Techne Corp. | 327099 | 16829244  |
| Blueprint Medicines Corp.<sup>(a)</sup> | 14431 | 1849766  |
| Bruker Corp. | 521924 | 21503269  |
| Cytokinetics, Inc.<sup>(a)</sup> | 208244 | 6880382  |
| Encompass Health Corp. | 187754 | 23024273  |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | 510938 | 21822162  |
| HealthEquity, Inc.<sup>(a)</sup> | 288204 | 30192251  |
| Insmed, Inc.<sup>(a)</sup> | 102102 | 10275545  |
| Kestra Medical Technologies Ltd.<sup>(a)</sup> | 124567 | 2065321  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 1125321 | 5817910  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 73735 | 9267752  |
| OrthoPediatrics Corp.<sup>(a)</sup> | 370109 | 7949941  |
| Phreesia, Inc.<sup>(a)</sup> | 390703 | 11119407  |
| SI-BONE, Inc.<sup>(a)</sup> | 568515 | 10699452  |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | 238300 | 4441912  |
| Vaxcyte, Inc.<sup>(a)</sup> | 134530 | 4373570  |
| West Pharmaceutical Services, Inc. | 434 | 94959  |
|  |  | 191634731  |
| **Industrials - 30.1%**<br>|  |  |
| AAON, Inc. | 129362 | 9540448  |
| Applied Industrial Technologies, Inc. | 66814 | 15530914  |
| BWX Technologies, Inc. | 25501 | 3673674  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 124616 | 14378194  |
| Curtiss-Wright Corp. | 48307 | 23600385  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| EnPro, Inc. | 84264 | $16140769  |
| Fluor Corp.<sup>(a)</sup> | 292529 | 14997962  |
| Generac Holdings, Inc.<sup>(a)</sup> | 31714 | 4541762  |
| IDEX Corp. | 31546 | 5538531  |
| Kadant, Inc. | 29916 | 9496834  |
| MSA Safety, Inc. | 69900 | 11710347  |
| Mueller Water Products, Inc. - Class A | 309234 | 7433985  |
| OPENLANE, Inc.<sup>(a)</sup> | 560080 | 13693956  |
| Rentokil Initial PLC - ADR | 158186 | 3796464  |
| Simpson Manufacturing Co., Inc. | 36621 | 5687608  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 109101 | 13194675  |
| SPX Technologies, Inc.<sup>(a)</sup> | 78210 | 13114253  |
| StandardAero, Inc.<sup>(a)</sup> | 735285 | 23271770  |
| Valmont Industries, Inc. | 68428 | 22346532  |
| Waste Connections, Inc. | 148684 | 27762276  |
| Woodward, Inc. | 40153 | 9841099  |
| Zurn Elkay Water Solutions Corp. | 311989 | 11409438  |
|  |  | 280701876  |
| **Information Technology - 24.6%**<br>|  |  |
| AppFolio, Inc. - Class A<sup>(a)</sup> | 42564 | 9801638  |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 3980780 | 37459140  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 342562 | 7512385  |
| Dynatrace, Inc.<sup>(a)</sup> | 542770 | 29966332  |
| Entegris, Inc. | 234446 | 18908070  |
| Guidewire Software, Inc.<sup>(a)</sup> | 42804 | 10078202  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 278149 | 13626519  |
| Littelfuse, Inc. | 33131 | 7511792  |
| Mirion Technologies, Inc. - Class A<sup>(a)</sup> | 1074048 | 23124253  |
| Novanta, Inc.<sup>(a)</sup> | 40561 | 5229530  |
| Onestream, Inc. - Class A<sup>(a)</sup> | 522666 | 14791448  |
| Power Integrations, Inc. | 175579 | 9814866  |
| PROS Holdings, Inc.<sup>(a)</sup> | 345626 | 5412503  |
| SiTime Corp.<sup>(a)</sup> | 84178 | 17936648  |
| Universal Display Corp. | 118829 | 18354327  |
|  |  | 229527653  |
| **Materials - 0.8%**<br>|  |  |
| HB Fuller Co. | 121717 | 7321278  |
| **Real Estate - 0.7%**<br>|  |  |
| FirstService Corp. | 37990 | 6633814  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $717,431,149)** |  | 901960501  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.2%**<br>|  |  |
| **Real Estate - 1.2%**<br>|  |  |
| EastGroup Properties, Inc. | 67042 | 11204059  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $6,515,197)** |  | 11204059  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PRIVATE PLACEMENTS - 0.1%**<br>|  |  |
|  StepStone VC Global Partners IV-B, L.P<sup>(a)(b)(c)</sup> | 19200 | $857621  |
|  StepStone VC Global Partners V-B, L.P.<sup>(a)(b)(d)</sup> | 91769 | 85931  |
| &nbsp;&nbsp;&nbsp; **TOTAL PRIVATE PLACEMENTS** <br>**(Cost $0)** |  | 943552  |
| **SHORT-TERM INVESTMENTS - 2.3%**<br>|  |  |
| **Money Market Funds - 2.3%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(e)</sup> | 21637639 | 21637639  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $21,637,639)** |  | 21637639  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.4%**<br>**(Cost $745,583,985)** |  | $935745751  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.4)% |  | (3478821)  |
| **TOTAL NET ASSETS - 100.0%** |  | $932266930 |

---

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.

<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 June 30, 2025.

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

6<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 91.8%** <br>|  |  |
| **Communication Services - 7.2%** <br>|  |  |
| Cable One, Inc. | 67371 | $9149656  |
| Cars.com, Inc.<sup>(a)</sup> | 796356 | 9436819  |
| IAC, Inc.<sup>(a)</sup> | 411130 | 15351594  |
| John Wiley & Sons, Inc. - Class A | 611513 | 27291825  |
| Nexstar Media Group, Inc. | 136399 | 23590207  |
|  |  | 84820101  |
| **Consumer Discretionary - 11.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; International Game Technology <br>PLC | 1480788 | 23411258  |
| KinderCare Learning Cos., Inc.<sup>(a)</sup> | 683653 | 6904895  |
| La-Z-Boy, Inc. | 352595 | 13105956  |
| Modine Manufacturing Co.<sup>(a)</sup> | 250710 | 24694935  |
| Monro, Inc. | 370266 | 5520666  |
| Murphy USA, Inc. | 37000 | 15051600  |
| Signet Jewelers Ltd. | 440398 | 35033661  |
| YETI Holdings, Inc.<sup>(a)</sup> | 486509 | 15334764  |
|  |  | 139057735  |
| **Consumer Staples - 3.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, <br>Inc. - Class A<sup>(a)</sup> | 831423 | 17717624  |
| Nomad Foods Ltd. | 1537667 | 26124962  |
|  |  | 43842586  |
| **Energy - 5.6%**<br>|  |  |
| Bristow Group, Inc.<sup>(a)</sup> | 643857 | 21227965  |
| Oceaneering International, Inc.<sup>(a)</sup> | 1228145 | 25447165  |
| REX American Resources Corp.<sup>(a)</sup> | 393735 | 19178832  |
|  |  | 65853962  |
| **Financials - 30.6%**<br>|  |  |
| Assured Guaranty Ltd. | 237180 | 20658378  |
| Bancorp, Inc.<sup>(a)</sup> | 607998 | 34637646  |
| Dime Community Bancshares, Inc. | 608827 | 16401799  |
| Eastern Bankshares, Inc. | 1824271 | 27856618  |
| First Interstate BancSystem, Inc. | 512187 | 14761229  |
| Hanover Insurance Group, Inc. | 145235 | 24671069  |
| Horace Mann Educators Corp. | 471599 | 20264609  |
| MGIC Investment Corp. | 666534 | 18556307  |
| NCR Atleos Corp.<sup>(a)</sup> | 1179826 | 33660436  |
| Old National Bancorp | 1256861 | 26821414  |
| Pacific Premier Bancorp, Inc. | 534552 | 11273702  |
| Peapack-Gladstone Financial Corp. | 312835 | 8837589  |
| Peoples Bancorp, Inc. | 412235 | 12589657  |
| Seacoast Banking Corp. of Florida | 712645 | 19683255  |
| Towne Bank/Portsmouth VA | 603028 | 20611497  |
| Virtus Investment Partners, Inc. | 56603 | 10267784  |
|  White Mountains Insurance Group Ltd. | 10216 | 18345075  |
| WSFS Financial Corp. | 368333 | 20258315  |
|  |  | 360156379  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care - 1.9%**<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 440674 | $9998893  |
| Avanos Medical, Inc.<sup>(a)</sup> | 1024927 | 12545107  |
|  |  | 22544000  |
| **Industrials - 9.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Albany International Corp. - <br>Class A | 212330 | 14890703  |
| Ducommun, Inc.<sup>(a)</sup> | 124388 | 10278180  |
| EnPro, Inc. | 124803 | 23906015  |
| Kadant, Inc. | 15186 | 4820796  |
| Sensata Technologies Holding PLC | 670952 | 20202365  |
| Tennant Co. | 264515 | 20494622  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 629281 | 17670210  |
|  |  | 112262891  |
| **Information Technology - 8.3%**<br>|  |  |
| Bel Fuse, Inc. - Class A | 90565 | 8137265  |
| Bel Fuse, Inc. - Class B | 74826 | 7309752  |
| Crane NXT Co. | 288261 | 15537268  |
| CTS Corp. | 256784 | 10941566  |
| NCR Voyix Corp.<sup>(a)</sup> | 1987453 | 23312824  |
| OSI Systems, Inc.<sup>(a)</sup> | 105475 | 23717109  |
| PC Connection, Inc. | 124803 | 8209541  |
|  |  | 97165325  |
| **Materials - 7.0%**<br>|  |  |
| Eagle Materials, Inc. | 137504 | 27790934  |
| Ingevity Corp.<sup>(a)</sup> | 454204 | 19571650  |
| Innospec, Inc. | 242702 | 20408811  |
| Orion S.A. | 1406237 | 14751426  |
|  |  | 82522821  |
| **Utilities - 6.2%**<br>|  |  |
| Portland General Electric Co. | 545045 | 22145178  |
| Star Group L.P. | 289123 | 3382739  |
| Talen Energy Corp.<sup>(a)</sup> | 164563 | 47849984  |
|  |  | 73377901  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $935,027,141)** |  | 1081603701  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 4.7%**<br>|  |  |
| **Real Estate - 4.7%**<br>|  |  |
| Curbline Properties Corp. | 534276 | 12197521  |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, <br>Inc. | 442055 | 14105975  |
| Getty Realty Corp. | 321118 | 8875701  |
| Global Net Lease, Inc. | 2467887 | 18632547  |
| SITE Centers Corp. | 129220 | 1461478  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $45,493,078)** |  | 55273222  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 3.8%** | **SHORT-TERM INVESTMENTS - 3.8%** |  |
| **Money Market Funds - 3.8%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(b)</sup> | 44721141 | $44721141  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $44,721,141)** |  | 44721141  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%**<br>**(Cost $1,025,241,360)** |  | $1181598064  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.3)% |  | (3599924)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1177998140 |

---

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 June 30, 2025.

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

8<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.6%** <br>|  |  |
| **Communication Services - 3.0%** <br>|  |  |
| John Wiley & Sons, Inc. - Class A | 41567 | $1855135  |
| Nexstar Media Group, Inc. | 6789 | 1174158  |
|  |  | 3029293  |
| **Consumer Discretionary - 9.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, <br>Inc.<sup>(a)</sup> | 15179 | 1875973  |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 60670 | 973147  |
| KinderCare Learning Cos., Inc.<sup>(a)</sup> | 69015 | 697051  |
| Modine Manufacturing Co.<sup>(a)</sup> | 15788 | 1555118  |
| TopBuild Corp.<sup>(a)</sup> | 3361 | 1088090  |
| Wyndham Hotels & Resorts, Inc. | 22238 | 1805948  |
| YETI Holdings, Inc.<sup>(a)</sup> | 41048 | 1293833  |
|  |  | 9289160  |
| **Consumer Staples - 3.2%**<br>|  |  |
|  Guardian Pharmacy Services, Inc. - Class A<sup>(a)</sup> | 61527 | 1311140  |
| Nomad Foods Ltd. | 107741 | 1830520  |
|  |  | 3141660  |
| **Energy - 2.0%**<br>|  |  |
| Bristow Group, Inc.<sup>(a)</sup> | 31485 | 1038060  |
| ChampionX Corp. | 37688 | 936170  |
|  |  | 1974230  |
| **Financials - 19.0%**<br>|  |  |
| Assured Guaranty Ltd. | 20908 | 1821087  |
| Bancorp, Inc.<sup>(a)</sup> | 50792 | 2893620  |
| DigitalBridge Group, Inc. - Class A | 72241 | 747694  |
| Eastern Bankshares, Inc. | 141076 | 2154231  |
| Horace Mann Educators Corp. | 37801 | 1624309  |
| MGIC Investment Corp. | 56672 | 1577748  |
| NCR Atleos Corp.<sup>(a)</sup> | 64820 | 1849315  |
| Old National Bancorp | 95358 | 2034940  |
| Pacific Premier Bancorp, Inc. | 42018 | 886160  |
| Prosperity Bancshares, Inc. | 12766 | 896684  |
| Towne Bank/Portsmouth VA | 30986 | 1059101  |
| WSFS Financial Corp. | 24178 | 1329790  |
|  |  | 18874679  |
| **Health Care - 15.8%**<br>|  |  |
| Ascendis Pharma AS - ADR<sup>(a)</sup> | 6789 | 1171781  |
| Biohaven Ltd.<sup>(a)</sup> | 22068 | 311379  |
| Blueprint Medicines Corp.<sup>(a)</sup> | 12540 | 1607377  |
| Bruker Corp. | 25573 | 1053608  |
| Cytokinetics, Inc.<sup>(a)</sup> | 19091 | 630767  |
| Encompass Health Corp. | 19622 | 2406246  |
| HealthEquity, Inc.<sup>(a)</sup> | 17141 | 1795691  |
| Insmed, Inc.<sup>(a)</sup> | 9584 | 964534  |
| Kestra Medical Technologies Ltd.<sup>(a)</sup> | 11636 | 192925  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 90954 | $470232  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 10217 | 1284175  |
| OrthoPediatrics Corp.<sup>(a)</sup> | 41788 | 897606  |
| Phreesia, Inc.<sup>(a)</sup> | 57642 | 1640491  |
| SI-BONE, Inc.<sup>(a)</sup> | 40386 | 760065  |
| Vaxcyte, Inc.<sup>(a)</sup> | 16704 | 543047  |
|  |  | 15729924  |
| **Industrials - 19.8%**<br>|  |  |
| Applied Industrial Technologies, Inc. | 7172 | 1667131  |
| AZEK Co., Inc. - Class A<sup>(a)</sup> | 29952 | 1627891  |
| EnPro, Inc. | 9879 | 1892323  |
| Generac Holdings, Inc.<sup>(a)</sup> | 7262 | 1039991  |
| Kadant, Inc. | 4060 | 1288847  |
| OPENLANE, Inc.<sup>(a)</sup> | 50453 | 1233576  |
| Sensata Technologies Holding PLC | 38455 | 1157880  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 7962 | 962924  |
| SPX Technologies, Inc.<sup>(a)</sup> | 13373 | 2242385  |
| StandardAero, Inc.<sup>(a)</sup> | 50183 | 1588292  |
| Tennant Co. | 17502 | 1356055  |
| Valmont Industries, Inc. | 6090 | 1988811  |
| Zurn Elkay Water Solutions Corp. | 44837 | 1639689  |
|  |  | 19685795  |
| **Information Technology - 14.5%**<br>|  |  |
| CTS Corp. | 25396 | 1082124  |
| Dynatrace, Inc.<sup>(a)</sup> | 18336 | 1012331  |
| Entegris, Inc. | 8413 | 678508  |
| Littelfuse, Inc. | 4443 | 1007361  |
| Mirion Technologies, Inc. - Class A<sup>(a)</sup> | 78850 | 1697641  |
| NCR Voyix Corp.<sup>(a)</sup> | 78714 | 923315  |
| Novanta, Inc.<sup>(a)</sup> | 3955 | 509918  |
| Onestream, Inc. - Class A<sup>(a)</sup> | 48227 | 1364824  |
| OSI Systems, Inc.<sup>(a)</sup> | 8029 | 1805401  |
| Power Integrations, Inc. | 18336 | 1024982  |
| SiTime Corp.<sup>(a)</sup> | 5639 | 1201558  |
| Universal Display Corp. | 8909 | 1376084  |
| Workiva, Inc. - Class A<sup>(a)</sup> | 10397 | 711675  |
|  |  | 14395722  |
| **Materials - 2.7%**<br>|  |  |
| HB Fuller Co. | 19351 | 1163963  |
| Ingevity Corp.<sup>(a)</sup> | 36312 | 1564684  |
|  |  | 2728647  |
| **Real Estate - 1.1%**<br>|  |  |
| FirstService Corp. | 6477 | 1131014  |
| **Utilities - 3.2%**<br>|  |  |
| Talen Energy Corp.<sup>(a)</sup> | 10803 | 3141188  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $82,089,096)** |  | 93121312  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 3.9%**<br>|  |  |
| **Real Estate - 3.9%**<br>|  |  |
| Curbline Properties Corp. | 41522 | $947947  |
| EastGroup Properties, Inc. | 8390 | 1402137  |
| Essential Properties Realty Trust, Inc. | 47702 | 1522170  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $3,517,841)** |  | 3872254  |
| **SHORT-TERM INVESTMENTS - 4.5%** | **SHORT-TERM INVESTMENTS - 4.5%** |  |
| **Money Market Funds - 4.5%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(b)</sup> | 4466566 | 4466566  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,466,566)** |  | 4466566  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.0%**<br>**(Cost $90,073,503)** |  | $101460132  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.0)% |  | (2037205)  |
| **TOTAL NET ASSETS - 100.0%** |  | $99422927 |

---

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 June 30, 2025.

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

10<br>

------

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

**Brown Advisory Sustainable Value Fund** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.9%** <br>|  |  |
| **Communication Services - 7.9%** <br>|  |  |
| Alphabet, Inc. - Class C | 9513 | $1687511  |
| Comcast Corp. - Class A | 145776 | 5202745  |
| Nexstar Media Group, Inc. | 10022 | 1733305  |
| T-Mobile US, Inc. | 16307 | 3885306  |
|  |  | 12508867 |
| **Consumer Discretionary - 4.3%**<br>|  |  |
| Expedia Group, Inc. | 10447 | 1762200  |
| LKQ Corp. | 70468 | 2608021  |
| Wyndham Hotels & Resorts, Inc. | 29529 | 2398050  |
|  |  | 6768271 |
| **Consumer Staples - 4.7%**<br>|  |  |
| Kenvue, Inc. | 68004 | 1423324  |
| Unilever PLC - ADR | 97845 | 5985178  |
|  |  | 7408502 |
| **Energy - 4.9%**<br>|  |  |
| ChampionX Corp. | 101327 | 2516962  |
| Schlumberger NV | 87766 | 2966491  |
| Weatherford International PLC | 45638 | 2296048  |
|  |  | 7779501 |
| **Financials - 22.1%**<br>|  |  |
| American International Group, Inc. | 70468 | 6031356  |
| Ameriprise Financial, Inc. | 3114 | 1662035  |
| Bank of America Corp. | 125166 | 5922855  |
| Citigroup, Inc. | 48016 | 4087122  |
| Equitable Holdings, Inc. | 55547 | 3116187  |
|  Fidelity National Information Services, Inc. | 67042 | 5457889  |
| KKR & Co., Inc. | 24518 | 3261630  |
| Willis Towers Watson PLC | 18176 | 5570944  |
|  |  | 35110018 |
| **Health Care - 17.5%**<br>|  |  |
| Cardinal Health, Inc. | 38844 | 6525792  |
| Elevance Health, Inc. | 9003 | 3501807  |
| Gilead Sciences, Inc. | 23810 | 2639815  |
| ICON PLC<sup>(a)</sup> | 21884 | 3183028  |
| Labcorp Holdings, Inc. | 12853 | 3374041  |
| Medtronic PLC | 22111 | 1927416  |
| Sanofi SA - ADR | 136047 | 6572430  |
|  |  | 27724329 |
| **Industrials - 11.5%**<br>|  |  |
| Ferguson Enterprises, Inc. | 30400 | 6619600  |
| Masco Corp. | 35566 | 2289028  |
| Pentair PLC | 34937 | 3586632  |
| Trane Technologies PLC | 8714 | 3811591  |
| Waste Connections, Inc. | 10617 | 1982406  |
|  |  | 18289257 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 12.3%**<br>|  |  |
| Applied Materials, Inc. | 16817 | $3078688  |
| Cisco Systems, Inc. | 23838 | 1653881  |
| Dell Technologies, Inc. - Class C | 38787 | 4755286  |
| Flex Ltd.<sup>(a)</sup> | 72364 | 3612411  |
| NXP Semiconductors NV | 10702 | 2338280  |
| TD SYNNEX Corp. | 29642 | 4022419  |
|  |  | 19460965 |
| **Materials - 4.5%**<br>|  |  |
| CRH PLC | 78451 | 7201802  |
| **Real Estate - 2.7%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 31086 | 4355770  |
| **Utilities - 3.5%**<br>|  |  |
| Constellation Energy Corp. | 17343 | 5597627  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $124,274,528)** |  | 152204909  |
| **SHORT-TERM INVESTMENTS - 5.3%** | **SHORT-TERM INVESTMENTS - 5.3%** |  |
| **Money Market Funds - 5.3%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(b)</sup> | 8394822 | 8394822  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $8,394,822)** |  | 8394822 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.2%** <br>**(Cost $132,669,350)** |  | $160599731 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.2)% |  | (1957817) |
| **TOTAL NET ASSETS - 100.0%** |  | $158641914 |

---

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 June 30, 2025.

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

11<br>

------

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

**Brown Advisory Global Leaders Fund** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8%** <br>|  |  |
| **Brazil - 2.8%** <br>|  |  |
| B3 SA - Brasil Bolsa Balcao | 24982319 | $66857396  |
| **China - 2.8%**<br>|  |  |
| AIA Group Ltd. | 7457530 | 67553616  |
| **France - 3.3%**<br>|  |  |
| Safran SA | 246937 | 80532368  |
| **Germany - 6.7%**<br>|  |  |
| CTS Eventim AG & Co. KGaA | 410715 | 51072838  |
| Deutsche Boerse AG | 341192 | 111464184  |
|  |  | 162537022  |
| **India - 3.2%**<br>|  |  |
| HDFC Bank Ltd. | 3273816 | 76428748  |
| **Indonesia - 1.9%**<br>|  |  |
|  Bank Rakyat Indonesia Persero Tbk PT | 194621862 | 44872088  |
| **Netherlands - 4.6%**<br>|  |  |
| ASML Holding NV | 74302 | 59544880  |
| Wolters Kluwer NV | 306206 | 51209462  |
|  |  | 110754342  |
| **Sweden - 2.3%**<br>|  |  |
| Atlas Copco AB - Class B | 3841174 | 54669845  |
| **Switzerland - 3.0%**<br>|  |  |
| Roche Holding AG | 226550 | 73950426  |
| **Taiwan - 2.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br>Co., Ltd. - ADR | 263851 | 59759613  |
| **United Kingdom - 12.9%**<br>|  |  |
| Experian PLC | 1112798 | 57382657  |
| London Stock Exchange Group PLC | 813372 | 118953038  |
| Rentokil Initial PLC | 8890350 | 42893754  |
| Unilever PLC | 1526940 | 93183159  |
|  |  | 312412608  |
| **United States - 51.8%**<br>|  |  |
| **Communication Services - 3.3%**<br>|  |  |
| Alphabet, Inc. - Class C | 445252 | 78983252  |
| **Consumer Discretionary - 4.5%**<br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 15973 | 59295450  |
| Booking Holdings, Inc. | 8513 | 49283800  |
|  |  | 108579250  |
| **Financials - 12.7%**<br>|  |  |
| Charles Schwab Corp. | 802768 | 73244552  |
| Mastercard, Inc. - Class A | 162986 | 91588353  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Moody's Corp. | 75900 | $38070681  |
| Visa, Inc. - Class A | 295119 | 104782001  |
|  |  | 307685587  |
| **Health Care - 5.0%**<br>|  |  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 744626 | 58237200  |
| Zoetis, Inc. - Class A | 409572 | 63872753  |
|  |  | 122109953  |
| **Industrials - 7.0%**<br>|  |  |
| Allegion PLC | 340370 | 49054125  |
| Ferguson Enterprises, Inc. | 246825 | 53746144  |
| General Electric Co. | 263547 | 67834362  |
|  |  | 170634631  |
| **Information Technology - 17.8%**<br>|  |  |
| Autodesk, Inc.<sup>(a)</sup> | 188272 | 58283363  |
| Intuit, Inc. | 115463 | 90942123  |
| Marvell Technology, Inc. | 710142 | 54964991  |
| Microsoft Corp. | 454691 | 226167850  |
|  |  | 430358327  |
| **Materials - 1.5%**<br>|  |  |
| Sherwin-Williams Co. | 102679 | 35255861  |
| **Total United States** |  | 1253606861  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,473,325,984)** |  | 2363934933  |
| **SHORT-TERM INVESTMENTS - 2.4%**<br>|  |  |
| **Money Market Funds - 2.4%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(b)</sup> | 57968478 | 57968478  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $57,968,478)** |  | 57968478  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $1,531,294,462)** |  | $2421903411  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.2)%  |  | (4239971)  |
| **TOTAL NET ASSETS - 100.0%** |  | $2417663440 |

---

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 June 30, 2025.

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

12<br>

------

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

**BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.2%** <br>|  |  |
| **Brazil - 3.2%** <br>|  |  |
| B3 SA - Brasil Bolsa Balcao | 502949 | $1345986  |
| **Canada - 3.2%**<br>|  |  |
| Canadian National Railway Co. | 5718 | 595797  |
| Waste Connections, Inc. | 3936 | 735260  |
|  |  | 1331057  |
| **China - 5.1%**<br>|  |  |
| AIA Group Ltd. | 174472 | 1580445  |
| ANTA Sports Products Ltd. | 46200 | 559010  |
|  |  | 2139455  |
| **Finland - 2.6%**<br>|  |  |
| Kone Oyj - Class B | 16765 | 1104494  |
| **France - 10.2%**<br>|  |  |
| Airbus SE | 8263 | 1728631  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton <br>SE | 2526 | 1322061  |
| Safran SA | 3747 | 1221991  |
|  |  | 4272683  |
| **Germany - 10.3%**<br>|  |  |
| CTS Eventim AG & Co. KGaA | 9605 | 1194392  |
| Deutsche Boerse AG | 8210 | 2682129  |
| SAP SE | 1430 | 437266  |
|  |  | 4313787  |
| **India - 5.1%**<br>|  |  |
| HDFC Bank Ltd. - ADR | 20845 | 1598186  |
| Tata Consultancy Services Ltd. | 13000 | 524946  |
|  |  | 2123132  |
| **Indonesia - 2.3%**<br>|  |  |
| Bank Rakyat Indonesia Persero Tbk PT | 4267556 | 983929  |
| **Japan - 3.5%**<br>|  |  |
| Keyence Corp. | 1888 | 754876  |
| Shimano, Inc. | 5016 | 727222  |
|  |  | 1482098  |
| **Netherlands - 6.7%**<br>|  |  |
| ASML Holding NV | 1598 | 1280540  |
| Wolters Kluwer NV | 9216 | 1541271  |
|  |  | 2821811  |
| **Spain - 2.2%**<br>|  |  |
| Amadeus IT Group SA | 10790 | 911575  |
| **Sweden - 2.3%**<br>|  |  |
| Atlas Copco AB - Class B | 67059 | 954423  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Switzerland - 3.9%**<br>|  |  |
| Cie Financiere Richemont SA | 4861 | $919861  |
| Roche Holding AG | 2260 | 737709  |
|  |  | 1657570  |
| **Taiwan - 3.4%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 6360 | 1440476  |
| **United Kingdom - 27.4%**<br>|  |  |
| AstraZeneca PLC | 4452 | 619580  |
| Compass Group PLC | 29524 | 1000034  |
| ConvaTec Group PLC | 349444 | 1384160  |
| Diageo PLC | 43092 | 1086609  |
| Experian PLC | 34900 | 1799657  |
| Howden Joinery Group PLC | 166282 | 1955390  |
| London Stock Exchange Group PLC | 14903 | 2179516  |
| Rentokil Initial PLC | 305025 | 1471671  |
|  |  | 11496617  |
| **United States - 5.8%**<br>|  |  |
| Booking Holdings, Inc. | 228 | 1319947  |
| NXP Semiconductors NV | 5137 | 1122383  |
|  |  | 2442330  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $31,759,977)** |  | 40821423  |
| **SHORT-TERM INVESTMENTS - 2.4%** | **SHORT-TERM INVESTMENTS - 2.4%** |  |
| **Money Market Funds - 2.4%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(a)</sup> | 1026773 | 1026773  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,026,773)** |  | 1026773  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%**<br>**(Cost $32,786,750)** |  | $41848196  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.4% |  | 173489  |
| **TOTAL NET ASSETS - 100.0%** |  | $42021685 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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

13<br>

------

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

**BROWN ADVISORY INTERMEDIATE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 32.6%** <br>|  |  |
| Federal Home Loan Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0622, <br>2.00%, 04/01/2052 | $729467 | $586589  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QF0492, <br>5.50%, 09/01/2052 | 680172 | 685376  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA7927, <br>4.50%, 09/01/2052 | 1137523 | 1096808  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RC2401, <br>2.00%, 01/01/2037 | 904470 | 833681  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB0531, <br>2.50%, 06/01/2036 | 855399 | 805022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB1179, <br>5.50%, 05/01/2039 | 568692 | 581790  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD0913, <br>2.50%, 02/01/2052 | 1311540 | 1099326  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3234, <br>2.50%, 12/01/2051 | 1472432 | 1230405  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3475, <br>5.50%, 08/01/2053 | 1131058 | 1141434  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3477, <br>6.50%, 08/01/2053 | 473358 | 495204  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3840, <br>5.50%, 09/01/2053 | 610664 | 615541  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD4697, <br>6.00%, 02/01/2054 | 1537460 | 1576462  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD5573, <br>3.00%, 08/01/2052 | 1228864 | 1081880  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD8315, <br>5.00%, 04/01/2053 | 505482 | 497898  |
| &nbsp;&nbsp;&nbsp; Series 4634, Class MA, 4.50%, 11/15/2054 | 688172 | 685875  |
| &nbsp;&nbsp;&nbsp; Series 5145, Class AB, 1.50%, 09/25/2049 | 372716 | 296093  |
| Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 628837, <br>6.50%, 03/01/2032 | 6631 | 6850  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 663238, <br>5.50%, 09/01/2032 | 8045 | 8218  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 741373, <br>6.78% (1 yr. CMT Rate + 2.28%), 12/01/2033 | 5091 | 5226  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 744805, <br>6.14% (RFUCCT6M + 1.52%), 11/01/2033 | 967 | 971  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 764342, <br>6.15% (RFUCCT6M + 1.52%), 02/01/2034 | 16964 | 17156  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ3248, <br>2.00%, 11/01/2050 | 1302739 | 1037941  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ6307, <br>2.00%, 11/01/2050 | 1185347 | 944404  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BR5634, <br>2.00%, 03/01/2051 | 735494 | 590254  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BW0025, <br>4.00%, 07/01/2052 | 598115 | 560066  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2548, <br>2.50%, 01/01/2052 | 1187612 | 994385  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB3853, <br>4.00%, 06/01/2052 | $331474 | $311604  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM6555, <br>2.00%, 04/01/2051 | 914770 | 735867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9973, <br>3.00%, 08/01/2051 | 1201262 | 1053438  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0031, <br>2.50%, 10/01/2051 | 1175584 | 976473  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0348, <br>2.00%, 01/01/2052 | 1312248 | 1055834  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1978, <br>2.50%, 03/01/2052 | 750809 | 623347  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS3239, <br>3.50%, 08/01/2050 | 1167830 | 1065887  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS3607, <br>2.50%, 02/01/2037 | 841949 | 788598  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4862, <br>2.50%, 10/01/2051 | 1380344 | 1152813  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7086, <br>5.50%, 09/01/2053 | 1735318 | 1741646  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7276, <br>5.00%, 09/01/2053 | 1631459 | 1609947  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7744, <br>6.50%, 04/01/2054 | 523813 | 549036  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8384, <br>3.50%, 02/01/2051 | 1777900 | 1641399  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8791, <br>6.00%, 08/01/2054 | 1357403 | 1384289  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9366, <br>2.50%, 04/01/2052 | 447024 | 372660  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2998, <br>3.50%, 04/01/2032 | 227554 | 223257  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4208, <br>2.00%, 12/01/2050 | 673136 | 537362  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4492, <br>2.00%, 12/01/2051 | 1040677 | 827014  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MB0291, <br>5.00%, 12/01/2054 | 1345153 | 1319521  |
|  Ginnie Mae I, Pool 781186, 9.00%, 06/15/2030 | 5391 | 5424  |
| Ginnie Mae II Pool <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA6598, <br>2.50%, 04/20/2050 | 635216 | 541947  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA6994, <br>2.00%, 11/20/2050 | 659843 | 538091  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7706, <br>3.00%, 11/20/2051 | 2422591 | 2145290  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8487, <br>3.50%, 12/20/2052 | 910382 | 831500  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8876, <br>4.00%, 05/20/2053 | 1730974 | 1617508  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA9777, <br>4.50%, 07/20/2054 | 911174 | 873341  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $43,148,389)** |  | 41997948 |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 30.8%** | **U.S. TREASURY SECURITIES - 30.8%** |  |
| United States Treasury Note <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 03/31/2026 | $5000000 | $4932881  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2026 | 4600000 | 4589758  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 7600000 | 7604750  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 5395000 | 5275509  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 3180000 | 3122549  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 5230000 | 4487381  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 7000000 | 6150566  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 1850000 | 1879412  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 1500000 | 1548047  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $40,330,827)** |  | 39590853  |
| **CORPORATE BONDS - 27.5%**<br>|  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 1445000 | 1309966  |
|  American Tower Corp., 3.60%, 01/15/2028 | 646000 | 634493  |
|  Analog Devices, Inc., 1.70%, 10/01/2028 | 1375000 | 1275197  |
|  Aptiv Swiss Holdings Ltd., 5.15%, 09/13/2034 | 1315000 | 1270029  |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc., <br>4.55%, 02/15/2032 | 1265000 | 1253768  |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc., <br>3.20%, 10/21/2026 | 1284000 | 1266091  |
| &nbsp;&nbsp;&nbsp; Comcast Corp., <br>5.30%, 06/01/2034 | 625000 | 640434  |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc., <br>4.20%, 05/15/2028 | 1281000 | 1269205  |
|  Eastman Chemical Co., 5.75%, 03/08/2033 | 1205000 | 1253551  |
|  Ferguson Finance PLC, 4.65%, 04/20/2032<sup>(a)</sup> | 1280000 | 1251757  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., <br>5.05% to 07/23/2029 then SOFR + 1.21%, 07/23/2030 | 1235000 | 1255794  |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, 5.97% <br>(3 mo. Term SOFR + 1.64%), 09/12/2026 | 1250000 | 1253482  |
|  JB Hunt Transport Services, Inc., 3.88%, 03/01/2026 | 1254000 | 1249598  |
|  Keysight Technologies, Inc., 4.60%, 04/06/2027 | 1251000 | 1256718  |
| Kroger Co., 5.00%, 09/15/2034 | 1280000 | 1271639  |
| LKQ Corp., 5.75%, 06/15/2028 | 1210000 | 1247048  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley, <br>3.13%, 07/27/2026 | 1285000 | 1269269  |
| MSCI, Inc., 3.63%, 09/01/2030<sup>(a)</sup> | 675000 | 633608  |
| Oracle Corp., 2.80%, 04/01/2027 | 1300000 | 1267821  |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 1102000 | 1232359  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Prologis LP, 5.00%, 03/15/2034 | $1280000 | $1283940  |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 1460000 | 1268439  |
| Revvity, Inc., 1.90%, 09/15/2028 | 694000 | 643059  |
|  Roper Technologies, Inc., 4.50%, 10/15/2029 | 1255000 | 1257900  |
|  Societe Generale SA, 5.50% (SOFR + 1.10%), 02/19/2027<sup>(a)</sup> | 610000 | 610159  |
| Sysco Corp., 5.95%, 04/01/2030 | 589000 | 623762  |
| &nbsp;&nbsp;&nbsp; US Bancorp, 5.38% to 01/23/2029 then <br>SOFR + 1.56%, 01/23/2030 | 1215000 | 1251205  |
| VeriSign, Inc., 5.25%, 06/01/2032 | 1240000 | 1264192  |
|  Waste Connections, Inc., 5.00%, 03/01/2034 | 1845000 | 1865445  |
| Wells Fargo & Co., 3.00%, 10/23/2026 | 1289000 | 1267297  |
|  Yara International ASA, 7.38%, 11/14/2032<sup>(a)</sup> | 555000 | 618499  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $35,332,082)** |  | 35315724  |
| **ASSET-BACKED SECURITIES - 4.4%** | **ASSET-BACKED SECURITIES - 4.4%** |  |
|  American Homes 4 Rent, Series 2015-SFR2, Class C, 4.69%, 10/17/2052<sup>(a)</sup> | 510000 | 508312  |
|  CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 108687 | 109078  |
| CNH Equipment Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class A2, 5.90%, 02/16/2027 | 103771 | 103830  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 5.42%, 10/15/2027 | 201255 | 201833  |
|  FHF Trust, Series 2024-3A, Class A2, 4.94%, 11/15/2030<sup>(a)</sup> | 800367 | 803007  |
|  Ford Credit Auto Owner Trust, Series 2024-B, Class B, 5.23%, 05/15/2030 | 730000 | 743949  |
|  Hyundai Auto Receivables Trust, Series 2025-B, Class B, 4.72%, 07/15/2030 | 565000 | 570495  |
| Kubota Credit Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A3, 4.42%, 09/17/2029<sup>(a)</sup> | 380000 | 380681  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A4, 4.57%, 11/15/2030<sup>(a)</sup> | 390000 | 393681  |
|  Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3, 4.88%, 03/15/2029 | 500000 | 504965  |
|  Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032<sup>(a)</sup> | 1306000 | 1341539  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $5,647,484)** |  | 5661370  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.8%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.8%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.8%** |
| Federal Home Loan Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool WA3311, <br>2.21%, 04/01/2038 | $1620175 | $1222284  |
| &nbsp;&nbsp;&nbsp; Series Q006, Class APT2, 2.79%, 09/25/2026<sup>(b)</sup> | 64916 | 63915  |
| &nbsp;&nbsp;&nbsp; Series Q007, Class APT1, 6.48%, 10/25/2047<sup>(b)</sup> | 49267 | 49220  |
| &nbsp;&nbsp;&nbsp; Series Q010, Class APT1, 7.74%, 04/25/2046<sup>(b)</sup> | 41912 | 42082  |
| Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BL1160, <br>3.64%, 01/01/2026 | 750000 | 744421  |
| &nbsp;&nbsp;&nbsp; Series 2016-M10, Class AV1, 2.35%, 11/25/2045 | 71416 | 70776  |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, <br>Series 2020-KF74, Class B, 6.58% <br>(30 day avg SOFR US + 2.26%), 01/25/2027<sup>(a)</sup> | 148475 | 144930  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,630,479)** |  | 2337628  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.5%** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.5%** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.5%** |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, <br>Series 2020-LTV2, Class A15, 3.00%, 11/25/2050<sup>(a)(b)</sup> | 670347 | 609812  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL** <br>**MORTGAGE-BACKED SECURITIES** <br>**(Cost $634,735)** |  | 609812  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%** |
|  BX Trust, Series 2025-VLT6, Class A, 5.75% (1 mo. Term SOFR + 1.44%), 03/15/2042<sup>(a)</sup> | 605000 | 605542  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL** <br>**MORTGAGE-BACKED SECURITIES** <br>**(Cost $603,487)** |  | 605542 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** |  |
| **Money Market Funds - 0.9%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(c)</sup> | 1116950 | $1116950  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,116,950)** |  | 1116950  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%**<br>**(Cost $129,444,433)** |  | $127235827  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.0% |  | 1346845  |
| **TOTAL NET ASSETS - 100.0%** |  | $128582672 |

---

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury

LP - Limited Partnership

PLC - Public Limited Company

RFUCCT6M - Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Months

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 June 30, 2025.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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

16<br>

------

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

**BROWN ADVISORY INTERMEDIATE INCOME FUND** 

**SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; 1 | 09/19/2025 | $114283 | $114266 | &nbsp;&nbsp;&nbsp;&nbsp; $(17)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 09/30/2025 | 6009789 | 6032680 | &nbsp;&nbsp;&nbsp;&nbsp; 22891  |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 116 | 09/30/2025 | 12505678 | 12644000 | &nbsp;&nbsp;&nbsp;&nbsp; 138322  |
|  |  |  | $18629750 | $18790946 | &nbsp;&nbsp;&nbsp;&nbsp; $161196 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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;(15) | 09/19/2025 | $(1648326) | $(1681875) | &nbsp;&nbsp;&nbsp; $(33549)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(21) | 09/19/2025 | (2329639) | (2424843) | &nbsp;&nbsp;&nbsp; (95204)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(8) | 09/19/2025 | (909918) | (953000) | &nbsp;&nbsp;&nbsp; (43082)  |
|  |  |  | $(4887883) | $(5059718) | &nbsp;&nbsp;&nbsp; $(171835)  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | &nbsp;&nbsp;&nbsp; $(10639) |

---

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.

17<br>

------

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

**BROWN ADVISORY SUSTAINABLE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 37.3%** <br>|  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | $6365000 | $5770197  |
| AIB Group PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.58% to 10/14/2025 then SOFR + 3.46%, 10/14/2026<sup>(a)</sup> | 2800000 | 2823432  |
| &nbsp;&nbsp;&nbsp; 5.87% to 03/28/2034 then SOFR + 1.91%, 03/28/2035<sup>(a)</sup> | 2770000 | 2857790  |
|  Aptiv Swiss Holdings Ltd., 5.15%, 09/13/2034 | 6015000 | 5809294  |
| AT&T, Inc., 4.35%, 03/01/2029 | 5665000 | 5678277  |
|  Banco Bilbao Vizcaya Argentaria SA, 6.03% to 03/13/2034 then 1 yr. CMT Rate + 1.95%, 03/13/2035 | 2740000 | 2858314  |
| &nbsp;&nbsp;&nbsp; Barclays PLC, 6.13% to 06/15/2026 then 5 yr. CMT Rate + 5.87%, <br>Perpetual | 2800000 | 2804567  |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX, 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039<sup>(a)</sup> | 2775000 | 2870235  |
| Broadcom, Inc., 4.55%, 02/15/2032 | 5755000 | 5703901  |
| &nbsp;&nbsp;&nbsp; CaixaBank SA, 6.84% to 09/13/2033 then SOFR + 2.77%, <br>09/13/2034<sup>(a)</sup> | 5195000 | 5708859  |
|  Eastman Chemical Co., 5.75%, 03/08/2033 | 5495000 | 5716400  |
| Equinix, Inc., 3.20%, 11/18/2029 | 8965000 | 8510384  |
|  Ferguson Finance PLC, 4.65%, 04/20/2032<sup>(a)</sup> | 5865000 | 5735592  |
|  Ford Motor Credit Co. LLC, 7.38% (SOFR + 2.95%), 03/06/2026 | 2235000 | 2256192  |
|  Gilead Sciences, Inc., 5.25%, 10/15/2033 | 5560000 | 5753922  |
| Intesa Sanpaolo SpA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.80%, 11/28/2053<sup>(a)</sup> | 2470000 | 2890731  |
| &nbsp;&nbsp;&nbsp; 7.78% to 06/20/2053 then 1 yr. CMT Rate + 3.90%, 06/20/2054<sup>(a)</sup> | 2585000 | 2902729  |
|  Keysight Technologies, Inc., 4.95%, 10/15/2034 | 5855000 | 5791644  |
| Kreditanstalt fuer Wiederaufbau <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.63%, 01/22/2026 | 19025000 | 18657164  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/16/2026 | 18000000 | 18110802  |
| Kroger Co., 5.00%, 09/15/2034 | 5765000 | 5727341  |
| LKQ Corp., 5.75%, 06/15/2028 | 5500000 | 5668400  |
|  Mercer International, Inc., 12.88%, 10/01/2028<sup>(a)</sup> | 2830000 | 2873905  |
| MSCI, Inc., 3.63%, 09/01/2030<sup>(a)</sup> | 3040000 | 2853585  |
| Oracle Corp., 6.15%, 11/09/2029 | 5310000 | 5667688  |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 5145000 | 5753617  |
| Prologis LP, 5.00%, 03/15/2034 | 5700000 | 5717546  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Regal Rexnord Corp., 6.30%, 02/15/2030 | $5450000 | $5711442  |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 6575000 | 5712318  |
| Revvity, Inc., 2.25%, 09/15/2031 | 10070000 | 8638039  |
|  Roper Technologies, Inc., 1.75%, 02/15/2031 | 4995000 | 4290524  |
| Societe Generale SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50% (SOFR + 1.10%), 02/19/2027<sup>(a)</sup> | 2790000 | 2790729  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07% to 01/19/2034 then 1 yr. CMT Rate + 2.10%, <br>01/19/2035<sup>(a)</sup> | 2760000 | 2844155  |
|  Sprint Capital Corp., 8.75%, 03/15/2032 | 7045000 | 8550185  |
|  US Bancorp, 5.10% to 07/23/2029 then SOFR + 1.25%, 07/23/2030 | 5565000 | 5681660  |
| VeriSign, Inc., 5.25%, 06/01/2032 | 5595000 | 5704156  |
|  Waste Connections, Inc., 5.00%, 03/01/2034 | 8455000 | 8548690  |
|  Yara International ASA, 7.38%, 11/14/2032<sup>(a)</sup> | 2580000 | 2875186  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $211,807,238)** |  | 214819592  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 29.4%**<br>|  |  |
| Federal Home Loan Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G31063, <br>3.50%, 11/01/2037 | 479488 | 463561  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD5888, <br>3.50%, 02/01/2052 | 1525604 | 1384895  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD7054, <br>3.00%, 02/01/2052 | 1536534 | 1344867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0380, <br>2.50%, 04/01/2052 | 142213 | 119328  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA6064, <br>2.50%, 09/01/2051 | 3920061 | 3334075  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA6699, <br>3.50%, 02/01/2052 | 1589153 | 1441150  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA7935, <br>5.00%, 09/01/2052 | 4719456 | 4665686  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RC2401, <br>2.00%, 01/01/2037 | 2813905 | 2593674  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB0531, <br>2.50%, 06/01/2036 | 5353139 | 5037882  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB1179, <br>5.50%, 05/01/2039 | 2591613 | 2651299  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD1641, <br>4.50%, 09/01/2052 | 2921621 | 2820323  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD2875, <br>5.00%, 05/01/2053 | 2879527 | 2856518  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3234, <br>2.50%, 12/01/2051 | 6820940 | 5699768  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3477, <br>6.50%, 08/01/2053 | 2455042 | 2568344  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7556, <br>3.00%, 08/01/2052 | $1786451 | $1564946  |
| &nbsp;&nbsp;&nbsp; Series 4107, Class LI, 3.00%, 08/15/2027<sup>(b)</sup> | 1359987 | 28364  |
| &nbsp;&nbsp;&nbsp; Series 4143, Class IA, 3.50%, 09/15/2042<sup>(b)</sup> | 739218 | 46464  |
|  Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/15/2055<sup>(c)</sup> | 1700000 | 1346156  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/15/2055<sup>(c)</sup> | 3586000 | 3228977  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2055<sup>(c)</sup> | 1550000 | 1441440  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2055<sup>(c)</sup> | 2100000 | 2008977  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2055<sup>(c)</sup> | 2950000 | 2891397  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2055<sup>(c)</sup> | 2420000 | 2419824  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BH7686, <br>4.50%, 12/01/2047 | 64829 | 62575  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BK5105, <br>5.50%, 05/01/2048 | 72018 | 73491  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BK8032, <br>5.50%, 06/01/2048 | 154983 | 158152  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BN4921, <br>5.50%, 01/01/2049 | 141238 | 143398  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BN4936, <br>5.50%, 12/01/2048 | 140662 | 143009  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BT7699, <br>4.00%, 09/01/2051 | 1440467 | 1383704  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BU3801, <br>2.00%, 12/01/2051 | 1745367 | 1383287  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BV4532, <br>3.50%, 03/01/2052 | 1248450 | 1131361  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2432, <br>3.00%, 12/01/2051 | 2557343 | 2219675  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2909, <br>3.50%, 02/01/2052 | 1411841 | 1281104  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool DA0025, <br>6.00%, 09/01/2053 | 3483481 | 3572481  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool DA4870, <br>6.50%, 01/01/2054 | 2055968 | 2130326  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0031, <br>2.50%, 10/01/2051 | 1023896 | 850476  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0195, <br>2.50%, 01/01/2052 | 3505512 | 2935325  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0731, <br>2.00%, 02/01/2052 | 929380 | 748459  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1186, <br>3.50%, 01/01/2050 | 2754296 | 2485277  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1381, <br>3.00%, 03/01/2052 | 1037874 | 899208  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1480, <br>2.50%, 11/01/2051 | 529174 | 444239  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4862, <br>2.50%, 10/01/2051 | 6945680 | 5800781  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5314, <br>2.00%, 05/01/2052 | 7023851 | 5572487  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5458, <br>5.50%, 08/01/2053 | $6410535 | $6416400  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS6744, <br>2.50%, 10/01/2051 | 5939657 | 5014214  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7086, <br>5.50%, 09/01/2053 | 4842748 | 4860406  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8791, <br>6.00%, 08/01/2054 | 5791588 | 5906300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9155, <br>5.50%, 09/01/2054 | 2254701 | 2267859  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9366, <br>2.50%, 04/01/2052 | 2048616 | 1707821  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2897, <br>3.00%, 02/01/2037 | 344765 | 327252  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4565, <br>3.50%, 03/01/2052 | 2032050 | 1837684  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MB0291, <br>5.00%, 12/01/2054 | 2909729 | 2854283  |
| &nbsp;&nbsp;&nbsp; Series 2012-65, Class HJ, 5.00%, 07/25/2040 | 136043 | 138776  |
| &nbsp;&nbsp;&nbsp; Series 2021-95, Class WI, 2.05%, 02/25/2035<sup>(b)(d)</sup> | 3246209 | 203431  |
| Ginnie Mae I Pool <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 723334, <br>5.00%, 09/15/2039 | 183262 | 185786  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 781950, <br>4.50%, 07/15/2035 | 377491 | 371839  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 783467, <br>4.00%, 10/15/2041 | 2293355 | 2188895  |
| Ginnie Mae II Pool <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 784507, <br>4.00%, 12/20/2047 | 2735283 | 2564695  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2754, <br>3.50%, 04/20/2045 | 876229 | 816105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA6994, <br>2.00%, 11/20/2050 | 3094129 | 2523212  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7106, <br>2.00%, 01/20/2036 | 479106 | 443464  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7164, <br>2.00%, 02/20/2036 | 459834 | 425647  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7192, <br>2.00%, 02/20/2051 | 10284666 | 8390171  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7254, <br>2.00%, 03/20/2051 | 3190111 | 2600749  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7419, <br>3.00%, 06/20/2051 | 5699958 | 5051028  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7471, <br>2.00%, 07/20/2051 | 6503141 | 5301587  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7650, <br>3.00%, 10/20/2051 | 5562064 | 4928846  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7774, <br>6.00%, 11/20/2051 | 231471 | 239510  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8268, <br>4.50%, 09/20/2052 | 4030218 | 3893214  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8642, <br>2.50%, 02/20/2053 | 5536583 | 4749060  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** <br>|  |  |
|  Government National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2042<sup>(c)</sup> | $2484000 | $2309953  |
| &nbsp;&nbsp;&nbsp; Series 2017-167, Class SE, 1.77% (-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047<sup>(b)(e)</sup> | 1623170 | 225081  |
| &nbsp;&nbsp;&nbsp; Series 2021-125, Class UL, 1.50%, 07/20/2051 | 920142 | 649113  |
| &nbsp;&nbsp;&nbsp; Series 2021-158, Class JD, 1.50%, 09/20/2051 | 1343418 | 845525  |
| &nbsp;&nbsp;&nbsp; Series 2021-160, Class DK, 2.00%, 09/20/2051 | 2104659 | 1336324  |
| &nbsp;&nbsp;&nbsp; Series 2021-177, Class KD, 2.00%, 10/20/2051 | 1383690 | 921557  |
| &nbsp;&nbsp;&nbsp; Series 2022-9, Class CD, 2.00%, 01/20/2052 | 2468351 | 1693617  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $173,939,553)** |  | 169566134  |
| **U.S. TREASURY SECURITIES - 21.2%** | **U.S. TREASURY SECURITIES - 21.2%** |  |
| United States Treasury Bond <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043 | 2650000 | 2372992  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 6000000 | 5361328  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055 | 22000000 | 21879688  |
| United States Treasury Note <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026 | 22670000 | 22813535  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 2800000 | 2775281  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 15000000 | 15009375  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028 | 1000000 | 1004961  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/30/2028 | 2980000 | 2964285  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 13560000 | 13259667  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 | 2200000 | 2241465  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 5565000 | 4774813  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 4200000 | 4315500  |
|  United States Treasury STRIP, 4.40%, 05/15/2043<sup>(f)</sup> | 56520000 | 23226283  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $124,776,989)** |  | 121999173  |
|  **FOREIGN GOVERNMENT AGENCY ISSUES - 5.1%**<br>|  |  |
| European Investment Bank <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 10/26/2026 | 5785000 | 5554000  |
| &nbsp;&nbsp;&nbsp; 1.38%, 03/15/2027 | 24655000 | 23675459  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**AGENCY ISSUES** <br>**(Cost $29,560,215)** |  | 29229459  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 4.8%** | **ASSET-BACKED SECURITIES - 4.8%** |  |
|  CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | $525319 | $527210  |
| CNH Equipment Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 1.41%, 04/16/2029 | 2650000 | 2592634  |
| &nbsp;&nbsp;&nbsp; Series 2023-B, Class A2, 5.90%, 02/16/2027 | 434488 | 434737  |
| FHF Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.69%, 02/15/2030<sup>(a)</sup> | 1432033 | 1447110  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.89%, 06/15/2030<sup>(a)</sup> | 1429380 | 1447033  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 4.94%, 11/15/2030<sup>(a)</sup> | 1994285 | 2000864  |
| Ford Credit Auto Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class B, 5.23%, 05/15/2030 | 3475000 | 3541399  |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class B, 4.88%, 09/15/2030 | 1000000 | 1014180  |
|  Hyundai Auto Receivables Trust, Series 2025-B, Class B, 4.72%, 07/15/2030 | 2490000 | 2514216  |
| Kubota Credit Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A3, 4.42%, 09/17/2029<sup>(a)</sup> | 1615000 | 1617896  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A4, 4.57%, 11/15/2030<sup>(a)</sup> | 1745000 | 1761468  |
|  Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3, 4.88%, 03/15/2029 | 2545000 | 2570272  |
|  Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032<sup>(a)</sup> | 5859000 | 6018433  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $27,333,418)** |  | 27487452  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.6%**<br>|  |  |
| BX Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, 5.80% <br>(1 mo. Term SOFR + 1.49%), 07/15/2029<sup>(a)</sup> | 2725000 | 2727793  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT5, Class A, 5.59%, 11/13/2046<sup>(a)(d)</sup> | 3430000 | 3474504  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, 5.75% <br>(1 mo. Term SOFR + 1.44%), 03/15/2042<sup>(a)</sup> | 2780000 | 2782491  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL** <br>**MORTGAGE-BACKED SECURITIES** <br>**(Cost $8,973,961)** |  | 8984788  |

---

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

20<br>

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

**BROWN ADVISORY SUSTAINABLE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 0.9%**<br>|  |  |
|  California Health Facilities Financing Authority, 3.03%, 06/01/2034 | $2650000 | $2305997  |
|  City & County of Honolulu HI, 3.00%, 09/01/2027 | 100000 | 98223  |
|  City of Los Angeles CA Wastewater System Revenue, 3.49%, 06/01/2029 | 430000 | 420661  |
|  Colorado Health Facilities Authority, 3.36%, 12/01/2030 (Obligor: Covenant Living Cmn) | 1325000 | 1235096  |
|  New York City Housing Development Corp., 2.71%, 08/01/2031 | 1000000 | 897519  |
|  University of California, 2.99%, 05/15/2026 | 355000 | 351486  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $5,869,857)** |  | 5308982  |
|  **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; Series KW03, Class A2, 3.02%, 06/25/2027 | 300000 | 293933  |
| &nbsp;&nbsp;&nbsp; Series Q007, Class APT1, 6.48%, 10/25/2047<sup>(d)</sup> | 90954 | 90869  |
| &nbsp;&nbsp;&nbsp; Series Q010, Class APT1, 7.74%, 04/25/2046<sup>(d)</sup> | 83823 | 84164  |
|  Federal National Mortgage Association, Pool 467095, 5.90%, 01/01/2041 | 232926 | 249940  |
|  Government National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-135, Class IO, 0.41%, 01/16/2056<sup>(b)(d)</sup> | 213148 | 4438  |
| &nbsp;&nbsp;&nbsp; Series 2014-45, Class BI, 0.49%, 07/16/2054<sup>(b)(d)</sup> | 339658 | 3049  |
| &nbsp;&nbsp;&nbsp; Series 2015-172, Class IO, 0.59%, 03/16/2057<sup>(b)(d)</sup> | 191961 | 3909  |
| &nbsp;&nbsp;&nbsp; Series 2016-40, Class IO, 0.57%, 07/16/2057<sup>(b)(d)</sup> | 372556 | 7676  |
| &nbsp;&nbsp;&nbsp; Series 2016-56, Class IO, 0.96%, 11/16/2057<sup>(b)(d)</sup> | 244400 | 10541  |
| &nbsp;&nbsp;&nbsp; Series 2016-98, Class IO, 0.83%, 05/16/2058<sup>(b)(d)</sup> | 405542 | 17118  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $851,064)** |  | 765637 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.2%** | **SHORT-TERM INVESTMENTS - 2.2%** |  |
| **Money Market Funds - 2.1%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(g)</sup> | 12026912 | $12026912 |
|  | **Par** |  |
| **U.S. Treasury Bills - 0.1%**<br>|  |  |
| 4.26%, 07/10/2025<sup>(h)</sup> | $800000 | 799163  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $12,826,069)** |  | 12826075  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.6%**<br>**(Cost $595,938,364)** |  | $590987292  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.6)% |  | (15175915)  |
| **TOTAL NET ASSETS - 100.0%** |  | $575811377 |

---

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

STRIP - Separate Trading of Registered Interest and Principal

<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> Interest only security.

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

<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 June 30, 2025.

<sup>(e)</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>(f)</sup> Zero-coupon bond. The rate shown is the effective yield as of March 31, 2025.

<sup>(g)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(h)</sup> This security is pledged as collateral in connection with open futures contracts. The rate shown is the annualized effective yield as of June 30, 2025.

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

21<br>

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

**BROWN ADVISORY SUSTAINABLE BOND FUND** 

**SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp; 80 | 09/30/2025 | $16573899 | $16641875 | &nbsp;&nbsp;&nbsp;&nbsp; $67976  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481 | 09/30/2025 | 51827665 | 52429001 | &nbsp;&nbsp;&nbsp;&nbsp; 601336  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | 09/19/2025 | 692825 | 692812 | &nbsp;&nbsp;&nbsp;&nbsp;(13)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | 09/19/2025 | 357381 | 357375 | &nbsp;&nbsp;&nbsp;&nbsp; (6)  |
|  |  |  | $69451770 | $70121063 | &nbsp;&nbsp;&nbsp;&nbsp; $669293 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized Appreciation (Depreciation)**  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(106) | 09/19/2025 | $(11648171) | $(11885250) | &nbsp;&nbsp;&nbsp; $(237079)  |
|  |  |  | $(11648171) | $(11885250) | &nbsp;&nbsp;&nbsp; $(237079)  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | &nbsp;&nbsp;&nbsp; $432214 |

---

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.

22<br>

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

**Brown Advisory Maryland Bond Fund** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 97.3%** <br>|  |  |
| **General Obligation Bonds - 19.3%** <br>|  |  |
|  Anne Arundel County Maryland, 5.00%, 10/01/2033 | $2000000 | $2040941  |
|  Baltimore County Maryland, 4.00%, 03/01/2038 | 5000000 | 5004707  |
| Frederick County Maryland <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/01/2035 | 7295000 | 5595927  |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/2039 | 8830000 | 6210432  |
| Hyattsville Maryland <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2026 | 160000 | 161084  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 170000 | 173811  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 | 2065000 | 2047804  |
| Maryland State, 3.00%, 06/01/2031 | 7500000 | 7387729  |
|  Montgomery County Maryland, 3.00%, 10/01/2034 | 3370000 | 3136746  |
|  |  | 31759181  |
| **Revenue Bonds - 78.0%** <br>|  |  |
|  Anne Arundel County Maryland, 4.25%, 07/01/2044 | 2000000 | 1863915  |
| Austin Texas, 7.88%, 09/01/2026 | 475000 | 476790  |
| Baltimore Maryland <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | 520000 | 520369  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/2031<sup>(a)</sup> | 225000 | 214908  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033 | 1455000 | 1462668  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2033 | 670000 | 670366  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2039<sup>(a)</sup> | 1260000 | 1099276  |
|  California Municipal Finance Authority, 5.00%, 11/01/2039<sup>(a)</sup> | 1750000 | 1638960  |
|  Florida Development Finance Corp., 5.25%, 07/01/2047 | 3435000 | 3447486  |
|  Franklin County Ohio, 5.00%, 11/15/2034 | 1550000 | 1550247  |
| Frederick County Maryland <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1970000 | 2091312  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 1380000 | 1476769  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/01/2039 | 1410000 | 1246576  |
| Gaithersburg Maryland <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 1000000 | 1019728  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 2000000 | 2030246  |
|  Lehigh County Pennsylvania, 3.02% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 2550000 | 2515761  |
|  Main Street Natural Gas, Inc., 4.64% (SOFR + 1.70%), 12/01/2053 | 5500000 | 5529469  |
|  Maryland Community Development Administration <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/01/2027 | 1270000 | 1202431  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1245000 | 1314364  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 1030000 | 1086042  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/01/2042 | 3930000 | 3931984  |
| &nbsp;&nbsp;&nbsp; 2.41%, 07/01/2043 | 2660000 | 1797493  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Maryland Economic Development Corp.  | Maryland Economic Development Corp.  | Maryland Economic Development Corp.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | $1000000 | $1047280  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 750000 | 794167  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | 6715000 | 6772063  |
| &nbsp;&nbsp;&nbsp; 4.10%, 10/01/2036<sup>(b)</sup> | 2600000 | 2658870  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 | 1500000 | 1373535  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2044 | 4500000 | 4002842  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2050 | 5000000 | 4958067  |
|  Maryland Health & Higher Educational Facilities Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 420000 | 420463  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 4000000 | 4003706  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 2000000 | 2076595  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 1250000 | 1250637  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 1955000 | 1956149  |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/01/2035<sup>(b)</sup> | 2000000 | 2000000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 1000000 | 1010526  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 5000000 | 5003113  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1200000 | 1199652  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 1500000 | 1525761  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2042 | 4335000 | 4340510  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 | 1310000 | 1312477  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045<sup>(b)</sup> | 4000000 | 4093201  |
| Maryland Stadium Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 | 1340000 | 1362462  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 | 1000000 | 1005812  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 | 5000000 | 5154323  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2041 | 4460000 | 3432907  |
|  Maryland State Department of Transportation <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2026 | 5000000 | 5000095  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1000000 | 1060588  |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/01/2033 | 1395000 | 1255340  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/01/2036 | 1000000 | 797510  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2038 | 1150000 | 1090067  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2046 | 4000000 | 3957901  |
|  Metropolitan Washington DC Airports Authority Aviation Revenue, 5.00%, 10/01/2040 | 1500000 | 1519084  |
|  Miami-Dade County Florida Expressway Authority, 5.49% (1 mo. Term SOFR + 1.05%), 07/01/2032 | 5000000 | 5043944  |
|  New York Transportation Development Corp., 6.00%, 04/01/2035 | 3000000 | 3265103  |
|  Washington Suburban Sanitary Commission, 3.00%, 06/01/2047 | 5600000 | 4099950  |
|  |  | 128031860  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $164,023,832)** |  | 159791041 |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.8%**  | **SHORT-TERM INVESTMENTS - 1.8%**  | **SHORT-TERM INVESTMENTS - 1.8%**  |
| **Money Market Funds - 1.8%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(c)</sup> | 2977259 | $2977259  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,977,259)** |  | 2977259  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $167,001,091)** |  | $162768300  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 1515559  |
| **TOTAL NET ASSETS - 100.0%** |  | $164283859 |

---

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 may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2025.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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

24<br>

------

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

**Brown Advisory Tax-Exempt Bond Fund** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 98.9%**  | **MUNICIPAL BONDS - 98.9%**  | **MUNICIPAL BONDS - 98.9%**  |
| **Alabama - 8.5%** <br>|  |  |
| Black Belt Energy Gas District <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.27% (SIFMA Municipal Swap Index + 0.35%), 10/01/2052 | $34250000 | $33810237  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052<sup>(a)</sup> | 14500000 | 14538554  |
|  Energy Southeast A Cooperative District, 5.25%, 07/01/2054<sup>(a)</sup> | 5500000 | 5886840  |
|  Industrial Development Board of Mobile Alabama, 3.78%, 06/01/2034<sup>(a)</sup> | 2500000 | 2505466  |
|  Madison Alabama, 3.00%, 02/01/2036 | 2730000 | 2459980  |
|  Southeast Energy Authority A Cooperative District <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2055<sup>(a)</sup> | 4100000 | 4285904  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2055<sup>(a)</sup> | 12000000 | 12909876  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056<sup>(a)</sup> | 10000000 | 10211229  |
|  |  | 86608086  |
| **Arizona - 2.7%** <br>|  |  |
|  Chandler Industrial Development Authority, 4.00%, 06/01/2049<sup>(a)</sup> | 7000000 | 6986702  |
|  Maricopa County Pollution Control Corp., 2.40%, 06/01/2035 | 12555000 | 10043156  |
|  Maricopa County Unified School District No 69 Paradise Valley, 3.00%, 07/01/2031 | 10500000 | 10218264  |
|  |  | 27248122  |
| **Arkansas - 0.5%** <br>|  |  |
|  Bentonville South Dakota School District No 6 <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2041 | 2680000 | 1761457  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2042 | 2750000 | 1750582  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2043 | 2825000 | 1753566  |
|  |  | 5265605  |
| **California - 4.2%** <br>|  |  |
|  California Community Choice Financing Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 4280000 | 4516739  |
| &nbsp;&nbsp;&nbsp; 2.37% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 10000000 | 9396560  |
|  California Earthquake Authority, 5.60%, 07/01/2027 | 15275000 | 15441919  |
|  Los Angeles California Department of Airports <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2041 | 3660000 | 3445862  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2042 | 7950000 | 7365498  |
| &nbsp;&nbsp;&nbsp; San Diego California Tobacco Settlement Revenue Funding <br>Corp., 4.00%, 06/01/2032 | 1825000 | 1817648  |
|  Temecula Valley California Unified School District, 3.00%, 08/01/2047 | 2000000 | 1494933  |
|  |  | 43479159  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Colorado - 0.4%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado <br>State University System, 4.00%, 03/01/2036 | $3255000 | $3258603  |
|  Park Creek Metropolitan District, 5.00%, 12/01/2034 | 1000000 | 1004627  |
|  |  | 4263230  |
| **District of Columbia - 0.8%** <br>|  |  |
|  District of Columbia, 5.00%, 07/15/2028 | 1500000 | 1515445  |
|  Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2032 | 2660000 | 2692162  |
|  Washington Convention & Sports Authority, 5.00%, 10/01/2029 | 3565000 | 3700545  |
|  |  | 7908152  |
| **Florida - 8.2%** <br>|  |  |
|  Florida Development Finance Corp., 5.25%, 07/01/2047 | 17500000 | 17563611  |
|  Miami-Dade County Florida Aviation Revenue <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 3500000 | 3773098  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 5735000 | 6185304  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 10000000 | 10000191  |
|  Miami-Dade County Florida Expressway Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.49% (1 mo. Term SOFR + 1.05%), 07/01/2026 | 2715000 | 2721987  |
| &nbsp;&nbsp;&nbsp; 5.49% (1 mo. Term SOFR + 1.05%), 07/01/2029 | 18260000 | 18393145  |
| &nbsp;&nbsp;&nbsp; 5.49% (1 mo. Term SOFR + 1.05%), 07/01/2032 | 9260000 | 9341383  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 4000000 | 4000008  |
| &nbsp;&nbsp;&nbsp; Tampa Bay Water, <br>3.38%, 10/01/2038 | 10800000 | 9706398  |
| Tampa Florida <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/2039<sup>(b)</sup> | 1100000 | 557705  |
| &nbsp;&nbsp;&nbsp; 4.69%, 09/01/2041<sup>(b)</sup> | 1280000 | 569730  |
| &nbsp;&nbsp;&nbsp; 3.76%, 09/01/2045<sup>(b)</sup> | 1850000 | 633123  |
|  |  | 83445683  |
| **Georgia - 5.1%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Bartow County Georgia <br>Development Authority, 3.95%, 12/01/2032<sup>(a)</sup> | 6295000 | 6406933  |
|  Clayton County Development Authority, 5.00%, 07/01/2032 | 12000000 | 11966713  |
| Main Street Natural Gas, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.64% (SOFR + 1.70%), 12/01/2053 | 28500000 | 28652703  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2054<sup>(a)</sup> | 5000000 | 5286877  |
|  |  | 52313226  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Illinois - 5.5%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Chicago Illinois Board of Education <br>Dedicated Capital Improvement Tax  | &nbsp;&nbsp;&nbsp; Chicago Illinois Board of Education <br>Dedicated Capital Improvement Tax  | &nbsp;&nbsp;&nbsp; Chicago Illinois Board of Education <br>Dedicated Capital Improvement Tax  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2036 | $3200000 | $3427645  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2037 | 3700000 | 3931899  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2039 | 2250000 | 2351171  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2040 | 5250000 | 5444068  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2042 | 1000000 | 1037427  |
| &nbsp;&nbsp;&nbsp; Chicago Illinois Park District, <br>5.00%, 01/01/2044<sup>(e)</sup> | 9000000 | 9130268  |
|  Du Page County Illinois, 3.00%, 05/15/2047 | 7680000 | 5369656  |
| &nbsp;&nbsp;&nbsp; DuPage & Cook Counties <br>Community Unit School District No 205 Elmhurst, 2.13%, 01/01/2040 | 1600000 | 1099836  |
| Illinois Finance Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/01/2043<sup>(a)(c)</sup> | 3000000 | 3039539  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2050<sup>(a)(c)</sup> | 5000000 | 4845579  |
| Illinois State <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2033 | 1700000 | 1689472  |
| &nbsp;&nbsp;&nbsp; 6.73%, 04/01/2035 | 5384615 | 5697992  |
|  Metropolitan Pier & Exposition Authority, 5.64%, 12/15/2037<sup>(b)</sup> | 15365000 | 8750222  |
|  |  | 55814774  |
| **Indiana - 1.3%** <br>|  |  |
|  Indiana Finance Authority, 5.00%, 10/01/2063<sup>(a)</sup> | 12000000 | 13070525  |
| **Iowa - 0.6%** <br>|  |  |
| Des Moines Iowa <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 4635000 | 3235948  |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/01/2040 | 3575000 | 2289779  |
|  West Des Moines Iowa, 2.00%, 06/01/2040 | 1280000 | 846819  |
|  |  | 6372546  |
| **Kentucky - 3.1%** <br>|  |  |
| Kentucky Public Energy Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055<sup>(a)</sup> | 10000000 | 10571573  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2055<sup>(a)</sup> | 20000000 | 20999732  |
|  |  | 31571305  |
| **Louisiana - 0.2%** <br>|  |  |
|  Terrebonne Parish Louisiana, 3.19%, 04/01/2036<sup>(b)</sup> | 3045000 | 1942030  |
| **Maine - 0.2%** <br>|  |  |
| Lewiston Maine <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 02/15/2038 | 1270000 | 865445  |
| &nbsp;&nbsp;&nbsp; 1.75%, 02/15/2039 | 1270000 | 833371  |
|  |  | 1698816  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Maryland - 0.6%** <br>|  |  |
|  Maryland Community Development Administration, 2.41%, 07/01/2043 | $5000000 | $3378747  |
|  Maryland Economic Development Corp., 4.38%, 07/01/2036 | 3000000 | 2842934  |
|  |  | 6221681  |
| **Massachusetts - 1.8%** <br>|  |  |
| Commonwealth of Massachusetts <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2037 | 2250000 | 1742236  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2038 | 6000000 | 5944504  |
|  Massachusetts Housing Finance Agency, 4.00%, 12/01/2033 | 2540000 | 2493333  |
|  Milford Massachusetts, 2.00%, 12/01/2037 | 3000000 | 2259985  |
| Waltham Massachusetts <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/15/2038 | 3455000 | 2585485  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/15/2039 | 4455000 | 3239684  |
|  |  | 18265227  |
| **Minnesota - 0.7%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Osseo Independent School District <br>No 279, 3.00%, 02/01/2028 | 6900000 | 6856982  |
| **Missouri - 1.3%** <br>|  |  |
|  Cass County Missouri Reorganized School District No R-2 <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2039 | 3375000 | 2379682  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2041 | 2235000 | 1462197  |
|  Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038 | 4722720 | 3505666  |
|  St Charles County Francis Howell R-III School District, 3.00%, 03/01/2033 | 6180000 | 5902960  |
|  |  | 13250505  |
| **Multi-State - 0.6%** <br>|  |  |
|  FHLMC Multifamily VRD Certificates <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 08/15/2051<sup>(a)</sup> | 2440606 | 2423030  |
| &nbsp;&nbsp;&nbsp; 2.63%, 08/15/2051<sup>(a)</sup> | 3538879 | 3456157  |
|  |  | 5879187  |
| **Nebraska - 2.5%** <br>|  |  |
| Central Plains Energy Project <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053<sup>(a)</sup> | 7670000 | 8012544  |
| &nbsp;&nbsp;&nbsp; 5.13% (SOFR + 2.18%), 05/01/2053 | 10000000 | 10346400  |
|  Omaha Nebraska School District, 2.00%, 12/15/2039 | 8010000 | 5636165  |
|  Sarpy County Nebraska, 1.75%, 06/01/2036 | 2710000 | 2044425  |
|  |  | 26039534  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Nevada - 1.2%** <br>|  |  |
|  Clark County Nevada, 2.10%, 06/01/2031 | $6460000 | $5655784  |
| Henderson Nevada <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2038 | 2830000 | 2003345  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 1585000 | 1090186  |
|  Las Vegas Nevada Redevelopment Agency <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2026 | 1000000 | 1012491  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 2280000 | 2307972  |
|  |  | 12069778  |
| **New Jersey - 3.3%** <br>|  |  |
|  New Jersey Transportation Trust Fund Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, 12/15/2037<sup>(b)</sup> | 5050000 | 3023308  |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/15/2039<sup>(b)</sup> | 16355000 | 8638518  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2041 | 8750000 | 9292352  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2042 | 3500000 | 3608656  |
|  Tobacco Settlement Financing Corp., 5.25%, 06/01/2046 | 5000000 | 5034660  |
|  West Windsor-Plainsboro Regional School District/NJ, 2.25%, 08/01/2033 | 4570000 | 3983385  |
|  |  | 33580879  |
| **New Mexico - 1.3%** <br>|  |  |
|  Farmington New Mexico, 1.80%, 04/01/2029 | 15000000 | 13756547  |
| **New York - 9.9%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation <br>Authority, 5.25%, 11/15/2031 | 11540000 | 11593218  |
|  Mount Vernon City School District, 3.00%, 08/15/2031 | 4005000 | 3864371  |
|  New York City New York, 5.00%, 08/01/2038 | 5500000 | 5566297  |
|  New York City Transitional Finance Authority Building Aid Revenue, 5.00%, 07/15/2031 | 2720000 | 2721896  |
|  New York Convention Center Development Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 8000000 | 8054740  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 5000000 | 5032017  |
|  New York Liberty Development Corp., 3.13%, 09/15/2050 | 13735000 | 9866228  |
|  New York Mortgage Agency Homeowner Mortgage Revenue <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/01/2036 | 1745000 | 1733905  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 | 6380000 | 6253802  |
|  New York Transportation Development Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 11775000 | 11775409  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/31/2054 | 6700000 | 6710352  |
|  Port Authority of New York & New Jersey, 4.00%, 09/01/2043 | 2970000 | 2649253  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Suffolk County Water Authority, 3.25%, 06/01/2042 | $19000000 | $15651250  |
| TSASC, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 7960000 | 8080215  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 1070000 | 1085174  |
|  |  | 100638127  |
| **North Carolina - 2.5%** <br>|  |  |
| Cary North Carolina <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/01/2037 | 6250000 | 4529211  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/01/2038 | 6250000 | 4359314  |
|  North Carolina State, 3.00%, 05/01/2032 | 16820000 | 16461651  |
|  |  | 25350176  |
| **Ohio - 2.7%** <br>|  |  |
| American Municipal Power, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2037 | 5510000 | 5437452  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2038 | 5940000 | 5713740  |
|  Buckeye Ohio Tobacco Settlement Financing Authority, 4.00%, 06/01/2037 | 10325000 | 9825015  |
| &nbsp;&nbsp;&nbsp; Columbus Ohio, <br>3.00%, 08/15/2030 | 4325000 | 4240710  |
|  Warren County Ohio, 5.00%, 05/15/2044 | 2000000 | 1963898  |
|  |  | 27180815  |
| **Oregon - 0.3%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Seaside School District No 10, <br>5.40%, 06/15/2040<sup>(b)</sup> | 6825000 | 3273009  |
| **Pennsylvania - 1.2%** <br>|  |  |
|  Delaware Valley Regional Finance Authority, 2.32% (SIFMA Municipal Swap Index + 0.40%), 03/01/2057 | 3000000 | 2986797  |
|  Lehigh County Pennsylvania, 3.02% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 9435000 | 9308314  |
|  |  | 12295111  |
| **Puerto Rico - 1.2%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing <br>Corp. Sales Tax Revenue, 5.68%, 07/01/2031<sup>(b)</sup> | 16249000 | 12700058  |
| **Rhode Island - 2.3%** <br>|  |  |
|  Tobacco Settlement Financing Corp., 5.00%, 06/01/2035 | 23310000 | 23320233  |
| **South Carolina - 2.2%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Fort Mill School District No 4, <br>3.00%, 03/01/2029 | 6500000 | 6474803  |
|  South Carolina Public Service Authority, 5.00%, 12/01/2038 | 5890000 | 6281889  |
|  South Carolina State, 2.25%, 04/01/2029 | 9680000 | 9328595  |
|  |  | 22085287  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Tennessee - 1.9%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Knox Tennesee, <br>3.05%, 06/01/2035 | $4905000 | $4561621  |
|  Metropolitan Nashville Airport Authority, 5.00%, 07/01/2040 | 1250000 | 1249929  |
|  Oak Ridge Tennessee, 2.00%, 06/01/2032 | 1865000 | 1641329  |
|  Rutherford Tennessee, 3.00%, 04/01/2036 | 5355000 | 4832415  |
| &nbsp;&nbsp;&nbsp; Tennergy Corp., <br>5.00%, 10/01/2054<sup>(a)</sup> | 6500000 | 6838366  |
|  |  | 19123660  |
| **Texas - 11.5%** <br>|  |  |
| Austin Texas, 7.88%, 09/01/2026 | 2000000 | 2007538  |
|  Clifton Higher Education Finance Corp., 5.00%, 02/15/2032 | 10000000 | 10953190  |
| Del Valle Independent School District  | Del Valle Independent School District  | Del Valle Independent School District  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/15/2038 | 10135000 | 7574788  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/15/2039 | 3085000 | 2235807  |
| &nbsp;&nbsp;&nbsp; Fort Worth Texas, <br>2.00%, 03/01/2039 | 6475000 | 4533511  |
| Frisco Texas <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2039 | 1710000 | 1236723  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2040 | 1745000 | 1208770  |
|  Joshua Texas Independent School District, 3.00%, 08/15/2035 | 3105000 | 2845277  |
|  Lewisville Independent School District, 3.00%, 08/15/2028 | 8635000 | 8618919  |
|  Love Field Texas Airport Modernization Corp., 4.00%, 11/01/2036 | 17720000 | 17354070  |
|  San Marcos Texas, 2.00%, 08/15/2039 | 4265000 | 2873729  |
|  Texas Municipal Gas Acquisition & Supply Corp. IV, 5.50%, 01/01/2054<sup>(a)</sup> | 8210000 | 8723683  |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition <br>and Supply Corp. II <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.47% (SIFMA Municipal Swap Index + 0.55%), 09/15/2027 | 5315000 | 5281669  |
| &nbsp;&nbsp;&nbsp; 3.71% (3 mo. Term SOFR + 0.86%), 09/15/2027 | 17735000 | 17747308  |
| &nbsp;&nbsp;&nbsp; 3.94% (3 mo. Term SOFR + 1.05%), 09/15/2027 | 10020000 | 10055619  |
| Texas Municipal Power Agency <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2035 | 1630000 | 1475345  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2038 | 3985000 | 3329756  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2040 | 3780000 | 3046167  |
|  Travis County Water Control & Improvement District No 10, 3.00%, 08/15/2041 | 5035000 | 3895173  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Willis Texas Independent School District  | Willis Texas Independent School District  | Willis Texas Independent School District  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2038 | $1525000 | $1130394  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2039 | 1500000 | 1077042  |
|  |  | 117204478  |
| **Utah - 1.6%** <br>|  |  |
| Utah Housing Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/21/2052 | 5018367 | 4364046  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/21/2052 | 8028671 | 7865195  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/21/2052 | 4261094 | 4271549  |
|  |  | 16500790  |
| **Vermont - 0.7%** <br>|  |  |
|  Vermont Student Assistance Corp., 5.43% (30 day avg SOFR US + 1.00%), 06/02/2042 | 7414647 | 7347545  |
| **Virginia - 0.9%** <br>|  |  |
|  Henrico County Virginia Economic Development Authority, 5.98%, 08/23/2027<sup>(a)</sup> | 1150000 | 1150000  |
|  Newport News Virginia Economic Development Authority, 5.00%, 12/01/2031 | 3375000 | 3387145  |
| Suffolk Virginia <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/01/2038 | 1645000 | 1187126  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/01/2040 | 1385000 | 926320  |
|  Virginia Small Business Financing Authority, 4.00%, 12/01/2036 | 2560000 | 2494538  |
|  |  | 9145129  |
| **West Virginia - 0.4%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Finance <br>Authority, 2.55%, 06/01/2029 | 4505000 | 4186584  |
| **Wisconsin - 5.0%** <br>|  |  |
|  Neenah Joint School District, 2.00%, 03/01/2034 | 5590000 | 4653514  |
|  Oak Creek-Franklin Joint School District, 3.15%, 04/01/2028 | 5140000 | 5138325  |
| Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, 4.00%, 08/01/2059<sup>(a)</sup> | 13485105 | 13503883  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, 4.00%, 08/01/2059<sup>(a)</sup> | 21932205 | 21905483  |
|  Wisconsin Housing & Economic Development Authority, 5.00%, 02/01/2058<sup>(a)</sup> | 6000000 | 6108895  |
|  |  | 51310100  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $1,010,037,882)** |  | 1008582681 |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.7%**  | **SHORT-TERM INVESTMENTS - 2.7%**  | **SHORT-TERM INVESTMENTS - 2.7%**  |
| **Money Market Funds - 2.7%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(d)</sup> | 27798454 | $27798454  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $27,798,454)** |  | 27798454  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.6%** <br>**(Cost $1,037,836,336)** |  | $1036381135  |
| **Floating Rate Note Obligations - (0.6)%**  | **Floating Rate Note Obligations - (0.6)%**  | **Floating Rate Note Obligations - (0.6)%**  |
|  Note with interest and fee rate of 2.57% as of the date of this report and contractual maturity of collateral of 01/01/2044<sup>(f)</sup> |  | (6000000)  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.0)% |  | (10439987)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $1019941148 |

---

Percentages are stated as a percent of net assets.

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2025.

<sup>(b)</sup> Zero-coupon bond. The rate shown is the effective yield as of June 30, 2025.

<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> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Underlying security related to Tender Option Bond ("TOB") transaction entered into by the Fund.

<sup>(f)</sup> Floating rate note obligations related to securities held. The interest and fee rate shown reflects the rates in effect as of the date of this report. As of the date of this report, the Fund's investments with a value of $9,130,268 are held by TOB Trusts and serve as collateral for the $6,000,000 in the floating rate note obligations outstanding at that date.

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

29<br>

------

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

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

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 97.2%**  | **MUNICIPAL BONDS - 97.2%**  | **MUNICIPAL BONDS - 97.2%**  |
| **Alaska - 0.3%** <br>|  |  |
|  Alaska Housing Finance Corp., 4.60%, 12/01/2042 | $890000 | $876979  |
| **Arizona - 2.6%** <br>|  |  |
|  Arizona Industrial Development Authority, 4.00%, 07/01/2041 | 1920000 | 1702446  |
| Peoria Arizona, 2.00%, 07/15/2038 | 3375000 | 2470891  |
|  Pima County Unified School District No 20 Vail, 5.00%, 07/01/2036 | 3280000 | 3323890  |
|  |  | 7497227  |
| **California - 17.0%** <br>|  |  |
|  California Community Choice Financing Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 3805000 | 4037384  |
| &nbsp;&nbsp;&nbsp; 2.37% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 5900000 | 5543970  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2054<sup>(a)</sup> | 5000000 | 5263202  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056<sup>(a)</sup> | 10000000 | 10528023  |
|  California Earthquake Authority, 5.60%, 07/01/2027 | 16095000 | 16270880  |
| California Municipal Finance Authority  | California Municipal Finance Authority  | California Municipal Finance Authority  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029<sup>(b)</sup> | 1020000 | 1038299  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2049<sup>(b)</sup> | 1575000 | 1368502  |
|  California School Finance Authority, 5.00%, 07/01/2037<sup>(b)</sup> | 1180000 | 1190419  |
|  San Joaquin Valley Clean Energy Authority, 5.50%, 01/01/2056<sup>(a)</sup> | 4000000 | 4390166  |
|  |  | 49630845  |
| **Colorado - 4.1%** <br>|  |  |
|  Adams & Arapahoe Colorado Joint School District 28J Aurora, 5.00%, 12/01/2031 | 3000000 | 3075433  |
|  Colorado Health Facilities Authority, 4.00%, 12/01/2040 | 3500000 | 3202809  |
|  Colorado Housing and Finance Authority, 5.75%, 11/01/2053 | 5255000 | 5605963  |
|  |  | 11884205  |
| **District of Columbia - 0.9%** <br>|  |  |
|  District of Columbia Housing Finance Agency, 5.00%, 12/01/2026<sup>(a)</sup> | 2500000 | 2516819  |
| **Florida - 3.4%** <br>|  |  |
|  Florida Development Finance Corp., 5.25%, 07/01/2047 | 5500000 | 5519992  |
|  Miami Beach Florida Health Facilities Authority, 5.00%, 11/15/2039 | 4455000 | 4455174  |
|  |  | 9975166  |
| **Georgia - 1.8%** <br>|  |  |
|  Cartersville Georgia, 2.00%, 10/01/2039 | 3195000 | 2266818  |
|  Decatur Housing Authority, 3.25%, 09/01/2028<sup>(a)</sup> | 2250000 | 2258976  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Development Authority for Fulton County, 5.00%, 06/01/2029 | $700000 | $757348  |
|  |  | 5283142  |
| **Illinois - 6.1%** <br>|  |  |
| Chicago Illinois Park District <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 | 1425000 | 1425678  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2036 | 1000000 | 978473  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2036 | 2930000 | 2862074  |
|  Du Page County Illinois, 3.00%, 05/15/2047 | 7495000 | 5240309  |
| Illinois Finance Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/01/2043<sup>(a)(b)</sup> | 2000000 | 2026359  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2050<sup>(a)(b)</sup> | 2500000 | 2422789  |
|  Illinois Housing Development Authority, 4.85%, 10/01/2042 | 2700000 | 2735109  |
|  |  | 17690791  |
| **Indiana - 3.3%** <br>|  |  |
|  Indiana Housing & Community Development Authority, 5.00%, 10/01/2026<sup>(a)</sup> | 4452000 | 4461254  |
|  Indianapolis Local Public Improvement Bond Bank, 5.00%, 02/01/2049 | 5050000 | 5168693  |
|  |  | 9629947  |
| **Iowa - 2.4%** <br>|  |  |
|  Bondurant-Farrar Iowa Community School District <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2038 | 1805000 | 1248898  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 2555000 | 1698522  |
|  Iowa Finance Authority, 3.88%, 01/01/2042<sup>(a)</sup> | 4000000 | 3996405  |
|  |  | 6943825  |
| **Louisiana - 0.8%** <br>|  |  |
|  Louisiana Housing Corp., 5.00%, 11/01/2026<sup>(a)</sup> | 2300000 | 2312082  |
| **Maine - 0.5%** <br>|  |  |
|  Portland Maine General Airport Revenue, 4.00%, 01/01/2038 | 1500000 | 1458522  |
| **Maryland - 5.8%** <br>|  |  |
| Baltimore County Maryland <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2039 | 1000000 | 942231  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2040 | 1525000 | 1408432  |
|  Maryland Community Development Administration, 2.41%, 07/01/2043 | 2500000 | 1689373  |
|  Maryland Economic Development Corp., 4.00%, 07/01/2040 | 1275000 | 1167505  |
|  Maryland Health & Higher Educational Facilities Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038 | 10000000 | 10002478  |
| &nbsp;&nbsp;&nbsp; 2.60%, 07/01/2041<sup>(a)</sup> | 1800000 | 1800000  |
|  |  | 17010019  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Massachusetts - 0.3%** <br>|  |  |
|  Massachusetts Development Finance Agency, 2.52% (SIFMA Municipal Swap Index + 0.60%), 07/01/2049<sup>(b)</sup> | $1000000 | $999386  |
| **Michigan - 0.3%** <br>|  |  |
|  Wayne County Airport Authority, 5.75%, 12/01/2050 | 750000 | 793417  |
| **Missouri - 0.7%** <br>|  |  |
|  Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038 | 2833632 | 2103399  |
| **Montana - 0.3%** <br>|  |  |
|  Montana Board of Housing, 4.90%, 12/01/2042 | 1000000 | 1015463  |
| **Nebraska - 0.8%** <br>|  |  |
|  Nebraska Investment Finance Authority, 4.35%, 09/01/2043 | 2500000 | 2363669  |
| **New Hampshire - 0.6%** <br>|  |  |
|  New Hampshire Housing Finance Authority, 4.65%, 07/01/2047 | 1800000 | 1752243  |
| **New Jersey - 3.0%** <br>|  |  |
|  New Jersey Economic Development Authority, 3.17% (SIFMA Municipal Swap Index + 1.25%), 09/01/2025 | 6910000 | 6908671  |
|  New Jersey Housing & Mortgage Finance Agency, 1.60%, 10/01/2026 | 1765000 | 1711264  |
|  |  | 8619935  |
| **New York - 10.5%** <br>|  |  |
|  Buffalo New York Sewer Authority, 4.00%, 06/15/2051 | 750000 | 656120  |
|  Build NYC Resource Corp., 5.00%, 09/01/2030 | 1200000 | 1294224  |
|  Metropolitan Transportation Authority, 5.00%, 11/15/2030 | 1885000 | 1929453  |
|  New York City Municipal Water Finance Authority, 2.65%, 06/15/2033<sup>(a)</sup> | 1240000 | 1240000  |
|  New York City New York Housing Development Corp., 2.60%, 11/01/2034 | 1970000 | 1729695  |
|  New York Liberty Development Corp., 3.13%, 09/15/2050 | 11000000 | 7901603  |
|  New York Mortgage Agency Homeowner Mortgage Revenue, 4.65%, 10/01/2043 | 3000000 | 2940659  |
| New York State Dormitory Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2040 | 1205000 | 1239682  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2049 | 750000 | 755467  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  New York State Housing Finance Agency, 1.65%, 05/15/2039 | $1190546 | $954714  |
|  New York Transportation Development Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 5000000 | 5000173  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/31/2054 | 5000000 | 5007726  |
|  |  | 30649516  |
| **North Carolina - 1.6%** <br>|  |  |
|  North Carolina Housing Finance Agency, 3.20%, 07/01/2056<sup>(a)</sup> | 4700000 | 4699772  |
| **North Dakota - 1.9%** <br>|  |  |
|  North Dakota Housing Finance Agency, 4.60%, 07/01/2043 | 5660000 | 5517027  |
| **Ohio - 0.4%** <br>|  |  |
|  American Municipal Power, Inc., 5.00%, 02/15/2036 | 1000000 | 1040943  |
| **Pennsylvania - 3.2%** <br>|  |  |
|  Allegheny County Pennsylvania Hospital Development Authority, 2.50% (SIFMA Municipal Swap Index + 0.58%), 11/15/2026 | 1750000 | 1734581  |
|  Lancaster County Pennsylvania Hospital Authority, 5.00%, 08/15/2042 | 2380000 | 2383951  |
|  Lancaster Municipal Authority, 5.00%, 05/01/2044 | 1200000 | 1198900  |
|  Lehigh County Pennsylvania, 3.02% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 4145000 | 4089344  |
|  |  | 9406776  |
| **Rhode Island - 1.1%** <br>|  |  |
|  Rhode Island Housing & Mortgage Finance Corp., 3.60%, 10/01/2054<sup>(a)</sup> | 3300000 | 3308078  |
| **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 | 3450018  |
| &nbsp;&nbsp;&nbsp; 1.88%, 03/01/2038 | 4675000 | 3391056  |
|  |  | 6841074  |
| **Tennessee - 2.1%** <br>|  |  |
|  Health Educational and Housing Facility Board of Memphis Tennessee, 5.00%, 07/01/2027<sup>(a)</sup> | 6000000 | 6111085  |
| **Texas - 8.3%** <br>|  |  |
|  Arlington Higher Education Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2039 | 225000 | 239016  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2044 | 400000 | 366204  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2049 | 270000 | 234459  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2054 | 460000 | 402634  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| Austin Texas <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/01/2026 | $1100000 | $1104146  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/2032<sup>(b)</sup> | 470000 | 461101  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2044<sup>(b)</sup> | 1126000 | 1055644  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2053<sup>(b)</sup> | 750000 | 697754  |
|  Clifton Higher Education Finance Corp., 5.00%, 02/15/2036 | 5000000 | 5390749  |
| &nbsp;&nbsp;&nbsp; Clifton Texas Higher Education Finance Corp., <br>4.00%, 04/01/2040 | 2450000 | 2316395  |
|  Houston Texas Combined Utility System Revenue, 2.35% (SIFMA Municipal Swap Index + 0.01%), 05/15/2034 | 2000000 | 2000000  |
|  Kilgore Independent School District, 2.00%, 02/15/2052<sup>(a)</sup> | 2470000 | 2465359  |
|  Northside Independent School District, 3.55%, 06/01/2050<sup>(a)</sup> | 7500000 | 7562315  |
|  |  | 24295776  |
| **Utah - 3.3%** <br>|  |  |
| Utah Housing Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/01/2026 | 1957000 | 1960895  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/21/2052 | 1672789 | 1454682  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/21/2052 | 4014567 | 3932824  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/21/2052 | 2130547 | 2135774  |
|  |  | 9484175  |
| **Virginia - 1.8%** <br>|  |  |
|  City of Harrisonburg VA, 1.88%, 07/15/2038 | 4150000 | 2919866  |
|  Virginia Small Business Financing Authority, 4.00%, 01/01/2036 | 2250000 | 2205299  |
|  |  | 5125165  |
| **Wisconsin - 5.7%** <br>|  |  |
| Calumet County Wisconsin <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 12/01/2037 | 1035000 | 702600  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/01/2038 | 1320000 | 873394  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/01/2039 | 2650000 | 1680228  |
|  New Glarus School District, 2.00%, 04/01/2039 | 1510000 | 1029411  |
| Public Finance Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 750000 | 780917  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | 1100000 | 1143065  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2059 | 3719745 | 3724925  |
|  Westosha Wisconsin Central High School District <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2038 | 1000000 | 714895  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2039 | 1500000 | 1028456  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Wisconsin Housing & Economic Development Authority, 5.00%, 02/01/2058<sup>(a)</sup> | $5000000 | $5090746  |
|  |  | 16768637  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $291,315,590)** |  | 283605105 |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 2.7%**  | **SHORT-TERM INVESTMENTS - 2.7%**  | **SHORT-TERM INVESTMENTS - 2.7%**  |
| **Money Market Funds - 2.7%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(c)</sup> | 7986029 | 7986029  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $7,986,029)** |  | 7986029  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $299,301,619)** |  | $291591134  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 155306  |
| **TOTAL NET ASSETS - 100.0%** |  | $291746440 |

---

Percentages are stated as a percent of net assets.

SIFMA - Securities Industry and Financial Markets Association

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2025.

<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 June 30, 2025.

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

32<br>

------

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

**Brown Advisory Mortgage Securities Fund** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 98.2%**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 98.2%**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 98.2%**  |
|  Fannie Mae Grantor Trust, Series 2017-T1, Class A, 2.90%, 06/25/2027 | $1981531 | $1928333  |
| Fannie Mae Whole Loan <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-W10, Class 3A5, 4.30%, 06/25/2043 | 4796 | 4508  |
| &nbsp;&nbsp;&nbsp; Series 2003-W12, Class 1A8, 4.55%, 06/25/2043 | 7647 | 7673  |
| &nbsp;&nbsp;&nbsp; Series 2003-W12, Class 1A9, 4.48%, 06/25/2043 | 1275 | 1277  |
| &nbsp;&nbsp;&nbsp; Series 2003-W12, Class 2A6, 5.00%, 06/25/2043 | 5168 | 5142  |
| &nbsp;&nbsp;&nbsp; Series 2003-W12, Class 2A7, 4.68%, 06/25/2043 | 4430 | 4322  |
| Federal Home Loan Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 1G2249, 6.78% (RFUCCT1Y + 1.78%), 10/01/2037 | 32576 | 33280  |
| &nbsp;&nbsp;&nbsp; Pool 1H1348, 7.17% (1 yr. CMT Rate + 2.14%), 10/01/2036 | 9934 | 10288  |
| &nbsp;&nbsp;&nbsp; Pool 1J0204, 6.65% (RFUCCT1Y + 1.75%), 05/01/2035 | 13365 | 13642  |
| &nbsp;&nbsp;&nbsp; Pool 1J1681, 6.73% (RFUCCT1Y + 1.98%), 06/01/2037 | 16200 | 16645  |
| &nbsp;&nbsp;&nbsp; Pool 1L1263, 6.50% (1 yr. CMT Rate + 2.25%), 03/01/2036 | 12235 | 12633  |
| &nbsp;&nbsp;&nbsp; Pool 847727, 6.49% (RFUCCT1Y + 1.74%), 02/01/2037 | 2814 | 2858  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A14256, <br>5.50%, 10/01/2033 | 28319 | 29061  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A46629, <br>5.00%, 08/01/2035 | 28208 | 28683  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool B31891, <br>5.38%, 01/01/2037 | 57790 | 59516  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool B31900, <br>5.38%, 02/01/2037 | 74760 | 76848  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool B31934, <br>5.38%, 04/01/2037 | 37055 | 38076  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool B31976, <br>5.10%, 05/01/2037 | 75184 | 76550  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C03427, <br>5.50%, 10/01/2039 | 216267 | 222008  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C53878, <br>5.50%, 12/01/2030 | 29595 | 30277  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C66421, <br>6.50%, 02/01/2032 | 39414 | 40756  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91366, <br>4.50%, 04/01/2031 | 63507 | 63841  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91826, <br>3.00%, 05/01/2035 | 283035 | 269116  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G04540, <br>6.00%, 08/01/2038 | 89259 | 93734  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G04655, <br>6.00%, 08/01/2038 | 78986 | 82947  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08348, <br>5.00%, 06/01/2039 | 46674 | 47343  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08828, <br>5.50%, 04/01/2048 | $72090 | $73697  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G20028, <br>7.50%, 12/01/2036 | 53150 | 54661  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G30932, <br>4.50%, 03/01/2034 | 74102 | 74569  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G31063, <br>3.50%, 11/01/2037 | 479488 | 463561  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool K93349, <br>4.00%, 11/01/2035 | 196983 | 193308  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool K93365, <br>3.50%, 11/01/2035 | 147148 | 143109  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool N30530, <br>5.50%, 01/01/2029 | 23470 | 23645  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool N70071, <br>6.00%, 06/01/2035 | 85154 | 86043  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool N70078, <br>5.50%, 01/01/2033 | 119674 | 120623  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool N70082, <br>6.00%, 07/01/2038 | 251424 | 256741  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QC5310, <br>3.00%, 08/01/2051 | 1338898 | 1169093  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD1254, <br>2.00%, 11/01/2051 | 2398788 | 1902952  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD9382, <br>4.00%, 04/01/2052 | 2590374 | 2415465  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD9775, <br>4.00%, 04/01/2052 | 2493856 | 2324938  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0380, <br>2.50%, 04/01/2052 | 832962 | 698921  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0622, <br>2.00%, 04/01/2052 | 494417 | 397577  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0898, <br>4.50%, 04/01/2052 | 2516880 | 2413500  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE2358, <br>3.50%, 05/01/2052 | 2889291 | 2604000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QF0493, <br>5.50%, 09/01/2052 | 2021503 | 2034306  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QF0773, <br>5.50%, 09/01/2052 | 2524821 | 2540724  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA5286, <br>2.50%, 05/01/2051 | 3448099 | 2863235  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA5971, <br>3.00%, 09/01/2051 | 3240791 | 2852590  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA6766, <br>2.50%, 02/01/2052 | 1641938 | 1379225  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA6966, <br>2.00%, 03/01/2052 | 3330957 | 2672591  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA7935, <br>5.00%, 09/01/2052 | 2493297 | 2464891  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA9851, <br>6.00%, 09/01/2053 | 1362295 | 1398142  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RC2401, <br>2.00%, 01/01/2037 | 2847404 | 2624551  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB0531, <br>2.50%, 06/01/2036 | 2704163 | 2544909  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB1179, <br>5.50%, 05/01/2039 | $1970113 | $2015486  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD0846, <br>2.50%, 02/01/2052 | 2703538 | 2259805  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD1641, <br>4.50%, 09/01/2052 | 1420232 | 1370990  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD1846, <br>4.50%, 10/01/2052 | 2907525 | 2790194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3234, <br>2.50%, 12/01/2051 | 3197316 | 2671766  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3475, <br>5.50%, 08/01/2053 | 2610134 | 2634079  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3477, <br>6.50%, 08/01/2053 | 1211475 | 1267386  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3840, <br>5.50%, 09/01/2053 | 1054383 | 1062804  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD4697, <br>6.00%, 02/01/2054 | 3672820 | 3765994  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD5573, <br>3.00%, 08/01/2052 | 3004887 | 2645473  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7556, <br>3.00%, 08/01/2052 | 557508 | 488381  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD8196, <br>3.50%, 02/01/2052 | 4128808 | 3737766  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD8315, <br>5.00%, 04/01/2053 | 959559 | 945162  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SL0655, <br>6.00%, 03/01/2055 | 2043091 | 2080785  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool T30346, <br>5.38%, 10/01/2037 | 64357 | 65884  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool U30653, <br>5.13%, 07/01/2037 | 43517 | 44676  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool U30681, <br>5.10%, 09/01/2037 | 179237 | 182492  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool U30800, <br>5.10%, 11/01/2037 | 63532 | 64795  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool U31874, <br>5.38%, 04/01/2038 | 118279 | 121062  |
| &nbsp;&nbsp;&nbsp; Series 1843, Class Z, 7.00%, 04/15/2026 | 16 | 16  |
| &nbsp;&nbsp;&nbsp; Series 2517, Class Z, 5.50%, 10/15/2032 | 24708 | 25450  |
| &nbsp;&nbsp;&nbsp; Series 2890, Class ZA, 5.00%, 11/15/2034 | 119856 | 122350  |
| &nbsp;&nbsp;&nbsp; Series 2907, Class VZ, 4.50%, 05/15/2034 | 427616 | 429559  |
| &nbsp;&nbsp;&nbsp; Series 3150, Class DZ, 5.50%, 05/15/2036 | 242244 | 252866  |
| &nbsp;&nbsp;&nbsp; Series 3294, Class CB, 5.50%, 03/15/2037 | 148736 | 156301  |
| &nbsp;&nbsp;&nbsp; Series 366, Class IO, 4.00%, 08/15/2049<sup>(a)</sup> | 644699 | 102526  |
| &nbsp;&nbsp;&nbsp; Series 4121, Class DH, 2.00%, 10/15/2042 | 762101 | 537224  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 4888, Class AC, 3.50%, 01/15/2049 | $567117 | $522335  |
| &nbsp;&nbsp;&nbsp; Series 4891, Class PA, 3.50%, 07/15/2048 | 76995 | 75533  |
| &nbsp;&nbsp;&nbsp; Series 5080, Class PB, 1.25%, 03/25/2050 | 1777533 | 1383420  |
| &nbsp;&nbsp;&nbsp; Series 5083, Class UB, 1.25%, 03/25/2051 | 2336680 | 1726902  |
|  Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/15/2055<sup>(b)</sup> | 21445000 | 16981359  |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/15/2055<sup>(b)</sup> | 9145000 | 7583794  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/15/2055<sup>(b)</sup> | 2044000 | 1840499  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2055<sup>(b)</sup> | 1600000 | 1487938  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2055<sup>(b)</sup> | 750000 | 717492  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2055<sup>(b)</sup> | 1350000 | 1323182  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2055<sup>(b)</sup> | 2875000 | 2874791  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2055<sup>(b)</sup> | 1560000 | 1585395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 257203, <br>5.00%, 05/01/2028 | 160132 | 160745  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 356232, <br>6.50%, 01/01/2026 | 2978 | 3076  |
| &nbsp;&nbsp;&nbsp; Pool 356329, 6.90% (1 yr. CMT Rate + 2.65%), 01/01/2027 | 13847 | 13901  |
| &nbsp;&nbsp;&nbsp; Pool 363850, 6.38% (1 yr. CMT Rate + 2.13%), 04/01/2027 | 5633 | 5639  |
| &nbsp;&nbsp;&nbsp; Pool 520478, 6.66% (1 yr. CMT Rate + 2.16%), 11/01/2029 | 6117 | 6158  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 628837, <br>6.50%, 03/01/2032 | 6216 | 6422  |
| &nbsp;&nbsp;&nbsp; Pool 640225, 6.40% (1 yr. CMT Rate + 2.27%), 04/01/2032 | 10258 | 10489  |
| &nbsp;&nbsp;&nbsp; Pool 642122, 6.40% (1 yr. CMT Rate + 2.27%), 03/01/2032 | 6437 | 6548  |
| &nbsp;&nbsp;&nbsp; Pool 656181, 6.38% (1 yr. CMT Rate + 2.16%), 08/01/2031 | 21270 | 21513  |
| &nbsp;&nbsp;&nbsp; Pool 662138, 7.43% (1 yr. CMT Rate + 2.30%), 09/01/2032 | 26460 | 27115  |
| &nbsp;&nbsp;&nbsp; Pool 723313, 7.67% (1 yr. CMT Rate + 2.54%), 09/01/2031 | 23400 | 23917  |
| &nbsp;&nbsp;&nbsp; Pool 741373, 6.78% (1 yr. CMT Rate + 2.28%), 12/01/2033 | 12960 | 13305  |
| &nbsp;&nbsp;&nbsp; Pool 744805, 6.14% (RFUCCT6M + 1.52%), 11/01/2033 | 1441 | 1447  |
| &nbsp;&nbsp;&nbsp; Pool 745626, 6.59% (1 yr. CMT Rate + 2.14%), 05/01/2036 | 14850 | 15208  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 745818, <br>6.50%, 09/01/2036 | 51270 | 53355  |
| &nbsp;&nbsp;&nbsp; Pool 751498, 6.34% (1 yr. CMT Rate + 2.22%), 11/01/2033 | 4707 | 4820  |
| &nbsp;&nbsp;&nbsp; Pool 764342, 6.15% (RFUCCT6M + 1.52%), 02/01/2034 | 20294 | 20524  |
| &nbsp;&nbsp;&nbsp; Pool 774969, 6.53% (1 yr. CMT Rate + 2.28%), 04/01/2034 | 21648 | 22253  |
| &nbsp;&nbsp;&nbsp; Pool 783554, 7.34% (1 yr. CMT Rate + 2.21%), 07/01/2034 | 87144 | 89563  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Pool 819649, 6.52% (RFUCCT1Y + 1.52%), 03/01/2035 | $2440 | $2478  |
| &nbsp;&nbsp;&nbsp; Pool 836715, 6.64% (RFUCCT1Y + 1.77%), 10/01/2035 | 41621 | 42561  |
| &nbsp;&nbsp;&nbsp; Pool 837329, 7.17% (1 yr. CMT Rate + 2.04%), 09/01/2035 | 17618 | 17949  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 842006, <br>4.25%, 10/01/2035 | 80103 | 78823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 850232, <br>4.25%, 12/01/2035 | 139515 | 138186  |
| &nbsp;&nbsp;&nbsp; Pool 865849, 6.60% (RFUCCT1Y + 1.60%), 03/01/2036 | 7612 | 7754  |
| &nbsp;&nbsp;&nbsp; Pool 868568, 6.73% (RFUCCT1Y + 1.78%), 04/01/2036 | 6421 | 6567  |
| &nbsp;&nbsp;&nbsp; Pool 877009, 7.62% (RFUCCT1Y + 2.38%), 03/01/2036 | 5536 | 5730  |
| &nbsp;&nbsp;&nbsp; Pool 882017, 6.19% (RFUCCT6M + 1.56%), 05/01/2036 | 30277 | 30451  |
| &nbsp;&nbsp;&nbsp; Pool 886163, 7.58% (RFUCCT1Y + 1.83%), 07/01/2036 | 13858 | 14197  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 889829, <br>5.00%, 07/01/2035 | 24289 | 24493  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 896838, <br>5.45%, 07/01/2036 | 185178 | 186604  |
| &nbsp;&nbsp;&nbsp; Pool 922680, 7.10% (RFUCCT1Y + 1.91%), 11/01/2035 | 10513 | 10818  |
| &nbsp;&nbsp;&nbsp; Pool 930507, 6.50%, 02/01/2039 | 74414 | 77402  |
| &nbsp;&nbsp;&nbsp; Pool 941050, 7.45% (RFUCCT1Y + 1.70%), 08/01/2037 | 21794 | 22152  |
| &nbsp;&nbsp;&nbsp; Pool 950382, 5.80% (RFUCCT6M + 1.13%), 08/01/2037 | 27576 | 28068  |
| &nbsp;&nbsp;&nbsp; Pool 952835, 7.37% (1 yr. CMT Rate + 2.32%), 09/01/2037 | 23671 | 24358  |
| &nbsp;&nbsp;&nbsp; Pool 955233, 6.50%, 12/01/2037 | 57606 | 60922  |
| &nbsp;&nbsp;&nbsp; Pool 995521, 6.82% (RFUCCT1Y + 1.82%), 05/01/2037 | 15645 | 15998  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB0577, <br>4.00%, 03/01/2036 | 144819 | 139826  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AD0100, <br>7.00%, 12/01/2038 | 145415 | 154511  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AD0427, <br>5.50%, 10/01/2039 | 116106 | 119044  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AD0941, <br>5.50%, 04/01/2040 | 162962 | 167085  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AI4717, <br>4.50%, 07/01/2031 | 697937 | 697817  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL0407, <br>6.50%, 04/01/2039 | 136601 | 141987  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL0898, <br>5.00%, 02/01/2031 | 34687 | 35067  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL7654, <br>3.00%, 09/01/2035 | 311494 | 295062  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS1429, <br>4.00%, 12/01/2043 | 135061 | 130170  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS2249, <br>4.00%, 04/01/2039 | $1092274 | $1058727  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AV7739, <br>4.00%, 01/01/2044 | 215243 | 207338  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AW6485, <br>4.00%, 06/01/2044 | 76888 | 73370  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AW9534, <br>4.00%, 03/01/2045 | 254560 | 240279  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AY0382, <br>4.00%, 11/01/2044 | 151267 | 148910  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AZ4154, <br>4.00%, 06/01/2045 | 61823 | 59054  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AZ7828, <br>4.00%, 08/01/2045 | 793946 | 753988  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BA3674, <br>4.50%, 10/01/2045 | 473248 | 463368  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BC1738, <br>4.50%, 09/01/2043 | 201023 | 200738  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BC6366, <br>4.50%, 02/01/2046 | 300523 | 294624  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BD1241, <br>4.50%, 05/01/2046 | 122283 | 119352  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BD5189, <br>4.50%, 07/01/2046 | 416151 | 406699  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BD8599, <br>4.50%, 11/01/2046 | 159504 | 156342  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BH7686, <br>4.50%, 12/01/2047 | 193657 | 186924  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BJ8287, <br>4.50%, 01/01/2048 | 134181 | 130827  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BK5105, <br>5.50%, 05/01/2048 | 176588 | 180198  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BK8032, <br>5.50%, 06/01/2048 | 274452 | 280063  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BN4921, <br>5.50%, 01/01/2049 | 101653 | 103208  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BN4936, <br>5.50%, 12/01/2048 | 175782 | 178715  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BP5419, <br>3.00%, 05/01/2050 | 1870438 | 1658897  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ3248, <br>2.00%, 11/01/2050 | 2486935 | 1981435  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ6307, <br>2.00%, 11/01/2050 | 1185347 | 944404  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BR5634, <br>2.00%, 03/01/2051 | 735494 | 590254  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BU3801, <br>2.00%, 12/01/2051 | 2313626 | 1833659  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BV4128, <br>2.00%, 03/01/2052 | 3422499 | 2712910  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BV4532, <br>3.50%, 03/01/2052 | 1827315 | 1655935  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BW0025, <br>4.00%, 07/01/2052 | 647958 | 606738  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BY4776, <br>5.00%, 07/01/2053 | 1915937 | 1882365  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2088, <br>2.50%, 11/01/2051 | $1554497 | $1293867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2539, <br>2.50%, 01/01/2052 | 2636770 | 2210006  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2548, <br>2.50%, 01/01/2052 | 2686379 | 2249298  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2789, <br>2.00%, 02/01/2052 | 3394102 | 2693245  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2909, <br>3.50%, 02/01/2052 | 2117761 | 1921656  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB3103, <br>2.50%, 03/01/2052 | 3453486 | 2914810  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB3853, <br>4.00%, 06/01/2052 | 1520879 | 1429713  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB8316, <br>5.00%, 04/01/2054 | 2877846 | 2843540  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB8494, <br>6.00%, 05/01/2054 | 1362401 | 1389019  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool DA0025, <br>6.00%, 09/01/2053 | 1697807 | 1741184  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool DA4870, <br>6.50%, 01/01/2054 | 2360556 | 2445930  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA0345, <br>5.50%, 02/01/2055 | 2755829 | 2771917  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8754, <br>3.00%, 09/01/2051 | 3327650 | 2891838  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9097, <br>2.00%, 11/01/2051 | 1802558 | 1446599  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9501, <br>2.50%, 11/01/2051 | 1642747 | 1380040  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9760, <br>3.50%, 11/01/2051 | 3332301 | 3024946  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9973, <br>3.00%, 08/01/2051 | 2336108 | 2048632  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0031, <br>2.50%, 10/01/2051 | 2784242 | 2312669  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0348, <br>2.00%, 01/01/2052 | 3631839 | 2922177  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0731, <br>2.00%, 02/01/2052 | 929380 | 748459  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0832, <br>3.50%, 03/01/2052 | 2465276 | 2237889  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0922, <br>3.50%, 03/01/2052 | 1301635 | 1173242  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0945, <br>4.00%, 03/01/2052 | 3188857 | 2973358  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1186, <br>3.50%, 01/01/2050 | 1411510 | 1273644  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1381, <br>3.00%, 03/01/2052 | 1967968 | 1705037  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1480, <br>2.50%, 11/01/2051 | 388246 | 325931  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1521, <br>3.00%, 04/01/2052 | 3107821 | 2732921  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS2805, <br>2.50%, 09/01/2052 | $1123133 | $933557  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS3166, <br>3.00%, 06/01/2052 | 2445144 | 2156569  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS3607, <br>2.50%, 02/01/2037 | 2525847 | 2365793  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4862, <br>2.50%, 10/01/2051 | 3253040 | 2716822  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5126, <br>2.50%, 05/01/2051 | 1524918 | 1266074  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5314, <br>2.00%, 05/01/2052 | 3444819 | 2733003  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5458, <br>5.50%, 08/01/2053 | 2838951 | 2841548  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS6744, <br>2.50%, 10/01/2051 | 3030592 | 2558403  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7086, <br>5.50%, 09/01/2053 | 2655440 | 2665123  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7269, <br>4.00%, 07/01/2050 | 1369503 | 1300677  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7276, <br>5.00%, 09/01/2053 | 2615654 | 2581165  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7518, <br>6.00%, 03/01/2053 | 1789840 | 1839634  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7553, <br>2.50%, 06/01/2037 | 1459270 | 1364817  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7622, <br>5.50%, 04/01/2054 | 1399717 | 1411493  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7744, <br>6.50%, 04/01/2054 | 1230432 | 1289682  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8791, <br>6.00%, 08/01/2054 | 2606214 | 2657835  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9155, <br>5.50%, 09/01/2054 | 1409188 | 1417412  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9366, <br>2.50%, 04/01/2052 | 1066820 | 889351  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3208, <br>4.50%, 10/01/2037 | 1200087 | 1214711  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4208, <br>2.00%, 12/01/2050 | 875076 | 698570  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4492, <br>2.00%, 12/01/2051 | 1039813 | 826327  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4565, <br>3.50%, 03/01/2052 | 1596611 | 1443894  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MB0291, <br>5.00%, 12/01/2054 | 2814328 | 2760699  |
| &nbsp;&nbsp;&nbsp; Series 2001-80, Class Z, 6.00%, 01/25/2032 | 47582 | 48038  |
| &nbsp;&nbsp;&nbsp; Series 2003-71, Class MB, 5.50%, 08/25/2033 | 184701 | 191205  |
| &nbsp;&nbsp;&nbsp; Series 2005-110, Class GL, 5.50%, 12/25/2035 | 431180 | 450470  |
| &nbsp;&nbsp;&nbsp; Series 2006-112, Class QC, 5.50%, 11/25/2036 | 621743 | 648279  |
| &nbsp;&nbsp;&nbsp; Series 2006-21, Class Z, 5.50%, 04/25/2036 | 192746 | 200451  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2007-22, Class A, 5.50%, 03/25/2037 | $271394 | $279305  |
| &nbsp;&nbsp;&nbsp; Series 2008-2, Class PH, 5.50%, 02/25/2038 | 360327 | 366618  |
| &nbsp;&nbsp;&nbsp; Series 2009-20, Class DS, 2.98% (-1 x 30 day avg SOFR US + 7.29%), 04/25/2039<sup>(a)(c)</sup> | 437789 | 61399  |
| &nbsp;&nbsp;&nbsp; Series 2012-10, Class UF, 4.97% (30 day avg SOFR US + 0.66%), 02/25/2042 | 42219 | 41891  |
| &nbsp;&nbsp;&nbsp; Series 2012-139, Class HI, 2.50%, 12/25/2027<sup>(a)</sup> | 201219 | 3730  |
| &nbsp;&nbsp;&nbsp; Series 2012-27, Class PI, 4.50%, 02/25/2042<sup>(a)</sup> | 343398 | 22454  |
| &nbsp;&nbsp;&nbsp; Series 2012-65, Class HJ, 5.00%, 07/25/2040 | 680217 | 693880  |
| &nbsp;&nbsp;&nbsp; Series 2013-15, Class QI, 3.00%, 03/25/2028<sup>(a)</sup> | 16027 | 405  |
| &nbsp;&nbsp;&nbsp; Series 2013-34, Class IG, 3.00%, 05/25/2042<sup>(a)</sup> | 217954 | 17202  |
| &nbsp;&nbsp;&nbsp; Series 2014-8, Class IQ, 4.00%, 03/25/2034<sup>(a)</sup> | 827657 | 80259  |
| &nbsp;&nbsp;&nbsp; Series 2015-40, Class LI, 4.50%, 03/25/2045<sup>(a)</sup> | 267138 | 44680  |
| &nbsp;&nbsp;&nbsp; Series 2018-86, Class JA, 4.00%, 05/25/2047 | 97075 | 96337  |
| &nbsp;&nbsp;&nbsp; Series 2019-37, Class IM, 5.00%, 07/25/2049<sup>(a)</sup> | 700153 | 130291  |
| &nbsp;&nbsp;&nbsp; Series 2021-95, Class WI, 2.05%, 02/25/2035<sup>(a)(d)</sup> | 4173696 | 261555  |
| Ginnie Mae I Pool <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 589694, <br>4.50%, 08/15/2029 | 461524 | 461216  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 623145, <br>5.50%, 10/15/2028 | 76927 | 78967  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 728157, <br>3.75%, 11/15/2029 | 15458 | 15261  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 784315, <br>6.00%, 06/15/2036 | 13286 | 13576  |
| Ginnie Mae II Pool <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 3160, 6.00%, 11/20/2031 | 166031 | 172589  |
| &nbsp;&nbsp;&nbsp; Pool 3489, 6.00%, 12/20/2033 | 244931 | 253234  |
| &nbsp;&nbsp;&nbsp; Pool 4194, 5.50%, 07/20/2038 | 89372 | 91413  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 770225, <br>4.25%, 08/20/2031 | 151126 | 150859  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 770226, <br>4.75%, 09/20/2036 | 171643 | 169192  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 782173, <br>5.50%, 05/20/2035 | 130463 | 133336  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AC0521, <br>5.50%, 05/20/2042 | 431105 | 440751  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM9287, <br>4.00%, 08/20/2049 | 824652 | 770660  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BT1891, <br>2.50%, 12/20/2050 | 970031 | 809560  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CJ2171, <br>4.00%, 05/20/2052 | $1487851 | $1430803  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA6598, <br>2.50%, 04/20/2050 | 1023940 | 873593  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA6656, <br>3.00%, 05/20/2050 | 2450635 | 2177606  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA6994, <br>2.00%, 11/20/2050 | 1512883 | 1233732  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7051, <br>2.00%, 12/20/2050 | 3154561 | 2571777  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7106, <br>2.00%, 01/20/2036 | 479106 | 443464  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7164, <br>2.00%, 02/20/2036 | 459834 | 425647  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7192, <br>2.00%, 02/20/2051 | 3135569 | 2557979  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7254, <br>2.00%, 03/20/2051 | 3253913 | 2652764  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7312, <br>2.50%, 04/20/2051 | 3045105 | 2590943  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7419, <br>3.00%, 06/20/2051 | 2849979 | 2525514  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7471, <br>2.00%, 07/20/2051 | 3188637 | 2599488  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7650, <br>3.00%, 10/20/2051 | 2781032 | 2464423  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7834, <br>6.00%, 01/20/2052 | 275525 | 289341  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8268, <br>4.50%, 09/20/2052 | 1865991 | 1802558  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8348, <br>5.00%, 10/20/2052 | 3105222 | 3068675  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8642, <br>2.50%, 02/20/2053 | 2847385 | 2442374  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8646, <br>4.50%, 02/20/2053 | 3199128 | 3084115  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MB0025, <br>5.00%, 11/20/2054 | 1569851 | 1543497  |
|  Government National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-93, Class PD, 5.00%, 11/16/2034 | 244239 | 243948  |
| &nbsp;&nbsp;&nbsp; Series 2006-40, Class B, 6.00%, 08/20/2036 | 46521 | 46853  |
| &nbsp;&nbsp;&nbsp; Series 2010-105, Class IB, 4.50%, 01/16/2040<sup>(a)</sup> | 411828 | 33593  |
| &nbsp;&nbsp;&nbsp; Series 2011-156, Class PM, 2.00%, 04/20/2040 | 682000 | 556384  |
| &nbsp;&nbsp;&nbsp; Series 2011-2, Class DP, 5.46%, 03/20/2039<sup>(d)</sup> | 343944 | 350552  |
| &nbsp;&nbsp;&nbsp; Series 2012-143, Class IC, 5.00%, 10/16/2041<sup>(a)</sup> | 682007 | 116667  |
| &nbsp;&nbsp;&nbsp; Series 2012-52, Class WA, 6.19%, 04/20/2038<sup>(d)</sup> | 256224 | 265579  |
| &nbsp;&nbsp;&nbsp; Series 2012-97, Class GB, 2.00%, 08/16/2042 | 831612 | 688815  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2013-168, Class IA, 2.50%, 11/16/2028<sup>(a)</sup> | $88301 | $1681  |
| &nbsp;&nbsp;&nbsp; Series 2013-86, Class IA, 5.00%, 06/20/2043<sup>(a)</sup> | 376363 | 39017  |
| &nbsp;&nbsp;&nbsp; Series 2014-6, Class IG, 4.50%, 01/16/2044<sup>(a)</sup> | 279401 | 34083  |
| &nbsp;&nbsp;&nbsp; Series 2016-112, Class AW, 6.93%, 12/20/2040<sup>(d)</sup> | 135166 | 142445  |
| &nbsp;&nbsp;&nbsp; Series 2016-12, Class KI, 5.00%, 09/20/2038<sup>(a)</sup> | 544479 | 62845  |
| &nbsp;&nbsp;&nbsp; Series 2016-68, Class IC, 6.00%, 01/20/2040<sup>(a)(d)</sup> | 354462 | 41448  |
| &nbsp;&nbsp;&nbsp; Series 2017-103, Class IM, 5.00%, 06/20/2043<sup>(a)</sup> | 594923 | 67351  |
| &nbsp;&nbsp;&nbsp; Series 2017-167, Class SE, 1.77% (-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047<sup>(a)(c)</sup> | 1623170 | 225081  |
| &nbsp;&nbsp;&nbsp; Series 2017-83, Class ID, 7.00%, 01/20/2039<sup>(a)</sup> | 203314 | 19602  |
| &nbsp;&nbsp;&nbsp; Series 2017-83, Class IK, 6.00%, 05/20/2040<sup>(a)</sup> | 615784 | 101084  |
| &nbsp;&nbsp;&nbsp; Series 2018-127, Class PB, 3.00%, 09/20/2047 | 221340 | 209515  |
| &nbsp;&nbsp;&nbsp; Series 2018-153, Class QA, 3.50%, 11/20/2048 | 363268 | 349157  |
| &nbsp;&nbsp;&nbsp; Series 2018-36, Class LI, 5.00%, 03/20/2048<sup>(a)</sup> | 1607476 | 224596  |
| &nbsp;&nbsp;&nbsp; Series 2019-162, Class KB, 2.00%, 12/20/2049 | 579422 | 360877  |
| &nbsp;&nbsp;&nbsp; Series 2021-125, Class UL, 1.50%, 07/20/2051 | 1840284 | 1298226  |
| &nbsp;&nbsp;&nbsp; Series 2021-160, Class DK, 2.00%, 09/20/2051 | 1049804 | 666558  |
| &nbsp;&nbsp;&nbsp; Series 2021-177, Class KD, 2.00%, 10/20/2051 | 1791418 | 1193109  |
| &nbsp;&nbsp;&nbsp; Series 2021-50, Class PL, 1.25%, 03/20/2051 | 552000 | 235508  |
| &nbsp;&nbsp;&nbsp; Series 2022-9, Class CD, 2.00%, 01/20/2052 | 2515250 | 1725796  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $294,754,084)** |  | 284538687  |
| **ASSET-BACKED SECURITIES - 4.6%**  | **ASSET-BACKED SECURITIES - 4.6%**  | **ASSET-BACKED SECURITIES - 4.6%**  |
| American Homes 4 Rent <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-SFR2, Class A, 3.73%, 10/17/2052<sup>(e)</sup> | 202777 | 201897  |
| &nbsp;&nbsp;&nbsp; Series 2015-SFR2, Class C, 4.69%, 10/17/2052<sup>(e)</sup> | 250000 | 249173  |
|  CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 271717 | 272695  |
|  CNH Equipment Trust, Series 2023-B, Class A2, 5.90%, 02/16/2027 | 371213 | 371426  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| FHF Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.89%, 06/15/2030<sup>(e)</sup> | $736347 | $745441  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 4.94%, 11/15/2030<sup>(e)</sup> | 963978 | 967158  |
| Ford Credit Auto Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class A2A, 5.68%, 09/15/2026 | 137244 | 137324  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class B, 5.23%, 05/15/2030 | 1795000 | 1829298  |
|  Hyundai Auto Receivables Trust, Series 2025-B, Class B, 4.72%, 07/15/2030 | 1695000 | 1711484  |
| Kubota Credit Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A3, 4.42%, 09/17/2029<sup>(e)</sup> | 855000 | 856533  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A4, 4.57%, 11/15/2030<sup>(e)</sup> | 865000 | 873163  |
|  Toyota Auto Receivables Owner Trust, Series 2024-A, Class A3, 4.83%, 10/16/2028 | 2000000 | 2012466  |
|  Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032<sup>(e)</sup> | 2935000 | 3014866  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $13,169,024)** |  | 13242924  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.6%**  | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.6%**  | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 3.6%**  |
| Federal Home Loan Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool WA3311, <br>2.21%, 04/01/2038 | 3108165 | 2344847  |
| &nbsp;&nbsp;&nbsp; Series Q006, Class APT2, 2.79%, 09/25/2026<sup>(d)</sup> | 302942 | 298269  |
| &nbsp;&nbsp;&nbsp; Series Q007, Class APT1, 6.48%, 10/25/2047<sup>(d)</sup> | 432042 | 431639  |
| &nbsp;&nbsp;&nbsp; Series Q010, Class APT1, 7.74%, 04/25/2046<sup>(d)</sup> | 69853 | 70136  |
|  Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 467095, <br>5.90%, 01/01/2041 | 543493 | 583193  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 470828, <br>3.53%, 03/01/2032 | 736414 | 709942  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 957502, <br>3.98%, 07/01/2029 | 206175 | 205540  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 958720, <br>5.65%, 10/01/2028 | 713625 | 744804  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AN8842, <br>3.32%, 04/01/2028 | 150000 | 146873  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AN9931, <br>4.24%, 08/01/2048 | 973245 | 858308  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BL0387, <br>4.28%, 05/01/2028 | 2616876 | 2616010  |
| &nbsp;&nbsp;&nbsp; Series 2006-M2, Class A2A, 5.27%, 10/25/2032<sup>(d)</sup> | 66190 | 66292  |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| FREMF Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-KF73, Class B, 6.88% (30 day avg SOFR US + 2.56%), 11/25/2029<sup>(e)</sup> | $544733 | $504314  |
| &nbsp;&nbsp;&nbsp; Series 2020-KF74, Class B, 6.58% (30 day avg SOFR US + 2.26%), 01/25/2027<sup>(e)</sup> | 490858 | 479138  |
|  Government National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-135, Class IO, 0.41%, 01/16/2056<sup>(a)(d)</sup> | 1012454 | 21079  |
| &nbsp;&nbsp;&nbsp; Series 2015-172, Class IO, 0.59%, 03/16/2057<sup>(a)(d)</sup> | 911815 | 18570  |
| &nbsp;&nbsp;&nbsp; Series 2016-40, Class IO, 0.57%, 07/16/2057<sup>(a)(d)</sup> | 1814135 | 37378  |
| &nbsp;&nbsp;&nbsp; Series 2016-56, Class IO, 0.96%, 11/16/2057<sup>(a)(d)</sup> | 1191817 | 51402  |
| &nbsp;&nbsp;&nbsp; Series 2016-98, Class IO, 0.83%, 05/16/2058<sup>(a)(d)</sup> | 1926324 | 81313  |
|  Small Business Administration Pools, Pool 522053, 8.11% (Prime Rate + 0.61%), 05/25/2026 | 2068 | 2050  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $11,491,038)** |  | 10271097  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.0%**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.0%**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.0%**  |
| BX Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, 5.80% (1 mo. Term SOFR + 1.49%), 07/15/2029<sup>(e)</sup> | 1425000 | 1426460  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT5, Class A, 5.59%, 11/13/2046<sup>(d)(e)</sup> | 570000 | 577396  |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, 5.75% (1 mo. Term SOFR + 1.44%), 03/15/2042<sup>(e)</sup> | 915000 | 915820  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,914,778)** |  | 2919676  |
| **MUNICIPAL BONDS - 0.1%** <br>|  |  |
|  Colorado Health Facilities Authority, 2.80%, 12/01/2026 | 365000 | 356236  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $365,000)** |  | 356236 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 4.6%**  | **SHORT-TERM INVESTMENTS - 4.6%**  | **SHORT-TERM INVESTMENTS - 4.6%**  |
| **Money Market Funds - 4.6%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(f)</sup> | 13292743 | $13292743  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $13,292,743)** |  | 13292743  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.1%** <br>**(Cost $335,986,667)** |  | $324621363  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (12.1)% |  | (34944647)  |
| **TOTAL NET ASSETS - 100.0%** |  | $289676716 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

RFUCCT1Y - Refinitiv USD IBOR Consumer Cash 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 June 30, 2025.

<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 June 30, 2025.

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** 

**June 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; 32 | 09/19/2025 | $3564821 | $3656500 | &nbsp;&nbsp; $91679  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 19 | 09/19/2025 | 2098142 | 2130375 | &nbsp;&nbsp; 32233  |
|  |  |  | $5662963 | $5786875 | &nbsp;&nbsp; $123912 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(6) | 09/30/2025 | $(1242878) | $(1248141) | $(5263)  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(4) | 09/30/2025 | (436086) | (436000) | 86  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(104) | 09/19/2025 | (11537262) | (12008750) | (471488)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(41) | 09/19/2025 | (4663333) | (4884125) | (220792)  |
|  |  |  | $(17879559) | $(18577016) | $(697457)  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | $(573545) |

---

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** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.4%**  | **COMMON STOCKS - 94.4%**  | **COMMON STOCKS - 94.4%**  |
| **Austria - 3.6%** <br>|  |  |
| Erste Group Bank AG | 214902 | $18293652  |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | 119078 | 6132086  |
|  |  | 24425738  |
| **Belgium - 4.9%** <br>|  |  |
| Azelis Group NV | 187160 | 2991989  |
| KBC Group NV | 162656 | 16787714  |
| UCB SA | 68707 | 13518679  |
|  |  | 33298382  |
| **Czech Republic - 0.7%** <br>|  |  |
| Komercni Banka AS | 94046 | 4551173  |
| **Denmark - 4.3%** <br>|  |  |
| Pandora AS | 96662 | 17031398  |
| Royal Unibrew AS | 149510 | 12213056  |
|  |  | 29244454  |
| **Finland - 1.8%** <br>|  |  |
| Sampo Oyj | 839888 | 9039324  |
| Wartsila OYJ Abp | 150554 | 3558258  |
|  |  | 12597582  |
| **France - 13.3%** <br>|  |  |
| Danone SA | 123525 | 10107257  |
| Dassault Aviation SA | 18115 | 6404978  |
| Elis SA | 595780 | 17093868  |
| Legrand SA | 20365 | 2729499  |
| Publicis Groupe SA | 160611 | 18140224  |
| SPIE SA | 175221 | 9852796  |
| Technip Energies NV | 445625 | 18748637  |
| Thales SA | 25581 | 7553441  |
|  |  | 90630700  |
| **Germany - 12.1%** <br>|  |  |
| AlzChem Group AG | 12245 | 2004803  |
| Beiersdorf AG | 18496 | 2324916  |
| Brenntag SE | 247120 | 16371740  |
| Hannover Rueck SE | 11605 | 3656901  |
| Heidelberg Materials AG | 51510 | 12130476  |
| Hensoldt AG | 29928 | 3437803  |
| IONOS Group SE<sup>(a)</sup> | 197413 | 9287470  |
| Jenoptik AG | 92878 | 2143952  |
| RENK Group AG | 63772 | 5101178  |
| Rheinmetall AG | 6255 | 13246244  |
| United Internet AG | 461274 | 12864314  |
|  |  | 82569797  |
| **Ireland - 6.5%** <br>|  |  |
| AIB Group PLC | 2852451 | 23540924  |
| Bank of Ireland Group PLC | 1009870 | 14390816  |
| Ryanair Holdings PLC - ADR | 117986 | 6804253  |
|  |  | 44735993  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Italy - 0.8%** <br>|  |  |
| Buzzi SpA | 33548 | $1860580  |
| DiaSorin SpA | 36595 | 3916776  |
|  |  | 5777356  |
| **Netherlands - 2.5%** <br>|  |  |
| QIAGEN NV | 348732 | 16801824  |
| **Norway - 1.1%** <br>|  |  |
| Storebrand ASA | 519918 | 7363537  |
| **Portugal - 1.9%** <br>|  |  |
| Jeronimo Martins SGPS SA | 524356 | 13275623  |
| **Spain - 3.9%** <br>|  |  |
| Bankinter SA | 1265347 | 16518489  |
| Fluidra SA | 412876 | 10351109  |
|  |  | 26869598  |
| **Sweden - 2.6%** <br>|  |  |
| Assa Abloy AB - Class B | 250156 | 7820788  |
| Hexpol AB | 372845 | 3606693  |
| Trelleborg AB - Class B | 172657 | 6431664  |
|  |  | 17859145  |
| **Switzerland - 6.4%** <br>|  |  |
| ABB Ltd. | 108620 | 6509471  |
| Baloise Holding AG | 35728 | 8426522  |
| Galderma Group AG | 102597 | 14913058  |
| Holcim AG | 119459 | 8870923  |
| Sulzer AG | 28825 | 5209070  |
|  |  | 43929044  |
| **United Kingdom - 27.0%** <br>|  |  |
| Beazley PLC | 790225 | 10146473  |
| British American Tobacco PLC | 681075 | 32382546  |
| Bunzl PLC | 594273 | 18937337  |
| Haleon PLC | 3996311 | 20539504  |
| Hikma Pharmaceuticals PLC | 130174 | 3552311  |
| Hill & Smith PLC | 85260 | 2101375  |
| IMI PLC | 193371 | 5564262  |
| Next PLC | 44735 | 7640446  |
| Rotork PLC | 1187564 | 5239335  |
| RS GROUP PLC | 1252016 | 9883342  |
| Savills PLC | 191027 | 2610046  |
| Serco Group PLC | 3083451 | 8554773  |
| Smiths Group PLC | 740760 | 22848194  |
| Spectris PLC | 187683 | 9890459  |
| Unilever PLC | 337944 | 20623397  |
| WH Smith PLC | 277900 | 4162427  |
|  |  | 184676227  |
| **United States - 1.0%** <br>|  |  |
| Amrize Ltd.<sup>(a)</sup> | 143582 | 7162361  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $477,683,033)** |  | 645768534 |

---

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** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 1.0%** <br>|  |  |
| **Germany - 1.0%** <br>|  |  |
| FUCHS SE | 124987 | $6907745  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $5,217,758)** |  | 6907745  |
| **SHORT-TERM INVESTMENTS - 4.0%**  | **SHORT-TERM INVESTMENTS - 4.0%**  | **SHORT-TERM INVESTMENTS - 4.0%**  |
| **Money Market Funds - 4.0%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(b)</sup> | 27455721 | 27455721  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $27,455,721)** |  | 27455721  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $510,356,512)** |  | $680132000  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 3930760  |
| **TOTAL NET ASSETS - 100.0%** |  | $684062760 |

---

Percentages are stated as a percent of net assets.

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 June 30, 2025.

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

42<br>

------

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

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

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4%** <br>|  |  |
| **Communication Services - 10.0%** <br>|  |  |
| Comcast Corp. - Class A | 2157085 | $76986364  |
| Interpublic Group of Cos., Inc. | 1774955 | 43450898  |
| Omnicom Group, Inc. | 635752 | 45735999  |
|  |  | 166173261  |
| **Consumer Discretionary - 7.0%** <br>|  |  |
| eBay, Inc. | 1089205 | 81102204  |
| Harley-Davidson, Inc. | 1502414 | 35456971  |
|  |  | 116559175  |
| **Consumer Staples - 6.9%** <br>|  |  |
| Kimberly-Clark Corp. | 549635 | 70858944  |
| The Campbell's Co. | 1472370 | 45128141  |
|  |  | 115987085  |
| **Financials - 20.6%** <br>|  |  |
| American Express Co. | 266740 | 85084725  |
| Ameriprise Financial, Inc. | 116420 | 62136846  |
| Blackrock, Inc. | 44355 | 46539484  |
| Carlyle Group, Inc. | 559810 | 28774234  |
| Chubb Ltd. | 252650 | 73197758  |
| SEI Investments Co. | 536600 | 48218876  |
|  |  | 343951923  |
| **Health Care - 18.4%** <br>|  |  |
| Amgen, Inc. | 273895 | 76474223  |
| Cencora, Inc. | 57121 | 17127732  |
| Elevance Health, Inc. | 142650 | 55485144  |
| Medtronic PLC | 892070 | 77761742  |
| Merck & Co., Inc. | 1016725 | 80483951  |
|  |  | 307332792  |
| **Industrials - 10.7%** <br>|  |  |
| Cummins, Inc. | 121495 | 39789613  |
| Flowserve Corp. | 516689 | 27048669  |
| Masco Corp. | 539820 | 34742815  |
|  Westinghouse Air Brake Technologies Corp. | 367480 | 76931938  |
|  |  | 178513035  |
| **Information Technology - 19.1%** <br>|  |  |
| Amdocs Ltd. | 842617 | 76880375  |
| Gen Digital, Inc. | 2902075 | 85321005  |
| NetApp, Inc. | 706685 | 75297287  |
| QUALCOMM, Inc. | 510410 | 81287896  |
|  |  | 318786563  |
| **Materials - 4.7%** <br>|  |  |
| PPG Industries, Inc. | 684610 | 77874387  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,313,012,618)** |  | 1625178221  |

---

---

| | | |
|:---|:---|:---|
|  | **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, 4.21%<sup>(a)</sup> | 28157097 | $28157097  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $28,157,097)** |  | 28157097  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $1,341,169,715)** |  | $1653335318  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 15090440  |
| **TOTAL NET ASSETS - 100.0%** |  | $1668425758 |

---

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> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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

43<br>

------

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

**Brown Advisory - WMC Japan Equity Fund** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.0%**  | **COMMON STOCKS - 95.0%**  | **COMMON STOCKS - 95.0%**  |
| **Japan - 95.0%** <br>|  |  |
| **Communication Services - 4.1%** <br>|  |  |
| KDDI Corp. | 550261 | $9448304  |
| &nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone <br>Corp. | 2859632 | 3057262  |
|  |  | 12505566  |
| **Consumer Discretionary - 14.5%** <br>|  |  |
| ABC-Mart, Inc. | 150367 | 3089114  |
| Adastria Co. Ltd. | 87959 | 1818704  |
| Aisin Corp. | 176037 | 2251937  |
| ASKUL Corp. | 250815 | 2675664  |
| Denso Corp. | 214000 | 2887992  |
| Honda Motor Co. Ltd. | 290244 | 2798781  |
| Isuzu Motors Ltd. | 505353 | 6401781  |
| Sega Sammy Holdings, Inc. | 165469 | 3960681  |
| Sekisui House Ltd. | 162421 | 3574779  |
| Shimamura Co. Ltd. | 32926 | 2310288  |
| Sony Group Corp. | 310816 | 8081317  |
| Suzuki Motor Corp. | 287242 | 3463056  |
| Yamaha Motor Co. Ltd. | 135297 | 1012438  |
|  |  | 44326532  |
| **Consumer Staples - 2.4%** <br>|  |  |
| Asahi Group Holdings Ltd. | 550417 | 7357501  |
| **Financials - 13.9%** <br>|  |  |
| 77 Bank Ltd. | 91931 | 3137301  |
| Dai-ichi Life Holdings, Inc. | 928140 | 7056283  |
| Mebuki Financial Group, Inc. | 632197 | 3298950  |
| Mitsubishi UFJ Financial Group, Inc. | 236532 | 3224781  |
| Mizuho Financial Group, Inc. | 204275 | 5670659  |
|  MS&AD Insurance Group Holdings, Inc. | 222371 | 4971239  |
| Resona Holdings, Inc. | 245800 | 2270165  |
| Sumitomo Mitsui Trust Group, Inc. | 289585 | 7702217  |
| T&D Holdings, Inc. | 233300 | 5120961  |
|  |  | 42452556  |
| **Health Care - 10.5%** <br>|  |  |
| Astellas Pharma, Inc. | 572462 | 5604949  |
| Daiichi Sankyo Co. Ltd. | 363236 | 8415490  |
| Kyowa Kirin Co. Ltd. | 115403 | 1975386  |
| M3, Inc. | 151877 | 2086290  |
| Otsuka Holdings Co. Ltd. | 128847 | 6388145  |
| Shionogi & Co. Ltd. | 369443 | 6650817  |
| Ship Healthcare Holdings, Inc. | 79400 | 1068669  |
|  |  | 32189746  |
| **Industrials - 18.1%** <br>|  |  |
| dip Corp. | 242430 | 3835082  |
| en Japan, Inc. | 149933 | 1728629  |
| Fuji Corp. | 231664 | 4312118  |
| Hikari Tsushin, Inc. | 6833 | 2017555  |
| ITOCHU Corp. | 65765 | 3443785  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| JGC Holdings Corp. | 177930 | $1539595  |
| Marubeni Corp. | 224393 | 4523370  |
| MISUMI Group, Inc. | 460441 | 6150796  |
| Open Up Group, Inc. | 293914 | 3481796  |
| OSG Corp. | 138700 | 1636258  |
| Persol Holdings Co. Ltd. | 2023292 | 3948852  |
| SIGMAXYZ Holdings, Inc. | 358100 | 3113636  |
| TechnoPro Holdings, Inc. | 91221 | 2658355  |
| THK Co. Ltd. | 67181 | 1793022  |
| Toyo Tanso Co. Ltd. | 134666 | 4567813  |
| Toyota Tsusho Corp. | 196909 | 4460235  |
| Ushio, Inc. | 179639 | 2231518  |
|  |  | 55442415  |
| **Information Technology - 10.8%** <br>|  |  |
| BIPROGY, Inc. | 62162 | 2599086  |
| Canon Marketing Japan, Inc. | 14407 | 527865  |
| Future Corp. | 341038 | 5071810  |
| Koa Corp. | 134661 | 788303  |
| Maruwa Co. Ltd. | 9278 | 2659250  |
| Nichicon Corp. | 209057 | 1719360  |
| Optorun Co. Ltd. | 122753 | 1388083  |
| Rohm Co. Ltd. | 227066 | 2890702  |
| TechMatrix Corp. | 143108 | 2243852  |
| Tokyo Electron Ltd. | 41921 | 8028268  |
| Tokyo Seimitsu Co. Ltd. | 33389 | 2218570  |
| Ulvac, Inc. | 81815 | 3001063  |
|  |  | 33136212  |
| **Materials - 16.8%** <br>|  |  |
| ADEKA Corp. | 242012 | 4627413  |
| Aica Kogyo Co. Ltd. | 97549 | 2434256  |
| ARE Holdings, Inc. | 290071 | 3626389  |
| Fuso Chemical Co. Ltd. | 224598 | 6019651  |
| KH Neochem Co. Ltd. | 199266 | 3490000  |
| Lintec Corp. | 167500 | 3433718  |
| Mitsubishi Gas Chemical Co., Inc. | 205388 | 3153654  |
| Nippon Soda Co. Ltd. | 128504 | 2705730  |
| Nissan Chemical Corp. | 147922 | 4511261  |
| NOF Corp. | 167873 | 3216907  |
| Osaka Soda Co. Ltd. | 169904 | 2113163  |
| Shin-Etsu Chemical Co. Ltd. | 273969 | 9046999  |
| Yamato Kogyo Co. Ltd. | 50394 | 3062097  |
|  |  | 51441238  |
| **Real Estate - 3.9%** <br>|  |  |
| Daito Trust Construction Co. Ltd. | 39601 | 4313280  |
| Mitsubishi Estate Co. Ltd. | 340051 | 6374976  |
| Relo Group, Inc. | 120500 | 1430092  |
|  |  | 12118348  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $268,904,204)** |  | 290970114  |

---

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

44<br>

------

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

**Brown Advisory - WMC Japan Equity Fund** 

**Schedule of Investments** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 1.7%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 1.7%**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 1.7%**  |
| **Japan - 1.7%** <br>|  |  |
| **Real Estate - 1.7%** <br>|  |  |
| LaSalle Logiport | 5288 | $5110974  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $5,025,863)** |  | 5110974  |
| **SHORT-TERM INVESTMENTS - 4.1%**  | **SHORT-TERM INVESTMENTS - 4.1%**  | **SHORT-TERM INVESTMENTS - 4.1%**  |
| **Money Market Funds - 4.1%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 4.21%<sup>(a)</sup> | 12580377 | 12580377  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $12,580,377)** |  | 12580377  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $286,510,444)** |  | $308661465  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.8)% |  | (2353566)  |
| **TOTAL NET ASSETS - 100.0%** |  | $306307899 |

---

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 June 30, 2025.

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

45<br>

------

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

**BROWN ADVISORY FUNDS** 

**Statements of Assets and Liabilities** 

**June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $333178935 | $433527569 | $5244062247 | $54506026  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 312582229 | 598423911 | 3700936284 | 18084867  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 645761164 | 1031951480 | 8944998531 | 72590893  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold |  |  | 97788834 | —  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 121898 | 286644 | 3018330 | 2000  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 114929 | 338189 | 2336657 | 13422  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  |  | 372  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 68604 | 52316 | 229345 | 29189  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | 646066595 | 1032628629 | 9048371697 | 72635876  |
| **LIABILITIES**<br>|  |  |  |  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 748895 | 855237 | 15556132 | 31686  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 314407 | 346273 | 3703509 | 34522  |
| &nbsp;&nbsp;&nbsp; Service fees | 43641 | 71249 | 318132 | 173  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 21900 | 35459 | 290949 | 3027  |
| &nbsp;&nbsp;&nbsp; Business management fees | 26201 | 41244 | 363556 | 2883  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 4097 | 6264 | 55925 | 433  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 2533 | 1829 | 81662 | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 27906 | 31319 | 95233 | 23422  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 4058 | 4583 | 37605 | 1941  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 12908 | 8374 | 98970 | 6897  |
| &nbsp;&nbsp;&nbsp; **Total liabilities**  | 1206546 | 1401831 | 20601673 | 104984  |
| **NET ASSETS**  | $644860049 | $1031226798 | $9027770024 | $72530892  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $168924282 | $376501194 | $4559666839 | $43121726  |
| Total distributable earnings (loss) | 475935767 | 654725604 | 4468103185 | 29409166  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $644860049 | $1031226798 | $9027770024 | $72530892  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $283773683 | $438173466 | $6380925189 | $71081129  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 15164972 | 10038643 | 109981489 | 3926586  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $18.71 | $43.65 | $58.02 | $18.10  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $347795890 | $583865480 | $2233631820 | $1449763  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 19559366 | 13424442 | 39367633 | 81060  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $17.78 | $43.49 | $56.74 | $17.89  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $13290476 | $9187852 | $413213015 | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 916609 | 212568 | 7549315 | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $14.50 | $43.22 | $54.74 | $— |

---

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

46<br>

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

**BROWN ADVISORY FUNDS** 

**Statements of Assets and Liabilities** 

**June 30, 2025(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 | $745583985 | $1025241360 | $90073503 | $132669350  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 190161766 | 156356704 | 11386629 | 27930381  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 935745751 | 1181598064 | 101460132 | 160599731  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold |  | 81435 |  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 204218 | 175635 | 43719 | 85075  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 456896 | 1341832 | 71713 | 116279  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1045 |  | 178 | 34856  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 75089 | 66651 | 25142 | 37158  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 936482999 | 1183263617 | 101600884 | 160873099  |
| **LIABILITIES**<br>|  |  |  |  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased |  | 2274390 |  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 3327933 | 1959411 | 2081444 | 2116434  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees, net | 675282 | 813946 | 59265 | 73794  |
| &nbsp;&nbsp;&nbsp; Service fees | 55893 | 66540 | 784 | 61  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 37117 | 42227 | 3944 | 5684  |
| &nbsp;&nbsp;&nbsp; Business management fees | 39722 | 47879 | 4068 | 6681  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 6560 | 7627 | 624 | 985  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 1427 | 434 |  | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 27911 | 31920 | 19428 | 19230  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 6683 | 7743 | 1928 | 2027  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 37541 | 13360 | 6472 | 6289  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 4216069 | 5265477 | 2177957 | 2231185  |
| **NET ASSETS** | $932266930 | $1177998140 | $99422927 | $158641914  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $651853676 | $970990566 | $91828988 | $129420071  |
| Total distributable earnings (loss) | 280413254 | 207007574 | 7593939 | 29221843  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $932266930 | $1177998140 | $99422927 | $158641914  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $514752663 | $630240913 | $92869736 | $157961502  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 11439407 | 23199474 | 9010410 | 11576019  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $45.00 | $27.17 | $10.31 | $13.65  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $410465969 | $545969067 | $6553191 | $680412  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 18399666 | 20149920 | 637784 | 49999  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $22.31 | $27.10 | $10.27 | $13.61  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $7048298 | $1788160 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 335595 | 66597 |  | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $21.00 | $26.85 | $— | $— |

---

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** 

**June 30, 2025(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 | $1531294462 | $32786750 | $129444433 | $595938364  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 890608949 | 9061446 | (2208606) | (4951072)  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 2421903411 | 41848196 | 127235827 | 590987292  |
| Cash | 172727 |  |  | —  |
|  Cash deposit at broker - futures contracts (Note 6) |  |  | 112581 | 9130  |
|  Gross unrealized appreciation - futures contracts (Note 6) |  |  | 161213 | 669312  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 2886795 | 74422 | 755004 | 1732421  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 1933975 | 42642 | 870766 | 4206219  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 2377249 | 63860 |  | 20254  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 73643 | 32256 | 37262 | 59122  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 2429347800 | 42061376 | 129172653 | 597683750  |
| **LIABILITIES**<br>|  |  |  |  |
|  Gross unrealized depreciation - futures contracts (Note 6) |  |  | 171852 | 237098  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 5274524 |  |  | 15389045  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1218973 |  | 38334 | 4624632  |
| &nbsp;&nbsp;&nbsp; Distribution to shareholders |  |  | 296339 | 1389058  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. deferred tax | 3637466  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees, net | 1260683 | 9280 | 31396 | 140597  |
| &nbsp;&nbsp;&nbsp; Service fees | 3471 | 129 | 5233 | 255  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 84280 | 2057 | 7246 | 24039  |
| &nbsp;&nbsp;&nbsp; Business management fees | 96976 | 1694 | 5233 | 23433  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 14212 | 256 | 790 | 3548  |
| &nbsp;&nbsp;&nbsp; Distribution fees |  |  | 432 | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 43922 | 18900 | 24598 | 28029  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 44844 | 4135 | 1746 | 4141  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 5009 | 3240 | 6782 | 8498  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 11684360 | 39691 | 589981 | 21872373  |
| **NET ASSETS** | $2417663440 | $42021685 | $128582672 | $575811377  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $1463380971 | $32108351 | $143702083 | $707269353  |
| Total distributable earnings (loss) | 954282469 | 9913334 | (15119411) | (131457976)  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $2417663440 | $42021685 | $128582672 | $575811377  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $2389293636 | $40955017 | $— | $569474501  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 79331311 | 3340846 |  | 67051556  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $30.12 | $12.26 | $— | $8.49  |

---

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

48<br>

------

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

**BROWN ADVISORY FUNDS** 

**Statements of Assets and Liabilities** 

**June 30, 2025(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**  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | &nbsp;&nbsp; $28369804 | $1066668 | $126531918 | &nbsp;&nbsp; $6336876  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | &nbsp;&nbsp; 945417 | 87325 | 12940281 | &nbsp;&nbsp; 745755  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | &nbsp;&nbsp; $30.01 | $12.21 | $9.78 | &nbsp;&nbsp; $8.50  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | &nbsp;&nbsp; $— | $— | $2050754 | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | &nbsp;&nbsp; — |  | 215182 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | &nbsp;&nbsp; $— | $— | $9.53 | &nbsp;&nbsp; $— |

---

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

49<br>

------

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

**BROWN ADVISORY FUNDS** 

**Statements of Assets and Liabilities** 

**June 30, 2025(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 | $167001091 | $1037836336 | $299301619 | $335986667  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | (4232791) | (1455201) | (7710485) | (11365304)  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 162768300 | 1036381135 | 291591134 | 324621363  |
| Cash - segregated |  |  |  | 651  |
| Cash deposit at broker - futures contracts (Note 6) |  |  |  | 1054202  |
|  Gross unrealized appreciation - futures contracts (Note 6) |  |  |  | 123998  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold |  |  |  | 1884177  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 150247 | 870000 | 246306 | 54466  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 1879445 | 8599087 | 3555923 | 993129  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 12666 | 58524 | 28183 | 36739  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 164810658 | 1045908746 | 295421546 | 328768725  |
| **LIABILITIES**<br>|  |  |  |  |
| Floating rate note obligations, interest and fees |  | 6083829 |  | —  |
|  Gross unrealized depreciation - futures contracts (Note 6) |  |  |  | 697543  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased |  | 15932040 | 2788978 | 37462810  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 27794 | 951839 | 77795 | 27344  |
| &nbsp;&nbsp;&nbsp; Distribution to shareholders | 406176 | 2617059 | 665297 | 761853  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 40346 | 250412 | 72577 | 70682  |
| &nbsp;&nbsp;&nbsp; Service fees | 6724 | 459 | 12096 | 29  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 7048 | 39365 | 12517 | 20150  |
| &nbsp;&nbsp;&nbsp; Business management fees | 6724 | 41736 | 12096 | 11780  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 1031 | 6403 | 1877 | 1817  |
| &nbsp;&nbsp;&nbsp; Professional fees | 24209 | 31171 | 24040 | 26370  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 802 | 4725 | 1399 | 4079  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 5945 | 8560 | 6434 | 7552  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 526799 | 25967598 | 3675106 | 39092009  |
| **NET ASSETS** | $164283859 | $1019941148 | $291746440 | $289676716  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $180933446 | $1128211544 | $321688758 | $333106247  |
| Total distributable earnings (loss) | (16649587) | (108270396) | (29942318) | (43429531)  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $164283859 | $1019941148 | $291746440 | $289676716  |

---

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

50<br>

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

**BROWN ADVISORY FUNDS** 

**Statements of Assets and Liabilities** 

**June 30, 2025(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 | $— | $1008523471 | $— | $288984812  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares <br>authorized) |  | 109867049 |  | 31971789  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $— | $9.18 | $— | $9.04  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $164283859 | $11417677 | $291746440 | $691904  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares <br>authorized) | 16988873 | 1243160 | 32727375 | 76415  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $9.67 | $9.18 | $8.91 | $9.05  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $— | $— | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares <br>authorized) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $— | $— | $— | $— |

---

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** 

**June 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY - WMC**<br>**STRATEGIC**<br>**EUROPEAN**<br>**EQUITY**<br>**FUND** | **BROWN**<br>**ADVISORY - BEUTEL**<br>**GOODMAN**<br>**LARGE-CAP**<br>**VALUE**<br>**FUND** | **BROWN** <br>**ADVISORY -** <br>**WMC JAPAN** <br>**EQUITY** <br>**FUND**  |
| **ASSETS**<br>|  |  |  |
| Investments:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $510356512 | $1341169715 | $286510444  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 169775488 | 312165603 | 22151021  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 680132000 | 1653335318 | 308661465  |
|  Foreign currency (Cost of $653,927, $—, and $8,721, respectively.) | 653927 |  | 8767  |
| Receivables:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 173795 | 16848157 | 1922001  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 3375275 | 583808 | 1503745  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 1475422 | 3409080 | 616898  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1726912 | 161530 | 175537  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 45862 | 71745 | 35765  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 687583193 | 1674409638 | 312924178  |
| **LIABILITIES**<br>|  |  |  |
| Payables:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 2816233 |  | 6362368  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 99324 | 5149569 | 1108  |
| Accrued Liabilities:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 475204 | 629004 | 189379  |
| &nbsp;&nbsp;&nbsp; Service fees | 12768 | 2208 | 15  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 23954 | 61387 | 10886  |
| &nbsp;&nbsp;&nbsp; Business management fees | 26400 | 69889 | 11393  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 3416 | 10999 | 1448  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 3583 |  | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 30189 | 36186 | 18340  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 20262 | 9022 | 15621  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 9100 | 15616 | 5721  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 3520433 | 5983880 | 6616279  |
| **NET ASSETS** | $684062760 | $1668425758 | $306307899  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |
| Paid-in capital | $486790474 | $1400349034 | $279109322  |
| Total distributable earnings (loss) | 197272286 | 268076724 | 27198577  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $684062760 | $1668425758 | $306307899  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |
| **Institutional Shares:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $575188308 | $1650416022 | $306180986  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 31893424 | 113269206 | 28116822  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $18.03 | $14.57 | $10.89 |

---

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** 

**June 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY - WMC**<br>**STRATEGIC**<br>**EUROPEAN**<br>**EQUITY**<br>**FUND** | **BROWN**<br>**ADVISORY - BEUTEL**<br>**GOODMAN**<br>**LARGE-CAP**<br>**VALUE**<br>**FUND** | **BROWN** <br>**ADVISORY -** <br>**WMC JAPAN** <br>**EQUITY** <br>**FUND**  |
| **Investor Shares:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $89761099 | $18009736 | $126913  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 4992431 | 1240952 | 11668  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $17.98 | $14.51 | $10.88  |
| **Advisor Shares:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $19113353 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 1079805 |  | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $17.70 | $— | $— |

---

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 Operations** 

**For the Year Ended June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $4051103  | $8319313  | $43362465  | $298551  |
| Less: foreign taxes withheld | (42975) | (262788) | (137414) | (2906)  |
| Interest Income | 1046473  | 817869  | 5259374  | 112378  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5054601  | 8874394  | 48484425  | 408023  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 5213858  | 4143680  | 47705230  | 540236  |
| Service fees - Investor Shares (Note 3) | 702147  | 847052  | 3683428  | 20429  |
| Business management fees | 434488  | 493244  | 4717248  | 41557  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent <br>fees | 191728  | 220811  | 2066041  | 21618  |
| Miscellaneous expenses | 72976  | 63522  | 582203  | 30716  |
| Registration fees | 72602  | 50275  | 152315  | 34275  |
| Professional fees | 60104  | 64125  | 419080  | 26375  |
| Trustee fees | 44110  | 46154  | 453270  | 4086  |
| Distribution fees - Advisor Shares (Note 3) | 36713  | 19094  | 1035969  | —  |
| Custodian fees | 33609  | 30795  | 284535  | 10568  |
| Service fees - Advisor Shares (Note 3) | 22028  | 11456  | 621581  | —  |
| Insurance fees | 13614  | 10524  | 114442  | 1143  |
| Interest expense on line of credit (Note 7) | 1118  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 6899095  | 6000732  | 61835342  | 731003  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - expense cap (Note 3) | —  | —  | —  | (29045)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 6899095  | 6000732  | 61835342  | 701958  |
| **Net Investment Income (Loss)** | (1844494) | 2873662  | (13350917) | (293935)  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)**  | **NET REALIZED AND UNREALIZED GAIN (LOSS)**  | **NET REALIZED AND UNREALIZED GAIN (LOSS)**  | **NET REALIZED AND UNREALIZED GAIN (LOSS)**  | **NET REALIZED AND UNREALIZED GAIN (LOSS)**  |
| Net realized gain (loss) on investments | 374820277  | 73830977  | 1092130280  | 21206546  |
|  Net change in unrealized appreciation (depreciation) on investments | (248887226) | 64613275  | (144787956) | (6254201)  |
| **Net realized and unrealized gain (Loss)**  | 125933051  | 138444252  | 947342324  | 14952345  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $124088557  | $141317914  | $933991407  | $14658410 |

---

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

54<br>

------

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

**BROWN ADVISORY FUNDS** 

**Statements of Operations** 

**For the Year Ended June 30, 2025(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 | $6615386  | $21543917  | $811418  | $2454574  |
| Less: foreign taxes withheld | (92799) | (23267) | (677) | (61407)  |
| Interest Income | 1223616  | 2451844  | 189036  | 293441  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 7746203  | 23972494  | 999777  | 2686608  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 11838825  | 11566211  | 765203  | 792003  |
| Service fees - Investor Shares (Note 3) | 1072669  | 935204  | 10151  | 1027  |
| Business management fees | 696402  | 680365  | 45012  | 66000  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent <br>fees | 314551  | 304132  | 23571  | 31197  |
| Miscellaneous expenses | 139726  | 90289  | 30184  | 30952  |
| Professional fees | 78383  | 79071  | 22326  | 23296  |
| Registration fees | 74288  | 56549  | 35826  | 36975  |
| Trustee fees | 70359  | 65164  | 4138  | 5781  |
| Custodian fees | 48284  | 48867  | 10481  | 11730  |
| Insurance fees | 19624  | 16039  | 882  | 994  |
| Distribution fees - Advisor Shares (Note 3) | 19270  | 7244  | —  | —  |
| Service fees - Advisor Shares (Note 3) | 11562  | 4346  | —  | —  |
| Interest expense on line of credit (Note 7) | 4006  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 14387949  | 13853481  | 947774  | 999955  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - expense cap (Note 3) | —  | —  | (100400) | (74924)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 14387949  | 13853481  | 847374  | 925031  |
| **Net Investment Income (Loss)** | (6641746) | 10119013  | 152403  | 1761577  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** |
| Net realized gain (loss) on investments | 152373024  | 158915432  | 487721  | 2032574  |
|  Net change in unrealized appreciation (depreciation) on investments | (114472526) | (115844686) | 4762026  | 13274467  |
| **Net realized and unrealized gain (Loss)**  | 37900498  | 43070746  | 5249747  | 15307041  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $31258752  | $53189759  | $5402150  | $17068618 |

---

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

55<br>

------

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

**BROWN ADVISORY FUNDS** 

**Statements of Operations** 

**For the Year Ended June 30, 2025(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 | $29046027  | $708176  | $—  | $—  |
| Dividend income - affiliated (Note 3) | —  | —  | 24811  | —  |
| Less: foreign taxes withheld | (2334931) | (76103) | —  | —  |
| Interest Income | 1551546  | 37881  | 5178790  | 28090580  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 28262642  | 669954  | 5203601  | 28090580  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 13850998  | 280147  | 371376  | 1734450  |
| Business management fees | 1065461  | 18676  | 61896  | 289075  |
| Administration, accounting and transfer agent fees | 484758  | 11830  | 45460  | 157798  |
| Custodian fees | 255854  | 29534  | 9269  | 25509  |
| Professional fees | 113326  | 20121  | 28731  | 45754  |
| Miscellaneous expenses | 105617  | 34985  | 35289  | 53000  |
| Trustee fees | 98064  | 1741  | 5777  | 26987  |
| Service fees - Investor Shares (Note 3) | 44985  | 2453  | 60572  | 3628  |
| Registration fees | 40978  | 35538  | 31886  | 49610  |
| Insurance fees | 22060  | 440  | 1369  | 6455  |
| Distribution fees - Advisor Shares (Note 3) | —  | —  | 6619  | —  |
| Service fees - Advisor Shares (Note 3) | —  | —  | 1324  | —  |
| Interest expense on line of credit (Note 7) | —  | 1276  | —  | —  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 16082101  | 436741  | 659568  | 2392266  |
| &nbsp;&nbsp;&nbsp; Expenses (waived) recovered by adviser - expense cap (Note 3) | —  | (116788) | 3096  | —  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - investments in affiliates (Note 3) | —  | —  | (3864) | —  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 16082101  | 319953  | 658800  | 2392266  |
| **Net Investment Income (Loss)** | 12180541  | 350001  | 4544801  | 25698314  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** |
| Net realized gain (loss) on: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments - unaffiliated | 76671828  | 1058478  | (1112738) | (3015725)  |
| &nbsp;&nbsp;&nbsp; Less: foreign capital gains taxes paid | —  | (15618) | —  | —  |
| &nbsp;&nbsp;&nbsp; Investments - affiliated (Note 3) | —  | —  | (1931982) | —  |
| &nbsp;&nbsp;&nbsp; Forreign currrency translations | (106755) | (4563) | —  | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | —  | —  | 128804  | (2757850)  |
| Net realized gain (loss) | 76565073  | 1038297  | (2915916) | (5773575)  |
|  Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments - unaffiliated | 258398406  | 4432432  | 3508734  | 11148508  |
| &nbsp;&nbsp;&nbsp; Less: Non-U.S. deferred tax on unrealized appreciation | (3637466) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Investments - affiliated (Note 3) | —  | —  | 2234687  | —  |
| &nbsp;&nbsp;&nbsp; Forreign currrency translations | 197809  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | —  | —  | (45320) | 226064  |
| Net change in unrealized appreciation (depreciation)  | 254958749  | 4432432  | 5698101  | 11374572  |
| **Net realized and unrealized gain (Loss)**  | 331523822  | 5470729  | 2782185  | 5600997  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $343704363  | $5820730  | $7326986  | $31299311 |

---

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

56<br>

------

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

**BROWN ADVISORY FUNDS** 

**Statements of Operations** 

**For the Year Ended June 30, 2025(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 | $6190455  | $43338614  | $11817242  | $13819889  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 6190455  | 43338614  | 11817242  | 13819889  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 505391  | 3041771  | 873602  | 870085  |
| Service fees - Investor Shares (Note 3) | 84232  | 5339  | 145600  | 462  |
| Business management fees | 84232  | 506962  | 145600  | 145014  |
| Administration, accounting and transfer agent fees | 48158  | 249706  | 79453  | 128667  |
| Miscellaneous expenses | 31635  | 65227  | 37026  | 43048  |
| Professional fees | 29917  | 64774  | 33715  | 36067  |
| Registration fees | 17888  | 48885  | 33394  | 37111  |
| Trustee fees | 7956  | 46912  | 13665  | 13576  |
| Custodian fees | 5354  | 31158  | 9156  | 25166  |
| Insurance fees | 1970  | 10450  | 3254  | 3314  |
| &nbsp;&nbsp;&nbsp; Interest expense and fees on floating rate note <br>obligations | —  | 83829  | —  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 816733  | 4155013  | 1374465  | 1302510  |
| **Net Investment Income (Loss)** | 5373722  | 39183601  | 10442777  | 12517379  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** | **NET REALIZED AND UNREALIZED GAIN (LOSS)** |
| Net realized gain (loss) on: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (2776437) | (13150539) | (7176519) | (1814533)  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | —  | —  |  | 951680  |
| Net realized gain (loss) | (2776437) | (13150539) | (7176519) | (862853)  |
| Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 397987  | (3972838) | 2994537  | 6132467  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) | —  | —  | —  | (591590)  |
| Net change in unrealized appreciation (depreciation)  | 397987  | (3972838) | 2994537  | 5540877  |
| **Net realized and unrealized gain (Loss)** | (2378450) | (17123377) | (4181982) | 4678024  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $2995272  | $22060224  | $6260795  | $17195403 |

---

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 Year Ended June 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **BROWN**<br>**ADVISORY - WMC**<br>**STRATEGIC**<br>**EUROPEAN**<br>**EQUITY**<br>**FUND** | **BROWN**<br>**ADVISORY - BEUTEL**<br>**GOODMAN**<br>**LARGE-CAP**<br>**VALUE**<br>**FUND**  | **BROWN** <br>**ADVISORY -** <br>**WMC JAPAN** <br>**EQUITY** <br>**FUND\*** <br>|
| **INVESTMENT INCOME** <br>|  |  |  |
| Dividend income | $14536456  | $42720377  | $3208241  |
| Less: foreign taxes withheld | (1260264) | —  | (318884)  |
| Interest Income | 679316  | 2971619  | 219592  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 13955508  | 45691996  | 3108949  |
| **EXPENSES**<br>|  |  |  |
| Investment advisory fees | 3714220  | 8604338  | 929993  |
| Business management fees | 206346  | 956038  | 58124  |
| Custodian fees | 106826  | 60562  | 66878  |
| Administration, accounting and transfer agent fees | 105075  | 423050  | 31680  |
| Registration fees | 47964  | 50892  | 26342  |
| Miscellaneous expenses | 47238  | 107613  | 36801  |
| Service fees - Investor Shares (Note 3) | 45437  | 27956  | 58  |
| Professional fees | 42495  | 101772  | 20923  |
| Trustee fees | 18110  | 90948  | 4229  |
| Distribution fees - Advisor Shares (Note 3) | 13692  | —  | —  |
| Service fees - Advisor Shares (Note 3) | 8215  | —  | —  |
| Insurance fees | 3958  | 22190  | 1  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 4359576  | 10445359  | 1175029  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - expense cap (Note 3) | —  | —  | (12480)  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 4359576  | 10445359  | 1162549  |
| **Net Investment Income (Loss)** | 9595932  | 35246637  | 1946400  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) on: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  | 41876198  | 14982562  | 3418597  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | 25406  | —  | (247286)  |
| Net realized gain (loss)  | 41901604  | 14982562  | 3171311  |
| Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  | 106468263  | (22012402) | 22151021  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | 180800  |  | 4735  |
| Net change in unrealized appreciation (depreciation)  | 106649063  | (22012402) | 22155756  |
| **Net realized and unrealized gain (Loss)** | 148550667  | (7029840) | 25327067  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $158146599  | $28216797  | $27273467 |

---

\* Inception date of Fund was September 30, 2024. Results of operations are for the period from October 1, 2024 to June 30, 2025.

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

58<br>

------

**[**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**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1844494) | $(2168948) | $2873662 | $2882423  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 374820277 | 799401485 | 73830977 | 37289841  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (248887226) | (435614320) | 64613275 | 154549573  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 124088557 | 361618217 | 141317914 | 194721837  |
| **DISTRIBUTIONS FROM EARNINGS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (191713498) | (106614685) | (20214575) | (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) | (47458705) | (21008267)  |
| **CAPITAL SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 27630911 | 154867016 | 68379031 | 68950789  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 23865804 | 28987614 | 16638643 | 33292821  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 10717941 | 11180291 | 1816198 | 1351700  |
| Reinvestment of distributions: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 154769055 | 99969257 | 13034043 | 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 | (272687028) | (1723801021) | (59080109) | (24084013)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (308792852) | (204167045) | (46210251) | (46482100)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (14447622) | (10339925) | (1046250) | (781915)  |
| Redemption fees: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 22112 | 3852 | 1399 | 1024  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 27360 | 1715 | 1913 | 1713  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 932 | 40 | 25 | 21  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | (163827854) | (1605490353) | 10970983 | 45491362  |
| **Increase (Decrease) in Net Assets** | (499544420) | (1394327037) | 104830192 | 219204932  |
| **NET ASSETS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1144404469 | 2538731506 | 926396606 | 707191674  |
| &nbsp;&nbsp;&nbsp; End of period | $644860049 | $1144404469 | $1031226798  | $926396606  |
| **SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1199000 | 5804597 | 1648325 | 1899274  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1133463 | 1069616 | 404030 | 956010  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 648088 | 469950 | 46452 | 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 | (11550406) | (61339233) | (1415754) | (690389)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (14739257) | (7609771) | (1114809) | (1340542)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (990180) | (439355) | (25651) | (22262)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | (3188480) | (56785010) | 261302 | 1227149 |

---

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

59<br>

------

**[**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**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(13350917) | $(9019452) | $(293935) | $(246009)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1092130280 | 438620143 | 21206546 | 9062653  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (144787956) | 1727039131 | (6254201) | 4375232  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 933991407 | 2156639822 | 14658410 | 13191876  |
| **DISTRIBUTIONS FROM EARNINGS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (342901666) | (633798) |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (133279990) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (22893830) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (499075486) | (633798) |  | —  |
| **CAPITAL SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1182844474 | 1917817384 | 9867423 | 17918626  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 379131057 | 633488241 | 1121656 | 2651464  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 36536239 | 60492485 |  | —  |
| Reinvestment of distributions: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 253752368 | 415944 |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 124171709 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 20510704 |  |  | —  |
| Redemption of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (2196433036) | (1718053838) | (18893329) | (30451794)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1066330187) | (673243513) | (31147571) | (2765430)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (95237119) | (76037156) |  | —  |
| Redemption fees: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 22039 | 18889 | 427 | 9  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 8263 | 7588 | 8 | 3  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 1400 | 1255 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | (1361022089) | 144907279 | (39051386) | (12647122)  |
| **Increase (Decrease) in Net Assets** | (926106168) | 2300913303 | (24392976) | 544754  |
| **NET ASSETS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 9953876192 | 7652962889 | 96923868 | 96379114  |
| &nbsp;&nbsp;&nbsp; End of period | $9027770024 | $9953876192  | $72530892 | $96923868  |
| **SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 21875812 | 39896249 | 590696 | 1350814  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 7058545 | 13252830 | 71820 | 183606  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 703450 | 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 | (40533485) | (35179424) | (1127695) | (2199885)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (20066781) | (13958355) | (1800803) | (192488)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (1890935) | (1722429) |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | (25779072) | 3693304 | (2265982) | (857953) |

---

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

60<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**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(6641746) | $(4127980) | $10119013 | $9982536  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 152373024 | 105416039 | 158915432 | 156455112  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (114472526) | (43293407) | (115844686) | 21293340  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 31258752 | 57994652 | 53189759 | 187730988  |
| **DISTRIBUTIONS FROM EARNINGS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (38524053) |  | (114272275) | (38971460)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (42930108) |  | (95475678) | (36311622)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (442251) |  | (376775) | (186263)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (81896412) |  | (210124728) | (75469345)  |
| **CAPITAL SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 85345430 | 226319186 | 117871522 | 149333601  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 66950868 | 143478279 | 45388613 | 47591769  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 500929 | 1344015 | 31152 | 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 | (386485998) | (812197912) | (192892531) | (94919377)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (467255571) | (235211167) | (113875715) | (91783890)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (1734745) | (3051675) | (1937957) | (470397)  |
| Redemption fees: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1928 | 664 | 873 | 1348  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1713 | 443 | 751 | 1233  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 25 | 4 | 3 | 7  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | (637712263) | (679318163) | (19898918) | 59804291  |
| **Increase (Decrease) in Net Assets** | (688349923) | (621323511) | (176833887) | 172065934  |
| **NET ASSETS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1620616853 | 2241940364 | 1354832027 | 1182766093  |
| &nbsp;&nbsp;&nbsp; End of period | $932266930 | $1620616853 | $1177998140 | $1354832027  |
| **SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1878589 | 5113312 | 4049300 | 5063383  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 2935756 | 6584618 | 1563530 | 1631173  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 23178 | 64569 | 1088 | 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 | (8696507) | (17843609) | (6988893) | (3280665)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (21912379) | (10585282) | (4045311) | (3164142)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (81855) | (147723) | (65205) | (16532)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | (23709946) | (16814115) | (1343656) | 1983060 |

---

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

61<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**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $152403 | $107465 | $1761577 | $977259  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 487721 | 3440884 | 2032574 | 282853  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4762026 | 2717993 | 13274467 | 13190651  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 5402150 | 6266342 | 17068618 | 14450763  |
| **DISTRIBUTIONS FROM EARNINGS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (671378) | (104328) | (2788977) | (656605)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (50008) | (182) | (19486) | (2992)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (721386) | (104510) | (2808463) | (659597)  |
| **CAPITAL SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 34388090 | 18805048 | 64934572 | 36959292  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 3033559 | 5434563 | 811349 | 521702  |
| Reinvestment of distributions: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 268090 | 28260 | 1119990 | 118098  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 49986 | 179 | 9693 | 20  |
| Redemption of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (16488544) | (6313716) | (22054797) | (1342824)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (3459901) | (640657) | (839804) | (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** | 17791284 | 17313677 | 43981003 | 36138961  |
| **Increase (Decrease) in Net Assets** | 22472048 | 23475509 | 58241158 | 49930127  |
| **NET ASSETS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 76950879 | 53475370 | 100400756 | 50470629  |
| &nbsp;&nbsp;&nbsp; End of period | $99422927 | $76950879 | $158641914 | $100400756  |
| **SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 3388244 | 2052148 | 5057739 | 3227009  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 304464 | 569073 | 61876 | 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 | (1647207) | (704569) | (1700173) | (117948)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (348134) | (67726) | (64414) | (10096)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 1727793 | 1851842 | 3440868 | 3155213 |

---

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 Global** <br>**Leaders Fund** | **Brown Advisory Global** <br>**Leaders Fund** | **Brown Advisory Sustainable** <br>**International Leaders Fund**  | **Brown Advisory Sustainable** <br>**International Leaders Fund**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $12180541 | $10532245 | $350001 | $359474  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 76565073 | 47039773 | 1038297 | (121927)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 254958749 | 227574950 | 4432432 | 1265011  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 343704363 | 285146968 | 5820730 | 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 | 343737328 | 348669548 | 12713628 | 14282825  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 12518373 | 7733420 | 215487 | 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 | (212150869) | (95537188) | (14086090) | (1588061)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (21238483) | (59661836) | (1198561) | (121909)  |
| Redemption fees: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1619 | 50 |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 22 | 3 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | 125889062 | 203509676 | (2197121) | 13098016  |
| **Increase (Decrease) in Net Assets** | 458633192 | 479882674 | 3228073 | 14446885  |
| **NET ASSETS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1959030248 | 1479147574 | 38793612 | 24346727  |
| &nbsp;&nbsp;&nbsp; End of period | $2417663440 | $1959030248 | $42021685 | $38793612  |
| **SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 12545452 | 14969600 | 1136431 | 1414331  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 442394 | 327249 | 19590 | 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 | (7754293) | (4094157) | (1250502) | (152791)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (753716) | (2611070) | (109235) | (11634)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in shares** <br>**outstanding** | 4590998 | 8689389 | (188893) | 1302130 |

---

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 Intermediate** <br>**Income Fund** | **Brown Advisory Intermediate** <br>**Income Fund** | **Brown Advisory Sustainable** <br>**Bond Fund**  | **Brown Advisory Sustainable** <br>**Bond Fund**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4544801 | $3973687 | $25698314 | $24756275  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2915916) | (3255623) | (5773575) | (26803620)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5698101 | 2369173 | 11374572 | 9559118  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 7326986 | 3087237 | 31299311 | 7511773  |
| **DISTRIBUTIONS FROM EARNINGS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (25512359) | (24488981)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (4461623) | (3869544) | (318340) | (462293)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (88449) | (99330) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (4550072) | (3968874) | (25830699) | (24951274)  |
| **CAPITAL SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 163113676 | 186255910  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 27835948 | 17654002 | 2852804 | 3400933  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 423407 | 402279 |  | —  |
| Reinvestment of distributions: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 7483922 | 6436616  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 996948 | 949314 | 285547 | 433724  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 83764 | 94024 |  | —  |
| Redemption of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (156539855) | (348925269)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (18151384) | (27262957) | (5101558) | (8137193)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (1787067) | (331615) |  | —  |
| Redemption fees: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 1796 | 75  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 476 |  | 26 | 1  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 12 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | 9402104 | (8494953) | 12096358 | (160535203)  |
| **Increase (Decrease) in Net Assets** | 12179018 | (9376590) | 17564970 | (177974704)  |
| **NET ASSETS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 116403654 | 125780244 | 558246407 | 736221111  |
| &nbsp;&nbsp;&nbsp; End of period | $128582672 | $116403654 | $575811377 | $558246407  |
| **SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 19127845 | 22147561  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 2850714 | 1843538 | 336708 | 401555  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 45004 | 43045 |  | —  |
| Reinvestment of distributions: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 880775 | 767017  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 102573 | 99893 | 33564 | 51625  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 8826 | 10131 |  | —  |
| Redemption of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (18473267) | (41474248)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1860634) | (2869971) | (600073) | (967957)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (190630) | (36039) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in shares** <br>**outstanding** | 955853 | (909403) | 1305552 | (19074447) |

---

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

64<br>

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

**BROWN ADVISORY FUNDS** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Maryland** <br>**Bond Fund** | **Brown Advisory Maryland** <br>**Bond Fund** | **Brown Advisory Tax-Exempt** <br>**Bond Fund**  | **Brown Advisory Tax-Exempt** <br>**Bond Fund**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $5373722 | $4825390 | $39183601 | $33862821  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2776437) | (229059) | (13150539) | (7992587)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 397987 | 1347397 | (3972838) | 11058646  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 2995272 | 5943728 | 22060224 | 36928880  |
| **DISTRIBUTIONS FROM EARNINGS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (39486775) | (33901558)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (5785999) | (5293681) | (414946) | (364922)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (5785999) | (5293681) | (39901721) | (34266480)  |
| **CAPITAL SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 367248793 | 462186030  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 31300424 | 43965536 | 5214510 | 5844870  |
| Reinvestment of distributions: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 7605036 | 6335010  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 967026 | 955621 | 366798 | 262301  |
| Redemption of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (258670892) | (349068471)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (33854770) | (40870616) | (3805129) | (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** | (1587320) | 4050541 | 117959116 | 121120088  |
| **Increase (Decrease) in Net Assets** | (4378047) | 4700588 | 100117619 | 123782488  |
| **NET ASSETS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 168661906 | 163961318 | 919823529 | 796041041  |
| &nbsp;&nbsp;&nbsp; End of period | $164283859 | $168661906 | $1019941148 | $919823529  |
| **SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 39483833 | 50313735  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 3180589 | 4522052 | 561326 | 627451  |
| Reinvestment of distributions: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 817956 | 685667  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 98420 | 97878 | 39439 | 28354  |
| Redemption of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (28057817) | (38209731)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (3435667) | (4218167) | (412441) | (479861)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in shares** <br>**outstanding** | (156658) | 401763 | 12432296 | 12965615 |

---

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

65<br>

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

**BROWN ADVISORY FUNDS** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Tax-Exempt** <br>**Sustainable Bond Fund** | **Brown Advisory Tax-Exempt** <br>**Sustainable Bond Fund** | **Brown Advisory Mortgage** <br>**Securities Fund**  | **Brown Advisory Mortgage** <br>**Securities Fund**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $10442777 | $10387164 | $12517379 | $11905373  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (7176519) | (463917) | (862853) | (8983161)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2994537 | 297427 | 5540877 | 2651006  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 6260795 | 10220674 | 17195403 | 5573218  |
| **DISTRIBUTIONS FROM EARNINGS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (12826285) | (12109609)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (10442805) | (10387080) | (38968) | (41372)  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (10442805) | (10387080) | (12865253) | (12150981)  |
| **CAPITAL SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 41600493 | 46426497  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 89777141 | 132387588 | 863223 | 8520  |
| Reinvestment of distributions: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 3492985 | 2754137  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 2176514 | 2249883 | 32436 | 33978  |
| Redemption of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (45597034) | (59755895)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (77045306) | (142449679) | (990822) | (626992)  |
| Redemption fees: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 39 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 6046 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | 14914395 | (7812208) | (598680) | (11159755)  |
| **Increase (Decrease) in Net Assets** | 10732385 | (7978614) | 3731470 | (17737518)  |
| **NET ASSETS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 281014055 | 288992669 | 285945246 | 303682764  |
| &nbsp;&nbsp;&nbsp; End of period | $291746440 | $281014055 | $289676716 | $285945246  |
| **SHARE TRANSACTIONS** <br>|  |  |  |  |
| Sale of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 4567684 | 5210736  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 10015551 | 14920755 | 96786 | 942  |
| Reinvestment of distributions: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 386861 | 310059  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 240909 | 251062 | 3582 | 3813  |
| Redemption of shares: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (5046948) | (6667153)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (8618576) | (15968306) | (110417) | (70705)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in shares** <br>**outstanding** | 1637884 | (796489) | (102452) | (1212308) |

---

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 - WMC Strategic** <br>**European Equity Fund** | **Brown Advisory - WMC Strategic** <br>**European Equity Fund** |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2025** | **2024** |
| **OPERATIONS** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $9595932 | $5954714 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 41901604 | 16309980 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 106649063 | 21218110 |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 158146599 | 43482804 |
| **DISTRIBUTIONS FROM EARNINGS** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (16478230) | (3510805) |
| &nbsp;&nbsp;&nbsp; Investor Shares | (780414) | (130207) |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (146124) | (25691) |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (17404768) | (3666703) |
| **CAPITAL SHARE TRANSACTIONS** <br>|  |  |
| Sale of shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 207302542 | 78166747 |
| &nbsp;&nbsp;&nbsp; Investor Shares | 90082427 | 6422066 |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 16325526 | 321449 |
| Reinvestment of distributions: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 9270962 | 918481 |
| &nbsp;&nbsp;&nbsp; Investor Shares | 699928 | 113737 |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 135130 | 23393 |
| Redemption of shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (76485107) | (32862868) |
| &nbsp;&nbsp;&nbsp; Investor Shares | (28319129) | (10419620) |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (2783878) | (432855) |
| Redemption fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 6707 | 262 |
| &nbsp;&nbsp;&nbsp; Investor Shares | 928 | 14 |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 164 | 3 |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | 216236200 | 42250809 |
| **Increase (Decrease) in Net Assets** | 356978031 | 82066910 |
| **NET ASSETS** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 327084729 | 245017819 |
| &nbsp;&nbsp;&nbsp; End of period | $684062760 | $327084729 |
| **SHARE TRANSACTIONS** <br>|  |  |
| Sale of shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 13350689 | 6276815 |
| &nbsp;&nbsp;&nbsp; Investor Shares | 5760933 | 504438 |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 1021020 | 25622 |
| Reinvestment of distributions: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 680125 | 74191 |
| &nbsp;&nbsp;&nbsp; Investor Shares | 51976 | 9209 |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 10183 | 1922 |
| Redemption of shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (5129185) | (2603761) |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1777712) | (823963) |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (174937) | (35900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in shares** <br>**outstanding** | 13793092 | 3428573 |

---

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 - Beutel Goodman** <br>**Large-Cap Value Fund** | **Brown Advisory - Beutel Goodman** <br>**Large-Cap Value Fund** | **Brown Advisory -** <br>**WMC Japan** <br>**Equity Fund**  |
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2025** | **2024** | **2025\***  |
| **OPERATIONS** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $35246637 | $32200711 | $1946400  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14982562 | 84311860 | 3171311  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (22012402) | 124368434 | 22155756  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | 28216797 | 240881005 | 27273467  |
| **DISTRIBUTIONS FROM EARNINGS** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (149863011) | (30358502) | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1445079) | (181162) | —  |
| &nbsp;&nbsp;&nbsp; **Total Distributions from earnings** | (151308090) | (30539664) | —  |
| **CAPITAL SHARE TRANSACTIONS** <br>|  |  |  |
| Sale of shares: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 250474920 | 308668113 | 284640349  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 4667458 | 14863174 | 115016  |
| Reinvestment of distributions: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 98185457 | 8737382 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1315220 | 160124 | —  |
| Redemption of shares: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (467292327) | (299601925) | (5720933)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (3385388) | (2218935) | —  |
| Redemption fees: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 3481 | 1008 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 34 | 9 | —  |
| &nbsp;&nbsp;&nbsp; **Increase (Decrease) from Capital Share Transactions** | (116031145) | 30608950 | 279034432  |
| **Increase (Decrease) in Net Assets** | (239122438) | 240950291 | 306307899  |
| **NET ASSETS** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1907548196 | 1666597905 | —  |
| &nbsp;&nbsp;&nbsp; End of period | $1668425758 | $1907548196 | $306307899  |
| **SHARE TRANSACTIONS** <br>|  |  |  |
| Sale of shares: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 16480798 | 21912528 | 28710218  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 304285 | 1034015 | 11668  |
| Reinvestment of distributions: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 6387115 | 614876 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 86271 | 11300 | —  |
| Redemption of shares: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (32146777) | (21661249) | (593396)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (231772) | (148924) | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | (9120080) | 1762546 | 28128490 |

---

\* Inception date of Fund was September 30, 2024. Results of operations are for the period from October 1, 2024 to June 30, 2025.

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

68<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>**  | **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>**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>**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 | 06/30/25 | $29.96 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | 3.87 | &nbsp;&nbsp;&nbsp; — | (15.12) | (15.12) | $18.71 | 14.50% | $283774 | &nbsp;&nbsp;&nbsp; (0.12)% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 27%  |
| 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; 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; 21  |
| 07/01/21 | 06/30/22 | 37.39 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (9.01) | (9.10) | &nbsp;&nbsp;&nbsp; — | (4.47) | (4.47) | 23.82 | (27.88) | 1611983 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &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; 25  |
| **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 | 06/30/25 | 29.18 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | 3.72 | &nbsp;&nbsp;&nbsp; — | (15.12) | (15.12) | 17.78 | 14.34 | 347796 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp; 27  |
| 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; 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; 21  |
| 07/01/21 | 06/30/22 | 36.79 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (8.84) | (8.97) | &nbsp;&nbsp;&nbsp; — | (4.47) | (4.47) | 23.35 | (28.02) | 704341 | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &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; 25  |
| **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 | 06/30/25 | 26.36 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | 3.26 | &nbsp;&nbsp;&nbsp; — | (15.12) | (15.12) | 14.50 | 14.04 | 13290 | &nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp; 27  |
| 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; 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; 21  |
| 07/01/21 | 06/30/22 | 34.27 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (8.12) | (8.32) | &nbsp;&nbsp;&nbsp; — | (4.47) | (4.47) | 21.48 | (28.20) | 13940 | &nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &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; 25  |
| **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 | 06/30/25 | 39.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | 6.04 | &nbsp;&nbsp;&nbsp; (0.16) | (1.87) | (2.03) | 43.65 | 15.41 | 438173 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; 17  |
| 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; 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; 12  |
| 07/01/21 | 06/30/22 | 34.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp; (5.71) | (5.62) | &nbsp;&nbsp;&nbsp; (0.06) | (1.27) | (1.33) | 27.31 | (17.18) | 196675 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &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; 13  |
| **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 | 06/30/25 | 39.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | 5.96 | &nbsp;&nbsp;&nbsp; (0.11) | (1.87) | (1.98) | 43.49 | 15.22 | 583865 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; 17  |
| 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; 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; 12  |
| 07/01/21 | 06/30/22 | 34.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (5.70) | (5.66) | &nbsp;&nbsp;&nbsp; (0.03) | (1.27) | (1.30) | 27.20 | (17.32) | 400090 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &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; 13  |
| **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 | 06/30/25 | 39.31 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | 5.82 | &nbsp;&nbsp;&nbsp; (0.04) | (1.87) | (1.91) | 43.22 | 14.93 | 9188 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; 17  |
| 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; 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; 12  |
| 07/01/21 | 06/30/22 | 34.10 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (5.68) | (5.72) | &nbsp;&nbsp;&nbsp; — | (1.27) | (1.27) | 27.11 | (17.51) | 4471 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &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; 13  |
| **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 | 06/30/25 | 54.91 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | 5.99 | &nbsp;&nbsp;&nbsp; — | (2.88) | (2.88) | 58.02 | 11.02 | 6380925 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; 32  |
| 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; 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; 13  |
| 07/01/21 | 06/30/22 | 44.56 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (8.19) | (8.23) | &nbsp;&nbsp;&nbsp; — | (0.91) | (0.91) | 35.42 | (19.02) | 3378590 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &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; 23  |
| **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 | 06/30/25 | 53.84 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;5.91 | 5.78 | &nbsp;&nbsp;&nbsp; — | (2.88) | (2.88) | 56.74 | 10.84 | 2233632 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; 32 |
| 07/01/23 | 06/30/24 | 42.29 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;11.64 | 11.55 | &nbsp;&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; 35  |
| 07/01/22 | 06/30/23 | 34.83 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | 7.46 | &nbsp;&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; 13  |
| 07/01/21 | 06/30/22 | 43.90 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (8.05) | (8.16) | &nbsp;&nbsp;&nbsp; — | (0.91) | (0.91) | 34.83 | (19.15) | 1714513 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; 19  |
| 07/01/20 | 06/30/21 | 31.52 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;12.47 | 12.38 | &nbsp;&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; 23 |

---

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

69<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>**  | **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>**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>**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:**  | **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:**  |
| **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 | 06/30/25 | $52.15 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;5.72 | 5.47 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.88) | (2.88) | $54.74 | 10.59% | $413213 | &nbsp;&nbsp;&nbsp; (0.48)% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 32%  |
| 07/01/23 | 06/30/24 | 41.08 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;11.27 | 11.07 | &nbsp;&nbsp;&nbsp; — | &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; 35  |
| 07/01/22 | 06/30/23 | 33.91 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | 7.17 | &nbsp;&nbsp;&nbsp; — | &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; 13  |
| 07/01/21 | 06/30/22 | 42.87 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (7.84) | (8.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.91) | (0.91) | 33.91 | (19.35) | 298972 | &nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp; 19  |
| 07/01/20 | 06/30/21 | 30.86 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;12.19 | 12.01 | &nbsp;&nbsp;&nbsp; — | &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; 23  |
| **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 | 06/30/25 | 15.50 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | 2.60 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 18.10 | 16.77 | 71081 | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp; 73  |
| 07/01/23 | 06/30/24 | 13.55 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | 1.95 | &nbsp;&nbsp;&nbsp; — | &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; 63  |
| 07/01/22 | 06/30/23 | 12.29 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | 2.07 | &nbsp;&nbsp;&nbsp; — | &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; 55  |
| 07/01/21 | 06/30/22 | 19.86 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (5.73) | (5.82) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.75) | (1.75) | 12.29 | (31.54) | 94754 | &nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp; 48  |
| 07/01/20 | 06/30/21 | 13.86 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | 6.00 | &nbsp;&nbsp;&nbsp; — | &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; 48  |
| **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 | 06/30/25 | 15.33 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | 2.56 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 17.89 | 16.70 | 1450 | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; 73  |
| 07/01/23 | 06/30/24 | 13.42 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | 1.91 | &nbsp;&nbsp;&nbsp; — | &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; 63  |
| 07/01/22 | 06/30/23 | 12.20 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | 2.03 | &nbsp;&nbsp;&nbsp; — | &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; 55  |
| 07/01/21 | 06/30/22 | 19.76 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (5.70) | (5.81) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.75) | (1.75) | 12.20 | (31.70) | 22897 | &nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp; 48  |
| 07/01/20 | 06/30/21 | 13.81 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | 5.95 | &nbsp;&nbsp;&nbsp; — | &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; 48  |
| **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 | 06/30/25 | 45.51 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | 2.09 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.60) | (2.60) | 45.00 | 4.37 | 514753 | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; 28  |
| 07/01/23 | 06/30/24 | 44.48 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | 1.03 | &nbsp;&nbsp;&nbsp; — | &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; 28  |
| 07/01/22 | 06/30/23 | 41.98 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | 5.82 | &nbsp;&nbsp;&nbsp; — | &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; 29  |
| 07/01/21 | 06/30/22 | 63.00 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (13.47) | (13.79) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (7.23) | (7.23) | 41.98 | (24.11) | 1165292 | &nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 44.31 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;19.48 | 19.14 | &nbsp;&nbsp;&nbsp; — | &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; 32  |
| **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 | 06/30/25 | 22.59 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 1.01 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.29) | (1.29) | 22.31 | 4.24 | 410466 | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp; 28  |
| 07/01/23 | 06/30/24 | 22.12 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | 0.47 | &nbsp;&nbsp;&nbsp; — | &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; 28  |
| 07/01/22 | 06/30/23 | 20.91 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | 2.86 | &nbsp;&nbsp;&nbsp; — | &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; 29  |
| 07/01/21 | 06/30/22 | 31.42 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (6.71) | (6.91) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.60) | (3.60) | 20.91 | (24.23) | 707378 | &nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 22.13 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | 9.51 | &nbsp;&nbsp;&nbsp; — | &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; 32  |
| **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 | 06/30/25 | 21.32 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | 0.90 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.22) | (1.22) | 21.00 | 3.97 | 7048 | &nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp; 28  |
| 07/01/23 | 06/30/24 | 20.93 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 0.39 | &nbsp;&nbsp;&nbsp; — | &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; 28  |
| 07/01/22 | 06/30/23 | 19.83 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | 2.67 | &nbsp;&nbsp;&nbsp; — | &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; 29  |
| 07/01/21 | 06/30/22 | 29.88 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (6.37) | (6.63) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.42) | (3.42) | 19.83 | (24.44) | 9309 | &nbsp;&nbsp;&nbsp; (0.99) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 21.10 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;9.25 | 8.99 | &nbsp;&nbsp;&nbsp; — | &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; 32  |
| **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 | 06/30/25 | 30.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | 1.61 | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (4.28) | (4.74) | 27.17 | 3.93 | 630241 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; 39  |
| 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) | &nbsp;&nbsp; (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; 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) | &nbsp;&nbsp; (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; 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) | &nbsp;&nbsp; (0.10) | (0.20) | 26.09 | (11.45) | 562382 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &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) | &nbsp;&nbsp; — | (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; 42  |
| **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 | 06/30/25 | 30.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | 1.57 | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (4.28) | (4.70) | 27.10 | 3.78 | 545969 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp; 39  |
| 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) | &nbsp;&nbsp; (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; 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) | &nbsp;&nbsp; (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; 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) | &nbsp;&nbsp; (0.10) | (0.15) | 26.04 | (11.59) | 564689 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &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) | &nbsp;&nbsp; — | (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; 42 |

---

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

70<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>**  | **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>**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>**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:**  |
| **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 | 06/30/25 | $29.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | 1.48 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (4.28) | (4.60) | $26.85 | 3.50% | $1788 | &nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 39%  |
| 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) | &nbsp;&nbsp; (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; 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) | &nbsp;&nbsp; (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; 35  |
| 07/01/21 | 06/30/22 | 29.43 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; (3.43) | (3.46) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.10) | (0.11) | 25.86 | (11.82) | 3154 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &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) | &nbsp;&nbsp; — | (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; 42  |
| **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 | 06/30/25 | 9.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.67 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.02) | (0.08) | 10.31 | 6.96 | 92870 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; 43  |
| 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) | &nbsp;&nbsp; — | (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; 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; — | &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; 66  |
| 09/30/21^ | 06/30/22 | 10.00 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (2.24) | (2.26) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 7.74 | (22.60) | 32915 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &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 | 06/30/25 | 9.69 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.65 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.02) | (0.07) | 10.27 | 6.74 | 6553 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp; 43  |
| 07/01/23 | 06/30/24 | 8.79 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.90 | &nbsp;&nbsp;&nbsp; (0.00) | &nbsp;&nbsp; — | (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; 32  |
| 07/01/22 | 06/30/23 | 7.73 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 1.06 | &nbsp;&nbsp;&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; 66  |
| 09/30/21^ | 06/30/22 | 10.00 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (2.25) | (2.27) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 7.73 | (22.70) | 812 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &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 | 06/30/25 | 12.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | 1.68 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.17) | (0.30) | 13.65 | 13.76 | 157962 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; 29  |
| 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) | &nbsp;&nbsp; — | (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; 37  |
| 02/28/23^ | 06/30/23 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (0.03) | 0.03 | &nbsp;&nbsp;&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; 7  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/24 | 06/30/25 | 12.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | 1.65 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.17) | (0.28) | 13.61 | 13.60 | 680 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; 29  |
| 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) | &nbsp;&nbsp; — | (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; 37  |
| 02/28/23^ | 06/30/23 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.03) | 0.02 | &nbsp;&nbsp;&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; 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 | 06/30/25 | 25.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | 4.37 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | (0.14) | 30.12 | 16.95 | 2389294 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; 22  |
| 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) | &nbsp;&nbsp; — | (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; 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) | &nbsp;&nbsp; — | (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; 19  |
| 07/01/21 | 06/30/22 | 22.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (4.19) | (4.09) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.25) | (0.27) | 18.24 | (18.34) | 1048587 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &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) | &nbsp;&nbsp; — | (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; 14  |
| **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 | 06/30/25 | 25.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | 4.32 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | (0.10) | 30.01 | 16.78 | 28370 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; 22  |
| 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) | &nbsp;&nbsp; — | (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) | &nbsp;&nbsp; — | (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;&nbsp; (4.17) | (4.10) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.25) | (0.26) | 18.18 | (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) | &nbsp;&nbsp; — | (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  |
| **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 | 06/30/25 | 10.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | 1.66 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.02) | (0.13) | 12.26 | 15.64 | 40955 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; 47  |
| 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) | &nbsp;&nbsp; — | (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) | &nbsp;&nbsp; — | (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;&nbsp; (1.63) | (1.57) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 8.43 | (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\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/24 | 06/30/25 | 10.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | 1.64 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.02) | (0.12) | 12.21 | 15.49 | 1067 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; 47  |
| 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) | &nbsp;&nbsp; — | (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) | &nbsp;&nbsp; — | (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;&nbsp; (1.63) | (1.58) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 8.42 | (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 |

---

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>**  | **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>**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>**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 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\*** |  |
| 07/01/24 | 06/30/25 | $9.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.59 | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp; — | (0.36) | $9.78 | &nbsp;&nbsp; 6.24%  | $126532 | &nbsp;&nbsp;&nbsp; 3.68% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 50%  |
| 07/01/23 | 06/30/24 | 9.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (0.05) | 0.27 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | (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;&nbsp; (0.38) | (0.14) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp; — | (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;&nbsp; (0.94) | (0.82) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (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) | &nbsp;&nbsp; (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  |
| **Advisor Shares\*** | **Advisor Shares\*** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 07/01/24 | 06/30/25 | 9.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.54 | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp; — | (0.33) | 9.53 | 5.89 | 2051 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/23 | 06/30/24 | 9.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp; (0.05) | 0.24 | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp; — | (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;&nbsp; (0.37) | (0.16) | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp; — | (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;&nbsp; (0.93) | (0.83) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (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) | &nbsp;&nbsp; (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  |
| **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\*** |  |
| 07/01/24 | 06/30/25 | 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.47 | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp; — | (0.38) | 8.49 | 5.68 | 569475 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 104  |
| 07/01/23 | 06/30/24 | 8.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.19) | 0.16 | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp; — | (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;&nbsp; (0.54) | (0.29) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp; — | (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;&nbsp; (1.13) | (0.99) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (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) | &nbsp;&nbsp; (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  |
| **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 | 06/30/25 | 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 0.48 | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp; — | (0.38) | 8.50 | 5.75 | 6337 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 104  |
| 07/01/23 | 06/30/24 | 8.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.21) | 0.14 | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp; — | (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;&nbsp; (0.53) | (0.29) | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp; — | (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;&nbsp; (1.13) | (1.00) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (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) | &nbsp;&nbsp; (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  |
| **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 | 06/30/25 | 9.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.14) | 0.17 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp; — | (0.34) | 9.67 | 1.70 | 164284 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 46  |
| 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) | &nbsp;&nbsp; — | (0.31) | 9.84 | 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) | &nbsp;&nbsp; — | (0.27) | 9.79 | 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;&nbsp; (1.04) | (0.85) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp; — | (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) | &nbsp;&nbsp; — | (0.26) | 10.88 | 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  |
| **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 | 06/30/25 | 9.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (0.13) | 0.23 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp; — | (0.37) | 9.18 | 2.44 | 1008523 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 40  |
| 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) | &nbsp;&nbsp; — | (0.38) | 9.32 | 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) | &nbsp;&nbsp; — | (0.33) | 9.29 | 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;&nbsp; (1.08) | (0.90) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (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) | &nbsp;&nbsp; — | (0.27) | 10.50 | 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  |
| **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 | 06/30/25 | 9.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.14) | 0.21 | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp; — | (0.36) | 9.18 | 2.28 | 11418 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 40  |
| 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) | &nbsp;&nbsp; — | (0.37) | 9.33 | 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) | &nbsp;&nbsp; — | (0.32) | 9.29 | 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;&nbsp; (1.07) | (0.90) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (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) | &nbsp;&nbsp; — | (0.26) | 10.50 | 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 |

---

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>**  | **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>**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>**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 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 | 06/30/25 | $9.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (0.13) | 0.19 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | (0.32) | $8.91 | 2.15% | $291746 | &nbsp;&nbsp;&nbsp; 3.59% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp; 37%  |
| 07/01/23 | 06/30/24 | 9.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (0.02) | 0.30 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; — | (0.32) | 9.04 | 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;&nbsp; (0.03) | 0.21 | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp; — | (0.24) | 9.06 | 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;&nbsp; (1.01) | (0.86) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.10) | (0.24) | 9.09 | (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) | &nbsp;&nbsp; (0.01) | (0.14) | 10.19 | 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  |
| **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 | 06/30/25 | 8.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 0.55 | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | (0.40) | 9.04 | 6.29 | 288985 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 221  |
| 07/01/23 | 06/30/24 | 9.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp; (0.21) | 0.16 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp; — | (0.37) | 8.89 | 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;&nbsp; (0.48) | (0.20) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp; — | (0.29) | 9.10 | (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;&nbsp; (0.92) | (0.82) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp; — | (0.15) | 9.59 | (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) | &nbsp;&nbsp; — | (0.06) | 10.56 | 1.53 | 288526 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 148  |
| **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 | 06/30/25 | 8.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.54 | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | (0.40) | 9.05 | 6.10 | 692 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 221  |
| 07/01/23 | 06/30/24 | 9.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (0.20) | 0.16 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp; — | (0.37) | 8.91 | 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;&nbsp; (0.47) | (0.20) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp; — | (0.29) | 9.12 | (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;&nbsp; (0.91) | (0.82) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | (0.14) | 9.61 | (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) | &nbsp;&nbsp; — | (0.06) | 10.57 | 1.48 | 31876 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 148  |
| **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 | 06/30/25 | 13.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | 5.19 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.42) | (0.70) | 18.03 | 40.15  | 575188 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; 47  |
| 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) | &nbsp;&nbsp; — | (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; 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) | &nbsp;&nbsp; (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; 73  |
| 07/01/21 | 06/30/22 | 13.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (1.68) | (1.53) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.10) | (1.21) | 10.34 | (12.75) | 232340 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &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) | &nbsp;&nbsp; (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; 51  |
| **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 | 06/30/25 | 13.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | 5.17 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.42) | (0.68) | 17.98 | 40.04 | 89761 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp; 47  |
| 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) | &nbsp;&nbsp; — | (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; 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) | &nbsp;&nbsp; (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; 73  |
| 07/01/21 | 06/30/22 | 13.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (1.67) | (1.54) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.10) | (1.19) | 10.30 | (12.89) | 19007 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &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) | &nbsp;&nbsp; (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; 51  |
| **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 | 06/30/25 | 13.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | 5.05 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.42) | (0.63) | 17.70 | 39.65 | 19113 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp; 47  |
| 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) | &nbsp;&nbsp; — | (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; 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) | &nbsp;&nbsp; (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; 73  |
| 07/01/21 | 06/30/22 | 12.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (1.65) | (1.55) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.10) | (1.16) | 10.17 | (13.09) | 2387 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &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) | &nbsp;&nbsp; (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; 51  |
| **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 | 06/30/25 | 15.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.35 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.99) | (1.21) | 14.57 | 1.94 | 1650416 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp; 27  |
| 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) | &nbsp;&nbsp; — | (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; 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) | &nbsp;&nbsp; (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; 17  |
| 07/01/21 | 06/30/22 | 14.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (1.42) | (1.19) | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.98) | (1.18) | 12.04 | (8.68) | 1237283 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &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) | &nbsp;&nbsp; — | (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; 42  |
| **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 | 06/30/25 | 15.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.32 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.99) | (1.19) | 14.51 | 1.74 | 18010 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; 27  |
| 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) | &nbsp;&nbsp; — | (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; 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) | &nbsp;&nbsp; (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; 17  |
| 07/01/21^ | 06/30/22 | 14.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (1.42) | (1.21) | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.98) | (1.18) | 12.02 | (8.87) | 208 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; 33  |

---

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>**  | **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>**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>**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 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^ | 06/30/25 | $10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | $10.89 | 8.90% | $306181 | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 73%  |
| **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^ | 06/30/25 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.88 | 8.80 | 127 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; 73 |

---

\* Redemption fees of less than $0.005/share are not presented and are included in net realized & unrealized gains (losses) from investment operations.

^ 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.

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**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025** 

**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 covered by this report (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 sustainable investment 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 sustainable investment 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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**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

&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  |
| 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 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.

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**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

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.** 

**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.** 

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**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

**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 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 $943,552 or 0.1% of Small-Cap Growth Fund's net assets. The following is a summary of inputs used to value the Funds' investments as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Growth Equity Fund** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $630419237 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 15341927 |  | —  |
| **Total Investments** | $645761164 | $— | $—  |
| **Flexible Equity Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1010401515 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 21549965 |  | —  |
| **Total Investments** | $1031951480 | $— | $—  |
| **Sustainable Growth Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $8848050728 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 96947803 |  | —  |
| **Total Investments** | $8944998531 | $— | $—  |
| **Mid-Cap Growth Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $69113166 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 3477727 |  | —  |
| **Total Investments** | $72590893 | $— | $—  |
| **Small-Cap Growth Fund†**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $901960501 | $— | $—  |
| &nbsp;&nbsp;&nbsp; REIT^ | 11204059 |  | —  |
| &nbsp;&nbsp;&nbsp; Private Placements |  |  | 943552  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 21637639 |  | —  |
| **Total Investments** | $934802199 | $— | $943552  |
| **Small-Cap Fundamental Value Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1081603701 | $— | $—  |
| &nbsp;&nbsp;&nbsp; REIT^ | 55273222 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 44721141 |  | —  |
| **Total Investments** | $1181598064 | $— | $—  |

---

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**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Sustainable Small-Cap Core Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $93121312 | $— | $—  |
| &nbsp;&nbsp;&nbsp; REIT^ | 3872254 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 4466566 |  | —  |
| **Total Investments** | $101460132 | $— | $—  |
| **Sustainable Value Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $152204909 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 8394822 |  | —  |
| **Total Investments** | $160599731 | $— | $—  |
| **Global Leaders Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $66857396 | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 67553616 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 80532368 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 162537022 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 76428748 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 44872088 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 59544880 | 51209462 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 54669845 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 73950426 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 59759613 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 312412608 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 1253606861 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 57968478 |  | —  |
| **Total Investments** | $1497737228 | $924166183 | $—  |
| **Sustainable International Leaders Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $1345986 | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1331057 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 2139455 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 1104494 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 4272683 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 4313787 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1598186 | 524946 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 983929 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 1482098 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 2821811 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 911575 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 954423 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 1657570 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 1440476 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 11496617 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 2442330 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1026773 |  | —  |
| **Total Investments** | $9184808 | $32663388 | $—  |

---

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**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Intermediate Income Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities | $— | $41997948 | $—  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 39590853 | —  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 35315724 | —  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 5661370 | —  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 2337628 | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage-Backed Securities |  | 609812 | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 605542 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1116950 |  | —  |
| **Total Investments** | $1116950 | $126118877 | $—  |
| **Futures Contracts - Long\*** | $161196 | $— | $—  |
| **Futures Contracts - Short\*** | $(171835) | $— | $—  |
| **Sustainable Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $214819592 | $—  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities |  | 169566134 | —  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 121999173 | —  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agency Issues |  | 29229459 | —  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 27487452 | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 8984788 | —  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 5308982 |  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 765637 |  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 12026912 | 799163 | —  |
| **Total Investments** | $12026912 | $578960380 | $—  |
| **Futures Contracts - Long\*** | $669293 | $— | $—  |
| **Futures Contracts - Short\*** | $(237079) | $— | $—  |
| **Maryland Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $159791041 | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2977259 |  | —  |
| **Total Investments** | $2977259 | $159791041 | $—  |
| **Tax-Exempt Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $1008582681 | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 27798454 |  | —  |
| **Total Investments** | $27798454 | $1008582681 | $—  |
| **Tax-Exempt Sustainable Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $283605105 | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 7986029 |  | —  |
| **Total Investments** | $7986029 | $283605105 | $—  |

---

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**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Mortgage Securities Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities | $— | $284538687 | $—  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 13242924 | —  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 10271097 | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 2919676 | —  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 356236 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 13292743 |  | —  |
| **Total Investments** | $13292743 | $311328620 | $—  |
| **Futures Contracts - Long\*** | $123912 | $— | $—  |
| **Futures Contracts - Short\*** | $(697457) | $— | $—  |
| **WMC Strategic European Equity Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $24425738 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 33298382 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic |  | 4551173 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 29244454 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 12597582 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 90630700 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 82569797 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 6804253 | 37931740 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 5777356 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 16801824 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 7363537 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 13275623 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 26869598 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 17859145 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 43929044 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 184676227 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 7162361 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 6907745 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 27455721 |  | —  |
| **Total Investments** | $41422335 | $638709665 | $—  |
| **Beutel Goodman Large-Cap Value Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1625178221 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 28157097 |  | —  |
| **Total Investments** | $1653335318 | $— | $—  |
| **WMC Japan Equity Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $— | $290970114 | $—  |
| &nbsp;&nbsp;&nbsp; REIT^ |  | 5110974 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 12580377 |  | —  |
| **Total Investments** | $12580377 | $296081088 | $— |

---

<sup>^</sup> Real Estate Investment Trusts

<sup>\*</sup> 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.

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**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

&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 some of the Funds 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 a Fund 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 is included on the Statement of Assets and Liabilities as Non-U.S. Deferred Tax.

&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 year ended June 30, 2025.

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**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

&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 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

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**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

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 the year ended as of the date of this report, the Tax-Exempt Bond Fund engaged in TOB transactions and $83,829 of such expenses were incurred. As of the date of this report, the Tax-Exempt Bond Fund has $6,000,000 in outstanding floating rate obligations related to its tender option bond transactions. The average amount of outstanding floating rate note obligations for the Tax-Exempt Bond Fund during the period of this report was $2,416,438. The average rate of interest expense on the floating rate note obligations for the Tax-Exempt Bond Fund during the period of this report was 2.93%.

&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 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 (2022-2024) as of June 30, 2025 or are expected to be taken in the Funds' 2025 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.

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**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Segment Reporting – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

**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%  |
| Small-Cap Fundamental Value | 0.85%  |
| Sustainable Small-Cap Core | 0.85%  |
| Sustainable Value | 0.60%  |
| Global Leaders<sup>1</sup> | 0.65%  |
| Sustainable International Leaders<sup>1</sup> | 0.75%  |
| Intermediate Income | 0.30%  |
| Sustainable Bond | 0.30%  |
| Maryland Bond | 0.30%  |
| Tax-Exempt Bond. | 0.30%  |
| Tax-Exempt Sustainable Bond | 0.30%  |
| Mortgage Securities. | 0.30%  |
| WMC Strategic European Equity<sup>2</sup>. | 0.90%  |
| Beutel Goodman Large-Cap Value<sup>3</sup>. | 0.45%  |
| WMC Japan Equity<sup>2</sup>. | 0.80% |

---

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**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

<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 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> 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 | 0.82% | 0.97% | 1.22%  |
| Small-Cap Growth | 1.04% | 1.19% | 1.44%  |
| Small-Cap Fundamental Value | 1.03% | 1.18% | 1.43%  |
| Sustainable Small-Cap Core | 0.93% | 1.08% | 1.33%  |
| Global Leaders | 0.87% | 1.02% | 1.27%  |
| Sustainable International Leaders | 0.85% | 1.00% | 1.25%  |
| Intermediate Income | 0.48% | 0.53% | 0.78%  |
| Sustainable Bond | 0.53% | 0.58% | 0.83%  |
| Maryland Bond and Mortgage Securities | 0.55% | 0.60% | 0.85%  |
| Tax-Exempt Bond and Tax-Exempt Sustainable Bond | 0.62% | 0.67% | 0.92%  |
| WMC Strategic European Equity | 1.11% | 1.26% | 1.51%  |
| Sustainable Value and Beutel Goodman Large-Cap Value | 0.70% | 0.85% | 1.10%  |
| WMC Japan Equity | 1.00% | 1.15% | 1.40% |

---

During the year ended June 30, 2025, the Adviser waived $29,045 in expenses for Mid-Cap Growth Fund, $100,400 in expenses for Sustainable Small-Cap Core Fund, $74,924 in expenses for Sustainable Value Fund, $116,788 in expenses for Sustainable International Leaders Fund, and $12,480 in expenses for WMC Japan Equity 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,**  |
|  | **2026** | **2027** | **2028** | **Total**  |
| Mid-Cap Growth Fund | $11288 | $17028 | $29045 | $57361  |
| Sustainable Small-Cap Core Fund | 96918 | 92246 | 100400 | 289564  |
| Sustainable Value Fund | 56368 | 75923 | 74924 | 207215  |
| Sustainable International Leaders Fund | 110385 | 104346 | 116788 | 331519  |
| WMC Japan Equity Fund  | N/A  | N/A  | 12480  | 12480 |

---

During the year ended June 30, 2025, the Adviser recovered $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.** 

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**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

**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 June 30, 2025, 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 year ended June 30, 2025, 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.

See the table below for details of the Intermediate Income Fund's investment in the Mortgage Securities Fund Institutional Shares for the year ended June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>**6/30/2025** | **Dividend** <br>**Income** | **Capital Gain** <br>**Distributions** | **Shares** <br>**Owned at** <br>**6/30/2025**  |
| $15322826 | $— | $(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 year ended June 30, 2025, the WMC Strategic European Equity Fund and WMC Japan Equity Fund engaged in such securities purchases of $256,253 and $889,437, respectively. The WMC Strategic European Equity Fund engaged in such securities sales of $672,075, resulting in realized gain of $154,078. These transactions are included in the purchases and sales table in Note 4.** 

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**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

**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 year ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Growth Equity | $232533414 | $836034617 |
| Flexible Equity | 164927193 | 186095583  |
| Sustainable Growth | 2958302289 | 4824238572 |
| Mid-Cap Growth | 59096744 | 98406246  |
| Small-Cap Growth | 379162071 | 1081142489 |
| Small-Cap Fundamental Value | 514767357 | 690138896 |
| Sustainable Small-Cap Core | 58561504 | 37061911 |
| Sustainable Value | 77171203 | 36024398 |
| Global Leaders | 561784603 | 471047470 |
| Sustainable International Leaders | 17202247 | 19241751  |
| Intermediate Income | 69599340 | 58530196  |
| Sustainable Bond | 605515868 | 621530069  |
| Maryland Bond | 76399367 | 78902925  |
| Tax-Exempt Bond | 511147410 | 395949836  |
| Tax-Exempt Sustainable Bond | 120528971 | 105019872  |
| Mortgage Securities | 685514144 | 678165398  |
| WMC Strategic European Equity | 380160398 | 191056800  |
| Beutel Goodman Large-Cap Value | 490922987 | 686559926  |
| WMC Japan Equity | 378924897 | 108405014 |

---

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 June 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  |
| Intermediate Income  | $18313826  | $19604734  |
| Sustainable Bond  | 80630962  | 42929015 |

---

**NOTE 5. FEDERAL INCOME TAX AND DISTRIBUTION INFORMATION** 

At June 30, 2025, 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  | $339312605  | $434961718  | $5295438935  | $55645340  | $748805051  | $1042538039  |
| Unrealized appreciation  | 319995189  | 610464899  | 3824058843  | 19182338  | 274411843  | 272815228  |
| Unrealized depreciation  | (13546630)  | (13475137)  | (174499247)  | (2236785)  | (87471143)  | (133755203)  |
| Net unrealized app (dep)  | 306448559  | 596989762  | 3649559596  | 16945553  | 186940700  | 139060025  |
| Undistributed income  | 7613474  | 7370038  | —  | —  | 1976145  | —  |
| Undistributed capital gains | 161873734  | 50365804  | 818543589  | 12585563  | 91496409  | 67947549  |
| &nbsp;&nbsp;&nbsp; Total undistributed <br>earnings  | 169487208  | 57735842  | 818543589  | 12585563  | 93472554  | 67947549  |
|  Other accumulated gains (losses)  | —  | —  | —  | (121950)  | —  | —  |
|  Total distributable earnings (losses)  | $475935767  | $654725604  | $4468103185  | $29409166  | $280413254  | $207007574 |

---

88<br>

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

**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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  | $93495300  | $133883666  | $1541894415  | $33352518  | $129747977  | $596187752  |
| Unrealized appreciation  | 18421337  | 33497248  | 912202565  | 10283072  | 779127  | 6058840  |
| Unrealized depreciation  | (10456505)  | (6781183)  | (32193569)  | (1787394)  | (3291277)  | (11259300)  |
| Net unrealized app (dep)  | 7964832  | 26716065  | 880008996  | 8495678  | (2512150)  | (5200460)  |
| Undistributed income  | —  | 1714189  | 10270906  | 559798  | 334399  | 1591912  |
| &nbsp;&nbsp;&nbsp; Undistributed capital <br>gains  | —  | 791589  | 67454645  | 852882  | —  | —  |
| &nbsp;&nbsp;&nbsp; Total undistributed <br>earnings  | —  | 2505778  | 77725551  | 1412680  | 334399  | 1591912  |
|  Other accumulated gains (losses)  | (370893)  | —  | (3452078)  | 4976  | (12941660)  | (127849428)  |
|  Total distributable earnings (losses)  | $7593939  | $29221843  | $954282469  | $9913334  | $(15119411)  | $(131457976) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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**  |
| Cost of investments  | $168691945  | $1041047866  | $299301619  | $335986667  | $521252841  |
| Unrealized appreciation  | 948201  | 14277714  | 1450842  | 2402670  | 177024617  |
| Unrealized depreciation  | (6871846)  | (18944445)  | (9161327)  | (13767974)  | (18145458)  |
| Net unrealized app (dep)  | (5923645)  | (4666731)  | (7710485)  | (11365304)  | 158879159  |
| Undistributed income  | 406,942^  | 2,620,595^  | 665,224^  | 860965  | 10103131  |
| Undistributed capital gains  | —  | —  | —  | —  | 28178720  |
| Total undistributed earnings  | 406942  | 2620595  | 665224  | 860965  | 38281851  |
| Other accumulated gains (losses)  | (11132884)  | (106224260)  | (22897057)  | (32925192)  | 111276  |
| Total distributable earnings (losses)  | $(16649587)  | $(108270396)  | $(29942318)  | $(43429531)  | $197272286 |

---

---

| | | |
|:---|:---|:---|
|  | **Beutel Goodman** <br>**Large-Cap Value** <br>**Fund** | **WMC Japan** <br>**Equity Fund**  |
| Cost of investments | $1370478137 | $287622254  |
| Unrealized appreciation | 386340832 | 28964264  |
| Unrealized depreciation | (103483651) | (7925053)  |
| Net unrealized app (dep) | 282857181 | 21039211  |
| Undistributed income | 18715129 | 7097153  |
| Undistributed capital gains |  | —  |
| Total undistributed earnings | 18715129 | 7097153  |
| Other accumulated gains (losses) | (33495586) | (937787)  |
| Total distributable earnings (losses) | $268076724 | $27198577 |

---

^ Represents income that is exempt from federal income taxes.

At June 30, 2025 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.

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**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

At June 30, 2025, the following capital loss carryforwards and tax deferrals were available and outstanding, respectively:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | **Capital Loss** <br>**Carryforwards** <br>**Utilized** | **Tax Deferrals** | **Tax Deferrals** |
| <br>**Fund** | **Short-Term** | **Long-Term** | **Total** | **Capital Loss** <br>**Carryforwards** <br>**Utilized** | **Post-October**<br>**Capital Losses** | **Post-December**<br>**Ordinary Losses**  |
| Growth Equity | $— | $— | $— | &nbsp;&nbsp;&nbsp; $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Flexible Equity |  |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Sustainable Growth |  |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Mid-Cap Growth |  |  |  | &nbsp;&nbsp;&nbsp; 5309932  |  | &nbsp;&nbsp;&nbsp;&nbsp; (121950)  |
| Small-Cap Growth |  |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Small-Cap Fundamental Value |  |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Sustainable Small-Cap Core |  |  |  | &nbsp;&nbsp;&nbsp; — | (370893) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Sustainable Value |  |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Global Leaders |  |  |  | &nbsp;&nbsp;&nbsp; 6003410  |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Sustainable International Leaders |  |  |  | &nbsp;&nbsp;&nbsp; 226375  |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Intermediate Income | (3322709) | (9322612) | (12645321) | &nbsp;&nbsp;&nbsp; 86640  |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Sustainable Bond | (61685424)\*  | (64774946)\* | (126460370) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Maryland Bond | (520419) | (10206289) | (10726708) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Tax-Exempt Bond | (31109114) | (72498087) | (103607201) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Tax-Exempt Sustainable Bond | (4023116) | (18208643) | (22231759) | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Mortgage Securities | (25429242) | (6734097) | (32163339) | &nbsp;&nbsp;&nbsp; 408  |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| WMC Strategic European Equity |  |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Beutel Goodman Large-Cap Value |  |  |  | &nbsp;&nbsp;&nbsp; — | (33495586) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| WMC Japan Equity |  |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

\* Subject to an annual use limitation.

Distributions during the fiscal periods ended as noted were characterized for tax purposes as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Tax Exempt Income** | **Tax Exempt Income** | **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain^** | **Long-Term Capital Gain^** |
| <br>**Fund** | **June 30,** <br>**2025** | **June 30,** <br>**2024** | **June 30,** <br>**2025** | **June 30,** <br>**2024** | **June 30,** <br>**2025** | **June 30,** <br>**2024** |
| Growth Equity | $— | $— | $43084378 | $— | $416720745 | $150454901 |
| Flexible Equity |  |  | 6762519 | 2099783 | 40696186 | 18908484 |
| Sustainable Growth |  |  |  | 633371 | 499075486 | 427 |
| Mid-Cap Growth |  |  |  |  |  |  |
| Small-Cap Growth |  |  | 6117074 |  | 75779338 |  |
| Small-Cap Fundamental Value |  |  | 45883923  | 8209043 | 164240805 | 67260302 |
| Sustainable Small-Cap Core |  |  | 531144 | 104510 | 190242 |  |
| Sustainable Value |  |  | 2349208 | 659597 | 459255 |  |
| Global Leaders |  |  | 10960233 | 8773970 |  |  |
| Sustainable International Leaders |  |  | 338796 | 153689 | 56740 |  |
| Intermediate Income |  |  | 4550072 | 3968874 |  |  |
| Sustainable Bond |  |  | 25830699 | 24951274 |  |  |
| Maryland Bond | 5671998 | 5095216 | 114001 | 198465 |  |  |
| Tax-Exempt Bond | 37559015 | 31623163 | 2342706 | 2643317 |  |  |
| Tax-Exempt Sustainable Bond | 9331719 | 9552568 | 1111086 | 834512 |  |  |
| Mortgage Securities |  |  | 12865253 | 12150981 |  |  |
| WMC Strategic European Equity |  |  | 9566606 | 3666703 | 7838162 |  |
| Beutel Goodman Large-Cap Value |  |  | 40959276 | 30539664 | 110348814 |  |
| WMC Japan Equity |  | N/A |  | N/A |  | N/A |

---

<sup>^</sup> 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 to reduce earnings

and profits of the Fund related to net capital gains to zero as of the date of this report.

U.S GAAP requires that certain components of net assets (presented on the Statements of Assets and Liabilities) be reclassified for permanent differences between financial reporting and tax reporting. These reclassifications are primarily the result of net operating losses, investments in real estate investment trusts, foreign currency transactions,

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**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

distribution reclassifications, equalization, and income adjustments to asset-backed security transactions. These reclassifications have no impact on the net assets of the Funds or the Funds' NAV's. For the year ended June 30, 2025, the following reclassifications were made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in** <br>**Capital** | **Distributable** <br>**Earnings (Loss)**  |
| Growth Equity | $169322285 | $(169322285)  |
| Flexible Equity | 3150383 | (3150383) |
| Sustainable Growth | 150653601 | (150653601)  |
| Mid-Cap Growth | 2200746 | (2200746)  |
| Small-Cap Growth | 48587448 | (48587448)  |
| Small-Cap Fundamental Value | 24018498 | (24018498) |
| Sustainable Small-Cap Core | (171727) | 171727 |
| Sustainable Value | 403146 | (403146) |
| Global Leaders | 3506374 | (3506374) |
| Sustainable International Leaders | 152422 | (152422) |
| Intermediate Income |  | —  |
| Sustainable Bond |  | —  |
| Maryland Bond |  | —  |
| Tax-Exempt Bond |  | —  |
| Tax-Exempt Sustainable Bond |  |  |
| Mortgage Securities |  | —  |
| WMC Strategic European Equity | 4342233 | (4342233)  |
| Beutel Goodman Large-Cap Value | 8683141 | (8683141)  |
| WMC Japan Equity | 74890 | (74890) |

---

**NOTE 6. FUTURES CONTRACTS** 

The Intermediate Income Fund, Sustainable Bond Fund, and Mortgage Securities Fund invested in futures contracts during the year ended June 30, 2025. 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, if there are any, are included on the Statements of Assets and Liabilities as part of "Total investments, at value". These securities are also tick marked 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

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**BROWN ADVISORY FUNDS** 

**Notes to Financial Statements** 

**June 30, 2025(Continued)** 

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.

During the year ended June 30, 2025, 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; $17802260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3985645  |
| Sustainable Bond | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 96303480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36367260  |
| Mortgage Securities | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 13499789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16097147 |

---

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 June 30, 2025, Brown Advisory Funds has a secured line of credit of up to $200,000,000 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 year ended June 30, 2025. 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; $14230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%  |
| Small-Cap Growth | $19231000 | &nbsp;&nbsp;&nbsp; $52688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%  |
| Sustainable International Leaders | $2283000 | &nbsp;&nbsp;&nbsp; $15622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.06% |

---

**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 June 30, 2025 that would require recognition or disclosure in these financial statements.

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**BROWN ADVISORY FUNDS** 

**Report of Independent Registered Public Accounting Firm** 

**To the Shareholders and Board of Trustees** 

**Brown Advisory Funds** 

**Baltimore, MD** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of 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 – Beutel Goodman Large-Cap Value Fund and Brown Advisory – WMC Japan Equity Fund (the "Funds"), each a series of Brown Advisory Funds (the "Trust"), including the schedules of investments, as of June 30, 2025, the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2025, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting** <br>**Brown Advisory Funds**  | **Statement of** <br>**Operations**  | **Statements of** <br>**Changes in Net Assets**  | **Financial Highlights**  |
| 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 Global 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 – Beutel Goodman Large-Cap Value Fund  | For the year ended June 30, 2025  | For each of the two years in the period ended June 30, 2025  | For each of the five years in the period ended June 30, 2025  |
| Brown Advisory Sustainable Small-Cap Core Fund  | For the year ended June 30, 2025  | For each of the two years in the period ended June 30, 2025  | For each of the three years in the period ended June 30, 2025 and for the period from September 30, 2021 (commencement of operations) through June 30, 2022  |
| Brown Advisory Sustainable International Leaders Fund  | For the year ended June 30, 2025  | For each of the two years in the period ended June 30, 2025  | For each of the three years in the period ended June 30, 2025 and for the period from February 28, 2022 (commencement of operations) through June 30, 2022  |

---

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**BROWN ADVISORY FUNDS** 

**Report of Independent Registered Public Accounting Firm(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting** <br>**Brown Advisory Funds**  | **Statement of** <br>**Operations**  | **Statements of** <br>**Changes in Net Assets**  | **Financial Highlights**  |
| Brown Advisory Sustainable Value Fund  | For the year ended June 30, 2025  | For each of the two years in the period ended June 30, 2025  | For each of two years in the period ended June 30, 2025 and for the period from February 28, 2023 (commencement of operations) through June 30, 2023  |
| Brown Advisory – WMC Japan Equity Fund  | For the period from September 30, 2024 (commencement of operations) through June 30, 2025  | For the period from September 30, 2024 (commencement of operations) through June 30, 2025  | For the period from September 30, 2024 (commencement of operations) through June 30, 2025 |

---

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2008.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](efp-17377-signaturex1.jpg)

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania** 

**August 29, 2025**

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**BROWN ADVISORY FUNDS** 

**Federal Tax Status of Distributions Declared during the Tax Year (Unaudited)** 

For Federal Income Tax purposes, distributions from short-term capital gains are classified as ordinary income. The percentage of ordinary income distributions designated as qualifying for the corporate dividend received deduction ("DRD"), the individual qualified dividend rate ("QDI"), the qualifying interest income exempt from U.S. tax for foreign shareholders ("QII") and the qualifying short-term capital gain distributions exempt from U.S. tax for foreign shareholders ("QSTCG") is presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Income Distributions** <br>**Exempt from** <br>**Federal Tax** | **QDI** | **DRD** | **QII** | **QSTCG**  |
| Growth Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 19.58% | 18.27% | 0.00% | 100.00% |
| Flexible Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 98.50% | 78.36% | 0.00% | 53.72% |
| Sustainable Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Mid-Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Small-Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 100.00% | 100.00% | 0.00% | 100.00% |
| Small-Cap Fundamental Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 63.70% | 61.61% | 0.00% | 64.50% |
| Sustainable Small-Cap Core | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 100.00% | 100.00% | 0.00% | 39.52% |
| Sustainable Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 76.23% | 53.56% | 0.00% | 48.20% |
| Global Leaders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 100.00% | 55.03% | 0.00% | 0.00% |
| Sustainable International Leaders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 100.00% | 1.43% | 0.00% | 0.00% |
| Intermediate Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 0.00% | 0.00% | 100.00% | 0.00% |
| Sustainable Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 0.00% | 0.00% | 100.00% | 0.00% |
| Maryland Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.03% | 0.00% | 0.00% | 100.00% | 0.00% |
| Tax-Exempt Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94.13% | 0.00% | 0.00% | 100.00% | 0.00% |
| Tax-Exempt Sustainable Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89.36% | 0.00% | 0.00% | 100.00% | 0.00% |
| Mortgage Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 0.00% | 0.00% | 100.00% | 0.00% |
| WMC Strategic European Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 100.00% | 0.00% | 0.00% | 24.98% |
| Beutel Goodman Large-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 86.84% | 84.14% | 0.00% | 30.36% |
| WMC Japan Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

95<br>

------

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

**BROWN ADVISORY FUNDS** 

**Additional Information (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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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** <br>**after Meeting** | **Votes For** | **Votes Withheld**  |
| Darrell N. Braman | X |  | 779581957 | 2091271  |
| Margaret W. Adams |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X | 767967265 | 13705963  |
| Michael D. Hankin |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X | 779414186 | 2259042  |
| Henry H. Hopkins |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X | 768947235 | 12725993  |
| Georgette D. Kiser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X | 771920564 | 9752664  |
| Thomas F. O'Neil III |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X | 769349047 | 12324181  |
| Neal F. Triplett |  | &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 as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies. Trustee fees is included on the Statement of Operations for each fund.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable to any fund included in this document.

96<br>

**<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. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have 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.* Filed herewith.](baa-efp17377_ex99codeeth.htm)

&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.](baa-efp17377_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.](baa-efp17377_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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Paul J. Chew |
|  | Paul J. Chew, Principal Executive Officer |

---

Date <u>September 8, 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 8, 2025</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jason T. Meix |
|  | Jason T. Meix, Principal Financial Officer |

---

Date <u>September 8, 2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**EX.99.CODE ETH**

BROWN ADVISORY FUNDS

**Code of Ethics<br> For Principal Executive Officer and Principal Financial Officer**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Brown Advisory Funds' (the "Trust") Code of Ethics for access persons (the "Investment Company Act Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Act Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **HONEST AND ETHICAL CONDUCT** 

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **FINANCIAL RECORDS AND REPORTING** 

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **COMPLIANCE WITH THIS CODE OF ETHICS** 

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **AMENDMENT AND WAIVER** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940.

**Adopted by the Board of Trustees on May 2, 2012**

## 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 8, 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 8, 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, 2025 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 8, 2025</u> Dated: <u>September 8, 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.