# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001133228-25-009931
**Filing Date:** 2025-9
**Character Count:** 113493
**Document Hash:** e329e4b1c6f9064318b0d22deeaeb160
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009931.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001133228-25-009931

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251330510

**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 Emerging Markets Select Fund (Series ID: S000039101)

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

?xml version='1.0' encoding='ASCII'? 2025-06-26190837_BrownAdvisoryEmergingMarketsSelectFund_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>**

 **<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 Emerging Markets Select** **Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFQX  | ![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 Emerging Markets Select 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 | $116 | 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 MSCI Emerging Markets Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Stock selection drove the Fund's underperformance while geographic allocation contributed slightly. Geographically, the biggest contributions were the Fund's overweight allocations to two small markets, Hungary and Peru. This was partially offset by the negative impact of an overweight allocation to India. Stock selection was weakest within China, particularly in the Consumer Discretionary and Information Technology sectors.

**POSITIONING**

The Fund's sub-advisers reacted differently to the opportunity set presented to them. Pzena trimmed Financials exposure as those holdings appreciated toward target prices and they continued to increase exposure to Korea and Hong Kong. Wellington increased exposure to China and Hong Kong while rotating capital out of Korea and India.

The Fund's biggest geographic overweight is Singapore, while its biggest underweight is Africa and the Middle East. The Fund's China and Hong Kong benchmark relative weight changed from a 1.74% overweight to a 0.48% underweight. The Fund's biggest sector overweight was Consumer Discretionary while the biggest underweight was Materials.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Taiwan Semiconductor Manufacturing Co., Ltd. |
| ↑ | Tencent Holdings Ltd |
| ↑ | Alibaba Group Holding Limited |
| ↑ | KB Financial Group Inc. |
| ↑ | WH Group Ltd. (HK) |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Samsung Electronics Co., Ltd. |
| ↓ | Meituan Class B |
| ↓ | Sasol Limited |
| ↓ | Proya Cosmetics Co., Ltd. Class A |
| ↓ | Natura Cosmeticos SA |

---

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

------

**PERFORMANCE**

The Fund posted positive returns for the period. Chinese equities rebounded in late 2024 on improved sentiment around fiscal and monetary support. In early 2025, broad emerging markets gained modestly, supported by optimism in China, Korea, and Brazil and a rally in Eastern Europe amid renewed hopes for a Ukraine-Russia resolution.

**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](ts4590img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Shares**  | 11.76 | 8.97 | 4.29 |
| **MSCI Emerging Markets Index**  | 15.29 | 6.81 | 4.81 |

---

\* **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** | $664911235 |
| **Number of Holdings** | 105 |
| **Net Advisory Fee** | $5694560 |
| **Portfolio Turnover** | 59% |

---

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

Brown Advisory Emerging Markets Select Fund PAGE 2 TSR-AR-115233652

------

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

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 25.8% |
|  Information Technology  | 22.0% |
|  Consumer Discretionary  | 16.5% |
|  Communication Services  | 8.4% |
|  Consumer Staples  | 5.6% |
|  Industrials  | 4.7% |
|  Real Estate  | 4.7% |
|  Materials  | 3.5% |
|  Utilities  | 2.6% |
|  Cash & Other  | 6.2% |

---

\* 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** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 11.4% |
|  Tencent Holdings Ltd.  | 5.2% |
|  Samsung Electronics Co. Ltd.  | 4.5% |
|  Alibaba Group Holding Ltd.  | 3.6% |
|  HDFC Bank Ltd.  | 2.5% |
|  iShares MSCI All Country Asia ex Japan Exchange Traded Fund  | 2.2% |
|  First American Government Obligations Fund  | 1.8% |
|  KB Financial Group, Inc.  | 1.8% |
|  ICICI Bank Ltd.  | 1.7% |
|  SK Hynix, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  China  | 29.1% |
|  India  | 19.2% |
|  Taiwan  | 14.5% |
|  South Korea  | 12.1% |
|  United States  | 5.9% |
|  Brazil  | 5.7% |
|  Singapore  | 4.4% |
|  Thailand  | 2.5% |
|  Indonesia  | 2.4% |
|  Hungary  | 1.4% |

---

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

**HOUSEHOLDING**

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

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund PAGE 3 TSR-AR-115233652

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Emerging Markets Select** **Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAQX  | ![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 Emerging Markets Select 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 | $132 | 1.25% |

---

**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 MSCI Emerging Markets Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Stock selection drove the Fund's underperformance while geographic allocation contributed slightly. Geographically, the biggest contributions were the Fund's overweight allocations to two small markets, Hungary and Peru. This was partially offset by the negative impact of an overweight allocation to India. Stock selection was weakest within China, particularly in the Consumer Discretionary and Information Technology sectors.

**POSITIONING**

The Fund's sub-advisers reacted differently to the opportunity set presented to them. Pzena trimmed Financials exposure as those holdings appreciated toward target prices and they continued to increase exposure to Korea and Hong Kong. Wellington increased exposure to China and Hong Kong while rotating capital out of Korea and India.

The Fund's biggest geographic overweight is Singapore, while its biggest underweight is Africa and the Middle East. The Fund's China and Hong Kong benchmark relative weight changed from a 1.74% overweight to a 0.48% underweight. The Fund's biggest sector overweight was Consumer Discretionary while the biggest underweight was Materials.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Taiwan Semiconductor Manufacturing Co., Ltd. |
| ↑ | Tencent Holdings Ltd |
| ↑ | Alibaba Group Holding Limited |
| ↑ | KB Financial Group Inc. |
| ↑ | WH Group Ltd. (HK) |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Samsung Electronics Co., Ltd. |
| ↓ | Meituan Class B |
| ↓ | Sasol Limited |
| ↓ | Proya Cosmetics Co., Ltd. Class A |
| ↓ | Natura Cosmeticos SA |

---

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

------

**PERFORMANCE**

The Fund posted positive returns for the period. Chinese equities rebounded in late 2024 on improved sentiment around fiscal and monetary support. In early 2025, broad emerging markets gained modestly, supported by optimism in China, Korea, and Brazil and a rally in Eastern Europe amid renewed hopes for a Ukraine-Russia resolution.

**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](ts4591img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Shares**  | 11.57 | 8.81 | 4.12 |
| **MSCI Emerging Markets Index**  | 15.29 | 6.81 | 4.81 |

---

\* **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** | $664911235 |
| **Number of Holdings** | 105 |
| **Net Advisory Fee** | $5694560 |
| **Portfolio Turnover** | 59% |

---

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

Brown Advisory Emerging Markets Select Fund PAGE 2 TSR-AR-115233645

------

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

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 25.8% |
|  Information Technology  | 22.0% |
|  Consumer Discretionary  | 16.5% |
|  Communication Services  | 8.4% |
|  Consumer Staples  | 5.6% |
|  Industrials  | 4.7% |
|  Real Estate  | 4.7% |
|  Materials  | 3.5% |
|  Utilities  | 2.6% |
|  Cash & Other  | 6.2% |

---

\* 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** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 11.4% |
|  Tencent Holdings Ltd.  | 5.2% |
|  Samsung Electronics Co. Ltd.  | 4.5% |
|  Alibaba Group Holding Ltd.  | 3.6% |
|  HDFC Bank Ltd.  | 2.5% |
|  iShares MSCI All Country Asia ex Japan Exchange Traded Fund  | 2.2% |
|  First American Government Obligations Fund  | 1.8% |
|  KB Financial Group, Inc.  | 1.8% |
|  ICICI Bank Ltd.  | 1.7% |
|  SK Hynix, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  China  | 29.1% |
|  India  | 19.2% |
|  Taiwan  | 14.5% |
|  South Korea  | 12.1% |
|  United States  | 5.9% |
|  Brazil  | 5.7% |
|  Singapore  | 4.4% |
|  Thailand  | 2.5% |
|  Indonesia  | 2.4% |
|  Hungary  | 1.4% |

---

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

**HOUSEHOLDING**

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

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund PAGE 3 TSR-AR-115233645

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Emerging Markets Select** **Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAQAX  | ![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 Emerging Markets Select 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 | $158 | 1.50% |

---

**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 MSCI Emerging Markets Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Stock selection drove the Fund's underperformance while geographic allocation contributed slightly. Geographically, the biggest contributions were the Fund's overweight allocations to two small markets, Hungary and Peru. This was partially offset by the negative impact of an overweight allocation to India. Stock selection was weakest within China, particularly in the Consumer Discretionary and Information Technology sectors.

**POSITIONING**

The Fund's sub-advisers reacted differently to the opportunity set presented to them. Pzena trimmed Financials exposure as those holdings appreciated toward target prices and they continued to increase exposure to Korea and Hong Kong. Wellington increased exposure to China and Hong Kong while rotating capital out of Korea and India.

The Fund's biggest geographic overweight is Singapore, while its biggest underweight is Africa and the Middle East. The Fund's China and Hong Kong benchmark relative weight changed from a 1.74% overweight to a 0.48% underweight. The Fund's biggest sector overweight was Consumer Discretionary while the biggest underweight was Materials.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Taiwan Semiconductor Manufacturing Co., Ltd. |
| ↑ | Tencent Holdings Ltd |
| ↑ | Alibaba Group Holding Limited |
| ↑ | KB Financial Group Inc. |
| ↑ | WH Group Ltd. (HK) |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Samsung Electronics Co., Ltd. |
| ↓ | Meituan Class B |
| ↓ | Sasol Limited |
| ↓ | Proya Cosmetics Co., Ltd. Class A |
| ↓ | Natura Cosmeticos SA |

---

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

------

**PERFORMANCE**

The Fund posted positive returns for the period. Chinese equities rebounded in late 2024 on improved sentiment around fiscal and monetary support. In early 2025, broad emerging markets gained modestly, supported by optimism in China, Korea, and Brazil and a rally in Eastern Europe amid renewed hopes for a Ukraine-Russia resolution.

**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](ts4589img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Shares**  | 11.32 | 8.55 | 3.86 |
| **MSCI Emerging Markets Index**  | 15.29 | 6.81 | 4.81 |

---

\* **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** | $664911235 |
| **Number of Holdings** | 105 |
| **Net Advisory Fee** | $5694560 |
| **Portfolio Turnover** | 59% |

---

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

Brown Advisory Emerging Markets Select Fund PAGE 2 TSR-AR-115233637

------

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

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 25.8% |
|  Information Technology  | 22.0% |
|  Consumer Discretionary  | 16.5% |
|  Communication Services  | 8.4% |
|  Consumer Staples  | 5.6% |
|  Industrials  | 4.7% |
|  Real Estate  | 4.7% |
|  Materials  | 3.5% |
|  Utilities  | 2.6% |
|  Cash & Other  | 6.2% |

---

\* 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** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 11.4% |
|  Tencent Holdings Ltd.  | 5.2% |
|  Samsung Electronics Co. Ltd.  | 4.5% |
|  Alibaba Group Holding Ltd.  | 3.6% |
|  HDFC Bank Ltd.  | 2.5% |
|  iShares MSCI All Country Asia ex Japan Exchange Traded Fund  | 2.2% |
|  First American Government Obligations Fund  | 1.8% |
|  KB Financial Group, Inc.  | 1.8% |
|  ICICI Bank Ltd.  | 1.7% |
|  SK Hynix, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  China  | 29.1% |
|  India  | 19.2% |
|  Taiwan  | 14.5% |
|  South Korea  | 12.1% |
|  United States  | 5.9% |
|  Brazil  | 5.7% |
|  Singapore  | 4.4% |
|  Thailand  | 2.5% |
|  Indonesia  | 2.4% |
|  Hungary  | 1.4% |

---

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

**HOUSEHOLDING**

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

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund PAGE 3 TSR-AR-115233637

------

&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 | $20900 | $20475 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3050 | $3000 |
| (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)

![](brownadvisorylogo.jpg)

**BROWN ADVISORY EMERGING MARKETS SELECT FUND** 

Core Financial Statements

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#alb) | [3](#alb) |
| [Statement of Operations](#sop) | [5](#sop) |
| [Statements of Changes in Net Assets](#scna) | [6](#scna) |
| [Financial Highlights](#fihi) | [7](#fihi) |
| [Notes to Financial Statements](#notes) | [8](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep1) | [15](#rep1) |
| [Additional Information (Unaudited)](#ai1) | [17](#ai1) |

---

------

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

**BROWN ADVISORY EMERGING MARKETS SELECT FUND** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.8%**<br>|  |  |
| **Brazil - 3.4%**<br>|  |  |
| Ambev SA | 2282400 | $5583018  |
| Banco do Brasil SA | 741500 | 3025723  |
| Natura & Co. Holding SA<sup>(a)</sup> | 2197800 | 4469951  |
| Neoenergia SA | 1075200 | 5054317  |
| Vale SA | 465900 | 4519138  |
|  |  | 22652147  |
| **China - 29.1%**<br>|  |  |
| AIA Group Ltd | 1158059 | 10490212  |
| Alibaba Group Holding Ltd. | 1694879 | 23992622  |
| ANTA Sports Products Ltd. | 477546 | 5778203  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 8203 | 703489  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 483250 | 5178958  |
|  Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - Class A | 1665100 | 2494758  |
|  Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - Class A | 802500 | 1202356  |
| BYD Co. Ltd. - Class A | 124581 | 5774769  |
|  China Merchants Bank Co. Ltd. - Class H | 900500 | 6316973  |
|  China Overseas Land & Investment Ltd. | 4116746 | 7176290  |
| &nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. <br>Ltd. - Class H | 1553988 | 5346290  |
| &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. <br>Ltd. - Class A | 597650 | 4754163  |
| &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. <br>Ltd. - Class A | 31600 | 251370  |
| Galaxy Entertainment Group Ltd | 1434000 | 6392198  |
| &nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd. - <br>Class H | 2125400 | 6107553  |
| Kanzhun Ltd.<sup>(a)</sup> | 402199 | 3608445  |
| KE Holdings, Inc. - Class A | 905281 | 5402644  |
| Meituan - Class B<sup>(a)</sup> | 431454 | 6940387  |
| &nbsp;&nbsp;&nbsp; NAURA Technology Group <br>Co. Ltd. - Class A | 50885 | 3142765  |
|  People's Insurance Co. Group of China Ltd. - Class H | 618000 | 471720  |
|  Ping An Insurance Group Co. of China Ltd. - Class A | 133500 | 1034516  |
|  Ping An Insurance Group Co. of China Ltd. - Class H | 438000 | 2795894  |
| Tencent Holdings Ltd | 540279 | 34813209  |
| Trip.com Group Ltd | 77968 | 4566160  |
| Weichai Power Co. Ltd. - Class H | 3663000 | 7457936  |
| WH Group Ltd | 8445500 | 8139706  |
| Yue Yuen Industrial Holdings Ltd | 1101500 | 1689796  |
| Yum China Holdings, Inc | 116135 | 5215000  |
|  Zhejiang Longsheng Group Co. Ltd. - Class A | 1813900 | 2572322 |
| Zhongsheng Group Holdings Ltd. | 1794500 | 2775564  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd. - <br>Class H  | 1928641 | $4960102  |
| ZTO Express Cayman, Inc. - ADR | 243134 | 4315628  |
| ZTO Express Cayman, Inc | 72950 | 1291589  |
|  |  | 193153587  |
| **Hungary - 1.4%**<br>|  |  |
| OTP Bank Nyrt | 66487 | 5314313  |
| Richter Gedeon Nyrt | 134564 | 3966459 |
|  |  | 9280772  |
| **India - 19.2%**<br>|  |  |
| Amber Enterprises India Ltd.<sup>(a)</sup> | 47881 | 3781259  |
| Apollo Hospitals Enterprise Ltd. | 41489 | 3504876  |
| Ashok Leyland Ltd. | 1072635 | 3139823  |
| Axis Bank Ltd. | 360930 | 5047989  |
| Bajaj Auto Ltd. | 33506 | 3272719  |
| Bajaj Finance Ltd. | 544450 | 5946131  |
| Bajaj Finserv Ltd. | 255491 | 6125075  |
| Bharti Airtel Ltd. | 321519 | 7537714  |
| DLF Ltd. | 583907 | 5708225  |
| Five-Star Business Finance Ltd.<sup>(a)</sup> | 361904 | 3259806  |
| Godrej Consumer Products Ltd. | 243287 | 3343373  |
| HDFC Bank Ltd. | 712195 | 16626522  |
| ICICI Bank Ltd. | 650577 | 10994584  |
| Indraprastha Gas Ltd. | 1316612 | 3343069  |
| JSW Energy Ltd. | 376880 | 2295834  |
| Jubilant Foodworks Ltd. | 369040 | 3020469  |
| Larsen & Toubro Ltd. | 118366 | 5066208  |
| Macrotech Developers Ltd. | 447788 | 7239700  |
| Mahindra & Mahindra Ltd. | 166068 | 6163985  |
| Oberoi Realty Ltd. | 235010 | 5225243  |
| SBI Life Insurance Co. Ltd. | 250567 | 5371298  |
| Tech Mahindra Ltd. | 174082 | 3425715  |
| UPL Ltd. | 586842 | 4526730  |
| Varun Beverages Ltd. | 743745 | 3968662  |
|  |  | 127935009  |
| **Indonesia - 2.4%**<br>|  |  |
| Bank Central Asia Tbk PT | 13093426 | 6999060  |
| &nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero <br>Tbk PT | 14555651 | 3694275  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br>Tbk PT | 22136300 | 5103754  |
|  |  | 15797089  |
| **Kazakhstan - 0.6%**<br>|  |  |
| Kaspi.KZ JSC - ADR | 46349 | 3934567  |
| **Russia - 0.0%<sup>(b)</sup>**<br>|  |  |
|  Sberbank of Russia PJSC - ADR<sup>(a)(c)(d)</sup> | 184769 | 1848  |
| **Saudi Arabia - 0.6%**<br>|  |  |
| Saudi Arabian Oil Co. | 565302 | 3665373  |

---

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

1<br>

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

**BROWN ADVISORY EMERGING MARKETS SELECT FUND** 

**Schedule of Investments** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Singapore - 4.4%**<br>|  |  |
| DBS Group Holdings Ltd | 206489 | $7289506  |
| Grab Holdings Ltd. - Class A<sup>(a)</sup> | 1341063 | 6745547  |
| &nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. <br>Ltd. | 406396 | 5211344  |
| United Overseas Bank Ltd.  | 166317 | 4707389  |
| Wilmar International Ltd.  | 2439208 | 5505974  |
|  |  | 29459760  |
| **South Korea - 12.1%** |  |  |
| DB Insurance Co. Ltd.  | 45121 | 4117408  |
| Hankook Tire & Technology Co. Ltd. | 178507 | 5244377  |
| Hyundai Mobis Co. Ltd.  | 30601 | 6491947  |
| Hyundai Motor Co.  | 46301 | 6952440  |
| KB Financial Group, Inc. | 145201 | 11932077 |
| Samsung Electronics Co. Ltd.  | 669598 | 29610709  |
| Shinhan Financial Group Co. Ltd.  | 130200 | 5902859  |
| SK Hynix, Inc.  | 48692 | 10492231  |
|  |  | 80744048  |
| **Taiwan - 14.5%**<br>|  |  |
| Airtac International Group  | 115838 | 3448854  |
| Compal Electronics, Inc. | 1817140 | 1807410  |
| Delta Electronics, Inc. | 364023 | 5151272  |
| Hon Hai Precision Industry Co. Ltd. | 998000 | 5506302  |
| Nien Made Enterprise Co. Ltd. | 33000 | 460055  |
| Realtek Semiconductor Corp. | 225722 | 4383746  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 2073023 | 75809112  |
|  |  | 96566751  |
| **Thailand - 2.5%**<br>|  |  |
| Bangkok Bank PCL - NVDR  | 530300 | 2269072  |
| Bangkok Bank PCL | 511600 | 2211091  |
| Indorama Ventures PCL - NVDR  | 4102000 | 2563910  |
| SCB X PCL | 1429700 | 5116443  |
| True Corp. PCL - NVDR<sup>(a)</sup>  | 12005854 | 4106128  |
|  |  | 16266644  |
| **Turkey - 0.5%**<br>|  |  |
| Akbank TAS | 1825167 | 3127846  |
| **United Arab Emirates - 0.2%**<br>|  |  |
| Abu Dhabi Commercial Bank PJSC | 380161 | 1395391  |
| **United States - 1.9%**<br>|  |  |
|  Cognizant Technology Solutions Corp. - Class A | 93145 | 7268104  |
| Credicorp Ltd. | 24921 | 5570342  |
|  |  | 12838446  |
| **Vietnam - 1.0%**<br>|  |  |
| Vietnam Dairy Products JSC | 2947290  | 6544393  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $478,695,978)** |  | 623363671  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 2.3%**<br>|  |  |
| **Brazil - 2.3%**<br>|  |  |
| Cia Energetica de Minas Gerais | 3201443 | $6393340  |
| Itau Unibanco Holding SA | 718630 | 4876754  |
| Petroleo Brasileiro SA  | 686500 | 3963760  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br>**(Cost $11,328,323)**  |  | 15233854  |
| **EXCHANGE TRADED FUNDS - 2.2%** | **EXCHANGE TRADED FUNDS - 2.2%** |  |
|  iShares MSCI All Country Asia ex Japan Exchange Traded Fund | 174784 | 14440654  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS**<br>**(Cost $14,341,501)** |  | 14440654  |
| **SHORT-TERM INVESTMENTS - 1.8%** | **SHORT-TERM INVESTMENTS - 1.8%** |  |
| **Money Market Funds - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class Z, <br>4.21%<sup>(e)</sup> | 12251061 | 12251061  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $12,251,061)** |  | 12251061  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 100.1%**<br>**(Cost $516,616,863)**  |  | $665289240  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other<br>Assets - (0.1)% |  | (378005)  |
| **TOTAL NET ASSETS - 100.0%** |  | $664911235 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

JSC - Public Joint Stock Company

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PJSC - Public Joint Stock Company

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

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

<sup>(c)</sup> Security is being fair valued, using significant unobservable inputs (Level 3), in accordance with the policies and procedures adopted by the Fund. These securities represented $1,848 or 0.0% of net assets as of June 30, 2025.

<sup>(d)</sup> Restricted security as to resale. As of the date of this report, the Fund held restricted securities with a fair value of $1,848 or 0.0% of net assets. Security was acquired from December 2021 to February 2022 at an acquisition cost of $2,890,347.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

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

2<br>

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

**BROWN ADVISORY EMERGING MARKETS SELECT FUND** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**June 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS**<br>|  |
| Investments:<br>|  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $516616863  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 148672377  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 665289240  |
| Foreign currency (Cost $4,308,867) | 4301450  |
| Receivables:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments sold | 16526871  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 35744  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 3612011  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 42363  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 47727  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 689855406  |
| **LIABILITIES**<br>|  |
| Payables:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 17058200  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 2782226  |
| Accrued Liabilities:<br>|  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Deferred tax | 4442208  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 487243  |
| &nbsp;&nbsp;&nbsp; Service fees | 618  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 28773  |
| &nbsp;&nbsp;&nbsp; Business management fees | 27069  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 4101  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 51  |
| &nbsp;&nbsp;&nbsp; Professional fees | 29924  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 75777  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 7981  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 24944171  |
| **NET ASSETS** | $664911235  |
| **COMPONENTS OF NET ASSETS**<br>|  |
| Paid-in capital | $582126609  |
| Total distributable earnings (loss) | 82784626  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $664911235  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |
| **Institutional Shares:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net assets | $659819891  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 51591447  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $12.79  |
| **Investor Shares:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net assets | $4836558  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 378701  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $12.77  |

---

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

3<br>

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

**BROWN ADVISORY EMERGING MARKETS SELECT FUND** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**June 30, 2025(Continued)** 

---

| | |
|:---|:---|
| **Advisor Shares:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net assets | $254786  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 19912  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $12.80 |

---

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

4<br>

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

**BROWN ADVISORY EMERGING MARKETS SELECT FUND** 

**STATEMENT OF OPERATIONS** 

**For the Year Ended June 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME**<br>|  |
| Dividend income | $20417401  |
| Less: foreign taxes withheld | (1982682)  |
| Interest Income | 594755  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 19029474  |
| **EXPENSES**<br>|  |
| Investment advisory fees | 5694560  |
| Business management fees | 316365  |
| Custodian fees | 505971  |
| Administration, accounting and transfer agent fees | 164539  |
| Registration fees | 54327  |
| Miscellaneous expenses | 119279  |
| Service fees - Investor Shares (Note 3) | 6583  |
| Professional fees | 51021  |
| Trustee fees | 29699  |
| Distribution fees - Advisor Shares (Note 3) | 574  |
| Service fees - Advisor Shares (Note 3) | 344  |
| Insurance fees | 7264  |
| Interest expense on line of credit (Note 6) | 2837  |
| &nbsp;&nbsp;&nbsp; Total expenses | 6953363  |
| **Net investment income (loss)** | 12076111  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 20990186  |
| &nbsp;&nbsp;&nbsp; Less: foreign capital gains taxes paid | (3093310)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | (262665)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17634211  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 38690130  |
| &nbsp;&nbsp;&nbsp; Non-U.S. deferred tax on unrealized appreciation | 1214853  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | 100203  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 40005186  |
| **Net realized and unrealized gain (loss)** | 57639397  |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $69715508 |

---

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

5<br>

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

**Brown Advisory Emerging Markets Select Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended June 30,**  | **Fiscal Year Ended June 30,**  |
|  | **2025** | **2024**  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $12076111 | $10388673  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17634211 | 1881851  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 40005186 | 51942385  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 69715508 | 64212909  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (11936670) | (9908444)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (91912) | (42165)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (3598) | (2868)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (12032180) | (9953477)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| Sale of shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 118192433 | 103628440  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 2268655 | 2038116  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 42820 | 41245  |
| Reinvestment of distributions:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 2679950 | 2327569  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 89778 | 41242  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 3597 | 2868  |
| Redemption of shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (140615689) | (75126322)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1096032) | (1165890)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (37335) | (57975)  |
| Redemption fees:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | 168  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  | 1  |
| &nbsp;&nbsp;&nbsp; Advisor Shares |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | (18471823) | 31729462  |
| **Increase (decrease) in net assets** | 39211505 | 85988894  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 625699730 | 539710836  |
| &nbsp;&nbsp;&nbsp; End of period | $664911235 | $625699730  |
| **SHARE TRANSACTIONS**<br>|  |  |
| Sale of shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 9795447 | 9490076  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 188339 | 192775  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 3520 | 3726  |
| Reinvestment of distributions:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 230039 | 220623  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 7713 | 3909  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 308 | 271  |
| Redemption of shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (11750202) | (6971087)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (93552) | (111247)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (3169) | (5362)  |
| **Increase (decrease) in shares outstanding** | (1621557) | 2823684 |

---

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

6<br>

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

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share**<br>**Outstanding**<br>**Throughout**<br>**Each Fiscal Period:** | **For a Share**<br>**Outstanding**<br>**Throughout**<br>**Each Fiscal Period:** | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment** <br>**Income**<br>(Loss) | **Net**<br>**Realized**<br>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment** <br>**Income**<br>(Loss) | **Net**<br>**Realized**<br>**&**<br>**Unrealized**<br>**Gains**<br>(Losses) | **Total** | **Net**<br>**Investment**<br>**Income** | **Net**<br>**Realized**<br>**Gains** | **Total** | **Net**<br>**Asset**<br>**Value,**<br>**End of**<br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net**<br>**Assets at**<br>**End of** <br>**Period**<br>**(000's)** | **Net**<br>**Investment**<br>**Income**<br>(Loss) | **Net**<br>**Expenses** | **Gross**<br>**Expenses<sup>(d)</sup>** | **Portfolio**<br>**Turnover**<br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  | **Brown Advisory Emerging Markets Select Fund**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/24 | 06/30/25 | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 1.35 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; — | (0.23) | $12.79 | &nbsp;&nbsp; 11.76% | $659820 | &nbsp;&nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 59%  |
| 07/01/23 | 06/30/24 | 10.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 1.23 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; — | (0.19) | 11.67 | 11.74 | 622254 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/22 | 06/30/23 | 10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 0.63 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; — | (0.13) | 10.63 | 6.27 | 537466 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 69  |
| 07/01/21 | 06/30/22 | 12.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (2.50) | (2.36) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; — | (0.08) | 10.13 | &nbsp;&nbsp; (18.87) | 504216 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | 3.78 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | (0.07) | 12.57 | 42.71 | 529908 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 61  |
| **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 | 11.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 1.33 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; — | (0.22) | 12.77 | 11.57 | 4837 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp; 59  |
| 07/01/23 | 06/30/24 | 10.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 1.21 | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — | (0.17) | 11.66 | 11.60 | 3220 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/22 | 06/30/23 | 10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.60 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; — | (0.11) | 10.62 | 6.01 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp; 69  |
| 07/01/21 | 06/30/22 | 12.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (2.50) | (2.37) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — | (0.06) | 10.13 | &nbsp;&nbsp; (18.93) | 4368 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | 3.76 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; — | (0.05) | 12.56 | 42.56 | 5908 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp; 61  |
| **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 | &nbsp;&nbsp; $11.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 1.30 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; — | (0.19) | 12.80 | 11.32 | 255 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp; 59  |
| 07/01/23 | 06/30/24 | 10.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 1.19 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; — | (0.15) | 11.69 | 11.32 | 225 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/22 | 06/30/23 | 10.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.58 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; — | (0.09) | 10.65 | 5.76 | 220 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp; 69  |
| 07/01/21 | 06/30/22 | 12.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (2.50) | (2.40) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; — | (0.04) | 10.16 | &nbsp;&nbsp; (19.11) | 27 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | 3.74 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | (0.01) | 12.60 | 42.17 | 24 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |

---

\* Redemption fees of less than $0.005/share are not presented and are included in net realized & unrealized gains (losses) from investment operations.

<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 Statement 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. Brown Advisory Emerging Markets Select Fund (the "Fund") is a series of shares offered by the Trust. The Fund seeks to achieve total return by investing principally in equity securities issued by companies established or operating in emerging markets. The Fund offers Institutional Shares, Investor Shares, and Advisor Shares. The inception date of each class of shares of the Fund was December 12, 2012.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is an investment company and follows 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 Fund has adopted pricing and valuation procedures pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the Adviser serves as the Fund's 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 Fund has 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.

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 Fund has 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 Fund that are traded on those foreign exchanges. The Fund utilizes a confidence interval when determining whether 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** 

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

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

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 Fund, the Fund 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 Fund, the Fund 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.

**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 the 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 Fund held Level 3 securities for which significant and unobservable inputs or assumptions were used in the determination of fair value. The total value of such securities held as of the date of this report was $1,848 or 0.0% of the Fund's net assets. The following is a summary of inputs used to value the Fund's investments as of June 30, 2025:

**Emerging Markets Select Fund\***

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $22652147 | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 5019117 | 188134470 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary | 3966459 | 5314313 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 127935009 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 15797089 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | 3934567 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 1848  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 3665373 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 6745547 | 22714213 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 80744048 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 96566751 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 16266644 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 3127846 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 1395391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 12838446 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 6544393 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 15233854 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 14440654 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 12251061 |  | —  |
| **Total Investments** | $103626245 | $561661147 | $1848 |

---

\* 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 Fund is subject to foreign income taxes imposed by certain countries in which it invests. 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 Fund 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 Statement of Operations. To the extent that the 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 Fund 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 attributable to more than one fund of the Trust are allocated to the respective funds on the basis of relative net assets or other appropriate methods. Expenses directly attributable to a specific fund in the Trust are allocated to that fund. 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 Fund does not isolate the portion of the results of operations 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. Realized and unrealized gain or loss from investments in forward foreign currency contracts, if any, are presented separately from realized and unrealized gain or loss from investments in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Options – The Fund 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. The Fund did not purchase, sell, or write any options during the year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Distributions to Shareholders – The Fund declares and pays 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

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**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

recorded on the ex-dividend date. If the 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;G. 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;H. Federal Taxes – The 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 Fund recognizes tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities.

The Fund has analyzed its tax positions and has 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 Fund's 2025 tax return. The Fund identifies its major tax jurisdictions as U.S. Federal and Delaware State; however, the Fund is 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;I. Redemption Fees – A shareholder who redeems or exchanges shares of the Fund 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. The Fund reserves the right to modify the terms of or terminate the fee at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Guarantees and Indemnifications – In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. 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 Fund. The Fund operates as a single segment entity. The 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.

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

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

**NOTE 3. AFFILIATED PARTY TRANSACTIONS** 

**Investment Adviser – Brown Advisory LLC serves as Investment Adviser ("the Adviser") to the Fund. 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** | **Annual** <br>**Fee**  |
| Emerging Markets Select<sup>1,2</sup> | 0.90% |

---

<sup>1</sup> Wellington Management Company LLP ("Wellington") serves as sub-adviser to the Fund and makes investment decisions onits behalf. Wellington is compensated for its services by the Adviser.

<sup>2</sup> Pzena Investment Management, LLC ("Pzena") serves as sub-adviser to the Fund and makes investment decisions on its behalf. Pzena is compensated for its services by the Adviser.

These fees are reported on the Fund's Statement 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 Fund's average daily net assets in exchange for its management and oversight of the non-investment advisory services provided to the Fund and the Trust. These fees are reported on the Fund's Statement 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:** | **Institutional** <br>**Shares** | **Investor** <br>**Shares** | **Advisor** <br>**Shares**  |
| Emerging Markets Select  | &nbsp;&nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.57% |

---

During the year ended June 30, 2025, the Adviser did not waive any expenses in the Fund. The Adviser may recoup any waived amounts from the Fund if such reimbursement does not cause the Fund 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 Fund must pay its current ordinary operating expenses before the Adviser is entitled to any recoupment of previously waived fees and/or expenses. As of the date of this report, there are no previously waived expense amounts that the Adviser may recoup.

**Distribution – ALPS Distributors, Inc. (the "Distributor") serves as principal underwriter for shares of the Fund and acts as the Fund's Distributor in a continuous public offering of the Fund's shares.** 

**Rule 12b-1 Distribution Fees – Under a Distribution Plan adopted pursuant to Rule 12b-1 under the Act ("Distribution Plan"), the 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 the 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 Fund's Statement of Operations as "Distribution fees – Advisor Shares".** 

**Shareholder Servicing Fees – The Trust has also adopted a Shareholder Service Plan under which the Fund may pay a fee of up to 0.15% of the average daily net assets of the Fund's Investor and Advisor Shares 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 Fund's Statement of Operations as "Service fees – Investor Shares" and "Service fees – Advisor Shares".** 

**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 Fund's Administrator ("Administrator"), and in that capacity, performs various administrative services for the Fund. Fund Services also serves as the Fund's fund accountant and transfer agent. Certain officers of the Trust are employees of Fund Services and the Fund's 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 Statement of Operations as "Administration, accounting and transfer agent fees"** 

12<br>

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

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

and "Custodian fees", respectively. Additional amounts for miscellaneous expenses may be paid by the Fund to Fund Services and included in "Miscellaneous expenses" in the Statement of Operations.

**Rule 17a-7 Transactions – The 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 1940Act. Pursuant to these procedures, during the year ended June 30, 2025, the Fund engaged in such securities sales of $256,430, resulting in realized loss of $(46,486). These transactions are included in the purchases and sales table in Note 4.** 

**NOTE 4. PURCHASES AND SALES OF SECURITIES** 

The cost of purchases and the proceeds from sales of investments (including maturities), other than short-term investments, for the year ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales**  |
| Emerging Markets Select | $363303874 | $385744868 |

---

**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:

---

| | |
|:---|:---|
|  | **Emerging Markets** <br>**Select Fund**  |
| Cost of investments | &nbsp;&nbsp; $528071379  |
| Unrealized appreciation | &nbsp;&nbsp; 175632011  |
| Unrealized depreciation | &nbsp;&nbsp; (38414150)  |
| Net unrealized app (dep) | &nbsp;&nbsp; 137217861  |
| Undistributed income | &nbsp;&nbsp; 9238559  |
| Undistributed capital gains | &nbsp;&nbsp; —  |
| Total undistributed earnings | &nbsp;&nbsp; 9238559  |
| Other accumulated gains (losses) | &nbsp;&nbsp; (63671794)  |
| Total distributable earnings (losses) | &nbsp;&nbsp; $82784626 |

---

At June 30, 2025 the differences between tax basis and book basis amounts were primarily due to wash sale loss deferrals.

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** | **Tax Deferrals**  | **Tax Deferrals**  |
| <br>**Fund** | **Short-Term** | **Long-Term** | **Total** | **Post-October** <br>**Capital Losses** | **Post-December** <br>**Ordinary Losses**  |
| Emerging Markets Select | $(41366396) | $(13217204) | $(54583600) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

During the year ended June 30, 2025, the Fund utilized $18,258,967 of capital loss carryforwards.

Distributions during the fiscal periods ended as noted were characterized for tax purposes as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain^**  | **Long-Term Capital Gain^**  |
| <br>**Fund** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024**  |
| Emerging Markets Select | $12032180 | $9953477 | $— | $— |

---

U.S GAAP requires that certain components of net assets (presented on the Statement 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,

13<br>

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

**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 Fund or the Fund's NAV's. For the year ended June 30, 2025, there were no reclassifications between paid-in capital and distributable earnings (loss).

**NOTE 6. LINE OF CREDIT** 

As of June 30, 2025, the Trust 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 Fund's borrowing activity during year ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Maximum** <br>**Outstanding** <br>**Balance** | **Average Daily** <br>**Balance** | **Total Interest** <br>**Expense Incurred** | **Average Annual** <br>**Interest Rate**  |
| Emerging Markets Select | $7537000 | &nbsp;&nbsp;&nbsp; $34975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% |

---

**NOTE 7. SUBSEQUENT EVENTS** 

In preparing these financial statements, the Fund has 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.

**NOTE 8. REMEDIATION PLAN**

Subsequent to period end, the Emerging Markets Select Fund ("the Fund") determined that the non-U.S. deferred tax liability included in the calculation of the net asset values per share ("NAV") upon which the shareholders transacted had not been properly accounted for during the period of this report ("overstatement period"). As a result, the Fund's NAVs have been corrected during certain days of the overstatement period.

The Fund's investment adviser, Brown Advisory LLC (the "Adviser"), along with the Fund's other service providers, is assessing the extent to which shareholders who transacted in the Fund during the overstatement period were negatively impacted by the understatement of the Fund's non-U.S. deferred tax liability, including the Fund's overpayment of asset-based fees to affiliates. A remediation plan is being prepared that contemplates payments to shareholders whose accounts or transactions were negatively impacted by the overstatement of the NAVs during the overstatement period. The method of determining the actual remediation payments to be paid to individual shareholders is subject to various factors that are not yet certain and information that is not yet readily available, including retrieval of beneficial owner data for Fund shares held in omnibus accounts. The Fund's Board of Trustees (the "Board") has directed the Adviser to proceed with the remediation plan with any remediation payments to be made directly to affected shareholders outside of the Fund. Accordingly, all shareholder remediation payments are intended to be made directly to affected shareholders and not to the Fund and therefore no provision for such remediation payments have been made in the Fund's financial statements. No remediation payments will be made by the Fund.

14<br>

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

**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 statement of assets and liabilities of the Brown Advisory Emerging Markets Select Fund (the "Fund"), a series of Brown Advisory Funds (the "Trust"), including the schedule of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, 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 Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund's 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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.

![](signature.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**September 17, 2025**

15<br>

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

**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**  |
| Emerging Markets Select | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 42.27% | 0.73% | 0.00% | &nbsp;&nbsp; 0.00% |

---

16<br>

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**[**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 | &nbsp;&nbsp;&nbsp;&nbsp; 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 the fund.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable to any fund included in this document.

17<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 were not effective with respect
 to a material weakness that was detected in the design of controls over the recognition of a non-U.S. deferred tax liability.
 The controls failed to adequately monitor when the amount of net unrealized appreciation on certain foreign securities would trigger the
 need to recognize a non-U.S. deferred tax liability. The Registrant has implemented enhancements to its disclosure controls and procedures
 to remediate the material weakness described above. Other than as described above, such officers have concluded that the disclosure controls
 and procedures were 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) Other than the enhancements to controls noted above that were implemented subsequent to the period covered by this report, there have
 been no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3 (d) under the Act) during
 the period covered by this report and subsequent to the date of their evaluation in connection with the preparation of this Form N-CSR
 that materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](baemsf-efp17661_code.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.](baemsf-efp17661_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.](baemsf-efp17661_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 22, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Paul J. Chew |
|  | Paul J. Chew, Principal Executive Officer |

---

Date <u>September 22, 2025</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jason T. Meix |
|  | Jason T. Meix, Principal Financial Officer |

---

Date <u>September 22, 2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Codeeth

**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;**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;**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;**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;**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;**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 22, 2025 | /s/ Paul J. Chew |
|  |  | Paul J. Chew |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jason T. Meix, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Brown Advisory Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee
of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the Registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the Registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | September 22, 2025 | /s/ Jason T. Meix |
|  |  | Jason T. Meix |
|  |  | Principal Financial Officer |

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## 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.

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| | |
|:---|:---|
| /s/ Paul J. Chew | /s/ Jason T. Meix |
| Paul J. Chew | Jason T. Meix |
| Principal Executive Officer | Principal Financial Officer |

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Dated: <u>September 22, 2025</u> Dated: <u>September 22, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Brown Advisory Funds for purposes of Section 18 of the Securities Exchange Act of 1934.