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: (811-22708)

Brown Advisory Funds
(Exact name of Registrant as specified in charter)

901 South Bond Street Suite 400

Baltimore, MD 21231
(Address of principal executive offices) (Zip code)

Paul J. Chew

Principal Executive Officer

Brown Advisory Funds

901 South Bond Street Suite 400

Baltimore, MD 21231
(Name and address of agent for service)

(410) 537-5400

Registrant’s telephone number, including area code

Date of fiscal year end: June 30

Date of reporting period: June 30, 2024

Item 1. Reports to Stockholders.

(a)

	Brown Advisory Growth Equity Fund
	Institutional Shares | BAFGX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$75	0.68%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Underperformance in the Fund was driven primarily by health care. Sentiment within health care was weak during the 3rd quarter of 2023, as investors continued to deliberate any potential impacts from GLP-1s. Information Technology was the best performing sector both in absolute terms and from a relative perspective, driven by NVIDIA Corporation, a market leader in advanced graphic processing units. The stock traded up sharply over the period following robust financial results and investor excitement for Artificial Intelligence, broadly.

POSITIONING

The Fund’s allocation to Information Technology increased during the period, primarily from strong absolute performance and the additions of Cadence Design Systems, Marvell Technology and Workday. Our exposure to health care also decreased during the period due to the exit of DexCom. While DexCom executed on penetrating several patient populations during our 7-year ownership period, there are fewer unserved patient population into which the company can expand.

PERFORMANCE

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

Top Contributors
↑	NVIDIA Corporation
↑	Costco Wholesale Corporation
↑	ServiceNow, Inc.

Top Detractors
↓	Estee Lauder Companies Inc. Class A
↓	Chewy, Inc. Class A
↓	DexCom, Inc.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Shares	19.68	11.50	12.53
Russell 1000 Index	23.88	14.61	12.51
Russell 1000 Growth Index	33.48	19.34	16.33

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,144,404,469
Number of Holdings	32

Net Advisory Fee	$11,163,764
Portfolio Turnover	33%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Information Technology	35.5%
Health Care	15.9%
Industrials	14.4%
Financials	10.8%
Consumer Discretionary	8.9%
Consumer Staples	4.7%
Communication Services	4.0%
Real Estate	2.7%
Cash & Other	3.1%

Top 10 Issuers	(%)
Amazon.com, Inc.	5.0%
Microsoft Corp.	4.9%
NVIDIA Corp.	4.9%
Costco Wholesale Corp.	4.7%
ServiceNow, Inc.	4.2%
Intuitive Surgical, Inc.	4.2%
Intuit, Inc.	4.0%
Alphabet, Inc.	4.0%
Hilton Worldwide Holdings, Inc.	3.9%
Mastercard, Inc.	3.7%

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

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.

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.

The Brown Advisory Growth Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Growth Equity Fund  PAGE 2  TSR-AR-115233702

	Brown Advisory Growth Equity Fund
	Investor Shares | BIAGX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Shares	$91	0.83%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Underperformance in the Fund was driven primarily by health care. Sentiment within health care was weak during the 3rd quarter of 2023, as investors continued to deliberate any potential impacts from GLP-1s. Information Technology was the best performing sector both in absolute terms and from a relative perspective, driven by NVIDIA Corporation, a market leader in advanced graphic processing units. The stock traded up sharply over the period following robust financial results and investor excitement for Artificial Intelligence, broadly.

POSITIONING

The Fund’s allocation to Information Technology increased during the period, primarily from strong absolute performance and the additions of Cadence Design Systems, Marvell Technology and Workday. Our exposure to health care also decreased during the period due to the exit of DexCom. While DexCom executed on penetrating several patient populations during our 7-year ownership period, there are fewer unserved patient population into which the company can expand.

PERFORMANCE

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

Top Contributors
↑	NVIDIA Corporation
↑	Costco Wholesale Corporation
↑	ServiceNow, Inc.

Top Detractors
↓	Estee Lauder Companies Inc. Class A
↓	Chewy, Inc. Class A
↓	DexCom, Inc.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Shares	19.53	11.33	12.36
Russell 1000 Index	23.88	14.61	12.51
Russell 1000 Growth Index	33.48	19.34	16.33

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,144,404,469
Number of Holdings	32

Net Advisory Fee	$11,163,764
Portfolio Turnover	33%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Information Technology	35.5%
Health Care	15.9%
Industrials	14.4%
Financials	10.8%
Consumer Discretionary	8.9%
Consumer Staples	4.7%
Communication Services	4.0%
Real Estate	2.7%
Cash & Other	3.1%

Top 10 Issuers	(%)
Amazon.com, Inc.	5.0%
Microsoft Corp.	4.9%
NVIDIA Corp.	4.9%
Costco Wholesale Corp.	4.7%
ServiceNow, Inc.	4.2%
Intuitive Surgical, Inc.	4.2%
Intuit, Inc.	4.0%
Alphabet, Inc.	4.0%
Hilton Worldwide Holdings, Inc.	3.9%
Mastercard, Inc.	3.7%

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

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.

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.

The Brown Advisory Growth Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Growth Equity Fund  PAGE 2  TSR-AR-115233504

	Brown Advisory Growth Equity Fund
	Advisor Shares | BAGAX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$118	1.08%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Underperformance in the Fund was driven primarily by health care. Sentiment within health care was weak during the 3rd quarter of 2023, as investors continued to deliberate any potential impacts from GLP-1s. Information Technology was the best performing sector both in absolute terms and from a relative perspective, driven by NVIDIA Corporation, a market leader in advanced graphic processing units. The stock traded up sharply over the period following robust financial results and investor excitement for Artificial Intelligence, broadly.

POSITIONING

The Fund’s allocation to Information Technology increased during the period, primarily from strong absolute performance and the additions of Cadence Design Systems, Marvell Technology and Workday. Our exposure to health care also decreased during the period due to the exit of DexCom. While DexCom executed on penetrating several patient populations during our 7-year ownership period, there are fewer unserved patient population into which the company can expand.

PERFORMANCE

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

Top Contributors
↑	NVIDIA Corporation
↑	Costco Wholesale Corporation
↑	ServiceNow, Inc.

Top Detractors
↓	Estee Lauder Companies Inc. Class A
↓	Chewy, Inc. Class A
↓	DexCom, Inc.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Advisor Shares	19.22	11.06	12.08
Russell 1000 Index	23.88	14.61	12.51
Russell 1000 Growth Index	33.48	19.34	16.33

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,144,404,469
Number of Holdings	32

Net Advisory Fee	$11,163,764
Portfolio Turnover	33%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Information Technology	35.5%
Health Care	15.9%
Industrials	14.4%
Financials	10.8%
Consumer Discretionary	8.9%
Consumer Staples	4.7%
Communication Services	4.0%
Real Estate	2.7%
Cash & Other	3.1%

Top 10 Issuers	(%)
Amazon.com, Inc.	5.0%
Microsoft Corp.	4.9%
NVIDIA Corp.	4.9%
Costco Wholesale Corp.	4.7%
ServiceNow, Inc.	4.2%
Intuitive Surgical, Inc.	4.2%
Intuit, Inc.	4.0%
Alphabet, Inc.	4.0%
Hilton Worldwide Holdings, Inc.	3.9%
Mastercard, Inc.	3.7%

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

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.

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.

The Brown Advisory Growth Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Growth Equity Fund  PAGE 2  TSR-AR-115233603

	Brown Advisory Flexible Equity Fund
	Institutional Shares | BAFFX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$60	0.53%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the S&P 500 Index.

The largest market capitalization companies continue to dominate investors’ interest and have led the returns in the marketplace. Fund holdings Microsoft and Apple each surpassed a $3 trillion market valuation, a feat unimaginable just a few years ago. Within the larger capitalization category, growth stocks have significantly outperformed value stocks.

WHAT FACTORS INFLUENCED PERFORMANCE

Security selection had a larger effect on the portfolio than sector allocation.  The outperformance of the Fund was driven by Communication Services, Consumer Discretionary and Industrials sectors. These sectors had a significantly higher return than the sectors in the Index. Within these sectors, Alphabet, Meta Platforms, Amazon, GE Aerospace and United Rentals were top contributors to the Fund’s return. Interestingly, the Information Technology sector was the Fund’s second biggest contributor to return but the largest detractor as compared to the Index. The sector in the Fund had a lower weighting and lower return than the Index.  

POSITIONING

The sector weightings did not change meaningfully during the twelve-month period.  We focus on individual company selection and seek to incorporate a reasonable balance of sector exposure as part of our risk management process. We believe that companies in the same sectors can vary as greatly in their business economics and profiles as companies in completely different sectors.

PERFORMANCE

The portfolio return exceeded the S&P 500 Index. Security selection had a larger effect on the portfolio than sector allocation.

Top Contributors
↑	Meta Platforms Inc Class A
↑	Microsoft Corporation
↑	KKR & Co Inc

Top Detractors
↓	Align Technology, Inc.
↓	CarMax, Inc.
↓	Edwards Lifesciences Corporation

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Shares	27.63	15.72	13.12
S&P 500 Index	24.56	15.05	12.86

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory Flexible Equity Fund  PAGE 1  TSR_AR_115233843

Key Fund Statistics (as of June 30, 2024)

Net Assets	$926,396,606
Number of Holdings	47

Net Advisory Fee	$3,382,149
Portfolio Turnover	15%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	26.2%
Information Technology	21.1%
Communication Services	12.7%
Health Care	11.7%
Consumer Discretionary	11.5%
Industrials	8.5%
Energy	2.9%
Consumer Staples	1.0%
Real Estate	0.8%
Cash & Other	3.6%

Top 10 Issuers	(%)
Microsoft Corp.	7.4%
Alphabet, Inc.	6.8%
Meta Platforms, Inc.	4.7%
Visa, Inc.	4.2%
Mastercard, Inc.	4.2%
Amazon.com, Inc.	4.1%
Berkshire Hathaway, Inc.	3.8%
KKR & Co., Inc.	3.8%
Taiwan Semiconductor Manufacturing Co., Ltd.	3.5%
First American Government Obligations Fund	3.4%

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

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.

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.

The Brown Advisory Flexible Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Flexible Equity Fund  PAGE 2  TSR_AR_115233843

	Brown Advisory Flexible Equity Fund
	Investor Shares | BIAFX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$77	0.68%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the S&P 500 Index.

The largest market capitalization companies continue to dominate investors’ interest and have led the returns in the marketplace. Fund holdings Microsoft and Apple each surpassed a $3 trillion market valuation, a feat unimaginable just a few years ago. Within the larger capitalization category, growth stocks have significantly outperformed value stocks.

WHAT FACTORS INFLUENCED PERFORMANCE

Security selection had a larger effect on the portfolio than sector allocation.  The outperformance of the Fund was driven by Communication Services, Consumer Discretionary and Industrials sectors. These sectors had a significantly higher return than the sectors in the Index. Within these sectors, Alphabet, Meta Platforms, Amazon, GE Aerospace and United Rentals were top contributors to the Fund’s return. Interestingly, the Information Technology sector was the Fund’s second biggest contributor to return but the largest detractor as compared to the Index. The sector in the Fund had a lower weighting and lower return than the Index.  

POSITIONING

The sector weightings did not change meaningfully during the twelve-month period.  We focus on individual company selection and seek to incorporate a reasonable balance of sector exposure as part of our risk management process. We believe that companies in the same sectors can vary as greatly in their business economics and profiles as companies in completely different sectors.

PERFORMANCE

The portfolio return exceeded the S&P 500 Index. Security selection had a larger effect on the portfolio than sector allocation.

Top Contributors
↑	Meta Platforms Inc Class A
↑	Microsoft Corporation
↑	KKR & Co Inc

Top Detractors
↓	Align Technology, Inc.
↓	CarMax, Inc.
↓	Edwards Lifesciences Corporation

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Shares	27.46	15.55	12.95
S&P 500 Index	24.56	15.05	12.86

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory Flexible Equity Fund  PAGE 1  TSR_AR_115233868

Key Fund Statistics (as of June 30, 2024)

Net Assets	$926,396,606
Number of Holdings	47

Net Advisory Fee	$3,382,149
Portfolio Turnover	15%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	26.2%
Information Technology	21.1%
Communication Services	12.7%
Health Care	11.7%
Consumer Discretionary	11.5%
Industrials	8.5%
Energy	2.9%
Consumer Staples	1.0%
Real Estate	0.8%
Cash & Other	3.6%

Top 10 Issuers	(%)
Microsoft Corp.	7.4%
Alphabet, Inc.	6.8%
Meta Platforms, Inc.	4.7%
Visa, Inc.	4.2%
Mastercard, Inc.	4.2%
Amazon.com, Inc.	4.1%
Berkshire Hathaway, Inc.	3.8%
KKR & Co., Inc.	3.8%
Taiwan Semiconductor Manufacturing Co., Ltd.	3.5%
First American Government Obligations Fund	3.4%

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

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.

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.

The Brown Advisory Flexible Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Flexible Equity Fund  PAGE 2  TSR_AR_115233868

	Brown Advisory Flexible Equity Fund
	Advisor Shares | BAFAX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$106	0.93%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the S&P 500 Index.

The largest market capitalization companies continue to dominate investors’ interest and have led the returns in the marketplace. Fund holdings Microsoft and Apple each surpassed a $3 trillion market valuation, a feat unimaginable just a few years ago. Within the larger capitalization category, growth stocks have significantly outperformed value stocks.

WHAT FACTORS INFLUENCED PERFORMANCE

Security selection had a larger effect on the portfolio than sector allocation.  The outperformance of the Fund was driven by Communication Services, Consumer Discretionary and Industrials sectors. These sectors had a significantly higher return than the sectors in the Index. Within these sectors, Alphabet, Meta Platforms, Amazon, GE Aerospace and United Rentals were top contributors to the Fund’s return. Interestingly, the Information Technology sector was the Fund’s second biggest contributor to return but the largest detractor as compared to the Index. The sector in the Fund had a lower weighting and lower return than the Index.  

POSITIONING

The sector weightings did not change meaningfully during the twelve-month period.  We focus on individual company selection and seek to incorporate a reasonable balance of sector exposure as part of our risk management process. We believe that companies in the same sectors can vary as greatly in their business economics and profiles as companies in completely different sectors.

PERFORMANCE

The portfolio return exceeded the S&P 500 Index. Security selection had a larger effect on the portfolio than sector allocation.

Top Contributors
↑	Meta Platforms Inc Class A
↑	Microsoft Corporation
↑	KKR & Co Inc

Top Detractors
↓	Align Technology, Inc.
↓	CarMax, Inc.
↓	Edwards Lifesciences Corporation

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Advisor Shares	27.13	15.26	12.67
S&P 500 Index	24.56	15.05	12.86

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$926,396,606
Number of Holdings	47

Net Advisory Fee	$3,382,149
Portfolio Turnover	15%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	26.2%
Information Technology	21.1%
Communication Services	12.7%
Health Care	11.7%
Consumer Discretionary	11.5%
Industrials	8.5%
Energy	2.9%
Consumer Staples	1.0%
Real Estate	0.8%
Cash & Other	3.6%

Top 10 Issuers	(%)
Microsoft Corp.	7.4%
Alphabet, Inc.	6.8%
Meta Platforms, Inc.	4.7%
Visa, Inc.	4.2%
Mastercard, Inc.	4.2%
Amazon.com, Inc.	4.1%
Berkshire Hathaway, Inc.	3.8%
KKR & Co., Inc.	3.8%
Taiwan Semiconductor Manufacturing Co., Ltd.	3.5%
First American Government Obligations Fund	3.4%

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

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.

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.

The Brown Advisory Flexible Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Flexible Equity Fund  PAGE 2  TSR-AR-115233850

	Brown Advisory Sustainable Growth Fund
	Institutional Shares | BAFWX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$68	0.60%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Sector positioning and stock selection positively impacted relative returns against the Russell 1000 Index. The strategy benefited from its overweight in information technology and lack of exposure to consumer staples, outweighing the negative effects of underweighting communication services and overweighting health care. Inclusive of stock selection and interaction, strong performance in information technology, industrials, and consumer discretionary overshadowed underperformance in health care and financials. Semiconductor holdings, such as NVDA, MPWR, CDNS, and KLAC, performed well due to investor enthusiasm for artificial intelligence and demand for data center technologies. The strategy’s sector exposures result from bottom-up stock-picking, not sector preferences or macro inputs.

POSITIONING

Adhering to the strategy’s portfolio construction philosophy, we balanced durable and rapid growth companies while ensuring diversification by business model, end market exposure, and growth theme. Trading activity increased slightly, with nine name swaps and strategic position re-sizing trades to optimize the upside potential to downside risk ratio at the security and portfolio levels. These actions are seen as upgrades that position the strategy for future success.

PERFORMANCE

The Fund’s outperformance was driven by strong stock selection, beneficial sector positioning, and favorable exposure to the emerging artificial intelligence megatrend.

Top Contributors
↑	NVIDIA Corporation
↑	Amazon.com, Inc.
↑	Microsoft Corporation

Top Detractors
↓	Block, Inc. Class A
↓	Bio-Rad Laboratories, Inc. Class A
↓	West Pharmaceutical Services, Inc.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Shares	27.47	16.39	16.32
Russell 1000 Index	23.88	14.61	12.51
Russell 1000 Growth Index	33.48	19.34	16.33

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$9,953,876,192
Number of Holdings	34

Net Advisory Fee	$44,709,096
Portfolio Turnover	35%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Information Technology	41.7%
Financials	16.2%
Health Care	13.9%
Consumer Discretionary	11.4%
Industrials	9.1%
Communication Services	4.1%
Materials	1.8%
Cash & Other	1.8%

Top 10 Issuers	(%)
NVIDIA Corp.	8.3%
Microsoft Corp.	7.3%
Amazon.com, Inc.	6.6%
Intuit, Inc.	4.6%
Alphabet, Inc.	4.1%
ServiceNow, Inc.	4.1%
Visa, Inc.	3.9%
Danaher Corp.	3.1%
KKR & Co., Inc.	3.1%
Monolithic Power Systems, Inc.	3.1%

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

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.

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.

The Brown Advisory Sustainable Growth Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Sustainable Growth Fund
	Investor Shares | BIAWX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$85	0.75%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Sector positioning and stock selection positively impacted relative returns against the Russell 1000 Index. The strategy benefited from its overweight in information technology and lack of exposure to consumer staples, outweighing the negative effects of underweighting communication services and overweighting health care. Inclusive of stock selection and interaction, strong performance in information technology, industrials, and consumer discretionary overshadowed underperformance in health care and financials. Semiconductor holdings, such as NVDA, MPWR, CDNS, and KLAC, performed well due to investor enthusiasm for artificial intelligence and demand for data center technologies. The strategy’s sector exposures result from bottom-up stock-picking, not sector preferences or macro inputs.

POSITIONING

Adhering to the strategy’s portfolio construction philosophy, we balanced durable and rapid growth companies while ensuring diversification by business model, end market exposure, and growth theme. Trading activity increased slightly, with nine name swaps and strategic position re-sizing trades to optimize the upside potential to downside risk ratio at the security and portfolio levels. These actions are seen as upgrades that position the strategy for future success.

PERFORMANCE

The Fund’s outperformance was driven by strong stock selection, beneficial sector positioning, and favorable exposure to the emerging artificial intelligence megatrend.

Top Contributors
↑	NVIDIA Corporation
↑	Amazon.com, Inc.
↑	Microsoft Corporation

Top Detractors
↓	Block, Inc. Class A
↓	Bio-Rad Laboratories, Inc. Class A
↓	West Pharmaceutical Services, Inc.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Shares	27.31	16.22	16.15
Russell 1000 Index	23.88	14.61	12.51
Russell 1000 Growth Index	33.48	19.34	16.33

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$9,953,876,192
Number of Holdings	34

Net Advisory Fee	$44,709,096
Portfolio Turnover	35%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Information Technology	41.7%
Financials	16.2%
Health Care	13.9%
Consumer Discretionary	11.4%
Industrials	9.1%
Communication Services	4.1%
Materials	1.8%
Cash & Other	1.8%

Top 10 Issuers	(%)
NVIDIA Corp.	8.3%
Microsoft Corp.	7.3%
Amazon.com, Inc.	6.6%
Intuit, Inc.	4.6%
Alphabet, Inc.	4.1%
ServiceNow, Inc.	4.1%
Visa, Inc.	3.9%
Danaher Corp.	3.1%
KKR & Co., Inc.	3.1%
Monolithic Power Systems, Inc.	3.1%

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

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.

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.

The Brown Advisory Sustainable Growth Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Sustainable Growth Fund
	Advisor Shares | BAWAX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$113	1.00%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Sector positioning and stock selection positively impacted relative returns against the Russell 1000 Index. The strategy benefited from its overweight in information technology and lack of exposure to consumer staples, outweighing the negative effects of underweighting communication services and overweighting health care. Inclusive of stock selection and interaction, strong performance in information technology, industrials, and consumer discretionary overshadowed underperformance in health care and financials. Semiconductor holdings, such as NVDA, MPWR, CDNS, and KLAC, performed well due to investor enthusiasm for artificial intelligence and demand for data center technologies. The strategy’s sector exposures result from bottom-up stock-picking, not sector preferences or macro inputs.

POSITIONING

Adhering to the strategy’s portfolio construction philosophy, we balanced durable and rapid growth companies while ensuring diversification by business model, end market exposure, and growth theme. Trading activity increased slightly, with nine name swaps and strategic position re-sizing trades to optimize the upside potential to downside risk ratio at the security and portfolio levels. These actions are seen as upgrades that position the strategy for future success.

PERFORMANCE

The Fund’s outperformance was driven by strong stock selection, beneficial sector positioning, and favorable exposure to the emerging artificial intelligence megatrend.

Top Contributors
↑	NVIDIA Corporation
↑	Amazon.com, Inc.
↑	Microsoft Corporation

Top Detractors
↓	Block, Inc. Class A
↓	Bio-Rad Laboratories, Inc. Class A
↓	West Pharmaceutical Services, Inc.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Advisor Shares	26.95	15.93	15.86
Russell 1000 Index	23.88	14.61	12.51
Russell 1000 Growth Index	33.48	19.34	16.33

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$9,953,876,192
Number of Holdings	34

Net Advisory Fee	$44,709,096
Portfolio Turnover	35%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Information Technology	41.7%
Financials	16.2%
Health Care	13.9%
Consumer Discretionary	11.4%
Industrials	9.1%
Communication Services	4.1%
Materials	1.8%
Cash & Other	1.8%

Top 10 Issuers	(%)
NVIDIA Corp.	8.3%
Microsoft Corp.	7.3%
Amazon.com, Inc.	6.6%
Intuit, Inc.	4.6%
Alphabet, Inc.	4.1%
ServiceNow, Inc.	4.1%
Visa, Inc.	3.9%
Danaher Corp.	3.1%
KKR & Co., Inc.	3.1%
Monolithic Power Systems, Inc.	3.1%

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

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.

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.

The Brown Advisory Sustainable Growth Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Mid-Cap Growth Fund
	Institutional Shares | BAFMX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Mid-Cap Growth Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$88	0.82%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

The main factor influencing performance is our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific gainers in the large-cap space such as Microsoft, Nvidia, Alphabet and other mega-cap technology names along with a number of the best performers in Healthcare.

POSITIONING

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

PERFORMANCE

The 12-month period ending June 30, 2024 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000 Index over this period. This produced a massive underweight to strong performing sectors such as Information Technology, Communication Services and Financials.

Top Contributors
↑	CrowdStrike Holdings, Inc. Class A
↑	Fair Isaac Corporation
↑	Pinterest, Inc. Class A

Top Detractors
↓	Paycom Software, Inc.
↓	agilon health inc
↓	CoStar Group, Inc.

How did the Fund perform since inception?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (07/02/2018)
Institutional Shares	14.48	6.81	8.36
Russell 1000 Index	23.88	14.61	13.79
Russell Midcap Growth Index	15.05	9.93	10.52

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$96,923,868
Number of Holdings	59

Net Advisory Fee	$600,794
Portfolio Turnover	63%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Health Care	22.1%
Information Technology	21.9%
Industrials	20.4%
Consumer Discretionary	9.6%
Financials	8.7%
Communication Services	3.6%
Real Estate	3.1%
Energy	3.0%
Materials	2.2%
Cash & Other	5.4%

Top 10 Issuers	(%)
Dexcom, Inc.	3.8%
Marvell Technology, Inc.	3.6%
First American Government Obligations Fund	3.4%
Waste Connections, Inc.	3.1%
Cheniere Energy, Inc.	3.0%
Copart, Inc.	2.6%
CoStar Group, Inc.	2.6%
Edwards Lifesciences Corp.	2.6%
Gartner, Inc.	2.5%
Fair Isaac Corp.	2.5%

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

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.

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.

The Brown Advisory Mid-Cap Growth Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Mid-Cap Growth Fund
	Investor Shares | BMIDX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Mid-Cap Growth Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$104	0.97%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

The main factor influencing performance is our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific gainers in the large-cap space such as Microsoft, Nvidia, Alphabet and other mega-cap technology names along with a number of the best performers in Healthcare.

POSITIONING

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

PERFORMANCE

The 12-month period ending June 30, 2024 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000 Index over this period. This produced a massive underweight to strong performing sectors such as Information Technology, Communication Services and Financials.

Top Contributors
↑	CrowdStrike Holdings, Inc. Class A
↑	Fair Isaac Corporation
↑	Pinterest, Inc. Class A

Top Detractors
↓	Paycom Software, Inc.
↓	agilon health inc
↓	CoStar Group, Inc.

How did the Fund perform since inception?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (10/02/2017)
Investor Shares	14.23	6.63	9.37
Russell 1000 Index	23.88	14.61	13.69
Russell Midcap Growth Index	15.05	9.93	11.22

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$96,923,868
Number of Holdings	59

Net Advisory Fee	$600,794
Portfolio Turnover	63%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Health Care	22.1%
Information Technology	21.9%
Industrials	20.4%
Consumer Discretionary	9.6%
Financials	8.7%
Communication Services	3.6%
Real Estate	3.1%
Energy	3.0%
Materials	2.2%
Cash & Other	5.4%

Top 10 Issuers	(%)
Dexcom, Inc.	3.8%
Marvell Technology, Inc.	3.6%
First American Government Obligations Fund	3.4%
Waste Connections, Inc.	3.1%
Cheniere Energy, Inc.	3.0%
Copart, Inc.	2.6%
CoStar Group, Inc.	2.6%
Edwards Lifesciences Corp.	2.6%
Gartner, Inc.	2.5%
Fair Isaac Corp.	2.5%

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

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.

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.

The Brown Advisory Mid-Cap Growth Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Small-Cap Growth Fund
	Institutional Shares | BAFSX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$96	0.95%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

The main factor influencing performance is our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific gainers in the large-cap space such as Microsoft, Nvidia, Alphabet and other mega-cap technology names along with a number of the best performers in Healthcare.

POSITIONING

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

PERFORMANCE

The 12-month period ending June 30, 2024 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000 Index over this period. This produced a massive underweight to strong performing sectors such as Information Technology, Communication Services and Financials.

Top Contributors
↑	Casey’s General Stores, Inc.
↑	Pinterest, Inc. Class A
↑	Neurocrine Biosciences, Inc.

Top Detractors
↓	Accolade, Inc.
↓	SI-BONE, Inc.
↓	agilon health inc

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Shares	2.32	5.39	8.89
Russell 1000 Index	23.88	14.61	12.51
Russell 2000 Growth Index	9.14	6.17	7.39

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,620,616,853
Number of Holdings	80

Net Advisory Fee	$17,495,020
Portfolio Turnover	28%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Industrials	25.3%
Health Care	23.7%
Information Technology	20.6%
Consumer Discretionary	7.7%
Financials	4.7%
Energy	3.8%
Materials	3.7%
Communication Services	3.0%
Consumer Staples	2.8%
Cash & Other	4.7%

Top 10 Issuers	(%)
Bright Horizons Family Solutions, Inc.	3.8%
First American Government Obligations Fund	2.9%
Waste Connections, Inc.	2.7%
HealthEquity, Inc.	2.6%
Prosperity Bancshares, Inc.	2.6%
ChampionX Corp.	2.6%
Casey’s General Stores, Inc.	2.5%
Valmont Industries, Inc.	2.5%
Neurocrine Biosciences, Inc.	2.3%
Dynatrace, Inc.	2.2%

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

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.

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.

The Brown Advisory Small-Cap Growth Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Small-Cap Growth Fund
	Investor Shares | BIASX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$111	1.10%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

The main factor influencing performance is our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific gainers in the large-cap space such as Microsoft, Nvidia, Alphabet and other mega-cap technology names along with a number of the best performers in Healthcare.

POSITIONING

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

PERFORMANCE

The 12-month period ending June 30, 2024 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000 Index over this period. This produced a massive underweight to strong performing sectors such as Information Technology, Communication Services and Financials.

Top Contributors
↑	Casey’s General Stores, Inc.
↑	Pinterest, Inc. Class A
↑	Neurocrine Biosciences, Inc.

Top Detractors
↓	Accolade, Inc.
↓	SI-BONE, Inc.
↓	agilon health inc

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Shares	2.12	5.22	8.73
Russell 1000 Index	23.88	14.61	12.51
Russell 2000 Growth Index	9.14	6.17	7.39

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,620,616,853
Number of Holdings	80

Net Advisory Fee	$17,495,020
Portfolio Turnover	28%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Industrials	25.3%
Health Care	23.7%
Information Technology	20.6%
Consumer Discretionary	7.7%
Financials	4.7%
Energy	3.8%
Materials	3.7%
Communication Services	3.0%
Consumer Staples	2.8%
Cash & Other	4.7%

Top 10 Issuers	(%)
Bright Horizons Family Solutions, Inc.	3.8%
First American Government Obligations Fund	2.9%
Waste Connections, Inc.	2.7%
HealthEquity, Inc.	2.6%
Prosperity Bancshares, Inc.	2.6%
ChampionX Corp.	2.6%
Casey’s General Stores, Inc.	2.5%
Valmont Industries, Inc.	2.5%
Neurocrine Biosciences, Inc.	2.3%
Dynatrace, Inc.	2.2%

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

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.

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.

The Brown Advisory Small-Cap Growth Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Small-Cap Growth Fund
	Advisor Shares | BASAX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$136	1.35%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

The main factor influencing performance is our style and area of focus. Our strategy tends to look for small-capitalization equities that have an opportunity to grow at an above average rate over the long-term. Due to our focus on smaller companies, we do not purchase mid-cap or large-cap stocks. Thus, we never considered some of the most prolific gainers in the large-cap space such as Microsoft, Nvidia, Alphabet and other mega-cap technology names along with a number of the best performers in Healthcare.

POSITIONING

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

PERFORMANCE

The 12-month period ending June 30, 2024 was challenging due to our lack of ownership of any of the large-cap stocks that drove the Russell 1000 Index over this period. This produced a massive underweight to strong performing sectors such as Information Technology, Communication Services and Financials.

Top Contributors
↑	Casey’s General Stores, Inc.
↑	Pinterest, Inc. Class A
↑	Neurocrine Biosciences, Inc.

Top Detractors
↓	Accolade, Inc.
↓	SI-BONE, Inc.
↓	agilon health inc

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Advisor Shares	1.86	4.96	8.46
Russell 1000 Index	23.88	14.61	12.51
Russell 2000 Growth Index	9.14	6.17	7.39

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,620,616,853
Number of Holdings	80

Net Advisory Fee	$17,495,020
Portfolio Turnover	28%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Industrials	25.3%
Health Care	23.7%
Information Technology	20.6%
Consumer Discretionary	7.7%
Financials	4.7%
Energy	3.8%
Materials	3.7%
Communication Services	3.0%
Consumer Staples	2.8%
Cash & Other	4.7%

Top 10 Issuers	(%)
Bright Horizons Family Solutions, Inc.	3.8%
First American Government Obligations Fund	2.9%
Waste Connections, Inc.	2.7%
HealthEquity, Inc.	2.6%
Prosperity Bancshares, Inc.	2.6%
ChampionX Corp.	2.6%
Casey’s General Stores, Inc.	2.5%
Valmont Industries, Inc.	2.5%
Neurocrine Biosciences, Inc.	2.3%
Dynatrace, Inc.	2.2%

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

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.

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.

The Brown Advisory Small-Cap Growth Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Small-Cap Fundamental Value Fund
	Institutional Shares | BAUUX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$103	0.95%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Positive contribution to Fund performance was mainly driven by the consumer discretionary sector while the communication services sector was the biggest detractor. The largest individual contributor to performance was Modine Manufacturing Company (MOD) and the largest individual detractor to performance was Cable One, Inc. (CABO).

POSITIONING

We were active during the period and invested in 16 new companies and exited from 15 companies. Most of the activity during the 12-month period was within the financials sector. A notable addition to the financials sector in the second quarter of 2024 was Old National Bancorp (ONB). ONB is a high-performing bank that operates across the Midwest and the Southeast. We believe the company’s stock is undervalued – trading below nine times next year’s earnings.

PERFORMANCE

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

Top Contributors
↑	Modine Manufacturing Company
↑	Onto Innovation, Inc.
↑	Signet Jewelers Limited

Top Detractors
↓	Cable One, Inc.
↓	WideOpenWest, Inc.
↓	TreeHouse Foods, Inc.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Shares	16.33	7.98	7.00
Russell 1000 Index	23.88	14.61	12.51
Russell 2000 Value Index	10.90	7.07	6.23

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,354,832,027
Number of Holdings	66

Net Advisory Fee	$10,832,482
Portfolio Turnover	44%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	27.1%
Industrials	15.4%
Consumer Discretionary	11.9%
Real Estate	7.4%
Information Technology	7.1%
Materials	6.5%
Energy	5.9%
Communication Services	5.8%
Utilities	4.4%
Cash & Other	8.5%

Top 10 Issuers	(%)
First American Government Obligations Fund	3.5%
Modine Manufacturing Co.	3.0%
Eagle Materials, Inc.	2.9%
Bancorp, Inc.	2.9%
NCR Atleos Corp.	2.8%
Talen Energy Corp.	2.7%
CTS Corp.	2.5%
Equity Commonwealth	2.3%
Orion S.A.	2.3%
Signet Jewelers Ltd.	2.3%

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

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.

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.

The Brown Advisory Small-Cap Fundamental Value Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Small-Cap Fundamental Value Fund
	Investor Shares | BIAUX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$119	1.10%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Positive contribution to Fund performance was mainly driven by the consumer discretionary sector while the communication services sector was the biggest detractor. The largest individual contributor to performance was Modine Manufacturing Company (MOD) and the largest individual detractor to performance was Cable One, Inc. (CABO).

POSITIONING

We were active during the period and invested in 16 new companies and exited from 15 companies. Most of the activity during the 12-month period was within the financials sector. A notable addition to the financials sector in the second quarter of 2024 was Old National Bancorp (ONB). ONB is a high-performing bank that operates across the Midwest and the Southeast. We believe the company’s stock is undervalued – trading below nine times next year’s earnings.

PERFORMANCE

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

Top Contributors
↑	Modine Manufacturing Company
↑	Onto Innovation, Inc.
↑	Signet Jewelers Limited

Top Detractors
↓	Cable One, Inc.
↓	WideOpenWest, Inc.
↓	TreeHouse Foods, Inc.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Shares	16.17	7.82	6.84
Russell 1000 Index	23.88	14.61	12.51
Russell 2000 Value Index	10.90	7.07	6.23

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,354,832,027
Number of Holdings	66

Net Advisory Fee	$10,832,482
Portfolio Turnover	44%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	27.1%
Industrials	15.4%
Consumer Discretionary	11.9%
Real Estate	7.4%
Information Technology	7.1%
Materials	6.5%
Energy	5.9%
Communication Services	5.8%
Utilities	4.4%
Cash & Other	8.5%

Top 10 Issuers	(%)
First American Government Obligations Fund	3.5%
Modine Manufacturing Co.	3.0%
Eagle Materials, Inc.	2.9%
Bancorp, Inc.	2.9%
NCR Atleos Corp.	2.8%
Talen Energy Corp.	2.7%
CTS Corp.	2.5%
Equity Commonwealth	2.3%
Orion S.A.	2.3%
Signet Jewelers Ltd.	2.3%

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

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.

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.

The Brown Advisory Small-Cap Fundamental Value Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Small-Cap Fundamental Value Fund
	Advisor Shares | BAUAX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$146	1.35%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Positive contribution to Fund performance was mainly driven by the consumer discretionary sector while the communication services sector was the biggest detractor. The largest individual contributor to performance was Modine Manufacturing Company (MOD) and the largest individual detractor to performance was Cable One, Inc. (CABO).

POSITIONING

We were active during the period and invested in 16 new companies and exited from 15 companies. Most of the activity during the 12-month period was within the financials sector. A notable addition to the financials sector in the second quarter of 2024 was Old National Bancorp (ONB). ONB is a high-performing bank that operates across the Midwest and the Southeast. We believe the company’s stock is undervalued – trading below nine times next year’s earnings.

PERFORMANCE

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

Top Contributors
↑	Modine Manufacturing Company
↑	Onto Innovation, Inc.
↑	Signet Jewelers Limited

Top Detractors
↓	Cable One, Inc.
↓	WideOpenWest, Inc.
↓	TreeHouse Foods, Inc.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Advisor Shares	15.86	7.55	6.57
Russell 1000 Index	23.88	14.61	12.51
Russell 2000 Value Index	10.90	7.07	6.23

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,354,832,027
Number of Holdings	66

Net Advisory Fee	$10,832,482
Portfolio Turnover	44%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	27.1%
Industrials	15.4%
Consumer Discretionary	11.9%
Real Estate	7.4%
Information Technology	7.1%
Materials	6.5%
Energy	5.9%
Communication Services	5.8%
Utilities	4.4%
Cash & Other	8.5%

Top 10 Issuers	(%)
First American Government Obligations Fund	3.5%
Modine Manufacturing Co.	3.0%
Eagle Materials, Inc.	2.9%
Bancorp, Inc.	2.9%
NCR Atleos Corp.	2.8%
Talen Energy Corp.	2.7%
CTS Corp.	2.5%
Equity Commonwealth	2.3%
Orion S.A.	2.3%
Signet Jewelers Ltd.	2.3%

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

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.

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.

The Brown Advisory Small-Cap Fundamental Value Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Sustainable Small-Cap Core Fund
	Institutional Shares | BAFYX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Sustainable Small-Cap Core Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$98	0.93%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Positive contribution to Fund performance was primarily driven by stock selection in the industrials sector, while communication services sector was the biggest detractor. The largest individual contributor to performance was SPX Technologies (SPXC) and the largest individual detractor to performance was Cable One, Inc. (CABO).

POSITIONING

We were active during the 12-month period and invested in 16 new companies and exited from 17 companies.  Activity was broad based across sectors, but most heavily focused within the industrials, financials, and health care sectors. A notable addition to the industrials sector during the period was Kadant, a manufacturer of equipment for process industries. The company’s solutions have long focused on helping customers reduce waste and generate more yield with fewer inputs, particularly fiber, energy, and water. We believe Kadant should be able to continue to grow due to its exposure to many sustainability-linked secular drivers, such as the shift towards recycled and renewable materials, and waste reduction trends.

PERFORMANCE

Small cap indices faced unprecedented underperformance relative to large cap indices during the 12-month period, resulting in the fund underperforming compared to its regulatory benchmark the Russell 1000 Index.

Top Contributors
↑	Onto Innovation, Inc.
↑	SPX Technologies, Inc.
↑	Comfort Systems USA, Inc.

Top Detractors
↓	Cable One, Inc.
↓	Accolade, Inc.
↓	SI-BONE, Inc.

How did the Fund perform since inception?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (09/30/2021)
Institutional Shares	10.51	-0.97
Russell 1000 Index	23.88	9.50
Russell 2000 Index	10.06	-1.22

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$76,950,879
Number of Holdings	70

Net Advisory Fee	$452,713
Portfolio Turnover	32%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	20.2%
Industrials	19.0%
Health Care	16.7%
Information Technology	14.8%
Consumer Discretionary	8.0%
Real Estate	5.4%
Materials	3.3%
Communication Services	2.9%
Consumer Staples	1.6%
Cash & Other	8.1%

Top 10 Issuers	(%)
First American Government Obligations Fund	7.2%
Bright Horizons Family Solutions, Inc.	2.6%
Bancorp, Inc.	2.6%
Onto Innovation, Inc.	2.5%
MGIC Investment Corp.	2.5%
SPX Technologies, Inc.	2.4%
Valmont Industries, Inc.	2.2%
Kadant, Inc.	2.0%
Assured Guaranty Ltd.	2.0%
Encompass Health Corp.	2.0%

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

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.

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.

The Brown Advisory Sustainable Small-Cap Core Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Sustainable Small-Cap Core Fund
	Investor Shares | BIAYX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Sustainable Small-Cap Core Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$114	1.08%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Positive contribution to Fund performance was primarily driven by stock selection in the industrials sector, while communication services sector was the biggest detractor. The largest individual contributor to performance was SPX Technologies (SPXC) and the largest individual detractor to performance was Cable One, Inc. (CABO).

POSITIONING

We were active during the 12-month period and invested in 16 new companies and exited from 17 companies.  Activity was broad based across sectors, but most heavily focused within the industrials, financials, and health care sectors. A notable addition to the industrials sector during the period was Kadant, a manufacturer of equipment for process industries. The company’s solutions have long focused on helping customers reduce waste and generate more yield with fewer inputs, particularly fiber, energy, and water. We believe Kadant should be able to continue to grow due to its exposure to many sustainability-linked secular drivers, such as the shift towards recycled and renewable materials, and waste reduction trends.

PERFORMANCE

Small cap indices faced unprecedented underperformance relative to large cap indices during the 12-month period, resulting in the fund underperforming compared to its regulatory benchmark the Russell 1000 Index.

Top Contributors
↑	Onto Innovation, Inc.
↑	SPX Technologies, Inc.
↑	Comfort Systems USA, Inc.

Top Detractors
↓	Cable One, Inc.
↓	Accolade, Inc.
↓	SI-BONE, Inc.

How did the Fund perform since inception?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (09/30/2021)
Investor Shares	10.25	-1.14
Russell 1000 Index	23.88	9.50
Russell 2000 Index	10.06	-1.22

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$76,950,879
Number of Holdings	70

Net Advisory Fee	$452,713
Portfolio Turnover	32%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	20.2%
Industrials	19.0%
Health Care	16.7%
Information Technology	14.8%
Consumer Discretionary	8.0%
Real Estate	5.4%
Materials	3.3%
Communication Services	2.9%
Consumer Staples	1.6%
Cash & Other	8.1%

Top 10 Issuers	(%)
First American Government Obligations Fund	7.2%
Bright Horizons Family Solutions, Inc.	2.6%
Bancorp, Inc.	2.6%
Onto Innovation, Inc.	2.5%
MGIC Investment Corp.	2.5%
SPX Technologies, Inc.	2.4%
Valmont Industries, Inc.	2.2%
Kadant, Inc.	2.0%
Assured Guaranty Ltd.	2.0%
Encompass Health Corp.	2.0%

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

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.

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.

The Brown Advisory Sustainable Small-Cap Core Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Sustainable Value Fund
	Institutional Shares | BASVX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Sustainable Value Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$78	0.70%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Performance was driven primarily by Utilities, Industrials, Financials, and Materials. Technology performed the well in absolute terms but was a detractor given our underweight position relative to the benchmark. Health Care was also a detractor to performance during the time period as our exposure to managed care and healthcare equipment underperformed other areas of health care like biotechnology. We were pleased to see that the majority of our performance was driven by stock selection as opposed to sector allocation.

POSITIONING

We look for high quality businesses that generate consistent high levels of free cash flow, possess a Sustainable Free Cash Flow Advantage, exhibit capital discipline and trade at attractive valuations. We believe a portfolio of companies with these characteristics will lead to compelling risk adjusted returns over the long term while providing a margin of safety to investors. Over the lasts year we have increased our exposure to Financials, energy, and materials and reduced our exposure to consumer discretionary and communication services.

PERFORMANCE

The Fund posted positive absolute returns during the period as the markets recovered from the regional banking crisis during the spring of 2023.

Top Contributors
↑	Constellation Energy Corporation
↑	Trane Technologies plc
↑	KKR & Co Inc

Top Detractors
↓	Bio-Rad Laboratories, Inc. Class A
↓	Kenvue, Inc.
↓	Medtronic Plc

How did the Fund perform since inception?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (02/28/2023)
Institutional Shares	23.55	17.44
Russell 1000 Index	23.88	27.83
Russell 1000 Value Index	13.06	12.57

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$100,400,756
Number of Holdings	43

Net Advisory Fee	$336,941
Portfolio Turnover	37%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	19.1%
Health Care	15.4%
Industrials	12.6%
Information Technology	10.8%
Communication Services	10.1%
Energy	7.0%
Consumer Discretionary	5.0%
Consumer Staples	4.9%
Materials	4.4%
Cash & Other	10.7%

Top 10 Issuers	(%)
First American Government Obligations Fund	4.5%
CRH PLC	4.4%
Constellation Energy Corp.	4.4%
Ferguson PLC	4.3%
Fidelity National Information Services, Inc.	4.1%
T-Mobile US, Inc.	3.7%
Unilever PLC	3.5%
Comcast Corp.	3.5%
Cardinal Health, Inc.	3.3%
Bank of America Corp.	3.2%

* 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.

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.

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.

The Brown Advisory Sustainable Value Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Sustainable Value Fund
	Investor Shares | BISVX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Sustainable Value Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$95	0.85%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Performance was driven primarily by Utilities, Industrials, Financials, and Materials. Technology performed the well in absolute terms but was a detractor given our underweight position relative to the benchmark. Health Care was also a detractor to performance during the time period as our exposure to managed care and healthcare equipment underperformed other areas of health care like biotechnology. We were pleased to see that the majority of our performance was driven by stock selection as opposed to sector allocation.

POSITIONING

We look for high quality businesses that generate consistent high levels of free cash flow, possess a Sustainable Free Cash Flow Advantage, exhibit capital discipline and trade at attractive valuations. We believe a portfolio of companies with these characteristics will lead to compelling risk adjusted returns over the long term while providing a margin of safety to investors. Over the lasts year we have increased our exposure to Financials, energy, and materials and reduced our exposure to consumer discretionary and communication services.

PERFORMANCE

The Fund posted positive absolute returns during the period as the markets recovered from the regional banking crisis during the spring of 2023.

Top Contributors
↑	Constellation Energy Corporation
↑	Trane Technologies plc
↑	KKR & Co Inc

Top Detractors
↓	Bio-Rad Laboratories, Inc. Class A
↓	Kenvue, Inc.
↓	Medtronic Plc

How did the Fund perform since inception?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (02/28/2023)
Investor Shares	23.26	17.14
Russell 1000 Index	23.88	27.83
Russell 1000 Value Index	13.06	12.57

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$100,400,756
Number of Holdings	43

Net Advisory Fee	$336,941
Portfolio Turnover	37%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	19.1%
Health Care	15.4%
Industrials	12.6%
Information Technology	10.8%
Communication Services	10.1%
Energy	7.0%
Consumer Discretionary	5.0%
Consumer Staples	4.9%
Materials	4.4%
Cash & Other	10.7%

Top 10 Issuers	(%)
First American Government Obligations Fund	4.5%
CRH PLC	4.4%
Constellation Energy Corp.	4.4%
Ferguson PLC	4.3%
Fidelity National Information Services, Inc.	4.1%
T-Mobile US, Inc.	3.7%
Unilever PLC	3.5%
Comcast Corp.	3.5%
Cardinal Health, Inc.	3.3%
Bank of America Corp.	3.2%

* 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.

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.

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.

The Brown Advisory Sustainable Value Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Global Leaders Fund
	Institutional Shares | BAFLX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Global Leaders Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$82	0.75%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI All Country World Index (ACWI).

WHAT FACTORS INFLUENCED PERFORMANCE

Underperformance was driven primarily by financials, particularly emerging markets financials. Technology performed the best in absolute terms and in line with the benchmark while industrials contributed most meaningfully to outperformance. Over the last year we have experienced concerns over the merger between HDFC Bank and HDFC Ltd., changes to subsidies of microloans at Bank Rakyat in Indonesia and ongoing concerns over growth in China at AIA Group. We believe these are all temporary issues. Aerospace leaders GE Aerospace and Safran were the largest positive contributors within industrials. Both companies benefit from a favorable period of strong performance, continued recovery of flight activity post-Covid and limited investment requirements.

POSITIONING

The Fund’s largest exposures were to Financials and Technology with no exposure to Utilities, Real Estate or Energy. The largest geographic exposure was to the U.S. During the year we added Zoetis and AutoZone and exited Otis and GE Vernova.

PERFORMANCE

The portfolio delivered strong absolute performance throughout the reporting period, underperforming the benchmark. We believe the strategy is well positioned to benefit from our differentiated positioning in some of the leading technology franchises globally and further invest in a portfolio of diversified business models across sectors and regions.

Top Contributors
↑	Microsoft Corporation
↑	GE Aerospace
↑	Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR

Top Detractors
↓	Estee Lauder Companies Inc. Class A
↓	AIA Group Limited
↓	B3 SA - Brasil, Bolsa, Balcao

How did the Fund perform since inception?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (10/31/2018)
Institutional Shares	17.88	11.81	13.35
MSCI All Country World Index (ACWI)	19.38	10.76	11.23

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory Global Leaders Fund  PAGE 1  TSR_AR_115233355

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,959,030,248
Number of Holdings	36

Net Advisory Fee	$10,818,764
Portfolio Turnover	15%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	28.6%
Information Technology	24.7%
Industrials	15.2%
Health Care	9.9%
Communication Services	6.6%
Consumer Discretionary	6.5%
Consumer Staples	5.6%
Materials	1.8%
Cash & Other	1.1%

Top 10 Issuers	(%)
Microsoft Corp.	9.0%
Alphabet, Inc.	4.7%
Taiwan Semiconductor Manufacturing Co., Ltd.	4.3%
Deutsche Boerse AG	4.1%
Unilever PLC	3.9%
Mastercard, Inc.	3.9%
London Stock Exchange Group PLC	3.8%
General Electric Co.	3.4%
Safran S.A.	3.2%
HDFC Bank, Ltd.	3.1%

Geographic Breakdown (%)

* 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.

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.

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.

The Brown Advisory Global Leaders Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Global Leaders Fund  PAGE 2  TSR_AR_115233355

	Brown Advisory Global Leaders Fund
	Investor Shares | BIALX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Global Leaders Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

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

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI All Country World Index (ACWI).

WHAT FACTORS INFLUENCED PERFORMANCE

Underperformance was driven primarily by financials, particularly emerging markets financials. Technology performed the best in absolute terms and in line with the benchmark while industrials contributed most meaningfully to outperformance. Over the last year we have experienced concerns over the merger between HDFC Bank and HDFC Ltd., changes to subsidies of microloans at Bank Rakyat in Indonesia and ongoing concerns over growth in China at AIA Group. We believe these are all temporary issues. Aerospace leaders GE Aerospace and Safran were the largest positive contributors within industrials. Both companies benefit from a favorable period of strong performance, continued recovery of flight activity post-Covid and limited investment requirements.

POSITIONING

The Fund’s largest exposures were to Financials and Technology with no exposure to Utilities, Real Estate or Energy. The largest geographic exposure was to the U.S. During the year we added Zoetis and AutoZone and exited Otis and GE Vernova.

PERFORMANCE

The portfolio delivered strong absolute performance throughout the reporting period, underperforming the benchmark. We believe the strategy is well positioned to benefit from our differentiated positioning in some of the leading technology franchises globally and further invest in a portfolio of diversified business models across sectors and regions.

Top Contributors
↑	Microsoft Corporation
↑	GE Aerospace
↑	Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR

Top Detractors
↓	Estee Lauder Companies Inc. Class A
↓	AIA Group Limited
↓	B3 SA - Brasil, Bolsa, Balcao

How did the Fund perform since inception?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (07/01/2015)
Investor Shares	17.66	11.63	11.45
MSCI All Country World Index (ACWI)	19.38	10.76	9.26

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory Global Leaders Fund  PAGE 1  TSR_AR_115233462

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,959,030,248
Number of Holdings	36

Net Advisory Fee	$10,818,764
Portfolio Turnover	15%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	28.6%
Information Technology	24.7%
Industrials	15.2%
Health Care	9.9%
Communication Services	6.6%
Consumer Discretionary	6.5%
Consumer Staples	5.6%
Materials	1.8%
Cash & Other	1.1%

Top 10 Issuers	(%)
Microsoft Corp.	9.0%
Alphabet, Inc.	4.7%
Taiwan Semiconductor Manufacturing Co., Ltd.	4.3%
Deutsche Boerse AG	4.1%
Unilever PLC	3.9%
Mastercard, Inc.	3.9%
London Stock Exchange Group PLC	3.8%
General Electric Co.	3.4%
Safran S.A.	3.2%
HDFC Bank, Ltd.	3.1%

Geographic Breakdown (%)

* 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.

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.

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.

The Brown Advisory Global Leaders Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Global Leaders Fund  PAGE 2  TSR_AR_115233462

	Brown Advisory Sustainable International Leaders Fund
	Institutional Shares | BAILX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Sustainable International Leaders Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$86	0.85%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI ACWI ex USA Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Underperformance was driven primarily by financials, particularly emerging markets financials. Technology performed the best in absolute terms albeit trailing the benchmark. Industrials, the largest portfolio exposure contributed positively to relative performance. Over the last year we have experienced concerns over the merger between HDFC Bank and HDFC Ltd., changes to subsidies of microloans at Bank Rakyat in Indonesia and ongoing concerns over growth in China at AIA Group. We view the concerns around these businesses as temporary and have taken advantage of share price weakness to increase the position size of our holdings.

POSITIONING

We look for competitively advantaged businesses that earn high returns on invested capital (ROIC), are run by capable management teams, are attractively valuedand have the ability to generate attractive through-the-cycle shareholder returns. The largest geographic exposure was to Europe while the Fund was underweight Japan. During the year we added Shimano, Diageo ConvaTec Group, Canadian National Railway and Airbus. We exited Adyen, Grupo Aeroportuario del Pacifico, Unilever and Sika. Sector and country diversification is an output of stock picking,

PERFORMANCE

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

Top Contributors
↑	Safran SA
↑	CTS Eventim AG & Co. KGaA
↑	NXP Semiconductors NV

Top Detractors
↓	Adyen NV
↓	Rentokil Initial plc
↓	B3 SA - Brasil, Bolsa, Balcao

How did the Fund perform since inception?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (02/28/2022)
Institutional Shares	2.49	3.38
MSCI ACWI ex USA Index	11.62	3.65

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory Sustainable International Leaders Fund  PAGE 1  TSR_AR_115233272

Key Fund Statistics (as of June 30, 2024)

Net Assets	$38,793,612
Number of Holdings	30

Net Advisory Fee	$131,123
Portfolio Turnover	27%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Industrials	35.8%
Financials	23.9%
Consumer Discretionary	12.8%
Information Technology	11.0%
Health Care	6.7%
Communication Services	3.3%
Consumer Staples	2.9%
Cash & Other	3.6%

Top 10 Issuers	(%)
Deutsche Boerse AG	5.3%
Rentokil Initial PLC	4.9%
London Stock Exchange Group PLC	4.9%
Waste Connections, Inc.	4.7%
HDFC Bank, Ltd.	4.7%
Experian PLC	4.5%
Safran S.A.	4.3%
Wolters Kluwer NV	4.2%
Howden Joinery Group PLC	3.9%
NXP Semiconductors NV	3.8%

Geographic Breakdown (%)

* 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.

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.

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.

The Brown Advisory Sustainable International Leaders Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable International Leaders Fund  PAGE 2  TSR_AR_115233272

	Brown Advisory Sustainable International Leaders Fund
	Investor Shares | BISLX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Sustainable International Leaders Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$101	1.00%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI ACWI ex USA Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Underperformance was driven primarily by financials, particularly emerging markets financials. Technology performed the best in absolute terms albeit trailing the benchmark. Industrials, the largest portfolio exposure contributed positively to relative performance. Over the last year we have experienced concerns over the merger between HDFC Bank and HDFC Ltd., changes to subsidies of microloans at Bank Rakyat in Indonesia and ongoing concerns over growth in China at AIA Group. We view the concerns around these businesses as temporary and have taken advantage of share price weakness to increase the position size of our holdings.

POSITIONING

We look for competitively advantaged businesses that earn high returns on invested capital (ROIC), are run by capable management teams, are attractively valuedand have the ability to generate attractive through-the-cycle shareholder returns. The largest geographic exposure was to Europe while the Fund was underweight Japan. During the year we added Shimano, Diageo ConvaTec Group, Canadian National Railway and Airbus. We exited Adyen, Grupo Aeroportuario del Pacifico, Unilever and Sika. Sector and country diversification is an output of stock picking,

PERFORMANCE

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

Top Contributors
↑	Safran SA
↑	CTS Eventim AG & Co. KGaA
↑	NXP Semiconductors NV

Top Detractors
↓	Adyen NV
↓	Rentokil Initial plc
↓	B3 SA - Brasil, Bolsa, Balcao

How did the Fund perform since inception?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (02/28/2022)
Investor Shares	2.27	3.16
MSCI ACWI ex USA Index	11.62	3.65

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory Sustainable International Leaders Fund  PAGE 1  TSR_AR_115233264

Key Fund Statistics (as of June 30, 2024)

Net Assets	$38,793,612
Number of Holdings	30

Net Advisory Fee	$131,123
Portfolio Turnover	27%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Industrials	35.8%
Financials	23.9%
Consumer Discretionary	12.8%
Information Technology	11.0%
Health Care	6.7%
Communication Services	3.3%
Consumer Staples	2.9%
Cash & Other	3.6%

Top 10 Issuers	(%)
Deutsche Boerse AG	5.3%
Rentokil Initial PLC	4.9%
London Stock Exchange Group PLC	4.9%
Waste Connections, Inc.	4.7%
HDFC Bank, Ltd.	4.7%
Experian PLC	4.5%
Safran S.A.	4.3%
Wolters Kluwer NV	4.2%
Howden Joinery Group PLC	3.9%
NXP Semiconductors NV	3.8%

Geographic Breakdown (%)

* 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.

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.

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.

The Brown Advisory Sustainable International Leaders Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable International Leaders Fund  PAGE 2  TSR_AR_115233264

	Brown Advisory Intermediate Income Fund
	Investor Shares | BIAIX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Intermediate Income Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$50	0.49%

How did the Fund perform last year and what affected its performance?

For the 12-month period ending June 30, 2024, the Fund outperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund benefited from not owning Treasuries longer than ten years, as interest rates moved markedly higher, especially in bonds maturing twenty years and longer. Higher rates pressured mortgage-backed bonds due to duration extension. The Fund had strong security selection in corporate bonds and a mild overweight. Asset-backed bonds also contributed positively due to their attractive yields and short average maturities, benefiting from the inverted yield curve.

POSITIONING

We tactically added duration in the portfolio during the first half of the period but later lowered duration as interest rates moved higher in the face of ongoing elevated inflation data. In addition, the Fund moved to a mild overweight allocation to corporate bonds based on elevated yields and ongoing strong corporate fundamentals. We also moved to a mildly overweight position in agency-backed mortgage bonds as interest volatility began to subside and spreads remain elevated.

PERFORMANCE

The Fund posted positive returns for the reported period based in part on strong corporate bond performance as corporate fundamentals remained strong and credit spread tightened markedly over the period and to a lesser degree exposure to asset-backed bonds with shorter average maturity profiles that had elevated yields as the Federal Reserve’s policy continued to result in an inverted yield curve.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Shares	2.86	0.00	1.13
Bloomberg U.S. Aggregate Bond Index	2.63	-0.23	1.35
Bloomberg Intermediate U.S. Aggregate Bond Index	3.55	0.22	1.33

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$116,403,654
Number of Holdings	90

Net Advisory Fee	$310,799
Portfolio Turnover	27%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Security Type	(%)
U.S. Treasury Securities	31.5%
Corporate Bonds	24.9%
Agency Residential Mortgage-Backed Securities	17.5%
Affiliated Mutual Funds	13.2%
Asset-Backed Securities	4.4%
Short-Term Investments	2.5%
Agency Commercial Mortgage-Backed Securities	2.1%
Non-Agency Residential Mortgage-Backed Securities	0.7%
Cash & Other	3.2%

Top 10 Issuers	(%)
United States Treasury Note	31.5%
Brown Advisory Mortgage Securities Fund - Institutional Shares	13.2%
Federal National Mortgage Association	11.4%
Federal Home Loan Mortgage Corp.	8.0%
First American Government Obligations Fund	2.5%
Waste Connections, Inc.	1.5%
CNH Equipment Trust	1.3%
Regeneron Pharmaceuticals, Inc.	1.0%
Analog Devices, Inc.	1.0%
US Bancorp	1.0%

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.

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.

The Brown Advisory Intermediate Income Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Intermediate Income Fund
	Advisor Shares | BAIAX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Intermediate Income Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$75	0.74%

How did the Fund perform last year and what affected its performance?

For the 12-month period ending June 30, 2024, the Fund underperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

WHAT FACTORS INFLUENCED PERFORMANCE

The Fund benefited from not owning Treasuries longer than ten years, as interest rates moved markedly higher, especially in bonds maturing twenty years and longer. Higher rates pressured mortgage-backed bonds due to duration extension. The Fund had strong security selection in corporate bonds and a mild overweight. Asset-backed bonds also contributed positively due to their attractive yields and short average maturities, benefiting from the inverted yield curve.

POSITIONING

We tactically added duration in the portfolio during the first half of the period but later lowered duration as interest rates moved higher in the face of ongoing elevated inflation data. In addition, the Fund moved to a mild overweight allocation to corporate bonds based on elevated yields and ongoing strong corporate fundamentals. We also moved to a mildly overweight position in agency-backed mortgage bonds as interest volatility began to subside and spreads remain elevated.

PERFORMANCE

The Fund posted positive returns for the reported period based in part on strong corporate bond performance as corporate fundamentals remained strong and credit spread tightened markedly over the period and to a lesser degree exposure to asset-backed bonds with shorter average maturity profiles that had elevated yields as the Federal Reserve’s policy continued to result in an inverted yield curve.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Advisor Shares	2.57	-0.25	0.88
Bloomberg U.S. Aggregate Bond Index	2.63	-0.23	1.35
Bloomberg Intermediate U.S. Aggregate Bond Index	3.55	0.22	1.33

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$116,403,654
Number of Holdings	90

Net Advisory Fee	$310,799
Portfolio Turnover	27%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Security Type	(%)
U.S. Treasury Securities	31.5%
Corporate Bonds	24.9%
Agency Residential Mortgage-Backed Securities	17.5%
Affiliated Mutual Funds	13.2%
Asset-Backed Securities	4.4%
Short-Term Investments	2.5%
Agency Commercial Mortgage-Backed Securities	2.1%
Non-Agency Residential Mortgage-Backed Securities	0.7%
Cash & Other	3.2%

Top 10 Issuers	(%)
United States Treasury Note	31.5%
Brown Advisory Mortgage Securities Fund - Institutional Shares	13.2%
Federal National Mortgage Association	11.4%
Federal Home Loan Mortgage Corp.	8.0%
First American Government Obligations Fund	2.5%
Waste Connections, Inc.	1.5%
CNH Equipment Trust	1.3%
Regeneron Pharmaceuticals, Inc.	1.0%
Analog Devices, Inc.	1.0%
US Bancorp	1.0%

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.

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.

The Brown Advisory Intermediate Income Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Sustainable Bond Fund
	Institutional Shares | BAISX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Sustainable Bond Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$41	0.41%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Exposure to intermediate maturity Treasuries weighed on the Fund’s performance as the market priced out an aggressive monetary easing cycle as inflation data turned higher after a period of sustained declines. Exposure to mortgage-backed bonds also detracted from performance as these bonds experienced duration extension as interest rates rose. Positive contributors to relative performance were led by strong security selection in corporate bonds and the mild overweight held over the period. Asset-backed bonds also positively contributed to performance due to their attractive yields and short average maturities which benefited from the inverted yield curve.

POSITIONING

We tactically added duration in the portfolio during the first half of the period but moved back to a neutral position as interest rates moved higher in the face of ongoing elevated inflation data. In addition, the Fund moved to an overweight allocation to corporate bonds and agency MBS based on elevated yields and ongoing strong fundamentals.

PERFORMANCE

The Fund underperformed for the reported period. The Fund’s mild overweight to mortgages was a detractor, this was partially offset by strong corporate bond performance as fundamentals remained strong and credit spread tightened markedly over the period and to a lesser degree exposure to asset-backed bonds with shorter average maturity profiles that had elevated yields as the Federal Reserve’s policy continued to result in an inverted yield curve.

How did the Fund perform since inception?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (07/02/2018)
Institutional Shares	1.90	-0.27	1.00
Bloomberg U.S. Aggregate Bond Index	2.63	-0.23	1.09

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory Sustainable Bond Fund  PAGE 1  TSR_AR_115233389

Key Fund Statistics (as of June 30, 2024)

Net Assets	$558,246,407
Number of Holdings	164

Net Advisory Fee	$1,788,733
Portfolio Turnover	251%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Security Type	(%)
Corporate Bonds	32.1%
Agency Residential Mortgage-Backed Securities	30.1%
Foreign Government Agency Issues	16.0%
U.S. Treasury Securities	14.8%
Asset-Backed Securities	5.5%
Short-Term Investments	4.1%
Municipal Bonds	1.5%
Non-Agency Commercial Mortgage-Backed Securities	0.5%
Agency Commercial Mortgage-Backed Securities	0.1%
Cash & Other	-4.7%

Top 10 Issuers	(%)
Federal National Mortgage Association	14.2%
United States Treasury Note	8.4%
Ginnie Mae II Pool	8.2%
Federal Home Loan Mortgage Corp.	5.2%
European Investment Bank	4.7%
United States Treasury STRIP	4.4%
International Bank for Reconstruction & Development	4.4%
First American Government Obligations Fund	3.9%
Inter-American Development Bank	3.8%
Kreditanstalt fuer Wiederaufbau	3.2%

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.

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.

The Brown Advisory Sustainable Bond Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Bond Fund  PAGE 2  TSR_AR_115233389

	Brown Advisory Sustainable Bond Fund
	Investor Shares | BASBX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Sustainable Bond Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$46	0.46%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Exposure to intermediate maturity Treasuries weighed on the Fund’s performance as the market priced out an aggressive monetary easing cycle as inflation data turned higher after a period of sustained declines. Exposure to mortgage-backed bonds also detracted from performance as these bonds experienced duration extension as interest rates rose. Positive contributors to relative performance were led by strong security selection in corporate bonds and the mild overweight held over the period. Asset-backed bonds also positively contributed to performance due to their attractive yields and short average maturities which benefited from the inverted yield curve.

POSITIONING

We tactically added duration in the portfolio during the first half of the period but moved back to a neutral position as interest rates moved higher in the face of ongoing elevated inflation data. In addition, the Fund moved to an overweight allocation to corporate bonds and agency MBS based on elevated yields and ongoing strong fundamentals.

PERFORMANCE

The Fund underperformed for the reported period. The Fund’s mild overweight to mortgages was a detractor, this was partially offset by strong corporate bond performance as fundamentals remained strong and credit spread tightened markedly over the period and to a lesser degree exposure to asset-backed bonds with shorter average maturity profiles that had elevated yields as the Federal Reserve’s policy continued to result in an inverted yield curve.

How did the Fund perform since inception?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (08/07/2017)
Investor Shares	1.73	-0.32	0.64
Bloomberg U.S. Aggregate Bond Index	2.63	-0.23	0.78

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory Sustainable Bond Fund  PAGE 1  TSR_AR_115233447

Key Fund Statistics (as of June 30, 2024)

Net Assets	$558,246,407
Number of Holdings	164

Net Advisory Fee	$1,788,733
Portfolio Turnover	251%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Security Type	(%)
Corporate Bonds	32.1%
Agency Residential Mortgage-Backed Securities	30.1%
Foreign Government Agency Issues	16.0%
U.S. Treasury Securities	14.8%
Asset-Backed Securities	5.5%
Short-Term Investments	4.1%
Municipal Bonds	1.5%
Non-Agency Commercial Mortgage-Backed Securities	0.5%
Agency Commercial Mortgage-Backed Securities	0.1%
Cash & Other	-4.7%

Top 10 Issuers	(%)
Federal National Mortgage Association	14.2%
United States Treasury Note	8.4%
Ginnie Mae II Pool	8.2%
Federal Home Loan Mortgage Corp.	5.2%
European Investment Bank	4.7%
United States Treasury STRIP	4.4%
International Bank for Reconstruction & Development	4.4%
First American Government Obligations Fund	3.9%
Inter-American Development Bank	3.8%
Kreditanstalt fuer Wiederaufbau	3.2%

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.

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.

The Brown Advisory Sustainable Bond Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Bond Fund  PAGE 2  TSR_AR_115233447

	Brown Advisory Maryland Bond Fund
	Investor Shares | BIAMX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Maryland Bond Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$50	0.49%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve became severely inverted over the past year, with intermediate-maturity bonds yielding dramatically less than both short-term and longer-term bonds. These dynamics led us to actively position the portfolio in a duration barbell, which benefitted relative and absolute returns as the curve began to normalize by mid-2024. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

POSITIONING

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

PERFORMANCE

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by downside protection, particularly during the second half of 2023 as interest rates rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

How did the Fund perform over the past 10 years?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Shares	3.76	0.78	1.62
Bloomberg Municipal Bond Index	3.21	1.16	2.39
Bloomberg 1-10 Year Blended Municipal Bond Index	2.31	1.03	1.79

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$168,661,906
Number of Holdings	80

Net Advisory Fee	$499,594
Portfolio Turnover	22%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Security Type	(%)
Municipal Bonds	99.0%
Short-Term Investments	0.1%
Cash & Other	0.9%

Industry	(%)
Revenue Bonds	82.7%
General Obligation Bonds	16.3%
Cash & Other	1.0%

Top 10 Issuers	(%)
University of Maryland Medical System	8.0%
County of Frederick MD	6.6%
Maryland Stadium Authority	6.2%
MedStar Health	5.8%
Maryland Community Development Administration	5.6%
Maryland State Transportation Authority	5.5%
Maryland Economic Development Corporation	4.4%
State of Maryland Department of Transportation	4.0%
County of Howard MD	3.5%
Main Street Natural Gas, Inc.	3.3%

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.

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.

The Brown Advisory Maryland Bond Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Maryland Bond Fund  PAGE 2  TSR-AR-115233751

	Brown Advisory Tax-Exempt Bond Fund
	Institutional Shares | BTEIX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Tax-Exempt Bond Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$41	0.40%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve became severely inverted over the past year, with intermediate-maturity bonds yielding dramatically less than both short-term and longer-term bonds. These dynamics led us to actively position the portfolio in a duration barbell, which benefitted relative and absolute returns as the curve began to normalize by mid-2024. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

POSITIONING

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

PERFORMANCE

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by downside protection, particularly during the second half of 2023 as interest rates rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

How did the Fund perform since inception?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (07/02/2018)
Institutional Shares	4.49	1.41	2.24
Bloomberg Municipal Bond Index	3.21	1.16	2.06
Bloomberg 1-10 Year Blended Municipal Bond Index	2.31	1.03	1.75

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$919,823,529
Number of Holdings	167

Net Advisory Fee	$2,528,227
Portfolio Turnover	57%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Ten States	(%)
Texas	13.2%
New York	10.1%
Illinois	9.5%
Florida	6.7%
Georgia	5.9%
Alabama	5.6%
California	4.4%
New Jersey	4.0%
Ohio	4.0%
Cash & Other	36.6%

Top 10 Issuers	(%)
Black Belt Energy Gas District	4.4%
Texas Municipal Gas Acquisition and Supply Corp. II	4.2%
Main Street Natural Gas, Inc.	3.8%
New Jersey Transportation Trust Fund Authority	3.4%
Tobacco Settlement Financing Corp.	3.1%
First American Government Obligations Fund	2.6%
Miami-Dade County Florida Expressway Authority	2.4%
Metropolitan Pier & Exposition Authority	2.2%
Illinois State	2.2%
Fort Worth Texas	2.1%

Security Type Breakdown (%)

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.

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.

The Brown Advisory Tax-Exempt Bond Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Tax-Exempt Bond Fund
	Investor Shares | BIAEX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Tax-Exempt Bond Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$46	0.45%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve became severely inverted over the past year, with intermediate-maturity bonds yielding dramatically less than both short-term and longer-term bonds. These dynamics led us to actively position the portfolio in a duration barbell, which benefitted relative and absolute returns as the curve began to normalize by mid-2024. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

POSITIONING

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

PERFORMANCE

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by downside protection, particularly during the second half of 2023 as interest rates rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

How did the Fund perform over the past 10 years?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Shares	4.55	1.38	2.24
Bloomberg Municipal Bond Index	3.21	1.16	2.39
Bloomberg 1-10 Year Blended Municipal Bond Index	2.31	1.03	1.79

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$919,823,529
Number of Holdings	167

Net Advisory Fee	$2,528,227
Portfolio Turnover	57%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Ten States	(%)
Texas	13.2%
New York	10.1%
Illinois	9.5%
Florida	6.7%
Georgia	5.9%
Alabama	5.6%
California	4.4%
New Jersey	4.0%
Ohio	4.0%
Cash & Other	36.6%

Top 10 Issuers	(%)
Black Belt Energy Gas District	4.4%
Texas Municipal Gas Acquisition and Supply Corp. II	4.2%
Main Street Natural Gas, Inc.	3.8%
New Jersey Transportation Trust Fund Authority	3.4%
Tobacco Settlement Financing Corp.	3.1%
First American Government Obligations Fund	2.6%
Miami-Dade County Florida Expressway Authority	2.4%
Metropolitan Pier & Exposition Authority	2.2%
Illinois State	2.2%
Fort Worth Texas	2.1%

Security Type Breakdown (%)

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.

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.

The Brown Advisory Tax-Exempt Bond Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Tax-Exempt Sustainable Bond Fund
	Investor Shares | BITEX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Tax-Exempt Sustainable Bond Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$49	0.48%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its regulatory benchmark, the Bloomberg Municipal Bond Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Positive contributions to relative performance were led by active yield curve positioning and individual security selection, during a period of elevated interest rate volatility. The municipal yield curve became severely inverted over the past year, with intermediate-maturity bonds yielding dramatically less than both short-term and longer-term bonds. These dynamics led us to actively position the portfolio in a duration barbell, which benefitted relative and absolute returns as the curve began to normalize by mid-2024. Bond selection was also additive to performance as many of our active sector and individual credit overweights outperformed the broad market.

POSITIONING

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

PERFORMANCE

The Fund outperformed its benchmark in a volatile market. Much of our outperformance was driven by downside protection, particularly during the second half of 2023 as interest rates rose sharply. This performance was further bolstered by solid credit selection and active duration management for the entire period.

How did the Fund perform since inception?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (12/02/2019)
Investor Shares	3.42	0.18
Bloomberg Municipal Bond Index	3.21	0.85
Bloomberg 1-10 Year Blended Municipal Bond Index	2.31	0.83

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$281,014,055
Number of Holdings	98

Net Advisory Fee	$870,961
Portfolio Turnover	50%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Ten States	(%)
California	13.8%
New York	12.3%
Wisconsin	8.6%
Illinois	8.2%
Maryland	5.5%
Colorado	5.0%
Nebraska	3.7%
Florida	3.6%
Utah	3.6%
Cash & Other	35.7%

Top 10 Issuers	(%)
California Earthquake Authority	5.7%
California Community Choice Financing Authority	5.2%
Metropolitan Transportation Authority	4.9%
Utah Housing Corp.	3.6%
Maryland Health & Higher Educational Facilities Authority	3.6%
Wisconsin State	3.2%
New York Liberty Development Corp.	3.1%
New Jersey Economic Development Authority	2.8%
Douglas County Nebraska	2.8%
York County South Carolina Fort Mill School District No. 4	2.5%

Security Type Breakdown (%)

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.

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.

The Brown Advisory Tax-Exempt Sustainable Bond Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Mortgage Securities Fund
	Institutional Shares | BAFZX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Mortgage Securities Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$45	0.45%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

WHAT FACTORS INFLUENCED PERFORMANCE

The rate environment over the past 12 months continued to be extraordinarily volatile and was a dominant driver of mortgage market returns. The Fund’s positioning along the coupon stack and a higher overall allocation to agency MBS basis detracted from overall performance relative to the benchmark. Exposure to securitized credit benefited performance over the period as spreads generally tightened over the year. Our security selection within the MBS sector also contributed positively to performance.

POSITIONING

We added to MBS basis over the past year as we believe that agency-backed mortgages continue to offer compelling value relative to riskier assets. We also added to high quality, short ABS which complement the mortgage exposure of the fund. We maintain a slight duration overweight, but continue to hold a relatively neutral duration stance as we prefer to add risk through our bottom-up selection and allocation decisions given the uncertainty of the current interest rate environment and reliance on near-term central bank policy decisions and posture.

PERFORMANCE

The Fund posted positive returns as moderating rate volatility and tighter spreads were offset by higher yields across most of the curve. While the fund generally outperformed its benchmark in weaker market periods with elevated market volatility, it lagged during times of strong market momentum due to our conservative positioning over the period.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Shares	1.90	-0.19	1.22
Bloomberg U.S. Aggregate Bond Index	2.63	-0.23	1.35
Bloomberg Mortgage Backed Securities Index	2.12	-0.76	0.89

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$285,945,246
Number of Holdings	328

Net Advisory Fee	$869,152
Portfolio Turnover	335%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Security Type	(%)
Agency Residential Mortgage-Backed Securities	88.3%
Short-Term Investments	14.9%
Asset-Backed Securities	10.4%
Agency Commercial Mortgage-Backed Securities	4.1%
Non-Agency Residential Mortgage-Backed Securities	0.7%
Non-Agency Commercial Mortgage-Backed Securities	0.5%
Municipal Bonds	0.1%
Cash & Other	-19.0%

Top 10 Issuers	(%)
Federal National Mortgage Association	42.8%
Federal Home Loan Mortgage Corp.	23.3%
Ginnie Mae II Pool	13.1%
Government National Mortgage Association	11.9%
United States Treasury Bill	11.8%
First American Government Obligations Fund	3.1%
John Deere Owner Trust	1.4%
CNH Equipment Trust	1.3%
CarMax Auto Owner Trust	1.3%
Ford Credit Auto Owner Trust	1.2%

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.

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.

The Brown Advisory Mortgage Securities Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory Mortgage Securities Fund
	Investor Shares | BIAZX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Mortgage Securities Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$50	0.50%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its regulatory benchmark, the Bloomberg U.S. Aggregate Bond Index.

WHAT FACTORS INFLUENCED PERFORMANCE

The rate environment over the past 12 months continued to be extraordinarily volatile and was a dominant driver of mortgage market returns. The Fund’s positioning along the coupon stack and a higher overall allocation to agency MBS basis detracted from overall performance relative to the benchmark. Exposure to securitized credit benefited performance over the period as spreads generally tightened over the year. Our security selection within the MBS sector also contributed positively to performance.

POSITIONING

We added to MBS basis over the past year as we believe that agency-backed mortgages continue to offer compelling value relative to riskier assets. We also added to high quality, short ABS which complement the mortgage exposure of the fund. We maintain a slight duration overweight, but continue to hold a relatively neutral duration stance as we prefer to add risk through our bottom-up selection and allocation decisions given the uncertainty of the current interest rate environment and reliance on near-term central bank policy decisions and posture.

PERFORMANCE

The Fund posted positive returns as moderating rate volatility and tighter spreads were offset by higher yields across most of the curve. While the fund generally outperformed its benchmark in weaker market periods with elevated market volatility, it lagged during times of strong market momentum due to our conservative positioning over the period.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Shares	1.84	-0.20	1.18
Bloomberg U.S. Aggregate Bond Index	2.63	-0.23	1.35
Bloomberg Mortgage Backed Securities Index	2.12	-0.76	0.89

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$285,945,246
Number of Holdings	328

Net Advisory Fee	$869,152
Portfolio Turnover	335%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Security Type	(%)
Agency Residential Mortgage-Backed Securities	88.3%
Short-Term Investments	14.9%
Asset-Backed Securities	10.4%
Agency Commercial Mortgage-Backed Securities	4.1%
Non-Agency Residential Mortgage-Backed Securities	0.7%
Non-Agency Commercial Mortgage-Backed Securities	0.5%
Municipal Bonds	0.1%
Cash & Other	-19.0%

Top 10 Issuers	(%)
Federal National Mortgage Association	42.8%
Federal Home Loan Mortgage Corp.	23.3%
Ginnie Mae II Pool	13.1%
Government National Mortgage Association	11.9%
United States Treasury Bill	11.8%
First American Government Obligations Fund	3.1%
John Deere Owner Trust	1.4%
CNH Equipment Trust	1.3%
CarMax Auto Owner Trust	1.3%
Ford Credit Auto Owner Trust	1.2%

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.

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.

The Brown Advisory Mortgage Securities Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory - WMC Strategic European Equity Fund
	Institutional Shares | BAFHX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$113	1.05%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the MSCI Europe Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Strong security selection was the key driver of relative outperformance. Particularly, the positive stock selection results in Industrials, Communication Services, and Consumer Staples contributed to relative returns. Weaker stock selection in Information Technology somewhat detracted from performance. Sector allocation, a result of our bottom-up stock selection process, also added to relative returns. Positive allocation effects driven by our overweight in Industrials and underweight in Consumer Discretionary was partially offset by our underweight position in Information Technology. At the issuer level, our top two relative contributors were our overweight position in Rheinmetall AG and UCB SA, while our top two relative detractors were not holding Novo Nordisk and our overweight position in Prudential PLC.

POSITIONING

We remain overweight in Industrials and Consumer Staples as we continue to find a lot of good investment ideas within this sector that fit our investment process and philosophy. We remain underweight Health Care and Information Technology as a result of our bottom-up stock selection process, as we struggle to find attractive ideas in these sectors that fit our investment criteria, with some companies (e.g. ASML and Novo Nordisk) trading at elevated valuation levels relative to their fundamentals in our view.

PERFORMANCE

The Fund posted positive returns for the reported period driven by positive bottom-up stock selection and positive allocation effects.

Top Contributors
↑	Rheinmetall AG
↑	UCB S.A.
↑	BAE Systems plc

Top Detractors
↓	Prudential plc
↓	Bayer AG
↓	Jeronimo Martins, SGPS S.A.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Shares	16.05	9.39	6.87
MSCI Europe Index	11.68	7.13	4.16

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory - WMC Strategic European Equity Fund  PAGE 1  TSR_AR_115233629

Key Fund Statistics (as of June 30, 2024)

Net Assets	$327,084,729
Number of Holdings	65

Net Advisory Fee	$2,576,769
Portfolio Turnover	41%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Industrials	35.1%
Consumer Staples	16.4%
Financials	15.2%
Health Care	6.7%
Materials	6.6%
Consumer Discretionary	6.5%
Communication Services	4.4%
Information Technology	2.5%
Energy	2.4%
Cash & Other	4.2%

Top 10 Issuers	(%)
British American Tobacco PLC	4.8%
Rheinmetall AG	3.4%
Unilever PLC	3.2%
Holcim, Ltd.	3.1%
Erste Group Bank AG	2.9%
UCB S.A.	2.9%
BAE Systems PLC	2.8%
Smiths Group PLC	2.8%
Haleon PLC	2.7%
First American Government Obligations Fund	2.7%

Geographic Breakdown (%)

* 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.

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.

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.

The Brown Advisory - WMC Strategic European Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund  PAGE 2  TSR_AR_115233629

	Brown Advisory - WMC Strategic European Equity Fund
	Investor Shares | BIAHX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$130	1.20%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the MSCI Europe Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Strong security selection was the key driver of relative outperformance. Particularly, the positive stock selection results in Industrials, Communication Services, and Consumer Staples contributed to relative returns. Weaker stock selection in Information Technology somewhat detracted from performance. Sector allocation, a result of our bottom-up stock selection process, also added to relative returns. Positive allocation effects driven by our overweight in Industrials and underweight in Consumer Discretionary was partially offset by our underweight position in Information Technology. At the issuer level, our top two relative contributors were our overweight position in Rheinmetall AG and UCB SA, while our top two relative detractors were not holding Novo Nordisk and our overweight position in Prudential PLC.

POSITIONING

We remain overweight in Industrials and Consumer Staples as we continue to find a lot of good investment ideas within this sector that fit our investment process and philosophy. We remain underweight Health Care and Information Technology as a result of our bottom-up stock selection process, as we struggle to find attractive ideas in these sectors that fit our investment criteria, with some companies (e.g. ASML and Novo Nordisk) trading at elevated valuation levels relative to their fundamentals in our view.

PERFORMANCE

The Fund posted positive returns for the reported period driven by positive bottom-up stock selection and positive allocation effects.

Top Contributors
↑	Rheinmetall AG
↑	UCB S.A.
↑	BAE Systems plc

Top Detractors
↓	Prudential plc
↓	Bayer AG
↓	Jeronimo Martins, SGPS S.A.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Shares	15.91	9.24	6.71
MSCI Europe Index	11.68	7.13	4.16

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory - WMC Strategic European Equity Fund  PAGE 1  TSR_AR_115233611

Key Fund Statistics (as of June 30, 2024)

Net Assets	$327,084,729
Number of Holdings	65

Net Advisory Fee	$2,576,769
Portfolio Turnover	41%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Industrials	35.1%
Consumer Staples	16.4%
Financials	15.2%
Health Care	6.7%
Materials	6.6%
Consumer Discretionary	6.5%
Communication Services	4.4%
Information Technology	2.5%
Energy	2.4%
Cash & Other	4.2%

Top 10 Issuers	(%)
British American Tobacco PLC	4.8%
Rheinmetall AG	3.4%
Unilever PLC	3.2%
Holcim, Ltd.	3.1%
Erste Group Bank AG	2.9%
UCB S.A.	2.9%
BAE Systems PLC	2.8%
Smiths Group PLC	2.8%
Haleon PLC	2.7%
First American Government Obligations Fund	2.7%

Geographic Breakdown (%)

* 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.

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.

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.

The Brown Advisory - WMC Strategic European Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund  PAGE 2  TSR_AR_115233611

	Brown Advisory - WMC Strategic European Equity Fund
	Advisor Shares | BAHAX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$156	1.45%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the MSCI Europe Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Strong security selection was the key driver of relative outperformance. Particularly, the positive stock selection results in Industrials, Communication Services, and Consumer Staples contributed to relative returns. Weaker stock selection in Information Technology somewhat detracted from performance. Sector allocation, a result of our bottom-up stock selection process, also added to relative returns. Positive allocation effects driven by our overweight in Industrials and underweight in Consumer Discretionary was partially offset by our underweight position in Information Technology. At the issuer level, our top two relative contributors were our overweight position in Rheinmetall AG and UCB SA, while our top two relative detractors were not holding Novo Nordisk and our overweight position in Prudential PLC.

POSITIONING

We remain overweight in Industrials and Consumer Staples as we continue to find a lot of good investment ideas within this sector that fit our investment process and philosophy. We remain underweight Health Care and Information Technology as a result of our bottom-up stock selection process, as we struggle to find attractive ideas in these sectors that fit our investment criteria, with some companies (e.g. ASML and Novo Nordisk) trading at elevated valuation levels relative to their fundamentals in our view.

PERFORMANCE

The Fund posted positive returns for the reported period driven by positive bottom-up stock selection and positive allocation effects.

Top Contributors
↑	Rheinmetall AG
↑	UCB S.A.
↑	BAE Systems plc

Top Detractors
↓	Prudential plc
↓	Bayer AG
↓	Jeronimo Martins, SGPS S.A.

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Advisor Shares	15.58	8.96	6.44
MSCI Europe Index	11.68	7.13	4.16

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory - WMC Strategic European Equity Fund  PAGE 1  TSR_AR_115233595

Key Fund Statistics (as of June 30, 2024)

Net Assets	$327,084,729
Number of Holdings	65

Net Advisory Fee	$2,576,769
Portfolio Turnover	41%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Industrials	35.1%
Consumer Staples	16.4%
Financials	15.2%
Health Care	6.7%
Materials	6.6%
Consumer Discretionary	6.5%
Communication Services	4.4%
Information Technology	2.5%
Energy	2.4%
Cash & Other	4.2%

Top 10 Issuers	(%)
British American Tobacco PLC	4.8%
Rheinmetall AG	3.4%
Unilever PLC	3.2%
Holcim, Ltd.	3.1%
Erste Group Bank AG	2.9%
UCB S.A.	2.9%
BAE Systems PLC	2.8%
Smiths Group PLC	2.8%
Haleon PLC	2.7%
First American Government Obligations Fund	2.7%

Geographic Breakdown (%)

* 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.

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.

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.

The Brown Advisory - WMC Strategic European Equity Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund  PAGE 2  TSR_AR_115233595

	Brown Advisory Emerging Markets Select Fund
	Institutional Shares | BAFQX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	1.09%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund outperformed its benchmark, the MSCI Emerging Markets Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Stock selection was the primary driver of outperformance. The biggest contributors to relative performance were the Fund’s holdings in the information technology, real estate, and consumer discretionary sectors. Holdings within the industrial and consumer sectors in Korea and China detracted from relative performance.  

POSITIONING

The Fund’s sub-advisers reacted differently to the opportunity set presented to them. Pzena’s valuation-sensitive approach led them to trim strongly performing technology exposure in Taiwan while increasing the Fund’s exposure to China and Hong Kong. Wellington increased exposure to India, Taiwan, and South Korea, while rotating capital away from China and Hong Kong. The Fund’s biggest geographic overweight is Singapore, while its biggest underweight is Africa and the Middle East. Over the period, the Fund’s combined China and Hong Kong overweight shrunk from 7.9% to 1.7% relative to the benchmark. The Fund’s biggest sector overweight was real estate while the biggest underweight was energy.

PERFORMANCE

The Fund posted positive returns for the period. A positive economic backdrop in India drove strong results for that market while Taiwan and South Korea benefitted from robust spending on technology hardware related to AI. This offset macroeconomic concerns in China and Brazil.

Top Contributors
↑	Taiwan Semiconductor Manufacturing Co., Ltd.
↑	Mahindra & Mahindra Ltd.
↑	Macrotech Developers Ltd.

Top Detractors
↓	AIA Group Limited
↓	Ambev SA
↓	Meituan Class B

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Shares	12.78	5.89	2.90
MSCI Emerging Markets Index	12.55	3.10	2.79

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory Emerging Markets Select Fund  PAGE 1  TSR_AR_115233652

Key Fund Statistics (as of June 30, 2024)

Net Assets	$631,356,791
Number of Holdings	111

Net Advisory Fee	$5,179,044
Portfolio Turnover	70%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	24.1%
Information Technology	23.1%
Consumer Discretionary	13.5%
Industrials	8.6%
Communication Services	6.7%
Consumer Staples	6.4%
Real Estate	4.9%
Materials	4.0%
Energy	3.0%
Cash & Other	5.7%

Top 10 Issuers	(%)
Taiwan Semiconductor Manufacturing Co., Ltd.	10.4%
Samsung Electronics Co., Ltd.	5.8%
Tencent Holdings, Ltd.	4.7%
First American Government Obligations Fund	2.1%
SK Hynix, Inc.	1.6%
Reliance Industries, Ltd.	1.6%
ICICI Bank, Ltd.	1.6%
Mahindra & Mahindra, Ltd.	1.6%
Axis Bank, Ltd.	1.5%
Bank Rakyat Indonesia Persero Tbk PT	1.4%

Geographic Breakdown (%)

* 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.

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.

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.

The Brown Advisory Emerging Markets Select Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund  PAGE 2  TSR_AR_115233652

	Brown Advisory Emerging Markets Select Fund
	Investor Shares | BIAQX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	1.24%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI Emerging Markets Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Stock selection was the primary driver of performance. The biggest contributors to relative performance were the Fund’s holdings in the information technology, real estate, and consumer discretionary sectors. Holdings within the industrial and consumer sectors in Korea and China detracted from relative performance.  

POSITIONING

The Fund’s sub-advisers reacted differently to the opportunity set presented to them. Pzena’s valuation-sensitive approach led them to trim strongly performing technology exposure in Taiwan while increasing the Fund’s exposure to China and Hong Kong. Wellington increased exposure to India, Taiwan, and South Korea, while rotating capital away from China and Hong Kong. The Fund’s biggest geographic overweight is Singapore, while its biggest underweight is Africa and the Middle East. Over the period, the Fund’s combined China and Hong Kong overweight shrunk from 7.9% to 1.7% relative to the benchmark. The Fund’s biggest sector overweight was real estate while the biggest underweight was energy.

PERFORMANCE

The Fund posted positive returns for the period. A positive economic backdrop in India drove strong results for that market while Taiwan and South Korea benefitted from robust spending on technology hardware related to AI. This offset macroeconomic concerns in China and Brazil.

Top Contributors
↑	Taiwan Semiconductor Manufacturing Co., Ltd.
↑	Mahindra & Mahindra Ltd.
↑	Macrotech Developers Ltd.

Top Detractors
↓	AIA Group Limited
↓	Ambev SA
↓	Meituan Class B

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Shares	12.54	5.70	2.72
MSCI Emerging Markets Index	12.55	3.10	2.79

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory Emerging Markets Select Fund  PAGE 1  TSR_AR_115233645

Key Fund Statistics (as of June 30, 2024)

Net Assets	$631,356,791
Number of Holdings	111

Net Advisory Fee	$5,179,044
Portfolio Turnover	70%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	24.1%
Information Technology	23.1%
Consumer Discretionary	13.5%
Industrials	8.6%
Communication Services	6.7%
Consumer Staples	6.4%
Real Estate	4.9%
Materials	4.0%
Energy	3.0%
Cash & Other	5.7%

Top 10 Issuers	(%)
Taiwan Semiconductor Manufacturing Co., Ltd.	10.4%
Samsung Electronics Co., Ltd.	5.8%
Tencent Holdings, Ltd.	4.7%
First American Government Obligations Fund	2.1%
SK Hynix, Inc.	1.6%
Reliance Industries, Ltd.	1.6%
ICICI Bank, Ltd.	1.6%
Mahindra & Mahindra, Ltd.	1.6%
Axis Bank, Ltd.	1.5%
Bank Rakyat Indonesia Persero Tbk PT	1.4%

Geographic Breakdown (%)

* 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.

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.

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.

The Brown Advisory Emerging Markets Select Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund  PAGE 2  TSR_AR_115233645

	Brown Advisory Emerging Markets Select Fund
	Advisor Shares | BAQAX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	1.49%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the MSCI Emerging Markets Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Stock selection was the primary driver of performance. The biggest contributors to relative performance were the Fund’s holdings in the information technology, real estate, and consumer discretionary sectors. Holdings within the industrial and consumer sectors in Korea and China detracted from relative performance.  

POSITIONING

The Fund’s sub-advisers reacted differently to the opportunity set presented to them. Pzena’s valuation-sensitive approach led them to trim strongly performing technology exposure in Taiwan while increasing the Fund’s exposure to China and Hong Kong. Wellington increased exposure to India, Taiwan, and South Korea, while rotating capital away from China and Hong Kong. The Fund’s biggest geographic overweight is Singapore, while its biggest underweight is Africa and the Middle East. Over the period, the Fund’s combined China and Hong Kong overweight shrunk from 7.9% to 1.7% relative to the benchmark. The Fund’s biggest sector overweight was real estate while the biggest underweight was energy.

PERFORMANCE

The Fund posted positive returns for the period. A positive economic backdrop in India drove strong results for that market while Taiwan and South Korea benefitted from robust spending on technology hardware related to AI. This offset macroeconomic concerns in China and Brazil.

Top Contributors
↑	Taiwan Semiconductor Manufacturing Co., Ltd.
↑	Mahindra & Mahindra Ltd.
↑	Macrotech Developers Ltd.

Top Detractors
↓	AIA Group Limited
↓	Ambev SA
↓	Meituan Class B

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 and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Advisor Shares	12.36	5.45	2.47
MSCI Emerging Markets Index	12.55	3.10	2.79

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Brown Advisory Emerging Markets Select Fund  PAGE 1  TSR_AR_115233637

Key Fund Statistics (as of June 30, 2024)

Net Assets	$631,356,791
Number of Holdings	111

Net Advisory Fee	$5,179,044
Portfolio Turnover	70%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Financials	24.1%
Information Technology	23.1%
Consumer Discretionary	13.5%
Industrials	8.6%
Communication Services	6.7%
Consumer Staples	6.4%
Real Estate	4.9%
Materials	4.0%
Energy	3.0%
Cash & Other	5.7%

Top 10 Issuers	(%)
Taiwan Semiconductor Manufacturing Co., Ltd.	10.4%
Samsung Electronics Co., Ltd.	5.8%
Tencent Holdings, Ltd.	4.7%
First American Government Obligations Fund	2.1%
SK Hynix, Inc.	1.6%
Reliance Industries, Ltd.	1.6%
ICICI Bank, Ltd.	1.6%
Mahindra & Mahindra, Ltd.	1.6%
Axis Bank, Ltd.	1.5%
Bank Rakyat Indonesia Persero Tbk PT	1.4%

Geographic Breakdown (%)

* 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.

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.

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.

The Brown Advisory Emerging Markets Select Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund  PAGE 2  TSR_AR_115233637

	Brown Advisory - Beutel Goodman Large-Cap Value Fund
	Institutional Shares | BVALX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory - Beutel Goodman Large-Cap Value Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$58	0.54%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Relative underperformance was driven by stock selection in the Communications Services and Consumer Discretionary sectors, as well as an underweight in the outperforming Information Technology sector. The main contributor to relative performance during the period was stock selection in the Industrials sector.

POSITIONING

During the period, we exited from positions in WK Kellogg Co. and Parker-Hannifin Corp.

PERFORMANCE

The Fund posted positive returns during the period as markets responded positively to different themes, including the continued strength of the U.S. economy; expectations for AI’s expansion; as well as rate cuts on the horizon from the U.S. Federal Reserve.

Top Contributors
↑	QUALCOMM Incorporated
↑	NetApp, Inc.
↑	Amgen Inc.

Top Detractors
↓	Polaris Inc.
↓	Amdocs Limited
↓	Interpublic Group of Companies, Inc.

How did the Fund perform since inception?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (02/13/2018)
Institutional Shares	14.80	12.29	10.67
Russell 1000 Index	23.88	14.61	13.53
Russell 1000 Value Index	13.06	9.01	8.45

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,907,548,196
Number of Holdings	30

Net Advisory Fee	$7,815,836
Portfolio Turnover	24%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Information Technology	16.9%
Health Care	15.3%
Financials	14.4%
Consumer Discretionary	14.1%
Consumer Staples	12.5%
Communication Services	10.5%
Industrials	9.0%
Materials	3.1%
Cash & Other	4.2%

Top 10 Issuers	(%)
Amgen, Inc.	5.5%
Gen Digital, Inc.	4.6%
Biogen, Inc.	4.6%
Kimberly-Clark Corp.	4.6%
NetApp, Inc.	4.5%
Kellogg Co.	4.4%
Comcast Corp.	4.3%
eBay, Inc.	4.1%
Amdocs Ltd.	3.9%
First American Government Obligations Fund	3.9%

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

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.

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.

The Brown Advisory - Beutel Goodman Large-Cap Value Fund is distributed by ALPS Distributors, Inc.

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

	Brown Advisory - Beutel Goodman Large-Cap Value Fund
	Investor Shares | BIAVX
	Annual Shareholder Report | June 30, 2024

This annual shareholder report contains important information about the Brown Advisory - Beutel Goodman Large-Cap Value Fund (the “Fund”) for the period of  July 1, 2023, to June 30, 2024.  You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

What were the Fund costs for the 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	$74	0.69%

How did the Fund perform last year and what affected its performance?

For the 12-month period ended June 30, 2024, the Fund underperformed its benchmark, the Russell 1000 Index.

WHAT FACTORS INFLUENCED PERFORMANCE

Relative underperformance was driven by stock selection in the Communications Services and Consumer Discretionary sectors, as well as an underweight in the outperforming Information Technology sector. The main contributor to relative performance during the period was stock selection in the Industrials sector.

POSITIONING

During the period, we exited from positions in WK Kellogg Co. and Parker-Hannifin Corp.

PERFORMANCE

The Fund posted positive returns during the period as markets responded positively to different themes, including the continued strength of the U.S. economy; expectations for AI’s expansion; as well as rate cuts on the horizon from the U.S. Federal Reserve.

Top Contributors
↑	QUALCOMM Incorporated
↑	NetApp, Inc.
↑	Amgen Inc.

Top Detractors
↓	Polaris Inc.
↓	Amdocs Limited
↓	Interpublic Group of Companies, Inc.

How did the Fund perform since inception?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and does not assume the maximum sales charge. 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. Performance for other share classes will vary.

CUMULATIVE PERFORMANCE

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (06/30/2021)
Investor Shares	14.73	7.09
Russell 1000 Index	23.88	8.74
Russell 1000 Value Index	13.06	5.52

* The Fund’s past performance is not a good predictor of the Fund’s future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.In accordance with new regulatory requirements, the Fund has selected a new primary benchmark. The former primary benchmark is also included for comparison.

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

Key Fund Statistics (as of June 30, 2024)

Net Assets	$1,907,548,196
Number of Holdings	30

Net Advisory Fee	$7,815,836
Portfolio Turnover	24%

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

What did the Fund invest in? (% of net assets, as of June 30, 2024)

Top Sectors*	(%)
Information Technology	16.9%
Health Care	15.3%
Financials	14.4%
Consumer Discretionary	14.1%
Consumer Staples	12.5%
Communication Services	10.5%
Industrials	9.0%
Materials	3.1%
Cash & Other	4.2%

Top 10 Issuers	(%)
Amgen, Inc.	5.5%
Gen Digital, Inc.	4.6%
Biogen, Inc.	4.6%
Kimberly-Clark Corp.	4.6%
NetApp, Inc.	4.5%
Kellogg Co.	4.4%
Comcast Corp.	4.3%
eBay, Inc.	4.1%
Amdocs Ltd.	3.9%
First American Government Obligations Fund	3.9%

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

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.

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.

The Brown Advisory - Beutel Goodman Large-Cap Value Fund is distributed by ALPS Distributors, Inc.

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

(b) Not applicable.

Item 2. Code of Ethics.

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.

Item 3. Audit Committee Financial Expert.

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.

Item 4. Principal Accountant Fees and Services.

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  6/30/2024	FYE  6/30/2023
(a) Audit Fees	$353,325	$357,475
(b) Audit-Related Fees	N/A	N/A
(c) Tax Fees	$57,000	$59,000
(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.

(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  6/30/2024	FYE  6/30/2023
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.

Non-Audit Related Fees	FYE  6/30/2024	FYE  6/30/2023
Registrant	N/A	N/A
Registrant’s Investment Adviser	N/A	N/A

(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.

Item 5. Audit Committee of Listed Registrants.

(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

(b) Not applicable.

Item 6. Investments.

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

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

 

Brown Advisory Growth Equity Fund

Brown Advisory Flexible Equity Fund

Brown Advisory Sustainable Growth Fund

Brown Advisory Mid-Cap Growth Fund

Brown Advisory Small-Cap Growth Fund

Brown Advisory Small-Cap Fundamental Value Fund

Brown Advisory Sustainable Small-Cap Core Fund

Brown Advisory Sustainable Value Fund

Brown Advisory Global Leaders Fund

Brown Advisory Sustainable International Leaders Fund

Brown Advisory Intermediate Income Fund

Brown Advisory Sustainable Bond Fund

Brown Advisory Maryland Bond Fund

Brown Advisory Tax-Exempt Bond Fund

Brown Advisory Tax-Exempt Sustainable Bond Fund

Brown Advisory Mortgage Securities Fund

Brown Advisory - WMC Strategic European Equity Fund

Brown Advisory Emerging Markets Select Fund

Brown Advisory - Beutel Goodman Large-Cap Value Fund

Core Financial Statements

June 30, 2024

TABLE OF CONTENTS

			Page
Schedule of Investments
Brown Advisory Growth Equity Fund			1
Brown Advisory Flexible Equity Fund			2
Brown Advisory Sustainable Growth Fund			3
Brown Advisory Mid-Cap Growth Fund			4
Brown Advisory Small-Cap Growth Fund			6
Brown Advisory Small-Cap Fundamental Value Fund			8
Brown Advisory Sustainable Small-Cap Core Fund			10
Brown Advisory Sustainable Value Fund			12
Brown Advisory Global Leaders Fund			13
Brown Advisory Sustainable International Leaders Fund			15
Brown Advisory Intermediate Income Fund			16
Brown Advisory Sustainable Bond Fund			20
Brown Advisory Maryland Bond Fund			25
Brown Advisory Tax-Exempt Bond Fund			27
Brown Advisory Tax-Exempt Sustainable Bond Fund			32
Brown Advisory Mortgage Securities Fund			35
Brown Advisory - WMC Strategic European Equity Fund			43
Brown Advisory Emerging Markets Select Fund			45
Brown Advisory - Beutel Goodman Large-Cap Value Fund			47
Statements of Assets and Liabilities			48
Statements of Operations			55
Statements of Changes in Net Assets			60
Financial Highlights			71
Notes to the Financial Statements			77
Report of Independent Registered Public Accounting Firm			97

Brown Advisory Growth Equity Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 96.9%
Communication Services - 4.0%
Alphabet, Inc. - Class C			249,901			$45,836,841
Consumer Discretionary - 8.9%
Amazon.com, Inc.(a)			297,386			57,469,844
Hilton Worldwide Holdings, Inc.			205,875			44,921,925
						102,391,769
Consumer Staples - 4.7%
Costco Wholesale Corp.			63,628			54,083,164
Financials - 10.8%
Mastercard, Inc. - Class A			97,067			42,822,078
Progressive Corp.			198,746			41,281,531
S&P Global, Inc.			87,423			38,990,658
						123,094,267
Health Care - 15.9%
Align Technology, Inc.(a)			98,115			23,687,904
Edwards Lifesciences Corp.(a)			292,145			26,985,434
Intuitive Surgical, Inc.(a)			107,654			47,889,882
Thermo Fisher Scientific, Inc.			46,332			25,621,596
Veeva Systems, Inc. - Class A(a)			100,841			18,454,911
Zoetis, Inc. - Class A			227,888			39,506,664
						182,146,391
Industrials - 14.4%
Cintas Corp.			51,783			36,261,564
Generac Holdings, Inc.(a)			188,159			24,878,383
IDEX Corp.			26,416			5,314,899
TransDigm Group, Inc.			27,464			35,088,281
Uber Technologies, Inc.(a)			528,313			38,397,789
Veralto Corp.			255,247			24,368,431
						164,309,347
Information Technology - 35.5%
Adobe, Inc.(a)			59,226			32,902,412
Atlassian Corp. - Class A(a)			160,695			28,423,732
Autodesk, Inc.(a)			141,932			35,121,073
Cadence Design Systems, Inc.(a)			88,157			27,130,317
Intuit, Inc.			70,442			46,295,187
Marvell Technology, Inc.			438,898			30,678,970
Microsoft Corp.			126,208			56,408,666
NVIDIA Corp.			450,324			55,633,027
NXP Semiconductors NV			78,933			21,240,081
ServiceNow, Inc.(a)			61,741			48,569,792
Workday, Inc. - Class A(a)			107,759			24,090,602
						406,493,859
Real Estate - 2.7%
CoStar Group, Inc.(a)			421,168			31,225,396
TOTAL COMMON STOCKS (Cost $548,111,579)						1,109,581,034

			Shares			Value
SHORT-TERM INVESTMENTS - 3.2%
Money Market Funds - 3.2%
First American Government Obligations Fund - Class Z, 5.19%(b)			36,415,991			$36,415,991
TOTAL SHORT-TERM INVESTMENTS (Cost $36,415,991)						36,415,991
TOTAL INVESTMENTS - 100.1% (Cost $584,527,570)						$1,145,997,025
Liabilities in Excess of Other Assets - (0.1)%						(1,592,556)
TOTAL NET ASSETS - 100.0%						$1,144,404,469

Percentages are stated as a percent of net assets.

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

NV - Naamloze Vennootschap

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

1

 

Brown Advisory Flexible Equity Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 95.6%
Communication Services - 12.7%
Alphabet, Inc. - Class A			139,514			$25,412,475
Alphabet, Inc. - Class C			203,937			37,406,124
Meta Platforms, Inc. - Class A			85,871			43,297,876
T-Mobile US, Inc.			67,520			11,895,674
						118,012,149
Consumer Discretionary - 11.5%
Amazon.com, Inc.(a)			195,355			37,752,354
Amer Sports, Inc.(a)			673,193			8,462,036
Booking Holdings, Inc.			4,977			19,716,385
Bright Horizons Family Solutions, Inc.(a)			75,883			8,353,201
CarMax, Inc.(a)			125,924			9,235,266
Lowe’s Cos., Inc.			41,880			9,232,865
TJX Cos., Inc.			128,656			14,165,025
						106,917,132
Consumer Staples - 1.0%
Nomad Foods Ltd.			560,843			9,242,693
Energy - 2.9%
Baker Hughes Co.			274,422			9,651,422
Suncor Energy, Inc.			441,170			16,808,577
						26,459,999
Financials - 26.2%
American International Group, Inc.			209,522			15,554,913
Ameriprise Financial, Inc.			26,261			11,218,437
Bank of America Corp.			251,633			10,007,445
Berkshire Hathaway, Inc. - Class B(a)			86,860			35,334,648
Blackstone, Inc.			63,549			7,867,366
First Citizens BancShares, Inc. - Class A			10,725			18,056,717
Fiserv, Inc.(a)			120,851			18,011,633
KKR & Co., Inc.			332,775			35,021,241
Mastercard, Inc. - Class A			87,882			38,770,023
Progressive Corp.			67,269			13,972,444
Visa, Inc. - Class A			148,381			38,945,561
						242,760,428
Health Care - 11.7%
Agilent Technologies, Inc.			87,748			11,374,773
Align Technology, Inc.(a)			40,874			9,868,210
Danaher Corp.			42,517			10,622,872
Edwards Lifesciences Corp.(a)			217,074			20,051,125
Elevance Health, Inc.			33,886			18,361,468
Merck & Co., Inc.			65,811			8,147,402
UnitedHealth Group, Inc.			59,402			30,251,063
						108,676,913
Industrials - 8.5%
Canadian National Railway Co.			91,042			10,754,792
Carrier Global Corp.			210,486			13,277,457

			Shares			Value
Ferguson PLC			75,213			$14,564,997
General Electric Co.			67,290			10,697,091
Uber Technologies, Inc.(a)			141,682			10,297,448
United Rentals, Inc.			29,663			19,183,952
						78,775,737
Information Technology - 21.1%
Adobe, Inc.(a)			29,368			16,315,099
Analog Devices, Inc.			60,767			13,870,676
Apple, Inc.			135,192			28,474,139
Autodesk, Inc.(a)			58,071			14,369,669
Intuit, Inc.			31,406			20,640,337
Microsoft Corp.			154,196			68,917,902
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR			186,456			32,407,917
						194,995,739
TOTAL COMMON STOCKS (Cost $352,697,824)						885,840,790
REAL ESTATE INVESTMENT TRUSTS - 0.8%
SBA Communications Corp. - Class A			37,372			7,336,123
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,668,453)						7,336,123
SHORT-TERM INVESTMENTS - 3.4%
Money Market Funds - 3.4%
First American Government Obligations Fund - Class Z, 5.19% (b)			31,357,936			31,357,936
TOTAL SHORT-TERM INVESTMENTS (Cost $31,357,936)						31,357,936
TOTAL INVESTMENTS - 99.8% (Cost $390,724,213)						$924,534,849
Other Assets in Excess of Liabilities - 0.2%						1,861,757
TOTAL NET ASSETS - 100.0%						$926,396,606

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

2

 

Brown Advisory Sustainable Growth Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 98.2%
Communication Services - 4.1%
Alphabet, Inc. - Class A			2,259,946			$411,649,164
Consumer Discretionary - 11.4%
Airbnb, Inc. - Class A (a)			1,546,658			234,519,753
Amazon.com, Inc.(a)			3,378,905			652,973,391
Chipotle Mexican Grill, Inc.(a)			3,909,800			244,948,970
						1,132,442,114
Financials - 16.2%
Arthur J Gallagher & Co.			1,009,026			261,650,532
Blackstone, Inc.			1,306,129			161,698,770
KKR & Co., Inc.			2,941,919			309,607,556
MSCI, Inc. - Class A			412,462			198,703,568
Progressive Corp.			1,364,561			283,432,965
Visa, Inc. - Class A			1,494,314			392,212,596
						1,607,305,987
Health Care - 13.9%
Agilent Technologies, Inc.			1,105,913			143,359,502
Danaher Corp.			1,239,963			309,804,756
Edwards Lifesciences Corp.(a)			2,886,823			266,655,840
IDEXX Laboratories, Inc.(a)			391,839			190,903,961
Thermo Fisher Scientific, Inc.			451,130			249,474,890
West Pharmaceutical Services, Inc.			667,672			219,924,480
						1,380,123,429
Industrials - 9.1%
Fortive Corp.			3,285,085			243,424,799
Uber Technologies, Inc.(a)			4,154,692			301,963,015
Veralto Corp.			1,844,907			176,133,271
Verisk Analytics, Inc.			699,466			188,541,060
						910,062,145
Information Technology - 41.7%
Atlassian Corp. - Class A(a)			1,064,667			188,318,299
Cadence Design Systems, Inc.(a)			812,893			250,167,821
Dynatrace, Inc.(a)			3,884,014			173,770,786
Gartner, Inc.(a)			344,631			154,759,997
Intuit, Inc.			702,044			461,390,337
KLA Corp.			227,749			187,781,328
Marvell Technology, Inc.			4,104,853			286,929,225
Microsoft Corp.			1,628,618			727,910,815
Monolithic Power Systems, Inc.			374,653			307,844,877
NVIDIA Corp.			6,718,241			829,971,493
ServiceNow, Inc.(a)			517,296			406,941,244
Workday, Inc. - Class A(a)			768,210			171,741,028
						4,147,527,250
Materials - 1.8%
Ecolab, Inc.			759,617			180,788,846
TOTAL COMMON STOCKS (Cost $5,924,174,695)						9,769,898,935

			Shares			Value
SHORT-TERM INVESTMENTS - 1.8%
Money Market Funds - 1.8%
First American Government Obligations Fund - Class Z, 5.19%(b)			179,869,123			$179,869,123
TOTAL SHORT-TERM INVESTMENTS (Cost $179,869,123)						179,869,123
TOTAL INVESTMENTS - 100.0% (Cost $6,104,043,818)						$9,949,768,058
Other Assets in Excess of Liabilities - 0.0%(c)						4,108,134
TOTAL NET ASSETS - 100.0%						$9,953,876,192

Percentages are stated as a percent of net assets.

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

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day effective yield as of June 30, 2024.

(c)
Represents less than 0.05% of net assets.

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

 

3

 

Brown Advisory Mid-Cap Growth Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 96.0%
Communication Services - 3.6%
Match Group, Inc.(a)			13,861			$421,097
Pinterest, Inc. - Class A(a)			35,208			1,551,617
Trade Desk, Inc. - Class A(a)			15,651			1,528,633
						3,501,347
Consumer Discretionary - 9.6%
Chipotle Mexican Grill, Inc.(a)			20,750			1,299,988
Coupang, Inc. - Class A(a)			68,526			1,435,620
DoorDash, Inc. - Class A(a)			17,611			1,915,725
Hilton Worldwide Holdings, Inc.			9,522			2,077,700
Pool Corp.			2,365			726,835
Ross Stores, Inc.			12,853			1,867,798
						9,323,666
Consumer Staples - 1.9%
Casey’s General Stores, Inc.			2,951			1,125,984
Kenvue, Inc.			36,596			665,315
						1,791,299
Energy - 3.0%
Cheniere Energy, Inc.			16,462			2,878,051
Financials - 8.7%
Ares Management Corp.			13,545			1,805,278
Arthur J Gallagher & Co.			6,445			1,671,253
KKR & Co., Inc.			15,270			1,607,015
Tradeweb Markets, Inc. - Class A			17,478			1,852,668
WEX, Inc.(a)			8,425			1,492,404
						8,428,618
Health Care - 22.1%
Align Technology, Inc.(a)			3,918			945,923
Alnylam Pharmaceuticals, Inc.(a)			7,901			1,919,943
Ascendis Pharma A/S - ADR(a)			6,947			947,432
Bio-Techne Corp.			12,884			923,139
Dexcom, Inc.(a)			32,290			3,661,040
Edwards Lifesciences Corp.(a)			27,325			2,524,010
HealthEquity, Inc.(a)			17,208			1,483,330
IDEXX Laboratories, Inc.(a)			4,608			2,245,018
Inari Medical, Inc.(a)			19,296			929,102
Insulet Corp.(a)			9,428			1,902,570
Veeva Systems, Inc. - Class A(a)			11,889			2,175,806
West Pharmaceutical Services, Inc.			5,260			1,732,591
						21,389,904
Industrials - 20.4%
Booz Allen Hamilton Holding Corp. - Class A			12,655			1,947,605
Carlisle Cos., Inc.			1,899			769,494
Cintas Corp.			2,039			1,427,830
Copart, Inc.(a)			47,359			2,564,963
Equifax, Inc.			9,091			2,204,204
HEICO Corp. - Class A			11,484			2,038,640
IDEX Corp.			5,436			1,093,723
Old Dominion Freight Line, Inc.			8,352			1,474,963

			Shares			Value
SiteOne Landscape Supply, Inc.(a)			7,992			$970,309
Verisk Analytics, Inc.			8,407			2,266,107
Waste Connections, Inc.			17,281			3,030,396
						19,788,234
Information Technology - 21.9%
Atlassian Corp. - Class A(a)			7,599			1,344,111
Autodesk, Inc.(a)			5,649			1,397,845
CCC Intelligent Solutions Holdings, Inc.(a)			75,846			842,649
Crowdstrike Holdings, Inc. - Class A(a)			2,488			953,377
Dynatrace, Inc.(a)			31,735			1,419,824
Elastic NV(a)			7,416			844,756
Fair Isaac Corp.(a)			1,602			2,384,833
Gartner, Inc.(a)			5,472			2,457,256
Guidewire Software, Inc.(a)			8,640			1,191,370
HubSpot, Inc.(a)			1,411			832,194
Marvell Technology, Inc.			49,794			3,480,601
Monolithic Power Systems, Inc.			775			636,802
NXP Semiconductors NV			5,041			1,356,483
Workday, Inc. - Class A(a)			4,777			1,067,946
Zscaler, Inc.(a)			5,323			1,023,027
						21,233,074
Materials - 2.2%
Vulcan Materials Co.			8,622			2,144,119
Real Estate - 2.6%
CoStar Group, Inc.(a)			34,453			2,554,345
TOTAL COMMON STOCKS (Cost $68,792,133)						93,032,657
REAL ESTATE INVESTMENT TRUSTS - 0.5%
SBA Communications Corp. - Class A			2,624			515,091
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $416,547)						515,091
SHORT-TERM INVESTMENTS - 3.4%
Money Market Funds - 3.4%
First American Government Obligations Fund - Class Z, 5.19%(b)			3,276,451			3,276,451
TOTAL SHORT-TERM INVESTMENTS (Cost $3,276,451)						3,276,451
TOTAL INVESTMENTS - 99.9% (Cost $72,485,131)						$96,824,199
Other Assets in Excess of Liabilities - 0.1%						99,669
TOTAL NET ASSETS - 100.0%						$96,923,868

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

 

4

 

Brown Advisory Mid-Cap Growth Fund

Schedule of Investments

as of June 30, 2024(Continued)

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

5

 

Brown Advisory Small-Cap Growth Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 95.9%
Communication Services - 3.0%
Cogent Communications Holdings, Inc.			302,336			$ 17,063,844
Pinterest, Inc. - Class A(a)			510,570			22,500,820
Take-Two Interactive Software, Inc.(a)			58,276			9,061,335
						48,625,999
Consumer Discretionary - 7.7%
Bright Horizons Family Solutions, Inc.(a)			562,814			61,954,565
Churchill Downs, Inc.			25,252			3,525,179
Clarus Corp.			1,276,085			8,588,052
First Watch Restaurant Group, Inc.(a)			494,431			8,682,208
Mister Car Wash, Inc.(a)			4,231,895			30,131,093
TopBuild Corp.(a)			29,412			11,331,561
Vizio Holding Corp. - Class A(a)			75,958			820,347
						125,033,005
Consumer Staples - 2.8%
Casey’s General Stores, Inc.			106,733			40,725,043
Simply Good Foods Co.(a)			147,574			5,331,849
						46,056,892
Energy - 3.8%
Cactus, Inc. - Class A			223,436			11,784,015
ChampionX Corp.			1,252,024			41,579,717
Oceaneering International, Inc.(a)			365,015			8,636,255
						61,999,987
Financials - 4.7%
Houlihan Lokey, Inc.			96,435			13,005,224
Prosperity Bancshares, Inc.			682,779			41,745,108
WEX, Inc.(a)			123,120			21,809,477
						76,559,809
Health Care - 23.7%
Accolade, Inc.(a)			1,558,627			5,579,885
Arvinas, Inc.(a)			82,337			2,191,811
Ascendis Pharma A/S - ADR(a)			111,210			15,166,820
Bio-Techne Corp.			266,341			19,083,333
Blueprint Medicines Corp.(a)			152,919			16,481,610
Bruker Corp.			470,930			30,050,043
Cytokinetics, Inc.(a)			206,453			11,185,623
Encompass Health Corp.			399,753			34,294,810
Establishment Labs Holdings, Inc.(a)			584,736			26,570,404
Haemonetics Corp.(a)			90,729			7,506,010
HealthEquity, Inc.(a)			489,335			42,180,677
Immunome, Inc.(a)			188,492			2,280,753
Inari Medical, Inc.(a)			501,546			24,149,440
LifeStance Health Group, Inc.(a)			1,840,253			9,035,642
NeoGenomics, Inc.(a)			2,330,219			32,320,137
Neurocrine Biosciences, Inc.(a)			265,152			36,503,476
OrthoPediatrics Corp.(a)			467,008			13,431,150

			Shares			Value
Phreesia, Inc.(a)			1,484,334			$ 31,467,881
SI-BONE, Inc.(a)			1,228,366			15,882,772
Vaxcyte, Inc.(a)			106,572			8,047,252
						383,409,529
Industrials - 25.3%
Applied Industrial Technologies, Inc.			50,310			9,760,140
AZEK Co., Inc.(a)			357,364			15,055,745
Casella Waste Systems, Inc. - Class A(a)			327,990			32,543,168
Curtiss-Wright Corp.			99,063			26,844,092
EnPro Industries, Inc.			114,970			16,736,183
Fluor Corp.(a)			615,605			26,809,598
FTI Consulting, Inc.(a)			77,642			16,734,180
IDEX Corp.			72,532			14,593,438
John Bean Technologies Corp.			44,648			4,240,220
Kadant, Inc.			45,906			13,486,265
MSA Safety, Inc.			171,307			32,152,611
Mueller Water Products, Inc. - Class A			1,078,439			19,325,627
Rentokil Initial PLC - ADR			856,402			25,392,319
SiteOne Landscape Supply, Inc.(a)			107,953			13,106,574
SPX Technologies, Inc.(a)			108,273			15,389,924
Valmont Industries, Inc.			148,026			40,625,736
Waste Connections, Inc.			249,879			43,818,781
Woodward, Inc.			142,031			24,767,366
Zurn Elkay Water Solutions Corp.			648,085			19,053,699
						410,435,666
Information Technology - 20.6%
BlackLine, Inc.(a)			236,993			11,482,311
CCC Intelligent Solutions Holdings, Inc.(a)			2,692,640			29,915,230
Clear Secure, Inc. - Class A			1,005,625			18,815,244
Clearwater Analytics Holdings, Inc. - Class A(a)			371,743			6,884,680
Dynatrace, Inc.(a)			793,463			35,499,535
Entegris, Inc.			248,492			33,645,817
Envestnet, Inc.(a)			519,561			32,519,323
Guidewire Software, Inc.(a)			146,820			20,245,010
Infinera Corp.(a)			4,902,526			29,856,383
Lattice Semiconductor Corp.(a)			198,120			11,488,979
Littelfuse, Inc.			92,514			23,645,653
Onto Innovation, Inc.(a)			7,312			1,605,423
Power Integrations, Inc.			284,237			19,950,595
PROS Holdings, Inc.(a)			759,085			21,747,785
SiTime Corp.(a)			133,762			16,637,318
Workiva, Inc.(a)			279,673			20,413,332
						334,352,618
Materials - 3.7%
HB Fuller Co.			440,288			33,884,564
Quaker Chemical Corp.			149,280			25,332,816
						59,217,380

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

 

6

 

Brown Advisory Small-Cap Growth Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Real Estate - 0.6%
DigitalBridge Group, Inc.			674,781			$9,244,500
TOTAL COMMON STOCKS (Cost $1,261,205,757)						1,554,935,385
REAL ESTATE INVESTMENT TRUSTS - 1.5%
EastGroup Properties, Inc.			141,887			24,134,979
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $14,349,972)						24,134,979
PRIVATE PLACEMENTS - 0.1%
StepStone VC Global Partners IV-B, L.P(a)(b)(e)			19,200			1,029,472
StepStone VC Global Partners V-B, L.P.(a)(c)(e)			91,769			90,185
TOTAL PRIVATE PLACEMENTS (Cost $0)						1,119,657
SHORT-TERM INVESTMENTS - 2.9%
Money Market Funds - 2.9%
First American Government Obligations Fund - Class Z, 5.19%(d)			47,308,627			47,308,627
TOTAL SHORT-TERM INVESTMENTS (Cost $47,308,627)						47,308,627
TOTAL INVESTMENTS - 100.4% (Cost $1,322,864,356)						$1,627,498,648
Liabilities in Excess of Other Assets - (0.4)%						(6,881,795)
TOTAL NET ASSETS - 100.0%						$1,620,616,853

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)
Non-income producing security.

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

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

(d)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

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

 

7

 

Brown Advisory Small-Cap Fundamental Value Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 87.2%
Communication Services - 5.8%
Cable One, Inc.			50,154			$17,754,516
IAC, Inc.(a)			246,450			11,546,182
Nexstar Media Group, Inc. - Class A			168,160			27,916,242
Shutterstock, Inc.			550,162			21,291,269
						78,508,209
Consumer Discretionary - 11.9%
La-Z-Boy, Inc.			507,514			18,920,122
Modine Manufacturing Co.(a)			407,318			40,809,190
Monarch Casino & Resort, Inc.			185,668			12,649,561
Monro, Inc.			446,354			10,650,006
Murphy USA, Inc.			41,047			19,269,925
Signet Jewelers Ltd.			343,603			30,779,957
Vista Outdoor, Inc.(a)			765,658			28,827,024
						161,905,785
Consumer Staples - 1.7%
TreeHouse Foods, Inc.(a)			615,704			22,559,395
Energy - 5.9%
Bristow Group, Inc.(a)			538,245			18,047,355
Oceaneering International, Inc.(a)			1,147,991			27,161,467
REX American Resources Corp.(a)			344,596			15,710,132
Sitio Royalties Corp. - Class A			795,781			18,788,389
						79,707,343
Financials - 25.3%
Amalgamated Financial Corp.			506,518			13,878,593
Assurant, Inc.			36,567			6,079,264
Assured Guaranty Ltd.			333,010			25,691,721
Bancorp, Inc.(a)			1,030,808			38,923,310
Dime Community Bancshares, Inc.			421,821			8,605,148
Eastern Bankshares, Inc.			1,720,993			24,059,482
Hanover Insurance Group, Inc.			174,119			21,841,487
Horace Mann Educators Corp.			566,069			18,465,171
MGIC Investment Corp.			1,110,585			23,933,107
NCR Atleos Corp.(a)			1,414,465			38,218,844
Old National Bancorp			1,208,899			20,780,974
Pacific Premier Bancorp, Inc.			911,068			20,927,232
Peapack-Gladstone Financial Corp.			308,229			6,981,387
Peoples Bancorp, Inc.			473,033			14,190,990
Seacoast Banking Corp. of Florida			215,229			5,088,014
Virtus Investment Partners, Inc.			51,482			11,627,210
White Mountains Insurance Group Ltd.			12,248			22,260,128
WSFS Financial Corp.			443,079			20,824,713
						342,376,775
Health Care - 3.2%
Avanos Medical, Inc.(a)			1,028,491			20,487,541
Patterson Cos., Inc.			945,404			22,803,144
						43,290,685

			Shares			Value
Industrials - 15.4%
Albany International Corp. - Class A			254,557			$21,497,339
Civeo Corp.			220,543			5,495,932
Curtiss-Wright Corp.			113,484			30,751,894
EnPro Industries, Inc.			171,470			24,960,888
Federal Signal Corp.			55,508			4,644,354
Kadant, Inc.			69,784			20,501,143
Leonardo DRS, Inc.(a)			907,998			23,163,029
Mueller Water Products, Inc. - Class A			736,752			13,202,596
Sensata Technologies Holding PLC			490,505			18,339,982
Tennant Co.			276,405			27,209,308
Thermon Group Holdings, Inc.(a)			617,108			18,982,242
						208,748,707
Information Technology - 7.1%
Bel Fuse, Inc. - Class A			108,943			8,814,578
Crane NXT Co.			343,603			21,104,096
CTS Corp.			671,316			33,988,729
NCR Voyix Corp.(a)			2,134,993			26,367,164
PC Connection, Inc.			84,364			5,416,169
						95,690,736
Materials - 6.5%
Eagle Materials, Inc.			183,277			39,855,416
Ingevity Corp.(a)			392,724			17,165,966
Orion S.A.			1,423,266			31,226,456
						88,247,838
Utilities - 4.4%
Portland General Electric Co.			405,879			17,550,208
Star Group L.P.			580,896			6,180,734
Talen Energy Corp.(a)			324,072			35,978,473
						59,709,415
TOTAL COMMON STOCKS (Cost $920,612,029)						1,180,744,888
REAL ESTATE INVESTMENT TRUSTS - 9.2%
Equity Commonwealth(a)			1,622,301			31,472,639
Essential Properties Realty Trust, Inc.			856,359			23,729,708
Getty Realty Corp.			486,921			12,981,314
Global Medical REIT, Inc.			837,000			7,599,960
Global Net Lease, Inc.			1,508,152			11,084,917
Ladder Capital Corp.			2,146,358			24,232,382
SITE Centers Corp.			962,246			13,952,567
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $112,984,956)						125,053,487

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

 

8

 

Brown Advisory Small-Cap Fundamental Value Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Shares			Value
SHORT-TERM INVESTMENTS - 3.5%
Money Market Funds - 3.5%
First American Government Obligations Fund - Class Z, 5.19%(b)			47,116,779			$47,116,779
TOTAL SHORT-TERM INVESTMENTS (Cost $47,116,779)						47,116,779
TOTAL INVESTMENTS - 99.9% (Cost $1,080,713,764)						$1,352,915,154
Other Assets in Excess of Liabilities - 0.1%						1,916,873
TOTAL NET ASSETS - 100.0%						$1,354,832,027

Percentages are stated as a percent of net assets.

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

PLC - Public Limited Company

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

9

 

Brown Advisory Sustainable Small-Cap Core Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 88.8%
Communication Services - 2.9%
Cable One, Inc.			2,584			$914,736
Nexstar Media Group, Inc. - Class A			8,082			1,341,693
						2,256,429
Consumer Discretionary - 8.0%
Bright Horizons Family Solutions, Inc.(a)			18,362			2,021,289
First Watch Restaurant Group, Inc.(a)			35,039			615,285
TopBuild Corp.(a)			3,720			1,433,204
Vista Outdoor, Inc.(a)			29,596			1,114,289
Wyndham Hotels & Resorts, Inc.			13,469			996,706
						6,180,773
Consumer Staples - 1.6%
TreeHouse Foods, Inc.(a)			33,555			1,229,455
Energy - 1.3%
ChampionX Corp.			30,622			1,016,957
Financials - 20.2%
Assurant, Inc.			3,390			563,588
Assured Guaranty Ltd.			20,158			1,555,190
AvidXchange Holdings, Inc.(a)			90,823			1,095,325
Bancorp, Inc.(a)			52,815			1,994,294
Eastern Bankshares, Inc.			95,367			1,333,231
Horace Mann Educators Corp.			30,765			1,003,554
MGIC Investment Corp.			88,165			1,899,956
NCR Atleos Corp.(a)			52,668			1,423,089
Old National Bancorp			52,540			903,163
Pacific Premier Bancorp, Inc.			41,435			951,762
Prosperity Bancshares, Inc.			10,372			634,144
WEX, Inc.(a)			6,909			1,223,860
WSFS Financial Corp.			19,645			923,315
						15,504,471
Health Care - 16.7%
Accolade, Inc.(a)			53,530			191,637
Ascendis Pharma A/S - ADR(a)			7,312			997,211
Blueprint Medicines Corp.(a)			8,998			969,804
Charles River Laboratories International, Inc.(a)			2,712			560,245
Cytokinetics, Inc.(a)			6,689			362,410
Encompass Health Corp.			17,996			1,543,877
Haemonetics Corp.(a)			4,571			378,159
HealthEquity, Inc.(a)			17,886			1,541,773
Immunome, Inc.(a)			13,341			161,426
Inari Medical, Inc.(a)			16,933			815,324
LifeStance Health Group, Inc.(a)			73,340			360,099
NeoGenomics, Inc.(a)			88,184			1,223,112
Neurocrine Biosciences, Inc.(a)			6,836			941,112
OrthoPediatrics Corp.(a)			18,564			533,901
Phreesia, Inc.(a)			68,010			1,441,812

			Shares			Value
SI-BONE, Inc.(a)			32,565			$421,066
Vaxcyte, Inc.(a)			5,066			382,534
						12,825,502
Industrials - 19.0%
Applied Industrial Technologies, Inc.			669			129,786
AZEK Co., Inc.(a)			31,429			1,324,104
EnPro Industries, Inc.			9,474			1,379,130
Federal Signal Corp.			7,935			663,921
Kadant, Inc.			5,296			1,555,859
Mueller Water Products, Inc. - Class A			49,736			891,269
Sensata Technologies Holding PLC			28,313			1,058,623
SiteOne Landscape Supply, Inc.(a)			3,848			467,186
SPX Technologies, Inc.(a)			12,978			1,844,693
Tennant Co.			14,221			1,399,915
Valmont Industries, Inc.			6,139			1,684,849
Woodward, Inc.			6,616			1,153,698
Zurn Elkay Water Solutions Corp.			34,947			1,027,442
						14,580,475
Information Technology - 14.8%
BlackLine, Inc.(a)			17,281			837,265
CTS Corp.			29,285			1,482,700
Dynatrace, Inc.(a)			14,899			666,581
Entegris, Inc.			6,836			925,594
Envestnet, Inc.(a)			18,014			1,127,496
Infinera Corp.(a)			158,903			967,719
Littelfuse, Inc.			3,702			946,194
NCR Voyix Corp.(a)			63,957			789,869
Onto Innovation, Inc.(a)			8,760			1,923,346
Power Integrations, Inc.			9,291			652,135
Workiva, Inc.(a)			14,331			1,046,020
						11,364,919
Materials - 3.3%
HB Fuller Co.			19,865			1,528,810
Ingevity Corp.(a)			23,604			1,031,731
						2,560,541
Real Estate - 1.0%
DigitalBridge Group, Inc.			58,698			804,162
TOTAL COMMON STOCKS (Cost $61,928,929)						68,323,684
REAL ESTATE INVESTMENT TRUSTS - 4.4%
EastGroup Properties, Inc.			6,817			1,159,571
Equity Commonwealth(a)			59,742			1,158,995
Essential Properties Realty Trust, Inc.			38,759			1,074,012
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,162,730)						3,392,578

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

 

10

 

Brown Advisory Sustainable Small-Cap Core Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Shares			Value
SHORT-TERM INVESTMENTS - 7.2%
Money Market Funds - 7.2%
First American Government Obligations Fund - Class Z, 5.19%(b)			5,568,865			$5,568,865
TOTAL SHORT-TERM INVESTMENTS (Cost $5,568,865)						5,568,865
TOTAL INVESTMENTS - 100.4% (Cost $70,660,524)						$77,285,127
Liabilities in Excess of Other Assets - (0.4)%						(334,248)
TOTAL NET ASSETS - 100.0%						$76,950,879

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

11

 

Brown Advisory Sustainable Value Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 95.4%
Communication Services - 10.1%
Alphabet, Inc. - Class C			8,046			$ 1,475,797
Comcast Corp. - Class A			89,815			3,517,156
Nexstar Media Group, Inc.			8,419			1,397,638
T-Mobile US, Inc.			21,155			3,727,088
						10,117,679
Consumer Discretionary - 5.0%
Best Buy Co., Inc.			14,796			1,247,155
Expedia Group, Inc. (a)			13,069			1,646,563
Wyndham Hotels & Resorts, Inc.			28,927			2,140,598
						5,034,316
Consumer Staples - 4.9%
Kenvue, Inc.			73,643			1,338,830
Unilever PLC - ADR			64,720			3,558,953
						4,897,783
Energy - 7.0%
ChampionX Corp.			72,506			2,407,924
Schlumberger NV			62,797			2,962,763
Weatherford International PLC(a)			13,780			1,687,361
						7,058,048
Financials - 19.1%
American International Group, Inc.			40,218			2,985,784
Ameriprise Financial, Inc.			3,116			1,331,124
Assurant, Inc.			6,634			1,102,903
Bank of America Corp.			81,381			3,236,522
Citigroup, Inc.			24,374			1,546,774
Fidelity National Information Services, Inc.			55,195			4,159,495
KKR & Co., Inc.			23,613			2,485,032
Willis Towers Watson PLC			8,813			2,310,240
						19,157,874
Health Care - 15.4%
AbbVie, Inc.			7,938			1,361,526
Cardinal Health, Inc.			33,339			3,277,890
Centene Corp.(a)			19,042			1,262,485
Elevance Health, Inc.			4,629			2,508,270
Gilead Sciences, Inc.			20,557			1,410,416
Labcorp Holdings, Inc.			9,205			1,873,310
Medtronic PLC			24,716			1,945,396
Merck & Co., Inc.			14,794			1,831,497
						15,470,790
Industrials - 12.6%
Ferguson PLC			22,304			4,319,169
Masco Corp.			27,976			1,865,160
Pentair PLC			19,537			1,497,902
Trane Technologies PLC			9,824			3,231,408
Waste Connections, Inc.			10,141			1,778,326
						12,691,965

			Shares			Value
Information Technology - 10.8%
Applied Materials, Inc.			6,127			$1,445,911
Cisco Systems, Inc.			28,060			1,333,130
Dell Technologies, Inc. - Class C			18,115			2,498,240
Micron Technology, Inc.			10,072			1,324,770
NXP Semiconductors NV			7,656			2,060,153
TD SYNNEX Corp.			18,672			2,154,749
						10,816,953
Materials - 4.4%
CRH PLC			59,351			4,450,138
Real Estate - 1.7%
CBRE Group, Inc. - Class A(a)			18,766			1,672,238
Utilities - 4.4%
Constellation Energy Corp.			21,887			4,383,309
TOTAL COMMON STOCKS (Cost $81,095,179)						95,751,093
SHORT-TERM INVESTMENTS - 4.5%
Money Market Funds - 4.5%
First American Government Obligations Fund - Class Z, 5.19%(b)			4,555,948			4,555,948
TOTAL SHORT-TERM INVESTMENTS (Cost $4,555,948)						4,555,948
TOTAL INVESTMENTS - 99.9% (Cost $85,651,127)						$100,307,041
Other Assets in Excess of Liabilities - 0.1%						93,715
TOTAL NET ASSETS - 100.0%						$100,400,756

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

12

 

Brown Advisory Global Leaders Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 98.9%
Brazil - 1.7%
B3 S.A. - Brasil Bolsa Balcao			17,825,623			$32,621,263
China - 2.2%
AIA Group, Ltd.			6,446,930			43,618,315
Denmark - 2.1%
Coloplast A/S - Class B			349,130			41,970,032
France - 3.2%
Safran S.A.			296,500			62,489,899
Germany - 6.1%
CTS Eventim AG & Co. KGaA			454,418			37,830,037
Deutsche Boerse AG			396,244			80,990,955
						118,820,992
India - 3.1%
HDFC Bank, Ltd.			2,994,825			60,478,123
Indonesia - 1.9%
Bank Rakyat Indonesia Persero Tbk PT			133,049,383			37,306,586
Netherlands - 3.8%
ASML Holding NV			27,010			27,623,937
Wolters Kluwer NV			291,073			48,067,306
						75,691,243
Sweden - 1.9%
Atlas Copco AB - Class B			2,351,773			37,974,779
Switzerland - 2.7%
Roche Holding AG			189,586			52,526,475
Taiwan - 4.3%
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR			485,889			84,452,367
United Kingdom - 7.8%
London Stock Exchange Group PLC			632,886			75,046,283
Unilever PLC			1,406,904			77,220,915
						152,267,198
United States - 58.1%
Communication Services - 4.7%
Alphabet, Inc. - Class C			505,092			92,643,975
Consumer Discretionary - 6.5%
AutoZone, Inc.(a)			13,154			38,989,771
Booking Holdings, Inc.			11,249			44,562,914
TJX Cos., Inc.			402,763			44,344,206
						127,896,891

			Shares			Value
Consumer Staples - 1.6%
Estee Lauder Cos., Inc. - Class A			300,821			$32,007,354
Financials - 11.7%
Charles Schwab Corp.			661,750			​48,764,357
Mastercard, Inc. - Class A			173,298			76,452,146
Moody’s Corp.			117,995			49,667,635
Visa, Inc. - Class A			203,831			53,499,523
						228,383,661
Health Care - 5.1%
Edwards Lifesciences Corp.(a)			551,994			50,987,686
Zoetis, Inc. - Class A			276,264			47,893,127
						98,880,813
Industrials - 7.7%
Allegion PLC			321,160			37,945,054
Ferguson PLC			238,217			46,130,722
General Electric Co.			416,326			66,183,344
						150,259,120
Information Technology - 19.0%
Adobe, Inc.(a)			79,713			44,283,760
Autodesk, Inc.(a)			178,959			44,283,405
Intuit, Inc.			82,709			54,357,182
Marvell Technology, Inc.			758,396			53,011,880
Microsoft Corp.			393,547			175,895,832
						371,832,059
Materials - 1.8%
Sherwin-Williams Co.			120,654			36,006,773
Total United States						1,137,910,646
TOTAL COMMON STOCKS (Cost $1,305,917,375)						1,938,127,918
SHORT-TERM INVESTMENTS - 1.2%
Money Market Funds - 1.2%
First American Government Obligations Fund - Class Z, 5.19%(b)			23,704,471			23,704,471
TOTAL SHORT-TERM INVESTMENTS (Cost $23,704,471)						23,704,471
TOTAL INVESTMENTS - 100.1% (Cost $1,329,621,846)						$1,961,832,389
Liabilities in Excess of Other Assets - (0.1)%						(2,802,141)
TOTAL NET ASSETS - 100.0%						$1,959,030,248

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

 

13

 

Brown Advisory Global Leaders Fund

Schedule of Investments

as of June 30, 2024(Continued)

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

AG - Aktiengesellschaft

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

14

 

Brown Advisory Sustainable International Leaders Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 96.4%
Brazil - 3.2%
B3 S.A. - Brasil Bolsa Balcao			674,703			$ 1,234,721
Canada - 6.5%
Canadian National Railway Co.			6,132			724,607
Waste Connections, Inc.			10,342			1,814,547
						2,539,154
China - 2.6%
AIA Group, Ltd.			148,872			1,007,231
Denmark - 1.9%
Coloplast A/S - Class B			6,015			723,082
Finland - 3.2%
Kone Oyj - Class B			24,958			1,237,452
France - 10.1%
Airbus SE			5,515			756,916
LVMH Moet Hennessy Louis Vuitton SE			1,916			1,471,089
Safran S.A.			7,954			1,676,373
						3,904,378
Germany - 8.6%
CTS Eventim AG & Co. KGaA			15,432			1,284,705
Deutsche Boerse AG			10,103			2,065,020
						3,349,725
India - 7.2%
HDFC Bank, Ltd. - ADR			28,048			1,804,328
Tata Consultancy Services, Ltd.			21,006			981,259
						2,785,587
Indonesia - 3.2%
Bank Rakyat Indonesia Persero Tbk PT			4,467,556			1,252,687
Japan - 4.1%
Keyence Corp.			1,888			826,336
Shimano, Inc.			5,016			775,192
						1,601,528
Netherlands - 6.8%
ASML Holding NV			990			1,008,975
Wolters Kluwer NV			9,877			1,631,071
						2,640,046
Sweden - 2.4%
Atlas Copco AB - Class B			57,301			925,256
Switzerland - 3.0%
Roche Holding AG			4,187			1,160,045
United Kingdom - 26.1%
Compass Group PLC			46,569			1,268,689
ConvaTec Group PLC			238,086			705,379

			Shares			Value
Diageo PLC			35,630			$1,118,564
Experian PLC			37,371			1,736,129
Howden Joinery Group PLC			135,142			1,494,657
London Stock Exchange Group PLC			15,970			1,893,689
Rentokil Initial PLC			326,531			1,896,354
						10,113,461
United States - 7.5%
Booking Holdings, Inc.			358			1,418,217
NXP Semiconductors NV			5,510			1,482,686
						2,900,903
TOTAL COMMON STOCKS (Cost $32,741,006)						37,375,256
SHORT-TERM INVESTMENTS - 2.9%
Money Market Funds - 2.9%
First American Government Obligations Fund - Class Z, 5.19%(a)			1,127,715			1,127,715
TOTAL SHORT-TERM INVESTMENTS (Cost $1,127,715)						1,127,715
TOTAL INVESTMENTS - 99.3% (Cost $33,868,721)						$38,502,971
Other Assets in Excess of Liabilities - 0.7%						290,641
TOTAL NET ASSETS - 100.0%						$38,793,612

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

15

 

Brown Advisory Intermediate Income Fund

Schedule of Investments

June 30, 2024

			Par			Value
U.S. TREASURY SECURITIES - 31.5%
United States Treasury Note
2.75%, 05/15/2025			$3,500,000			$ 3,427,753
2.25%, 03/31/2026			6,775,000			6,488,121
2.88%, 05/15/2028			5,395,000			5,097,432
3.25%, 06/30/2029			6,500,000			6,176,143
0.88%, 11/15/2030			5,735,000			4,640,085
1.88%, 02/15/2032			12,935,000			10,860,347
TOTAL U.S. TREASURY SECURITIES (Cost $39,483,841)						36,689,881
CORPORATE BONDS - 24.9%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/2024			1,185,000			1,169,056
American Tower Corp., 3.60%, 01/15/2028			616,000			581,576
Analog Devices, Inc., 1.70%, 10/01/2028			1,335,000			1,176,510
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032			1,305,000			1,156,038
Carrier Global Corp., 2.24%, 02/15/2025			1,190,000			1,164,952
Citigroup, Inc., 3.20%, 10/21/2026			1,224,000			1,167,538
Clorox Co., 4.40%, 05/01/2029			1,201,000			1,169,099
Comcast Corp., 3.40%, 04/01/2030			639,000			587,625
Crown Castle, Inc., 3.30%, 07/01/2030			659,000			587,541
Dollar Tree, Inc., 4.20%, 05/15/2028			1,206,000			1,158,116
Ferguson Finance PLC, 4.65%, 04/20/2032(a)			1,230,000			1,164,823
Fortis, Inc., 3.06%, 10/04/2026			610,000			579,030
Hasbro, Inc., 3.55%, 11/19/2026			1,225,000			1,169,530
JB Hunt Transport Services, Inc., 3.88%, 03/01/2026			589,000			575,975
Keysight Technologies, Inc., 4.60%, 04/06/2027			1,181,000			1,160,313
Marvell Technology, Inc., 5.75%, 02/15/2029			1,145,000			1,169,565
Morgan Stanley, 3.13%, 07/27/2026			1,215,000			1,161,847
PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034			1,062,000			1,157,973
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030			1,440,000			1,186,457
Revvity, Inc., 1.90%, 09/15/2028			674,000			589,851
Sysco Corp., 5.95%, 04/01/2030			559,000			581,985
Trimble, Inc., 6.10%, 03/15/2033			1,130,000			1,170,756
US Bancorp, 5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030			1,170,000			1,173,369
Veralto Corp., 5.45%, 09/18/2033(a)			1,165,000			1,163,343

			Par			Value
Verizon Communications, Inc., 2.10%, 03/22/2028			$1,301,000			$ 1,170,310
Waste Connections, Inc., 5.00%, 03/01/2034			1,790,000			1,750,489
Wells Fargo & Co., 3.00%, 10/23/2026			1,229,000			1,167,717
West Fraser Timber Co. Ltd., 4.35%, 10/15/2024(a)			1,000,000			992,572
TOTAL CORPORATE BONDS (Cost $30,164,144)						29,003,956
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 17.5%
Federal Home Loan Mortgage Corp.
Pool QE0622, 2.00%, 04/01/2052			784,699			624,088
Pool QF0492, 5.50%, 09/01/2052			823,667			818,484
Pool RA7927, 4.50%, 09/01/2052			1,261,922			1,191,932
Pool SD0913, 2.50%, 02/01/2052			1,421,466			1,173,417
Pool SD3234, 2.50%, 12/01/2051			1,607,295			1,320,272
Pool SD3475, 5.50%, 08/01/2053			1,206,153			1,193,433
Pool SD3477, 6.50%, 08/01/2053			525,171			540,107
Series 4634, Class MA, 4.50%, 11/15/2054			788,892			767,401
Series 5145, Class AB, 1.50%, 09/25/2049			406,174			313,795
Federal National Mortgage Association
Pool 628837, 6.50%, 03/01/2032			7,479			7,676
Pool 663238, 5.50%, 09/01/2032			10,083			10,254
Pool 741373, 6.41% (1 yr. CMT Rate + 2.28%), 12/01/2033			5,660			5,753
Pool 744805, 6.27% (RFUCCT6M + 1.52%), 11/01/2033			12,207			12,130
Pool 764342, 5.90% (RFUCCT6M + 1.52%), 02/01/2034			18,867			18,852
Pool BQ3248, 2.00%, 11/01/2050			1,439,290			1,136,631
Pool BQ6307, 2.00%, 11/01/2050			1,294,384			1,022,048
Pool BR5634, 2.00%, 03/01/2051			771,720			612,708
Pool BW0025, 4.00%, 07/01/2052			660,940			605,766
Pool CB2548, 2.50%, 01/01/2052			1,278,395			1,051,707

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

 

16

 

Brown Advisory Intermediate Income Fund

Schedule of Investments

June 30, 2024(Continued)

			Par			Value
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
Pool FM6555, 2.00%, 04/01/2051			$995,690			$   789,438
Pool FM9973, 3.00%, 08/01/2051			1,307,790			1,127,566
Pool FS0031, 2.50%, 10/01/2051			1,272,728			1,040,294
Pool FS0348, 2.00%, 01/01/2052			1,435,205			1,139,888
Pool FS3607, 2.50%, 02/01/2037			974,928			882,263
Pool FS4862, 2.50%, 10/01/2051			1,454,917			1,195,204
Pool MA2998, 3.50%, 04/01/2032			280,996			268,755
Pool MA4208, 2.00%, 12/01/2050			719,503			568,280
Pool MA4492, 2.00%, 12/01/2051			1,108,865			870,085
Ginnie Mae I Pool, Pool 781186, 9.00%, 06/15/2030			7,229			7,256
TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $21,605,523)						20,315,483
			Shares
AFFILIATED MUTUAL FUNDS (Note 3) - 13.2%
Brown Advisory Mortgage Securities Fund – Institutional Shares(b)			1,723,602			15,322,826
TOTAL AFFILIATED MUTUAL FUNDS (Cost $17,557,513)						15,322,826
			Par
ASSET-BACKED SECURITIES - 4.4%
American Homes 4 Rent, Series 2015-SFR2, Class C, 4.69%, 10/17/2052(a)			$510,000			500,850
CarMax Auto Owner Trust, Series 2021-2, Class C, 1.34%, 02/16/2027			900,000			863,904
CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027			210,000			210,258
CNH Equipment Trust
Series 2023-B, Class A2, 5.90%, 02/16/2027			1,030,905			1,032,449
Series 2024-B, Class A2A, 5.42%, 10/15/2027			515,000			515,367
Dext ABS Funding LLC, Series 2021-1, Class A, 1.12%, 02/15/2028(a)			49,469			49,109

			Par			Value
FHF Trust
Series 2021-1A, Class A, 1.27%, 03/15/2027(a)			$30,188			$   29,780
Series 2021-2A, Class A, 0.83%, 12/15/2026(a)			128,823			126,173
Ford Credit Auto Owner Trust, Series 2024-B, Class B, 5.23%, 05/15/2030			730,000			732,463
John Deere Owner Trust, Series 2023-C, Class A2, 5.76%, 08/17/2026			922,389			923,118
JPMorgan Chase Bank NA, Series 2021-3, Class B, 0.76%, 02/26/2029(a)			157,504			153,884
TOTAL ASSET-BACKED SECURITIES (Cost $5,206,412)						5,137,355
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.1%
Federal Home Loan Mortgage Corp.
Pool WA3311, 2.21%, 04/01/2038			1,641,630			1,205,387
Series Q006, Class APT2, 2.76%, 09/25/2026(c)			94,454			90,555
Series Q007, Class APT1, 6.87%, 10/25/2047(c)			68,592			68,447
Series Q010, Class APT1, 6.98%, 04/25/2046(c)			42,515			42,646
Federal National Mortgage Association
Pool BL1160, 3.64%, 01/01/2026			750,000			730,486
Series 2016-M10, Class AV1, 2.35%, 11/25/2045			188,123			182,770
FREMF Mortgage Trust, Series 2020-KF74, Class B, 7.59% (30 day avg SOFR US + 2.26%), 01/25/2027(a)			148,475			143,260
TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,811,306)						2,463,551
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.7%
JP Morgan Mortgage Trust, Series 2020-LTV2, Class A15, 3.00%, 11/25/2050(a)(c)			843,677			742,517
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $798,857)						742,517

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

 

17

 

Brown Advisory Intermediate Income Fund

Schedule of Investments

June 30, 2024(Continued)

			Shares			Value
SHORT-TERM INVESTMENTS - 2.5%
Money Market Funds - 2.5%
First American Government Obligations Fund - Class Z, 5.19%(d)			2,955,033			$ 2,955,033
TOTAL SHORT-TERM INVESTMENTS (Cost $2,955,033)						2,955,033
TOTAL INVESTMENTS - 96.8% (Cost $120,582,629)						$112,630,602
Other Assets in Excess of Liabilities - 3.2%						3,773,052
TOTAL NET ASSETS - 100.0%						$116,403,654

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury Rate

RFUCCT6M - Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Months

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

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

(b)
Affiliated company as defined by the Investment Company Act of 1940.

(c)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

(d)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

18

 

Brown Advisory Intermediate Income Fund

Schedule of Futures Contracts

June 30, 2024

Description			Contracts Purchased			Expiration Date			Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 2 Year Notes			78			09/30/2024			$15,905,020			$15,929,062			$24,042
U.S. Treasury 5 Year Note			84			09/30/2024			8,913,360			8,952,563			39,203
U.S. Treasury Long Bonds			13			09/19/2024			1,524,740			1,538,062			13,322
															$ 76,567

Description			Contracts Sold			Expiration Date			Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
10 Year U.S. Ultra Treasury Notes			(36)			09/19/2024			$(4,062,576)			$(4,087,125)			$(24,549)
U.S. Treasury 10 Year Notes			(18)			09/19/2024			(1,967,867)			(1,979,719)			(11,852)
U.S. Treasury Ultra Bonds			(7)			09/19/2024			(871,921)			(877,406)			(5,485)
															$(41,886)
Total Unrealized Appreciation (Depreciation)															$ 34,681

There is no variation margin due to or from the Fund as of the date of this report.

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

 

19

 

Brown Advisory Sustainable Bond Fund

Schedule of Investments

June 30, 2024

			Par			Value
CORPORATE BONDS - 32.1%
AbbVie, Inc., 2.60%, 11/21/2024			$  5,480,000			$ 5,420,015
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.65%, 10/29/2024			2,750,000			2,713,000
3.00%, 10/29/2028			5,975,000			5,431,985
AIB Group PLC
7.58% to 10/14/2025 then SOFR + 3.46%, 10/14/2026(a)			2,635,000			2,692,672
6.61% to 09/13/2028 then SOFR + 2.33%, 09/13/2029(a)			2,615,000			2,700,509
AT&T, Inc., 4.35%, 03/01/2029			5,575,000			5,404,787
Banco Bilbao Vizcaya Argentaria SA, 6.03% to 03/13/2034 then 1 yr. CMT Rate + 1.95%, 03/13/2035			2,705,000			2,699,678
BBVA Bancomer SA, 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039(a)			2,650,000			2,685,346
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032			6,115,000			5,416,992
CaixaBank SA, 6.84% to 09/13/2033 then SOFR + 2.77%, 09/13/2034(a)			5,115,000			5,404,532
Carrier Global Corp., 2.24%, 02/15/2025			5,535,000			5,418,496
Crown Castle, Inc., 3.30%, 07/01/2030			6,115,000			5,451,916
Equinix, Inc., 3.20%, 11/18/2029			9,045,000			8,152,856
Ferguson Finance PLC, 4.65%, 04/20/2032(a)			5,735,000			5,431,105
Ford Motor Credit Co. LLC
4.06%, 11/01/2024			3,265,000			3,245,746
8.32% (SOFR + 2.95%), 03/06/2026			2,000,000			2,071,682
Fortis, Inc., 3.06%, 10/04/2026			5,700,000			5,410,607
Intesa Sanpaolo SpA, 7.78% to 06/20/2053 then 1 yr. CMT Rate + 3.90%, 06/20/2054(a)			2,560,000			2,676,965
Kreditanstalt fuer Wiederaufbau, 0.63%, 01/22/2026			19,025,000			17,814,072
Marvell Technology, Inc., 2.95%, 04/15/2031			9,475,000			8,176,487
Mercer International, Inc., 5.50%, 01/15/2026			2,755,000			2,675,919
Micron Technology, Inc., 6.75%, 11/01/2029			2,535,000			2,697,103
Nationwide Building Society, 4.30% to 03/08/2028 then 3 mo. LIBOR US + 1.45%, 03/08/2029(a)(b)			2,825,000			2,705,552
NatWest Group PLC, 5.08% to 01/27/2029 then 3 mo. LIBOR US + 1.91%, 01/27/2030(b)			2,755,000			2,707,567
PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034			4,980,000			5,430,045

			Par			Value
Regal Rexnord Corp., 6.30%, 02/15/2030			$  2,695,000			$2,756,422
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030			6,680,000			5,503,843
Revvity, Inc., 2.25%, 09/15/2031			9,965,000			8,158,221
Roper Technologies, Inc., 1.75%, 02/15/2031			5,075,000			4,087,328
Sprint Capital Corp., 8.75%, 03/15/2032			6,755,000			8,130,975
Toronto-Dominion Bank, 5.26%, 12/11/2026			5,385,000			5,384,758
Trimble, Inc., 6.10%, 03/15/2033			7,865,000			8,148,667
UBS Group AG, 7.75% to 04/12/2031 then USISSO05 + 4.16%, Perpetual(a)			2,640,000			2,699,524
Veralto Corp., 5.45%, 09/18/2033(a)			5,405,000			5,397,310
Waste Connections, Inc., 5.00%, 03/01/2034			8,310,000			8,126,574
TOTAL CORPORATE BONDS (Cost $179,948,204)						179,029,256
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 30.1%
Federal Home Loan Mortgage Corp.
Pool G31063, 3.50%, 11/01/2037			547,663			515,527
Pool QC5510, 3.50%, 07/01/2051			1,073,316			951,569
Pool QD5888, 3.50%, 02/01/2052			1,738,007			1,550,456
Pool QD7054, 3.00%, 02/01/2052			1,650,865			1,415,564
Pool QD7450, 3.00%, 03/01/2052			1,629,222			1,391,194
Pool QE0380, 2.50%, 04/01/2052			152,044			125,962
Pool RA6064, 2.50%, 09/01/2051			4,504,830			3,768,521
Pool RA6699, 3.50%, 02/01/2052			1,725,454			1,539,239
Pool RA7935, 5.00%, 09/01/2052			4,977,326			4,852,061
Pool SD2875, 5.00%, 05/01/2053			3,179,064			3,111,733
Pool SD3234, 2.50%, 12/01/2051			7,445,682			6,116,070
Pool SD3477, 6.50%, 08/01/2053			2,723,767			2,801,233
Series 4094, Class NI, 2.50%, 03/15/2027(c)			54,358			184
Series 4107, Class LI, 3.00%, 08/15/2027(c)			1,608,247			73,289
Series 4143, Class IA, 3.50%, 09/15/2042(c)			930,659			67,126

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

 

20

 

Brown Advisory Sustainable Bond Fund

Schedule of Investments

June 30, 2024(Continued)

			Par			Value
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
Federal National Mortgage Association
4.50%, 07/15/2054(d)			$  7,200,000			$ 6,788,531
5.50%, 07/15/2054(d)			4,820,000			4,754,290
6.00%, 07/15/2054(d)			11,000,000			11,032,227
Pool BH7686, 4.50%, 12/01/2047			66,718			63,814
Pool BK5105, 5.50%, 05/01/2048			109,430			109,887
Pool BK8032, 5.50%, 06/01/2048			208,791			209,836
Pool BN4921, 5.50%, 01/01/2049			143,758			143,826
Pool BN4936, 5.50%, 12/01/2048			143,370			143,600
Pool BT7699, 4.00%, 09/01/2051			1,628,391			1,539,534
Pool BV4532, 3.50%, 03/01/2052			1,801,402			1,602,436
Pool BW9710, 3.00%, 05/01/2053			1,890,294			1,609,783
Pool CA8871, 3.00%, 02/01/2051			1,045,723			890,376
Pool CB2432, 3.00%, 12/01/2051			2,704,924			2,307,140
Pool CB2909, 3.50%, 02/01/2052			1,600,261			1,427,090
Pool DA0025, 6.00%, 09/01/2053			4,717,280			4,864,171
Pool DA4870, 6.50%, 01/01/2054			2,675,869			2,725,492
Pool FM8754, 3.00%, 09/01/2051			5,367,572			4,579,255
Pool FS0031, 2.50%, 10/01/2051			1,108,505			906,063
Pool FS0195, 2.50%, 01/01/2052			3,872,265			3,185,644
Pool FS0491, 3.50%, 01/01/2052			2,629,878			2,330,713
Pool FS0731, 2.00%, 02/01/2052			1,012,683			805,459
Pool FS1480, 2.50%, 11/01/2051			577,566			477,718
Pool FS4862, 2.50%, 10/01/2051			7,320,921			6,014,084
Pool FS5314, 2.00%, 05/01/2052			7,481,174			5,876,286
Pool FS5458, 5.50%, 08/01/2053			6,728,413			6,643,297
Pool FS6744, 2.50%, 10/01/2051			6,477,382			5,401,458
Pool MA2897, 3.00%, 02/01/2037			390,441			358,814
Pool MA4565, 3.50%, 03/01/2052			2,286,830			2,032,397

			Par			Value
Series 2012-65, Class HJ, 5.00%, 07/25/2040			$  173,751			$   173,453
Series 2021-95, Class WI, 0.65%, 02/25/2035(c)(e)			4,165,988			190,103
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class M1, 4.00%, 01/25/2056(a)(e)			7,316			7,253
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-HQ2, Class M3, 8.70% (30 day avg SOFR US + 3.36%), 05/25/2025			33,818			34,090
Ginnie Mae I Pool
Pool 723334, 5.00%, 09/15/2039			212,782			213,068
Pool 781950, 4.50%, 07/15/2035			470,733			456,660
Pool 783467, 4.00%, 10/15/2041			2,508,781			2,375,462
Ginnie Mae II Pool
Pool 784507, 4.00%, 12/20/2047			2,928,281			2,723,090
Pool MA2754, 3.50%, 04/20/2045			969,087			885,065
Pool MA6994, 2.00%, 11/20/2050			3,366,249			2,729,962
Pool MA7106, 2.00%, 01/20/2036			565,403			503,188
Pool MA7164, 2.00%, 02/20/2036			552,057			491,322
Pool MA7192, 2.00%, 02/20/2051			11,195,267			9,070,019
Pool MA7254, 2.00%, 03/20/2051			3,478,998			2,818,568
Pool MA7419, 3.00%, 06/20/2051			6,284,414			5,486,342
Pool MA7471, 2.00%, 07/20/2051			7,088,535			5,741,401
Pool MA7650, 3.00%, 10/20/2051			6,184,752			5,395,502
Pool MA7774, 6.00%, 11/20/2051			255,175			261,237
Pool MA8268, 4.50%, 09/20/2052			4,498,628			4,284,833
Pool MA8642, 2.50%, 02/20/2053			6,199,248			5,219,180
Government National Mortgage Association
4.00%, 07/15/2054(d)			6,634,000			6,131,008
Series 2017-167, Class SE, 0.75% (-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047(c)(f)			1,787,883			201,095
Series 2021-125, Class UL, 1.50%, 07/20/2051			920,146			630,488
Series 2021-158, Class JD, 1.50%, 09/20/2051			1,343,418			820,898

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

 

21

 

Brown Advisory Sustainable Bond Fund

Schedule of Investments

June 30, 2024(Continued)

			Par			Value
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
Series 2021-160, Class DK, 2.00%, 09/20/2051			$2,104,659			$1,306,679
Series 2021-177, Class KD, 2.00%, 10/20/2051			1,383,690			890,658
Series 2022-9, Class CD, 2.00%, 01/20/2052			2,468,351			1,631,527
TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $175,651,140)						167,775,100
FOREIGN GOVERNMENT AGENCY ISSUES - 16.0%
Asian Development Bank, 2.88%, 05/06/2025			18,050,000			17,701,801
European Investment Bank
2.75%, 08/15/2025			3,750,000			3,655,328
1.38%, 03/15/2027			24,655,000			22,629,342
Inter-American Development Bank, 0.88%, 04/20/2026			22,670,000			21,122,453
International Bank for Reconstruction & Development, 0.63%, 04/22/2025			25,400,000			24,486,611
TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $90,799,908)						89,595,535
U.S. TREASURY SECURITIES - 14.8%
United States Treasury STRIP, 4.39%, 05/15/2043(g)			61,020,000			24,620,572
United States Treasury Bond
3.88%, 02/15/2043			2,650,000			2,396,180
4.13%, 08/15/2053			9,000,000			8,383,008
United States Treasury Note
3.25%, 06/30/2027			1,800,000			1,737,035
3.50%, 04/30/2028			2,980,000			2,882,859
2.88%, 05/15/2028			5,560,000			5,253,331
0.88%, 11/15/2030			4,565,000			3,693,459
1.88%, 02/15/2032			20,490,000			17,203,596
4.50%, 11/15/2033			16,050,000			16,201,723
TOTAL U.S. TREASURY SECURITIES (Cost $87,217,223)						82,371,763
ASSET-BACKED SECURITIES - 5.5%
American Homes 4 Rent, Series 2015-SFR1, Class D, 4.41%, 04/17/2052(a)			520,000			512,918
CarMax Auto Owner Trust
Series 2021-2, Class C, 1.34%, 02/16/2027			2,255,000			2,164,560
Series 2023-3, Class A2A, 5.72%, 11/16/2026			2,036,630			2,036,572

			Par			Value
CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027			$  1,015,000			$ 1,016,245
CNH Equipment Trust
Series 2021-C, Class B, 1.41%, 04/16/2029			2,650,000			2,483,268
Series 2023-B, Class A2, 5.90%, 02/16/2027			4,316,391			4,322,856
Dext ABS Funding LLC
Series 2021-1, Class A, 1.12%, 02/15/2028(a)			217,985			216,399
Series 2021-1, Class B, 1.76%, 02/15/2028(a)			870,000			848,897
FHF Trust
Series 2021-1A, Class A, 1.27%, 03/15/2027(a)			285,361			281,508
Series 2021-2A, Class A, 0.83%, 12/15/2026(a)			186,678			182,837
Series 2024-1A, Class A2, 5.69%, 02/15/2030(a)			2,250,000			2,248,504
Series 2024-2A, Class A2, 5.89%, 06/15/2030(a)			1,980,000			1,985,343
Ford Credit Auto Owner Trust, Series 2024-B, Class B, 5.23%, 05/15/2030			3,475,000			3,486,726
General Motors Financial Co., Inc., Series 2020-2, Class C, 1.48%, 02/18/2026			295,092			292,993
John Deere Owner Trust
Series 2023-B, Class A2, 5.59%, 06/15/2026			2,411,507			2,411,537
Series 2023-C, Class A2, 5.76%, 08/17/2026			4,754,163			4,757,921
JPMorgan Chase Bank NA, Series 2021-3, Class B, 0.76%, 02/26/2029(a)			431,601			421,681
Newtek Small Business Loan Trust, Series 2018-1, Class A, 7.95% (Prime Rate + (0.55%)), 02/25/2044(a)			325,485			323,226
Stack Infrastructure Issuer LLC, Series 2024-1A, Class A2, 5.90%, 03/25/2049(a)			1,000,000			1,009,810
TOTAL ASSET-BACKED SECURITIES (Cost $31,280,735)						31,003,801
MUNICIPAL BONDS - 1.5%
California Health Facilities Financing Authority, 3.03%, 06/01/2034			2,650,000			2,238,476
City & County of Honolulu HI, 3.00%, 09/01/2027			100,000			95,320
City of Los Angeles CA Wastewater System Revenue, 3.49%, 06/01/2029			430,000			407,166
Colorado Health Facilities Authority, 3.36%, 12/01/2030			1,325,000			1,165,837

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

 

22

 

Brown Advisory Sustainable Bond Fund

Schedule of Investments

June 30, 2024(Continued)

			Par			Value
MUNICIPAL BONDS - (Continued)
Metropolitan Pier & Exposition Authority, 3.96%, 12/15/2026			$  3,300,000			$ 3,180,872
New York City Housing Development Corp., 2.71%, 08/01/2031			1,000,000			869,966
University of California, 2.99%, 05/15/2026			355,000			341,762
TOTAL MUNICIPAL BONDS (Cost $9,173,219)						8,299,399
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%
BX Trust, Series 2024-VLT4, Class A, 6.81% (1 mo. Term SOFR + 1.49%), 07/15/2029(a)			2,725,000			2,726,001
TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,722,117)						2,726,001
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.1%
Federal Home Loan Mortgage Corp.
Series KW03, Class A2, 3.02%, 06/25/2027			300,000			285,413
Series Q007, Class APT1, 6.87%, 10/25/2047(e)			126,632			126,363
Series Q010, Class APT1, 6.98%, 04/25/2046(e)			85,030			85,292
Federal National Mortgage Association, Pool 467095, 5.90%, 01/01/2041			240,080			252,900
Government National Mortgage Association
Series 2014-135, Class IO, 0.41%, 01/16/2056(c)(e)			223,993			4,474
Series 2014-45, Class BI, 0.53%, 07/16/2054(c)(e)			360,771			3,679
Series 2015-172, Class IO, 0.60%, 03/16/2057(c)(e)			198,872			4,252
Series 2016-40, Class IO, 0.58%, 07/16/2057(c)(e)			394,758			8,636
Series 2016-56, Class IO, 0.96%, 11/16/2057(c)(e)			257,855			10,960
Series 2016-98, Class IO, 0.84%, 05/16/2058(c)(e)			414,524			17,390
TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $907,247)						799,359

			Shares			Value
SHORT-TERM INVESTMENTS - 4.1%
Money Market Funds - 3.9%
First American Government Obligations Fund - Class Z, 5.19%(h)			22,039,699			$22,039,699
			Par
U.S. Treasury Bills - 0.2%
5.31%, 07/11/2024(i)			$800,000			798,834
TOTAL SHORT-TERM INVESTMENTS (Cost $22,838,534)						22,838,533
TOTAL INVESTMENTS - 104.7% (Cost $600,538,327)						$584,438,747
Liabilities in Excess of Other Assets - (4.7)%						(26,192,340)
TOTAL NET ASSETS - 100.0%						$558,246,407

Percentages are stated as a percent of net assets.

AG - Aktiengesellschaft

CMT - Constant Maturity Treasury Rate

LIBOR - London Interbank Offered Rate

PLC - Public Limited Company

SA - Sociedad Anónima

SOFR - Secured Overnight Financing Rate

STRIP - Separate Trading of Registered Interest and Principal

USISSO05- 5 Year US Dollar SOFR Swap Rate

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

(b)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(c)
Interest only security.

(d)
To-be-announced security.

(e)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

(f)
Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

(g)
Zero-coupon bond. The rate shown is the effective yield as of June 30, 2024.

(h)
The rate shown represents the 7-day effective yield as of June 30, 2024.

(i)
This security is pledged as collateral in connection with open futures contracts. Rate disclosed is yield to maturity as of the date of this report.

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

 

23

 

Brown Advisory Sustainable Bond Fund

Schedule of Futures Contracts

June 30, 2024

Description			Contracts Purchased			Expiration Date			Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 2 Year Notes			6			09/30/2024			$1,223,497			$1,225,313			$1,816
U.S. Treasury 5 Year Note			563			09/30/2024			59,745,786			60,003,484			257,698
U.S. Treasury Ultra Bonds			186			09/19/2024			23,167,253			23,313,938			146,685
															$  406,199

Description			Contracts Sold			Expiration Date			Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
10 Year U.S. Ultra Treasury Notes			(37)			09/19/2024			$(4,175,426)			$(4,200,656)			$(25,230)
U.S. Treasury 10 Year Notes			(163)			09/19/2024			(17,820,122)			(17,927,453)			(107,331)
U.S. Treasury Long Bonds			(87)			09/19/2024			(10,225,699)			(10,293,187)			(67,488)
															$(200,049)
Total Unrealized Appreciation (Depreciation)															$ 206,150

There is no variation margin due to or from the Fund as of the date of this report.

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

 

24

 

Brown Advisory Maryland Bond Fund

Schedule of Investments

as of June 30, 2024

			Par			Value
MUNICIPAL BONDS - 99.0%
General Obligation Bonds - 16.3%
Baltimore County Maryland
5.00%, 08/01/2028			$1,650,000			$ 1,652,061
4.00%, 02/01/2033			1,520,000			1,519,938
Calvert County Maryland, 5.00%, 07/01/2024			775,000			775,000
Frederick County Maryland, 1.88%, 10/01/2038			8,755,000			6,320,929
Howard County Maryland, 1.75%, 08/15/2036			7,875,000			5,879,916
Maryland State
5.00%, 08/01/2024			620,000			620,707
5.00%, 08/01/2025			1,000,000			1,018,691
Montgomery County Maryland
3.00%, 10/01/2034			3,370,000			3,183,803
4.60%, 11/01/2037(a)			2,000,000			2,000,000
Prince George's County Maryland
5.00%, 10/01/2024			1,350,000			1,354,728
5.00%, 10/01/2025			1,500,000			1,530,431
5.00%, 10/01/2026			1,550,000			1,607,742
						27,463,946
Revenue Bonds - 82.7%
Austin Texas, 7.88%, 09/01/2026			750,000			752,306
Baltimore Maryland
5.00%, 06/15/2030			520,000			520,320
3.25%, 06/01/2031(b)			225,000			204,851
4.50%, 06/01/2033			1,470,000			1,464,054
5.00%, 06/15/2033			670,000			670,415
3.50%, 06/01/2039(b)			1,260,000			1,080,363
California Municipal Finance Authority, 5.00%, 11/01/2039(b)			1,750,000			1,706,043
Florida Development Finance Corp., 5.00%, 07/01/2044			3,435,000			3,620,101
Franklin County Ohio, 5.00%, 11/15/2034			1,550,000			1,553,361
Frederick County Maryland
5.00%, 07/01/2029			1,985,000			2,104,769
5.00%, 07/01/2030			1,390,000			1,487,046
3.75%, 07/01/2039			1,410,000			1,260,173
Gaithersburg Maryland
5.00%, 01/01/2028			1,000,000			1,020,075
5.00%, 01/01/2033			2,000,000			2,041,136
Lehigh County Pennsylvania, 4.98% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038			2,600,000			2,581,221
Main Street Natural Gas, Inc., 5.27% (SOFR + 1.70%), 12/01/2053			5,500,000			5,649,001
Maryland Community Development Administration
1.50%, 09/01/2027			1,270,000			1,148,152
5.00%, 09/01/2030			1,245,000			1,312,516
5.00%, 09/01/2031			1,030,000			1,088,936

			Par			Value
4.60%, 03/01/2042			$3,930,000			$ 3,971,186
2.41%, 07/01/2043			2,660,000			1,876,303
Maryland Economic Development Corp.
5.00%, 07/01/2028			1,000,000			1,046,758
5.00%, 07/01/2029			750,000			794,550
4.10%, 10/01/2036(a)			2,600,000			2,656,178
4.00%, 07/01/2040			1,500,000			1,443,162
3.75%, 02/15/2043(a)			500,000			500,000
4.50%, 07/01/2044			4,500,000			4,201,228
Maryland Health & Higher Educational Facilities Authority
5.00%, 07/01/2026			420,000			426,468
5.00%, 08/15/2027			4,000,000			4,030,556
5.00%, 07/01/2029			2,000,000			2,072,692
4.00%, 10/01/2030			100,000			100,033
4.00%, 10/01/2031			300,000			300,082
5.00%, 08/15/2033			1,250,000			1,258,552
5.00%, 07/01/2034			1,955,000			1,981,761
5.00%, 05/15/2037			5,000,000			5,062,917
5.00%, 07/01/2037			1,200,000			1,214,195
5.00%, 07/01/2038			1,500,000			1,557,188
3.40%, 07/01/2041(a)			2,495,000			2,495,000
5.00%, 05/15/2042			4,335,000			4,453,008
4.16% (SIFMA Municipal Swap Index + 0.28%), 07/01/2042			2,450,000			2,441,325
5.00%, 07/01/2043			1,310,000			1,341,921
5.00%, 07/01/2045(a)			4,000,000			4,136,196
Series A, 4.15%, 04/01/2035(a)			3,000,000			3,000,000
Maryland Stadium Authority
1.42%, 05/01/2025			1,100,000			1,065,412
5.00%, 05/01/2030			3,000,000			3,087,373
4.00%, 06/01/2037			1,000,000			1,034,325
5.00%, 05/01/2038			5,000,000			5,269,902
Maryland Stadium Authority Built to Learn Revenue
4.00%, 06/01/2035			1,340,000			1,387,428
3.00%, 06/01/2041			4,460,000			3,779,366
Maryland State Department of Transportation
0.91%, 08/01/2026			1,500,000			1,379,687
5.00%, 10/01/2027			1,715,000			1,778,390
4.00%, 12/01/2029			1,260,000			1,277,156
5.00%, 08/01/2033			1,000,000			1,077,954
4.00%, 08/01/2038			1,150,000			1,150,592
Maryland State Transportation Authority
5.00%, 07/01/2025			3,000,000			3,053,504
5.00%, 07/01/2025			1,510,000			1,536,930
5.00%, 07/01/2028			4,420,000			4,654,824
Maryland State Transportation Authority Passenger Facility Charge Revenue, 4.00%, 06/01/2035			4,330,000			4,294,252

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

 

25

 

Brown Advisory Maryland Bond Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Par			Value
MUNICIPAL BONDS - (Continued)
Revenue Bonds - (Continued)
Metropolitan Washington DC Airports Authority Aviation Revenue, 5.00%, 10/01/2040			$1,500,000			$1,561,602
Miami-Dade County Florida Expressway Authority, 6.51% (1 mo. Term SOFR + 1.05%), 07/01/2032			5,000,000			5,010,672
New Hope Texas Cultural Education Facilities Finance Corp.
5.50%, 07/01/2046(c)			365,000			82,125
5.75%, 07/01/2051(c)			820,000			184,500
New Jersey Transportation Trust Fund Authority, 4.62%, 12/15/2038(d)			6,760,000			3,826,763
New York Transportation Development Corp., 6.00%, 04/01/2035			3,000,000			3,392,984
St Mary’s College of Maryland, 4.00%, 09/01/2024			1,000,000			1,000,041
Washington Suburban Sanitary Commission, 4.90%, 06/01/2027(a)			1,500,000			1,500,000
Westminster Maryland, 5.50%, 07/01/2044			3,560,000			3,560,000
						139,571,880
TOTAL MUNICIPAL BONDS (Cost $171,666,604)						167,035,826
			Shares
SHORT-TERM INVESTMENTS - 0.1%
Money Market Funds - 0.1%
First American Government Obligations Fund - Class Z, 5.19%(e)			114,117			114,117
TOTAL SHORT-TERM INVESTMENTS (Cost $114,117)						114,117
TOTAL INVESTMENTS - 99.1% (Cost $171,780,721)						$167,149,943
Other Assets in Excess of Liabilities - 0.9%						1,511,963
TOTAL NET ASSETS - 100.0%						$168,661,906

Percentages are stated as a percent of net assets.

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

(a)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

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

(c)
Security is in default and missed all or a portion of its last payment of interest as of the date of this report.

(d)
Zero-coupon bond. The rate shown is the effective yield as of June 30, 2024.

(e)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

26

 

Brown Advisory Tax-Exempt Bond Fund

Schedule of Investments

as of June 30, 2024

			Par			Value
MUNICIPAL BONDS - 98.7%
Alabama - 5.6%
Black Belt Energy Gas District
4.00%, 10/01/2052(a)			$7,000,000			$ 7,017,365
4.23% (SIFMA Municipal Swap Index + 0.35%), 10/01/2052			34,225,000			33,754,769
Energy Southeast A Cooperative District, 5.25%, 07/01/2054(a)			5,500,000			5,887,571
Industrial Development Board of Mobile Alabama, 3.78%, 06/01/2034(a)			2,500,000			2,504,071
Madison Alabama, 3.00%, 02/01/2036			2,730,000			2,524,701
						51,688,477
Arizona - 2.5%
Chandler Industrial Development Authority, 4.00%, 06/01/2049(a)			7,000,000			7,047,424
Maricopa County Arizona Industrial Development Authority, 4.45% (SIFMA Municipal Swap Index + 0.57%), 01/01/2035			5,090,000			5,087,346
Maricopa County Pollution Control Corp., 2.40%, 06/01/2035			12,555,000			10,392,409
						22,527,179
Arkansas - 0.6%
Bentonville South Dakota School District No 6
2.13%, 06/01/2041			2,680,000			1,904,799
2.13%, 06/01/2042			2,750,000			1,913,677
2.13%, 06/01/2043			2,825,000			1,922,504
						5,740,980
California - 4.4%
California Community Choice Financing Authority
5.00%, 03/01/2029			4,280,000			4,420,037
4.33% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052			5,000,000			4,559,929
California Earthquake Authority, 5.60%, 07/01/2027			15,275,000			15,260,443
Los Angeles California Department of Airports
4.00%, 05/15/2041			3,660,000			3,572,218
4.00%, 05/15/2042			7,950,000			7,787,145
San Diego California Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032			3,000,000			3,000,996
Temecula Valley California Unified School District, 3.00%, 08/01/2047			2,000,000			1,591,967
						40,192,735

			Par			Value
Colorado - 1.3%
Board of Governors of Colorado State University System, 4.00%, 03/01/2036			$3,255,000			$ 3,296,883
Colorado Health Facilities Authority, 5.00%, 12/01/2035			7,715,000			7,726,768
Park Creek Metropolitan District, 5.00%, 12/01/2034			1,000,000			1,015,898
						12,039,549
Connecticut - 0.1%
Connecticut State Health & Educational Facilities Authority, 3.70%, 07/01/2042(a)			1,335,000			1,335,000
District of Columbia - 0.3%
Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2032			2,660,000			2,717,421
Florida - 6.7%
Florida Development Finance Corp., 5.00%, 07/01/2044			17,500,000			18,443,019
JEA Electric System Revenue, 5.58%, 10/01/2027			5,690,000			5,710,384
Miami-Dade County Florida Expressway Authority
6.51% (1 mo. Term SOFR + 1.05%), 07/01/2026			4,385,000			4,396,805
6.51% (1 mo. Term SOFR + 1.05%), 07/01/2029			5,260,000			5,288,125
6.51% (1 mo. Term SOFR + 1.05%), 07/01/2032			8,260,000			8,277,630
5.00%, 07/01/2040			4,000,000			4,000,862
Miami-Dade Florida Aviation Revenue
5.00%, 10/01/2024			10,000,000			10,005,575
5.00%, 10/01/2036			3,595,000			3,599,039
Tampa Florida
4.63%, 09/01/2039(f)			1,100,000			562,633
4.72%, 09/01/2041(f)			1,280,000			585,401
3.76%, 09/01/2045(f)			1,850,000			675,671
						61,545,144
Georgia - 5.9%
Bartow County Georgia Development Authority, 3.95%, 12/01/2032(a)			6,295,000			6,402,150
Clayton County Development Authority, 5.00%, 07/01/2032			13,255,000			13,165,178
Main Street Natural Gas, Inc.
5.27% (SOFR + 1.70%), 12/01/2053			28,500,000			29,272,096
5.00%, 12/01/2054(a)			5,000,000			5,301,237
						54,140,661

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

 

27

 

Brown Advisory Tax-Exempt Bond Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Par			Value
MUNICIPAL BONDS - (Continued)
Illinois - 9.5%
Chicago Illinois Board of Education Dedicated Capital Improvement Tax
5.25%, 04/01/2036			$3,200,000			$ 3,599,640
5.25%, 04/01/2037			3,700,000			4,148,510
5.25%, 04/01/2039			2,250,000			2,494,332
5.25%, 04/01/2040			5,250,000			5,795,409
5.50%, 04/01/2042			1,000,000			1,116,801
Chicago Illinois Park District, 5.00%, 01/01/2044			9,000,000			9,440,433
Chicago Illinois Waterworks Revenue, 5.00%, 11/01/2044			4,095,000			4,102,234
Du Page Illinois, 3.00%, 05/15/2047			7,680,000			6,141,360
DuPage & Cook Counties Community Unit School District No 205 Elmhurst, 2.13%, 01/01/2040			1,600,000			1,177,144
Illinois Development Finance Authority, 3.52%, 07/15/2025(f)			9,330,000			8,991,965
Illinois State
5.00%, 11/01/2024			3,470,000			3,484,270
5.00%, 12/01/2025			4,050,000			4,130,079
5.25%, 02/01/2033			4,325,000			4,329,058
4.00%, 10/01/2033			1,700,000			1,710,304
6.73%, 04/01/2035			5,923,077			6,228,007
Metropolitan Pier & Exposition Authority
5.83%, 06/15/2036(f)			5,000,000			3,061,118
4.31%, 06/15/2037(f)			10,165,000			5,938,923
5.20%, 12/15/2037(f)			20,365,000			11,593,289
						87,482,876
Indiana - 0.4%
Indiana Finance Authority, Series J, 3.25%, 11/01/2037(a)			4,000,000			4,000,000
Iowa - 0.7%
Des Moines Iowa
2.00%, 06/01/2039			4,635,000			3,243,377
1.88%, 06/01/2040			3,575,000			2,384,879
West Des Moines Iowa, 2.00%, 06/01/2040			1,280,000			904,181
						6,532,437
Kentucky - 1.8%
Kentucky Public Energy Authority
4.00%, 12/01/2049(a)			1,585,000			1,586,963
4.94% (V1 mo. LIBOR US + 1.30%), 12/01/2049(b)			4,100,000			4,115,629
5.00%, 01/01/2055(a)			10,000,000			10,566,914
						16,269,506

			Par			Value
Louisiana - 0.2%
TerrebonneParish Louisiana, 3.18%, 04/01/2036(f)			$3,045,000			$ 1,921,367
Maine - 0.2%
Lewiston Maine
1.75%, 02/15/2038			1,270,000			888,905
1.75%, 02/15/2039			1,270,000			860,529
						1,749,434
Maryland - 0.7%
Maryland Community Development Administration, 2.41%, 07/01/2043			5,000,000			3,526,886
Maryland Economic Development Corp., 4.38%, 07/01/2036			3,000,000			2,903,784
						6,430,670
Massachusetts - 3.7%
Commonwealth of Massachusetts
2.00%, 03/01/2037			2,250,000			1,765,388
4.00%, 10/01/2038			6,000,000			6,243,792
Massachusetts Health & Educational Facilities Authority, 3.60%, 07/01/2027(a)			15,000,000			15,000,000
Massachusetts Housing Finance Agency, 4.00%, 12/01/2033			2,850,000			2,776,587
Milford Massachusetts, 2.00%, 12/01/2037			3,000,000			2,326,025
Waltham Massachusetts
2.13%, 10/15/2038			3,455,000			2,672,892
2.13%, 10/15/2039			4,455,000			3,358,506
						34,143,190
Missouri - 0.8%
Cass County Missouri Reorganized School District No R-2/MO, 2.00%, 03/01/2039			3,375,000			2,483,964
Cass County Reorganized School District No R-2/MO, 2.00%, 03/01/2041			2,235,000			1,560,607
Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038			4,805,261			3,602,398
						7,646,969
Nebraska - 2.8%
Central Plains Energy Project
5.00%, 05/01/2053(a)			7,670,000			8,032,795
5.75% (SOFR + 2.18%), 05/01/2053			10,000,000			10,350,005
Omaha Nebraska School District, 2.00%, 12/15/2039			8,010,000			5,729,587
Sarpy Nebraska, 1.75%, 06/01/2036			2,710,000			1,973,813
						26,086,200

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

 

28

 

Brown Advisory Tax-Exempt Bond Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Par			Value
MUNICIPAL BONDS - (Continued)
Nevada - 1.2%
Clark County Nevada, 2.10%, 06/01/2031			$4,960,000			$ 4,279,818
Henderson Nevada
2.00%, 06/01/2038			2,830,000			2,091,330
2.00%, 06/01/2039			1,585,000			1,136,839
Las Vegas Nevada Redevelopment Agency
5.00%, 06/15/2026			1,000,000			1,015,740
5.00%, 06/15/2028			2,280,000			2,314,604
						10,838,331
New Jersey - 4.0%
New Jersey Transportation Trust Fund Authority
5.75%, 12/15/2028			11,000,000			11,057,766
4.28%, 12/15/2037(f)			10,050,000			5,999,401
5.20%, 12/15/2038(f)			5,000,000			2,850,579
4.67%, 12/15/2039(f)			21,355,000			11,631,996
Tobacco Settlement Financing Corp., 5.25%, 06/01/2046			5,000,000			5,171,180
						36,710,922
New Mexico - 1.5%
Farmington New Mexico, 1.80%, 04/01/2029			15,000,000			13,324,210
New York - 10.1%
Metropolitan Transportation Authority
5.00%, 11/15/2032			5,050,000			5,073,881
3.25%, 11/15/2050(a)			1,000,000			1,000,000
New York City New York, 5.00%, 08/01/2038			5,500,000			5,626,979
New York City Transitional Finance Authority, 3.25%, 11/01/2042(a)			7,000,000			7,000,000
New York City Water & Sewer System, 3.45%, 06/15/2043(a)			11,075,000			11,075,000
New York Convention Center Development Corp.
4.25%, 11/15/2035(f)			8,730,000			5,440,749
3.83%, 11/15/2037(f)			5,750,000			3,240,672
New York Liberty Development Corp., 3.13%, 09/15/2050			13,735,000			10,809,030
New York Mortgage Agency Homeowner Mortgage Revenue
4.70%, 04/01/2036			1,745,000			1,767,482
4.65%, 10/01/2043			6,380,000			6,470,464
New York State Transportation Development Corp., 5.00%, 07/01/2041			11,775,000			11,775,122
Port Authority of New York & New Jersey
5.00%, 09/01/2028			2,630,000			2,633,999
4.00%, 09/01/2043			2,970,000			2,858,573

			Par			Value
Suffolk County Water Authority, 3.25%, 06/01/2042			$10,000,000			$ 8,864,394
TSASC, Inc.
5.00%, 06/01/2030			7,960,000			8,264,729
5.00%, 06/01/2031			1,070,000			1,109,891
						93,010,965
North Carolina - 1.7%
Cary North Carolina
1.75%, 09/01/2037			6,250,000			4,556,204
1.75%, 09/01/2038			6,250,000			4,431,485
Durham Housing Authority, 4.12%, 12/01/2061(a)			4,900,000			4,900,000
Raleigh North Carolina, 3.85%, 02/01/2034(a)			1,270,000			1,270,000
						15,157,689
North Dakota - 0.0%(c)
Grand Forks North Dakota
6.63%, 12/15/2031(d)(e)			5,000,000			150,000
9.00%, 06/15/2044(d)(e)			2,500,000			75,000
						225,000
Ohio - 4.0%
American Municipal Power, Inc.
4.00%, 02/15/2037			5,310,000			5,388,405
4.00%, 02/15/2038			5,940,000			5,997,798
Buckeye Ohio Tobacco Settlement Financing Authority, 4.00%, 06/01/2037			10,325,000			10,394,091
Lancaster Ohio Port Authority, 5.00%, 08/01/2049(a)			13,565,000			13,639,782
Ohio State, 3.65%, 01/01/2052(a)			1,225,000			1,225,000
						36,645,076
Oregon - 0.4%
Seaside School District No 10, 5.44%, 06/15/2040(f)			6,825,000			3,391,728
Pennsylvania - 2.2%
Delaware Valley Regional Finance Authority
4.54% (1 mo. Term SOFR + 0.88%), 09/01/2048			5,000,000			5,002,408
4.28% (SIFMA Municipal Swap Index + 0.40%), 03/01/2057			3,000,000			2,966,672
Lehigh Pennsylvania, 4.98% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038			9,615,000			9,545,555
Philadelphia Pennsylvania Authority for Industrial Development, 5.00%, 04/01/2032			3,000,000			3,022,548
						20,537,183

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

 

29

 

Brown Advisory Tax-Exempt Bond Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Par			Value
MUNICIPAL BONDS - (Continued)
Puerto Rico - 1.3%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.75%, 07/01/2031(f)			$16,249,000			$ 12,359,683
Rhode Island - 2.6%
Tobacco Settlement Financing Corp., 5.00%, 06/01/2035			23,310,000			23,531,429
Tennessee - 1.6%
Knox Tennesee, 3.05%, 06/01/2035			4,905,000			4,563,826
Tennergy Corp., 5.00%, 10/01/2054(a)			6,500,000			6,834,682
Wilson County Sports Authority, 3.85%, 09/01/2029(a)			3,410,000			3,410,000
						14,808,508
Texas - 13.2%
Austin Texas, 7.88%, 09/01/2026			3,225,000			3,234,916
Del Valle Independent School District TX
2.00%, 06/15/2038			10,135,000			7,436,677
2.00%, 06/15/2039			3,085,000			2,209,927
Fort Worth Texas
2.00%, 03/01/2039			6,475,000			4,604,144
5.25%, 03/01/2043			15,000,000			15,017,300
Frisco Texas
2.00%, 02/15/2039			1,710,000			1,220,429
2.00%, 02/15/2040			1,745,000			1,211,132
Joshua Texas Independent School District, 3.00%, 08/15/2035			3,105,000			2,863,536
Love Field Texas Airport Modernization Corp., 4.00%, 11/01/2036			17,720,000			17,696,613
New Hope Texas Cultural Education Facilities Finance Corp.
5.00%, 07/01/2031(d)			1,080,000			243,000
5.25%, 07/01/2036(d)			1,750,000			393,750
5.50%, 07/01/2046(d)			250,000			56,250
5.75%, 07/01/2051(d)			2,000,000			450,000
North Texas Tollway Authority, 5.00%, 01/01/2035			1,350,000			1,355,988
San Marcos Texas, 2.00%, 08/15/2039			4,265,000			3,033,512
Texas Municipal Gas Acquisition and Supply Corp. II
4.39% (3 mo. Term SOFR + 0.86%), 09/15/2027			19,720,000			19,715,224
4.43% (SIFMA Municipal Swap Index + 0.55%), 09/15/2027			6,655,000			6,617,790
4.63% (3 mo. Term SOFR + 1.05%), 09/15/2027			12,670,000			12,720,039
Texas Municipal Power Agency, 3.00%, 09/01/2035			1,630,000			1,505,106
Texas State, 4.00%, 10/01/2032			12,900,000			12,877,332

			Par			Value
Travis County Water Control & Improvement District No 10, 3.00%, 08/15/2041			$5,035,000			$4,261,987
Willis Texas Independent School District
2.00%, 02/15/2038			1,525,000			1,138,838
2.00%, 02/15/2039			1,500,000			1,089,603
						120,953,093
Utah - 1.9%
Utah Housing Corp.
3.00%, 01/21/2052			5,294,155			4,554,439
4.50%, 06/21/2052			8,819,717			8,505,616
5.00%, 10/21/2052			4,617,927			4,550,381
						17,610,436
Vermont - 1.0%
Vermont Student Assistance Corp., 6.45% (30 day avg SOFR US + 1.00%), 06/02/2042			9,213,425			9,173,995
Virginia - 0.8%
Henrico County Virginia Economic Development Authority, 3.77%, 08/23/2027(a)			700,000			700,000
Newport News Virginia Economic Development Authority, 5.00%, 12/01/2031			3,375,000			3,413,030
Suffolk Virginia
1.88%, 02/01/2038			1,645,000			1,202,055
1.88%, 02/01/2040			1,385,000			955,523
Virginia Small Business Financing Authority, 4.00%, 12/01/2036			1,230,000			1,194,748
						7,465,356
Washington - 0.8%
Energy Northwest, 5.00%, 07/01/2028			7,115,000			7,126,055
West Virginia - 0.4%
Tobacco Settlement Finance Authority, 2.55%, 06/01/2029			4,505,000			3,982,272
Wisconsin - 1.8%
Public Finance Authority, 4.00%, 08/01/2059(a)			10,500,000			10,399,128
Wisconsin Housing & Economic Development Authority, 5.00%, 02/01/2058(a)			6,000,000			6,113,554
						16,512,682
TOTAL MUNICIPAL BONDS (Cost $905,036,771)						907,554,408

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

 

30

 

Brown Advisory Tax-Exempt Bond Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Shares			Value
SHORT-TERM INVESTMENTS - 2.6%
Money Market Funds - 2.6%
First American Government Obligations Fund - Class Z, 5.19%(g)			24,275,066			$24,275,066
TOTAL SHORT-TERM INVESTMENTS (Cost $24,275,066)						24,275,066
TOTAL INVESTMENTS - 101.3% (Cost $929,311,837)						$931,829,474
Liabilities in Excess of Other Assets - (1.3)%						(12,005,945)
TOTAL NET ASSETS - 100.0%						$919,823,529

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

(a)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

(b)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(c)
Represents less than 0.05% of net assets.

(d)
Security is in default and missed all or a portion of its last payment of interest.

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

(f)
Zero-coupon bond. The rate shown is the effective yield as of June 30, 2024

(g)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

31

 

Brown Advisory Tax-Exempt Sustainable Bond Fund

Schedule of Investments

as of June 30, 2024

			Par			Value
MUNICIPAL BONDS - 97.0%
Alabama - 1.3%
Auburn University, 4.00%, 06/01/2034			$3,550,000			$3,535,174
Alaska - 0.3%
Alaska Housing Finance Corp., 4.60%, 12/01/2042			890,000			901,214
Arizona - 2.7%
Arizona Industrial Development Authority, 4.00%, 07/01/2041			1,920,000			1,842,188
Peoria Arizona, 2.00%, 07/15/2038			3,375,000			2,467,935
Pima County Unified School District No 20 Vail, 5.00%, 07/01/2036			3,280,000			3,351,276
						7,661,399
California - 13.8%
California Community Choice Financing Authority
5.00%, 09/01/2029			3,805,000			3,945,950
4.33% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052			5,900,000			5,380,716
5.50%, 05/01/2054(a)			5,000,000			5,339,314
California Earthquake Authority, 5.60%, 07/01/2027			16,095,000			16,079,661
California Infrastructure & Economic Development Bank, 4.00%, 05/01/2046			2,000,000			1,990,516
California Municipal Finance Authority
5.00%, 11/01/2029(b)			1,170,000			1,183,552
5.00%, 11/01/2049(b)			1,575,000			1,428,377
California School Finance Authority, 5.00%, 07/01/2037(b)			1,180,000			1,216,295
Fairfield California, 4.29%, 04/01/2038(d)			3,845,000			2,225,802
						38,790,183
Colorado - 5.0%
Adams & Arapahoe Colorado Joint School District 28J Aurora, 5.00%, 12/01/2031			6,000,000			6,238,956
Colorado Health Facilities Authority, 4.00%, 12/01/2040			1,500,000			1,438,688
Colorado Housing and Finance Authority, 5.75%, 11/01/2053			5,925,000			6,282,557
						13,960,201
District of Columbia - 0.9%
District of Columbia Housing Finance Agency, 5.00%, 12/01/2026(a)			2,500,000			2,528,756
Florida - 3.6%
Florida Development Finance Corp., 5.00%, 07/01/2044			5,500,000			5,796,377

			Par			Value
Miami Beach Florida Health Facilities Authority, 5.00%, 11/15/2039			$ 4,455,000			$ 4,463,514
						10,259,891
Georgia - 0.8%
Cartersville Georgia, 2.00%, 10/01/2039			3,195,000			2,313,665
Illinois - 8.2%
Chicago Illinois Park District
4.00%, 01/01/2034			1,425,000			1,440,052
4.00%, 01/01/2036			2,930,000			2,959,304
4.00%, 01/01/2036			1,000,000			1,009,012
Du Page Illinois, 3.00%, 05/15/2047			7,495,000			5,993,424
Illinois Housing Development Authority, 4.85%, 10/01/2042			2,700,000			2,748,857
Illinois State, 5.00%, 02/01/2039			5,150,000			5,149,932
Metropolitan Pier & Exposition Authority
2.41%, 12/15/2031(d)			135,000			99,805
2.99%, 06/15/2034(d)			270,000			180,358
3.00%, 06/15/2037(d)			175,000			102,244
3.71%, 12/15/2038(d)			1,175,000			634,783
4.20%, 12/15/2040(d)			2,500,000			1,245,212
5.13%, 06/15/2046(d)			3,300,000			1,188,530
3.48%, 12/15/2051(d)			375,000			100,250
3.64%, 12/15/2052(d)			590,000			149,617
						23,001,380
Indiana - 2.1%
Greenfield-Central Community School Corp., 5.00%, 01/15/2025			1,535,000			1,540,513
Indiana Housing & Community Development Authority, 5.00%, 10/01/2026(a)			4,452,000			4,483,555
						6,024,068
Iowa - 2.5%
Bondurant-Farrar Iowa Community School District
2.00%, 06/01/2038			1,805,000			1,301,491
2.00%, 06/01/2039			2,555,000			1,790,933
Iowa Finance Authority, 3.88%, 01/01/2042(a)			4,000,000			3,990,226
						7,082,650
Louisiana - 0.8%
Louisiana Housing Corp., 5.00%, 11/01/2026(a)			2,300,000			2,328,580
Maine - 0.5%
Portland Maine General Airport Revenue, 4.00%, 01/01/2038			1,500,000			1,509,228

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

 

32

 

Brown Advisory Tax-Exempt Sustainable Bond Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Par			Value
MUNICIPAL BONDS - (Continued)
Maryland - 5.5%
Baltimore County Maryland
4.00%, 01/01/2039			$1,000,000			$  989,185
4.00%, 01/01/2040			1,525,000			1,495,497
Maryland Community Development Administration, 2.41%, 07/01/2043			2,500,000			1,763,443
Maryland Economic Development Corp., 4.00%, 07/01/2040			1,275,000			1,226,688
Maryland Health & Higher Educational Facilities Authority, 5.00%, 08/15/2038			10,000,000			10,001,962
						15,476,775
Massachusetts - 0.3%
Massachusetts Development Finance Agency, 4.48% (SIFMA Municipal Swap Index + 0.60%), 07/01/2049(b)			1,000,000			997,088
Michigan - 1.8%
Michigan Finance Authority, 5.00%, 07/01/2037			5,000,000			5,003,849
Minnesota - 1.0%
State of Minnesota, 1.75%, 08/01/2038			4,150,000			2,960,810
Missouri - 0.8%
Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038			2,892,953			2,168,783
Montana - 0.4%
Montana Board of Housing, 4.90%, 12/01/2042			1,000,000			1,036,912
Nebraska - 3.7%
Douglas County Nebraska, 4.41% (SIFMA Municipal Swap Index + 0.53%), 07/01/2035			7,855,000			7,759,696
Nebraska Investment Finance Authority, 4.35%, 09/01/2043			2,500,000			2,516,783
						10,276,479
Nevada - 1.0%
Nevada Housing Division, 5.00%, 12/01/2025(a)			2,775,000			2,782,578
New Hampshire - 0.6%
New Hampshire Housing Finance Authority, 4.65%, 07/01/2047			1,800,000			1,810,491
New Jersey - 3.4%
New Jersey Economic Development Authority 5.13% (SIFMA Municipal Swap Index + 1.25%), 09/01/2025			6,910,000			6,918,201
3.47%, 06/15/2027			1,000,000			957,138

			Par			Value
New Jersey Housing & Mortgage Finance Agency, 1.60%, 10/01/2026			$1,765,000			$ 1,622,573
						9,497,912
New York - 12.3%
Buffalo New York Sewer Authority, 4.00%, 06/15/2051			750,000			731,522
Metropolitan Transportation Authority
4.31% (SIFMA Municipal Swap Index + 0.43%), 11/01/2031			12,500,000			12,464,739
5.00%, 11/15/2038			1,250,000			1,328,481
New York City New York Housing Development Corp., 2.60%, 11/01/2034			1,970,000			1,699,715
New York Liberty Development Corp., 3.13%, 09/15/2050			11,000,000			8,656,668
New York Mortgage Agency Homeowner Mortgage Revenue, 4.65%, 10/01/2043			3,000,000			3,042,538
New York State Housing Finance Agency
1.60%, 11/01/2024			540,000			535,346
1.65%, 05/15/2039			1,257,143			978,812
New York State Transportation Development Corp., 5.00%, 07/01/2041			5,000,000			5,000,052
						34,437,873
North Dakota - 0.9%
Grand Forks North Dakota
7.00%, 12/15/2043(b)(c)			2,500,000			75,000
9.00%, 06/15/2044(b)(c)			2,500,000			75,000
North Dakota Housing Finance Agency, 4.60%, 07/01/2043			2,285,000			2,310,249
						2,460,249
Ohio - 0.4%
American Municipal Power, Inc., 5.00%, 02/15/2036			1,000,000			1,065,727
Pennsylvania - 1.5%
Allegheny County Pennsylvania Hospital Development Authority, 4.46% (SIFMA Municipal Swap Index + 0.58%), 11/15/2026			1,750,000			1,743,233
Lancaster County Pennsylvania Hospital Authority, 5.00%, 08/15/2042			2,380,000			2,424,877
						4,168,110
South Carolina - 2.8%
South Carolina Jobs-Economic Development Authority, 4.22%, 05/01/2061(a)			1,000,000			1,000,000

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

 

33

 

Brown Advisory Tax-Exempt Sustainable Bond Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Par			Value
MUNICIPAL BONDS - (Continued)
South Carolina - (Continued)
York County South Carolina Fort Mill School District No. 4
1.88%, 03/01/2037			$ 4,585,000			$ 3,460,135
1.88%, 03/01/2038			4,675,000			3,438,561
						7,898,696
Tennessee - 2.2%
Health Educational and Housing Facility Board of Memphis Tennessee, 5.00%, 07/01/2027(a)			6,000,000			6,082,039
Texas - 2.4%
Austin Texas, 7.88%, 09/01/2026			1,750,000			1,755,380
Clifton Texas Higher Education Finance Corp., 4.00%, 04/01/2040			2,450,000			2,442,414
Kilgore Independent School District, 2.00%, 02/15/2052(a)			2,000,000			1,965,838
New Hope Texas Cultural Education Facilities Finance Corp., 5.50%, 07/01/2046(c)			2,075,000			466,875
						6,630,507
Utah - 3.6%
Utah Housing Corp.
5.00%, 08/01/2025(a)			1,957,000			1,957,902
3.00%, 01/21/2052			1,764,718			1,518,146
4.50%, 06/21/2052			4,410,113			4,253,053
5.00%, 10/21/2052			2,308,963			2,275,191
						10,004,292
Vermont - 0.5%
Vermont Educational & Health Buildings Financing Agency, 4.41%, 12/01/2030(a)			1,450,000			1,450,000
Virginia - 0.8%
Virginia Small Business Financing Authority, 4.00%, 01/01/2036			2,250,000			2,255,147
Wisconsin - 8.6%
Calumet County Wisconsin
1.75%, 12/01/2037			1,035,000			727,381
1.88%, 12/01/2038			1,320,000			912,154
1.88%, 12/01/2039			2,650,000			1,778,723
New Glarus School District, 2.00%, 04/01/2039			1,510,000			1,090,067
Public Finance Authority, 4.00%, 08/01/2059(a)			4,000,000			3,961,572
Westosha Wisconsin Central High School District
2.00%, 03/01/2038			1,000,000			733,485
2.00%, 03/01/2039			1,500,000			1,068,185
Wisconsin Housing & Economic Development Authority, 5.00%, 02/01/2058(a)			5,000,000			5,094,628

			Par			Value
Wisconsin State, 4.30% (SIFMA Municipal Swap Index + 0.42%), 05/01/2025			$ 8,955,000			$8,920,233
						24,286,428
TOTAL MUNICIPAL BONDS (Cost $283,352,156)						272,647,134

			Shares
SHORT-TERM INVESTMENTS - 2.1%
Money Market Funds - 2.1%
First American Government Obligations Fund - Class Z, 5.19%(e)			5,813,229			5,813,229
TOTAL SHORT-TERM INVESTMENTS (Cost $5,813,229)						5,813,229
TOTAL INVESTMENTS - 99.1% (Cost $289,165,385)						$278,460,363
Other Assets in Excess of Liabilities - 0.9%						2,553,692
TOTAL NET ASSETS - 100.0%						$281,014,055

Percentages are stated as a percent of net assets.

SIFMA - Securities Industry and Financial Markets Association

(a)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

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

(c)
Security is in default and missed all or a portion of its last payment of interest.

(d)
Zero-coupon bond. The rate shown is the effective yield as of June 30, 2024.

(e)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

34

 

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2024

			Par			Value
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 88.3%
Fannie Mae Grantor Trust, Series 2017-T1, Class A, 2.90%, 06/25/2027			$1,987,268			$1,874,234
Fannie Mae Whole Loan
Series 2003-W10, Class 3A5, 4.30%, 06/25/2043			5,532			5,051
Series 2003-W12, Class 1A8, 4.55%, 06/25/2043			8,994			8,815
Series 2003-W12, Class 1A9, 4.48%, 06/25/2043			1,499			1,466
Series 2003-W12, Class 2A6, 5.00%, 06/25/2043			6,058			5,890
Series 2003-W12, Class 2A7, 4.68%, 06/25/2043			5,193			4,941
Federal Home Loan Mortgage Corp.
Pool 1G2249, 6.03% (RFUCCT1Y + 1.78%), 10/01/2037			37,636			37,834
Pool 1H1348, 6.16% (1 yr. CMT Rate + 2.14%), 10/01/2036			13,041			13,412
Pool 1J0204, 7.11% (RFUCCT1Y + 1.75%), 05/01/2035			17,557			17,609
Pool 1J1681, 7.73% (RFUCCT1Y + 1.98%), 06/01/2037			18,952			19,320
Pool 1L1263, 6.61% (1 yr. CMT Rate + 2.25%), 03/01/2036			12,968			13,327
Pool 847727, 7.49% (RFUCCT1Y + 1.74%), 02/01/2037			3,021			3,044
Pool A14256, 5.50%, 10/01/2033			31,312			31,518
Pool A46629, 5.00%, 08/01/2035			30,428			30,127
Pool B31891, 5.38%, 01/01/2037			61,892			62,003
Pool B31900, 5.38%, 02/01/2037			79,118			79,324
Pool B31934, 5.38%, 04/01/2037			39,203			39,328
Pool B31976, 5.10%, 05/01/2037			79,543			79,032
Pool C03427, 5.50%, 10/01/2039			238,846			240,125
Pool C53878, 5.50%, 12/01/2030			38,337			38,732
Pool C66421, 6.50%, 02/01/2032			44,400			45,410
Pool C91366, 4.50%, 04/01/2031			81,821			80,698
Pool C91826, 3.00%, 05/01/2035			330,351			306,313
Pool G04540, 6.00%, 08/01/2038			102,222			105,373
Pool G04655, 6.00%, 08/01/2038			92,294			95,139

			Par			Value
Pool G08348, 5.00%, 06/01/2039			$54,109			$53,596
Pool G08828, 5.50%, 04/01/2048			73,498			74,235
Pool G20028, 7.50%, 12/01/2036			77,759			78,996
Pool G30932, 4.50%, 03/01/2034			96,370			95,134
Pool G31063, 3.50%, 11/01/2037			547,663			515,527
Pool K93349, 4.00%, 11/01/2035			212,947			203,953
Pool K93365, 3.50%, 11/01/2035			215,974			202,370
Pool N30530, 5.50%, 01/01/2029			29,320			29,447
Pool N70071, 6.00%, 06/01/2035			96,128			95,504
Pool N70078, 5.50%, 01/01/2033			132,595			130,590
Pool N70082, 6.00%, 07/01/2038			269,693			268,369
Pool QC5310, 3.00%, 08/01/2051			1,367,391			1,172,578
Pool QD5779, 3.00%, 01/01/2052			3,634,783			3,095,590
Pool QD7450, 3.00%, 03/01/2052			1,629,222			1,391,194
Pool QD7999, 4.00%, 03/01/2052			3,688,714			3,381,478
Pool QD9382, 4.00%, 04/01/2052			2,933,927			2,689,802
Pool QD9775, 4.00%, 04/01/2052			2,543,767			2,332,514
Pool QE0380, 2.50%, 04/01/2052			890,544			737,777
Pool QE0622, 2.00%, 04/01/2052			531,852			422,993
Pool QE0898, 4.50%, 04/01/2052			2,803,624			2,647,923
Pool QE2358, 3.50%, 05/01/2052			3,048,176			2,700,912
Pool QE3174, 3.50%, 06/01/2052			3,149,399			2,790,159
Pool QF0493, 5.50%, 09/01/2052			2,332,955			2,321,335
Pool QF0773, 5.50%, 09/01/2052			2,940,556			2,909,423
Pool RA6966, 2.00%, 03/01/2052			3,579,230			2,836,828
Pool RA7374, 3.00%, 05/01/2052			3,585,532			3,055,022
Pool RA7935, 5.00%, 09/01/2052			2,629,531			2,563,353
Pool SD0846, 2.50%, 02/01/2052			2,958,350			2,441,212

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

 

35

 

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2024(Continued)

			Par			Value
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
Pool SD1846, 4.50%, 10/01/2052			$3,316,546			$3,132,486
Pool SD3234, 2.50%, 12/01/2051			3,490,163			2,866,908
Pool SD3475, 5.50%, 08/01/2053			2,783,429			2,754,077
Pool SD3477, 6.50%, 08/01/2053			1,344,081			1,382,308
Pool SD8196, 3.50%, 02/01/2052			4,647,313			4,134,301
Pool T30346, 5.38%, 10/01/2037			67,863			67,975
Pool U30606, 5.10%, 09/01/2037			56,616			56,217
Pool U30653, 5.13%, 07/01/2037			46,123			46,203
Pool U30681, 5.10%, 09/01/2037			189,554			188,336
Pool U30800, 5.10%, 11/01/2037			68,684			68,251
Pool U31874, 5.38%, 04/01/2038			124,225			124,425
Pool U32470, 5.10%, 11/01/2038			79,900			79,354
Series 1843, Class Z, 7.00%, 04/15/2026			59			59
Series 2517, Class Z, 5.50%, 10/15/2032			32,390			32,714
Series 2890, Class ZA, 5.00%, 11/15/2034			143,893			143,926
Series 2907, Class VZ, 4.50%, 05/15/2034			507,022			497,094
Series 3150, Class DZ, 5.50%, 05/15/2036			273,354			279,935
Series 3294, Class CB, 5.50%, 03/15/2037			158,091			162,341
Series 366, Class IO, 4.00%, 08/15/2049(a)			701,050			114,741
Series 4121, Class DH, 2.00%, 10/15/2042			762,145			537,415
Series 4888, Class AC, 3.50%, 01/15/2049			625,038			562,901
Series 4891, Class PA, 3.50%, 07/15/2048			99,472			95,651
Series 5080, Class PB, 1.25%, 03/25/2050			1,903,270			1,439,640
Series 5083, Class UB, 1.25%, 03/25/2051			2,571,247			1,906,553
Federal National Mortgage Association
2.00%, 07/15/2054(b)			24,400,000			19,087,281
2.50%, 07/15/2054(b)			3,000,000			2,450,039
5.00%, 07/15/2054(b)			4,710,000			4,552,509
6.00%, 07/15/2054(b)			3,000,000			3,008,789
6.50%, 07/15/2054(b)			1,400,000			1,425,047

			Par			Value
Pool 257203, 5.00%, 05/01/2028			$242,449			$240,529
Pool 336422, 3.43% (3 yr. CMT Rate + 2.30%), 10/01/2025			3,978			3,943
Pool 344903, 5.50%, 10/01/2025			831			847
Pool 356232, 6.50%, 01/01/2026			16,056			16,346
Pool 356329, 6.78% (1 yr. CMT Rate + 2.65%), 01/01/2027			22,285			22,132
Pool 363850, 6.81% (1 yr. CMT Rate + 2.13%), 04/01/2027			8,517			8,496
Pool 406380, 6.17% (1 yr. CMT Rate + 2.17%), 11/01/2027			7,938			7,948
Pool 406521, 4.90% (1 yr. CMT Rate + 2.52%), 05/01/2026			5,169			5,110
Pool 520478, 6.23% (1 yr. CMT Rate + 2.10%), 11/01/2029			21,357			21,395
Pool 628837, 6.50%, 03/01/2032			7,012			7,196
Pool 640225, 5.40% (1 yr. CMT Rate + 2.27%), 04/01/2032			11,470			11,294
Pool 642122, 5.40% (1 yr. CMT Rate + 2.27%), 03/01/2032			7,314			7,182
Pool 656181, 6.35% (1 yr. CMT Rate + 2.16%), 08/01/2031			24,480			24,419
Pool 662138, 6.30% (1 yr. CMT Rate + 2.30%), 09/01/2032			29,211			29,522
Pool 668309, 6.02% (1 yr. CMT Rate + 2.02%), 11/01/2032			19,354			19,338
Pool 723313, 6.54% (1 yr. CMT Rate + 2.54%), 09/01/2031			26,248			26,472
Pool 741373, 6.41% (1 yr. CMT Rate + 2.28%), 12/01/2033			14,410			14,645
Pool 744805, 6.27% (RFUCCT6M + 1.52%), 11/01/2033			18,184			18,069
Pool 745626, 6.73% (1 yr. CMT Rate + 2.14%), 05/01/2036			15,844			16,104
Pool 745818, 6.50%, 09/01/2036			60,025			61,132
Pool 751498, 6.34% (1 yr. CMT Rate + 2.22%), 11/01/2033			6,311			6,399
Pool 764342, 5.90% (RFUCCT6M + 1.52%), 02/01/2034			22,572			22,553
Pool 774969, 7.15% (1 yr. CMT Rate + 2.28%), 04/01/2034			23,313			23,734
Pool 783554, 6.21% (1 yr. CMT Rate + 2.21%), 07/01/2034			93,815			95,444
Pool 819649, 6.12% (RFUCCT1Y + 1.52%), 03/01/2035			2,628			2,634
Pool 830970, 6.08% (RFUCCT1Y + 1.83%), 08/01/2035			2,902			2,902
Pool 836715, 6.02% (RFUCCT1Y + 1.77%), 10/01/2035			44,290			44,643
Pool 837329, 6.04% (1 yr. CMT Rate + 2.04%), 09/01/2035			18,968			19,208

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

 

36

 

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2024(Continued)

			Par			Value
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
Pool 842006, 4.25%, 10/01/2035			$97,206			$93,271
Pool 850232, 4.25%, 12/01/2035			212,588			203,925
Pool 865849, 5.97% (RFUCCT1Y + 1.60%), 03/01/2036			8,086			8,125
Pool 868568, 6.62% (RFUCCT1Y + 1.73%), 04/01/2036			13,029			13,134
Pool 872895, 6.13% (RFUCCT1Y + 1.88%), 06/01/2036			3,861			3,888
Pool 877009, 7.30% (RFUCCT1Y + 2.38%), 03/01/2036			7,366			7,539
Pool 882017, 6.31% (RFUCCT6M + 1.56%), 05/01/2036			32,094			31,897
Pool 886163, 6.08% (RFUCCT1Y + 1.83%), 07/01/2036			14,639			14,735
Pool 889829, 5.00%, 07/01/2035			29,850			29,456
Pool 896838, 5.45%, 07/01/2036			200,582			197,576
Pool 922680, 6.83% (RFUCCT1Y + 1.91%), 11/01/2035			15,432			15,903
Pool 930507, 6.50%, 02/01/2039			79,626			80,987
Pool 941050, 5.95% (RFUCCT1Y + 1.70%), 08/01/2037			24,118			24,149
Pool 950382, 6.70% (RFUCCT6M + 1.14%), 08/01/2037			30,070			30,597
Pool 952835, 6.35% (1 yr. CMT Rate + 2.32%), 09/01/2037			28,075			28,832
Pool 955233, 6.50%, 12/01/2037			63,786			66,350
Pool 995521, 7.32% (RFUCCT1Y + 1.82%), 05/01/2037			25,434			25,486
Pool AB0577, 4.00%, 03/01/2036			174,234			163,498
Pool AD0100, 7.00%, 12/01/2038			181,488			188,298
Pool AD0427, 5.50%, 10/01/2039			130,231			130,920
Pool AD0941, 5.50%, 04/01/2040			183,267			184,941
Pool AH8447, 5.50%, 04/01/2041			223,587			224,699
Pool AI4717, 4.50%, 07/01/2031			913,364			893,827
Pool AL0407, 6.50%, 04/01/2039			163,327			165,867
Pool AL0898, 5.00%, 02/01/2031			44,585			44,261
Pool AL7654, 3.00%, 09/01/2035			366,060			336,986
Pool AS1429, 4.00%, 12/01/2043			170,047			160,546
Pool AS2249, 4.00%, 04/01/2039			1,217,502			1,149,509

			Par			Value
Pool AV7739, 4.00%, 01/01/2044			$225,861			$213,549
Pool AW6485, 4.00%, 06/01/2044			128,732			121,537
Pool AW9534, 4.00%, 03/01/2045			265,111			250,266
Pool AY0382, 4.00%, 11/01/2044			179,661			172,181
Pool AZ4154, 4.00%, 06/01/2045			113,511			107,471
Pool AZ7828, 4.00%, 08/01/2045			826,216			773,871
Pool BA3674, 4.50%, 10/01/2045			491,971			475,736
Pool BC1738, 4.50%, 09/01/2043			214,160			208,055
Pool BC6366, 4.50%, 02/01/2046			308,903			298,743
Pool BD1241, 4.50%, 05/01/2046			187,467			180,780
Pool BD5189, 4.50%, 07/01/2046			548,820			530,601
Pool BD8599, 4.50%, 11/01/2046			163,760			158,374
Pool BH7686, 4.50%, 12/01/2047			199,299			190,625
Pool BJ8287, 4.50%, 01/01/2048			142,528			136,588
Pool BK5105, 5.50%, 05/01/2048			268,321			269,441
Pool BK8032, 5.50%, 06/01/2048			369,737			371,588
Pool BN4921, 5.50%, 01/01/2049			103,467			103,516
Pool BN4936, 5.50%, 12/01/2048			179,166			179,453
Pool BP5419, 3.00%, 05/01/2050			2,255,774			1,970,883
Pool BQ3248, 2.00%, 11/01/2050			2,747,613			2,169,835
Pool BQ6307, 2.00%, 11/01/2050			1,294,384			1,022,048
Pool BR5634, 2.00%, 03/01/2051			771,720			612,708
Pool BV4128, 2.00%, 03/01/2052			3,661,626			2,873,349
Pool BV4532, 3.50%, 03/01/2052			2,636,653			2,345,432
Pool BW0025, 4.00%, 07/01/2052			716,018			656,247
Pool CB2539, 2.50%, 01/01/2052			2,884,782			2,386,468
Pool CB2548, 2.50%, 01/01/2052			2,891,729			2,378,961
Pool CB2909, 3.50%, 02/01/2052			2,400,392			2,140,636

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

 

37

 

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2024(Continued)

			Par			Value
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
Pool CB3103, 2.50%, 03/01/2052			$3,779,223			$3,153,583
Pool DA0025, 6.00%, 09/01/2053			2,299,145			2,370,738
Pool DA4870, 6.50%, 01/01/2054			3,072,295			3,129,269
Pool FM8754, 3.00%, 09/01/2051			3,578,381			3,052,836
Pool FM9760, 3.50%, 11/01/2051			4,024,999			3,591,210
Pool FM9973, 3.00%, 08/01/2051			2,543,275			2,192,790
Pool FS0031, 2.50%, 10/01/2051			3,014,318			2,463,823
Pool FS0348, 2.00%, 01/01/2052			3,127,903			2,484,285
Pool FS0731, 2.00%, 02/01/2052			1,012,683			805,458
Pool FS0832, 3.50%, 03/01/2052			2,582,601			2,304,065
Pool FS0922, 3.50%, 03/01/2052			1,391,135			1,232,390
Pool FS0945, 4.00%, 03/01/2052			3,745,538			3,435,212
Pool FS1480, 2.50%, 11/01/2051			423,751			350,494
Pool FS1521, 3.00%, 04/01/2052			3,408,638			2,942,968
Pool FS3607, 2.50%, 02/01/2037			2,924,785			2,646,788
Pool FS4862, 2.50%, 10/01/2051			3,428,786			2,816,723
Pool FS5314, 2.00%, 05/01/2052			3,669,111			2,882,000
Pool FS5458, 5.50%, 08/01/2053			2,979,726			2,942,031
Pool FS6744, 2.50%, 10/01/2051			3,304,956			2,755,987
Pool MA3208, 4.50%, 10/01/2037			1,285,813			1,263,559
Pool MA4208, 2.00%, 12/01/2050			935,354			738,765
Pool MA4492, 2.00%, 12/01/2051			1,107,944			869,363
Pool MA4565, 3.50%, 03/01/2052			1,796,795			1,596,883
Series 2001-80, Class Z, 6.00%, 01/25/2032			71,078			71,881
Series 2003-71, Class MB, 5.50%, 08/25/2033			225,460			228,611
Series 2005-110, Class GL, 5.50%, 12/25/2035			505,461			515,885
Series 2006-112, Class QC, 5.50%, 11/25/2036			710,554			723,899

			Par			Value
Series 2006-21, Class Z, 5.50%, 04/25/2036			$229,717			$233,545
Series 2007-22, Class A, 5.50%, 03/25/2037			325,116			331,145
Series 2008-2, Class PH, 5.50%, 02/25/2038			418,000			415,515
Series 2009-20, Class DS, 1.95% (-1 x 30 day avg SOFR US + 7.29%), 04/25/2039(a)(c)			503,493			60,848
Series 2012-10, Class UF, 6.00% (30 day avg SOFR US + 0.66%), 02/25/2042			45,471			45,185
Series 2012-139, Class HI, 2.50%, 12/25/2027(a)			375,848			10,085
Series 2012-27, Class PI, 4.50%, 02/25/2042(a)			509,359			37,777
Series 2012-65, Class HJ, 5.00%, 07/25/2040			868,753			867,267
Series 2013-15, Class QI, 3.00%, 03/25/2028(a)			28,649			1,001
Series 2013-34, Class IG, 3.00%, 05/25/2042(a)			248,249			22,854
Series 2014-8, Class IQ, 4.00%, 03/25/2034(a)			998,068			106,527
Series 2015-40, Class LI, 4.50%, 03/25/2045(a)			306,492			54,195
Series 2018-86, Class JA, 4.00%, 05/25/2047			140,697			137,483
Series 2019-37, Class IM, 5.00%, 07/25/2049(a)			783,285			104,959
Series 2021-95, Class WI, 0.65%, 02/25/2035(a)(d)			5,356,269			244,418
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class M1, 4.00%, 01/25/2056(d)(e)			24,386			24,175
Ginnie Mae I Pool
Pool 589694, 4.50%, 08/15/2029			585,947			574,682
Pool 623145, 5.50%, 10/15/2028			117,753			120,017
Pool 728157, 3.75%, 11/15/2029			18,580			17,910
Pool 728160, 5.25%, 11/15/2024			907			904
Pool 784315, 6.00%, 06/15/2036			23,480			23,833
Ginnie Mae II Pool
Pool 3160, 6.00%, 11/20/2031			204,037			209,794
Pool 3489, 6.00%, 12/20/2033			293,263			304,047
Pool 4194, 5.50%, 07/20/2038			100,936			103,239
Pool 770225, 4.25%, 08/20/2031			179,428			175,010
Pool 770226, 4.75%, 09/20/2036			181,517			177,477
Pool 782173, 5.50%, 05/20/2035			155,838			159,661

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

 

38

 

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2024(Continued)

			Par			Value
AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)
Pool AC0521, 5.50%, 05/20/2042			$518,650			$527,623
Pool BM9287, 4.00%, 08/20/2049			850,849			790,818
Pool BT1891, 2.50%, 12/20/2050			1,063,496			868,203
Pool CJ2171, 4.00%, 05/20/2052			1,525,518			1,479,113
Pool MA6656, 3.00%, 05/20/2050			2,704,040			2,366,446
Pool MA6994, 2.00%, 11/20/2050			1,645,937			1,334,823
Pool MA7051, 2.00%, 12/20/2050			3,438,041			2,787,518
Pool MA7106, 2.00%, 01/20/2036			565,403			503,188
Pool MA7164, 2.00%, 02/20/2036			552,057			491,322
Pool MA7192, 2.00%, 02/20/2051			3,413,191			2,765,250
Pool MA7254, 2.00%, 03/20/2051			3,548,578			2,874,940
Pool MA7312, 2.50%, 04/20/2051			3,338,622			2,807,855
Pool MA7419, 3.00%, 06/20/2051			3,142,207			2,743,171
Pool MA7471, 2.00%, 07/20/2051			3,475,669			2,815,138
Pool MA7650, 3.00%, 10/20/2051			3,092,376			2,697,751
Pool MA7834, 6.00%, 01/20/2052			346,196			359,732
Pool MA8268, 4.50%, 09/20/2052			2,082,865			1,983,878
Pool MA8348, 5.00%, 10/20/2052			3,522,410			3,436,379
Pool MA8642, 2.50%, 02/20/2053			3,188,185			2,684,150
Government National Mortgage Association
2.00%, 07/15/2054(b)			4,300,000			3,480,648
2.50%, 07/15/2054(b)			14,520,000			12,207,576
3.00%, 07/15/2054(b)			1,205,000			1,050,045
3.50%, 07/15/2054(b)			3,300,000			2,963,297
4.50%, 07/15/2054(b)			3,190,000			3,032,975
5.00%, 07/15/2054(b)			1,705,000			1,660,350
Series 2004-93, Class PD, 5.00%, 11/16/2034			301,503			298,149
Series 2006-40, Class B, 6.00%, 08/20/2036			53,597			53,543
Series 2010-105, Class IB, 4.50%, 01/16/2040(a)			515,488			45,518
Series 2011-156, Class PM, 2.00%, 04/20/2040			682,000			528,698

			Par			Value
Series 2011-2, Class DP, 5.46%, 03/20/2039(d)			$396,074			$398,275
Series 2012-143, Class IC, 5.00%, 10/16/2041(a)			839,487			131,463
Series 2012-52, Class WA, 6.19%, 04/20/2038(d)			314,859			320,032
Series 2012-97, Class GB, 2.00%, 08/16/2042			831,612			656,879
Series 2013-168, Class IA, 2.50%, 11/16/2028(a)			160,492			4,329
Series 2013-86, Class IA, 5.00%, 06/20/2043(a)			461,879			49,970
Series 2014-6, Class IG, 4.50%, 01/16/2044(a)			314,084			38,789
Series 2016-112, Class AW, 6.97%, 12/20/2040(d)			176,133			182,515
Series 2016-12, Class KI, 5.00%, 09/20/2038(a)			587,046			73,735
Series 2016-68, Class IC, 6.00%, 01/20/2040(a)(d)			406,781			52,354
Series 2017-103, Class IM, 5.00%, 06/20/2043(a)			691,057			85,665
Series 2017-167, Class SE, 0.75% (-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047(a)(c)			1,787,883			201,095
Series 2017-83, Class ID, 7.00%, 01/20/2039(a)			302,035			33,370
Series 2017-83, Class IK, 6.00%, 05/20/2040(a)			723,195			124,689
Series 2018-127, Class PB, 3.00%, 09/20/2047			254,217			233,806
Series 2018-153, Class QA, 3.50%, 11/20/2048			426,852			398,845
Series 2018-36, Class LI, 5.00%, 03/20/2048(a)			1,802,118			251,893
Series 2019-162, Class KB, 2.00%, 12/20/2049			579,422			354,533
Series 2021-125, Class UL, 1.50%, 07/20/2051			1,840,292			1,260,976
Series 2021-160, Class DK, 2.00%, 09/20/2051			1,049,804			651,771
Series 2021-177, Class KD, 2.00%, 10/20/2051			1,791,418			1,153,105
Series 2021-50, Class PL, 1.25%, 03/20/2051			552,000			237,137
Series 2022-9, Class CD, 2.00%, 01/20/2052			2,515,250			1,662,526
TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $268,032,221)						$252,592,033
ASSET-BACKED SECURITIES - 10.4%
American Express Travel Related Services Co., Inc., Series 2022-2, Class A, 3.39%, 05/15/2027			3,500,000			3,438,295

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

 

39

 

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2024(Continued)

			Par			Value
ASSET-BACKED SECURITIES - (Continued)
American Homes 4 Rent
Series 2014-SFR3, Class A, 3.68%, 12/17/2036(e)			$2,228,015			$2,205,233
Series 2015-SFR1, Class A, 3.47%, 04/17/2052(e)			301,170			295,575
Series 2015-SFR2, Class A, 3.73%, 10/17/2052(e)			208,099			203,155
Series 2015-SFR2, Class C, 4.69%, 10/17/2052(e)			250,000			245,514
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D, 1.21%, 12/18/2026			1,404,000			1,340,792
CarMax Auto Owner Trust
Series 2021-2, Class C, 1.34%, 02/16/2027			1,505,000			1,444,640
Series 2023-3, Class A2A, 5.72%, 11/16/2026			2,221,133			2,221,070
CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027			525,000			525,644
CNH Equipment Trust, Series 2023-B, Class A2, 5.90%, 02/16/2027			3,687,790			3,693,314
Dext ABS Funding LLC
Series 2021-1, Class A, 1.12%, 02/15/2028(e)			94,514			93,826
Series 2021-1, Class B, 1.76%, 02/15/2028(e)			380,000			370,783
FHF Trust
Series 2021-1A, Class A, 1.27%, 03/15/2027(e)			128,726			126,988
Series 2021-2A, Class A, 0.83%, 12/15/2026(e)			224,476			219,858
Series 2024-2A, Class A2, 5.89%, 06/15/2030(e)			1,020,000			1,022,753
Ford Credit Auto Owner Trust
Series 2023-C, Class A2A, 5.68%, 09/15/2026			1,765,721			1,765,869
Series 2024-B, Class B, 5.23%, 05/15/2030			1,795,000			1,801,057
John Deere Owner Trust
Series 2023-B, Class A2, 5.59%, 06/15/2026			1,906,848			1,906,871
Series 2023-C, Class A2, 5.76%, 08/17/2026			2,226,736			2,228,496
JPMorgan Chase Bank NA, Series 2021-3, Class B, 0.76%, 02/26/2029(e)			297,280			290,447
Toyota Auto Receivables Owner Trust
Series 2023-B, Class A2A, 5.28%, 05/15/2026			827,888			826,918
Series 2024-A, Class A3, 4.83%, 10/16/2028			2,000,000			1,988,355

			Par			Value
Verizon Master Trust, Series 2022-4, Class A, 3.40%, 11/20/2028			$1,500,000			$1,473,196
TOTAL ASSET-BACKED SECURITIES (Cost $30,101,364)						29,728,649
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.1%
Federal Home Loan Mortgage Corp.
Pool WA3311, 2.21%, 04/01/2038			3,149,326			2,312,430
Series Q006, Class APT2, 2.76%, 09/25/2026(d)			440,785			422,589
Series Q007, Class APT1, 6.87%, 10/25/2047(d)			601,516			600,240
Series Q010, Class APT1, 6.98%, 04/25/2046(d)			70,859			71,077
Federal National Mortgage Association
Pool 467095, 5.90%, 01/01/2041			560,187			590,100
Pool 470828, 3.53%, 03/01/2032			762,898			711,936
Pool 957502, 3.98%, 07/01/2029			259,781			258,736
Pool 958720, 5.65%, 10/01/2028			741,413			763,539
Pool AN8842, 3.32%, 04/01/2028			150,000			142,512
Pool AN9202, 3.32%, 05/01/2025			1,000,000			978,722
Pool AN9931, 4.24%, 08/01/2048			988,200			882,162
Pool BL0387, 4.28%, 05/01/2028			2,659,135			2,591,239
Series 2006-M2, Class A2A, 5.27%, 10/25/2032(d)			103,875			102,968
FREMF Mortgage Trust
Series 2019-KF73, Class B, 7.89% (30 day avg SOFR US + 2.56%), 11/25/2029(e)			627,654			590,786
Series 2020-KF74, Class B, 7.59% (30 day avg SOFR US + 2.26%), 01/25/2027(e)			490,858			473,619
Government National Mortgage Association
Series 2011-127, Class C, 3.50%, 03/16/2047(d)			32,547			32,304
Series 2014-135, Class IO, 0.41%, 01/16/2056(a)(d)			1,063,965			21,250
Series 2015-172, Class IO, 0.60%, 03/16/2057(a)(d)			944,642			20,198
Series 2016-40, Class IO, 0.58%, 07/16/2057(a)(d)			1,922,244			42,051
Series 2016-56, Class IO, 0.96%, 11/16/2057(a)(d)			1,257,426			53,448

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

 

40

 

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2024(Continued)

			Par			Value
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)
Series 2016-98, Class IO, 0.84%, 05/16/2058(a)(d)			$1,968,990			$   82,601
Small Business Administration Pools, Pool 522053, 9.11% (Prime Rate + 0.61%), 05/25/2026			4,363			4,320
TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $13,257,952)						11,748,827
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.7%
Angel Oak Mortgage Trust LLC, Series 2022-1, Class A1, 2.88%, 12/25/2066(d)(e)(f)			2,108,169			1,905,996
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $2,058,758)						1,905,996
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%
BX Trust, Series 2024-VLT4, Class A, 6.81% (1 mo. Term SOFR + 1.49%), 07/15/2029(e)			1,425,000			1,425,523
TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,424,237)						1,425,523
MUNICIPAL BONDS - 0.1%
Colorado Health Facilities Authority, 2.80%, 12/01/2026			435,000			410,476
TOTAL MUNICIPAL BONDS (Cost $435,000)						410,476

			Shares
SHORT-TERM INVESTMENTS - 14.9%
Money Market Funds - 3.1%
First American Government Obligations Fund - Class Z, 5.19%(g)			8,763,015			8,763,015

			Par			Value
U.S. Treasury Bills - 11.8%
5.28%, 08/13/2024(h)			$34,000,000			$33,787,333
TOTAL SHORT-TERM INVESTMENTS (Cost $42,550,091)						42,550,348
TOTAL INVESTMENTS - 119.0% (Cost $357,859,623)						$340,361,852
Liabilities in Excess of Other Assets - (19.0)%						(54,416,606)
TOTAL NET ASSETS - 100.0%						$285,945,246

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury Rate

RFUCCT1Y -

Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

RFUCCT6M -

Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Months

SOFR - Secured Overnight Financing Rate

(a)
Interest only security.

(b)
To-be-announced security.

(c)
Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

(d)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of June 30, 2024.

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

(f)
Step coupon bond. The rate disclosed is as of June 30, 2024.

(g)
The rate shown represents the 7-day effective yield as of June 30, 2024.

(h)
The rate shown is the effective yield as of June 30, 2024.

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

 

41

 

Brown Advisory Mortgage Securities Fund

Schedule of Futures Contracts

June 30, 2024

Description			Contracts Purchased			Expiration Date			Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
10 Year U.S. Ultra Treasury Notes			92			09/19/2024			$10,378,851			$10,444,875			$ 66,024
U.S. Treasury 10 Year Notes			45			09/19/2024			4,920,920			4,949,297			28,377
U.S. Treasury 5 Year Note			11			09/30/2024			1,167,398			1,172,360			4,962
															$99,363

Description			Contracts Sold			Expiration Date			Notional Amount			Notional Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 2 Year Notes			(52)			09/30/2024			$(10,603,423)			$(10,619,375)			$ (15,952)
U.S. Treasury Long Bonds			(58)			09/19/2024			(6,817,133)			(6,862,125)			(44,992)
U.S. Treasury Ultra Bonds			(26)			09/19/2024			(3,238,563)			(3,258,937)			(20,374)
															$(81,318)
Total Unrealized Appreciation (Depreciation)															$18,045

There is no variation margin due to or from the Fund as of the date of this report.

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

 

42

 

Brown Advisory - WMC Strategic European Equity Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 95.5%
Austria - 3.7%
Erste Group Bank AG			200,507			$9,491,033
Vienna Insurance Group AG Wiener Versicherung Gruppe			78,615			2,562,798
						12,053,831
Belgium - 5.9%
Azelis Group NV			102,409			1,833,615
KBC Group NV			114,994			8,102,765
UCB S.A.			63,089			9,367,891
						19,304,271
Czech Republic - 0.8%
Komercni Banka AS			74,507			2,489,099
Denmark - 2.5%
Pandora AS			29,387			4,423,126
Royal Unibrew AS (a)			49,464			3,923,021
						8,346,147
Finland - 0.3%
Sampo Oyj			19,193			827,684
France - 11.1%
Dassault Aviation S.A.			18,625			3,372,752
Elis S.A.			369,684			8,022,029
Legrand S.A.			17,365			1,723,567
Publicis Groupe S.A.			71,314			7,574,907
SPIE S.A.			98,014			3,551,092
Technip Energies NV			348,467			7,828,814
Thales S.A.			25,992			4,157,895
						36,231,056
Germany - 13.3%
Beiersdorf AG			13,293			1,945,643
Brenntag SE			91,104			6,145,875
Hannover Rueck SE			8,396			2,125,350
Heidelberg Materials AG			26,662			2,756,163
Hensoldt AG			105,743			3,896,041
Hugo Boss AG			83,282			3,744,630
Ionos SE(a)			39,305			1,069,441
Jenoptik AG			62,480			1,804,936
RENK Group AG (a)			76,062			2,070,655
Rheinmetall AG			21,912			11,166,702
United Internet AG			318,513			6,880,861
						43,606,297
Ireland - 2.5%
AIB Group PLC			1,550,938			8,190,649
Italy - 0.8%
Buzzi SpA			26,495			1,066,900
DiaSorin S.p.A.			15,622			1,554,075
						2,620,975

			Shares			Value
Netherlands - 4.8%
Heineken NV			76,017			$7,354,346
QIAGEN NV			198,823			8,214,986
						15,569,332
Norway - 0.8%
Storebrand ASA			255,724			2,610,808
Portugal - 1.6%
Jeronimo Martins SGPS S.A.			275,792			5,390,075
Spain - 4.6%
Bankinter S.A.			794,800			6,503,686
Fluidra S.A.			159,155			3,318,183
Industria de Diseno Textil S.A.			103,516			5,136,816
						14,958,685
Sweden - 4.4%
Alfa Laval AB			63,591			2,784,755
Assa Abloy AB - Class B			108,283			3,066,634
Hexpol AB			137,414			1,523,259
Trelleborg AB - Class B			184,400			7,176,146
						14,550,794
Switzerland - 5.7%
ABB, Ltd.			148,772			8,249,544
Holcim, Ltd.			115,096			10,173,574
Sulzer AG			1,534			212,111
						18,635,229
United Kingdom - 32.7%
BAE Systems PLC			553,847			9,225,190
Beazley PLC			677,948			6,055,099
British American Tobacco PLC			507,429			15,587,991
Bunzl PLC			193,761			7,361,745
Compass Group PLC			85,409			2,326,816
Glencore PLC			578,845			3,293,773
Haleon PLC			2,200,230			8,952,075
Hikma Pharmaceuticals PLC			111,847			2,664,858
IMI PLC			217,853			4,840,921
Next PLC			21,238			2,423,630
Rotork PLC			700,481			2,978,857
RS GROUP PLC			816,355			7,214,430
Savills PLC			134,299			1,891,200
Serco Group PLC			1,654,377			3,747,197
Smiths Group PLC			418,364			9,001,739
Softcat PLC			76,867			1,765,584
Spectris PLC			107,192			3,760,843
Unilever PLC			189,583			10,405,666
Vistry Group PLC (a)			235,489			3,511,470
						107,009,084
TOTAL COMMON STOCKS (Cost $249,825,107)						312,394,016

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

 

43

 

Brown Advisory - WMC Strategic European Equity Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Shares			Value
PREFERRED STOCKS - 0.9%
Germany - 0.9%
FUCHS SE			68,418			$3,127,649
TOTAL PREFERRED STOCKS (Cost $2,389,333)						3,127,649
SHORT-TERM INVESTMENTS - 2.7%
Money Market Funds - 2.7%
First American Government Obligations Fund - Class Z, 5.19% (b)			8,737,685			8,737,685
TOTAL SHORT-TERM INVESTMENTS (Cost $8,737,685)						8,737,685
TOTAL INVESTMENTS - 99.1% (Cost $260,952,125)						$324,259,350
Other Assets in Excess of Liabilities - 0.9%						2,825,379
TOTAL NET ASSETS - 100.0%						$327,084,729

Percentages are stated as a percent of net assets.

AG - Aktiengesellschaft

ASA - Advanced Subscription Agreement

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

44

 

Brown Advisory Emerging Markets Select Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 95.7%
Australia - 0.4%
BHP Billiton, Ltd.			86,816			$2,481,364
Brazil - 3.4%
Ambev S.A.			3,207,500			6,552,593
Banco do Brasil S.A.			635,600			3,027,858
Natura & Co. Holding S.A.			1,653,200			4,598,712
Neoenergia S.A.			942,600			3,136,323
Vale S.A.			393,100			4,383,092
						21,698,578
China - 25.3%
Alibaba Group Holding, Ltd.			848,500			7,647,394
ANTA Sports Products, Ltd.			507,086			4,849,765
Baidu, Inc. - ADR(a)			8,203			709,395
Baidu, Inc. - Class A(a)			483,250			5,231,688
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A			802,500			1,361,902
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A			227,100			385,406
Brilliance China Automotive Holdings, Ltd.			1,382,000			1,449,243
China Merchants Bank Co., Ltd. - Class H			1,087,500			4,941,756
China Overseas Land & Investment, Ltd.			4,813,746			8,332,458
China Pacific Insurance Group Co., Ltd. - Class H			1,873,955			4,560,282
Fuyao Glass Industry Group Co., Ltd. - Class A			787,200			5,189,461
Galaxy Entertainment Group, Ltd.			1,050,000			4,886,627
GF Securities Co., Ltd. - Class H			3,270,400			2,705,573
Haier Smart Home Co., Ltd. - Class H			1,788,800			5,961,795
Kanzhun, Ltd.			420,474			3,936,026
KE Holdings, Inc. - Class A			1,096,096			5,267,254
Kweichow Moutai Co., Ltd. - Class A			14,683			2,958,361
Pacific Basin Shipping, Ltd.			10,962,538			3,455,213
PetroChina Co., Ltd. - Class H			5,111,290			5,161,153
Ping An Insurance Group Co. of China, Ltd. - Class A			133,500			757,907
Ping An Insurance Group Co. of China, Ltd. - Class H			659,000			2,985,650
Proya Cosmetics Co., Ltd. - Class A			231,400			3,526,787
Shenzhen Inovance Technology Co., Ltd. - Class A			310,428			2,189,150
Shenzhou International Group Holdings, Ltd.			296,289			2,894,265
SITC International Holdings Co., Ltd.			1,447,226			3,924,282
Tencent Holdings, Ltd.			620,993			29,460,112
Trip.com Group, Ltd.(a)			128,133			6,064,005
Tsingtao Brewery Co., Ltd. - Class H			396,675			2,638,419
Weichai Power Co., Ltd. - Class H			3,265,000			6,216,108

			Shares			Value
WH Group, Ltd.			8,361,500			$5,503,593
Yue Yuen Industrial Holdings, Ltd.			1,802,000			3,471,606
Zhejiang Longsheng Group Co., Ltd. - Class A			2,834,500			3,347,403
Zhongsheng Group Holdings, Ltd.			1,922,000			2,807,611
ZTO Express Cayman, Inc. - ADR			245,558			5,095,329
						159,872,979
Hungary - 0.8%
OTP Bank Nyrt			97,251			4,823,904
India - 20.6%
Amber Enterprises India, Ltd. (a)			85,049			4,595,412
Apollo Hospitals Enterprise, Ltd.			50,953			3,772,770
Ashok Leyland, Ltd.			1,673,731			4,848,709
AU Small Finance Bank, Ltd.			474,404			3,820,354
Axis Bank, Ltd.			644,387			9,765,568
Bajaj Auto, Ltd.			35,071			3,995,370
Bajaj Finance, Ltd.			54,107			4,611,165
DLF, Ltd.			495,136			4,888,045
Five-Star Business Finance, Ltd.(a)			497,026			4,725,601
Godrej Consumer Products, Ltd.			246,080			4,053,177
HDFC Bank, Ltd.			231,675			4,678,494
ICICI Bank, Ltd.			686,016			9,874,104
JSW Energy, Ltd.			536,979			4,723,364
Jubilant Foodworks, Ltd.			420,334			2,834,388
Larsen & Toubro, Ltd.			202,908			8,619,048
Life Insurance Corp. of India			290,629			3,442,004
Macrotech Developers, Ltd.			438,715			7,911,760
Mahindra & Mahindra, Ltd.			286,816			9,845,697
Oberoi Realty, Ltd.			220,592			4,666,207
Reliance Industries, Ltd.			266,942			10,006,756
SBI Life Insurance Co., Ltd.			199,998			3,575,382
Shriram Finance, Ltd.			107,608			3,748,109
UltraTech Cement, Ltd.			39,864			5,569,667
UPL, Ltd.			213,502			1,460,363
						130,031,514
Indonesia - 3.3%
Bank Central Asia Tbk PT			12,277,638			7,429,088
Bank Negara Indonesia Persero Tbk PT			16,374,031			4,646,195
Bank Rakyat Indonesia Persero Tbk PT			30,948,412			8,677,828
						20,753,111
Kazakhstan - 0.5%
Kaspi.KZ JSC - ADR			22,570			2,911,756
Russia - 0.0%(b)
Sberbank of Russia PJSC - ADR(a)(c)(d)			184,769			1,848
Singapore - 4.7%
DBS Group Holdings, Ltd.			291,551			7,679,115
Grab Holdings, Ltd. - Class A(a)			1,631,435			5,791,594

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

 

45

 

Brown Advisory Emerging Markets Select Fund

Schedule of Investments

as of June 30, 2024(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Singapore - (Continued)
Seatrium, Ltd.(a)			2,843,446			$2,884,080
Sembcorp Industries, Ltd.			1,039,581			3,674,494
United Overseas Bank, Ltd.			208,802			4,816,295
Wilmar International, Ltd.			2,243,708			5,116,248
						29,961,826
South Africa - 0.7%
Sasol, Ltd.			609,530			4,629,628
South Korea - 14.9%
DB Insurance Co., Ltd.			47,037			3,897,155
Hankook Tire & Technology Co., Ltd.			156,196			5,104,352
HD Hyundai Heavy Industries Co., Ltd.(a)			38,387			4,330,093
Hyundai Mobis Co., Ltd.			30,601			5,559,378
Hyundai Motor Co.			20,901			4,457,304
KB Financial Group, Inc.			150,765			8,575,534
Kia Corp.			37,245			3,485,066
Samsung E&A Co., Ltd.(a)			219,046			3,817,745
Samsung Electronics Co., Ltd.			617,888			36,365,067
Samsung Heavy Industries Co., Ltd.(a)			443,402			3,007,341
Shinhan Financial Group Co., Ltd.			147,290			5,134,820
SK Hynix, Inc.			59,496			10,096,984
						93,830,839
Taiwan - 14.6%
Accton Technology Corp.			306,370			5,214,252
ASE Technology Holding Co., Ltd.			1,189,182			6,160,331
Compal Electronics, Inc.			1,193,140			1,271,891
Hon Hai Precision Industry Co., Ltd.			765,000			5,036,702
Nanya Technology Corp.(a)			1,798,056			3,857,220
Realtek Semiconductor Corp.			311,801			5,232,407
Taiwan Semiconductor Manufacturing Co., Ltd.			2,212,934			65,563,978
						92,336,781
Thailand - 2.2%
Bangkok Bank PCL			798,500			2,861,305
Bangkok Bank PCL - NVDR			530,300			1,883,447
Indorama Ventures PCL - NVDR			3,548,100			1,879,414
SCB X PCL			1,315,200			3,691,412
True Corp. PCL - NVDR(a)			14,259,636			3,387,414
						13,702,992
Turkey - 0.4%
Akbank T.A.S.			1,343,265			2,628,180
United Arab Emirates - 0.7%
Abu Dhabi Commercial Bank PJSC			1,927,001			4,198,083
United Kingdom - 0.4%
Standard Chartered PLC			281,057			2,537,784

			Shares			Value
United States - 1.9%
Cognizant Technology Solutions Corp. - Class A			103,061			$7,008,148
Credicorp, Ltd.			31,153			5,025,913
						12,034,061
Vietnam - 0.9%
Vietnam Dairy Products JSC			2,280,600			5,863,193
TOTAL COMMON STOCKS (Cost $497,110,949)						604,298,421
PREFERRED STOCKS - 1.8%
Brazil - 1.8%
Cia Energetica de Minas Gerais			2,954,244			5,216,076
Itau Unibanco Holding S.A.			431,800			2,498,061
Petroleo Brasileiro S.A.			570,600			3,883,889
TOTAL PREFERRED STOCKS (Cost $8,803,251)						11,598,026
SHORT-TERM INVESTMENTS - 2.1%
Money Market Funds - 2.1%
First American Government Obligations Fund - Class Z, 5.19% (e)			13,025,324			13,025,324
TOTAL SHORT-TERM INVESTMENTS (Cost $13,025,324)						13,025,324
TOTAL INVESTMENTS - 99.6% (Cost $518,939,524)						$628,921,771
Other Assets in Excess of Liabilities - 0.4%						2,435,020
TOTAL NET ASSETS - 100.0%						$631,356,791

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PJSC - Public Joint Stock Company

PLC - Public Limited Company

(a)
Non-income producing security.

(b)
Represents less than 0.05% of net assets.

(c)
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, 2024.

(d)
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.

(e)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

46

 

Brown Advisory - Beutel Goodman Large-Cap Value Fund

Schedule of Investments

as of June 30, 2024

			Shares			Value
COMMON STOCKS - 95.8%
Communication Services - 10.5%
Comcast Corp. - Class A			2,081,855			$81,525,442
Interpublic Group of Cos., Inc.			2,014,445			58,600,205
Omnicom Group, Inc.			673,212			60,387,116
						200,512,763
Consumer Discretionary - 14.1%
eBay, Inc.			1,458,275			78,338,533
Gentex Corp.			1,374,330			46,328,664
Harley-Davidson, Inc.			1,718,714			57,645,667
Polaris, Inc.			575,960			45,103,428
Tempur Sealy International, Inc.			871,790			41,270,539
						268,686,831
Consumer Staples - 12.5%
Campbell Soup Co.			1,470,620			66,457,318
Kellogg Co.			1,461,921			84,323,603
Kimberly-Clark Corp.			628,705			86,887,031
						237,667,952
Financials - 14.4%
American Express Co.			305,120			70,650,536
Ameriprise Financial, Inc.			109,420			46,743,130
BlackRock, Inc.			76,085			59,903,242
Carlyle Group, Inc.			962,710			38,652,806
SEI Investments Co.			918,910			59,444,288
						275,394,002
Health Care - 15.3%
Amgen, Inc.			333,655			104,250,505
Biogen, Inc.(a)			376,680			87,321,958
Cencora, Inc.			146,131			32,923,314
Merck & Co., Inc.			548,005			67,843,019
						292,338,796
Industrials - 9.0%
Cummins, Inc.			138,675			38,403,268
Flowserve Corp.			1,007,309			48,451,563
Masco Corp.			671,520			44,770,238
Westinghouse Air Brake Technologies Corp.			249,130			39,374,997
						171,000,066

			Shares			Value
Information Technology - 16.9%
Amdocs Ltd.			945,847			$74,646,245
Gen Digital, Inc.			3,515,075			87,806,574
NetApp, Inc.			663,555			85,465,884
QUALCOMM, Inc.			373,650			74,423,607
						322,342,310
Materials - 3.1%
PPG Industries, Inc.			476,910			60,038,200
TOTAL COMMON STOCKS (Cost $1,493,802,915)						1,827,980,920
SHORT-TERM INVESTMENTS - 3.9%
Money Market Funds - 3.9%
First American Government Obligations Fund - Class Z, 5.19%(b)			74,589,712			74,589,712
TOTAL SHORT-TERM INVESTMENTS (Cost $74,589,712)						74,589,712
TOTAL INVESTMENTS - 99.7% (Cost $1,568,392,627)						$1,902,570,632
Other Assets in Excess of Liabilities - 0.3%						4,977,564
TOTAL NET ASSETS - 100.0%						$1,907,548,196

Percentages are stated as a percent of net assets.

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

(a)
Non-income producing security.

(b)
The rate shown represents the 7-day effective yield as of June 30, 2024.

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

 

47

 

Statements of Assets and Liabilities

June 30, 2024

			BROWN ADVISORY GROWTH EQUITY FUND			BROWN ADVISORY FLEXIBLE EQUITY FUND			BROWN ADVISORY SUSTAINABLE GROWTH FUND			BROWN ADVISORY MID-CAP GROWTH FUND
ASSETS
Investments:
Total investments, at cost			$584,527,570			$390,724,213			$6,104,043,818			$72,485,131
Net unrealized appreciation (depreciation)			561,469,455			533,810,636			3,845,724,240			24,339,068
Total investments, at value			1,145,997,025			924,534,849			9,949,768,058			96,824,199
Receivables:
Investments sold			—			—			2,171,546			487,455
Fund shares sold			91,319			1,988,331			25,954,760			25,764
Interest and dividends			253,405			383,775			2,168,071			18,663
Foreign tax reclaims			—			—			—			1,540
Prepaid expenses and other assets			84,839			49,820			289,272			29,933
Total Assets			1,146,426,588			926,956,775			9,980,351,707			97,387,554
LIABILITIES
Payables:
Investments purchased			—			—			14,202,190			260,525
Fund shares redeemed			1,219,320			56,778			6,655,505			108,896
Accrued Liabilities:
Investment advisory fees			564,577			316,080			4,073,125			50,422
Service fees			78,803			67,000			381,910			3,344
Administration, accounting and transfer agent fees			44,725			33,364			367,685			4,250
Business management fees			47,048			37,461			404,755			3,943
Trustee fees			6,296			5,078			54,823			533
Distribution fees			3,652			1,482			88,298			—
Professional fees			27,910			26,882			69,469			22,822
Custodian fees			7,595			4,863			47,868			1,651
Other liabilities			22,193			11,181			129,887			7,300
Total Liabilities			2,022,119			560,169			26,475,515			463,686
NET ASSETS			$1,144,404,469			$926,396,606			$9,953,876,192			$96,923,868
COMPONENTS OF NET ASSETS
Paid-in capital			$163,429,851			$362,379,828			$5,770,035,327			$79,972,366
Total distributable earnings (loss)			980,974,618			564,016,778			4,183,840,865			16,951,502
NET ASSETS			$1,144,404,469			$926,396,606			$9,953,876,192			$96,923,868
COMPUTATION OF NET ASSET VALUE
Institutional Shares:
Net assets			$508,834,596			$376,593,742			$6,818,541,975			$69,167,027
Shares outstanding (unlimited shares authorized)			16,984,457			9,499,236			124,177,190			4,463,585
Net asset value per share			$29.96			$39.64			$54.91			$15.50
Investor Shares:
Net assets			$618,412,031			$542,523,857			$2,699,561,131			$27,756,841
Shares outstanding (unlimited shares authorized)			21,193,968			13,729,953			50,144,972			1,810,043
Net asset value per share			$29.18			$39.51			$53.84			$15.33
Advisor Shares:
Net assets			$17,157,842			$7,279,007			$435,773,086			$—
Shares outstanding (unlimited shares authorized)			651,002			185,162			8,355,347			—
Net asset value per share			$26.36			$39.31			$52.15			$—

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

 

48

 

Statements of Assets and Liabilities

June 30, 2024(Continued)

			BROWN ADVISORY SMALL-CAP GROWTH FUND			BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND			BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND			BROWN ADVISORY SUSTAINABLE VALUE FUND
ASSETS
Investments:
Total investments, at cost			$1,322,864,356			$1,080,713,764			$70,660,524			$85,651,127
Net unrealized appreciation (depreciation)			304,634,292			272,201,390			6,624,603			14,655,914
Total investments, at value			1,627,498,648			1,352,915,154			77,285,127			100,307,041
Receivables:
Investments sold			843,185			—			—			—
Fund shares sold			1,467,832			1,420,730			5,865			20,500
Interest and dividends			883,832			1,845,711			52,488			104,737
Foreign tax reclaims			—			—			—			6,505
Prepaid expenses and other assets			94,205			68,382			25,788			36,636
Total Assets			1,630,787,702			1,356,249,977			77,369,268			100,475,419
LIABILITIES
Payables:
Investments purchased			7,040,335			—			327,359			—
Fund shares redeemed			1,644,168			240,479			14,207			100
Accrued Liabilities:
Investment advisory fees, net			1,123,972			933,684			43,473			41,661
Service fees			100,313			76,993			697			78
Administration, accounting and transfer agent fees			60,747			50,824			3,440			3,679
Business management fees			66,116			54,923			3,034			4,030
Trustee fees			9,014			7,520			413			592
Distribution fees			1,647			724			—			—
Professional fees			30,148			28,892			17,371			16,712
Custodian fees			10,739			7,677			1,404			1,127
Other liabilities			83,650			16,234			6,991			6,684
Total Liabilities			10,170,849			1,417,950			418,389			74,663
NET ASSETS			$1,620,616,853			$1,354,832,027			$76,950,879			$100,400,756
COMPONENTS OF NET ASSETS
Paid-in capital			$1,240,978,491			$966,870,986			$74,209,431			$85,035,922
Total distributable earnings (loss)			379,638,362			387,961,041			2,741,448			15,364,834
NET ASSETS			$1,620,616,853			$1,354,832,027			$76,950,879			$100,400,756
COMPUTATION OF NET ASSET VALUE
Institutional Shares:
Net assets			$801,674,931			$724,559,768			$70,393,376			$99,766,955
Shares outstanding (unlimited shares authorized)			17,616,922			23,911,957			7,243,764			8,133,355
Net asset value per share			$45.51			$30.30			$9.72			$12.27
Investor Shares:
Net assets			$810,888,671			$626,715,244			$6,557,503			$633,801
Shares outstanding (unlimited shares authorized)			35,890,037			20,729,013			676,637			51,795
Net asset value per share			$22.59			$30.23			$9.69			$12.24
Advisor Shares:
Net assets			$8,053,251			$3,557,015			$—			$—
Shares outstanding (unlimited shares authorized)			377,655			118,677			—			—
Net asset value per share			$21.32			$29.97			$—			$—

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

 

49

 

Statements of Assets and Liabilities

June 30, 2024(Continued)

			BROWN ADVISORY GLOBAL LEADERS FUND			BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND			BROWN ADVISORY INTERMEDIATE INCOME FUND			BROWN ADVISORY SUSTAINABLE BOND FUND
ASSETS
Investments:
Investments - unaffiliated, at cost			$1,329,621,846			$33,868,721			$103,025,116			$ 600,538,327
Investments - affiliated, at cost (Note 3)			—			—			17,557,513			—
Total investments, at cost			1,329,621,846			33,868,721			120,582,629			600,538,327
Net unrealized appreciation (depreciation) - unaffiliated			632,210,543			4,634,250			(5,717,340)			(16,099,580)
Net unrealized appreciation (depreciation) - affiliated (Note 3)			—			—			(2,234,687)			—
Total net unrealized appreciation (depreciation)			632,210,543			4,634,250			(7,952,027)			(16,099,580)
Investments - unaffiliated, at value			1,961,832,389			38,502,971			97,307,776			584,438,747
Investments - affiliated, at value (Note 3)			—			—			15,322,826			—
Total investments, at value			1,961,832,389			38,502,971			112,630,602			584,438,747
Cash deposit at broker - futures contracts (Note 6)			—			—			169,868			561,612
Foreign currency (Cost of $—, $2,780, $—, and $—, respectively.)			—			2,783			—			—
Gross unrealized appreciation - futures contracts (Note 6)			—			—			76,567			406,199
Receivables:
Investments sold			—			873,054			3,000,000			—
Fund shares sold			2,147,818			500,136			95,003			388,600
Interest and dividends			1,290,994			59,109			783,373			3,484,951
Foreign tax reclaims			1,948,963			46,955			—			35,657
Prepaid expenses and other assets			65,326			34,479			34,257			61,097
Total Assets			1,967,285,490			40,019,487			116,789,670			589,376,863
LIABILITIES
Gross unrealized depreciation - futures contracts (Note 6)			—			—			41,886			200,049
Payables:
Investments purchased			6,706,921			1,175,930			—			28,770,551
Fund shares redeemed			270,076			—			33,284			582,845
Distribution to shareholders			—			—			233,706			1,343,927
Accrued Liabilities:
Investment advisory fees, net			1,026,891			17,408			24,790			137,199
Service fees			3,809			228			4,776			357
Administration, accounting and transfer agent fees			78,556			1,775			7,689			25,243
Business management fees			78,992			1,554			4,776			22,866
Trustee fees			10,956			208			644			3,093
Distribution fees			—			—			674			—
Professional fees			32,268			17,187			23,584			26,724
Custodian fees			34,167			4,632			1,780			4,083
Other liabilities			12,606			6,953			8,427			13,519
Total Liabilities			8,255,242			1,225,875			386,016			31,130,456
NET ASSETS			$1,959,030,248			$38,793,612			$116,403,654			$558,246,407

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

 

50

 

Statements of Assets and Liabilities

June 30, 2024(Continued)

			BROWN ADVISORY GLOBAL LEADERS FUND			BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND			BROWN ADVISORY INTERMEDIATE INCOME FUND			BROWN ADVISORY SUSTAINABLE BOND FUND
COMPONENTS OF NET ASSETS
Paid-in capital			$1,333,985,535			$34,153,050			$134,299,979			$695,172,995
Total distributable earnings (loss)			625,044,713			4,640,562			(17,896,325)			(136,926,588)
NET ASSETS			$1,959,030,248			$38,793,612			$116,403,654			$558,246,407
COMPUTATION OF NET ASSET VALUE
Institutional Shares:
Net assets			$1,926,704,398			$36,920,545			$—			$550,051,714
Shares outstanding (unlimited shares authorized)			74,432,253			3,441,919			—			65,516,203
Net asset value per share			$25.89			$10.73			$—			$8.40
Investor Shares:
Net assets			$32,325,850			$1,873,067			$113,124,287			$8,194,693
Shares outstanding (unlimited shares authorized)			1,253,477			175,145			11,847,628			975,556
Net asset value per share			$25.79			$10.69			$9.55			$8.40
Advisor Shares:
Net assets			$—			$—			$3,279,367			$—
Shares outstanding (unlimited shares authorized)			—			—			351,982			—
Net asset value per share			$—			$—			$9.32			$—

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

 

51

 

Statements of Assets and Liabilities

June 30, 2024(Continued)

			BROWN ADVISORY MARYLAND BOND FUND			BROWN ADVISORY TAX-EXEMPT BOND FUND			BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND			BROWN ADVISORY MORTGAGE SECURITIES FUND
ASSETS
Investments:
Total investments, at cost			$171,780,721			$929,311,837			$289,165,385			$357,859,623
Net unrealized appreciation (depreciation)			(4,630,778)			2,517,637			(10,705,022)			(17,497,771)
Total investments, at value			167,149,943			931,829,474			278,460,363			340,361,852
Cash deposit at broker - futures contracts (Note 6)			—			—			—			382,042
Gross unrealized appreciation - futures contracts (Note 6)			—			—			—			99,363
Receivables:
Investments sold			—			—			—			4,606
Fund shares sold			281			1,735,586			226,368			​27,641
Interest and dividends			2,000,604			6,730,682			3,175,709			​908,868
Prepaid expenses and other assets			15,999			64,274			33,740			37,756
Total Assets			169,166,827			940,360,016			281,896,180			341,822,128
LIABILITIES
Gross unrealized depreciation - futures contracts (Note 6)			—			—			—			81,318
Payables:
Investments purchased			—			17,420,875			—			54,886,039
Fund shares redeemed			45,549			330,058			61,959			36,251
Distribution to shareholders			362,613			2,439,449			682,707			729,477
Accrued Liabilities:
Investment advisory fees			41,447			222,606			68,637			70,445
Service fees			6,908			410			11,439			34
Administration, accounting and transfer agent fees			9,231			39,467			14,104			23,102
Business management fees			6,908			37,101			11,439			11,741
Trustee fees			944			5,096			1,553			1,607
Professional fees			23,188			26,771			21,358			24,850
Custodian fees			834			4,326			1,455			3,893
Other liabilities			7,299			10,328			7,474			8,125
Total Liabilities			504,921			20,536,487			882,125			55,876,882
NET ASSETS			$168,661,906			$919,823,529			$281,014,055			$285,945,246
COMPONENTS OF NET ASSETS
Paid-in capital			$182,520,766			$1,010,252,428			$306,774,363			$333,704,927
Total distributable earnings (loss)			(13,858,860)			(90,428,899)			(25,760,308)			(47,759,681)
NET ASSETS			$168,661,906			$919,823,529			$281,014,055			$285,945,246

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

 

52

 

Statements of Assets and Liabilities

June 30, 2024(Continued)

			BROWN ADVISORY MARYLAND BOND FUND			BROWN ADVISORY TAX-EXEMPT BOND FUND			BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND			BROWN ADVISORY MORTGAGE SECURITIES FUND
COMPUTATION OF NET ASSET VALUE
Institutional Shares:
Net assets			$—			$  909,985,926			$—			$285,174,663
Shares outstanding (unlimited shares authorized)			—			97,623,077			—			32,064,192
Net asset value per share			$—			$9.32			$—			$8.89
Investor Shares:
Net assets			$168,661,906			$9,837,603			$281,014,055			$770,583
Shares outstanding (unlimited shares authorized)			17,145,531			1,054,836			31,089,491			86,464
Net asset value per share			$9.84			$9.33			$9.04			$8.91
Advisor Shares:
Net assets			$—			$—			$—			$—
Shares outstanding (unlimited shares authorized)			—			—			—			—
Net asset value per share			$—			$—			$—			$—

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

 

53

 

Statements of Assets and Liabilities

June 30, 2024(Continued)

			BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND			BROWN ADVISORY EMERGING MARKETS SELECT FUND			BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND
ASSETS
Investments:
Total investments, at cost			$260,952,125			$518,939,524			$1,568,392,627
Net unrealized appreciation (depreciation)			63,307,225			109,982,247			334,178,005
Total investments, at value			324,259,350			628,921,771			1,902,570,632
Foreign currency (Cost of $—, $1,261,250, and $—, respectively.)			—			1,260,486			—
Receivables:
Investments sold			1,551,476			1,078,284			—
Fund shares sold			367,513			825,863			4,050,601
Interest and dividends			793,911			2,896,928			2,657,615
Foreign tax reclaims			1,500,736			37,471			—
Prepaid expenses and other assets			38,749			44,335			71,473
Total Assets			328,511,735			635,065,138			1,909,350,321
LIABILITIES
Payables:
Investments purchased			1,005,137			2,337,287			—
Fund shares redeemed			92,646			747,368			881,600
Accrued Liabilities:
Investment advisory fees			247,209			462,607			701,969
Service fees			2,046			422			2,050
Administration, accounting and transfer agent fees			14,085			25,884			71,969
Business management fees			13,734			25,700			77,997
Trustee fees			1,849			3,478			10,697
Distribution fees			625			48			—
Professional fees			25,111			26,505			31,625
Custodian fees			15,085			66,341			9,862
Other liabilities			9,479			12,707			14,356
Total Liabilities			1,427,006			3,708,347			1,802,125
NET ASSETS			$327,084,729			$631,356,791			$1,907,548,196
COMPONENTS OF NET ASSETS
Paid-in capital			$266,212,041			$600,598,432			$1,507,697,038
Total distributable earnings (loss)			60,872,688			30,758,359			399,851,158
NET ASSETS			$327,084,729			$631,356,791			$1,907,548,196
COMPUTATION OF NET ASSET VALUE
Institutional Shares:
Net assets			$311,204,963			$627,880,401			$1,890,908,756
Shares outstanding (unlimited shares authorized)			22,991,795			53,316,163			122,548,070
Net asset value per share			$13.54			$11.78			$15.43
Investor Shares:
Net assets			$12,911,862			$3,249,293			$16,639,440
Shares outstanding (unlimited shares authorized)			957,234			276,201			1,082,168
Net asset value per share			$13.49			$11.76			$15.38
Advisor Shares:
Net assets			$2,967,904			$227,097			$—
Shares outstanding (unlimited shares authorized)			223,539			19,253			—
Net asset value per share			$13.28			$11.80			$—

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

 

54

 

Statements of Operations

For the Year Ended June 30, 2024

			BROWN ADVISORY GROWTH EQUITY FUND			BROWN ADVISORY FLEXIBLE EQUITY FUND			BROWN ADVISORY SUSTAINABLE GROWTH FUND			BROWN ADVISORY MID-CAP GROWTH FUND
INVESTMENT INCOME
Dividend income			$9,339,287			$6,677,105			$41,310,042			$385,780
Less: foreign taxes withheld			(104,209)			(209,052)			—			(7,890)
Interest Income			2,660,466			1,342,629			7,700,895			193,813
Total investment income			11,895,544			7,810,682			49,010,937			571,703
EXPENSES
Investment advisory fees			11,163,764			3,382,149			44,709,096			617,822
Service fees - Investor Shares (Note 3)			967,330			726,736			3,606,769			38,306
Business management fees			951,968			397,769			4,384,344			47,525
Administration, accounting and transfer agent fees			441,490			182,290			2,015,122			24,928
Professional fees			105,068			54,845			374,067			27,341
Miscellaneous expenses			98,244			43,664			457,343			26,512
Trustee fees			89,686			33,431			365,242			4,128
Registration fees			85,881			49,036			179,495			34,702
Custodian fees			63,753			24,994			268,061			12,296
Distribution fees - Advisor Shares (Note 3)			41,561			15,408			986,506			—
Insurance fees			30,810			8,692			92,441			1,180
Service fees - Advisor Shares (Note 3)			24,937			9,245			591,903			—
Total Expenses			14,064,492			4,928,259			58,030,389			834,740
Expenses waived by adviser - expense cap (Note 3)			—			—			—			(17,028)
Net Expenses			14,064,492			4,928,259			58,030,389			817,712
Net Investment Income (Loss)			(2,168,948)			2,882,423			(9,019,452)			(246,009)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments			799,401,485			37,289,841			438,620,143			9,062,653
Net change in unrealized appreciation (depreciation) on investments			(435,614,320)			154,549,573			1,727,039,131			4,375,232
Net realized and unrealized gain (Loss)			363,787,165			191,839,414			2,165,659,274			13,437,885
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS			$361,618,217			$194,721,837			$2,156,639,822			$13,191,876

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

 

55

 

Statements of Operations

For the Year Ended June 30, 2024(Continued)

			BROWN ADVISORY SMALL-CAP GROWTH FUND			BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND			BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND			BROWN ADVISORY SUSTAINABLE VALUE FUND
INVESTMENT INCOME
Dividend income			$10,127,668			$20,467,375			$500,237			$1,298,605
Less: foreign taxes withheld			(154,838)			(46,633)			(526)			(7,403)
Interest Income			6,865,676			2,559,429			208,683			168,308
Total investment income			16,838,506			22,980,171			708,394			1,459,510
EXPENSES
Investment advisory fees			17,495,020			10,832,482			544,959			412,864
Service fees - Investor Shares (Note 3)			1,279,410			920,488			4,679			577
Business management fees			1,029,119			637,205			32,056			34,405
Administration, accounting and transfer agent fees			471,591			288,511			18,116			17,879
Miscellaneous expenses			275,118			61,507			26,016			27,211
Professional fees			109,256			75,172			19,606			19,518
Trustee fees			91,472			54,966			2,646			2,800
Registration fees			86,413			53,540			35,546			35,923
Custodian fees			67,077			46,942			8,938			6,469
Insurance fees			27,842			14,564			613			528
Distribution fees - Advisor Shares (Note 3)			21,355			7,661			—			—
Service fees - Advisor Shares (Note 3)			12,813			4,597			—			—
Total Expenses			20,966,486			12,997,635			693,175			558,174
Expenses waived by adviser - expense cap (Note 3)			—			—			(92,246)			(75,923)
Net Expenses			20,966,486			12,997,635			600,929			482,251
Net Investment Income (Loss)			(4,127,980)			9,982,536			107,465			977,259
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments			105,416,039			156,455,112			3,440,884			282,853
Net change in unrealized appreciation (depreciation) on investments			(43,293,407)			21,293,340			2,717,993			13,190,651
Net realized and unrealized gain (Loss)			62,122,632			177,748,452			6,158,877			13,473,504
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS			$57,994,652			$187,730,988			$6,266,342			$14,450,763

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

 

56

 

Statements of Operations

For the Year Ended June 30, 2024(Continued)

			BROWN ADVISORY GLOBAL LEADERS FUND			BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND			BROWN ADVISORY INTERMEDIATE INCOME FUND			BROWN ADVISORY SUSTAINABLE BOND FUND
INVESTMENT INCOME
Dividend income - unaffiliated			$23,423,991			$665,690			$—			$—
Dividend income - affiliated (Note 3)			—			—			627,096			—
Less: foreign taxes withheld			(1,994,535)			(76,816)			—			—
Interest Income			1,723,345			39,911			3,943,117			27,221,275
Total investment income			23,152,801			628,785			4,570,213			27,221,275
EXPENSES
Investment advisory fees			10,818,764			235,469			358,475			1,788,733
Business management fees			832,213			15,698			59,746			298,122
Administration, accounting and transfer agent fees			398,786			9,838			44,737			166,165
Custodian fees			206,182			30,828			8,310			26,002
Professional fees			90,086			18,263			28,187			50,024
Service fees - Investor Shares (Note 3)			79,938			2,447			58,186			5,661
Trustee fees			70,067			1,268			5,260			27,979
Miscellaneous expenses			62,573			23,807			33,643			47,910
Registration fees			43,853			35,770			36,605			43,501
Insurance fees			18,094			269			1,694			9,951
Distribution fees - Advisor Shares (Note 3)			—			—			7,799			—
Service fees - Advisor Shares (Note 3)			—			—			1,560			—
Interest expense on line of credit (Note 7)			—			—			—			952
Total Expenses			12,620,556			373,657			644,202			2,465,000
Expenses waived by adviser - expense cap (Note 3)			—			(104,346)			(3,096)			—
Expenses waived by adviser - investments in affiliates (Note 3)			—			—			(44,580)			—
Net Expenses			12,620,556			269,311			596,526			2,465,000
Net Investment Income (Loss)			10,532,245			359,474			3,973,687			24,756,275
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments - unaffiliated			47,039,773			(121,697)			(2,940,232)			(16,625,376)
Less: foreign capital gains taxes paid			—			(230)			—			—
Futures contracts (Note 6)			—			—			(315,391)			(10,178,244)
Net realized gain (loss)			47,039,773			(121,927)			(3,255,623)			(26,803,620)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated			227,574,950			1,265,011			2,447,859			7,280,419
Investments - affiliated (Note 3)			—			—			(339,191)			—
Futures contracts (Note 6)			—			—			260,505			2,278,699
Net change in unrealized appreciation (depreciation)			227,574,950			1,265,011			2,369,173			9,559,118
Net realized and unrealized gain (Loss)			274,614,723			1,143,084			(886,450)			(17,244,502)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS			$285,146,968			$1,502,558			$3,087,237			$7,511,773

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

 

57

 

Statements of Operations

For the Year Ended June 30, 2024(Continued)

			BROWN ADVISORY MARYLAND BOND FUND			BROWN ADVISORY TAX-EXEMPT BOND FUND			BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND			BROWN ADVISORY MORTGAGE SECURITIES FUND
INVESTMENT INCOME
Interest Income			$5,634,188			$37,272,171			$11,771,252			$13,209,058
Total investment income			5,634,188			37,272,171			11,771,252			13,209,058
EXPENSES
Investment advisory fees			499,594			2,528,227			870,961			869,152
Service fees - Investor Shares (Note 3)			83,266			4,542			145,160			517
Business management fees			83,266			421,371			145,160			144,859
Administration, accounting and transfer agent fees			54,478			227,519			88,249			137,804
Professional fees			29,533			57,403			32,310			35,817
Miscellaneous expenses			28,978			44,845			32,144			36,813
Registration fees			15,312			52,800			44,529			37,466
Trustee fees			7,238			36,252			12,653			12,771
Custodian fees			4,996			26,152			9,065			24,417
Insurance fees			2,137			10,239			3,857			4,069
Total expenses			808,798			3,409,350			1,384,088			1,303,685
Net Investment Income (Loss)			4,825,390			33,862,821			10,387,164			11,905,373
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments			(229,059)			(7,992,587)			(463,917)			(8,204,633)
Futures contracts (Note 6)			—			—			—			(778,528)
Net realized gain (loss)			(229,059)			(7,992,587)			(463,917)			(8,983,161)
Net change in unrealized appreciation (depreciation) on:
Investments			1,347,397			11,058,646			297,427			2,158,486
Futures contracts (Note 6)			—			—			—			492,520
Net change in unrealized appreciation (depreciation)			1,347,397			11,058,646			297,427			2,651,006
Net realized and unrealized gain (Loss)			1,118,338			3,066,059			(166,490)			(6,332,155)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS			$5,943,728			$36,928,880			$10,220,674			$5,573,218

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

 

58

 

Statements of Operations

For the Year Ended June 30, 2024(Continued)

			BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND			BROWN ADVISORY EMERGING MARKETS SELECT FUND			BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND
INVESTMENT INCOME
Dividend income			$9,219,786			$17,751,985			$38,822,703
Less: foreign taxes withheld			(721,386)			(1,807,809)			—
Interest Income			503,331			711,596			2,837,131
Total investment income			9,001,731			16,655,772			41,659,834
EXPENSES
Investment advisory fees			2,576,769			5,179,044			7,815,836
Business management fees			143,154			287,725			868,426
Custodian fees			85,662			429,268			55,706
Administration, accounting and transfer agent fees			77,381			149,581			397,151
Registration fees			44,711			51,697			53,337
Miscellaneous expenses			38,953			86,179			65,802
Professional fees			35,176			47,326			94,324
Service fees - Investor Shares (Note 3)			19,146			4,088			13,698
Trustee fees			11,879			24,547			74,101
Distribution fees - Advisor Shares (Note 3)			6,852			550			—
Service fees - Advisor Shares (Note 3)			4,111			330			—
Insurance fees			3,223			6,764			20,742
Total Expenses			3,047,017			6,267,099			9,459,123
Net Investment Income (Loss)			5,954,714			10,388,673			32,200,711
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments			16,309,980			3,239,073			84,311,860
Less: foreign capital gains taxes paid			—			(1,357,222)			—
Net realized gain (loss)			16,309,980			1,881,851			84,311,860
Net change in unrealized appreciation (depreciation) on investments			21,218,110			57,599,446			124,368,434
Net realized and unrealized gain (Loss)			37,528,090			59,481,297			208,680,294
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS			$43,482,804			$69,869,970			$240,881,005

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

 

59

 

Statements of Changes in Net Assets

			BROWN ADVISORY GROWTH EQUITY FUND						BROWN ADVISORY FLEXIBLE EQUITY FUND
			Fiscal Year Ended June 30,
			2024			2023			2024			2023
OPERATIONS
Net investment income (loss)			$(2,168,948)			$(4,279,886)			$2,882,423			$2,198,868
Net realized gain (loss)			799,401,485			94,224,857			37,289,841			17,278,494
Net change in unrealized appreciation (depreciation)			(435,614,320)			345,339,165			154,549,573			105,107,069
Increase (Decrease) in Net Assets from Operations			361,618,217			435,284,136			194,721,837			124,584,431
DISTRIBUTIONS FROM EARNINGS
Institutional Shares			(106,614,685)			(107,639,242)			(8,129,121)			(7,731,108)
Investor Shares			(42,711,889)			(45,764,956)			(12,731,778)			(14,223,370)
Advisor Shares			(1,128,327)			(871,243)			(147,368)			(147,568)
Total Distributions from earnings			(150,454,901)			(154,275,441)			(21,008,267)			(22,102,046)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			154,867,016			352,800,458			68,950,789			64,414,428
Investor Shares			28,987,614			36,590,247			33,292,821			30,651,069
Advisor Shares			11,180,291			10,151,247			1,351,700			309,244
Reinvestment of distributions:
Institutional Shares			99,969,257			100,551,486			5,190,025			4,788,472
Investor Shares			36,922,572			40,450,324			7,923,735			9,054,154
Advisor Shares			885,281			620,663			127,562			123,434
Redemption of shares:
Institutional Shares			(1,723,801,021)			(434,576,260)			(24,084,013)			(41,913,971)
Investor Shares			(204,167,045)			(167,203,846)			(46,482,100)			(63,537,532)
Advisor Shares			(10,339,925)			(11,934,066)			(781,915)			(418,189)
Redemption fees:
Institutional Shares			3,852			6,352			1,024			777
Investor Shares			1,715			2,703			1,713			1,465
Advisor Shares			40			47			21			16
Increase (Decrease) from Capital Share Transactions			(1,605,490,353)			(72,540,645)			45,491,362			3,473,367
Increase (Decrease) in Net Assets			(1,394,327,037)			208,468,050			219,204,932			105,955,752
NET ASSETS
Beginning of period			2,538,731,506			2,330,263,456			707,191,674			601,235,922
End of period			$1,144,404,469			$2,538,731,506			$926,396,606			$707,191,674
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			5,804,597			14,949,462			1,899,274			2,252,589
Investor Shares			1,069,616			1,590,304			956,010			1,088,185
Advisor Shares			469,950			457,461			38,288			10,885
Reinvestment of distributions:
Institutional Shares			3,786,715			4,371,804			151,142			173,202
Investor Shares			1,434,443			1,798,592			231,877			327,852
Advisor Shares			38,028			30,232			3,751			4,487
Redemption of shares:
Institutional Shares			(61,339,233)			(18,251,670)			(690,389)			(1,487,103)
Investor Shares			(7,609,771)			(7,257,688)			(1,340,542)			(2,239,954)
Advisor Shares			(439,355)			(554,229)			(22,262)			(14,896)
Increase (Decrease) in shares outstanding			(56,785,010)			(2,865,732)			1,227,149			115,247

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

 

60

 

Statements of Changes in Net Assets(Continued)

			BROWN ADVISORY SUSTAINABLE GROWTH FUND						BROWN ADVISORY MID-CAP GROWTH FUND
			Fiscal Year Ended June 30,
			2024			2023			2024			2023
OPERATIONS
Net investment income (loss)			$(9,019,452)			$1,146,864			$(246,009)			$(324,396)
Net realized gain (loss)			438,620,143			5,075,647			9,062,653			(5,529,060)
Net change in unrealized appreciation (depreciation)			1,727,039,131			1,273,242,361			4,375,232			21,470,002
Increase (Decrease) in Net Assets from Operations			2,156,639,822			1,279,464,872			13,191,876			15,616,546
DISTRIBUTIONS FROM EARNINGS
Institutional Shares			(633,798)			(10,470)			—			(4,694,458)
Investor Shares			—			—			—			(1,478,899)
Advisor Shares			—			—			—			—
Total Distributions from earnings			(633,798)			(10,470)			—			(6,173,357)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			1,917,817,384			2,078,959,516			17,918,626			22,890,113
Investor Shares			633,488,241			625,782,512			2,651,464			1,781,026
Advisor Shares			60,492,485			66,763,534			—			—
Reinvestment of distributions:
Institutional Shares			415,944			6,609			—			3,302,277
Investor Shares			—			—			—			1,478,899
Advisor Shares			—			—			—			—
Redemption of shares:
Institutional Shares			(1,718,053,838)			(1,155,544,299)			(30,451,794)			(56,129,763)
Investor Shares			(673,243,513)			(563,765,771)			(2,765,430)			(4,037,738)
Advisor Shares			(76,037,156)			(70,829,290)			—			—
Redemption fees:
Institutional Shares			18,889			39,252			9			—
Investor Shares			7,588			18,500			3			—
Advisor Shares			1,255			3,129			—			—
Increase (Decrease) from Capital Share Transactions			144,907,279			981,433,692			(12,647,122)			(30,715,186)
Increase (Decrease) in Net Assets			2,300,913,303			2,260,888,094			544,754			(21,271,997)
NET ASSETS
Beginning of period			7,652,962,889			5,392,074,795			96,379,114			117,651,111
End of period			$9,953,876,192			$7,652,962,889			$96,923,868			$96,379,114
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			39,896,249			55,092,165			1,350,814			1,799,089
Investor Shares			13,252,830			17,015,921			183,606			141,511
Advisor Shares			1,395,798			1,818,879			—			—
Reinvestment of distributions:
Institutional Shares			8,635			192			—			265,456
Investor Shares			—			—			—			119,846
Advisor Shares			—			—			—			—
Redemption of shares:
Institutional Shares			(35,179,424)			(31,017,390)			(2,199,885)			(4,464,660)
Investor Shares			(13,958,355)			(15,389,715)			(192,488)			(319,291)
Advisor Shares			(1,722,429)			(1,952,691)			—			—
Increase (Decrease) in shares outstanding			3,693,304			25,567,361			(857,953)			(2,458,049)

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

 

61

 

Statements of Changes in Net Assets(Continued)

			BROWN ADVISORY SMALL-CAP GROWTH FUND						BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND
			Fiscal Year Ended June 30,
			2024			2023			2024			2023
OPERATIONS
Net investment income (loss)			$(4,127,980)			$(3,980,177)			$9,982,536			$7,485,609
Net realized gain (loss)			105,416,039			(8,554,578)			156,455,112			96,965,631
Net change in unrealized appreciation (depreciation)			(43,293,407)			286,188,644			21,293,340			35,523,126
Increase (Decrease) in Net Assets from Operations			57,994,652			273,653,889			187,730,988			139,974,366
DISTRIBUTIONS FROM EARNINGS
Institutional Shares			—			(90,997,761)			(38,971,460)			(33,185,482)
Investor Shares			—			(59,674,115)			(36,311,622)			(34,842,760)
Advisor Shares			—			(715,728)			(186,263)			(166,836)
Total Distributions from earnings			—			(151,387,604)			(75,469,345)			(68,195,078)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			226,319,186			313,252,992			149,333,601			123,319,902
Investor Shares			143,478,279			212,108,666			47,591,769			53,655,900
Advisor Shares			1,344,015			991,855			896,280			40,206
Reinvestment of distributions:
Institutional Shares			—			81,812,339			24,734,303			20,951,164
Investor Shares			—			48,936,409			24,239,860			24,128,958
Advisor Shares			—			562,578			179,554			138,370
Redemption of shares:
Institutional Shares			(812,197,912)			(286,513,304)			(94,919,377)			(154,796,904)
Investor Shares			(235,211,167)			(131,723,686)			(91,783,890)			(85,835,294)
Advisor Shares			(3,051,675)			(1,734,771)			(470,397)			(839,784)
Redemption fees:
Institutional Shares			664			996			1,348			96
Investor Shares			443			626			1,233			99
Advisor Shares			4			8			7			—
Increase (Decrease) from Capital Share Transactions			(679,318,163)			237,694,708			59,804,291			(19,237,287)
Increase (Decrease) in Net Assets			(621,323,511)			359,960,993			172,065,934			52,542,001
NET ASSETS
Beginning of period			2,241,940,364			1,881,979,371			1,182,766,093			1,130,224,092
End of period			$1,620,616,853			$2,241,940,364			$1,354,832,027			$1,182,766,093
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			5,113,312			7,324,161			5,063,383			4,488,167
Investor Shares			6,584,618			9,912,100			1,631,173			1,971,442
Advisor Shares			64,569			48,938			30,928			1,455
Reinvestment of distributions:
Institutional Shares			—			1,951,630			862,977			761,092
Investor Shares			—			2,345,945			849,598			878,374
Advisor Shares			—			28,456			6,340			5,080
Redemption of shares:
Institutional Shares			(17,843,609)			(6,684,586)			(3,280,665)			(5,538,829)
Investor Shares			(10,585,282)			(6,200,437)			(3,164,142)			(3,122,087)
Advisor Shares			(147,723)			(85,972)			(16,532)			(30,535)
Increase (Decrease) in shares outstanding			(16,814,115)			8,640,235			1,983,060			(585,841)

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

 

62

 

Statements of Changes in Net Assets(Continued)

			BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND						BROWN ADVISORY SUSTAINABLE VALUE FUND
			Fiscal Year Ended June 30,
			2024			2023			2024			2023*
OPERATIONS
Net investment income (loss)			$107,465			$71,858			$977,259			$207,087
Net realized gain (loss)			3,440,884			(6,281,256)			282,853			(98,682)
Net change in unrealized appreciation (depreciation)			2,717,993			11,304,700			13,190,651			1,465,263
Increase (Decrease) in Net Assets from Operations			6,266,342			5,095,302			14,450,763			1,573,668
DISTRIBUTIONS FROM EARNINGS
Institutional Shares			(104,328)			(588)			(656,605)			—
Investor Shares			(182)			(28)			(2,992)			—
Total Distributions from earnings			(104,510)			(616)			(659,597)			—
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			18,805,048			33,653,477			36,959,292			49,585,364
Investor Shares			5,434,563			1,807,860			521,702			1,664,985
Reinvestment of distributions:
Institutional Shares			28,260			389			118,098			—
Investor Shares			179			28			20			—
Redemption of shares:
Institutional Shares			(6,313,716)			(19,543,834)			(1,342,824)			(889,573)
Investor Shares			(640,657)			(1,264,572)			(117,377)			(1,463,815)
Redemption fees:
Institutional Shares			—			58			50			—
Investor Shares			—			2			—			—
Increase (Decrease) from Capital Share Transactions			17,313,677			14,653,408			36,138,961			48,896,961
Increase (Decrease) in Net Assets			23,475,509			19,748,094			49,930,127			50,470,629
NET ASSETS
Beginning of period			53,475,370			33,727,276			50,470,629			—
End of period			$76,950,879			$53,475,370			$100,400,756			$50,470,629
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			2,052,148			4,020,237			3,227,009			5,106,507
Investor Shares			569,073			216,947			45,587			167,746
Reinvestment of distributions:
Institutional Shares			2,898			46			10,659			—
Investor Shares			18			3			2			—
Redemption of shares:
Institutional Shares			(704,569)			(2,377,529)			(117,948)			(92,872)
Investor Shares			(67,726)			(146,693)			(10,096)			(151,444)
Increase (Decrease) in shares outstanding			1,851,842			1,713,011			3,155,213			5,029,937

*
Inception date of Fund was February 28, 2023. Results of operations are for the period from March 1, 2023 to June 30, 2023.

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

 

63

 

Statements of Changes in Net Assets(Continued)

			BROWN ADVISORY GLOBAL LEADERS FUND						BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND
			Fiscal Year Ended June 30,
			2024			2023			2024			2023
OPERATIONS
Net investment income (loss)			$10,532,245			$8,074,102			$359,474			$155,583
Net realized gain (loss)			47,039,773			(28,013,222)			(121,927)			(165,459)
Net change in unrealized appreciation (depreciation)			227,574,950			274,035,271			1,265,011			4,216,118
Increase (Decrease) in Net Assets from Operations			285,146,968			254,096,151			1,502,558			4,206,242
DISTRIBUTIONS FROM EARNINGS
Institutional Shares			(8,537,871)			(6,991,035)			(147,645)			(35,516)
Investor Shares			(236,099)			(395,703)			(6,044)			(3,388)
Total Distributions from earnings			(8,773,970)			(7,386,738)			(153,689)			(38,904)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			348,669,548			325,301,984			14,282,825			13,043,816
Investor Shares			7,733,420			3,611,292			468,155			1,375,819
Reinvestment of distributions:
Institutional Shares			2,087,276			1,666,735			50,961			6,722
Investor Shares			218,403			326,640			6,045			2,778
Redemption of shares:
Institutional Shares			(95,537,188)			(206,154,158)			(1,588,061)			(215,587)
Investor Shares			(59,661,836)			(17,052,237)			(121,909)			(329,690)
Redemption fees:
Institutional Shares			50			14			—			—
Investor Shares			3			1			—			—
Increase (Decrease) from Capital Share Transactions			203,509,676			107,700,271			13,098,016			13,883,858
Increase (Decrease) in Net Assets			479,882,674			354,409,684			14,446,885			18,051,196
NET ASSETS
Beginning of period			1,479,147,574			1,124,737,890			24,346,727			6,295,531
End of period			$1,959,030,248			$1,479,147,574			$38,793,612			$24,346,727
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			14,969,600			16,769,670			1,414,331			1,462,731
Investor Shares			327,249			187,404			46,767			164,665
Reinvestment of distributions:
Institutional Shares			88,481			88,798			4,877			740
Investor Shares			9,286			17,449			580			306
Redemption of shares:
Institutional Shares			(4,094,157)			(10,875,202)			(152,791)			(26,248)
Investor Shares			(2,611,070)			(865,869)			(11,634)			(34,394)
Increase (Decrease) in shares outstanding			8,689,389			5,322,250			1,302,130			1,567,800

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

 

64

 

Statements of Changes in Net Assets(Continued)

			BROWN ADVISORY INTERMEDIATE INCOME FUND						BROWN ADVISORY SUSTAINABLE BOND FUND
			Fiscal Year Ended June 30,
			2024			2023			2024			2023
OPERATIONS
Net investment income (loss)			$3,973,687			$3,240,395			$24,756,275			$9,469,365
Net realized gain (loss)			(3,255,623)			(4,258,695)			(26,803,620)			(25,159,484)
Net change in unrealized appreciation (depreciation)			2,369,173			(1,177,752)			9,559,118			3,740,742
Increase (Decrease) in Net Assets from Operations			3,087,237			(2,196,052)			7,511,773			(11,949,377)
DISTRIBUTIONS FROM EARNINGS
Institutional Shares			—			—			(24,488,981)			(9,183,982)
Investor Shares			(3,869,544)			(3,207,474)			(462,293)			(287,987)
Advisor Shares			(99,330)			(75,420)			—			—
Total Distributions from earnings			(3,968,874)			(3,282,894)			(24,951,274)			(9,471,969)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			—			—			186,255,910			180,573,932
Investor Shares			17,654,002			16,553,797			3,400,933			9,585,925
Advisor Shares			402,279			159,427			—			—
Reinvestment of distributions:
Institutional Shares			—			—			6,436,616			2,286,754
Investor Shares			949,314			925,384			433,724			266,441
Advisor Shares			94,024			70,124			—			—
Redemption of shares:
Institutional Shares			—			—			(348,925,269)			(71,731,117)
Investor Shares			(27,262,957)			(29,348,887)			(8,137,193)			(9,806,662)
Advisor Shares			(331,615)			(229,653)			—			—
Redemption fees:
Institutional Shares			—			—			75			1,010
Investor Shares			—			241			1			36
Advisor Shares			—			6			—			—
Proceeds from shares issued in fund reorganization
Institutional Shares			—			—			—			331,003,377
Investor Shares			—			—			—			878,796
Advisor Shares			—			—			—			—
Increase (Decrease) from Capital Share Transactions			(8,494,953)			(11,869,561)			(160,535,203)			443,058,492
Increase (Decrease) in Net Assets			(9,376,590)			(17,348,507)			(177,974,704)			421,637,146
NET ASSETS
Beginning of period			125,780,244			143,128,751			736,221,111			314,583,965
End of period			$116,403,654			$125,780,244			$558,246,407			$736,221,111

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

 

65

 

Statements of Changes in Net Assets(Continued)

			BROWN ADVISORY INTERMEDIATE INCOME FUND						BROWN ADVISORY SUSTAINABLE BOND FUND
			Fiscal Year Ended June 30,
			2024			2023			2024			2023
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			​     —			​     —			​   22,147,561			​  20,636,386
Investor Shares			1,843,538			1,695,318			401,555			1,081,597
Advisor Shares			43,045			16,547			—			—
Reinvestment of distributions:
Institutional Shares			—			—			767,017			260,828
Investor Shares			99,893			95,347			51,625			30,316
Advisor Shares			10,131			7,400			—			—
Redemption of shares:
Institutional Shares			—			—			(41,474,248)			(8,155,671)
Investor Shares			(2,869,971)			(3,014,392)			(967,957)			(1,108,532)
Advisor Shares			(36,039)			(24,348)			—			—
Shares issued in fund reorganization:
Institutional Shares			—			—			—			38,304,761
Investor Shares			—			—			—			101,652
Advisor Shares			—			—			—			—
Increase (Decrease) in shares outstanding			(909,403)			(1,224,128)			(19,074,447)			51,151,337

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

 

66

 

Statements of Changes in Net Assets(Continued)

			BROWN ADVISORY MARYLAND BOND FUND						BROWN ADVISORY TAX-EXEMPT BOND FUND
			Fiscal Year Ended June 30,
			2024			2023			2024			2023
OPERATIONS
Net investment income (loss)			$4,825,390			$3,987,153			$33,862,821			$23,580,676
Net realized gain (loss)			(229,059)			(3,837,761)			(7,992,587)			(47,633,476)
Net change in unrealized appreciation (depreciation)			1,347,397			3,652,185			11,058,646			48,140,333
Increase (Decrease) in Net Assets from Operations			5,943,728			3,801,577			36,928,880			24,087,533
DISTRIBUTIONS FROM EARNINGS
Institutional Shares			—			—			(33,901,558)			(26,053,611)
Investor Shares			(5,293,681)			(4,607,468)			(364,922)			(287,501)
Total Distributions from earnings			(5,293,681)			(4,607,468)			(34,266,480)			(26,341,112)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			—			—			462,186,030			663,635,553
Investor Shares			43,965,536			174,773,197			5,844,870			1,633,814
Reinvestment of distributions:
Institutional Shares			—			—			6,335,010			5,222,194
Investor Shares			955,621			929,140			262,301			198,959
Redemption of shares:
Institutional Shares			—			—			(349,068,471)			(684,366,338)
Investor Shares			(40,870,616)			(180,499,653)			(4,439,792)			(4,123,128)
Redemption fees:
Institutional Shares			—			—			138			2,116
Investor Shares			—			—			2			27
Increase (Decrease) from Capital Share Transactions			4,050,541			(4,797,316)			121,120,088			(17,796,803)
Increase (Decrease) in Net Assets			4,700,588			(5,603,207)			123,782,488			(20,050,382)
NET ASSETS
Beginning of period			163,961,318			169,564,525			796,041,041			816,091,423
End of period			$168,661,906			$163,961,318			$919,823,529			$796,041,041
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			—			—			50,313,735			72,302,156
Investor Shares			4,522,052			18,023,157			627,451			176,346
Reinvestment of distributions:
Institutional Shares			—			—			685,667			565,465
Investor Shares			97,878			95,116			28,354			21,550
Redemption of shares:
Institutional Shares			—			—			(38,209,731)			(74,745,047)
Investor Shares			(4,218,167)			(18,676,506)			(479,861)			(447,059)
Increase (Decrease) in shares outstanding			401,763			(558,233)			12,965,615			(2,126,589)

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

 

67

 

Statements of Changes in Net Assets(Continued)

			BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND						BROWN ADVISORY MORTGAGE SECURITIES FUND
			Fiscal Year Ended June 30,
			2024			2023			2024			2023
OPERATIONS
Net investment income (loss)			$10,387,164			$7,959,448			$11,905,373			$9,193,504
Net realized gain (loss)			(463,917)			(13,460,318)			(8,983,161)			(3,920,342)
Net change in unrealized appreciation (depreciation)			297,427			8,854,591			2,651,006			(12,021,031)
Increase (Decrease) in Net Assets from Operations			10,220,674			3,353,721			5,573,218			(6,747,869)
DISTRIBUTIONS FROM EARNINGS
Institutional Shares			—			—			(12,109,609)			(9,638,698)
Investor Shares			(10,387,080)			(7,959,450)			(41,372)			(52,840)
Total Distributions from earnings			(10,387,080)			(7,959,450)			(12,150,981)			(9,691,538)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			—			—			46,426,497			61,373,989
Investor Shares			132,387,588			277,423,997			8,520			175,883
Reinvestment of distributions:
Institutional Shares			—			—			2,754,137			2,100,585
Investor Shares			2,249,883			1,966,078			33,978			46,398
Redemption of shares:
Institutional Shares			—			—			(59,755,895)			(55,235,735)
Investor Shares			(142,449,679)			(311,401,610)			(626,992)			(937,681)
Redemption fees:
Institutional Shares			—			—			—			—
Investor Shares			—			3,970			—			—
Increase (Decrease) from Capital Share Transactions			(7,812,208)			(32,007,565)			(11,159,755)			7,523,439
Increase (Decrease) in Net Assets			(7,978,614)			(36,613,294)			(17,737,518)			(8,915,968)
NET ASSETS
Beginning of period			288,992,669			325,605,963			303,682,764			312,598,732
End of period			$281,014,055			$288,992,669			$285,945,246			$303,682,764
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			—			—			5,210,736			6,588,484
Investor Shares			14,920,755			30,707,463			942			18,626
Reinvestment of distributions:
Institutional Shares			—			—			310,059			228,007
Investor Shares			251,062			217,344			3,813			5,022
Redemption of shares:
Institutional Shares			—			—			(6,667,153)			(5,961,698)
Investor Shares			(15,968,306)			(34,843,481)			(70,705)			(101,285)
Increase (Decrease) in shares outstanding			(796,489)			(3,918,674)			(1,212,308)			771,156

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

 

68

 

Statements of Changes in Net Assets(Continued)

			BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND						BROWN ADVISORY EMERGING MARKETS SELECT FUND
			Fiscal Year Ended June 30,
			2024			2023			2024			2023
OPERATIONS
Net investment income (loss)			$5,954,714			$3,729,226			$10,388,673			$7,700,454
Net realized gain (loss)			16,309,980			(4,071,080)			1,881,851			(39,033,202)
Net change in unrealized appreciation (depreciation)			21,218,110			24,114,599			57,599,446			50,890,808
Increase (Decrease) in Net Assets from Operations			43,482,804			23,772,745			69,869,970			19,558,060
DISTRIBUTIONS FROM EARNINGS
Institutional Shares			(3,510,805)			(4,638,118)			(9,908,444)			(6,069,695)
Investor Shares			(130,207)			(312,015)			(42,165)			(47,726)
Advisor Shares			(25,691)			(66,310)			(2,868)			(270)
Total Distributions from earnings			(3,666,703)			(5,016,443)			(9,953,477)			(6,117,691)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			78,166,747			74,999,578			103,628,440			215,596,170
Investor Shares			6,422,066			5,643,182			2,038,116			611,646
Advisor Shares			321,449			642,046			41,245			192,224
Reinvestment of distributions:
Institutional Shares			918,481			1,932,897			2,327,569			1,405,878
Investor Shares			113,737			209,903			41,242			47,075
Advisor Shares			23,393			61,604			2,868			271
Redemption of shares:
Institutional Shares			(32,862,868)			(99,210,794)			(75,126,322)			(196,962,728)
Investor Shares			(10,419,620)			(10,980,068)			(1,165,890)			(3,226,011)
Advisor Shares			(432,855)			(770,892)			(57,975)			(7,708)
Redemption fees:
Institutional Shares			262			93			168			2,375
Investor Shares			14			6			1			20
Advisor Shares			3			1			—			—
Increase (Decrease) from Capital Share Transactions			42,250,809			(27,472,444)			31,729,462			17,659,212
Increase (Decrease) in Net Assets			82,066,910			(8,716,142)			91,645,955			31,099,581
NET ASSETS
Beginning of period			245,017,819			253,733,961			539,710,836			508,611,255
End of period			$ 327,084,729			$ 245,017,819			$ 631,356,791			$539,710,836
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			6,276,815			6,596,970			9,490,076			21,527,213
Investor Shares			504,438			483,769			192,775			61,146
Advisor Shares			25,622			61,589			3,726			18,626
Reinvestment of distributions:
Institutional Shares			74,191			180,946			220,623			140,167
Investor Shares			9,209			19,782			3,909			4,693
Advisor Shares			1,922			5,902			271			27
Redemption of shares:
Institutional Shares			(2,603,761)			(10,012,965)			(6,971,087)			(20,841,533)
Investor Shares			(823,963)			(1,081,748)			(111,247)			(306,384)
Advisor Shares			(35,900)			(70,370)			(5,362)			(724)
Increase (Decrease) in shares outstanding			3,428,573			(3,816,125)			2,823,684			603,231

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

 

69

 

Statements of Changes in Net Assets(Continued)

			BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND
			Fiscal Year Ended June 30,
			2024			2023
OPERATIONS
Net investment income (loss)			$32,200,711			$27,863,500
Net realized gain (loss)			84,311,860			(1,597,544)
Net change in unrealized appreciation (depreciation)			124,368,434			204,984,398
Increase (Decrease) in Net Assets from Operations			240,881,005			231,250,354
DISTRIBUTIONS FROM EARNINGS
Institutional Shares			(30,358,502)			(52,068,822)
Investor Shares			(181,162)			(26,989)
Total Distributions from earnings			(30,539,664)			(52,095,811)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			308,668,113			435,357,095
Investor Shares			14,863,174			2,340,189
Reinvestment of distributions:
Institutional Shares			8,737,382			27,731,260
Investor Shares			160,124			26,670
Redemption of shares:
Institutional Shares			(299,601,925)			(215,339,444)
Investor Shares			(2,218,935)			(163,756)
Redemption fees:
Institutional Shares			1,008			557
Investor Shares			9			—
Increase (Decrease) from Capital Share Transactions			30,608,950			249,952,571
Increase (Decrease) in Net Assets			240,950,291			429,107,114
NET ASSETS
Beginning of period			1,666,597,905			1,237,490,791
End of period			$ 1,907,548,196			$ 1,666,597,905
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares			21,912,528			33,565,417
Investor Shares			1,034,015			179,132
Reinvestment of distributions:
Institutional Shares			614,876			2,078,008
Investor Shares			11,300			2,023
Redemption of shares:
Institutional Shares			(21,661,249)			(16,734,091)
Investor Shares			(148,924)			(12,640)
Increase (Decrease) in shares outstanding			1,762,546			19,077,849

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

 

70

 

Financial Highlights

									From Investment Operations(a)									Distributions to Shareholders From																		Ratios to Average Net Assets(b)
For a Share Outstanding Throughout Each Fiscal Period:						Net Asset Value, Beginning of Period			Net Investment Income (Loss)			Net Realized & Unrealized Gains (Losses)			Total			Net Investment Income			Net Realized Gains			Total			Net Asset Value, End of Period			Total Return(c)			Net Assets at End of Period (000’s)			Net Investment Income (Loss)			Net Expenses			Gross Expenses(d)			Portfolio Turnover Rate(c)
Beginning			Ending
BROWN ADVISORY GROWTH EQUITY FUND:
Institutional Shares*
07/01/23			06/30/24			$26.74			(0.02)			5.04			5.02			—			(1.80)			(1.80)			$29.96			19.68%			$508,835			(0.06)%			0.68%			0.68%			33 %
07/01/22			06/30/23			23.82			(0.03)			4.59			4.56			—			(1.64)			(1.64)			26.74			20.22			1,837,801			(0.14)			0.68			0.68			21
07/01/21			06/30/22			37.39			(0.09)			(9.01)			(9.10)			—			(4.47)			(4.47)			23.82			(27.88)			1,611,983			(0.26)			0.66			0.66			21
07/01/20			06/30/21			29.05			(0.06)			10.02			9.96			—			(1.62)			(1.62)			37.39			35.14			2,321,278			(0.19)			0.67			0.67			25
07/01/19			06/30/20			24.80			(0.04)			5.56			5.52			—			(1.27)			(1.27)			29.05			22.88			1,849,565			(0.16)			0.69			0.69			22
Investor Shares*
07/01/23			06/30/24			26.12			(0.06)			4.92			4.86			—			(1.80)			(1.80)			29.18			19.53			618,412			(0.21)			0.83			0.83			33
07/01/22			06/30/23			23.35			(0.07)			4.48			4.41			—			(1.64)			(1.64)			26.12			20.03			687,058			(0.29)			0.83			0.83			21
07/01/21			06/30/22			36.79			(0.13)			(8.84)			(8.97)			—			(4.47)			(4.47)			23.35			(28.02)			704,341			(0.41)			0.81			0.81			21
07/01/20			06/30/21			28.64			(0.11)			9.88			9.77			—			(1.62)			(1.62)			36.79			34.98			1,174,666			(0.34)			0.82			0.82			25
07/01/19			06/30/20			24.50			(0.08)			5.49			5.41			—			(1.27)			(1.27)			28.64			22.70			983,640			(0.31)			0.84			0.84			22
Advisor Shares*
07/01/23			06/30/24			23.82			(0.11)			4.45			4.34			—			(1.80)			(1.80)			26.36			19.22			17,158			(0.46)			1.08			1.08			33
07/01/22			06/30/23			21.48			(0.12)			4.10			3.98			—			(1.64)			(1.64)			23.82			19.76			13,873			(0.54)			1.08			1.08			21
07/01/21			06/30/22			34.27			(0.20)			(8.12)			(8.32)			—			(4.47)			(4.47)			21.48			(28.20)			13,940			(0.66)			1.06			1.06			21
07/01/20			06/30/21			26.84			(0.18)			9.23			9.05			—			(1.62)			(1.62)			34.27			34.63			34,042			(0.59)			1.07			1.07			25
07/01/19			06/30/20			23.09			(0.14)			5.16			5.02			—			(1.27)			(1.27)			26.84			22.39			13,692			(0.56)			1.09			1.09			22
BROWN ADVISORY FLEXIBLE EQUITY FUND:
Institutional Shares*
07/01/23			06/30/24			31.94			0.16			8.51			8.67			(0.12)			(0.85)			(0.97)			39.64			27.63			376,594			0.46			0.53			0.53			15
07/01/22			06/30/23			27.31			0.13			5.55			5.68			(0.13)			(0.92)			(1.05)			31.94			21.44			259,933			0.45			0.54			0.54			12
07/01/21			06/30/22			34.26			0.09			(5.71)			(5.62)			(0.06)			(1.27)			(1.33)			27.31			(17.18)			196,675			0.29			0.53			0.53			10
07/01/20			06/30/21			24.36			0.07			10.76			10.83			(0.09)			(0.84)			(0.93)			34.26			45.26			201,849			0.25			0.54			0.54			13
07/01/19			06/30/20			22.92			0.11			2.50			2.61			(0.15)			(1.02)			(1.17)			24.36			11.29			134,574			0.47			0.56			0.56			12
Investor Shares*
07/01/23			06/30/24			31.84			0.11			8.49			8.60			(0.08)			(0.85)			(0.93)			39.51			27.46			542,524			0.31			0.68			0.68			15
07/01/22			06/30/23			27.20			0.08			5.54			5.62			(0.06)			(0.92)			(0.98)			31.84			21.24			442,013			0.30			0.69			0.69			12
07/01/21			06/30/22			34.16			0.04			(5.70)			(5.66)			(0.03)			(1.27)			(1.30)			27.20			(17.32)			400,090			0.14			0.68			0.68			10
07/01/20			06/30/21			24.31			0.03			10.73			10.76			(0.07)			(0.84)			(0.91)			34.16			45.05			500,233			0.10			0.69			0.69			13
07/01/19			06/30/20			22.88			0.07			2.49			2.56			(0.11)			(1.02)			(1.13)			24.31			11.12			362,695			0.32			0.71			0.71			12
Advisor Shares*
07/01/23			06/30/24			31.72			0.02			8.45			8.47			(0.03)			(0.85)			(0.88)			39.31			27.13			7,279			0.06			0.93			0.93			15
07/01/22			06/30/23			27.11			0.01			5.52			5.53			—			(0.92)			(0.92)			31.72			20.93			5,245			0.05			0.94			0.94			12
07/01/21			06/30/22			34.10			(0.04)			(5.68)			(5.72)			—			(1.27)			(1.27)			27.11			(17.51)			4,471			(0.11)			0.93			0.93			10
07/01/20			06/30/21			24.30			(0.04)			10.72			10.68			(0.04)			(0.84)			(0.88)			34.10			44.69			5,965			(0.15)			0.94			0.94			13
07/01/19			06/30/20			22.90			0.02			2.48			2.50			(0.08)			(1.02)			(1.10)			24.30			10.84			4,403			0.07			0.96			0.96			12
BROWN ADVISORY SUSTAINABLE GROWTH FUND:
Institutional Shares*
07/01/23			06/30/24			43.08			(0.02)			11.86			11.84			(0.01)			—			(0.01)			54.91			27.47			6,818,542			(0.04)			0.60			0.60			35
07/01/22			06/30/23			35.42			0.03			7.63			7.66			(0.00)			—			(0.00)			43.08			21.63			5,145,711			0.08			0.63			0.63			13
07/01/21			06/30/22			44.56			(0.04)			(8.19)			(8.23)			—			(0.91)			(0.91)			35.42			(19.02)			3,378,590			(0.10)			0.63			0.63			19
07/01/20			06/30/21			31.96			(0.03)			12.63			12.60			—			—			—			44.56			39.42			3,364,728			(0.08)			0.65			0.65			23
07/01/19			06/30/20			26.39			0.01			5.77			5.78			—			(0.21)			(0.21)			31.96			22.01			1,601,989			0.05			0.70			0.70			20
Investor Shares*
07/01/23			06/30/24			42.29			(0.09)			11.64			11.55			—			—			—			53.84			27.31			2,699,561			(0.19)			0.75			0.75			35
07/01/22			06/30/23			34.83			(0.02)			7.48			7.46			—			—			—			42.29			21.42			2,150,632			(0.07)			0.78			0.78			13
07/01/21			06/30/22			43.90			(0.11)			(8.05)			(8.16)			—			(0.91)			(0.91)			34.83			(19.15)			1,714,513			(0.25)			0.78			0.78			19
07/01/20			06/30/21			31.52			(0.09)			12.47			12.38			—			—			—			43.90			39.28			1,849,429			(0.23)			0.80			0.80			23
07/01/19			06/30/20			26.07			(0.03)			5.69			5.66			—			(0.21)			(0.21)			31.52			21.82			1,108,023			(0.10)			0.85			0.85			20

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

 

71

 

Financial Highlights(Continued)

									From Investment Operations(a)									Distributions to Shareholders From																		Ratios to Average Net Assets(b)
For a Share Outstanding Throughout Each Fiscal Period:						Net Asset Value, Beginning of Period			Net Investment Income (Loss)			Net Realized & Unrealized Gains (Losses)			Total			Net Investment Income			Net Realized Gains			Total			Net Asset Value, End of Period			Total Return(c)			Net Assets at End of Period (000’s)			Net Investment Income (Loss)			Net Expenses			Gross Expenses(d)			Portfolio Turnover Rate(c)
Beginning			Ending
Advisor Shares*
07/01/23			06/30/24			$41.08			(0.20)			11.27			11.07			—			—			—			$52.15			26.95%			$435,773			(0.44)%			1.00%			1.00%			35%
07/01/22			06/30/23			33.91			(0.11)			7.28			7.17			—			—			—			41.08			21.14			356,620			(0.32)			1.03			1.03			13
07/01/21			06/30/22			42.87			(0.21)			(7.84)			(8.05)			—			(0.91)			(0.91)			33.91			(19.35)			298,972			(0.50)			1.03			1.03			19
07/01/20			06/30/21			30.86			(0.18)			12.19			12.01			—			—			—			42.87			38.92			444,064			(0.48)			1.05			1.05			23
07/01/19			06/30/20			25.59			(0.09)			5.57			5.48			—			(0.21)			(0.21)			30.86			21.53			285,542			(0.35)			1.10			1.10			20
BROWN ADVISORY MID-CAP GROWTH FUND:
Institutional Shares*
07/01/23			06/30/24			13.55			(0.03)			1.98			1.95			—			—			—			15.50			14.48			69,167			(0.22)			0.82			0.84			63
07/01/22			06/30/23			12.29			(0.04)			2.11			2.07			—			(0.81)			(0.81)			13.55			17.38			71,960			(0.28)			0.82			0.83			55
07/01/21			06/30/22			19.86			(0.09)			(5.73)			(5.82)			—			(1.75)			(1.75)			12.29			(31.54)			94,754			(0.52)			0.79			0.79			48
07/01/20			06/30/21			13.86			(0.08)			6.08			6.00			—			—			—			19.86			43.03			159,180			(0.44)			0.76			0.79			48
07/01/19			06/30/20			13.14			(0.01)			0.77			0.76			—			(0.04)			(0.04)			13.86			5.68			100,367			(0.11)			0.70			0.88			35
Investor Shares*
07/01/23			06/30/24			13.42			(0.05)			1.96			1.91			—			—			—			15.33			14.23			27,757			(0.37)			0.97			0.99			63
07/01/22			06/30/23			12.20			(0.05)			2.08			2.03			—			(0.81)			(0.81)			13.42			17.26			24,419			(0.43)			0.97			0.98			55
07/01/21			06/30/22			19.76			(0.11)			(5.70)			(5.81)			—			(1.75)			(1.75)			12.20			(31.70)			22,897			(0.67)			0.94			0.94			48
07/01/20			06/30/21			13.81			(0.10)			6.05			5.95			—			—			—			19.76			42.90			33,381			(0.59)			0.91			0.94			48
07/01/19			06/30/20			13.12			(0.03)			0.76			0.73			—			(0.04)			(0.04)			13.81			5.46			28,477			(0.26)			0.85			1.03			35
BROWN ADVISORY SMALL-CAP GROWTH FUND:
Institutional Shares*
07/01/23			06/30/24			44.48			(0.06)			1.09			1.03			—			—			—			45.51			2.32			801,675			(0.14)			0.95			0.95			28
07/01/22			06/30/23			41.98			(0.06)			5.88			5.82			—			(3.32)			(3.32)			44.48			14.33			1,349,940			(0.13)			0.96			0.96			29
07/01/21			06/30/22			63.00			(0.32)			(13.47)			(13.79)			—			(7.23)			(7.23)			41.98			(24.11)			1,165,292			(0.59)			0.95			0.95			27
07/01/20			06/30/21			44.31			(0.34)			19.48			19.14			—			(0.45)			(0.45)			63.00			43.31			1,758,121			(0.61)			0.95			0.95			32
07/01/19			06/30/20			44.24			(0.20)			1.15			0.95			—			(0.88)			(0.88)			44.31			2.18			1,039,126			(0.48)			0.97			0.97			29
Investor Shares*
07/01/23			06/30/24			22.12			(0.06)			0.53			0.47			—			—			—			22.59			2.12			810,889			(0.29)			1.10			1.10			28
07/01/22			06/30/23			20.91			(0.06)			2.92			2.86			—			(1.65)			(1.65)			22.12			14.17			882,356			(0.28)			1.11			1.11			29
07/01/21			06/30/22			31.42			(0.20)			(6.71)			(6.91)			—			(3.60)			(3.60)			20.91			(24.23)			707,378			(0.74)			1.10			1.10			27
07/01/20			06/30/21			22.13			(0.21)			9.72			9.51			—			(0.22)			(0.22)			31.42			43.11			822,075			(0.76)			1.10			1.10			32
07/01/19			06/30/20			22.13			(0.13)			0.57			0.44			—			(0.44)			(0.44)			22.13			2.02			511,028			(0.63)			1.12			1.12			29
Advisor Shares*
07/01/23			06/30/24			20.93			(0.11)			0.50			0.39			—			—			—			21.32			1.86			8,053			(0.54)			1.35			1.35			28
07/01/22			06/30/23			19.83			(0.11)			2.78			2.67			—			(1.57)			(1.57)			20.93			13.91			9,644			(0.53)			1.36			1.36			29
07/01/21			06/30/22			29.88			(0.26)			(6.37)			(6.63)			—			(3.42)			(3.42)			19.83			(24.44)			9,309			(0.99)			1.35			1.35			27
07/01/20			06/30/21			21.10			(0.26)			9.25			8.99			—			(0.21)			(0.21)			29.88			42.74			14,939			(1.01)			1.35			1.35			32
07/01/19			06/30/20			21.15			(0.18)			0.55			0.37			—			(0.42)			(0.42)			21.10			1.78			12,159			(0.88)			1.37			1.37			29
BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:
Institutional Shares*
07/01/23			06/30/24			27.68			0.25			4.16			4.41			(0.21)			(1.58)			(1.79)			30.30			16.33			724,560			0.86			0.95			0.95			44
07/01/22			06/30/23			26.09			0.20			3.09			3.29			(0.13)			(1.57)			(1.70)			27.68			12.67			588,594			0.71			0.95			0.95			35
07/01/21			06/30/22			29.65			0.09			(3.45)			(3.36)			(0.10)			(0.10)			(0.20)			26.09			(11.45)			562,382			0.29			0.95			0.95			27
07/01/20			06/30/21			19.25			0.11			10.44			10.55			(0.15)			—			(0.15)			29.65			54.97			591,096			0.43			0.95			0.95			42
07/01/19			06/30/20			24.77			0.21			(4.46)			(4.25)			(0.13)			(1.14)			(1.27)			19.25			(18.38)			336,819			0.94			0.97			0.97			56
Investor Shares*
07/01/23			06/30/24			​27.62			0.20			4.15			4.35			(0.16)			(1.58)			(1.74)			​30.23			16.17			​626,715			0.71			1.10			1.10			44
07/01/22			06/30/23			26.04			0.16			3.08			3.24			(0.09)			(1.57)			(1.66)			27.62			12.49			591,487			0.56			1.10			1.10			35
07/01/21			06/30/22			29.60			0.04			(3.45)			(3.41)			(0.05)			(0.10)			(0.15)			26.04			(11.59)			564,689			0.14			1.10			1.10			27
07/01/20			06/30/21			19.22			0.07			10.42			10.49			(0.11)			—			(0.11)			29.60			54.74			648,403			0.28			1.10			1.10			42
07/01/19			06/30/20			24.75			0.18			(4.46)			(4.28)			(0.11)			(1.14)			(1.25)			19.22			(18.49)			432,498			0.79			1.12			1.12			56

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

 

72

 

Financial Highlights(Continued)

									From Investment Operations(a)									Distributions to Shareholders From																		Ratios to Average Net Assets(b)
For a Share Outstanding Throughout Each Fiscal Period:						Net Asset Value, Beginning of Period			Net Investment Income (Loss)			Net Realized & Unrealized Gains (Losses)			Total			Net Investment Income			Net Realized Gains			Total			Net Asset Value, End of Period			Total Return(c)			Net Assets at End of Period (000’s)			Net Investment Income (Loss)			Net Expenses			Gross Expenses(d)			Portfolio Turnover Rate(c)
Beginning			Ending
Advisor Shares*
07/01/23			06/30/24			27.42			0.13			4.11			4.24			(0.11)			(1.58)			(1.69)			29.97			15.86			3,557			0.46			1.35			1.35			44
07/01/22			06/30/23			25.86			0.09			3.07			3.16			(0.03)			(1.57)			(1.60)			27.42			12.25			2,685			0.31			1.35			1.35			35
07/01/21			06/30/22			29.43			(0.03)			(3.43)			(3.46)			(0.01)			(0.10)			(0.11)			25.86			(11.82)			3,154			(0.11)			1.35			1.35			27
07/01/20			06/30/21			19.10			0.01			10.36			10.37			(0.04)			—			(0.04)			29.43			54.37			8,125			0.03			1.35			1.35			42
07/01/19			06/30/20			24.64			0.12			(4.44)			(4.32)			(0.08)			(1.14)			(1.22)			19.10			(18.71)			4,480			0.54			1.37			1.37			56
BROWN ADVISORY SUSTAINABLE SMALL-CAP CORE FUND:
Institutional Shares*
07/01/23			06/30/24			8.81			0.02			0.91			0.93			(0.02)			—			(0.02)			9.72			10.51			70,393			0.17			0.93			1.07			32
07/01/22			06/30/23			7.74			0.01			1.06			1.07			—			(0.00)			(0.00)			8.81			13.83			51,935			0.18			0.93			1.16			66
09/30/21^			06/30/22			10.00			(0.02)			(2.24)			(2.26)			—			—			—			7.74			(22.60)			32,915			(0.22)			0.93			1.36			19
Investor Shares*
07/01/23			06/30/24			8.79			—			0.90			0.90			(0.00)			—			(0.00)			9.69			10.25			6,558			0.02			1.08			1.22			32
07/01/22			06/30/23			7.73			—			1.06			1.06			—			(0.00)			(0.00)			8.79			13.71			1,540			0.03			1.08			1.31			66
09/30/21^			06/30/22			10.00			(0.02)			(2.25)			(2.27)			—			—			—			7.73			(22.70)			812			(0.37)			1.08			1.51			19
BROWN ADVISORY SUSTAINABLE VALUE FUND:
Institutional Shares*
07/01/23			06/30/24			10.03			0.16			2.19			2.35			(0.11)			—			(0.11)			12.27			23.55			99,767			1.42			0.70			0.81			37
02/28/23^			06/30/23			10.00			0.06			(0.03)			0.03			—			—			—			10.03			0.30			50,307			1.72			0.70			1.17			7
Investor Shares*
07/01/23			06/30/24			10.02			0.14			2.18			2.32			(0.10)			—			(0.10)			12.24			23.26			634			1.27			0.85			0.96			37
02/28/23^			06/30/23			10.00			0.05			(0.03)			0.02			—			—			—			10.02			0.20			163			1.57			0.85			1.32			7
BROWN ADVISORY GLOBAL LEADERS FUND:
Institutional Shares*
07/01/23			06/30/24			22.08			0.15			3.79			3.94			(0.13)			—			(0.13)			25.89			17.88			1,926,704			0.64			0.75			0.75			15
07/01/22			06/30/23			18.24			0.13			3.83			3.96			(0.12)			—			(0.12)			22.08			21.83			1,401,528			0.66			0.76			0.76			19
07/01/21			06/30/22			22.60			0.10			(4.19)			(4.09)			(0.02)			(0.25)			(0.27)			18.24			(18.34)			1,048,587			0.45			0.75			0.75			25
07/01/20			06/30/21			16.38			0.03			6.22			6.25			(0.03)			—			(0.03)			22.60			38.17			1,149,790			0.16			0.76			0.76			14
07/01/19			06/30/20			15.24			0.07			1.13			1.20			(0.06)			—			(0.06)			16.38			7.85			605,983			0.45			0.75			0.82			27
Investor Shares*
07/01/23			06/30/24			22.00			0.11			3.77			3.88			(0.09)			—			(0.09)			25.79			17.66			32,326			0.49			0.90			0.90			15
07/01/22			06/30/23			18.18			0.10			3.82			3.92			(0.10)			—			(0.10)			22.00			21.63			77,619			0.51			0.91			0.91			19
07/01/21			06/30/22			22.54			0.07			(4.17)			(4.10)			(0.01)			(0.25)			(0.26)			18.18			(18.45)			76,150			0.30			0.90			0.90			25
07/01/20			06/30/21			16.36			—			6.20			6.20			(0.02)			—			(0.02)			22.54			37.91			95,940			0.01			0.91			0.91			14
07/01/19			06/30/20			15.23			0.05			1.12			1.17			(0.04)			—			(0.04)			16.36			7.68			66,813			0.30			0.90			0.97			27
BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND:
Institutional Shares*
07/01/23			06/30/24			10.52			0.12			0.14			0.26			(0.05)			—			(0.05)			10.73			2.49			36,921			1.15			0.85			1.18			27
07/01/22			06/30/23			8.43			0.10			2.01			2.11			(0.02)			—			(0.02)			10.52			25.09			22,884			1.04			0.85			1.58			21
02/28/22^			06/30/22			10.00			0.06			(1.63)			(1.57)			—			—			—			8.43			(15.70)			6,221			1.96			0.85			4.26			12
Investor Shares*
07/01/23			06/30/24			10.49			0.10			0.14			0.24			(0.04)			—			(0.04)			10.69			2.27			1,873			1.00			1.00			1.33			27
07/01/22			06/30/23			8.42			0.08			2.01			2.09			(0.02)			—			(0.02)			10.49			24.88			1,463			0.89			1.00			1.73			21
02/28/22^			06/30/22			10.00			0.05			(1.63)			(1.58)			—			—			—			8.42			(15.80)			75			1.81			1.00			4.41			12

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

 

73

 

Financial Highlights(Continued)

									From Investment Operations(a)									Distributions to Shareholders From																		Ratios to Average Net Assets(b)
For a Share Outstanding Throughout Each Fiscal Period:						Net Asset Value, Beginning of Period			Net Investment Income (Loss)			Net Realized & Unrealized Gains (Losses)			Total			Net Investment Income			Net Realized Gains			Total			Net Asset Value, End of Period			Total Return(c)			Net Assets at End of Period (000’s)			Net Investment Income (Loss)			Net Expenses			Gross Expenses(d)			Portfolio Turnover Rate(c)
Beginning			Ending
BROWN ADVISORY INTERMEDIATE INCOME FUND:
Investor Shares*
07/01/23			06/30/24			$9.60			0.32			(0.05)			0.27			(0.32)			—			(0.32)			$9.55			2.86%			$113,124			3.33%			0.49%			0.53%			27 %
07/01/22			06/30/23			9.99			0.24			(0.38)			(0.14)			(0.25)			—			(0.25)			9.60			(1.44)			122,641			2.47			0.49			0.52			32
07/01/21			06/30/22			11.05			0.12			(0.94)			(0.82)			(0.14)			(0.10)			(0.24)			9.99			(7.60)			139,856			1.17			0.46			0.50			58
07/01/20			06/30/21			11.06			0.11			0.02			0.13			(0.13)			(0.01)			(0.14)			11.05			1.11			167,774			1.02			0.47			0.50			50
07/01/19			06/30/20			10.72			0.24			0.35			0.59			(0.25)			—			(0.25)			11.06			5.55			148,300			2.24			0.49			0.53			105
Advisor Shares*
07/01/23			06/30/24			9.38			0.29			(0.05)			0.24			(0.30)			—			(0.30)			9.32			2.57			3,279			3.08			0.74			0.78			27
07/01/22			06/30/23			9.76			0.21			(0.37)			(0.16)			(0.22)			—			(0.22)			9.38			(1.62)			3,139			2.22			0.74			0.77			32
07/01/21			06/30/22			10.80			0.10			(0.93)			(0.83)			(0.11)			(0.10)			(0.21)			9.76			(7.82)			3,273			0.92			0.71			0.75			58
07/01/20			06/30/21			10.82			0.08			0.01			0.09			(0.10)			(0.01)			(0.11)			10.80			0.79			3,661			0.77			0.72			0.75			50
07/01/19			06/30/20			10.49			0.21			0.34			0.55			(0.22)			—			(0.22)			10.82			5.32			3,624			1.99			0.74			0.78			105
BROWN ADVISORY SUSTAINABLE BOND FUND:
Institutional Shares*
07/01/23			06/30/24			8.60			0.35			(0.19)			0.16			(0.36)			—			(0.36)			8.40			1.90			550,052			4.15			0.41			0.41			251
07/01/22			06/30/23			9.14			0.25			(0.54)			(0.29)			(0.25)			—			(0.25)			8.60			(3.22)			723,393			2.81			0.43			0.43			277
07/01/21			06/30/22			10.42			0.14			(1.13)			(0.99)			(0.15)			(0.14)			(0.29)			9.14			(9.71)			301,917			1.43			0.44			0.44			113
07/01/20			06/30/21			10.54			0.16			0.10			0.26			(0.17)			(0.21)			(0.38)			10.42			2.44			218,476			1.56			0.45			0.45			89
07/01/19			06/30/20			10.13			0.27			0.54			0.81			(0.28)			(0.12)			(0.40)			10.54			8.14			153,472			2.63			0.48			0.48			97
Investor Shares*
07/01/23			06/30/24			8.61			0.35			(0.21)			0.14			(0.35)			—			(0.35)			8.40			1.73			8,195			4.10			0.46			0.46			251
07/01/22			06/30/23			9.14			0.24			(0.53)			(0.29)			(0.24)			—			(0.24)			8.61			(3.16)			12,829			2.76			0.48			0.48			277
07/01/21			06/30/22			10.42			0.13			(1.13)			(1.00)			(0.14)			(0.14)			(0.28)			9.14			(9.76)			12,667			1.38			0.49			0.49			113
07/01/20			06/30/21			10.54			0.16			0.10			0.26			(0.17)			(0.21)			(0.38)			10.42			2.39			5,009			1.51			0.50			0.50			89
07/01/19			06/30/20			10.13			0.26			0.54			0.80			(0.27)			(0.12)			(0.39)			10.54			8.09			2,125			2.58			0.53			0.53			97
BROWN ADVISORY MARYLAND BOND FUND:
Investor Shares*
07/01/23			06/30/24			9.79			0.28			0.08			0.36			(0.31)			—			(0.31)			9.84			3.76			168,662			2.90			0.49			0.49			22
07/01/22			06/30/23			9.80			0.24			0.02			0.26			(0.27)			—			(0.27)			9.79			2.73			163,961			2.41			0.49			0.49			51
07/01/21			06/30/22			10.88			0.19			(1.04)			(0.85)			(0.23)			—			(0.23)			9.80			(7.90)			169,565			1.79			0.47			0.47			22
07/01/20			06/30/21			10.67			0.21			0.26			0.47			(0.26)			—			(0.26)			10.88			4.41			186,483			1.94			0.48			0.48			17
07/01/19			06/30/20			10.80			0.25			(0.09)			0.16			(0.29)			—			(0.29)			10.67			1.44			176,198			2.31			0.49			0.49			37
BROWN ADVISORY TAX-EXEMPT BOND FUND:
Institutional Shares*
07/01/23			06/30/24			9.29			0.37			0.04			0.41			(0.38)			—			(0.38)			9.32			4.49			909,986			4.02			0.40			0.40			57
07/01/22			06/30/23			9.29			0.29			0.04			0.33			(0.33)			—			(0.33)			9.29			3.59			787,874			3.14			0.44			0.44			79
07/01/21			06/30/22			10.50			0.18			(1.08)			(0.90)			(0.26)			(0.05)			(0.31)			9.29			(8.75)			805,608			1.73			0.41			0.41			50
07/01/20			06/30/21			10.08			0.20			0.49			0.69			(0.27)			—			(0.27)			10.50			6.87			1,190,436			1.92			0.40			0.40			47
07/01/19			06/30/20			10.20			0.24			(0.08)			0.16			(0.28)			—			(0.28)			10.08			1.59			1,072,444			2.38			0.42			0.42			80
Investor Shares*
07/01/23			06/30/24			9.29			0.37			0.04			0.41			(0.37)			—			(0.37)			9.33			4.55			9,838			3.97			0.45			0.45			57
07/01/22			06/30/23			9.29			0.29			0.03			0.32			(0.32)			—			(0.32)			9.29			3.54			8,167			3.09			0.49			0.49			79
07/01/21			06/30/22			10.50			0.17			(1.07)			(0.90)			(0.26)			(0.05)			(0.31)			9.29			(8.80)			10,484			1.68			0.46			0.46			50
07/01/20			06/30/21			10.09			0.19			0.48			0.67			(0.26)			—			(0.26)			10.50			6.72			11,537			1.87			0.45			0.45			47
07/01/19			06/30/20			10.20			0.24			(0.07)			0.17			(0.28)			—			(0.28)			10.09			1.64			9,982			2.33			0.47			0.47			80

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

 

74

 

Financial Highlights(Continued)

									From Investment Operations(a)									Distributions to Shareholders From																		Ratios to Average Net Assets(b)
For a Share Outstanding Throughout Each Fiscal Period:						Net Asset Value, Beginning of Period			Net Investment Income (Loss)			Net Realized & Unrealized Gains (Losses)			Total			Net Investment Income			Net Realized Gains			Total			Net Asset Value, End of Period			Total Return(c)			Net Assets at End of Period (000’s)			Net Investment Income (Loss)			Net Expenses			Gross Expenses(d)			Portfolio Turnover Rate(c)
Beginning			Ending
BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:
Investor Shares*
07/01/23			06/30/24			$9.06			0.32			(0.02)			0.30			(0.32)			—			(0.32)			$9.04			3.42%			$  281,014			3.58%			0.48%			0.48%			50%
07/01/22			06/30/23			9.09			0.24			(0.03)			0.21			(0.24)			—			(0.24)			9.06			2.39			288,993			2.63			0.50			0.50			111
07/01/21			06/30/22			10.19			0.15			(1.01)			(0.86)			(0.14)			(0.10)			(0.24)			9.09			(8.60)			325,606			1.49			0.49			0.49			61
07/01/20			06/30/21			9.88			0.13			0.32			0.45			(0.13)			(0.01)			(0.14)			10.19			4.57			179,123			1.32			0.49			0.49			66
12/02/19^			06/30/20			10.00			0.08			(0.12)			(0.04)			(0.08)			—			(0.08)			9.88			(0.37)			157,032			1.45			0.55			0.55			39
BROWN ADVISORY MORTGAGE SECURITIES FUND:
Institutional Shares*
07/01/23			06/30/24			9.10			0.37			(0.21)			0.16			(0.37)			—			(0.37)			8.89			1.90			285,175			4.11			0.45			0.45			335
07/01/22			06/30/23			9.59			0.28			(0.48)			(0.20)			(0.29)			—			(0.29)			9.10			(2.06)			302,293			2.98			0.45			0.45			229
07/01/21			06/30/22			10.56			0.10			(0.92)			(0.82)			(0.15)			—			(0.15)			9.59			(7.86)			310,388			0.94			0.44			0.44			204
07/01/20			06/30/21			10.46			(0.03)			0.19			0.16			(0.06)			—			(0.06)			10.56			1.53			288,526			(0.27)			0.45			0.45			148
07/01/19			06/30/20			10.02			0.11			0.50			0.61			(0.17)			—			(0.17)			10.46			6.09			238,202			1.07			0.47			0.47			139
Investor Shares*
07/01/23			06/30/24			9.12			0.36			(0.20)			0.16			(0.37)			—			(0.37)			8.91			1.84			771			4.06			0.50			0.50			335
07/01/22			06/30/23			9.61			0.27			(0.47)			(0.20)			(0.29)			—			(0.29)			9.12			(2.11)			1,390			2.93			0.50			0.50			229
07/01/21			06/30/22			10.57			0.09			(0.91)			(0.82)			(0.14)			—			(0.14)			9.61			(7.81)			2,211			0.89			0.49			0.49			204
07/01/20			06/30/21			10.47			(0.03)			0.19			0.16			(0.06)			—			(0.06)			10.57			1.48			31,876			(0.32)			0.50			0.50			148
07/01/19			06/30/20			10.02			0.11			0.50			0.61			(0.16)			—			(0.16)			10.47			6.15			9,755			1.02			0.52			0.52			139
BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND:
Institutional Shares*
07/01/23			06/30/24			11.82			0.26			1.62			1.88			(0.16)			—			(0.16)			13.54			16.05			311,205			2.09			1.05			1.05			41
07/01/22			06/30/23			10.34			0.19			1.58			1.77			(0.21)			(0.08)			(0.29)			11.82			17.50			227,407			1.74			1.08			1.08			73
07/01/21			06/30/22			13.08			0.15			(1.68)			(1.53)			(0.11)			(1.10)			(1.21)			10.34			(12.75)			232,340			1.22			1.04			1.04			43
07/01/20			06/30/21			10.51			0.13			3.20			3.33			(0.03)			(0.73)			(0.76)			13.08			32.55			417,419			1.12			1.05			1.05			51
07/01/19			06/30/20			11.15			0.03			(0.07)			(0.04)			(0.10)			(0.50)			(0.60)			10.51			(0.66)			287,081			0.29			1.09			1.09			53
Investor Shares*
07/01/23			06/30/24			11.77			0.24			1.62			1.86			(0.14)			—			(0.14)			13.49			15.91			12,912			1.94			1.20			1.20			41
07/01/22			06/30/23			10.30			0.17			1.58			1.75			(0.20)			(0.08)			(0.28)			11.77			17.30			14,922			1.59			1.23			1.23			73
07/01/21			06/30/22			13.03			0.13			(1.67)			(1.54)			(0.09)			(1.10)			(1.19)			10.30			(12.89)			19,007			1.07			1.19			1.19			43
07/01/20			06/30/21			10.48			0.12			3.18			3.30			(0.02)			(0.73)			(0.75)			13.03			32.36			39,751			0.97			1.20			1.20			51
07/01/19			06/30/20			11.12			0.01			(0.06)			(0.05)			(0.09)			(0.50)			(0.59)			10.48			(0.77)			22,224			0.14			1.24			1.24			53
Advisor Shares*
07/01/23			06/30/24			11.60			0.21			1.59			1.80			(0.12)			—			(0.12)			13.28			15.58			2,968			1.69			1.45			1.45			41
07/01/22			06/30/23			10.17			0.14			1.56			1.70			(0.19)			(0.08)			(0.27)			11.60			17.05			2,689			1.34			1.48			1.48			73
07/01/21			06/30/22			12.88			0.10			(1.65)			(1.55)			(0.06)			(1.10)			(1.16)			10.17			(13.09)			2,387			0.82			1.44			1.44			43
07/01/20			06/30/21			10.38			0.08			3.16			3.24			(0.01)			(0.73)			(0.74)			12.88			32.01			3,728			0.72			1.45			1.45			51
07/01/19			06/30/20			11.03			(0.01)			(0.07)			(0.08)			(0.07)			(0.50)			(0.57)			10.38			(1.04)			3,816			(0.11)			1.49			1.49			53
BROWN ADVISORY EMERGING MARKETS SELECT FUND:
Institutional Shares*
07/01/23			06/30/24			10.63			0.20			1.14			1.34			(0.19)			—			(0.19)			11.78			12.78			627,880			1.81			1.09			1.09			70
07/01/22			06/30/23			10.13			0.16			0.47			0.63			(0.13)						(0.13)			10.63			6.27			537,466			1.55			1.11			1.11			69
07/01/21			06/30/22			12.57			0.14			(2.50)			(2.36)			(0.08)			—			(0.08)			10.13			(18.87)			504,216			1.25			1.10			1.10			70
07/01/20			06/30/21			8.86			0.09			3.69			3.78			(0.07)			—			(0.07)			12.57			42.71			529,908			0.78			1.12			1.12			61
07/01/19			06/30/20			9.34			0.11			(0.48)			(0.37)			(0.11)			—			(0.11)			8.86			(4.04)			267,282			1.27			1.16			1.16			62

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

 

75

 

Financial Highlights(Continued)

									From Investment Operations(a)									Distributions to Shareholders From																		Ratios to Average Net Assets(b)
For a Share Outstanding Throughout Each Fiscal Period:						Net Asset Value, Beginning of Period			Net Investment Income (Loss)			Net Realized & Unrealized Gains (Losses)			Total			Net Investment Income			Net Realized Gains			Total			Net Asset Value, End of Period			Total Return(c)			Net Assets at End of Period (000’s)			Net Investment Income (Loss)			Net Expenses			Gross Expenses(d)			Portfolio Turnover Rate(c)
Beginning			Ending
Investor Shares*
07/01/23			06/30/24			$10.62			0.18			1.13			1.31			(0.17)			—			(0.17)			$11.76			12.54%			$3,249			1.66%			1.24%			1.24%			70%
07/01/22			06/30/23			10.13			0.14			0.46			0.60			(0.11)						(0.11)			10.62			6.01			2,025			1.40			1.26			1.26			69
07/01/21			06/30/22			12.56			0.13			(2.50)			(2.37)			(0.06)			—			(0.06)			10.13			(18.93)			4,368			1.10			1.25			1.25			70
07/01/20			06/30/21			8.85			0.07			3.69			3.76			(0.05)			—			(0.05)			12.56			42.56			5,908			0.63			1.27			1.27			61
07/01/19			06/30/20			9.33			0.10			(0.49)			(0.39)			(0.09)			—			(0.09)			8.85			(4.29)			4,202			1.12			1.31			1.31			62
Advisor Shares*
07/01/23			06/30/24			10.65			0.15			1.15			1.30			(0.15)			—			(0.15)			11.80			12.36			227			1.41			1.49			1.49			70
07/01/22			06/30/23			10.16			0.12			0.46			0.58			(0.09)						(0.09)			10.65			5.76			220			1.15			1.51			1.51			69
07/01/21			06/30/22			12.60			0.10			(2.50)			(2.40)			(0.04)			—			(0.04)			10.16			(19.11)			27			0.85			1.50			1.50			70
07/01/20			06/30/21			8.87			0.04			3.70			3.74			(0.01)			—			(0.01)			12.60			42.17			24			0.38			1.52			1.52			61
07/01/19			06/30/20			9.37			0.08			(0.50)			(0.42)			(0.08)			—			(0.08)			8.87			(4.61)			52			0.87			1.56			1.56			62
BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND:
Institutional Shares*
07/01/23			06/30/24			13.68			0.26			1.74			2.00			(0.25)			—			(0.25)			15.43			14.80			1,890,909			1.85			0.54			0.54			24
07/01/22			06/30/23			12.04			0.25			1.86			2.11			(0.22)			(0.25)			(0.47)			13.68			17.67			1,664,063			1.89			0.55			0.55			17
07/01/21			06/30/22			14.41			0.23			(1.42)			(1.19)			(0.20)			(0.98)			(1.18)			12.04			(8.68)			1,237,283			1.71			0.55			0.55			33
07/01/20			06/30/21			10.61			0.20			3.99			4.19			(0.39)			—			(0.39)			14.41			40.12			1,149,351			1.52			0.55			0.55			42
07/01/19			06/30/20			10.47			0.56			(0.20)			0.36			(0.10)			(0.12)			(0.22)			10.61			3.27			452,012			5.26			0.57			0.57			32
Investor Shares*
07/01/23			06/30/24			13.64			0.25			1.74			1.99			(0.25)			—			(0.25)			15.38			14.73			16,639			1.70			0.69			0.69			24
07/01/22			06/30/23			12.02			0.23			1.85			2.08			(0.21)			(0.25)			(0.46)			13.64			17.46			2,535			1.74			0.70			0.70			17
07/01/21^			06/30/22			14.41			0.21			(1.42)			(1.21)			(0.20)			(0.98)			(1.18)			12.02			(8.87)			208			1.56			0.70			0.70			33

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

^
Information presented is for the entire history of the share class.

(a)
Calculated based on average shares outstanding during the fiscal period.

(b)
Annualized for periods less than one year. Ratios include only income and expenses of the funds themselves, as presented in the Statements of Operations, and do not include any additional or pro rata amounts of income or expenses from the ownership of any other investment companies (as applicable).

(c)
Not annualized for periods less than one year. Portfolio turnover rates are calculated at the fund level (not by individual share class).

(d)
Reflects the expense ratio excluding any expense waivers or expense recoupments.

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

 

76

 

Notes to Financial Statements

June 30, 2024

Note 1. Organization

Brown Advisory Funds (the “Trust”) is registered under the Investment Company Act of 1940 as an open-ended management investment company. The Trust offers the following series of shares (each a “Fund,” and collectively, the “Funds”):

• Brown Advisory Growth Equity Fund (“Growth Equity Fund”) seeks to achieve capital appreciation by primarily investing in equity securities,

• Brown Advisory Flexible Equity Fund (“Flexible Equity Fund”) seeks to achieve long-term growth of capital,

• Brown Advisory Sustainable Growth Fund (“Sustainable Growth Fund”) seeks to achieve capital appreciation,

• Brown Advisory Mid-Cap Growth Fund (“Mid-Cap Growth Fund”) seeks to achieve long-term capital appreciation,

• Brown Advisory Small-Cap Growth Fund (“Small-Cap Growth Fund”) seeks to achieve long-term capital appreciation by primarily investing in equity securities,

• Brown Advisory Small-Cap Fundamental Value Fund (“Small-Cap Fundamental Value Fund”) seeks to achieve long-term capital appreciation,

• Brown Advisory Sustainable Small-Cap Core Fund (“Sustainable Small-Cap Core Fund”) seeks to achieve long-term capital appreciation by investing primarily in equity securities of small-cap companies,

• Brown Advisory Sustainable Value Fund (“Sustainable Value Fund”) seeks to achieve long-term capital appreciation,

• Brown Advisory Global Leaders Fund (“Global Leaders Fund”) seeks to achieve long-term capital appreciation by investing primarily in global equities,

• Brown Advisory Sustainable International Leaders Fund (“Sustainable International Leaders Fund”) seeks to achieve long-term capital appreciation by investing primarily in international equities,

• Brown Advisory Intermediate Income Fund (“Intermediate Income Fund”) seeks to provide a high level of current income consistent with the preservation of principal within an intermediate-term maturity structure,

• Brown Advisory Sustainable Bond Fund (“Sustainable Bond Fund”) seeks to provide a competitive total return consistent with the preservation of principal while giving special consideration to certain environmental, social and governance criteria,

• Brown Advisory Maryland Bond Fund (“Maryland Bond Fund”) seeks to provide a high level of current income exempt from both Federal and Maryland State income taxes without undue risk,

• Brown Advisory Tax-Exempt Bond Fund (“Tax-Exempt Bond Fund”) seeks to provide a high level of current income exempt from Federal income tax by investing primarily in intermediate-term investment grade municipal bonds,

• Brown Advisory Tax-Exempt Sustainable Bond Fund (“Tax-Exempt Sustainable Bond Fund”) seeks to provide a high level of current income exempt from Federal income tax by investing primarily in intermediate-term investment grade municipal bonds while giving special consideration to certain environmental, social, and governance criteria,

• Brown Advisory Mortgage Securities Fund (“Mortgage Securities Fund”) seeks to maximize total return consistent with preservation of capital,

• Brown Advisory - WMC Strategic European Equity Fund (“WMC Strategic European Equity Fund”) seeks to achieve total return by investing principally in equity securities issued by companies established or operating in Europe,

 

77

 

Notes to Financial Statements

June 30, 2024(Continued)

• Brown Advisory Emerging Markets Select Fund (“Emerging Markets Select Fund”) seeks to achieve total return by investing principally in equity securities issued by companies established or operating in emerging markets, and

• Brown Advisory - Beutel Goodman Large-Cap Value Fund (“Beutel Goodman Large-Cap Value Fund”) seeks to achieve capital appreciation.

The Funds inception dates are as follows. Operations commenced the first business day after the inception date.

Fund			Institutional Shares			Investor Shares			Advisor Shares
Growth Equity			10/19/2012			6/28/1999			5/18/2006
Flexible Equity			10/19/2012			11/30/2006			1/24/2007
Sustainable Growth			6/29/2012			6/29/2012			6/29/2012
Mid-Cap Growth			7/2/2018			10/2/2017			—
Small-Cap Growth			9/20/2002			6/28/1999			4/25/2006
Small-Cap Fundamental Value			10/19/2012			12/31/2008			7/28/2011
Sustainable Small-Cap Core			9/30/2021			9/30/2021			—
Sustainable Value			2/28/2023			2/28/2023			—
Global Leaders			10/31/2018			7/1/2015			—
Sustainable International Leaders			2/28/2022			2/28/2022			—
Intermediate Income			—			11/2/1995			5/13/1991
Sustainable Bond			7/2/2018			8/7/2017			—
Maryland Bond			—			12/21/2000			—
Tax-Exempt Bond			7/2/2018			6/29/2012			—
Tax-Exempt Sustainable Bond			—			12/2/2019			—
Mortgage Securities			5/13/2014			12/26/2013			—
WMC Strategic European Equity			10/21/2013			10/21/2013			10/21/2013
Emerging Markets Select			12/12/2012			12/12/2012			12/12/2012
Beutel Goodman Large-Cap Value			2/13/2018			6/30/2021			—

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Funds are investment companies and follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies, which is part of U.S. GAAP.

A. Security Valuation – The Funds have adopted pricing and valuation procedures pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the Adviser serves as the Funds Valuation Designee. The Valuation Designee performs all fair value determinations along with all other responsibilities in accordance with Rule 2a-5. As Valuation Designee, the Adviser is authorized to make all necessary determinations of fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from independent pricing services are inaccurate or unreliable.

The Funds have adopted US GAAP fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. These inputs are summarized in the three broad levels listed below:

Level 1 –
Quoted prices in active markets for identical securities.

Level 2 –
Evaluated price based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc).

 

78

 

Notes to Financial Statements

June 30, 2024(Continued)

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^® (“NASDAQ”), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over- the counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Such domestic equity securities are typically categorized as Level 1 securities. Investments in other domestic open-ended mutual funds are valued at their reported Net Asset Value (“NAV”) and are typically categorized as Level 1 securities. Investments in Exchange Traded Funds (“ETFs”) and Closed-End Funds are valued at their last reported sale price and are typically categorized as Level 1 securities.

Foreign Equity Securities – For foreign equity securities that are traded on foreign exchanges, the Funds have selected ICE Data Services (“ICE”) to provide pricing data. The use of ICE’s pricing services with respect to these foreign exchange traded securities is designed to capture events occurring after a foreign exchange closes that may affect the value of certain holdings of the Funds that are traded on those foreign exchanges. The Funds utilize a confidence interval when determining whether or not to utilize these prices provided by ICE. The confidence interval is a measure of the relationship that each foreign exchange traded security has to movements in various indices and the price of the foreign exchange traded security’s corresponding American Depositary Receipt, if one exists. ICE provides a confidence interval for each foreign exchange traded security for which it provides a price. If the confidence interval provided by ICE is equal to or greater than a predefined level utilized by the Funds, the Funds will value that foreign exchange traded security at that price. If the confidence interval provided by ICE is less than the predefined level utilized by the Funds, the Funds will value that foreign exchange traded security at the preceding closing price on its respective foreign exchange, or, if there were no transactions on the preceding day, at the mean between the bid and the asked prices. Such foreign securities are typically categorized as Level 2 securities. Foreign securities for which the local market closing prices are utilized are typically categorized as Level 1 securities.

Debt Securities – Debt securities are valued by using the mean between the closing bid and asked prices provided by an independent pricing service. If the closing bid and asked prices are not readily available, the independent pricing service may provide a price determined by a matrix pricing method. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. Fixed income debt instruments, such as commercial paper, banker’s acceptances and U.S. Treasury Bills, having a maturity of less than 60 days are valued at amortized cost when the amortized cost value is determined to approximate fair value established using market-based and issuer-specific factors. Such debt securities are typically categorized as Level 2.

Exchange Traded Options – Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes (NBBO). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Specifically, composite pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Such options are typically categorized as Level 2.

Futures Contracts – Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1 securities.

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

 

79

 

Notes to Financial Statements

June 30, 2024(Continued)

inputs are utilized in the determination of the fair value. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the guidelines and procedures adopted by the Board of Trustees. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of the date of this report, the Small-Cap Growth Fund and Emerging Markets Select Fund held Level 3 securities for which significant and unobservable inputs or assumptions were used in the determination of fair value. The total value of such securities held as of the date of this report was $1,119,657 or 0.1% of Small-Cap Growth Fund’s net assets and $1,848 or 0.0% of Emerging Market Select Fund’s net assets. The following is a summary of inputs used to value the Funds’ investments as of June 30, 2024:

			Level 1			Level 2			Level 3
Growth Equity Fund
Common Stocks			$1,109,581,034			$       —			$       —
Short-Term Investments			36,415,991			—			—
Total Investments			$1,145,997,025			$—			$—
Flexible Equity Fund
Common Stocks			$885,840,790			$—			$—
REIT^			7,336,123			—			—
Short-Term Investments			31,357,936			—			—
Total Investments			$924,534,849			$—			$—
Sustainable Growth Fund
Common Stocks			$9,769,898,935			$—			$—
Short-Term Investments			179,869,123			—			—
Total Investments			$9,949,768,058			$—			$—
Mid-Cap Growth Fund
Common Stocks			$93,032,657			$—			$—
REIT^			515,091			—			—
Short-Term Investments			3,276,451			—			—
Total Investments			$96,824,199			$—			$—
Small-Cap Growth Fund†
Common Stocks			$1,554,935,385			$—			$—
REIT^			24,134,979			—			—
Private Placements			—			—			1,119,657
Short-Term Investments			47,308,627			—			—
Total Investments			$1,626,378,991			$—			$1,119,657
Small-Cap Fundamental Value Fund
Common Stocks			$1,180,744,888			$—			$—
REIT^			125,053,487			—			—
Short-Term Investments			47,116,779			—			—
Total Investments			$1,352,915,154			$—			$—

 

80

 

Notes to Financial Statements

June 30, 2024(Continued)

			Level 1			Level 2			Level 3
Sustainable Small-Cap Core Fund
Common Stocks			$68,323,684			$       —			$       —
REIT^			3,392,578			—			—
Short-Term Investments			5,568,865			—			—
Total Investments			$77,285,127			$—			$—
Sustainable Value Fund
Common Stocks			$95,751,093			$—			$—
Short-Term Investments			4,555,948			—			—
Total Investments			$100,307,041			$—			$—
Global Leaders Fund
Common Stocks:
Brazil			$32,621,263			$—			$—
China			—			43,618,315			—
Denmark			—			41,970,032			—
France			—			62,489,899			—
Germany			—			118,820,992			—
India			—			60,478,123			—
Indonesia			—			37,306,586			—
Netherlands			27,623,937			48,067,306			—
Sweden			—			37,974,779			—
Switzerland			—			52,526,475			—
Taiwan			84,452,367			—			—
United Kingdom			—			152,267,198			—
United States			1,137,910,646			—			—
Short-Term Investments			23,704,471			—			—
Total Investments			$1,306,312,684			$655,519,705			$—
Sustainable International Leaders Fund
Common Stocks:
Brazil			$1,234,721			$—			$—
Canada			2,539,154			—			—
China			—			1,007,231			—
Denmark			—			723,082			—
Finland			—			1,237,452			—
France			—			3,904,378			—
Germany			—			3,349,725			—
India			1,804,328			981,259			—
Indonesia			—			1,252,687			—
Japan			—			1,601,528			—
Netherlands			—			2,640,046			—
Sweden			—			925,256			—
Switzerland			—			1,160,045			—
United Kingdom			—			10,113,461			—
United States			2,900,903			—			—
Short-Term Investments			1,127,715			—			—
Total Investments			$9,606,821			$28,896,150			$—

 

81

 

Notes to Financial Statements

June 30, 2024(Continued)

			Level 1			Level 2			Level 3
Intermediate Income Fund
U.S. Treasury Securities			$       —			$  36,689,881			$       —
Corporate Bonds			—			29,003,956			—
Agency Residential Mortgage-Backed Securities			—			20,315,483			—
Affiliated Mutual Funds			15,322,826			—			—
Asset-Backed Securities			—			5,137,355			—
Agency Commercial Mortgage-Backed Securities			—			2,463,551			—
Non-Agency Commercial Mortgage-Backed Securities			—			742,517			—
Short-Term Investments			2,955,033			—			—
Total Investments			$18,277,859			$94,352,743			$—
Futures Contracts - Long*			$76,567			$—			$—
Futures Contracts - Short*			$(41,886)			$—			$—
Sustainable Bond Fund
Corporate Bonds			$—			$179,029,256			$—
Agency Residential Mortgage-Backed Securities			—			167,775,100			—
Foreign Government Agency Issues			—			89,595,535			—
U.S. Treasury Securities			—			82,371,763			—
Asset-Backed Securities			—			31,003,801			—
Municipal Bonds			—			8,299,399			—
Non-Agency Commercial Mortgage-Backed Securities			—			2,726,001			—
Agency Commercial Mortgage-Backed Securities			—			799,359			—
Short-Term Investments			22,039,699			798,834			—
Total Investments			$22,039,699			$562,399,048			$—
Futures Contracts - Long*			$406,199			$—			$—
Futures Contracts - Short*			$(200,049)			$—			$—
Maryland Bond Fund
Municipal Bonds			$—			$167,035,826			$—
Short-Term Investments			114,117			—			—
Total Investments			$114,117			$167,035,826			$—
Tax-Exempt Bond Fund
Municipal Bonds			$—			$907,554,408			$—
Short-Term Investments			24,275,066			—			—
Total Investments			$24,275,066			$907,554,408			$—
Tax-Exempt Sustainable Bond Fund
Municipal Bonds			$—			$272,647,134			$—
Short-Term Investments			5,813,229			—			—
Total Investments			$5,813,229			$272,647,134			$—

 

82

 

Notes to Financial Statements

June 30, 2024(Continued)

			Level 1			Level 2			Level 3
Mortgage Securities Fund
Agency Residential Mortgage-Backed Securities			$       —			$  252,592,033			$       —
Asset-Backed Securities			—			29,728,649			—
Agency Commercial Mortgage-Backed Securities			—			11,748,827			—
Non-Agency Residential Mortgage-Backed Securities			—			1,905,996			—
Non-Agency Commercial Mortgage-Backed Securities			—			1,425,523			—
Municipal Bonds			—			410,476			—
Short-Term Investments			8,763,015			33,787,333			—
Total Investments			$8,763,015			$331,598,837			$—
Futures Contracts - Long*			$99,363			$—			$—
Futures Contracts - Short*			$(81,318)			$—			$—
WMC Strategic European Equity Fund
Common Stocks:
Austria			$—			$12,053,831			$—
Belgium			—			19,304,271			—
Czech Republic			—			2,489,099			—
Denmark			—			8,346,147			—
Finland			—			827,684			—
France			—			36,231,056			—
Germany			—			43,606,297			—
Ireland			—			8,190,649			—
Italy			—			2,620,975			—
Netherlands			—			15,569,332			—
Norway			—			2,610,808			—
Portugal			—			5,390,075			—
Spain			—			14,958,685			—
Sweden			—			14,550,794			—
Switzerland			—			18,635,229			—
United Kingdom			1,891,200			105,117,884			—
Preferred Stocks			—			3,127,649			—
Short-Term Investments			8,737,685			—			—
Total Investments			$10,628,885			$313,630,465			$—

 

83

 

Notes to Financial Statements

June 30, 2024(Continued)

			Level 1			Level 2			Level 3
Emerging Markets Select Fund†
Common Stocks:
Australia			$       —			$   2,481,364			$       —
Brazil			21,698,578			—			—
China			10,994,185			148,878,794			—
Hungary			—			4,823,904			—
India			—			130,031,514			—
Indonesia			—			20,753,111			—
Kazakhstan			2,911,756			—			—
Russia			—			—			1,848
Singapore			5,791,594			24,170,232			—
South Africa			—			4,629,628			—
South Korea			—			93,830,839			—
Taiwan			—			92,336,781			—
Thailand			3,691,412			10,011,580			—
Turkey			—			2,628,180			—
United Arab Emirates			​—			​4,198,083			—
United Kingdom			—			2,537,784			—
United States			12,034,061			—			—
Vietnam			—			5,863,193			—
Preferred Stocks			11,598,026			—			—
Short-Term Investments			13,025,324			—			—
Total Investments			$81,744,936			$547,174,987			$1,848
Beutel Goodman Large-Cap Value Fund
Common Stocks			$1,827,980,920			$—			$—
Short-Term Investments			74,589,712			—			—
Total Investments			$1,902,570,632			$—			$—

^
Real Estate Investment Trusts

*
Amounts presented for Futures Contracts represent total unrealized appreciation (depreciation) as of the date of this report.

†
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.

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. Income and capital gains on some foreign securities may be subject to foreign withholding or capital gains taxes. 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.

C. Expenses and Share Class Allocations – Expenses directly attributable to a Fund are charged to that Fund. Expenses attributable to more than one Fund are allocated to the respective Funds on the basis of relative net assets or other appropriate methods. In Funds with multiple share classes, each share class has equal rights to earnings and assets except that each share class bears different shareholder servicing and/or Rule 12b-1 distribution expenses. Each share class has exclusive voting rights with respect to matters that affect just that share class. Income, expenses (other than expenses attributable to a specific share class), and realized and unrealized capital gains or losses on investments are allocated to each share class on the basis of relative net assets.

 

84

 

Notes to Financial Statements

June 30, 2024(Continued)

D.Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. Dollar amounts on the respective dates of such transactions.

The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Some of the Funds may invest in forward foreign currency contracts. These amounts are presented separately from realized and unrealized gains and losses from investments in the financial statements.

E. Options – The Funds may invest in options. When a Fund writes an option, an amount equal to the premium received by a Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gain from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency determining whether a Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchase by a Fund. A Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

When a Fund purchases an option, an amount equal to the premium paid by a Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if a Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non- income producing securities. None of the Funds purchased, sold or wrote any options during the year ended June 30, 2024.

F. To-Be-Announced Securities – Some of the Funds may invest in to-be-announced securities (“TBAs”). TBAs is a term that is generally used to describe forward-settling mortgage-backed securities. These TBAs are generally issued by U.S. Government Agencies or U.S. Government Sponsored Entities such as Freddie Mac, Fannie Mae and Ginnie Mae. The actual mortgage-backed security that will be delivered to the buyer at the time TBAs trades are entered into is not known, however, the terms of the acceptable pools of loans that will comprise the mortgage-backed security are determined at the time the trade is entered into (coupon rate, maturity, credit quality, etc.). Investment in TBAs will generally increase a Fund’s exposure to interest rate risk and could also expose a Fund to counterparty default risk. In order to mitigate counterparty default risk, the Funds only enter into TBAs with counterparties for which the risk of default is determined to be remote. As a purchaser or seller of TBAs, the Funds segregate cash or cash equivalents as collateral as required in accordance with applicable industry regulations.

G. Tender Option Bonds – Maryland Bond Fund, Tax-Exempt Bond Fund and Tax-Exempt Sustainable Bond Fund may engage in tender option bond (“TOB”) transactions up to 5% of its net assets which are accounted for by the funds as a secured borrowing. In a typical TOB transaction, a Fund or another party deposits fixed-rate municipal bonds or other securities into a special purposes entity, referred to as a tender option bond trust (a “TOB Trust”). The TOB Trust generally issues short-term floating rate interests (“Floaters”), which are generally sold to third party investors (often money market funds) and residual interests (“Residual Interests”), which are generally held by the Fund or party that contributed the securities to the TOB Trust. The interest rates payable on the Residual Interests bear an inverse relationship to the interest rate on the Floaters. The interest rate on the Floaters is reset by a remarketing process typically every 7 to 35 days. After income is paid on the Floaters at current, short- term rates, the residual income from the underlying bond held by the TOB Trust goes to the Residual Interests. If a Fund is the depositor of the municipal bonds or other securities to the TOB Trust, the Fund will receive the proceeds from the TOB Trust’s sale of the Floaters, less certain transaction costs. These proceeds may be used by the Fund to invest in other securities, which would have a leveraging effect on the Fund.

Residual Interests may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances, the holder of the Residual Interests bears substantially all of the underlying bond’s downside investment

 

85

 

Notes to Financial Statements

June 30, 2024(Continued)

risk and also benefits from any appreciation in the value of the underlying bond. Investments in Residual Interests typically will involve greater risk than investments in the underlying municipal bond, including the risk of loss of principal. Because changes in the interest rate on the Floaters inversely affect the residual interest paid on the Residual Interests, the value of the Residual Interests is generally more volatile than that of a fixed-rate municipal bond. Floaters and Residual Interests are subject to interest rate adjustment formulas which generally reduce or, in the extreme, eliminate the interest received by the Residual Interests when short-term interest rates rise, and increase the interest received when short-term interest rates fall.

The Residual Interests held by a Fund provide the Fund with the right to: (1) cause the holders of the Floaters to tender their notes at par, and (2) cause the sale of the underlying bond held by the TOB Trust, thereby collapsing the TOB Trust. A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. Each Fund does not currently intend to invest in a TOB Trust on a recourse basis, although each Fund reserves the right to do so in the future. TOB Trusts are typically supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Floaters to tender their Floaters in exchange for payment of par plus accrued interest on any business day (subject to the non- occurrence of a TOTE, as such term is defined below). Depending on the structure of the TOB Trust, the Liquidity Provider may purchase the tendered Floaters, or the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered Floaters.

The TOB Trust may also be collapsed without the consent of a Fund, as the holder of the Residual Interest, upon the occurrence of certain “tender option termination events” (or “TOTEs”) as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, or a judgment or ruling that interest on the underlying municipal bond is subject to federal income taxation. Upon the occurrence of a TOTE, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the Floaters up to par plus accrued interest owed on the Floaters and a portion of gain share, if any, with the balance paid out to the holder of the Residual Interests. In the case of a mandatory termination event, as defined in the TOB Trust agreements, after the payment of fees, the holders of the Floaters would be paid before the holders of the Residual Interests (i.e., the Fund). In contrast, in the case of a TOTE, after payment of fees, the holders of the Floaters and the holders of the Residual Interests would be paid pro rata in proportion to the respective face values of their certificates.

Under GAAP, securities of a Fund that are deposited into a TOB Trust continue to be treated as investments of the Fund and are presented on the Fund’s Schedule of Investments and outstanding Floaters issued by a TOB Trust are presented as “Floating rate note obligations, interest and fees” in the liabilities section of the Fund’s Statement of Assets and Liabilities and also includes interest and fees associated with the floating rate obligations. Interest income from the underlying security is recorded by the Fund on an accrual basis and included as part of “Interest Income” on the Statements of Operations. Interest expense and other fees incurred on the Floaters is included on the Statement of Operations as “Interest expense and fees on floating rate note obligations”. During the year ended June 30, 2024, none of the Funds engaged in TOB transactions.

H.Distributions to Shareholders – For Maryland Bond Fund, Tax-Exempt Bond Fund and Tax-Exempt Sustainable Bond Fund, distributions of net investment income, if any, are declared daily and paid monthly. Distributions to shareholders of net investment income, if any, are declared and paid monthly for the Intermediate Income Fund, Sustainable Bond Fund and Mortgage Securities Fund. The remaining Funds declare and pay net investment income, if any, at least annually. Distributions to shareholders of net capital gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date. If a Fund is involved in a reorganization in which it acquires, or is being acquired by another fund, an additional distribution of net investment income and/or capital gains may be made prior to such reorganization.

I. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

86

 

Notes to Financial Statements

June 30, 2024(Continued)

J. Federal Taxes – Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.

The Funds recognize tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities.

The Funds have analyzed their tax positions and have concluded that no liability for unrecognized tax benefits should be recorded related to uncertain income tax positions taken on returns filed for open tax years (2021-2023) as of June 30, 2024 or are expected to be taken in the Funds’ 2024 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal and Delaware State; however, the Funds are not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next year.

K. Redemption Fees – A shareholder who redeems or exchanges shares of the Funds within fourteen days of purchase will incur a redemption fee of 1.00% of the current net asset value of shares redeemed or exchanged, subject to certain exceptions. The fee is charged for the benefit of the remaining shareholders and will be paid to the Fund to help offset transaction costs. The fee is accounted for as an addition to paid-in capital. Each Fund reserves the right to modify the terms of or terminate the fee at any time.

L. Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Note 3. Commitments and Other Affiliated Party Transactions

Investment Adviser – Brown Advisory LLC serves as Investment Adviser (“the Adviser”) to the Funds. Pursuant to investment advisory agreements, the Adviser receives a management fee, accrued daily and payable monthly, from each Fund at an annual rate of the Fund’s average daily net assets as follows:

Fund			Breakpoint			Annual Fee
Growth Equity and			First $1.5 billion			0.60%
Sustainable Growth			$1.5 billion to $3 billion			0.55%
			$3 billion to $6 billion			0.50%
			Over $6 billion			0.45%
Flexible Equity			First $150 million			0.50%
			$150 million to $250 million			0.45%
			$250 million to $1 billion			0.40%
			Over $1 billion			0.38%

Fund			Annual Fee
Mid-Cap Growth			0.65%
Small-Cap Growth			0.85%
Small-Cap Fundamental Value			0.85%
Sustainable Small-Cap Core			0.85%
Sustainable Value			0.60%
Global Leaders1			0.65%
Sustainable International Leaders1			0.75%
Intermediate Income			0.30%
Sustainable Bond			0.30%
Maryland Bond			0.30%
Tax-Exempt Bond			0.30%

 

87

 

Notes to Financial Statements

June 30, 2024(Continued)

Fund			Annual Fee
Tax-Exempt Sustainable Bond			0.30%
Mortgage Securities			0.30%
WMC Strategic European Equity2			0.90%
Emerging Markets Select2,3			0.90%
Beutel Goodman Large-Cap Value4			0.45%

1
Brown Advisory Limited (“BAL”) serves as sub-adviser to the Global Leaders Fund and the Sustainable International Leaders Fund and makes investment decisions on their behalf. BAL is compensated for its services by the Adviser.

2
Wellington Management Company LLP (“Wellington”) serves as sub-adviser to the WMC Strategic European Equity Fund and the Emerging Markets Select Fund and makes investment decisions on their behalf. Wellington is compensated for its services by the Adviser.

3
Pzena Investment Management, LLC (“Pzena”) serves as sub-adviser to the Emerging Markets Select Fund and makes investment decisions on its behalf. Pzena is compensated for its services by the Adviser.

4
Beutel, Goodman & Company Ltd. (“Beutel Goodman”) serves as sub-adviser to the Beutel Goodman Large-Cap Value Fund and makes investment decisions on its behalf. Beutel Goodman is compensated for its services by the Adviser.

These fees are reported on the Funds’ Statements of Operations as “Investment advisory fees”.

Business Management Fees – The Adviser is also entitled to receive an annual business management fee of 0.05%, accrued daily and payable monthly, of the Funds’ average daily net assets in exchange for its management and oversight of the non-investment advisory services provided to the Funds and the Trust. These fees are reported on the Funds’ Statements of Operations as “Business management fees”.

Fee Waivers and Expense Reimbursements (Operating Expense Caps) – The Adviser has contractually agreed to waive a portion of its fees and reimburse certain expenses to limit total annual operating expenses as follows:

Fund(s):			Institutional Shares			Investor Shares			Advisor Shares
Growth Equity, Flexible Equity, Sustainable Growth and Mid-Cap Growth			0.82%			0.97%			1.22%
Small-Cap Growth			1.04%			1.19%			1.44%
Small-Cap Fundamental Value			1.03%			1.18%			1.43%
Sustainable Small-Cap Core			0.93%			1.08%			1.33%
Global Leaders			0.87%			1.02%			1.27%
Sustainable International Leaders			0.85%			1.00%			1.25%
Intermediate Income			0.48%			0.53%			0.78%
Sustainable Bond			0.53%			0.58%			0.83%
Maryland Bond and Mortgage Securities			0.55%			0.60%			0.85%
Tax-Exempt Bond and Tax-Exempt Sustainable Bond			0.62%			0.67%			0.92%
WMC Strategic European Equity			1.11%			1.26%			1.51%
Emerging Markets Select			1.17%			1.32%			1.57%
Sustainable Value and Beutel Goodman Large-Cap Value			0.70%			0.85%			1.10%

During the year ended June 30, 2024, the Adviser waived $17,028 in expenses for Mid-Cap Growth Fund, $92,246 in expenses for Sustainable Small-Cap Core Fund, $75,923 in expenses for Sustainable Value Fund, $104,346 in expenses for Sustainable International Leaders Fund, and $3,096 in expenses for Intermediate Income Fund. The Adviser may recoup any waived amounts from the Funds if such reimbursement does not cause the Funds to exceed its existing expense limitations or the limitation in place at the time the reduction was originally made and the amount recouped is made within three years after the date on which the Adviser waived the expense. The Funds must pay their

 

88

 

Notes to Financial Statements

June 30, 2024(Continued)

current ordinary operating expenses before the Adviser is entitled to any recoupment of previously waived fees and/or expenses. The cumulative amounts of previously waived fees that the Adviser may recoup from the Funds are shown below:

			June 30,
			2025			2026			2027			Total
Mid-Cap Growth Fund			$—			$11,288			$17,028			$28,316
Sustainable Small-Cap Core Fund			89,225			96,918			92,246			278,389
Sustainable Value Fund			N/A			56,368			75,923			132,291
Sustainable International Leaders Fund			59,952			110,385			104,346			274,683
Intermediate Income Fund			—			—			3,096			3,096

Distribution – ALPS Distributors, Inc. (the “Distributor”) serves as principal underwriter for shares of the Funds and acts as each Fund’s Distributor in a continuous public offering of each Fund’s shares.

Rule 12b-1 Distribution Fees – Under a Distribution Plan adopted pursuant to Rule 12b-1 under the Act (“Distribution Plan”), each Fund pays ALPS Distributors, Inc. (the “Distributor”), or any other entity as authorized by the Board, as compensation for the distribution-related and/or shareholder services provided by such entities an aggregate fee equal to 0.25% of the average daily net assets of Advisor Shares for each Fund. The Distributor may pay any or all amounts received under the Rule 12b-1 Plan to financial intermediaries or other persons, including the Adviser, for any distribution or service activity. These fees are reported in the Funds’ Statements of Operations as “Distribution fees – Advisor Shares”.

Shareholder Servicing Fees – The Trust has also adopted a Shareholder Service Plan under which each Fund may pay a fee of up to 0.15% of the average daily net assets of each Fund’s Investor and Advisor Shares (except for the Intermediate Income Fund, Sustainable Bond Fund, Maryland Bond Fund, Tax-Exempt Bond Fund, Tax-Exempt Sustainable Bond Fund and Mortgage Securities Fund, which may pay a fee of up to 0.05%) for shareholder services provided to the Funds by financial institutions, including the Adviser. The Adviser serves as the shareholder servicing agent of the Funds. These fees are reported in the Funds’ Statements of Operations as “Service fees – Investor Shares” and “Service fees – Advisor Shares”.

Investments in Affiliates – Intermediate Income Fund – The Intermediate Income Fund and Mortgage Securities Fund are considered affiliates since Brown Advisory LLC is the Adviser to both of the Funds. In seeking to achieve its investment objective, the Intermediate Income Fund invests a portion of its assets into the Mortgage Securities Fund. As of June 30, 2024, the Intermediate Income Fund owned shares of the Mortgage Securities Fund with a total value of $15,322,826 or 13.2% of the Intermediate Income Fund’s net assets.

The Intermediate Income Fund has entered into a Fee Waiver Agreement (the “Agreement”) with the Adviser. Per the Agreement, the Intermediate Income Fund will waive Advisory Fees in an amount equal to the Advisory Fees earned by the Mortgage Securities Fund on the assets invested into it by the Intermediate Income Fund. For example, if the Intermediate Income Fund owned $10,000,000 worth of the Mortgage Securities Fund for an entire year, it would waive, on an annual basis, $30,000 in Advisory Fees ($10,000,000 multiplied by 0.30%, the annual Advisory Fee ratio for the Mortgage Securities Fund). For the year ended June 30, 2024, the Intermediate Income Fund waived $44,580 in Advisory Fees per the terms of the Agreement. This is a permanent waiver of fees and these waived fees may not be recouped by the Adviser at any time in the future.

See the table below for details of the Intermediate Income Fund’s investment in the Mortgage Securities Fund Institutional Shares for the year ended June 30, 2024:

Beginning Market Value 06/30/2023			Purchases			Sales			Net Realized Gains (Losses)			Change In Unrealized Appreciation (Depreciation)			Ending Market Value 06/30/2024			Dividend Income			Capital Gain Distributions			Shares Owned at 06/30/2024
$15,057,017			$605,000			$ —			$ —			$(339,191)			$15,322,826			$627,096			$   —			1,723,602

Other Service Providers – U.S. Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global Fund Services, an indirect wholly-owned subsidiary of U.S. Bancorp, serves as the Funds’ Administrator

 

89

 

Notes to Financial Statements

June 30, 2024(Continued)

(“Administrator”), and in that capacity, performs various administrative services for the Funds. Fund Services also serves as the Funds’ fund accountant and transfer agent. Certain officers of the Trust are employees of Fund Services and the Funds’ custodian, U.S. Bank, N.A., is an affiliate of the Administrator. Fees paid to Fund Services and U.S. Bank, N.A. for its service can be found in the Statements of Operations as “Administration, accounting and transfer agent fees” and “Custodian fees”, respectively. Additional amounts for miscellaneous expenses may be paid by the Funds to Fund Services and included in “Miscellaneous expenses” in the Statements of Operations.

Rule 17a-7 Transactions – Each Fund is permitted to purchase and sell securities to certain affiliated parties under specified conditions outlined in procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. Pursuant to these procedures, during the year ended June 30, 2024, the WMC Strategic European Equity Fund engaged in such securities sales of $683,842, resulting in realized loss of $214,603. 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, 2024 were as follows:

Fund			Purchases			Sales
Growth Equity			$605,898,062			$2,317,739,249
Flexible Equity			131,735,105			118,333,594
Sustainable Growth			3,119,467,701			3,018,718,573
Mid-Cap Growth			57,536,282			67,474,559
Small-Cap Growth			545,243,029			1,088,285,403
Small-Cap Fundamental Value			544,766,645			538,218,301
Sustainable Small-Cap Core			37,763,418			19,177,304
Sustainable Value			61,271,913			24,377,624
Global Leaders			453,992,592			249,110,642
Sustainable International Leaders			20,941,175			8,362,243
Intermediate Income			​29,697,679			​30,856,098
Sustainable Bond			1,557,984,008			1,664,467,514
Maryland Bond			49,290,463			36,115,070
Tax-Exempt Bond			594,662,194			474,195,449
Tax-Exempt Sustainable Bond			142,082,592			149,186,312
Mortgage Securities			991,586,253			981,189,470
WMC Strategic European Equity			154,717,226			111,990,459
Emerging Markets Select			425,506,484			392,707,224
Beutel Goodman Large-Cap Value			402,046,091			402,084,480

Purchases and sales of U.S. Government securities are included in the totals above and include U.S. Treasury Bonds and Notes. The Funds listed below purchased and sold U.S. Government securities for the year ended June 30, 2024 as follows:

Fund			Purchases			Sales
Intermediate Income			$2,853,469			$5,589,465
Sustainable Bond			65,718,368			68,526,539
Mortgage Securities			—			4,374,654

 

90

 

Notes to Financial Statements

June 30, 2024(Continued)

Note 5. Federal Income Tax and Distribution Information

At June 30, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

			Growth Equity Fund			Flexible Equity Fund			Sustainable Growth Fund			Mid-Cap Growth Fund			Small-Cap Growth Fund			Small-Cap Fundamental Value Fund
Cost of investments			$599,396,126			$391,735,343			$6,151,827,017			$74,390,832			$1,327,081,589			$1,096,593,573
Unrealized appreciation			572,414,545			537,049,378			3,930,742,709			26,147,287			421,239,474			347,535,805
Unrealized depreciation			(25,813,646)			(4,249,872)			(132,801,668)			(3,713,920)			(120,822,415)			(91,214,224)
Net unrealized app (dep)			546,600,899			532,799,506			3,797,941,041			22,433,367			300,417,059			256,321,581
Undistributed income			43,031,519			5,538,581			—			—			6,116,971			25,482,636
Undistributed capital gains			391,342,200			25,678,691			394,648,811			—			73,104,332			106,156,824
Total undistributed earnings			434,373,719			31,217,272			394,648,811			—			79,221,303			131,639,460
Other accumulated gains (losses)			—			—			(8,748,987)			(5,481,865)			—			—
Total distributable earnings (losses)			$980,974,618			$564,016,778			$4,183,840,865			$16,951,502			$379,638,362			$387,961,041

			Sustainable Small-Cap Core Fund			Sustainable Value Fund			Global Leaders Fund			Sustainable International Leaders Fund			Intermediate Income Fund			Sustainable Bond Fund
Cost of investments			$74,797,359			$86,202,529			$1,339,929,197			$33,967,562			$120,794,989			$600,863,626
Unrealized appreciation			12,071,678			15,934,934			684,548,622			6,282,083			171,583			2,730,756
Unrealized depreciation			(9,583,910)			(1,830,422)			(62,645,430)			(1,746,674)			(8,335,970)			(19,155,635)
Net unrealized app (dep)			2,487,768			14,104,512			621,903,192			4,535,409			(8,164,387)			(16,424,879)
Undistributed income			63,438			1,260,322			9,157,352			331,789			260,141			1,537,387
Undistributed capital gains			190,242			—			—			—			—			—
Total undistributed earnings			253,680			1,260,322			9,157,352			331,789			260,141			1,537,387
Other accumulated gains (losses)			—			—			(6,015,831)			(226,636)			(9,992,079)			(122,039,096)
Total distributable earnings (losses)			$2,741,448			$15,364,834			$625,044,713			$4,640,562			$(17,896,325)			$(136,926,588)

 

91

 

Notes to Financial Statements

June 30, 2024(Continued)

			Maryland Bond Fund			Tax-Exempt Bond Fund			Tax-Exempt Sustainable Bond			Mortgage Securities Fund			WMC Strategic European Equity Fund			Emerging Markets Select Fund
Cost of investments			$173,801,652			$932,598,265			$289,165,385			$357,859,623			$273,203,177			$530,799,175
Unrealized appreciation			1,436,303			22,104,556			2,000,210			898,658			72,382,337			146,835,288
Unrealized depreciation			(8,088,012)			(22,873,347)			(12,705,232)			(18,396,429)			(21,326,164)			(48,712,692)
Net unrealized app (dep)			(6,651,709)			(768,791)			(10,705,022)			(17,497,771)			51,056,173			98,122,596
Undistributed income			362,623^			2,439,852^			682,662^			826,318			7,817,241			11,449,313
Undistributed capital gains			—			—			—			—			2,068,798			—
Total undistributed earnings			362,623			2,439,852			682,662			826,318			9,886,039			11,449,313
Other accumulated gains (losses)			(7,569,774)			(92,099,960)			(15,737,948)			(31,088,228)			(69,524)			(78,813,550)
Total distributable earnings (losses)			$(13,858,860)			$(90,428,899)			$(25,760,308)			$(47,759,681)			$60,872,688			$30,758,359

			Beutel Goodman Large-Cap Value Fund
Cost of investments			$1,598,820,623
Unrealized appreciation			391,821,089
Unrealized depreciation			(88,071,080)
Net unrealized app (dep)			303,750,009
Undistributed income			21,387,010
Undistributed capital gains			74,714,139
Total undistributed earnings			96,101,149
Other accumulated gains (losses)			—
Total distributable earnings (losses)			$399,851,158

^
Represents income that is exempt from federal income taxes.

 

92

 

Notes to Financial Statements

June 30, 2024(Continued)

At June 30, 2024 the differences between tax basis and book basis amounts were primarily due to wash sales, post-October losses, post-December ordinary losses, timing differences related to the amortization of premium on certain fixed income securities, and distributions payable.

At June 30, 2024, the following capital loss carryforwards and tax deferrals were available and outstanding, respectively:

			Capital Loss Carryforwards (Non-Expiring)									Tax Deferrals
Fund			Short-Term			Long-Term			Total			Post-October Capital Losses			Post-December Ordinary Losses
Growth Equity			$—			$—			$—			$   —			$—
Flexible Equity			—			—			—			—			—
Sustainable Growth			—			—			—			—			(8,748,987)
Mid-Cap Growth			(5,309,932)			—			(5,309,932)			—			(171,933)
Small-Cap Growth			—			—			—			—			—
Small-Cap Fundamental Value			—			—			—			—			—
Sustainable Small-Cap Core			—			—			—			—			—
Sustainable Value			—			—			—			—			—
Global Leaders			(3,371,670)			(2,631,740)			(6,003,410)			—			—
Sustainable International Leaders			(226,375)			—			(226,375)			—			—
Intermediate Income			(3,409,349)			(6,349,024)			(9,758,373)			—			—
Sustainable Bond			(60,551,555)			(60,143,615)			(120,695,170)			—			—
Maryland Bond			(222,050)			(6,985,111)			(7,207,161)			—			—
Tax-Exempt Bond			(27,292,814)			(62,367,697)			(89,660,511)			—			—
Tax-Exempt Sustainable Bond			(3,703,909)			(11,351,331)			(15,055,240)			—			—
Mortgage Securities			(25,429,650)			(4,929,101)			(30,358,751)			—			—
WMC Strategic European Equity			—			—			—			—			—
Emerging Markets Select			(41,528,256)			(31,314,311)			(72,842,567)			—			—
Beutel Goodman Large-Cap Value			—			—			—			—			—

 

93

 

Notes to Financial Statements

June 30, 2024(Continued)

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

			Tax Exempt Income						Ordinary Income						Long-Term Capital Gain^
Fund			June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Growth Equity			$—			$—			$—			$—			$150,454,901			$154,275,441
Flexible Equity			—			—			2,099,783			1,834,982			18,908,484			20,267,064
Sustainable Growth			—			—			633,371			10,470			427			—
Mid-Cap Growth			—			—			—			—			—			6,173,357
Small-Cap Growth			—			—			—			—			—			151,387,604
Small-Cap Fundamental Value			—			—			8,209,043			4,527,234			67,260,302			63,667,844
Sustainable Small-Cap Core			—			—			104,510			440			—			176
Sustainable Value			—			—			659,597			—			—			—
Global Leaders			—			—			8,773,970			7,386,738			—			—
Sustainable International Leaders			—			—			153,689			38,904			—			—
Intermediate Income			—			—			3,968,874			3,282,894			—			—
Sustainable Bond			—			—			24,951,274			9,471,969			—			—
Maryland Bond			5,095,216			4,470,119			198,465			137,349			—			—
Tax-Exempt Bond			31,623,163			24,497,918			2,643,317			1,843,194			—			—
Tax-Exempt Sustainable Bond			9,552,568			7,295,855			834,512			663,595			—			—
Mortgage Securities			—			—			12,150,981			9,691,538			—			—
WMC Strategic European Equity			—			—			3,666,703			3,633,267			—			1,383,176
Emerging Markets Select			—			—			9,953,477			6,117,691			—			—
Beutel Goodman Large-Cap Value			—			—			30,539,664			36,650,998			—			15,444,813

^
Designated as a long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3). The Funds, as applicable, have also designated earnings and profits distributed to shareholders on the redemption of shares as capital gains in order to reduce earningsand profits of the Fund related to net capital gains to zero as of the date of this report.

U.S GAAP requires that certain components of net assets (presented on the Statements of Assets and Liabilities) be reclassified forpermanent 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, distribution reclassifications, equalization, and income adjustments to asset-backed security transactions. These reclassifications have no impact on the net assets of the Funds or the Funds’ NAV’s. For the year ended June 30, 2024, the following reclassifications were made:

Fund			Paid-in Capital			Distributable Earnings (Loss)
Growth Equity			$291,482,902			$(291,482,902)
Flexible Equity			1,715,445			(1,715,445)
Sustainable Growth			20,806,269			(20,806,269)
Mid-Cap Growth			(790,117)			790,117
Small-Cap Growth			8,293,739			(8,293,739)
Small-Cap Fundamental Value			8,732,407			(8,732,407)
Sustainable Small-Cap Core			182			(182)
Sustainable Value			—			—
Global Leaders			—			—
Sustainable International Leaders			—			—

 

94

 

Notes to Financial Statements

June 30, 2024(Continued)

Fund			Paid-in Capital			Distributable Earnings (Loss)
Intermediate Income			$—			$—
Sustainable Bond			—			​—
Maryland Bond			—			​—
Tax-Exempt Bond			—			​—
Tax-Exempt Sustainable Bond			—			​—
Mortgage Securities			—			​—
WMC Strategic European Equity			393,708			​(393,708)
Emerging Markets Select			—			​—
Beutel Goodman Large-Cap Value			4,670,964			​(4,670,964)

Note 6. Futures Contracts

The Intermediate Income Fund, Sustainable Bond Fund, and Mortgage Securities Fund invested in futures contracts during the year ended June 30, 2024. At the time a Fund purchases or enters into a futures contract, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the terms of the contract. This collateral may consist of cash and/or securities (generally U.S. Treasury Bills). Thereafter, in connection with changes in the value of the futures contracts, the Funds may send or receive collateral to or from the broker. Such amounts are included on the Statements of Assets and Liabilities as “Cash deposit at broker – futures contracts” or “Cash collateral from broker – futures contracts”. Securities pledged as collateral, ifthere are any, are included on the Statements of Assets and Liabilities as part of “Total investments, at value”. These securities are also tickmarked on the Schedules of Investments as being pledged in connection with open futures contracts.

Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the fluctuation in the value of the contract. These daily fluctuations are known as variation margin and are recorded by the Fund as unrealized gains or losses on futures contracts. When these futures contracts are closed, realized gains or losses on futures contracts are recorded by the Fund. The realized gains or losses are reported in the Statement of Operations as net realized gains or losses from futures contracts. Depending upon the agreement with the broker, the Funds may or may not settle variation margin daily. The Funds attempt to mitigate counterparty credit risk by only entering into futures contracts with brokers that the Funds believe have the financial resources to honor their obligations and by monitoring the financial stability of these brokers. The “Notional Amount” of futures contracts shown on the Schedule of Investments represents the notional value of the futures contracts on the day they were opened. The “Notional Value” of futures contracts shown on the Schedule of Investments represents the notional value of the futures contracts as of the date of this report. For long futures contracts, an excess of Notional Value over Notional Amount results in unrealized appreciation on the futures contract (and an excess of Notional Amount over Notional Value results in unrealized depreciation on the futures contract). The opposite is true for short futures contracts. For futures contracts denominated in foreign currencies, both the Notional Amount and Notional Value have been translated into U.S. Dollars as of the date of this report. These unrealized appreciation (depreciation) amounts represent the net impact on a Fund’s net assets as a result of open futures contracts as of the date of this report. The use of long futures contracts by the Funds subjects them to a risk of loss in excess of the gross unrealized appreciation and/or gross unrealized depreciation amounts shown on the Statements of Assets and Liabilities and up to the total Notional Amount of the futures contract as shown on the Schedule of Investments. The use of short futures contracts by the Funds subjects them to a risk of loss in excess of the gross unrealized appreciation and/or gross unrealized depreciation amounts shown on the Statements of Assets and Liabilities and, hypothetically, up to an unlimited amount of loss that could exceed the Notional Amount of the futures contracts as shown on the Schedules of Investments.

 

95

 

Notes to Financial Statements

June 30, 2024(Continued)

During the year ended June 30, 2024, investments in futures contracts were as follows:

						Average Notional Value Outstanding
Fund			Risk Type			Long Futures Contracts			Short Futures Contracts
Intermediate Income			Interest Rate			$24,830,485			$(8,052,226)
Sustainable Bond			Interest Rate			100,141,527			(46,606,634)
Mortgage Securities			Interest Rate			21,038,583			(13,328,054)

Investment in long futures contracts increases a Fund’s exposure to interest rate risk, while investment in short futures contracts serves to reduce a Fund’s exposure to interest rate risk. Assets and/or liabilities related to futures contracts were not subject to an arrangement wherein those assets and/or liabilities were, or could have been, settled on a net basis with any other derivative related obligations.

Note 7. Line of Credit

As of June 30, 2024, Brown Advisory Funds has a secured line of credit of up to $100,000,000 with U.S. Bank, N.A. The interest rate on the line of credit as of the date of this report was 8.50% (prime rate). The following table shows the details of the Funds’ borrowing activity during the year ended June 30, 2024. Funds that are not listed did not utilize the line of credit during the period.

Fund			Maximum Outstanding Balance			Average Daily Balance			Total Interest Expense Incurred			Average Annual Interest Rate
Sustainable Bond			$4,033,000			$11,019			$952			8.50%

Note 8. Subsequent Events

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition through the date the financial statements were issued. No material events or transactions occurred subsequent to June 30, 2024 that would require recognition or disclosure in these financial statements.

 

96

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

June 30, 2024

To the Shareholders and Board of Trustees

Brown Advisory Funds

Baltimore, MD

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Brown Advisory Growth Equity Fund, Brown Advisory Flexible Equity Fund, Brown Advisory Sustainable Growth Fund, Brown Advisory Mid-Cap Growth Fund, Brown Advisory Small-Cap Growth Fund, Brown Advisory Small-Cap Fundamental Value Fund, Brown Advisory Sustainable Small-Cap Core Fund, Brown Advisory Sustainable Value Fund, Brown Advisory Global Leaders Fund, Brown Advisory Sustainable International Leaders Fund, Brown Advisory Intermediate Income Fund, Brown Advisory Sustainable Bond Fund, Brown Advisory Maryland Bond Fund, Brown Advisory Tax-Exempt Bond Fund, Brown Advisory Tax-Exempt Sustainable Bond Fund, Brown Advisory Mortgage Securities Fund, Brown Advisory – WMC Strategic European Equity Fund, Brown Advisory Emerging Markets Select Fund and Brown Advisory – Beutel Goodman Large-Cap Value Fund (the “Funds”), each a series of Brown Advisory Funds (the “Trust”), including the schedules of investments, as of June 30, 2024, the related statements of operations, the statement of changes in net assets and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2024, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Funds constituting Brown Advisory Funds			Statement of Operations			Statements of Changes in Net Assets			Financial Highlights
Brown Advisory Growth Equity Fund, Brown Advisory Flexible Equity Fund, Brown Advisory Sustainable Growth Fund, Brown Advisory Mid-Cap Growth Fund, Brown Advisory Small-Cap Growth Fund, Brown Advisory Small-Cap Fundamental Value Fund, Brown Advisory Global Leaders Fund, Brown Advisory Intermediate Income Fund, Brown Advisory Sustainable Bond Fund, Brown Advisory Maryland Bond Fund, Brown Advisory Tax-Exempt Bond Fund, Brown Advisory Mortgage Securities Fund, Brown Advisory – WMC Strategic European Equity Fund, Brown Advisory Emerging Markets Select Fund, Brown Advisory – Beutel Goodman Large-Cap Value Fund			For the year ended June 30, 2024			For each of the two years in the period ended June 30, 2024			For each of the five years in the period ended June 30, 2024
Brown Advisory Tax-Exempt Sustainable Bond Fund			For the year ended June 30, 2024			For each of the two years in the period ended June 30, 2024			For each of the four years in the period ended June 30, 2024 and the period from December 2, 2019 (commencement of operations) through June 30, 2020

 

97

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

June 30, 2024(Continued)

Individual Funds constituting Brown Advisory Funds			Statement of Operations			Statements of Changes in Net Assets			Financial Highlights
Brown Advisory Sustainable Small-Cap Core Fund			For the year ended June 30, 2024			For each of the two years in the period ended June 30, 2024			For each of the two years in the period ended June 30, 2024 and for the period from September 30, 2021 (commencement of operations) through June 30, 2022
Brown Advisory Sustainable International Leaders Fund			For the year ended June 30, 2024			For each of the two years in the period ended June 30, 2024			For each of the two years in the period ended June 30, 2024 and for the period from February 28, 2022 (commencement of operations) through June 30, 2022
Brown Advisory Sustainable Value Fund			For the year ended June 30, 2024			For the year ended June 30, 2024 and for the period from February 28, 2023 (commencement of operations) through June 30, 2023			For the year ended June 30, 2024 and for the period from February 28, 2023 (commencement of operations) through June 30, 2023

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2008.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 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.

 

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

August 28, 2024

 

98

 

(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

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.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See Item 7(a).

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

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 16. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is 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.

(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

(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.

(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.

(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.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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: September 6, 2024

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: September 6, 2024

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

Date: September 6, 2024

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