ANNUAL REPORT

June 30, 2021

Brown Advisory Growth Equity Fund

Brown Advisory Flexible Equity Fund

Brown Advisory Equity Income 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 Total Return 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

TABLE OF CONTENTS

Brown Advisory Growth Equity Fund		1
Brown Advisory Flexible Equity Fund		4
Brown Advisory Equity Income Fund		8
Brown Advisory Sustainable Growth Fund		12
Brown Advisory Mid-Cap Growth Fund		15
Brown Advisory Small-Cap Growth Fund		19
Brown Advisory Small-Cap Fundamental Value Fund		25
Brown Advisory Global Leaders Fund		29
Brown Advisory Intermediate Income Fund		33
Brown Advisory Total Return Fund		39
Brown Advisory Sustainable Bond Fund		47
Brown Advisory Maryland Bond Fund		54
Brown Advisory Tax-Exempt Bond Fund		58
Brown Advisory Tax-Exempt Sustainable Bond Fund		66
Brown Advisory Mortgage Securities Fund		71
Brown Advisory – WMC Strategic European Equity Fund		82
Brown Advisory Emerging Markets Select Fund		85
Brown Advisory – Beutel Goodman Large-Cap Value Fund		89
Statements of Assets and Liabilities		93
Statements of Operations		98
Statements of Changes in Net Assets		103
Financial Highlights		112
Notes to Financial Statements		120
Report of Independent Registered Public Accounting Firm		135
Additional Information		137

The views in the report contained herein were those of the Funds’ investment adviser, Brown Advisory LLC, or, for the sub-advised funds, of the respective sub-adviser, as of June 30, 2021 and may not reflect their views on the date this report is first published or anytime thereafter. This report may contain discussions about certain investments both held and not held in the portfolio as of June 30, 2021. All current and future holdings are subject to risk and are subject to change. While these views are intended to assist shareholders in understanding their investment in each Fund, they do not constitute investment advice, are not a guarantee of future performance and are not intended as an offer or solicitation with respect to the purchase or sale of any security. Performance figures include the reinvestment of dividend and capital gain distributions.

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.

GLOSSARY OF TERMS

Absolute basis is to express as a fixed amount rather than referring to variable factors.

Absolute performance refers to the percentage rise or fall in the share price of a security over a stated period.

Absolute return refers to the percent amount that an asset rises or declines in value in a given period.

Alpha refers to the abnormal rate of return on a security or portfolio in excess of what would be predicted by an equilibrium model like the capital asset pricing model (CAPM).

American Rescue Plan (ARP) is a $1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the United States’ recovery from the economic and health effects of the COVID-19 pandemic and the ongoing recession.

Bloomberg Barclays 1-10 Year Blended Municipal Bond Index is a market index of high quality, domestic fixed income securities with maturities of less than 10 years.

Bloomberg Barclays Intermediate US Aggregate Bond Index represents domestic taxable investment-grade bonds with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities with average maturities and durations in the intermediate range. This index represents a sector of the Bloomberg Barclays US Aggregate Bond Index.

Bloomberg Barclays Mortgage Backed Securities Index is a market value-weighted index which covers the mortgage-backed securities component of the Bloomberg Barclays US Aggregate Bond Index. The index is composed of agency mortgage-backed passthrough securities of the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) with a minimum $150 million par amount outstanding and a weighted-average maturity of at least 1 year. The index includes reinvestment of income.

Bloomberg Barclays US Aggregate Bond Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS, ABS and CMBS.

Bloomberg Barclays US Corporate High Yield Index measures the US Dollar denominated, high-yield, fixed-rate corporate bond market.

Basis point(s) (bps) is a unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security. 1% is equal to 100 basis points.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.

Book value is the net asset value of a company, calculated by total assets minus intangible assets (patents, goodwill) and liabilities.

CAPEX, or capital expenditures, are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. It is often used to undertake new projects or investments by the firm. This type of outlay is also made by companies to maintain or increase the scope of their operations.

Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.

Coronavirus Aid, Relief, and Economic Security Act (CARES Act), also known as the CARES Act, is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States.

Correlation is a statistical measurement of how two securities move in relation to each other.

Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality. Credit spreads between U.S. Treasuries and other bond issuances are measured in basis points, with a 1% difference in yield equal to a spread of 100 basis points.

Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock.

Downside Capture is a statistical measure of a fund’s performance in down markets. For example, a fund with downside capture of 90% would only have declined 90% as much as the related index during the same down market period.

Duration is a measure of the sensitivity of the price of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years.

GLOSSARY OF TERMS

Duration contribution equals the spread duration, or the measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates, of a security or market segment multiplied by the size of the allocation to it.

Earnings growth is a measure of growth in a company’s net income over a specific period, often one year. The term can apply to actual data from previous periods or estimated data for future periods.

Earnings per share (EPS) is calculated by taking the total earnings divided by the number of shares outstanding.

Earnings Yield is the earnings per share for the most recent 12-month period divided by the current market price per share. The earnings yield shows the percentage of each dollar invested in the stock that was earned by the company.

EBITDA is the Earnings Before Interest, Taxes, Depreciation and Amortization. An approximate measure of a company’s operating cash flow based on data from the company’s income statement.

Enterprise Value (EV) is a measure of a company’s value, often used as an alternative to straightforward market capitalization. Enterprise Value is calculated as market capitalization plus debt, minority interest and preferred shares, minus total cash and cash equivalents.

Environmental, Social and Governance (ESG) is an evaluation of a firm’s collective conscientiousness for social and environmental factors. The criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.

FTSE All-World Index is a market capitalization weighted index representing the performance of large and mid-capitalization stocks from the FTSE Global Equity Index Series.

FTSE Emerging Index is a market capitalization weighted index representing the performance of over 790 large and mid-capitalization companies in 22 emerging markets.

Forward price to earnings ratio uses forecasted earnings, rather than current earnings, to calculate the price to earnings ratio.

Free Cash Flow is the operating cash flows (net income plus amortization and depreciation) minus capital expenditures and dividends. Free cash flow is the amount of cash that a company has left over after it has paid all of its expenses, including investments.

Free Cash Flow (FCF) Conversion represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets. Unlike earnings or net income, free cash flow is a measure of profitability that excludes the non-cash expenses of the income statement and includes spending on equipment and assets as well as changes in working capital from the balance sheet.

Free Cash Flow (FCF) Yield is a financial ratio that compares the free cash flow per share a company is expected to earn against its market value per share. The ratio is calculated by taking the free cash flow per share divided by the current share price.

Global Financial Crisis refers to the financial crisis of 2007-2008, which was a severe worldwide economic crisis. Prior to the COVID-19 recession in 2020, it was considered by many economists to have been the most serious financial crisis since the Great Depression.

Government agency residential mortgage-backed security is an instrument whose principal and interest payments are guaranteed by a government agency such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Gross Domestic Product (GDP) is the monetary value of all the goods and services produced by an economy over a specified period. It includes consumption, government purchases, investments, and exports minus imports.

ICE BofAML 0-3 Month US Treasury Bill Index is a subset of the ICE BofAML US Treasury Bill Index and includes all securities with a remaining term to final maturity less than 3 months.

Inflation rate refers to the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.

Internal rate of return (IRR) is a metric used in financial analysis to estimate the profitability of potential investments. IRR is a discount rate that makes the net present value (NPV) of all cash flows equal to zero in a discounted cash flow analysis.

Mandatory convertible is a bond issued by a company which must be converted into shares to common stock on or before a specific date.

Meme stocks are stocks that see dramatic price increases, mostly fueled by people on social media (primarily Reddit, Twitter and Tik Tok). These stocks rarely have company fundamentals that back the rise in price and are often highly volatile.

Mortgage-backed security (MBS) is an investment similar to a bond that is made up of a bundle of home loans bought from the banks that issued them. Investors in MBS receive periodic payments similar to bond coupon payments.

GLOSSARY OF TERMS

MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

MSCI Emerging Markets Small Cap Index is a free float-adjusted market capitalization index that is designed to measure small cap equity market performance in the global emerging markets.

MSCI Europe Index is an index that captures large and mid cap representation across 15 developed market countries in Europe.

Net present value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows over a period of time. NPV is used in capital budgeting and investment planning to analyze the profitability of a projected investment or project.

90% active share is an active share that was developed to quantify the degree of active management and measures the fraction of portfolio (based on position weights) that differs from the benchmark index. A portfolio with an active share of more than 60% is considered actively managed. Therefore, a 90% active share portfolio significantly differs from its index.

Positive Convexity is a measure describing the sensitivity of a bond’s duration to changes in yield where a fall in yields leads to a greater increase in price than price declines due to an increase in yields providing downside protection for investors.

Price to Book Value Ratio (P/B) is ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share.

Price to earnings ratio (P/E) is a common tool for comparing the prices of different common stocks and is calculated by dividing the current market price of a stock by the earnings per share.

Quantitative Easing is an expansionary monetary policy implemented by a central bank aiming to increase the money supply and decrease interest rates by buying bonds in order to inject liquidity into the economy.

Relative performance measures how a stock is performing relative to a specific market or index.

Return of Capital (ROC) is a return from an investment that is not considered income. The return of capital is when some or all of the money an investor has in an investment is paid back to him or her, thus decreasing the value of the investment.

Return on Capital Employed (ROCE) is a financial ratio that measures a company’s profitability and the efficiency with which its capital is employed. Return on Capital Employed (ROCE) is calculated as: ROCE = Earnings Before Interest and Tax (EBIT) / Capital Employed.

Return on Equity (ROE) is the amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested.

Return on Invested Capital (ROIC) is a calculation used to assess a company’s efficiency at allocating the capital under its control to profitable investments. ROIC is typically calculated by taking a company’s net income, subtracting dividends the company paid out and dividing that amount by the company’s total capital.

Risk-adjusted return refers to a calculation of the profit or potential profit from an investment that takes into account the degree of risk that must be accepted in order to achieve it. The risk is usually measured in comparison to U.S. Treasuries.

Russell Midcap Growth Index measures the performance of the mid-capitalization growth sector of the U.S. equity market.

Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the of the U.S. equity universe. It includes those Russell 1000^® companies with higher price to book value ratios and higher forecasted growth values.

Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® companies with lower price to book value ratios and lower expected growth values.

Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® companies with higher price to book value ratios and higher forecasted growth values.

Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index.

Russell 2000^® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® companies with lower price to book value ratios and lower forecasted growth values.

Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies representing approximately 98% of the investable U.S. equity market.

S&P 500 Index (“S&P 500”) is a market-value weighted index representing the performance of 500 widely held, publicly traded large capitalization stocks.

Securitized credit refers to the transformation of illiquid, nonmarketed assets into liquid, marketable assets, or in other words, securities.

GLOSSARY OF TERMS

Sell-side research is investment research issued by an investment bank or brokerage firm that is circulated to the firm’s clients. The ultimate outcome of the research is to provide a report including a set of financial estimates, a price target, and a recommendation of a stock’s expected performance.

Standard deviation is a statistical measure of the extent to which returns of an asset vary from its average.

Sustainable Business Advantage Drivers (SBA Drivers) refers to characteristic determined to help drive material value for customers and meaningful differentiation versus peers, as well as strong ESG risk management.

Tangible Book Value (“TBV”) is a valuation ratio expressing the price of a security compared to its hard, or tangible, book value as reported in the company’s balance sheet. The tangible book value number is equal to the company’s total book value less the value of any intangible assets.

Tier 1 Capital Ratio is a comparison between a banking firm’s core equity capital and total risk-weighted assets. A firm’s core equity capital is known as its Tier 1 capital and is the measure of a bank’s financial strength based on the sum of its equity capital and disclosed reserves, and sometimes non-redeemable, non-cumulative preferred stock. A firm’s risk-weighted assets include all assets that the firm holds that are systematically weighted for credit risk. Central banks typically develop the weighting scale for different asset classes, such as cash and coins, which have zero risk, versus a letter or credit, which carries more risk.

Turnover refers to a fund buying or selling securities. (The fund “turns over” its portfolio.) A fund pays transaction costs, such as commissions, when it buys and sells securities. Additionally, a higher turnover rate may result in higher taxes when the fund shares are held in a taxable account.

Yield concessions is when an investor gives up some yield by buying a lower yielding bond that if one were to invest in a higher yielding bond.

Yield Curve is a line that plots the yields of securities having equal credit quality but different maturity dates.

Yield Spread is the difference between yields on differing securities, calculated by deducting the yield of one security from another.

The broad based market indexes referenced in the following management commentaries are considered representative of their indicated market, the indexes are unmanaged and do not reflect the deduction of fees, such as, investment management and fund accounting fees, or taxes associated with a mutual fund. Investors cannot invest directly in an index.

Brown Advisory Growth Equity Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Growth Equity Fund – Investor Shares (the “Fund”) increased 34.98% in value. During the same period, the Russell 1000^® Growth Index (the “Index”), the Fund’s benchmark, increased 42.50%.

Low interest rates and strong corporate earnings helped to keep equity markets buoyant as investors looked to move beyond the COVID-19 pandemic. As vaccination levels rose in many countries, the path to reopening began. Investors embraced the notion of normalcy throughout global economies, however the spreading delta variant is threatening to stall recovery efforts in several geographies and we believe is likely to delay the all clear signal for some time. Market leadership vacillated between value and growth stocks as investors attempted to handicap the progress of the recovery or lack thereof. While the momentum has slowed in the consumer discretionary and technology stocks that were the biggest COVID-19 beneficiaries, they remained the biggest drivers of benchmark returns over the course the past twelve months. The Fund performed well on an absolute basis, however it trailed the benchmark primarily due to an underweight to the aforementioned COVID-19 trade. The Fund made up some ground relative to the Index in recent months as the momentum bled off some of the mega-cap technology and consumer stocks that had been dominating market returns.

All economic sectors provided a positive contribution to the portfolio. However, as mentioned previously, the consumer discretionary and technology stocks that rode the COVID-19 wave detracted from a relative perspective. There were only three stocks in the portfolio that were down in absolute terms. One of the underperforming stocks was a recent addition to the portfolio, and the other two were eliminated during the period, specifically Illumina and Vontier, which was a spinoff from another holding. The biggest positive contributors to performance were primarily technology companies such as PayPal, Alphabet, and NXP Semiconductors that have participated in the technology rally.

The COVID-19 pandemic provided a temporary accelerant to many stocks associated with digital transformation; however, some business models are likely to be more resilient than others. We believe that digital advertising is likely to be one of them. The secular trend in digital advertising which began many years before COVID-19 and then accelerated during the pandemic, has remained quite strong as evidenced by the recent results of companies like Alphabet and Facebook. For these two companies alone, digital advertising grew more than 30% in the last quarter. While the portfolio has had exposure to this trend for years, we have added additional exposure, with the recent purchase of Pinterest. Pinterest’s revenues of $1.7 billion represent a small fraction of the total addressable market and Pinterest is as close to a pure play in online advertising as one can get. We believe the business model is much earlier in its lifecycle than many of the other players in this industry and we believe a long runway for growth remains.

Sincerely,

Kenneth M. Stuzin, CFA Portfolio Manager

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. Investments in medium capitalization companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock. The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. Investments in foreign securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. These risks are greater for investments in emerging markets. The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Growth Equity Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund as measured against broad-based securities market indices. The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® companies with higher price to book ratios and higher forecasted growth values. The S&P 500 Index is a market-value weighted index representing the performance of 500 widely held, publicly traded large capitalization stocks. The indexes are unmanaged and do not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Information Technology	33.6%
Health Care	20.9%
Communication Services	12.2%
Industrials	10.2%
Consumer Discretionary	8.1%
Consumer Staples	7.4%
Materials	3.0%
Real Estate Investment Trusts	3.0%
Money Market Funds	1.5%
Other Assets and Liabilities	0.1%
	100.0%

Average Annual Total Return	One Year	Five Year	Ten Year
Institutional Shares¹	35.14%	23.26%	16.08%
Investor Shares	34.98%	23.08%	15.91%
Advisor Shares	34.63%	22.78%	15.63%
Russell 1000^® Growth Index	42.50%	23.66%	17.87%
S&P 500 Index	40.79%	17.65%	14.84%

	Institutional Shares	Investor Shares	Advisor Shares
Gross Expense Ratio²	0.69%	0.84%	1.09%
Net Expense Ratio²	0.69%	0.84%	1.09%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/growth-equity-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects periods during which fee waivers were in effect. In the absence of such waivers, total return would have been reduced. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

¹	Performance information for the Institutional Shares, prior to commencement of operations on October 19, 2012, is based on the performance of Investor Shares, and adjusted for the lower expenses applicable to Institutional Shares.
²	Per the Fund’s prospectus dated October 31, 2020. Refer to the financial highlights for the gross and net expense ratios for the year ended as of the date of this report. Please note that the expense ratios per the prospectus include acquired fund fees and expenses (as applicable) and the expense ratios in the financial highlights do not.

www.brownadvisory.com/mf

Brown Advisory Growth Equity Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 95.4%

Communication Services — 12.2%
		64,581	Alphabet, Inc. — Class C*		161,860,652
		709,802	Electronic Arts, Inc.		102,090,822
		672,066	Match Group, Inc.*		108,370,642
		745,387	Pinterest, Inc.*		58,848,304
					431,170,420
Consumer Discretionary — 8.1%
		39,138	Amazon.com, Inc.*		134,640,982
		997,125	Chewy, Inc.*		79,480,834
		194,380	Lululemon Athletica, Inc.*		70,942,868
					285,064,684
Consumer Staples — 7.4%
		1,019,376	Brown-Forman Corp.		76,392,038
		184,209	Costco Wholesale Corp.		72,885,975
		348,793	Estee Lauder Companies, Inc.		110,944,077
					260,222,090
Health Care — 20.9%
		222,341	Danaher Corp.		59,667,430
		260,864	DexCom, Inc.*		111,388,928
		1,023,114	Edwards Lifesciences Corp.*		105,963,917
		159,007	Intuitive Surgical, Inc.*		146,229,197
		240,057	Thermo Fisher Scientific, Inc.		121,101,555
		271,822	Veeva Systems, Inc.*		84,523,051
		584,305	Zoetis, Inc.		108,891,080
					737,765,158
Industrials — 10.2%
		278,454	Cintas Corp.		106,369,428
		372,639	IDEX Corp.		81,999,212
		388,292	L3Harris Technologies, Inc.		83,929,316
		189,126	Roper Technologies, Inc.		88,927,045
					361,225,001
Information Technology — 33.6%
		213,546	Adobe, Inc.*		125,061,079
		413,582	Autodesk, Inc.*		120,724,586
		281,158	Intuit, Inc.		137,815,217
		390,853	MasterCard, Inc.		142,696,522
		573,694	Microsoft Corp.		155,413,705
		589,167	NXP Semiconductors NV		121,203,435
		525,791	PayPal Holdings, Inc.*		153,257,561
		186,984	ServiceNow, Inc.*		102,757,057
		86,639	Shopify, Inc.*		126,577,846
					1,185,507,008
Materials — 3.0%
		392,473	Sherwin-Williams Co.		106,929,269
Total Common Stocks (Cost $1,542,452,725)					3,367,883,630

Real Estate Investment Trusts — 3.0%
		335,482	SBA Communications Corp.		106,918,114
Total Real Estate Investment Trusts (Cost $30,948,559)					106,918,114

Short-Term Investments — 1.5%

Money Market Funds — 1.5%
		52,998,101	First American Government
			Obligations Fund — Class Z, 0.02%#		52,998,101
Total Short-Term Investments (Cost $52,998,101)					52,998,101
Total Investments — 99.9% (Cost $1,626,399,385)					3,527,799,845
Other Assets in Excess of Liabilities — 0.1%					2,185,023
NET ASSETS — 100.0%				$	3,529,984,868

	*	Non-Income Producing
	#	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Flexible Equity Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Flexible Equity Fund – Investor Shares (the “Fund”) increased 45.05% in value. During the same period, the S&P 500^® Index (the “Index”), the Fund’s benchmark, increased 40.79%.

The U.S. equity market returns for the 12-month period are, in our opinion, nothing short of impressive against a backdrop of a worldwide pandemic.

Despite tremendous uncertainty due to the unknown nature of the pandemic and a world-wide lockdown, we had confidence in the recovery of the economy and the U.S. equity markets. We are pleased that our process, which is based on bottom-up stock picking focused on investing in well-managed businesses that can weather uncertain economic environment, has helped the Fund outperform its benchmark over the last 12 months, a period that has witnessed extreme macroeconomic volatility.

We do not overly rely on anyone’s ability to predict macroeconomic environment correctly since we consider this exercise as incredibly challenging given the complexities of the global economy and the number of factors that can influence its ultimate outcome. In addition, we believe economic forecasting models are unreliable in predicting turns. This is especially true in the current environment of unprecedented monetary policy, fiscal stimulus and change in the political climate. Given the complexity and uncertainty, we refrain from overlaying a top-down macro view on our strategy. That’s not to say that we ignore every evolving macro condition and its potential impact on individual holdings. With the recent surge in inflationary data, we undertook the exercise of combing through our portfolio to better understand its impact on the various business models. It was imperative given that consumer prices have continued to rise rapidly in the U.S. in recent months, reflecting a surge in demand along with shortages of labor and material with the continued opening of the U.S. economy. Some of the inflation numbers being reported are the highest since 2008 and are running meaningfully above the Federal Reserve’s longer run goal of 2%. The Federal Reserve has continued to downplay inflationary risk and maintained that the current inflation numbers are ‘transitory.’ According to the Fed, the numbers are being impacted due to an easy comparison with 2020 when inflation was particularly weak and also due to temporary disruptions in supply chains, which it expects to adjust in short order.

Stock selection was a more meaningful contributor to the return than our sector allocation relative to the Index. No sector declined during the period and all sectors had double-digit returns. Communications services, financials and health care contributed the most to the portfolio’s return relative to the Index. Communications services and financials both had a higher weighting and a higher return than the Index, while health care had a lower weighting but a higher return.

Compared to the Index, the Fund’s energy and real estate holdings detracted the most from results. While the weightings were similar, the sectors in the portfolio did not increase as much as those in the Index.

The biggest contributors to returns in the 12-month period were Alphabet Inc. CL C, a holding company for Google and Other Bets segments, Facebook, a leader in social media, Apple Inc., a manufacturer of various personal digital, computing and communications devices, Microsoft Corp., a leading technology services and software business and Berkshire Hathaway, Inc., a diversified insurance and industrial company (Warren Buffett’s company). These companies are all long-term holdings and among the largest in the Fund. We continue to like their long-term prospects.

Two holdings detracted from the returns, Kinder Morgan, a pipeline transportation company and Organon, a spin-off from Merck focused on women’s health, biosimilars and established brands. We eliminated both. Despite its low valuation, Kinder Morgan does not provide a compelling investment for us because its growth opportunities appear to be diminished. We sold Organon in favor of adding to our Merck holding. We view Merck as having greater appreciation potential than the Organon businesses.

In total, we added five new investments and eliminated four since our December 31, 2020 Semi- Annual Report to shareholders.

We initiated a position in retailer Bed Bath and Beyond. The company is in the midst of a significant turnaround creating an opportunity to invest in a company with meaningful upside.

We invested in First Citizens BancShares, Inc. and CIT Group. First Citizens BancShares is a hundred plus year-old well-run bank with meaningful insider ownership and a demonstrated record of superior risk management and value creation. With its pending merger with CIT Group, the bank expects to have over $100 billion in assets and we believe should achieve higher earnings power due to cost reduction and balance sheet synergies.

We initiated a position in Pinterest, a pinboard-style photo sharing website. We believe that Pinterest is well positioned to capture a larger share of the growing global digital advertising spend related to e-commerce.

www.brownadvisory.com/mf

Brown Advisory Flexible Equity Fund

A Message to Our Shareholders

June 30, 2021

New holding T-Mobile US, Inc. is a well-positioned competitor in wireless services with, what we believe to be a better network than Verizon or AT&T and is poised to gain market share with 5G.

The exercise of combing through the portfolio with the lens of an inflationary risk led us to eliminate Dollar Tree and deploy capital in more promising areas. We believe that the company’s business model of selling items for a dollar or a low price will be challenged to maintain profits in an inflationary environment. We believe Dollar Tree lacks true pricing power due to its business model.

We exited our position in Hain Celestial Group. The company’s CEO has done a terrific job of turning around the business, which has led to meaningful stock price appreciation. However, after having realized the gains, we deployed the capital to more attractive opportunities.

We thank you for trusting us with your investment capital and we reiterate our approach as follows.

The Flexible Equity team searches for investment bargains among long-term, attractive businesses with shareholder-oriented managers—those with productive assets and productive managers. These businesses should have or develop competitive advantages that result in good business economics, managers who allocate capital well, capacity to adjust to changes in the world and the ability to grow business value over time. In our opinion, bargains in these types of stocks can arise for various reasons but are often due to short-term investor perceptions, temporary business challenges that will improve, company or industry changes for the better, or as-yet-unrecognized potential for long-term growth and development. Despite the occasional investment that will go awry and stretches when the general stock market is unrewarding, we are optimistic about the long-term outlook for equities of good businesses purchased at reasonable prices and our ability to find them.

Sincerely,

Maneesh Bajaj, CFA

Portfolio Manager

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. The Fund’s investment focus on environmental factors could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not have an environmental focus. Investments in smaller and medium-sized capitalization companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock. Investments in foreign securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. These risks are greater for investments in emerging markets. The value of the Fund’s investments in REITS may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Flexible Equity Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund as measured against the broad-based securities market index. The S&P 500 Index (“Index”) is a market-value weighted index representing the performance of 500 widely held, publicly traded large capitalization stocks. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Information Technology	27.8%
Financials	16.7%
Communication Services	14.9%
Consumer Discretionary	14.4%
Health Care	9.9%
Industrials	7.1%
Money Market Funds	3.4%
Real Estate Investment Trusts	2.3%
Consumer Staples	2.3%
Energy	1.3%
Other Assets and Liabilities	(0.1)%
	100.0%

Average Annual Total Return	One Year	Five Year	Ten Year
Institutional Shares¹	45.26%	20.88%	15.93%
Investor Shares	45.05%	20.70%	15.75%
Advisor Shares	44.69%	20.40%	15.47%
S&P 500 Index	40.79%	17.65%	14.84%

	Institutional Shares	Investor Shares	Advisor Shares
Gross Expense Ratio²	0.57%	0.72%	0.97%
Net Expense Ratio²	0.57%	0.72%	0.97%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/flexible-equity-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects periods during which fee waivers were in effect. In the absence of such waivers, total return would have been reduced. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

¹	Performance information for the Institutional Shares, prior to commencement of operations on October 19, 2012, is based on the performance of Investor Shares, and adjusted for the lower expenses applicable to Institutional Shares.
²	Per the Fund’s prospectus dated October 31, 2020. Refer to the financial highlights for the gross and net expense ratios for the year ended as of the date of this report. Please note that the expense ratios per the prospectus include acquired fund fees and expenses (as applicable) and the expense ratios in the financial highlights do not.

www.brownadvisory.com/mf

Brown Advisory Flexible Equity Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 94.4%

Communication Services — 14.9%
		5,792	Alphabet, Inc. — Class A*		14,142,848
		11,348	Alphabet, Inc. — Class C*		28,441,719
		95,977	Facebook, Inc.*		33,372,163
		131,623	Pinterest, Inc.*		10,391,636
		60,599	T-Mobile US, Inc.*		8,776,553
		59,711	Walt Disney Co.*		10,495,402
					105,620,321
Consumer Discretionary — 14.4%
		50,259	Alibaba Group Holding, Ltd. ADR*		11,397,736
		4,173	Amazon.com, Inc.*		14,355,788
		215,226	Bed Bath & Beyond, Inc.*		7,164,873
		7,860	Booking Holdings, Inc.*		17,198,387
		47,025	Bright Horizons Family Solutions, Inc.*		6,917,848
		162,660	CarMax, Inc.*		21,007,539
		96,664	Lowe's Companies, Inc.		18,749,916
		71,426	TJX Companies, Inc.		4,815,541
					101,607,628
Consumer Staples — 2.3%
		85,486	Conagra Brands, Inc.		3,109,981
		469,260	Nomad Foods, Ltd.*		13,265,980
					16,375,961
Energy — 1.3%
		385,584	Suncor Energy, Inc.		9,242,448

Financials — 16.7%
		77,157	Ameriprise Financial, Inc.		19,202,834
		474,874	Bank of America Corp.		19,579,055
		86,860	Berkshire Hathaway, Inc.*		24,140,131
		102,982	Blackstone Group, Inc.		10,003,672
		113,473	CIT Group, Inc.		5,854,072
		7,173	First Citizens BancShares, Inc.		5,973,244
		122,422	JPMorgan Chase & Co.		19,041,518
		249,805	KKR & Co., Inc.		14,798,448
					118,592,974
Health Care — 9.9%
		49,187	Agilent Technologies, Inc.		7,270,330
		35,679	Anthem, Inc.		13,622,242
		201,808	Edwards Lifesciences Corp.*		20,901,255
		91,066	Merck & Co., Inc.		7,082,203
		52,974	UnitedHealth Group, Inc.		21,212,909
					70,088,939
Industrials — 7.1%
		60,331	Canadian National Railway Co.		6,366,127
		258,385	Carrier Global Corp.		12,557,511
		18,954	General Dynamics Corp.		3,568,280
		92,642	Otis Worldwide Corp.		7,575,337
		128,791	Stericycle, Inc.*		9,214,996
		34,908	United Rentals, Inc.*		11,136,001
					50,418,252
Information Technology — 27.8%
		34,858	Accenture PLC		10,275,790
		60,767	Analog Devices, Inc.		10,461,647
		180,256	Apple, Inc.		24,687,862
		21,853	Intuit, Inc.		10,711,685
		87,883	MasterCard, Inc.		32,085,205
		154,197	Microsoft Corp.		41,771,967
		67,303	PayPal Holdings, Inc.*		19,617,478
		103,200	Taiwan Semiconductor
			Manufacturing Co., Ltd. ADR		12,400,512
		148,381	Visa, Inc.		34,694,445
					196,706,591
Total Common Stocks (Cost $250,234,953)					668,653,114

Real Estate Investment Trusts — 2.3%
		35,193	Crown Castle International Corp.		6,866,155
		30,249	SBA Communications Corp.		9,640,356
Total Real Estate Investment Trusts (Cost $7,142,842)					16,506,511

Short-Term Investments — 3.4%

Money Market Funds — 3.4%
		23,925,248	First American Government
			Obligations Fund — Class Z, 0.02%#		23,925,248
Total Short-Term Investments (Cost $23,925,248)					23,925,248
Total Investments — 100.1% (Cost $281,303,043)					709,084,873
Liabilities in Excess of Other Assets — (0.1)%					(1,036,960	)
NET ASSETS — 100.0%				$	708,047,913

ADR — American Depositary Receipt

	*	Non-Income Producing
	#	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Equity Income Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Equity Income Fund – Investor Shares (the “Fund”) increased 31.67% in value. During the same period, the S&P 500^® Index (the “Index”), the Fund’s benchmark, increased 40.79%.

The past twelve months was a period of robust performance for the U.S. stock market. Many sectors flourished as economies recovered and reopened for business following the onset of the global COVID-19 pandemic. In the U.S., a brightening economic outlook, increased COVID-19 vaccination rates, falling unemployment rates, and government-backed stimulus programs combined to create a strong demand environment for consumer and business spending alike. As a result, economically sensitive sectors of the market such as financials, energy, industrials and materials were the best performers for the Index during the period.

The financials sector was the primary relative performance driver for the Fund during the past year. The improving macroeconomic environment provided a tailwind for business areas such as credit cards and investment banking for holding JPMorgan Chase and for the advice and wealth management services offered by Ameriprise Financial. Both companies reported strong financial results and their stocks increased accordingly. Among other financial sector holdings, the Fund swapped commercial insurer Cincinnati Financial during the period in favor of a new position in fellow insurer Chubb. In our opinion, Chubb offered an attractive long-term business outlook similar to Cincinnati Financial but at a more reasonable valuation.

The Fund’s holdings in the consumer discretionary sector also added to relative performance, led by a large jump in the stock price of retailer Target. The company thrived during the period and took market share from smaller rivals when the pandemic reduced physical shopping trips in the U.S.

Given the Fund’s generally conservative investment approach, it has historically been a challenge to keep up with the Index when stock prices are advancing rapidly. Indeed, this was the case over the past year in the information technology and health care sectors in particular. While several of the Fund’s holdings in these two sectors performed well on an absolute basis, both areas ultimately detracted from relative performance. The consumer staples sector also detracted from relative performance and was among the lowest-returning areas of the Index during the period. Many companies in the sector were faced with the challenge of growing their sales and earnings against what were exceptionally strong results from a year ago, when consumers were stocking up on essentials in the early days of the pandemic.

The Fund took advantage of the relative stock price weakness in consumer staples and added leading household product companies Clorox and Procter & Gamble during the period. Meanwhile, tobacco companies Altria and Philip Morris International and beverage maker Coca-Cola were eliminated due to their less favorable long-term earnings growth outlooks. There were several changes in the Fund’s industrial holdings during the period as well. Specifically, aerospace and defense companies General Dynamics and Raytheon Technologies were eliminated in favor of new investments in engine and power systems provider Cummins, parcel delivery company United Parcel Service, and defense supplier L3Harris Technologies.

Elsewhere, the Fund added regulated utility company Dominion Energy and eliminated oil sands producer Suncor Energy. A small position in a mandatory convertible preferred security issued by alternative asset manager KKR & Co. was also purchased during the period. And finally, the Fund eliminated Organon, a recent spin-off from pharmaceutical holding Merck. The proceeds from the small Organon stake were re- invested in Merck, which we believe offered a relatively better long-term earnings growth outlook.

The earnings picture for many large, high-quality companies has brightened over the past year as economic conditions in the U.S. and elsewhere have strengthened. The Fund remains committed to our long-term goal of seeking to provide both dividend yield and growth through the selection of a portfolio of investments that focuses on holdings with above-average yields and growth potential at reasonable valuations.

Sincerely,

Brian Graney, CFA

Portfolio Manager

www.brownadvisory.com/mf

Brown Advisory Equity Income Fund

A Message to Our Shareholders

June 30, 2021

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified which means it may invest a large percentage of its assets in the securities of fewer issuers. Concentration in a limited number of issuers exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. The Fund is also subject to interest rate risk which is the risk that debt securities in the Fund’s portfolio will decline in value because of an increase in market interest rates. This risk is usually greater for longer-term debt securities. Income from tax- exempt funds may be subject to state and local taxes and a portion of income may be subject to the Federal Alternative minimum tax for certain investors.

Diversification does not assure a profit nor protect against loss in a declining market.

Because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to the funds that do not use these criteria.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Equity Income Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund as measured against a broad-based securities market index. The S&P 500 Index (“Index”) is a market-value weighted index representing the performance of 500 widely held, publicly traded large capitalization stocks. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Information Technology	21.7%
Financials	18.3%
Health Care	15.9%
Consumer Discretionary	13.7%
Industrials	6.3%
Consumer Staples	6.3%
Real Estate Investment Trusts	4.1%
Materials	4.1%
Money Market Funds	3.4%
Communication Services	2.4%
Energy	2.0%
Utilities	2.0%
Other Assets and Liabilities	(0.2)%
	100.0%

			Since Inception
Average Annual Total Return	One Year	Five Year	(12/29/11)
Institutional Shares¹	31.84%	13.21%	11.99%
Investor Shares	31.67%	13.05%	11.82%
Advisor Shares	31.27%	12.77%	11.54%
S&P 500 Index	40.79%	17.65%	16.08%

	Institutional Shares	Investor Shares	Advisor Shares
Gross Expense Ratio²	0.81%	0.96%	1.21%
Net Expense Ratio²	0.77%	0.92%	1.17%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/equity-income-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

¹	Performance information for the Institutional Shares, prior to commencement of operations on October 19, 2012, is based on the performance of Investor Shares, and adjusted for the lower expenses applicable to Institutional Shares.
²	Per the Fund’s prospectus dated October 31, 2020. Refer to the financial highlights for the gross and net expense ratios for the year ended as of the date of this report. Please note that the expense ratios per the prospectus include acquired fund fees and expenses (as applicable) and the expense ratios in the financial highlights do not.

www.brownadvisory.com/mf

Brown Advisory Equity Income Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 91.1%

Communication Services — 2.4%
		38,192	Comcast Corp.		2,177,708

Consumer Discretionary — 13.7%
		14,314	Best Buy Co., Inc.		1,645,824
		12,783	Hasbro, Inc.		1,208,249
		7,282	Home Depot, Inc.		2,322,157
		8,032	Lowe’s Companies, Inc.		1,557,967
		9,767	McDonald’s Corp.		2,256,079
		13,310	Target Corp.		3,217,560
					12,207,836
Consumer Staples — 6.3%
		7,892	Clorox Co.		1,419,850
		11,200	Procter & Gamble Co.		1,511,216
		44,099	Reynolds Consumer Products, Inc.		1,338,404
		22,612	Unilever PLC ADR		1,322,802
					5,592,272
Energy — 2.0%
		100,000	Kinder Morgan, Inc.		1,823,000

Financials — 17.6%
		11,642	Ameriprise Financial, Inc.		2,897,461
		55,491	Bank of America Corp.		2,287,894
		25,784	Blackstone Group, Inc.		2,504,658
		11,392	Chubb Ltd.		1,810,644
		7,376	Erie Indemnity Co.		1,426,150
		18,252	JPMorgan Chase & Co.		2,838,916
		9,392	T. Rowe Price Group, Inc.		1,859,334
					15,625,057
Health Care — 15.0%
		12,783	AbbVie, Inc.		1,439,877
		11,314	Gilead Sciences, Inc.		779,082
		14,205	Johnson & Johnson		2,340,132
		16,127	Medtronic PLC		2,001,844
		38,296	Merck & Co., Inc.		2,978,280
		21,815	Novartis AG ADR		1,990,401
		4,376	UnitedHealth Group, Inc.		1,752,325
					13,281,941
Industrials — 6.3%
		7,251	Canadian National Railway Co.		765,125
		3,560	Cummins, Inc.		867,964
		4,297	L3Harris Technologies, Inc.		928,796
		7,204	Otis Worldwide Corp.		589,071
		11,848	United Parcel Service, Inc.		2,464,029
					5,614,985
Information Technology — 21.7%
		5,969	Accenture PLC		1,759,601
		6,313	Analog Devices, Inc.		1,086,846
		35,582	Apple, Inc.		4,873,311
		14,283	Automatic Data Processing, Inc.		2,836,889
		58,241	Cisco Systems, Inc.		3,086,773
		20,683	Microsoft Corp.		5,603,025
					19,246,445
Materials — 4.1%
		20,315	Dow, Inc.		1,285,533
		8,017	Linde PLC		2,317,715
					3,603,248
Utilities — 2.0%
		23,987	Dominion Energy, Inc.		1,764,724
Total Common Stocks (Cost $39,809,372)					80,937,216

Preferred Stocks — 1.6%

Financials — 0.7%
		8,095	KKR & Co., Inc. — Series C, 6.00%		623,801
Health Care — 0.9%
		13,814	Becton, Dickinson & Co. Depositary Shares^		739,187
Total Preferred Stocks (Cost $1,122,301)					1,362,988

Real Estate Investment Trusts — 4.1%
		8,063	American Tower Corp.		2,178,139
		19,737	W.P. Carey, Inc.		1,472,775
Total Real Estate Investment Trusts (Cost $1,962,275)					3,650,914

Short-Term Investments — 3.4%

Money Market Funds — 3.4%
		3,023,136	First American Government
			Obligations Fund — Class Z, 0.02%#		3,023,136
Total Short-Term Investments (Cost $3,023,136)					3,023,136
Total Investments — 100.2% (Cost $45,917,084)					88,974,254
Liabilities in Excess of Other Assets — (0.2)%					(147,474	)
NET ASSETS — 100.0%				$	88,826,780

ADR — American Depositary Receipt

	^	Each depositary share represents 1/20th interest in a share of Becton, Dickinson and Co. 6.00% Mandatory Convertible Preferred Stock, Series B. Each outstanding depositary share will automatically convert on June 1, 2023 into a number of shares of common stock. Refer to the company’s filings at sec.gov for additional information.
	#	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Sustainable Growth Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Sustainable Growth Fund – Institutional Shares (the “Fund”) increased 39.42% in value. During the same period, the Russell 1000^® Growth Index (the “Index”), the Fund’s benchmark, increased 42.50%.

Our 12-month look-back starts in the third quarter of 2020, a quarter marked by volatility with returns for large growth stocks heavily dominated by the “FAANG” stocks, namely Facebook, Amazon, Apple, Netflix and Alphabet. While the portfolio performed well from a bottom-up perspective, our underweight or lack of ownership of some of these names held us back on a relative basis. In the fourth quarter of 2020, strong gains in several of our health care and technology names propelled the portfolio ahead of the benchmark. Market optimism and reopening of the economy drove value and small-cap stocks to new highs in the first quarter of 2021. As such, the strategy slightly underperformed its benchmark with solid performance from technology and consumer discretionary companies unable to offset underperformance from several of our names in industrials and health care, which have historically helped performance over the years. In the second quarter of 2021, the strategy again beat its benchmark. After abandoning high-quality, large-cap growth stocks in the first quarter, investors regained their appetite for some of the “COVID-19 winners” and faded the rotation toward cyclicals. We were pleased to see the market react positively to strong results from many of our companies which helped us achieve both attractive absolute and relative performance in the year-to-date 2021 period.

In the last year we initiated on six names: Cadence Design Systems (CDNS), Chegg (CHGG), Dynatrace (DT), MSCI (MSCI), Nvidia (NVDA), and Square (SQ). All of these trades are, we believe, upgrades to the portfolio with companies that are better positioned to grow sustainably, and/or companies that diversify the portfolio’s exposure to uncorrelated markets. For example, Chegg is our first holding whose core business is to provide educational resources. It is our belief that Chegg’s Sustainable Business Advantage or SBA is that the company helps improve the return on investment of education by helping students learn more, in less time, and at a lower cost – a compelling value proposition whether students are in a four-year college program, or engaged in skills-based learning. And while we believe we have had exposure to the financial sector through various holding such as Verisk Analytics and Visa, MSCI is our first holding that is classified in our benchmark’s financial sector. MSCI is a data analytics provider to the investment industry worldwide. The characteristics of its strong business model include a highly-recurring, scalable subscription revenue model built on the company’s dominant market share in index benchmarking. MSCI is also one of the leading firms driving the adoption of ESG standards worldwide through its ESG research and indexes. We sold out of Aspen Technology, Ball Corporation, Illumina, Nordson, TJX Companies, Vontier, and Tyler Technologies to make room for these new holdings.

We remain fully invested and disciplined in our process of finding investment opportunities at the intersection of strong fundamentals, sustainable business advantages and attractive valuations, as this philosophy has served us well over the past eleven and a half years.

Sincerely,

David Powell, CFA and Karina Funk, CFA

Portfolio Managers

Past performance is not a guarantee of future results.

Because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to the funds that do not use these criteria.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Sustainable Growth Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $1,000,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $1,000,000 investment, including reinvested dividends and distributions, in the Fund as measured against a broad-based securities market index. The Russell 1000^® Growth Index (“Index”) measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® companies with higher price to book ratios and higher forecasted growth values. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Information Technology	43.0%
Health Care	23.0%
Consumer Discretionary	14.8%
Industrials	5.2%
Communication Services	4.2%
Real Estate Investment Trusts	3.8%
Financials	2.6%
Materials	1.7%
Money Market Funds	1.4%
Other Assets and Liabilities	0.3%
	100.0%

			Since Inception
Average Annual Total Return	One Year	Five Year	(6/29/12)
Institutional Shares	39.42%	24.33%	19.98%
Investor Shares	39.28%	24.14%	19.80%
Advisor Shares	38.92%	23.83%	19.50%
Russell 1000^® Growth Index	42.50%	23.66%	19.29%

	Institutional Shares	Investor Shares	Advisor Shares
Gross Expense Ratio¹	0.71%	0.86%	1.11%
Net Expense Ratio¹	0.71%	0.86%	1.11%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/sustainable-growth-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

Per the Fund’s prospectus dated October 31, 2020. Refer to the financial highlights for the gross and net expense ratios for the year ended as of the date of this report. Please note that the expense ratios per the prospectus include acquired fund fees and expenses (as applicable) and the expense ratios in the financial highlights do not.

www.brownadvisory.com/mf

Brown Advisory Sustainable Growth Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 94.5%

Communication Services — 4.2%
		97,850	Alphabet, Inc. — Class A*		238,929,152

Consumer Discretionary — 14.8%
		71,546	Amazon.com, Inc.*		246,129,687
		971,137	Chegg, Inc.*		80,711,196
		602,884	Etsy, Inc.*		124,097,643
		384,036	Home Depot, Inc.		122,465,240
		1,009,014	NIKE, Inc.		155,882,573
		987,971	Starbucks Corp.		110,465,037
					839,751,376
Financials — 2.6%
		280,978	MSCI, Inc.		149,783,752

Health Care — 23.0%
		232,526	Bio-Rad Laboratories, Inc.*		149,814,177
		823,836	Danaher Corp.		221,084,629
		1,234,175	Edwards Lifesciences Corp.*		127,823,505
		371,410	IDEXX Laboratories, Inc.*		234,563,985
		347,210	Thermo Fisher Scientific, Inc.		175,157,029
		550,276	UnitedHealth Group, Inc.		220,352,521
		475,688	West Pharmaceutical Services, Inc.		170,819,561
					1,299,615,407
Industrials — 5.2%
		1,945,430	Fortive Corp.		135,674,288
		904,851	Verisk Analytics, Inc.		158,095,567
					293,769,855
Information Technology — 43.0%
		279,873	Accenture PLC		82,503,762
		360,888	Adobe, Inc.*		211,350,448
		792,271	Analog Devices, Inc.		136,397,375
		494,512	Autodesk, Inc.*		144,348,053
		1,171,046	Cadence Design Systems, Inc.*		160,222,514
		3,090,870	Dynatrace, Inc.*		180,568,625
		474,712	Intuit, Inc.		232,689,581
		3,002,844	Marvell Technology, Inc.		175,155,891
		1,005,858	Microsoft Corp.		272,486,932
		386,140	Monolithic Power Systems, Inc.		144,203,983
		201,366	NVIDIA Corp.		161,112,937
		312,244	ServiceNow, Inc.*		171,593,690
		563,349	Square, Inc.*		137,344,486
		941,677	Visa, Inc.		220,182,916
					2,430,161,193
Materials — 1.7%
		474,440	Ecolab, Inc.		97,720,407
Total Common Stocks (Cost $3,223,823,580)					5,349,731,142

Real Estate Investment Trusts — 3.8%
		802,793	American Tower Corp.		216,866,501
Total Real Estate Investment Trusts (Cost $157,541,336)					216,866,501

Short-Term Investments — 1.4%

Money Market Funds — 1.4%
		76,469,607	First American Government
			Obligations Fund — Class Z, 0.02%#		76,469,607
Total Short-Term Investments (Cost $76,469,607)					76,469,607
Total Investments — 99.7% (Cost $3,457,834,523)					5,643,067,250
Other Assets in Excess of Liabilities — 0.3%					15,154,288
NET ASSETS — 100.0%				$	5,658,221,538

	*	Non-Income Producing
	#	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Mid-Cap Growth Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Mid-Cap Growth Fund – Investor Shares (the “Fund”) increased 42.90% in value. During the same period, the Russell Midcap^® Growth Index (the “Index”), the Fund’s benchmark, increased 43.77%.

The market snapped back smartly during the year ended June 30, 2021 following the pandemic-driven declines during the first quarter of 2020. Leadership in top market performers shifted from “growth” to “value” and back to “growth” as global COVID-19 case counts ebbed and flowed, effective vaccines were introduced, economies re-opened, and viral variants emerged complicating government responses. Concurrently, the yield on the U.S. 10-year Treasury jumped 80 basis points to 1.45% as investors’ fears faded and potential signs of inflation emerged.

During the full period, despite oscillating leadership in top market performers, value outpaced growth in the mid-cap space (as measured by the Russell Midcap^® Value and Midcap^® Growth Indexes) and small-caps beat large caps (as measured by the Russell 2000^® Growth and 1000 Growth Indexes). Industrials and technology stocks generally drove returns, while consumer staples, financials, and materials equity prices lagged. Given that this Fund typically sports a beta closer to 0.9 than 1.0, we were happy it nearly kept pace with its benchmark in a surging market that seemed to favor, ironically, more cyclical- and momentum-oriented approaches. From a sector perspective, underperformance in the industrials, technology and real estate sectors offset positive selection effects in the communication services, consumer and financials sectors.

Pinterest and Etsy were top contributors to the fund during the period. Both companies benefited from an acceleration in adoption of e-commerce and time spent online in 2020, as well as from an investor rotation into technology and internet stocks. Both also benefited from company-specific initiatives. Pinterest accelerated the monetization of its large and growing user base with platform improvements like auto bidding, video-enabled ads, international expansion, and “shoppable” pins. Etsy continued to improve seller and buyer experiences on its two-sided marketplace by improving search and recommendations and with seller initiatives like free shipping and Etsy ads. Other contributors included semiconductor-maker Marvell Technologies, Charles River Labs (a clinical research organization, or CRO, to biotechnology companies), and salvage-vehicle auctioneer IAA.

ACV Auctions (AVCA) was the largest detractor during the 12-month period. Share-price weakness stemmed from a combination of concerns over used car prices peaking, competitor KAR growing its competing offering faster than ACV Auctions, and what appears to be selling pressure after a partial lock-up expired following the stock’s 30% post-IPO run. The company continues to track ahead of our forecasts and we remain excited about its long-term prospects. Neurocrine Biosciences also crimped returns during the period. Revenue growth of the pharmaceutical company’s marketed drug, INGREZZA, as well as its pipeline experienced delays due to COVID-19. We exited the position to fund other opportunities. Other detractors included Jack Henry Associates, Ascendis Pharma and DoorDash.

The Fund added 26 new investments during the period, including 14 in technology and communication services, six in the consumer discretionary sector, three in health care, two in industrials, and one in the consumer staples vertical. The Fund exited 30 investments during the period to fund those opportunities. Turnover was mildly above our long-term average due to market volatility and enthusiastic capital market activity.

We remain committed to seeking to achieve a diversified portfolio of high-quality companies that we believe are well positioned to seek to contribute to the Fund’s investment objective. We are grateful for your support and look forward to updating you again.

Sincerely,

George Sakellaris, CFA

Portfolio Manager

www.brownadvisory.com/mf

Brown Advisory Mid-Cap Growth Fund

A Message to Our Shareholders

June 30, 2021

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. Investments in smaller companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock. The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Earnings growth is not representative of the fund’s future performance. Diversification does not assure a profit, nor does it protect against a loss in a declining market. Investments in foreign securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. These risks are greater for investments in emerging markets. Privately Placement issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.

Because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to the funds that do not use these criteria.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Mid-Cap Growth Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund compared with the broad-based securities market index. The Russell Midcap Growth Index (“Index”) measures the performance of the mid-capitalization growth sector of the U.S. equity market. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Information Technology	24.9%
Health Care	20.9%
Consumer Discretionary	14.3%
Communication Services	13.9%
Industrials	11.6%
Materials	4.1%
Money Market Funds	3.9%
Consumer Staples	2.5%
Real Estate Investment Trusts	2.1%
Financials	1.7%
Other Assets and Liabilities	0.1%
	100.0%

		Since Inception
Average Annual Total Return	One Year	(10/2/17)
Institutional Shares¹	43.03%	20.52%
Investor Shares	42.90%	20.34%
Russell Midcap Growth Index	43.77%	21.20%

	Institutional Shares	Investor Shares
Gross Expense Ratio²	0.89%	1.04%
Net Expense Ratio²	0.83%	0.98%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/mid-cap-growth-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

¹	Performance information for the Institutional Shares, prior to commencement of operations on July 2, 2018, is based on the performance of Investor Shares, and adjusted for the lower expenses applicable to Institutional Shares.
²	Per the Fund’s prospectus dated October 31, 2020. Refer to the financial highlights for the gross and net expense ratios for the year ended as of the date of this report. Please note that the expense ratios per the prospectus include acquired fund fees and expenses (as applicable) and the expense ratios in the financial highlights do not.

www.brownadvisory.com/mf

Brown Advisory Mid-Cap Growth Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 93.9%

Communication Services — 13.9%
		4,187	Doximity, Inc.*		243,683
		21,427	Electronic Arts, Inc.		3,081,845
		4,958	IAC/InterActiveCorp*		764,375
		21,166	Liberty Broadband Corp.*		3,559,486
		28,483	Match Group, Inc.*		4,592,884
		98,224	Pinterest, Inc.*		7,754,785
		54,961	Vimeo, Inc.*		2,693,089
		392,486	Zynga, Inc.*		4,172,127
					26,862,274
Consumer Discretionary — 14.3%
		55,833	ACV Auctions, Inc.*		1,431,000
		21,427	Bright Horizons Family Solutions, Inc.*		3,152,126
		2,265	Chipotle Mexican Grill, Inc.*		3,511,520
		14,546	Etsy, Inc.*		2,994,149
		5,226	Lululemon Athletica, Inc.*		1,907,333
		74,647	National Vision Holdings, Inc.*		3,816,701
		15,504	Ross Stores, Inc.		1,922,496
		23,623	Shift4 Payments, Inc.*		2,213,948
		11,323	Ulta Beauty, Inc.*		3,915,153
		8,275	Wayfair, Inc.*		2,612,500
					27,476,926
Consumer Staples — 2.5%
		15,417	Brown-Forman Corp.		1,155,350
		15,853	Casey’s General Stores, Inc.		3,085,628
		21,166	Oatly Group AB ADR*		517,720
					4,758,698
Financials — 1.7%
		53,917	KKR & Co., Inc.		3,194,043

Health Care — 20.9%
		13,501	Ascendis Pharma A/S ADR*		1,776,057
		15,417	Biohaven Pharmaceutical Holding Co., Ltd.*		1,496,682
		5,052	Bio-Rad Laboratories, Inc.*		3,254,953
		10,191	Blueprint Medicines Corp.*		896,400
		34,493	Catalent, Inc.*		3,729,383
		10,801	Charles River Laboratories International, Inc.*		3,995,506
		4,442	DexCom, Inc.*		1,896,734
		58,185	Edwards Lifesciences Corp.*		6,026,221
		23,257	HealthEquity, Inc.*		1,871,723
		18,466	Inari Medical, Inc.*		1,722,508
		44,819	LifeStance Health Group, Inc.*		1,248,657
		39,232	Oak Street Health, Inc.*		2,297,819
		14,459	Teleflex, Inc.		5,809,482
		13,859	Veeva Systems, Inc.*		4,309,456
					40,331,581
Industrials — 11.6%
		4,442	Cintas Corp.		1,696,844
		10,278	Equifax, Inc.		2,461,684
		107,921	IAA, Inc.*		5,886,010
		9,059	IDEX Corp.		1,993,433
		10,452	SiteOne Landscape Supply, Inc.*		1,769,106
		18,814	Verisk Analytics, Inc.		3,287,182
		43,290	Waste Connections, Inc.		5,170,125
					22,264,384
Information Technology — 24.9%
		11,193	Autodesk, Inc.*		3,267,237
		17,074	Confluent, Inc.*		811,015
		89,968	Dynatrace, Inc.*		5,255,930
		7,926	Fair Isaac Corp.*		3,984,241
		86,406	Genpact, Ltd.		3,925,425
		80,309	GoDaddy, Inc.*		6,983,670
		15,679	Guidewire Software, Inc.*		1,767,337
		8,188	Jack Henry & Associates, Inc.		1,338,820
		9,017	KLA Corp.		2,923,402
		108,966	Marvell Technology, Inc.		6,355,986
		14,808	NXP Semiconductors NV		3,046,302
		56,419	SentinelOne, Inc.*		2,397,808
		15,504	WEX, Inc.*		3,006,226
		26,479	Workiva, Inc.*		2,947,907
					48,011,306
Materials — 4.1%
		56,356	Ball Corp.		4,565,963
		31,618	FMC Corp.		3,421,068
					7,987,031
Total Common Stocks (Cost $122,787,341)					180,886,243

Real Estate Investment Trusts — 2.1%
		12,630	SBA Communications Corp.		4,025,181
Total Real Estate Investment Trusts (Cost $2,963,073)					4,025,181

Short-Term Investments — 3.9%

Money Market Funds — 3.9%
		7,408,454	First American Government
			Obligations Fund — Class Z, 0.02%#		7,408,454
Total Short-Term Investments (Cost $7,408,454)					7,408,454
Total Investments — 99.9% (Cost $133,158,868)					192,319,878
Other Assets in Excess of Liabilities — 0.1%					242,011
NET ASSETS — 100.0%				$	192,561,889

	*	Non-Income Producing
ADR — American Depositary Receipt
	#	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Small-Cap Growth Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Small-Cap Growth Fund – Institutional Shares (the “Fund”) increased 43.31% in value. During the same period, the Russell 2000^® Growth Index (the “Index”), the Fund’s benchmark, increased 51.36%.

Stylistically, the portfolio netted strong results for the parts of the period when “quality” mattered but faced headwinds when low-quality market leadership dominated. Overall, we were pleased with the portfolio’s gains given the relative risk assumed to produce the appreciation. More importantly progress remained sound as well as our team’s productivity, as measured by pipeline build and due diligence. We believe both are foundational to producing sound risk-adjusted returns over the long-term.

The investment environment over the last 12 months was, in our opinion, extraordinary—you almost cannot make up the macroeconomic twists and turns and their impact on public equity markets. While we were fascinated by the “risk-on, risk-off” dynamics, meme stock performance, retail fund flows, the explosion of the Federal Reserve’s balance sheet, the erratic movement of the 10-year treasury yield, and the eye popping headline (and underlying) inflation data being witnessed, we strived to remain wholly focused on our core objective. We believe finding, evaluating, and owning, at the right price, 3G (durable growth, sound governance and scalable go- to-market strategies) businesses over a multi-year time frame can make the difficult journey from small- to mid- to large-cap status.

This investment process has yielded a portfolio with low- to mid-90% active share, a beta below 1, a standard deviation less than the benchmark, and generally solid capital conservation. While we believe our attention to valuation and portfolio diversification aids in producing these characteristics, the lion’s share is likely due to the higher-than-average quality of our individual portfolio holdings. Business attributes such as a strong and diverse board of directors, capable and shareholder-friendly management teams, well above-average gross margins, strong prospective returns on investor capital, low capital intensity and responsibly constructed balance sheets are all things we seek out, positively skewing the “quality” of our portfolio compared to the average small- cap company. Thus, while we expect our bottom-up stock selection to drive returns over time, our “quality” bias remains relevant to relative short-term investment results.

Diving one level down on performance, there were two sectors that detracted from overall relative gains and one sector that was demonstratively positive. Health care was highly additive to results driven by solid, bottom-up security selection. Industrials and information technology produced attractive absolute gains, but a relative lack of cyclicality and momentum, respectively, did not enable these areas to keep up with their benchmark constituents.

During the past year, there were a few contributors and detractors of note. On the positive side of the ledger, we had two health care and one technology holding stand out. Charles River Laboratories, Inc. (CRL) was the top contributor for the period. CRL is an early-stage contract research organization (CRO), which provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and academic institutions. Charles River Laboratories continues to execute at a high level as the leading pre-clinical CRO, supporting hundreds of well-funded biotechnology assets. Strategic M&A in the high growth areas of cell and gene therapy continued this quarter and investors continued to gain confidence in the durability of CRL’s growth profile. Workiva, Inc. (WK) was the second top contributor for the period. Workiva engages in the provision of cloud-based compliance and regulatory reporting solutions that are designed to solve business challenges at the intersection of data, process and people. Workiva reported accelerating bookings on broad-based demand. The company also announced an ESG-specific reporting product that expands the company’s addressable market opportunity markedly. Numerous growth drivers appear intact over the next few years, providing comfort with the holding despite meaningful multiple expansion since acquiring the position. The third largest contributor for the period was Establishment Labs Holdings, Inc. (ESTA). Establishment Labs Holdings is a technology company which engages in the design, development, manufacture and marketing of silicone breast implants. Establishment Labs Holdings continues to garner more investor attention following several new and novel product announcements that dramatically expand its total addressable market. The management team executed well during the pandemic and appears set up well as global economies re-open.

Interestingly, the stocks on the negative side of the ledger matched our contributors with two health care and one technology holding. Neurocrine Biosciences, Inc. (NBIX) was the largest detractor during the period. Neurocrine is a neuroscience-focused, biopharmaceutical company. It discovers, develops and intends to commercialize drugs for the treatment of neurological and endocrine- related diseases and disorders. Neurocrine has under-performed over the last year because sales of Ingrezza, the company’s multi-billion-dollar drug for tardive dyskinesia (TD), have grown at a slower rate than expected. Some investors

www.brownadvisory.com/mf

Brown Advisory Small-Cap Growth Fund

A Message to Our Shareholders

June 30, 2021

question whether this is due to saturation of the TD market, but we believe that there is a still plenty more room for penetration in the TD market, and that a majority of TD patients still go undiagnosed. We subscribe to the view that Ingrezza sales have disappointed due to the disruption of in-person psychiatry visits due to COVID-19. TD involves persistent involuntary movements and tics which are less easily diagnosed virtually, so we expect that with a return to in-person psychiatry visits we’ll see a re-acceleration in Ingrezza sales, and a recovery in the Neurocrine share price. The second largest detractor during the period was ON24, Inc. (ONTF). ON24 provides webcasting and video communications solutions. ON24 was a recent IPO, going public in February of 2020. We have sat tight with our initial position, which is relatively small. The stock has underperformed since its initial pop post-offering as investors question the long-term competitive landscape. We remain relatively constructive on the company’s ability to navigate the difficult comparisons presented by the boom in demand from COVID-19. FibroGen, Inc. (FGEN) was the third largest detractor during the period. FibroGen is a biopharmaceutical company, which engages in the discovery, development, and commercialization of novel therapeutics. FibroGen declined in the fourth quarter of 2020 due to the FDA’s decision to extend the review period for the company’s lead asset, Roxadustat, in order to fulfill a request for additional analyses. The position was eliminated.

The volatility and market leadership changes during the period made it an active one for the portfolio. The Fund made 28 new investments over the course of the year, which was driven primarily by the dramatic changes in valuations that necessitated nearly 19 eliminations. Notable additions include: Agilon Health, Inc. and AZEK Company, Inc.

Agilon Health, Inc. (AGL), which was purchased in April 2021, engages in providing necessary capabilities, capital and business model for existing physician groups to create a Medicare-centric, globally capitated line of business. Agilon Health partners with primary care groups enabling them to practice medicine more fully, having greater influence on downstream costs and share in created savings. The model empowers doctors through capital, resources and collaboration to have immediate impact while practicing more complete, tailored primary care. The company came public in mid-April 2021 also to meaningful investor interest. We received an out-sized allocation of the deal.

AZEK Company, Inc. (AZEK), purchased at the beginning of 2021, is a manufacturer of premium building products that replace traditional materials and provide value through lower maintenance, refined aesthetics and reduced total cost. AZEK is a leading manufacturer of low-maintenance and environmentally sustainable building products, best known for its residential decking brand TimberTech. AZEK operates in an attractive composite decking space that offers a combination of secular growth, less cyclicality given decking replacement demand and margin enhancement opportunities.

We remain confident that following an investment philosophy and process can yield favorable risk-adjusted returns in the U.S. small-cap market over time. We are confident that the foundation of our efforts and our team, remains solid. With the recent robust initial public offering environment, we believe the population of small- to mid-capitalization securities is more robust today than it has been in years. We are optimistic that we can continue to find business franchises that fit our underlying “3G” (durable growth, sound governance and scalable go-to-market) investment filter that we believe can tilt the odds of success in our favor over time. Our challenge is that we inhabit a complex macroeconomic and equity market environment of which one of the byproducts is elevated valuations within the small-cap growth space in general. To cope with these higher prices, we intend to continue to drive our investment pipeline so that we can take advantage of idiosyncratic or market dislocations to add long-term value to shareholders. Our mantra remains the same: you cannot predict volatility, but you can attempt to prepare for it.

We move into the back half of calendar year 2021 with the belief that we are well prepared and optimistic that our philosophy and process can yield attractive risk-adjusted returns to our investors in the future.

Sincerely,

Chris Berrier

Portfolio Manager

www.brownadvisory.com/mf

Brown Advisory Small-Cap Growth Fund

A Message to Our Shareholders

June 30, 2021

Past performance is not a guarantee of future results.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Small-Cap Growth Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $1,000,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $1,000,000 investment, including reinvested dividends and distributions, in the Fund compared with the broad-based securities market index. The Russell 2000^® Growth Index (“Index”) measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® companies with higher price to book ratios and higher forecasted growth values. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Information Technology	26.5%
Health Care	24.9%
Consumer Discretionary	12.7%
Industrials	12.1%
Communication Services	6.8%
Money Market Funds	4.5%
Consumer Staples	3.6%
Materials	2.5%
Financials	2.3%
Real Estate Investment Trusts	2.2%
Energy	0.6%
Private Placements	0.1%
Other Assets and Liabilities	1.2%
	100.0%

Average Annual Total Return	One Year	Five Year	Ten Year
Institutional Shares	43.31%	18.13%	14.07%
Investor Shares	43.11%	17.95%	13.91%
Advisor Shares	42.74%	17.65%	13.63%
Russell 2000^® Growth Index	51.36%	18.76%	13.52%

	Institutional Shares	Investor Shares	Advisor Shares
Gross Expense Ratio¹	0.99%	1.14%	1.39%
Net Expense Ratio¹	0.99%	1.14%	1.39%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/small-cap-growth-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects periods during which fee waivers were in effect. In the absence of such waivers, total return would have been reduced. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

www.brownadvisory.com/mf

Brown Advisory Small-Cap Growth Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 92.0%

Communication Services — 6.8%
		2,918,168	Angi, Inc.*		39,453,631
		503,338	Cogent Communications Holdings, Inc.		38,701,659
		318,290	Vimeo, Inc.*		15,596,210
		7,742,473	Zynga, Inc.*		82,302,488
					176,053,988
Consumer Discretionary — 12.7%
		315,061	Bright Horizons Family Solutions, Inc.*		46,348,624
		292,485	Chegg, Inc.*		24,308,428
		216,169	Choice Hotels International, Inc.		25,693,847
		118,490	Churchill Downs, Inc.		23,491,828
		1,163,272	Clarus Corp.		29,896,090
		741,713	Leslie's, Inc.*		20,389,690
		1,026,720	MakeMyTrip, Ltd.*		30,852,936
		842,178	National Vision Holdings, Inc.*		43,060,561
		673,623	Terminix Global Holdings, Inc.*		32,138,553
		164,625	TopBuild Corp.*		32,559,533
		514,500	Vroom, Inc.*		21,536,970
					330,277,060
Consumer Staples — 3.6%
		231,998	Casey's General Stores, Inc.		45,156,091
		593,506	Hain Celestial Group, Inc.*		23,811,461
		703,760	Simply Good Foods Co.*		25,694,277
					94,661,829
Energy — 0.6%
		426,251	Cactus, Inc.		15,651,937

Financials — 2.3%
		116,828	Hamilton Lane, Inc.		10,645,367
		664,584	Prosperity Bancshares, Inc.		47,717,131
					58,362,498
Health Care — 24.9%
		695,733	Abcam PLC ADR*		13,246,756
		142,097	Acceleron Pharma, Inc.*		17,831,753
		988,687	agilon health, Inc.*		40,111,032
		541,271	Alignment Healthcare, Inc.*		12,649,503
		114,653	Ascendis Pharma A/S ADR*		15,082,602
		312,018	Biohaven Pharmaceutical Holding Co., Ltd.*		30,290,707
		253,605	Blueprint Medicines Corp.*		22,307,096
		449,064	Bruker Corp.		34,119,883
		454,434	Catalent, Inc.*		49,133,404
		224,316	Charles River Laboratories International, Inc.*		82,978,975
		331,347	Encompass Health Corp.		25,855,006
		526,645	Establishment Labs Holdings, Inc.*		45,997,174
		460,179	HealthEquity, Inc.*		37,035,206
		158,669	Inari Medical, Inc.*		14,800,644
		620,975	LifeStance Health Group, Inc.*		17,300,364
		1,069,387	NeoGenomics, Inc.*		48,304,211
		248,172	Neurocrine Biosciences, Inc.*		24,152,099
		119,591	Nevro Corp.*		19,826,992
		396,297	Oak Street Health, Inc.*		23,211,115
		124,909	Olink Holding AB ADR*		4,299,368
		406,560	OrthoPediatrics Corp.*		25,686,461
		467,658	Progyny, Inc.*		27,591,822
		466,635	SI-BONE, Inc.*		14,685,003
					646,497,176
Industrials — 12.1%
		670,391	AZEK Co., Inc.*		28,464,802
		275,738	FTI Consulting, Inc.*		37,668,568
		1,125,886	IAA, Inc.*		61,405,822
		47,631	IDEX Corp.		10,481,201
		206,936	John Bean Technologies Corp.		29,513,212
		417,137	Knight-Swift Transportation Holdings, Inc.		18,963,048
		168,408	MSA Safety, Inc.		27,884,997
		199,957	SiteOne Landscape Supply, Inc.*		33,844,722
		58,253	Valmont Industries, Inc.		13,750,621
		303,041	Waste Connections, Inc.		36,192,187
		117,928	Woodward, Inc.		14,490,993
					312,660,173
Information Technology — 26.5%
		405,015	Accolade, Inc.*		21,996,365
		264,412	BlackLine, Inc.*		29,421,123
		271,012	CMC Materials, Inc.		40,852,349
		436,532	Dynatrace, Inc.*		25,502,199
		295,425	Entegris, Inc.		36,328,412
		343,082	Envestnet, Inc.*		26,026,200
		1,727,351	EVO Payments, Inc.*		47,916,717
		1,716,780	Genpact, Ltd.		77,993,315
		2,781,815	Infinera Corp.*		28,374,513
		670,115	Lattice Semiconductor Corp.*		37,647,061
		102,579	Littelfuse, Inc.		26,136,103
		351,203	ManTech International Corp.		30,393,108
		656,787	Mimecast, Ltd.*		34,842,550
		285,695	Nuance Communications, Inc.*		15,553,236
		211,858	ON24, Inc.*		7,516,722
		519,872	Phreesia, Inc.*		31,868,154
		532,453	PROS Holdings, Inc.*		24,263,883
		433,134	Sumo Logic, Inc.*		8,944,217
		116,624	WEX, Inc.*		22,613,394
		765,896	Workiva, Inc.*		85,267,202
		1,704,415	Zuora, Inc.*		29,401,159
					688,857,982
Materials — 2.5%
		453,849	HB Fuller Co.		28,869,335
		150,768	Quaker Chemical Corp.		35,760,662
					64,629,997
Total Common Stocks (Cost $1,492,736,800)					2,387,652,640

Private Placements — 0.1%
		19,200	Greenspring Global Partners IV-B, L.P.*^†		1,643,157
		91,769	Greenspring Global Partners V-B, L.P.*~†		140,293
Total Private Placements (Cost $—)					1,783,450

Real Estate Investment Trusts — 2.2%
		1,867,477	DigitalBridge Group, Inc.*		14,753,068
		262,106	EastGroup Properties, Inc.		43,103,332
Total Real Estate Investment Trusts (Cost $42,036,044)					57,856,400

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

www.brownadvisory.com/mf

Brown Advisory Small-Cap Growth Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Short-Term Investments — 4.5%

Money Market Funds — 4.5%
		116,999,929	First American Government
			Obligations Fund — Class Z, 0.02%#		116,999,929
Total Short-Term Investments (Cost $116,999,929)					116,999,929
Total Investments — 98.8% (Cost $1,651,772,773)					2,564,292,419
Other Assets in Excess of Liabilities — 1.2%					30,843,314
NET ASSETS — 100.0%				$	2,595,135,733

	*	Non-Income Producing
ADR — American Depositary Receipt
	^	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.
	~	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.
	†	These securities are being fair valued, using significant unobservable inputs (Level 3), under the supervision of the Board of Trustees. 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.
	#	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Small-Cap Fundamental Value Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Small-Cap Fundamental Value Fund – Investor Shares (the “Fund”) increased 54.74% in value. During the same period, the Russell 2000^® Value Index (the “Index”), the Fund’s benchmark, increased 73.28%.

The second half of 2020 represented what we believe to be a more normalized pace of activity. Despite the sharp rebound in share prices that preceded the period, we were able to find businesses with what we believe were attractive cash flow profiles trading at discounted valuations.

For the year ended June 30, 2021, the Fund trailed its benchmark. Consumer discretionary and information technology were the largest detractors to performance overall, while our financials holdings were the biggest positive contributor during the period.

Virtus Investment Partners (VRTS) was the top contributor for the period. Virtus is an asset management company which engages in the provision of investment management and related services to individuals and institutions. Virtus acquired a sizable portion of Allianz Global’s U.S. asset management business. Virtus continues to benefit from a strong equity market as well as the incremental positive impact from the acquisition.

EchoStar Corporation (SATS) was the largest detractor during the period. The company is a leading provider of satellite operations and broadband services in more than 100 countries across the globe. Echostar’s multiple contracted over the last year despite resilient revenue and profit results. We expect continued share repurchase activity, the satisfaction of regulatory requirements to maintain rights to a key portion of the S Band spectrum in Europe, and the approach of the company’s Jupiter 3 satellite launch in 2022 should all drive shareholder value over the coming year.

The Fund made 14 new investments over the course of the year. Notable additions include: ChampionX Corporation, Vista Outdoor and Ingevity Corporation.

ChampionX Corporation (CHX), which was purchased at the end of 2020, is an oilfield services company that was created when Apergy and ChampionX (a former division of Ecolab) combined through a Reverse Morris Trust in June of 2020. The combination of COVID-19 and the ensuing collapse in oil and gas demand during the second quarter made the timing of this transaction rather unfortunate. While both Apergy and ChampionX were strong in their respective market on their own prior to the merger, we believe the newly-formed entity should have increased global scale and structurally higher EBITDA margins given the sizable operating synergies that are expected to be realized over time. Over 80% of ChampionX Corporation’s combined revenue base is tied to production as opposed to drilling, thus making the underlying revenues less cyclical than many other small-cap energy names. The company’s core production chemicals technologies business has 25% global share of a consolidated industry that is consumption based (as opposed to equipment/asset based) and requires little ongoing capital investment. Management expects that total capex for ChampionX Corporation should remain near 2.5% of sales going forward and all free cash flow (FCF) will be targeted towards debt reduction until a leverage ratio of under <1x EBITDA is reached. At the time of our purchase, ChampionX Corp. was trading at 9.3x enterprise value to EBITDA and a 9% FCF yield.

Vista Outdoor (VSTO), purchased in November of 2020, was the second biggest contributor over the past 12 months. Vista Outdoor is a leading manufacturer of ammunition and outdoor recreational products. Over the past two plus years under new management, Vista Outdoor has focused on key strategic initiatives to improve operations and strengthen its balance sheet. We believe that the recent acquisition of Remington’s ammunition business out of bankruptcy will help to accelerate these new initiatives and serve to increase the effective valuation.

Ingevity Corporation (NGVT), purchased in the beginning of the second quarter of 2021, is a specialty chemicals company with industry leading margins, that is trading at a sizable discount to peers for the first time in years. The company has demonstrated strong pricing power historically across all its businesses given its leading market shares and its FCF conversion remains near the top end of the group. We believe that the stock’s recent underperformance provides a compelling opportunity and at the time of our initial purchase Ingevity was trading at less than 9x EBITDA with a 7.5% FCF yield.

The Fund was also active in selling its investments, with 19 eliminations over the course of the year. The majority of exits were in the financial sector and included National General and Waddell Reed, which were sold in cash transactions.

www.brownadvisory.com/mf

Brown Advisory Small-Cap Fundamental Value Fund

A Message to Our Shareholders

June 30, 2021

Over the next several months, we expect the economy to continue to open and gain momentum. We intend to be acutely focused on monitoring whether the actual results can match the high expectations that have been set in many small-cap sub-sectors. We believe that our process and philosophy are designed to assemble a portfolio of investments that seeks our investment objective and can deliver attractive performance to our investors.

Sincerely,

J. David Schuster

Portfolio Manager

Past performance is not a guarantee of future results.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Small-Cap Fundamental Value Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund as measured against a broad-based securities market index. The Russell 2000^® Value Index (“Index”) measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® companies with lower price to book ratios and lower forecasted growth values. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Financials	26.9%
Industrials	19.7%
Consumer Discretionary	12.6%
Information Technology	8.6%
Real Estate Investment Trusts	7.5%
Materials	5.3%
Energy	4.8%
Consumer Staples	3.8%
Communication Services	3.7%
Utilities	2.8%
Money Market Funds	2.1%
Health Care	1.7%
Other Assets and Liabilities	0.5%
	100.0%

Average Annual Total Return	One Year	Five Year	Ten Year
Institutional Shares¹	54.97%	10.52%	10.40%
Investor Shares	54.74%	10.35%	10.23%
Advisor Shares²	54.37%	10.08%	9.96%
Russell 2000^® Value Index	73.28%	13.62%	10.85%

	Institutional Shares	Investor Shares	Advisor Shares
Gross Expense Ratio³	1.24%	1.39%	1.64%
Net Expense Ratio³	1.24%	1.39%	1.64%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/small-cap-fundamental-value-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects periods during which fee waivers were in effect. In the absence of such waivers, total return would have been reduced. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

¹	Performance information for the Institutional Shares, prior to commencement of operations on October 19, 2012, is based on the performance of Investor Shares, and adjusted for the lower expenses applicable to Institutional Shares.
²	Performance information for Advisor Shares, prior to commencement on July 28, 2011, is based on the performance of Investor Shares, and adjusted for the higher expenses applicable to Advisor Shares.
³	Per the Fund’s prospectus dated October 31, 2020. Refer to the financial highlights for the gross and net expense ratios for the year ended as of the date of this report. Please note that the expense ratios per the prospectus include acquired fund fees and expenses (as applicable) and the expense ratios in the financial highlights do not.

www.brownadvisory.com/mf

Brown Advisory Small-Cap Fundamental Value Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 89.9%

Communication Services — 3.7%
		310,625	Nexstar Media Group, Inc.		45,935,225

Consumer Discretionary — 12.6%
		766,317	Core-Mark Holding Co., Inc.		34,491,928
		316,805	Culp, Inc.		5,163,922
		462,523	Denny’s Corp.*		7,627,004
		97,904	Helen of Troy Ltd.*		22,333,860
		547,741	La-Z-Boy, Inc.		20,288,327
		142,465	Monarch Casino & Resort, Inc.*		9,426,909
		145,067	Murphy USA, Inc.		19,347,586
		832,020	Vista Outdoor, Inc.*		38,505,886
					157,185,422
Consumer Staples — 3.8%
		956,921	Sprouts Farmers Market, Inc.*		23,779,487
		535,707	TreeHouse Foods, Inc.*		23,849,676
					47,629,163
Energy — 4.8%
		1,705,674	ChampionX Corp.*		43,750,538
		349,010	Natural Gas Services Group, Inc.*		3,587,823
		144,416	REX American Resources Corp.*		13,023,435
					60,361,796
Financials — 26.9%
		116,119	Alerus Financial Corp.		3,368,612
		167,510	Assurant, Inc.		26,161,712
		491,796	Bancorp, Inc.*		11,316,226
		1,577,521	Eastern Bankshares, Inc.		32,449,607
		161,330	Hanover Insurance Group, Inc.		21,882,801
		270,943	Kemper Corp.		20,022,688
		1,779,183	MGIC Investment Corp.		24,196,889
		827,467	Pacific Premier Bancorp, Inc.		34,993,580
		332,418	Peapack Gladstone Financial Corp.		10,328,227
		174,666	Primerica, Inc.		26,748,351
		292,411	Renasant Corp.		11,696,440
		644,995	TriState Capital Holdings, Inc.*		13,151,448
		440,405	UMB Financial Corp.		40,984,089
		952,367	Veritex Holdings, Inc.		33,723,316
		88,151	Virtus Investment Partners, Inc.		24,485,703
					335,509,689
Health Care — 1.7%
		513,374	Owens & Minor, Inc.		21,731,121

Industrials — 19.7%
		243,296	Albany International Corp.		21,716,601
		242,645	American Woodmark Corp.*		19,821,670
		308,999	Comfort Systems USA, Inc.		24,346,031
		205,891	CRA International, Inc.		17,624,270
		215,323	Curtiss-Wright Corp.		25,571,759
		575,388	Federal Signal Corp.		23,147,859
		120,022	Kadant, Inc.		21,134,674
		316,480	McGrath RentCorp		25,815,274
		1,188,833	Mueller Water Products, Inc.		17,142,972
		201,337	Simpson Manufacturing Co., Inc.		22,235,658
		435,526	SPX Corp.*		26,601,928
					245,158,696
Information Technology — 8.6%
		177,593	CMC Materials, Inc.		26,770,369
		418,549	CTS Corp.		15,553,281
		821,612	EchoStar Corp.*		19,956,955
		416,010	Onto Innovation, Inc.*		30,385,370
		119,696	PC Connection, Inc.		5,538,334
		192,230	Vectrus, Inc.*		9,148,226
					107,352,535
Materials — 5.3%
		265,414	Eagle Materials, Inc.		37,717,983
		345,883	Ingevity Corp.*		28,141,041
					65,859,024
Utilities — 2.8%
		520,419	Portland General Electric Co.		23,980,908
		1,031,081	Star Group L.P.		11,548,107
					35,529,015
Total Common Stocks (Cost $718,029,499)					1,122,251,686

Real Estate Investment Trusts — 7.5%
		49,765	CTO Realty Growth, Inc.		2,663,423
		127,177	EastGroup Properties, Inc.		20,914,257
		1,055,150	Essential Properties Realty Trust, Inc.		28,531,256
		472,606	Getty Realty Corp.		14,721,677
		2,281,713	Ladder Capital Corp.		26,330,968
Total Real Estate Investment Trusts (Cost $64,748,220)					93,161,581

Short-Term Investments — 2.1%

Money Market Funds — 2.1%
		26,580,611	First American Government
			Obligations Fund — Class Z, 0.03%#		26,580,611
Total Short-Term Investments (Cost $26,580,611)					26,580,611
Total Investments — 99.5% (Cost $809,358,330)					1,241,993,878
Other Assets in Excess of Liabilities — 0.5%					5,629,601
NET ASSETS — 100.0%				$	1,247,623,479

	*	Non-Income Producing
	#	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Global Leaders Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Global Leaders Fund – Investor Shares (the “Fund”) increased 37.91% in value. During the same period, the FTSE All-World Index (the “Index”), the Fund’s benchmark, increased 39.18%.

The Fund returned an annualized 14.67% since inception compared to 11.17% for the Index.

The Fund is focused on delivering long-term performance by investing in equity securities of companies that we believe are leaders within their industry or country, as demonstrated by an ability to deliver high relative return on invested capital over time. We are bottom-up investors and invest in securities based on fundamentals rather than geographic or macroeconomic factors. We believe patience and a long-time horizon are underrated virtues in investing, and we remain disciplined on both. We continue to believe that overpaying for good businesses is an ever-present risk for quality- focused investors and we do our best to avoid this mistake too.

For the year ended June 30, 2021, the biggest contributing sector to relative performance was information technology. Financials was the worst performing sector mainly due to a rally in interest rate sensitive financials which are not the core focus of the Fund’s financials exposure. Not having any exposure to energy, utilities or real estate benefited the performance during the reporting period. The reporting period was marked by significant global advancements in the fight against the global COVID-19 pandemic. Progress was made on testing, vaccine development, implementation of vaccination programs and the re-opening of global economies, particularly in developed markets. The result was a strong rally for market segments that have suffered from a prolonged lockdown and manifested itself in a rotation from growth and quality into more value-oriented stocks for the rest of the reporting period. While this was a challenging environment for the quality focused Fund, its valuation discipline and global diversification helped it to keep up with the Index. This was particularly notable in the 6-month period from October 30, 2020 to April 30, 2021 after Pfizer, Moderna and AstraZeneca received approval for their COVID-19 vaccines.

From an individual stock perspective, the best performers were information technology stocks, Taiwan Semiconductor Manufacturing Company (TSMC), Alphabet and Microsoft, followed by Charles Schwab. As mentioned in our semi-annual report we believe TSMC has been taking the lead as the most advanced semiconductor manufacturer with main competitor Intel delaying production and falling behind TSMC. Charles Schwab’s share price more than doubled during the last year. This was driven by the expectation for higher medium-to-long-term interest rates moving net interest income and net interest margins up. More near term, the company’s financials benefited from a successful integration of TD Ameritrade and surging retail trading activity, particularly in the beginning of 2021. Deutsche Bourse detracted the most, due in our opinion to concerns around the impact that low volatility would have on equity index volumes at Eurex. We conducted a drawdown review and added to the position based on strong structural growth drivers and an attractive internal rate of return (IRR).

During the past year we have invested in two new companies, Adobe and Fair Isaac Corporation, while the position in Aspen Technology was sold. Fair Isaac is the creator of the FICO score, a single published score for consumer creditworthiness used in over 90% of U.S. consumer lending decisions. The company has a strong Sustainable Advantage Driver as it enables financial inclusion opportunities for consumers and financial institutions to rely on the FICO score to reduce losses and extend credit responsibly. Adobe is the leader in digital content creation, management and delivery, a massive and growing opportunity that presented itself during the quality sell off in February. We sold the position in Aspen Technology as the company had reached our return expectations much faster than expected and we decided to allocate the capital to Adobe and what we believe to be a higher IRR opportunity.

The Global Leaders’ team remains dedicated to executing on our investment process and scouring the globe for high quality companies at attractive prices.

Sincerely,

Mick Dillon, CFA

Portfolio Manager

Bertie Thomson, CFA

Portfolio Manager

www.brownadvisory.com/mf

Brown Advisory Global Leaders Fund

A Message to Our Shareholders

June 30, 2021

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. The Fund invests in small and medium capitalization companies which carry greater risk than is associated with larger companies for various reasons, such as narrower markets, limited financial resources and less liquid stock. The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Investments in foreign securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. These risks are greater for investments in emerging markets. Private Placement issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund. The Adviser assesses a company’s Environmental, Social and Governance (“ESG”) profile through conducting ESG research and leveraging engagement when appropriate through dialogue with company management teams as part of its fundamental due diligence process. The Adviser views ESG characteristics as material to fundamentals and seeks to understand their impact on companies in which the Fund may invest.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Global Leaders Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund as measured against a broad-based securities market index. The FTSE All-World Index (“Index”) is a market capitalization weighted index representing the performance of large and mid-capitalization stocks from the FTSE Global Equity Index Series. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Information Technology	41.0%
Communication Services	13.8%
Financials	13.5%
Industrials	7.7%
Consumer Staples	7.6%
Health Care	6.5%
Materials	4.4%
Consumer Discretionary	4.1%
Money Market Funds	1.2%
Other Assets and Liabilities	0.2%
	100.0%

			Since Inception
Average Annual Total Return	One Year	Five Year	(7/1/15)
Institutional Shares¹	38.17%	18.88%	14.85%
Investor Shares	37.91%	18.70%	14.67%
FTSE All-World Index	39.18%	14.54%	11.17%

	Institutional Shares	Investor Shares
Gross Expense Ratio²	0.82%	0.97%
Net Expense Ratio²	0.82%	0.97%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/global-leaders-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects periods during which fee waivers were in effect. In the absence of such waivers, total return would have been reduced. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on returns. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

¹	Performance information for the Institutional Shares, prior to commencement of operations on October 31, 2018, is based on the performance of Investor Shares, and adjusted for the lower expenses applicable to Institutional Shares.
²	Per the Fund’s prospectus dated October 31, 2020. Refer to the financial highlights for the gross and net expense ratios for the year ended as of the date of this report. Please note that the expense ratios per the prospectus include acquired fund fees and expenses (as applicable) and the expense ratios in the financial highlights do not.

www.brownadvisory.com/mf

Brown Advisory Global Leaders Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 98.6%

China — 6.4%
		2,714,901	AIA Group, Ltd.		33,679,918
		605,473	Tencent Holdings, Ltd.		45,587,582
					79,267,500
France — 3.4%
		303,350	Safran SA		42,099,708

Germany — 5.4%
		365,525	CTS Eventim AG & Co. KGaA*		22,833,038
		252,833	Deutsche Boerse AG		44,130,955
					66,963,993
India — 2.5%
		1,561,537	HDFC Bank, Ltd.		31,539,712

Indonesia — 2.2%
		100,249,137	Bank Rakyat Indonesia Persero		27,257,253

Netherlands — 2.6%
		324,412	Wolters Kluwer NV		32,607,825

Sweden — 2.4%
		576,855	Atlas Copco AB		30,380,906

Switzerland — 5.2%
		108,822	Roche Holding AG		41,008,279
		78,688	Schindler Holding AG		23,025,363
					64,033,642
Taiwan — 3.9%
		402,064	Taiwan Semiconductor
			Manufacturing Co., Ltd. ADR		48,312,011

United Kingdom — 2.7%
		584,486	Unilever PLC		34,153,569

United States — 61.9%

Communication Services — 8.3%
		27,392	Alphabet, Inc. — Class C*		68,653,117
		244,299	Electronic Arts, Inc.		35,137,525
					103,790,642
Consumer Discretionary — 4.1%
		13,083	Booking Holdings, Inc.*		28,626,781
		337,950	TJX Companies, Inc.		22,784,589
					51,411,370
Consumer Staples — 4.9%
		346,269	Brown-Forman Corp.		25,949,399
		109,816	Estee Lauder Companies, Inc.		34,930,273
					60,879,672
Financials — 2.5%
		421,121	Charles Schwab Corp.		30,661,820

Health Care — 3.2%
		382,759	Edwards Lifesciences Corp.*		39,642,350

Information Technology — 34.5%
		49,009	Adobe, Inc.*		28,701,631
		114,423	Autodesk, Inc.*		33,400,074
		60,816	Fair Isaac Corp.*		30,570,987
		82,416	Intuit, Inc.		40,397,850
		683,192	Marvell Technology, Inc.		39,850,589
		145,067	MasterCard, Inc.		52,962,511
		442,862	Microsoft Corp.		119,971,315
		358,801	Visa, Inc.		83,894,850
					429,749,807
Materials — 4.4%
		101,349	Ecolab, Inc.		20,874,854
		126,172	Sherwin-Williams Co.		34,375,561
					55,250,415
Total United States					771,386,076
Total Common Stocks (Cost $843,110,888)					1,228,002,195

Short-Term Investments — 1.2%

Money Market Funds — 1.2%
		15,393,557	First American Government
			Obligations Fund — Class Z, 0.02%#		15,393,557
Total Short-Term Investments (Cost $15,393,557)					15,393,557
Total Investments — 99.8% (Cost $858,504,445)					1,243,395,752
Other Assets in Excess of Liabilities — 0.2%					2,333,711
NET ASSETS — 100.0%				$	1,245,729,463

	*	Non-Income Producing
ADR — American Depositary Receipt
	#	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Intermediate Income Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30 2021, the Brown Advisory Intermediate Income Fund – Investor Shares (the “Fund”) increased 1.11% in value. During the same period, the Bloomberg Barclays Intermediate US Aggregate Bond Index (the “Index”), the Fund’s benchmark, increased 0.05%.

The Fund aims to generate performance primarily through a diversified selection of individual securities, supported by a detailed and disciplined research process focused on capital conservation. Duration and sector weightings are determined mainly by an analysis of the intermediate-term risk/reward as opposed to any particular macroeconomic forecast.

The second half of 2020 was marked by an ongoing rally in corporate bonds in response to the continuance of an accommodative Federal Reserve and fiscal measures that were beginning to bring clarity to a post- pandemic economic environment. During this period, the Fund was overweight high-quality corporate bonds with 7 to 10-year maturities that were previously purchased during the apex of the pandemic-induced market volatility. The Fund purchased bond issuers with profiles of industry leading, diversified, and well capitalized organizations that we believe were best equipped to weather the severe economic slowdown that occurred. Additionally, these holdings increased the overall quality of the Fund as well as its liquidity profile. This overweight was the primary reason for the Fund’s outperformance¹ during the second half of 2020 (the Fund outperformed its benchmark by 77 basis points in that period, generating a return of 1.67% versus the benchmark’s return of 0.90%.). We believe our investment process led us to the most attractive opportunities present at the time. However, our overall allocation to corporate bonds ultimately proved to be the chief reason for the outperformance.

In addition, during this period the Federal Reserve announced at its annual Jackson Hole conference that it would adopt an “average inflation targeting” regime after previously targeting a 2% inflation rate. In practice, this would imply that the Federal Reserve would tolerate inflation rising above 2% for a period of time to offset earlier periods when it ran below target. In response to this policy shift and the economic benefits of the impeding COVID-19 vaccine, intermediate and longer-term interest rates began to rise on expectations of higher economic growth and a possible pickup in inflation. Given our focus on individual security analysis, the Fund benefited from having an underweight to Treasury securities. The Fund also continued to reap the benefits of an overweight to corporate bonds given the prospects for a brighter economic outlook.

The movement higher in interest rates picked up steam during the first half of 2021 with the 10-year Treasury increasing by approximately 55 basis points from year-end levels in 2020. During this period, the pace of tightening credit spreads slowed but continued to pre-pandemic levels. For this reason, we adopted a more defensive posture via a lower overall duration relative to the Index. Additionally, we liquidated a number of our longer, highest quality corporate bonds that were now potentially exposed to credit spread widening given the magnitude of the prior move. Although interest rates were rising, mortgage originators held mortgage rates steady to slightly higher helping to perpetuate already robust refinance activity. Our emphasis on defensive positioning in regard to principal repayments during a period of robust refinance activity enhanced performance on a relative basis. In short, we held less mortgage pass-through securities in favor of a greater amount of asset-backed and commercial mortgage-backed bonds.

Throughout this period, we maintained our emphasis on corporate bonds and other spread product with the exception of mortgage-backed securities (MBS) because of their cash flow characteristics. Although the Fund reduced its overweight position in corporate bonds during the period, the Fund benefited from a combination of an earlier increase in the overall allocation and strong individual security selection. These factors were additive to performance as our holdings outpaced the Index’s counterparts. Credit spreads ended the period at or through pre-pandemic levels. This highlights the value of having a clearly defined investment thesis for a company underpinned by robust fundamental analysis.

Looking forward, there continues to be uncertainty regarding the persistence of higher inflation. Yet given the robust labor market dynamics, as measured by job openings and the unemployment rate, we believe a defensive posture is still warranted from an interest rate perspective. Moreover, given the aforementioned corporate bond move to richer valuations, we believe a lessened emphasis on corporate bonds is warranted. We will continue to seek to generate attractive income while continuing to focus on downside protection.

Sincerely,

Jason T. Vlosich

Portfolio Manager

______________

¹ The Fund’s outperformance during the time period is included in the proceeding Performance Information & Portfolio Holdings Summary section.

www.brownadvisory.com/mf

Brown Advisory Intermediate Income Fund

A Message to Our Shareholders

June 30, 2021

Past performance is not a guarantee of future results.

Because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to the funds that do not use these criteria.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Intermediate Income Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund as measured against a broad-based bond index. The Bloomberg Barclays Intermediate US Aggregate Bond Index (“Index”) represents domestic taxable investment grade bonds, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities with average maturities and durations in the intermediate range. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Corporate Bonds & Notes	28.0%
U.S. Treasury Notes	26.9%
Mortgage Backed Securities	20.1%
Affiliated Mutual Funds	12.1%
Asset Backed Securities	10.7%
Money Market Funds	1.7%
Other Assets and Liabilities	0.5%
	100.0%

Average Annual Total Return	One Year	Five Year	Ten Year
Investor Shares	1.11%	2.60%	2.52%
Advisor Shares	0.79%	2.34%	2.28%
Bloomberg Barclays Intermediate US Aggregate Bond Index	0.05%	2.53%	2.74%

	Investor Shares	Advisor Shares
Gross Expense Ratio¹	0.60%	0.85%
Net Expense Ratio¹	0.56%	0.81%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/intermediate-income-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects periods during which fee waivers were in effect. In the absence of such waivers, total return would have been reduced. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

www.brownadvisory.com/mf

Brown Advisory Intermediate Income Fund

Schedule of Investments

June 30, 2021

	Par Value		Security Description	Rate			Maturity	Value $

Corporate Bonds & Notes — 28.0%
		1,560,000	Alexandria Real Estate Equities, Inc.		3.38	%	08/15/2031		1,718,468
		1,635,000	American Tower Corp.		3.60	%	01/15/2028		1,801,531
		1,700,000	BorgWarner, Inc.		2.65	%	07/01/2027		1,805,146
		875,000	Chevron Corp.		2.00	%	05/11/2027		904,176
		1,645,000	Citigroup, Inc.		3.20	%	10/21/2026		1,784,456
		1,820,000	Clorox Co.		1.80	%	05/15/2030		1,791,828
		830,000	Colonial Enterprises, Inc.^		3.25	%	05/15/2030		899,110
		803,000	Comcast Corp.		3.40	%	04/01/2030		887,649
		805,000	Consolidated Edison Co. of New York, Inc.		3.35	%	04/01/2030		886,738
		1,665,000	Crown Castle International Corp.		3.30	%	07/01/2030		1,787,655
		805,000	Dollar General Corp.		3.88	%	04/15/2027		904,594
		1,565,000	Dollar Tree, Inc.		4.20	%	05/15/2028		1,787,767
		955,000	Ecolab, Inc.		1.30	%	01/30/2031		902,326
		785,000	Exelon Corp.		4.05	%	04/15/2030		895,886
		1,645,000	FMC Corp.		3.20	%	10/01/2026		1,778,884
		845,000	Fortis, Inc.		3.06	%	10/04/2026		907,812
		865,000	Hasbro, Inc.		3.50	%	09/15/2027		943,610
		830,000	Healthcare Trust of America Holdings L.P.		3.75	%	07/01/2027		924,637
		810,000	JB Hunt Transport Services, Inc.		3.88	%	03/01/2026		902,225
		1,645,000	Keysight Technologies, Inc.		4.60	%	04/06/2027		1,914,202
		915,000	LYB International Finance III LLC		2.25	%	10/01/2030		916,060
		790,000	Mastercard, Inc.		3.35	%	03/26/2030		890,462
		870,000	Morgan Stanley		3.75	%	02/25/2023		916,947
		1,710,000	NextEra Energy Capital Holdings, Inc.		1.90	%	06/15/2028		1,728,095
		750,000	Northrop Grumman Corp.		4.40	%	05/01/2030		888,694
		1,640,000	NXP BV^		3.88	%	06/18/2026		1,818,800
		1,685,000	Oracle Corp.		2.80	%	04/01/2027		1,788,943
		1,185,000	Southwest Airlines Co.		5.25	%	05/04/2025		1,353,217
		1,320,000	SYSCO Corp.		5.95	%	04/01/2030		1,696,247
		1,815,000	Takeda Pharmaceutical Co., Ltd.		2.05	%	03/31/2030		1,803,965
		825,000	Thermo Fisher Scientific, Inc.		3.20	%	08/15/2027		902,269
		1,750,000	Verizon Communications, Inc.		2.10	%	03/22/2028		1,788,763
		1,700,000	VF Corp.		2.40	%	04/23/2025		1,784,427
		1,625,000	Wells Fargo & Co.		3.00	%	10/23/2026		1,754,878
		945,000	West Fraser Timber Co., Ltd.^		4.35	%	10/15/2024		1,011,417
		865,000	Xylem, Inc.		1.95	%	01/30/2028		875,289
Total Corporate Bonds & Notes (Cost $46,555,475)									48,047,173

Mortgage Backed Securities — 20.1%
		825,000	BAMLL Commercial Mortgage Securities Trust,
			Series 2018-DSNY C (1 Month LIBOR USD + 1.35%)^		1.42	%	09/15/2034		825,095
		750,000	BAMLL Commercial Mortgage Securities Trust,
			Series 2019-RLJ C (1 Month LIBOR USD + 1.60%)^		1.67	%	04/15/2036		745,138
		485,244	BX Commercial Mortgage Trust, Series 2020-BXLP (1 Month LIBOR USD + 1.25%)^		1.32	%	12/15/2036		485,880
		500,000	BX Trust, Series 2019-CALM C (1 Month LIBOR USD + 1.30%)^		1.37	%	11/15/2032		500,947
		750,000	CSMC, Series 2019-ICE4 C (1 Month LIBOR USD + 1.43%)^		1.50	%	05/15/2036		753,689
		1,000,000	CSMC, Series 2019-ICE4 D (1 Month LIBOR USD + 1.60%)^		1.67	%	05/15/2036		1,003,192
		500,000	DBGS Mortgage Trust, Series 2018-C1 7EA^		4.64	%	10/17/2051		505,003
		441	FHLMC PC, Pool# C0-0210		8.00	%	01/01/2023		457
		95,887	FHLMC PC, Pool# 1B-0889 (12 Month LIBOR USD + 1.59%)		1.89	%	05/01/2033		95,821
		172,755	FHLMC REMIC, Series 4665 KA		4.00	%	12/15/2042		173,885
		170,163	FHLMC REMIC, Series 4740 KB		3.50	%	02/15/2043		170,754
		165,768	FHLMC REMIC, Series 4840 BK		4.50	%	09/15/2046		170,815
		1,668,107	FHLMC REMIC, Series 5115 KC		1.00	%	12/25/2050		1,647,265
		1,700,000	FHLMC REMIC, Series 5127 ME		1.00	%	07/25/2051		1,686,387
		352,196	FHLMC STACR, Series 2014-HQ2 M3 (1 Month LIBOR USD + 3.75%)		3.84	%	09/25/2024		360,467
		1,627,876	FHLMC UMBS, Pool# QA-2240		2.50	%	04/01/2048		1,689,190
		1,219,035	FHMS, Series Q-006 APT1#		2.78	%	04/25/2028		1,268,999

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

www.brownadvisory.com/mf

Brown Advisory Intermediate Income Fund

Schedule of Investments

June 30, 2021

	Par Value		Security Description	Rate			Maturity	Value $

Mortgage Backed Securities — 20.1% (Continued)
		287,071	FHMS, Series Q-006 APT2#		2.60	%	10/25/2028		297,843
		341,733	FHMS, Series Q-010 APT1#		2.92	%	04/25/2046		344,137
		310,644	FHMS, Series Q-007 APT1#		2.99	%	10/25/2047		315,733
		340,431	FHMS, Series Q-007 APT2#		3.31	%	10/25/2047		359,921
		869,227	FHMS, Series Q-013 APT1#		1.18	%	05/25/2050		875,015
		9,683	FNMA, Pool# 628837		6.50	%	03/01/2032		10,996
		563,930	FNMA, Pool# MA2998		3.50	%	04/01/2032		608,469
		46,556	FNMA, Pool# 663238		5.50	%	09/01/2032		52,036
		24,787	FNMA, Pool# 744805 (6 Month LIBOR USD + 1.52%)		1.77	%	11/01/2033		24,911
		10,437	FNMA, Pool# 741373 (1 Year CMT Rate + 2.28%)		2.41	%	12/01/2033		10,444
		23,934	FNMA, Pool# 764342 (6 Month LIBOR USD + 1.52%)		1.77	%	02/01/2034		24,078
		786,107	FNMA, Pool# AS7789		3.00	%	08/01/2036		827,689
		1,290,081	FNMA, Pool# MA2804		3.00	%	11/01/2036		1,358,368
		535,297	FNMA, Pool# MA2897		3.00	%	02/01/2037		563,643
		755,226	FNMA, Pool# BM1370		3.00	%	04/01/2037		790,974
		95,728	FNMA, Pool# BN0202		5.50	%	09/01/2048		107,401
		113,032	FNMA REMIC Trust, Series 2016-M5 (1 Month LIBOR USD + 0.72%)		0.82	%	04/25/2023		113,288
		395,751	FNMA REMIC Trust, Series 2013-115 AI~		3.00	%	04/25/2031		16,096
		372,217	FNMA REMIC Trust, Series 2020-6 GL		3.00	%	04/25/2043		378,003
		385,114	FNMA REMIC Trust, Series 2017-44 BA		3.50	%	01/25/2044		389,360
		829,395	FNMA REMIC Trust, Series 2020-10 Q		3.00	%	03/25/2050		864,167
		1,150,000	FREMF Mortgage Trust, Series 2016-K723 B#^		3.70	%	10/25/2039		1,210,476
		750,000	FREMF Mortgage Trust, Series 2019-K735 B#^		4.16	%	05/25/2052		830,602
		500,000	FREMF Mortgage Trust, Series 2020-K737 B#^		3.41	%	01/25/2053		534,903
		14,156	GNMA, Pool# 781186X		9.00	%	06/15/2030		14,326
		3,462,886	GNMA REMIC Trust, Series 2021-093 PC		1.00	%	09/20/2050		3,411,756
		2,469,983	GNMA REMIC Trust, Series 2021-091 BC		1.00	%	05/20/2051		2,447,362
		2,685,587	GNMA REMIC Trust, Series 2021-084 ED		1.00	%	07/16/2060		2,602,777
		700,000	JPMCC, Series 2019-BKWD C (1 Month LIBOR USD + 1.60%)^		1.67	%	09/17/2029		700,363
		500,000	KNDL Mortgage Trust, Series 2019-KNSQ C (1 Month LIBOR USD + 1.05%)^		1.12	%	05/15/2036		500,669
		500,000	MRCD Mortgage Trust, Series 2019-PARK C^		2.72	%	12/15/2036		511,220
		900,000	MSC, Series 2017-CLS A (1 Month LIBOR USD + 0.70%)^		0.77	%	11/15/2034		900,683
		400,000	MSC, Series 2019-NUGS B (1 Month LIBOR USD + 1.30%)^		2.80	%	12/15/2036		401,730
Total Mortgage Backed Securities (Cost $34,263,251)									34,482,423

Asset Backed Securities — 10.7%
		510,000	American Homes 4 Rent Trust, Series 2015-SFR2 C^		4.69	%	10/18/2052		555,044
		900,000	CarMax Auto Owner Trust, Series 2021-2 C		1.34	%	02/16/2027		901,420
		218,243	FHF Trust, Series 2020-1A A^		2.59	%	12/15/2023		220,064
		238,265	FHF Trust, Series 2021-1A A^		1.27	%	03/15/2027		238,262
		279,239	FREED ABS Trust, Series 2019-1 B^		3.87	%	06/18/2026		281,122
		61,471	FREED ABS Trust, Series 2020-2CP A^		4.52	%	06/18/2027		61,781
		590,000	GTP Acquisition Partners I LLC, Series 2015-1-2^		3.48	%	06/15/2050		627,706
		1,575,000	HPEFS Equipment Trust, Series 2021-2A B^		0.61	%	09/20/2028		1,573,691
		700,000	HPEFS Equipment Trust, Series 2019-1A D^		2.72	%	09/20/2029		715,099
		500,000	HPEFS Equipment Trust, Series 2020-1A D^		2.26	%	02/20/2030		510,988
		1,300,000	HPEFS Equipment Trust, Series 2021-1A A2^		0.27	%	03/20/2031		1,300,413
		499,916	Invitation Homes Trust, Series 2017-SFR2 C (1 Month LIBOR USD + 1.45%)^		1.53	%	12/19/2036		501,451
		734,000	Invitation Homes Trust, Series 2018-SFR1 C (1 Month LIBOR USD + 1.25%)^		1.33	%	03/19/2037		736,426
		499,818	Invitation Homes Trust, Series 2018-SFRI D (1 Month LIBOR USD + 1.45%)^		1.53	%	03/19/2037		501,433
		602,572	MVW Owner Trust, Series 2017-1A A^		2.42	%	12/20/2034		615,946
		616,560	Nationstar HECM Loan Trust, Series 2020-1 A#^		1.27	%	09/25/2030		618,719
		420,956	NYCTL Trust, Series 2019-A A^		2.19	%	11/10/2032		421,930
		400,000	Oportun Funding X LLC, Series 2018-C A^		4.10	%	10/08/2024		400,296
		145,000	Oportun Funding XIV LLC, Series 2021-A A^		1.21	%	03/08/2028		145,490
		1,150,000	PFS Financing Corp., Series 2020-F A^		0.93	%	08/15/2024		1,155,873
		998,288	Progress Residential Trust, Series 2018-SFR3 A^		3.88	%	10/18/2035		1,009,559
		374,630	Progress Residential Trust, Series 2019-SFR1 A^		3.42	%	03/19/2036		380,705

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

www.brownadvisory.com/mf

Brown Advisory Intermediate Income Fund

Schedule of Investments

June 30, 2021

	Par Value		Security Description	Rate			Maturity	Value $

Asset Backed Securities — 10.7% (Continued)
		600,000	Santander Drive Auto Receivables Trust, Series 2019-3 D		2.68	%	10/15/2025		615,116
		274,000	SBA Tower Trust, Series 2020-1-2^		2.33	%	01/15/2028		284,653
		300,000	SBA Tower Trust, Series 2020-1-2^		1.88	%	07/15/2050		304,306
		850,000	Stack Infrastructure Issuer LLC, Series 2020-1A A2^		1.89	%	08/25/2045		855,376
		750,000	Tesla Auto Lease Trust, Series 2020-A A3^		0.68	%	12/20/2023		753,396
		445,000	Tesla Auto Lease Trust, Series 2021-A C^		1.18	%	03/20/2025		445,790
		1,125,000	Vantage Data Centers LLC, Series 2020-1A A2^		1.65	%	09/15/2045		1,130,051
		500,000	Verizon Owner Trust, Series 2019-A C		3.22	%	09/20/2023		514,869
Total Asset Backed Securities (Cost $18,284,765)									18,376,975

U.S. Treasury Notes — 26.9%
		2,000,000	United States Treasury Note		2.63	%	12/15/2021		2,023,405
		10,000,000	United States Treasury Note		0.38	%	03/31/2022		10,021,469
		10,000,000	United States Treasury Note		1.63	%	08/15/2022		10,171,680
		6,775,000	United States Treasury Note		2.25	%	03/31/2026		7,224,902
		6,395,000	United States Treasury Note		2.88	%	05/15/2028		7,110,191
		9,920,000	United States Treasury Note		0.88	%	11/15/2030		9,442,600
Total U.S. Treasury Notes (Cost $45,585,422)									45,994,247

	Shares
Affiliated Mutual Funds (Note 3) — 12.1%
		1,968,305	Brown Advisory Mortgage Securities Fund — Institutional Shares						20,785,301
Total Affiliated Mutual Funds (Cost $20,242,902)									20,785,301

Short-Term Investments — 1.7%

Money Market Funds — 1.7%
		2,852,409	First American Government Obligations Fund — Class Z, 0.02%*						2,852,409
Total Short-Term Investments (Cost $2,852,409)									2,852,409
Total Investments — 99.5% (Cost $167,784,224)									170,538,528
Other Assets in Excess of Liabilities — 0.5%									897,153
NET ASSETS — 100.0%								$	171,435,681

	^	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	#	Variable rate security. Rate disclosed is as of the date of this report.
	~	Interest Only Security
	*	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Total Return Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Total Return Fund – Institutional Shares (the “Fund”) increased 3.10% in value. During the same period, the Bloomberg Barclays US Aggregate Bond Index (the “Index”), the Fund’s benchmark, declined 0.33%.

This past year was marked by big events, and these came to dominate results in the fixed income markets. As such, most of the performance of this period was a result of top-down decisions, which normally is not our focus. The Fund generally seeks to provide a competitive total return with preservation of principal through individual security analysis. Top-down positioning, such as interest rate and sector weightings, are set mainly by a combination of risk management and the supply of bottom-up ideas that our analysts provide.

The summer of 2020 saw a massive rally in credit securities, as markets gained confidence that companies, with help from policy makers, would be able to see through the COVID-19 pandemic. In March and April of 2020, the Fund added meaningfully to high quality, longer-term corporate bonds. We believed these were the types of companies most equipped to survive a deep recession. This overweight of corporate bonds was the primary reason for outperformance during the second half of 2020 (the Fund outperformed its benchmark by 257 bps in that period), and was a major driver for the whole period. Although our selections were strong, outperforming the benchmark by 313 basis points after adjusting for duration, it was the allocation effect of being overweight that was the bigger driver of results over this period.

Starting in August of 2020, we made a risk management decision to underweight duration and especially underweight the longest part of the yield curve. As the Fed shifted to its average inflation targeting (AIT) regime, we believed it was possible that inflation would pick up as the economy recovered. Under AIT, the Fed would allow inflation to rise before acting, which would typically result in longer-term yields rising more than shorter-term yields. Lastly, given that Treasury yields were so low at the time, around 0.60% for the 10-year, we felt that if there were any rate-related volatility, it would be to the upside. For that reason, we decided an underweight was appropriate. This was something of a benefit in the fourth quarter of 2020, as news of a vaccine against COVID- 19 was announced. Rising rates accelerated in the first quarter of this year, spurred by increased government stimulus and a rapidly recovering economy. These moves were large enough that the Fund’s duration and curve positioning dominated the Fund’s outperformance in the first half of 2021.

Looking forward, we have maintained a defensive position vis-a-vis rates, and removed most of the overweight to corporate bonds we had in 2020. On a contribution-to-duration basis, the Fund’s corporate bond position is now about neutral. While the earnings outlook for companies remains solid, corporate bond spreads are near long-term tights. We believe the combination of good fundamentals and rich valuations make a neutral stance fitting.

In terms of general interest rates, with Treasury rates having climbed into the 1.50% area, rate- related risks are slightly more balanced than they were last summer. However, our core reasons for going defensive remain just as pertinent now. It is likely that inflation will come in two waves: the first is being driven by a burst of post-pandemic demand met by a still healing supply chain. The second will likely be fueled by a tight labor market and resulting wage pressure. As we write this letter, we believe we are living through the first of these phases. The most recent CPI report indicated that year-on-year inflation was 5%, which we believe is almost certainly due to transitory factors that will soon fade. However, it is also the case that the labor market is quite tight, despite unemployment at 5.9%. According to the Bureau of Labor Statistics, job openings are at an all- time high, and openings per unemployed worker are at the same level as in 2018, when unemployment was at 4.1%. So while inflation is highly likely to decelerate from 5%, wage pressure is probably already enough to maintain inflation over 2%. We think this warrants caution on the direction of rates.

We believe the combination of being neutral on credit and defensive on rates should result in the portfolio being less sensitive to big market swings. We expect this will allow our bottom-up decision making to shine through as fixed income volatility returns to more normal levels.

Sincerely,

Thomas D.D. Graff, CFA

Portfolio Manager

www.brownadvisory.com/mf

Brown Advisory Total Return Fund

A Message to Our Shareholders

June 30, 2021

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. The Fund is subject to interest rate risk which is the risk that debt securities in the Fund’s portfolio will decline in value because of increases in market interest rates. Investments in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities. Inflation-indexed bonds see the principal value of the security increased as the Consumer Price Index increases. Should the Consumer Price Index decline, those securities should be adversely impacted. Diversification does not assure a profit, nor does it protect against a loss in a declining market. The Adviser assesses a company’s Environmental, Social and Governance (“ESG”) profile through conducting ESG research and leveraging engagement when appropriate through dialogue with company management teams as part of its fundamental due diligence process. The Adviser views ESG characteristics as material to fundamentals and seeks to understand their impact on companies in which the Fund may invest.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Total Return Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $1,000,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $1,000,000 investment, including reinvested dividends and distributions, in the Fund as measured against a broad-based securities market index. The Bloomberg Barclays US Aggregate Bond Index (“Index”) is a broad-based benchmark that measures the investment grade US dollar-denominated, fixed rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS, ABS and CMBS. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Corporate Bonds & Notes	38.9%
Mortgage Backed Securities	30.6%
Asset Backed Securities	17.7%
U.S. Treasury Notes	15.9%
Money Market Funds	5.5%
Municipal Bonds	0.4%
U.S. Treasury Bills	0.4%
Other Assets and Liabilities	(9.4)%
	100.0%

			Since Inception
Average Annual Total Return	One Year	Five Year	(10/30/14)
Institutional Shares	3.10%	4.01%	3.87%
Investor Shares	3.05%	3.96%	3.82%
Bloomberg Barclays US Aggregate Bond Index	-0.33%	3.03%	3.25%

	Institutional Shares	Investor Shares
Gross Expense Ratio¹	0.45%	0.50%
Net Expense Ratio¹	0.45%	0.50%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/total-return-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on returns. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

www.brownadvisory.com/mf

Brown Advisory Total Return Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Corporate Bonds & Notes — 38.9%
	4,540,000	Alexandria Real Estate Equities, Inc.		2.00	%	05/18/2032		4,433,610
	1,945,000	Allison Transmission, Inc.^		5.88	%	06/01/2029		2,133,665
	4,145,000	Amphenol Corp.		2.80	%	02/15/2030		4,391,167
	1,076,000	Aptiv PLC		4.35	%	03/15/2029		1,241,064
	2,085,000	Beacon Roofing Supply, Inc.^		4.50	%	11/15/2026		2,191,147
	1,820,000	Booking Holdings, Inc.		4.63	%	04/13/2030		2,180,118
	1,975,000	Boyd Gaming Corp.^		8.63	%	06/01/2025		2,179,649
	2,048,000	Brinker International, Inc.^		5.00	%	10/01/2024		2,159,360
	3,930,000	Broadcom, Inc.		4.15	%	11/15/2030		4,416,095
	2,165,000	BWX Technologies, Inc.^		4.13	%	06/30/2028		2,208,765
	4,200,000	Carrier Global Corp.		2.72	%	02/15/2030		4,362,458
	2,195,000	Carrols Restaurant Group, Inc.^		5.88	%	07/01/2029		2,178,537
	758,000	CCM Merger, Inc.^		6.38	%	05/01/2026		798,940
	2,160,000	CCO Holdings LLC		4.50	%	05/01/2032		2,245,784
	2,205,000	Clearway Energy Operating LLC^		3.75	%	02/15/2031		2,196,941
	4,070,000	Colonial Enterprises, Inc.^		3.25	%	05/15/2030		4,408,887
	5,313,000	Conservation Fund		3.47	%	12/15/2029		5,697,097
	2,150,000	Crowdstrike Holdings, Inc.		3.00	%	02/15/2029		2,154,730
	4,065,000	Crown Castle International Corp.		3.30	%	07/01/2030		4,364,456
	3,810,000	CVS Health Corp.		4.30	%	03/25/2028		4,383,869
	2,165,000	Dana, Inc.		4.25	%	09/01/2030		2,229,950
	3,895,000	Darden Restaurants, Inc.		3.85	%	05/01/2027		4,332,625
	4,570,000	Enterprise Products Operating LLC (Fixed until 08/16/2022, then 3 Month LIBOR USD + 2.99%)		4.88	%	08/16/2077		4,487,294
	3,500,000	Equinix, Inc.		2.50	%	05/15/2031		3,566,802
	3,890,000	Exelon Corp.		4.05	%	04/15/2030		4,439,487
	4,015,000	FMC Corp.		3.20	%	10/01/2026		4,341,775
	4,045,000	Fortis, Inc.		3.06	%	10/04/2026		4,345,678
	1,975,000	Graphic Packaging International LLC^		4.75	%	07/15/2027		2,140,781
	2,975,000	Hasbro, Inc.		3.50	%	09/15/2027		3,245,366
	1,047,000	Hawaiian Brand Intellectual Property, Ltd.^		5.75	%	01/20/2026		1,126,834
	2,925,000	Healthcare Trust of America Holdings L.P.		3.75	%	07/01/2027		3,258,509
	3,835,000	Huntsman International LLC		4.50	%	05/01/2029		4,369,226
	2,190,000	Kaiser Aluminum Corp.^		4.50	%	06/01/2031		2,251,145
	2,130,000	LBM Acquisition LLC^		6.25	%	01/15/2029		2,149,063
	3,895,000	Lear Corp.		4.25	%	05/15/2029		4,392,654
	4,370,000	LYB International Finance III LLC		2.25	%	10/01/2030		4,375,061
	3,880,000	Marriott International, Inc.		4.65	%	12/01/2028		4,439,804
	3,819,000	Marvell Technology, Inc.^		4.88	%	06/22/2028		4,422,268
	2,065,000	Mercer International, Inc.		5.50	%	01/15/2026		2,124,358
	1,960,000	NextEra Energy Capital Holdings, Inc. (Fixed until 12/01/2027, then 3 Month LIBOR USD + 2.41%)		4.80	%	12/01/2077		2,205,381
	3,937,000	NXP BV^		3.88	%	06/18/2026		4,366,229
	3,855,000	PVH Corp.		4.63	%	07/10/2025		4,306,662
	2,080,000	SBA Communications Corp.		3.88	%	02/15/2027		2,141,100
	1,900,000	Sprint Corp.		7.13	%	06/15/2024		2,194,500
	3,390,000	SYSCO Corp.		5.95	%	04/01/2030		4,356,270
	4,440,000	Takeda Pharmaceutical Co., Ltd.		2.05	%	03/31/2030		4,413,005
	1,800,000	Terminix Co. LLC		7.45	%	08/15/2027		2,114,523
	3,935,000	Thermo Fisher Scientific, Inc.		3.20	%	08/15/2027		4,303,549
	3,730,000	Trimble, Inc.		4.90	%	06/15/2028		4,382,002
	4,165,000	VF Corp.		2.95	%	04/23/2030		4,418,033
	2,165,000	VOC Escrow, Ltd.^		5.00	%	02/15/2028		2,193,145
	4,050,000	West Fraser Timber Co., Ltd.^		4.35	%	10/15/2024		4,334,645
Total Corporate Bonds & Notes (Cost $164,251,537)								172,094,063

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

www.brownadvisory.com/mf

Brown Advisory Total Return Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Mortgage Backed Securities — 30.6%
	1,800,000	BAMLL Commercial Mortgage Securities Trust,
		Series 2018-DSNY C (1 Month LIBOR USD + 1.35%)^		1.42	%	09/15/2034		1,800,207
	1,250,000	BAMLL Commercial Mortgage Securities Trust,
		Series 2019-RLJ C (1 Month LIBOR USD + 1.60%)^		1.67	%	04/15/2036		1,241,897
	1,455,733	BX Commercial Mortgage Trust, Series 2020-BXLP (1 Month LIBOR USD + 1.25%)^		1.32	%	12/15/2036		1,457,640
	940,000	BX Trust, Series 2019-CALM C (1 Month LIBOR USD + 1.30%)^		1.37	%	11/15/2032		941,780
	500,000	CAMB Commercial Mortgage Trust, Series 2019-LIFE B (1 Month LIBOR USD + 1.25%)^		1.32	%	12/15/2037		501,659
	500,000	CAMB Commercial Mortgage Trust, Series 2019-LIFE C (1 Month LIBOR USD + 1.45%)^		1.52	%	12/15/2037		501,539
	600,000	CORE Mortgage Trust, Series 2019-CORE C (1 Month LIBOR USD + 1.30%)^		1.37	%	12/15/2031		600,219
	1,250,000	CSMC, Series 2019-ICE4 C (1 Month LIBOR USD + 1.43%)^		1.50	%	05/15/2036		1,256,148
	2,950,000	CSMC, Series 2019-ICE4 D (1 Month LIBOR USD + 1.60%)^		1.67	%	05/15/2036		2,959,416
	4,000,000	DBGS Mortgage Trust, Series 2018-C1 7EA^		4.64	%	10/17/2051		4,040,023
	1,049,209	FHLMC PC, Pool# G3-1063		3.50	%	11/01/2037		1,113,098
	875,974	FHLMC REMIC, Series 4094 NI~		2.50	%	03/15/2027		24,891
	1,608,247	FHLMC REMIC, Series 4107 LI~		3.00	%	08/15/2027		193,304
	1,815,107	FHLMC REMIC, Series 4143 IA~		3.50	%	09/15/2042		184,648
	59,897	FHLMC SCRTT, Series 2016-1 M1#^		3.00	%	09/25/2055		60,008
	300,000	FHLMC SCRTT, Series 2017-1 M1#^		4.00	%	01/25/2056		304,224
	3,800,828	FHMS, Series K-021 X1#~		1.53	%	06/25/2022		29,189
	10,246,852	FHMS, Series K-C02 X1#~		0.50	%	03/25/2024		92,680
	4,363,762	FHMS, Series K-038 X1#~		1.26	%	03/25/2024		109,820
	63,779,976	FHMS, Series K-047 X1#~		0.25	%	05/25/2025		336,191
	11,299,948	FHMS, Series Q-013 XPT1~		1.66	%	05/25/2025		380,020
	19,150,000	FHMS, Series K-C06 X1#~		1.03	%	06/25/2025		568,923
	10,344,297	FHMS, Series K-734 X1#~		0.79	%	02/25/2026		267,495
	6,631,923	FHMS, Series K-735 X1#~		1.09	%	05/25/2026		279,057
	8,494,371	FHMS, Series K-736 X1#~		1.44	%	07/25/2026		470,623
	663,624	FHMS, Series K-058 X1#~		1.05	%	08/25/2026		27,963
	2,998,661	FHMS, Series K-C04 X1#~		1.40	%	12/25/2026		144,268
	7,993,270	FHMS, Series Q-013 XPT2~		1.81	%	05/25/2027		306,240
	1,358,510	FHMS, Series K-W03 X1#~		0.98	%	06/25/2027		51,429
	7,475,746	FHMS, Series K-C05 X1#~		1.34	%	07/25/2027		376,115
	6,000,000	FHMS, Series K-739 XAM#~		1.71	%	09/25/2027		551,265
	16,500,000	FHMS, Series K-740 XAM#~		1.20	%	10/25/2027		1,088,116
	9,874,968	FHMS, Series K-070 X1#~		0.46	%	11/25/2027		198,749
	473,412	FHMS, Series Q-006 APT1#		2.78	%	04/25/2028		492,815
	4,974,822	FHMS, Series K-087 X1#~		0.51	%	12/25/2028		130,919
	3,990,094	FHMS, Series K-092 X1#~		0.85	%	04/25/2029		203,083
	5,496,187	FHMS, Series K-G01 X1#~		1.11	%	04/25/2029		313,555
	3,539,026	FHMS, Series K-094 X1#~		1.02	%	06/25/2029		223,239
	4,495,231	FHMS, Series K-103 X1#~		0.76	%	11/25/2029		219,856
	4,800,000	FHMS, Series K-110 XAM#~		1.98	%	04/25/2030		723,727
	4,750,000	FHMS, Series K-111 XAM#~		1.91	%	05/25/2030		693,830
	6,238,500	FHMS, Series K-114 XAM#~		1.44	%	06/25/2030		692,312
	9,300,000	FHMS, Series K-115 XAM#~		1.65	%	07/25/2030		1,189,051
	4,360,000	FHMS, Series K-G04 A2		1.49	%	11/25/2030		4,354,088
	341,733	FHMS, Series Q-010 APT1#		2.92	%	04/25/2046		344,137
	2,663,235	FHMS, Series Q-007 APT2#		3.31	%	10/25/2047		2,815,709
	1,303,840	FHMS, Series Q-013 APT1#		1.16	%	05/25/2050		1,312,523
	700,004	FNMA, Pool# MA2897		3.00	%	02/01/2037		737,072
	258,741	FNMA, Pool# 467095		5.90	%	01/01/2041		307,187
	170,926	FNMA, Pool# 469130		4.87	%	10/01/2041		196,707
	193,099	FNMA, Pool# BH7686		4.50	%	12/01/2047		209,690
	133,592	FNMA, Pool# BK5105		5.50	%	05/01/2048		151,284
	110,833	FNMA, Pool# BK8032		5.50	%	06/01/2048		125,151
	95,728	FNMA, Pool# BN0202		5.50	%	09/01/2048		107,401

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

www.brownadvisory.com/mf

Brown Advisory Total Return Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Mortgage Backed Securities — 30.6% (Continued)
	145,868	FNMA, Pool# BN4936		5.50	%	12/01/2048		163,792
	109,680	FNMA, Pool# BN4921		5.50	%	01/01/2049		122,381
	2,758,967	FNMA, Pool# FM4866		2.50	%	10/01/2050		2,858,959
	4,728,089	FNMA, Pool# MA4238		2.50	%	01/01/2051		4,899,447
	4,902,650	FNMA, Pool# BR2618		2.00	%	02/01/2051		4,963,330
	4,890,307	FNMA, Pool# BR2695		2.00	%	02/01/2051		4,950,005
	4,915,827	FNMA, Pool# MA4281		2.00	%	03/01/2051		4,975,037
	19,000,000	FNMA, 2.00%, due TBA July		2.00	%	07/15/2051		19,211,524
	20,200,000	FNMA, 2.50%, due TBA July		2.50	%	07/15/2051		20,907,789
	20,985,488	FNMA REMIC Trust, Series 2019-M23 X3#~		0.38	%	10/27/2031		541,277
	321,353	FNMA REMIC Trust, Series 2012-65 HJ		5.00	%	07/25/2040		357,218
	1,658,790	FNMA REMIC Trust, Series 2020-10 Q		3.00	%	03/25/2050		1,728,333
	4,115,772	FNMA REMIC Trust, Series 2021-47~		2.50	%	07/25/2051		703,540
	2,000,000	FREMF Mortgage Trust, Series 2019-K102 B#^		3.65	%	10/25/2029		2,188,887
	2,986,048	FREMF Mortgage Trust, Series 2020-KF75 (1 Month LIBOR USD + 2.25%)^		2.34	%	12/26/2029		2,972,955
	2,020,000	FREMF Mortgage Trust, Series 2020-K105 B#^		3.53	%	02/25/2030		2,172,167
	1,750,000	FREMF Mortgage Trust, Series 2016-K723 B#^		3.70	%	10/25/2039		1,842,028
	1,785,000	FREMF Mortgage Trust, Series 2017-K64 B#^		4.12	%	05/25/2050		1,983,114
	1,500,000	FREMF Mortgage Trust, Series 2019-K89 B#^		4.43	%	01/25/2051		1,715,083
	1,500,000	FREMF Mortgage Trust, Series 2019-K734 B#^		4.19	%	02/25/2051		1,654,684
	2,000,000	FREMF Mortgage Trust, Series 2019-K735 B#^		4.16	%	05/25/2052		2,214,940
	750,000	FREMF Mortgage Trust, Series 2019-K736 B#^		3.88	%	09/25/2052		814,672
	355,181	GNMA, Pool# 723334X		5.00	%	09/15/2039		412,901
	3,052,719	GNMA REMIC Trust, Series 2017-167 SE (1 Month LIBOR USD + 6.20%)~		6.11	%	11/20/2047		621,934
	1,978,981	GNMA REMIC Trust, Series 2019-152 LC		3.50	%	10/20/2049		2,024,251
	602,455	GNMA REMIC Trust, Series 2014-45 B1#~		0.61	%	07/16/2054		12,339
	329,463	GNMA REMIC Trust, Series 2014-135 I0#~		0.43	%	01/16/2056		8,374
	455,981	GNMA REMIC Trust, Series 2015-172 I0#~		0.70	%	03/16/2057		15,050
	692,938	GNMA REMIC Trust, Series 2016-40 I0#~		0.65	%	07/16/2057		23,646
	569,254	GNMA REMIC Trust, Series 2016-56 I0#~		0.90	%	11/16/2057		28,260
	857,897	GNMA REMIC Trust, Series 2016-98 I0#~		0.86	%	05/16/2058		44,234
	4,916,921	GNMA REMIC Trust, Series 2021-084 ED		1.00	%	07/16/2060		4,765,307
	1,000,000	JPMCC, Series 2019-BKWD C (1 Month LIBOR USD + 1.60%)^		1.67	%	09/17/2029		1,000,518
	1,301,678	KKR Industrial Portfolio Trust, Series 2020-AIP D (1 Month LIBOR USD + 2.03%)^		2.10	%	03/16/2037		1,306,023
	1,500,000	MRCD Mortgage Trust, Series 2019-PARK C^		2.72	%	12/15/2036		1,533,660
	600,000	MSC, Series 2019-NUGS B (1 Month LIBOR USD + 1.30%)^		2.80	%	12/15/2036		602,595
	1,000,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC C^		3.40	%	12/16/2038		1,041,729
	368,040	Velocity Commercial Capital Loan Trust, Series 2017-1 M1#^		3.55	%	05/25/2047		369,206
Total Mortgage Backed Securities (Cost $132,750,129)								135,753,369

Asset Backed Securities — 17.7%
	540,000	American Homes 4 Rent, Series 2014-SFR2 D^		5.15	%	10/17/2036		582,842
	2,000,000	American Homes 4 Rent, Series 2014-SFR3 B^		4.20	%	12/18/2036		2,132,296
	520,000	American Homes 4 Rent, Series 2015-SFR1 D^		4.41	%	04/18/2052		553,432
	1,000,000	AmeriCredit Automobile Receivables Trust, Series 2020-2 C		1.48	%	02/18/2026		1,015,028
	2,196,000	AmeriCredit Automobile Receivables Trust, Series 2021-1 D		1.21	%	12/18/2026		2,192,730
	2,255,000	CarMax Auto Owner Trust, Series 2021-2 C		1.34	%	02/16/2027		2,258,558
	500,000	CNH Equipment Trust, Series 2020-A A4		1.51	%	04/15/2027		512,493
	940,510	Dext LLC, Series 2020-1 A^		1.46	%	02/16/2027		945,210
	1,000,000	Drive Auto Receivables Trust, Series 2019-3 D		3.18	%	10/15/2026		1,040,556
	1,320,000	Drive Auto Receivables Trust, Series 2020-1		2.70	%	05/15/2027		1,360,665
	5,200,000	Dryden 64 CLO Ltd., Series 2018-64 (3 Month LIBOR USD + 0.97%)^		1.16	%	04/18/2031		5,203,338
	1,500,000	Exeter Automobile Receivables Trust, Series 2019-3A D^		3.11	%	08/15/2025		1,548,266
	2,182,428	FHF Trust, Series 2020-1A A^		2.59	%	12/15/2023		2,200,638
	1,528,494	FHF Trust, Series 2021-1A A^		1.27	%	03/15/2027		1,528,476
	698,099	FREED ABS Trust, Series 2019-1 B^		3.87	%	06/18/2026		702,806

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

www.brownadvisory.com/mf

Brown Advisory Total Return Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Asset Backed Securities — 17.7% (Continued)
	131,723	FREED ABS Trust, Series 2020-2CP A^		4.52	%	06/18/2027		132,389
	791,396	FREED ABS Trust, Series 2021-1CP A^		0.66	%	03/20/2028		791,984
	1,000,000	GM Financial Automobile Leasing Trust, Series 2021-2 C		1.01	%	05/20/2025		999,005
	500,000	GreatAmerica Leasing Receivables Funding LLC, Series 2019-1 B^		3.37	%	02/18/2025		520,634
	500,000	GreatAmerica Leasing Receivables Funding LLC, Series 2019-1 C^		3.54	%	02/17/2026		521,396
	750,000	HPEFS Equipment Trust, Series 2020-1A C^		2.03	%	02/20/2030		764,616
	1,000,000	HPEFS Equipment Trust, Series 2020-1A D^		2.26	%	02/20/2030		1,021,977
	1,380,000	HPEFS Equipment Trust, Series 2021-1 TR^		1.03	%	03/20/2031		1,377,992
	1,379,767	Invitation Homes Trust, Series 2017-SFR2 B (1 Month LIBOR USD + 1.15%)^		1.23	%	12/19/2036		1,383,768
	1,199,798	Invitation Homes Trust, Series 2017-SFR2 C (1 Month LIBOR USD + 1.45%)^		1.53	%	12/19/2036		1,203,482
	800,000	Invitation Homes Trust, Series 2018-SFR1 B (1 Month LIBOR USD + 0.95%)^		1.03	%	03/19/2037		802,388
	2,200,000	Invitation Homes Trust, Series 2018-SFR1 C (1 Month LIBOR USD + 1.25%)^		1.33	%	03/19/2037		2,207,273
	1,000,000	Invitation Homes Trust, Series 2018-SFR2 B (1 Month LIBOR USD + 1.08%)^		1.15	%	06/18/2037		1,003,919
	4,000,000	Madison Park Funding XVIII Ltd., Series FLT (3 Month LIBOR USD + 1.19%)^		1.38	%	10/21/2030		4,003,996
	1,687,201	MVW Owner Trust, Series 2017-1A A^		2.42	%	12/20/2034		1,724,649
	1,849,681	Nationstar HECM Loan Trust, Series 2020-1 A#^		1.27	%	09/25/2030		1,856,157
	603,863	Newtek Small Business Loan Trust, Series 2018-1 A (1 Month LIBOR USD + -0.55%)^		2.70	%	02/25/2044		595,226
	5,000,000	Octagon Investment Partners 54, Ltd. (3 Month LIBOR USD + 1.12%)^		1.25	%	07/15/2034		5,012,705
	2,600,000	Oportun Funding X LLC, Series 2018-C A^		4.10	%	10/08/2024		2,601,927
	640,000	Oportun Funding XIV LLC, Series 2021-A A^		1.21	%	03/08/2028		642,164
	2,000,000	PFS Financing Corp., Series 2020-F A^		0.93	%	08/15/2024		2,010,213
	2,420,000	PFS Financing Corp., Series 2021-A A^		0.71	%	04/15/2026		2,420,180
	1,000,000	Prestige Auto Receivables Trust, Series 2019-1A D^		3.01	%	08/15/2025		1,025,582
	2,495,720	Progress Residential Trust, Series 2018-SFR3 A^		3.88	%	10/18/2035		2,523,898
	790,000	Santander Drive Auto Receivables Trust, Series 2019-3 D		2.68	%	10/15/2025		809,903
	364,000	SBA Tower Trust, Series 2020-1-2^		2.33	%	01/15/2028		378,152
	2,700,000	Stack Infrastructure Issuer LLC, Series 2020-1A A2^		1.89	%	08/25/2045		2,717,075
	5,800,000	Symphony CLO XIX, Ltd., Series 2018-19 (3 Month LIBOR USD + 0.96%)^		1.14	%	04/16/2031		5,799,211
	2,180,000	Tesla Auto Lease Trust, Series 2021-A C^		1.18	%	03/20/2025		2,183,869
	1,012,457	Theorem Funding Trust, Series 2020-1A A^		2.48	%	10/15/2026		1,019,037
	3,000,000	Vantage Data Centers LLC, Series 2020-1A A2^		1.65	%	09/15/2045		3,013,468
	688,456	Westgate Resorts LLC, Series 2018-1A C^		4.10	%	12/20/2031		696,425
	1,000,000	Westlake Automobile Receivables Trust, Series 2020-2A C^		2.01	%	07/15/2025		1,019,328
Total Asset Backed Securities (Cost $78,185,779)								78,561,322

U.S. Treasury Notes — 15.9%
	33,570,000	United States Treasury Note		2.75	%	04/30/2023		35,117,367
	35,335,000	United States Treasury Note		0.13	%	01/15/2024		35,126,579
Total U.S.Treasury Notes (Cost $70,322,080)								70,243,946

Municipal Bonds — 0.4%
	230,000	American Municipal Power, Inc.		6.05	%	02/15/2043		333,920
	1,200,000	Health Care Authority for Baptist Health		5.50	%	11/15/2043		1,556,107
Total Municipal Bonds (Cost $1,526,410)								1,890,027

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

www.brownadvisory.com/mf

Brown Advisory Total Return Fund

Schedule of Investments

June 30, 2021

	Shares/
	Par Value		Security Description	Value $

Short-Term Investments — 5.9%

Money Market Funds — 5.5%
		24,131,317	First American Government Obligations Fund — Class Z, 0.02%*		24,131,317

U.S. Treasury Bills — 0.4%
		1,800,000	United States Treasury Bill, 07/15/2021, 0.01%†		1,799,974
Total Short-Term Investments (Cost $25,931,309)					25,931,291
Total Investments — 109.4% (Cost $472,967,244)					484,474,018
Liabilities in Excess of Other Assets — (9.4)%					(41,732,679	)
NET ASSETS — 100.0%				$	442,741,339

	#	Variable rate security. Rate disclosed is as of the date of this report.
	^	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	~	Interest Only Security
	*	Annualized seven-day yield as of the date of this report.
	†	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.

Futures Contracts — Long (Note 6)
				Notional			Notional			Unrealized Appreciation
Issue	Contracts		Expiration Date	Amount			Value			(Depreciation)
U.S. Treasury 2-Year Note Futures		31	09/30/2021	$	6,840,971		$	6,829,930		$	(11,041	)
U.S. Treasury Long Bond Futures		183	09/21/2021		28,629,623			29,417,250			787,627
U.S. Treasury Ultra Bond Futures		256	09/21/2021		47,618,021			49,328,000			1,709,979
				$	83,088,615		$	85,575,180		$	2,486,565

Futures Contracts — Short (Note 6)
				Notional			Notional			Unrealized Appreciation
Issue	Contracts		Expiration Date	Amount			Value			(Depreciation)
U.S. Treasury 5-Year Note Futures		(245)	09/30/2021	$	(30,286,540	)	$	(30,240,274	)	$	46,266
U.S. Treasury 10-Year Note Futures		(267)	09/21/2021		(35,236,014	)		(35,377,500	)		(141,486	)
U.S. Treasury 10-Year Ultra Note Futures		(217)	09/21/2021		(31,382,659	)		(31,943,078	)		(560,419	)
				$	(96,905,213	)	$	(97,560,852	)	$	(655,639	)

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.

www.brownadvisory.com/mf

Brown Advisory Sustainable Bond Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Sustainable Bond Fund – Investor Shares (the “Fund”) increased 2.39% in value. During the same period, the Bloomberg Barclays US Aggregate Bond Index (the “Index”), the Fund’s benchmark, declined 0.33%.

The last year was marked by big events, and these came to dominate results in the fixed income markets. As such, most of the performance of this period was a result of top-down decisions, which normally is not our focus. We generally aim to generate performance through individual security analysis, including sustainability analysis. Top-down positioning, such as interest rate and sector weightings are set mainly by a combination of risk-management and the supply of bottom-up ideas our analysts provide.

The summer of 2020 saw a massive rally in credit securities, as markets gained confidence that companies, with help from policy makers, would be able to see through the COVID-19 pandemic. The overweight of corporate bonds was the primary reason for outperformance¹ during the second half of 2020 (the Fund outperformed its benchmark by 167 basis points in that period, generating a return of 2.97% versus the benchmark’s return of 1.29%).

In our analysis, this was a period where our ESG research really showed its value-add. For example, we have long favored consumer lenders that treat their borrowers or tenants fairly. We believe that not only is that the right thing to do, but also managing delinquencies in a reasonable but fair way was better business. When unemployment exploded from 4% to almost 15% in a single month, it created a test that these consumer-facing firms would follow through on their practices during a stress period. Our team spent significant time engaging with these issuers to understand and evaluate the programs lenders were putting in place to help borrowers reschedule payments or otherwise avoid default. Robust programs, in our view, will benefit borrowers, lenders and investors in the long run. We want to be invested with firms that have this kind of long-term view.

Starting in August of 2020, we made a risk management decision to underweight duration and especially underweight the longest part of the yield curve. As the Fed shifted to its average inflation targeting (AIT) regime, we believed it was possible that inflation would pick up as the economy recovered. Under AIT, the Fed would allow inflation to rise before acting, which would typically result in longer-term yields rising more than shorter-term yields. Lastly, given that Treasury yields were so low at the time, around 0.60% for the 10-year, we felt that if there were any rate-related volatility, it would be to the upside. For that reason, we decided an underweight was appropriate. This was something of a benefit in the fourth quarter of 2020, as news of a vaccine against COVID- 19 was announced. Rising rates accelerated in the first quarter of 2021, spurred by increased government stimulus and a rapidly recovering economy. These moves were large enough that the Fund’s duration and curve positioning dominated the Fund’s outperformance in the first half of 2021.

We have maintained a defensive position vis-a-vis rates, and removed most of the overweight to corporate bonds we had in 2020. In our opinion, while the earnings outlook for companies remains solid, corporate bond spreads are near long-term tights. The combination of good fundamentals and rich valuations make a neutral stance fitting.

In terms of general interest rates, with Treasury rates having climbed into the 1.50% area, rate- related risks are slightly more balanced than they were last summer. However, our core reasons for going defensive remain just as pertinent now. We believe it is likely that inflation will come in two waves: the first is being driven by a burst of post-pandemic demand met by a still healing supply chain. The second will likely be fueled by a tight labor market and resulting wage pressure. As we write this letter, we are most certainly living through the first of these phases. The most recent CPI report indicated that year-on-year inflation was 5%, which is almost certainly due to transitory factors that will soon fade. However, it is also the case that the labor market is quite tight, despite unemployment at 5.9%. According to the Bureau of Labor Statistics, job openings are at an all- time high, and openings per unemployed worker are at the same level as in 2018, when unemployment was at 4.1%. So while inflation is highly likely to decelerate from 5%, wage pressure is probably already enough to maintain inflation over 2%. We think this warrants caution on the direction of rates.

______________

¹ The Fund’s outperformance during the time period is included in the proceeding Performance Information & Portfolio Holdings Summary section.

www.brownadvisory.com/mf

Brown Advisory Sustainable Bond Fund

A Message to Our Shareholders

June 30, 2021

Sincerely,

Amy Hauter, CFA

Portfolio Manager

Thomas D.D. Graff, CFA

Portfolio Manager

Past performance is not a guarantee of future results.

Because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to the funds that do not use these criteria.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Sustainable Bond Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund as measured against a broad-based securities market index. The Bloomberg Barclays US Aggregate Bond Index (“Index”) is a broad-based benchmark that measures the investment grade US dollar-denominated, fixed rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS, ABS and CMBS. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Corporate Bonds & Notes	38.8%
Mortgage Backed Securities	30.1%
Money Market Funds	11.1%
Asset Backed Securities	9.0%
U.S. Treasury Notes	8.4%
Foreign Government Bonds	7.6%
Municipal Bonds	4.4%
U.S. Treasury Bills	0.1%
Other Assets and Liabilities	(9.5)%
	100.0%

		Since Inception
Average Annual Total Return	One Year	(8/7/17)
Institutional Shares¹	2.44%	4.28%
Investor Shares	2.39%	4.23%
Bloomberg Barclays US Aggregate Bond Index	-0.33%	3.81%

	Institutional Shares	Investor Shares
Gross Expense Ratio²	0.49%	0.54%
Net Expense Ratio²	0.49%	0.54%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/sustainable-bond-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects periods during which fee waivers were in effect. In the absence of such waivers, total return would have been reduced. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on returns. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

¹	Performance information for the Institutional Shares, prior to commencement of operations on July 2, 2018, is based on the performance of Investor Shares, and adjusted for the lower expenses applicable to Institutional Shares.
²	Per the Fund’s prospectus dated October 31, 2020. Refer to the financial highlights for the gross and net expense ratios for the year ended as of the date of this report. Please note that the expense ratios per the prospectus include acquired fund fees and expenses (as applicable) and the expense ratios in the financial highlights do not.

www.brownadvisory.com/mf

Brown Advisory Sustainable Bond Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Corporate Bonds & Notes — 38.8%
	2,240,000	Agilent Technologies, Inc.		2.10	%	06/04/2030		2,220,701
	2,270,000	Alexandria Real Estate Equities, Inc.		2.00	%	05/18/2032		2,216,805
	1,005,000	Allison Transmission, Inc.^		5.88	%	06/01/2029		1,102,485
	2,060,000	American Tower Corp.		3.13	%	01/15/2027		2,214,442
	2,095,000	Amphenol Corp.		2.80	%	02/15/2030		2,219,420
	2,066,000	Analog Devices, Inc.		2.95	%	04/01/2025		2,213,299
	429,000	Aptiv PLC		4.35	%	03/15/2029		494,811
	995,000	Ball Corp.		4.88	%	03/15/2026		1,109,494
	2,215,000	Bank of America Corp. (Fixed until 09/25/2024, then SOFR + 0.91%)		0.98	%	09/25/2025		2,214,782
	2,165,000	Citigroup, Inc. (Fixed until 05/15/2023, then SOFR + 1.67%)		1.68	%	05/15/2024		2,211,039
	1,115,000	Clearway Energy Operating LLC^		3.75	%	02/15/2031		1,110,925
	2,399,000	Conservation Fund		3.47	%	12/15/2029		2,572,432
	1,010,000	Consolidated Edison Co. of New York, Inc.		3.35	%	04/01/2030		1,112,554
	1,110,000	Crowdstrike Holdings, Inc.		3.00	%	02/15/2029		1,112,442
	2,060,000	Crown Castle International Corp.		3.30	%	07/01/2030		2,211,754
	2,895,000	CVS Health Corp.		4.30	%	03/25/2028		3,331,050
	1,075,000	Dana, Inc.		4.25	%	09/01/2030		1,107,250
	2,224,000	Equinix, Inc.		2.50	%	05/15/2031		2,266,448
	765,000	Ford Foundation		2.42	%	06/01/2050		738,653
	2,060,000	Fortis, Inc.		3.06	%	10/04/2026		2,213,127
	1,020,000	Graphic Packaging International LLC^		4.75	%	07/15/2027		1,105,619
	2,645,000	Hasbro, Inc.		3.50	%	09/15/2027		2,885,375
	513,000	Hawaiian Brand Intellectual Property, Ltd.^		5.75	%	01/20/2026		552,116
	1,940,000	Huntsman International LLC		4.50	%	05/01/2029		2,210,247
	1,990,000	JB Hunt Transport Services, Inc.		3.88	%	03/01/2026		2,216,577
	1,075,000	Kaiser Aluminum Corp.^		4.50	%	06/01/2031		1,105,014
	2,000,000	Land O’Lakes, Inc.^⁺		7.25	%	04/04/2027		2,127,420
	1,100,000	LBM Acquisition LLC^		6.25	%	01/15/2029		1,109,845
	1,935,000	Marriott International, Inc.		4.65	%	12/01/2028		2,214,181
	1,920,000	Marvell Technology, Inc.^		4.88	%	06/22/2028		2,223,293
	1,955,000	NextEra Energy Capital Holdings, Inc.
		(Fixed until 12/01/2027, then 3 Month LIBOR USD + 2.41%)		4.80	%	12/01/2077		2,199,754
	2,795,000	Northwell Healthcare, Inc.		4.26	%	11/01/2047		3,312,591
	2,005,000	NXP BV^		3.88	%	06/18/2026		2,223,594
	1,985,000	PVH Corp.		4.63	%	07/10/2025		2,217,568
	1,075,000	SBA Communications Corp.		3.88	%	02/15/2027		1,106,578
	2,315,000	Takeda Pharmaceutical Co., Ltd.		2.05	%	03/31/2030		2,300,925
	2,025,000	Thermo Fisher Scientific, Inc.		3.20	%	08/15/2027		2,214,660
	730,000	T-Mobile USA, Inc.		3.88	%	04/15/2030		817,578
	1,895,000	Trimble, Inc.		4.90	%	06/15/2028		2,226,244
	900,000	Trustees of the University of Pennsylvania		4.01	%	08/15/2047		1,039,352
	3,000,000	Verisk Analytics, Inc.		4.00	%	06/15/2025		3,322,604
	2,920,000	Verizon Communications, Inc.		3.88	%	02/08/2029		3,323,946
	2,095,000	VF Corp.		2.95	%	04/23/2030		2,222,275
	2,070,000	West Fraser Timber Co., Ltd.^		4.35	%	10/15/2024		2,215,485
	2,200,000	Xylem, Inc.		2.25	%	01/30/2031		2,221,177
Total Corporate Bonds & Notes (Cost $82,952,345)								86,707,931

Mortgage Backed Securities — 30.1%
	500,000	CAMB Commercial Mortgage Trust, Series 2019-LIFE B (1 Month LIBOR USD + 1.25%)^		1.32	%	12/15/2037		501,659
	500,000	CAMB Commercial Mortgage Trust, Series 2019-LIFE C (1 Month LIBOR USD + 1.45%)^		1.52	%	12/15/2037		501,539
	600,000	CORE Mortgage Trust, Series 2019-CORE C (1 Month LIBOR USD + 1.30%)^		1.37	%	12/15/2031		600,220
	500,000	CSMC, Series 2019-ICE4 C (1 Month LIBOR USD + 1.43%)^		1.50	%	05/15/2036		502,459
	1,350,000	CSMC, Series 2019-ICE4 D (1 Month LIBOR USD + 1.60%)^		1.67	%	05/15/2036		1,354,309
	352,196	FHLMC STACR, Series 2014-HQ2 M3 (1 Month LIBOR USD + 3.75%)		3.84	%	09/25/2024		360,467
	292,337	FHLMC STACR, Series 2015-HQ2 M3 (1 Month LIBOR USD + 3.25%)		3.34	%	05/27/2025		296,878
	109,502	FHMS, Series K-W01 A1		2.59	%	05/25/2025		114,692

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

www.brownadvisory.com/mf

Brown Advisory Sustainable Bond Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Mortgage Backed Securities — 30.1% (Continued)
	600,000	FHMS, Series K-G01 A7		2.88	%	04/25/2026		649,041
	582,219	FHMS, Series K-W03 X1#~		0.98	%	06/25/2027		22,041
	300,000	FHMS, Series K-W03 A2		3.02	%	06/25/2027		328,999
	1,006,000	FHMS, Series Q-006 APT1#		2.78	%	04/25/2028		1,047,232
	5,496,187	FHMS, Series K-G01 X1#~		1.11	%	04/25/2029		313,555
	6,250,000	FHMS, Series K-G02 X1#~		1.14	%	08/25/2029		443,081
	800,000	FHMS, Series K-G03 A2#		1.30	%	06/25/2030		788,136
	1,960,000	FHMS, Series K-SG1 A2		1.50	%	09/25/2030		1,962,344
	1,850,000	FHMS, Series K-G04 A2		1.49	%	11/25/2030		1,847,492
	341,733	FHMS, Series Q-010 APT1#		2.92	%	04/25/2046		344,137
	573,497	FHMS, Series Q-007 APT1#		2.99	%	10/25/2047		582,892
	869,227	FHMS, Series Q-013 APT1#		1.18	%	05/25/2050		875,016
	2,000,000	FNMA, Pool# AN7996		3.15	%	02/01/2028		2,154,728
	133,592	FNMA, Pool# BK5105		5.50	%	05/01/2048		151,284
	110,833	FNMA, Pool# BK8032		5.50	%	06/01/2048		125,151
	95,728	FNMA, Pool# BN0202		5.50	%	09/01/2048		107,401
	145,868	FNMA, Pool# BN4936		5.50	%	12/01/2048		163,792
	109,680	FNMA, Pool# BN4921		5.50	%	01/01/2049		122,381
	2,935,000	FNMA, 1.50%, Due TBA July		1.50	%	07/15/2036		2,971,714
	6,670,000	FNMA, 2.50%, Due TBA July		2.50	%	07/15/2051		6,903,710
	78,819	FNMA REMIC Trust, Series 2017-M2 A2#		2.89	%	02/25/2027		85,573
	735,926	FNMA REMIC Trust, Series 2017-M13 A2#		3.02	%	09/25/2027		807,170
	930,000	FNMA REMIC Trust, Series 2019-M1 A2#		3.67	%	09/25/2028		1,064,647
	1,675,000	FREMF Mortgage Trust, Series 2019-KG01#^		4.31	%	04/25/2029		1,796,968
	1,000,000	FREMF Mortgage Trust, Series 2019-K89 B#^		4.43	%	01/25/2051		1,143,389
	1,000,000	FREMF Mortgage Trust, Series 2019-K734 B#^		4.19	%	02/25/2051		1,103,123
	1,250,000	FREMF Mortgage Trust, Series 2019-K735 B#^		4.16	%	05/25/2052		1,384,338
	1,000,000	FREMF Mortgage Trust, Series 2020-K737 B#^		3.41	%	01/25/2053		1,069,806
	9,735,000	GNMA, 2.00%, Due TBA July		2.00	%	07/15/2051		9,923,615
	859,646	GNMA, Pool# 781950X		4.50	%	07/15/2035		963,021
	954,937	GNMA, Pool# MA7106M		2.00	%	01/20/2036		987,950
	968,235	GNMA, Pool# MA7164M		2.00	%	02/20/2036		1,001,728
	1,481,822	GNMA, Pool# AV8310C		3.50	%	08/20/2046		1,595,704
	1,153,520	GNMA REMIC Trust, Series 2020-167 EC		1.00	%	02/20/2049		1,161,911
	400,453	GNMA REMIC Trust, Series 2019-152 LC		3.50	%	10/20/2049		409,613
	1,374,010	GNMA REMIC Trust, Series 2020-016 MD		2.75	%	02/20/2050		1,409,771
	2,146,109	GNMA REMIC Trust, Series 2021-023 ME		1.25	%	02/20/2051		2,152,787
	1,518,698	GNMA REMIC Trust, Series 2021-074 HA		1.75	%	04/20/2051		1,546,093
	4,307,922	GNMA REMIC Trust, Series 2021-084 ED		1.00	%	07/16/2060		4,175,085
	1,976,832	GNMA REMIC Trust, Series 2021-074 NG		1.00	%	04/20/2051		1,945,892
	311,218	IMT Trust, Series 2017-APTS BFL (1 Month LIBOR USD + 0.95%)^		1.02	%	06/15/2034		311,002
	785,789	IMT Trust, Series 2017-APTS CFL (1 Month LIBOR USD + 1.10%)^		1.17	%	06/15/2034		786,492
	1,345,000	KNDL Mortgage Trust, Series 2019-KNSQ C (1 Month LIBOR USD + 1.05%)^		1.12	%	05/15/2036		1,346,799
	700,000	MRCD Mortgage Trust, Series 2019-PARK C^		2.72	%	12/15/2036		715,708
	200,000	MSC, Series 2017-CLS A (1 Month LIBOR USD + 0.70%)^		0.77	%	11/15/2034		200,152
	1,110,000	MSC, Series 2017-CLS D (1 Month LIBOR USD + 1.40%)^		1.47	%	11/15/2034		1,110,970
	1,000,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC C^		3.40	%	12/16/2038		1,041,729
Total Mortgage Backed Securities (Cost $66,463,173)								67,377,386

Asset Backed Securities — 9.0%
	500,000	CNH Equipment Trust, Series 2020-A A4		1.51	%	04/15/2027		512,493
	452,838	Dext LLC, Series 2020-1 A^		1.46	%	02/16/2027		455,101
	545,607	FHF Trust, Series 2020-1A A^		2.59	%	12/15/2023		550,159
	723,787	FHF Trust, Series 2021-1A A^		1.27	%	03/15/2027		723,778
	418,859	FREED ABS Trust, Series 2019-1 B^		3.87	%	06/18/2026		421,684
	162,458	FREED ABS Trust, Series 2020-2CP A^		4.52	%	06/18/2027		163,279

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

www.brownadvisory.com/mf

Brown Advisory Sustainable Bond Fund

Schedule of Investments

June 30, 2021

	Par Value	Security Description	Rate			Maturity	Value $

Asset Backed Securities — 9.0% (Continued)
	348,504	FREED ABS Trust, Series 2021-1CP A^		0.66	%	03/20/2028		348,764
	600,000	FREED ABS Trust, Series 2021-1CP^		1.41	%	03/20/2028		602,179
	500,000	GreatAmerica Leasing Receivables Funding LLC, Series 2019-1 B^		3.37	%	02/18/2025		520,634
	500,000	GreatAmerica Leasing Receivables Funding LLC, Series 2019-1 C^		3.54	%	02/17/2026		521,396
	1,975,000	HPEFS Equipment Trust, Series 2021-2 B^		0.61	%	09/20/2028		1,973,357
	1,000,000	HPEFS Equipment Trust, Series 2019-1A D^		2.72	%	09/20/2029		1,021,571
	1,000,000	HPEFS Equipment Trust, Series 2020-1A D^		2.26	%	02/20/2030		1,021,977
	620,000	HPEFS Equipment Trust, Series 2021-1 TR^		1.03	%	03/20/2031		619,098
	603,863	Newtek Small Business Loan Trust, Series 2018-1 A (1 Month LIBOR USD + -0.55%)^		2.70	%	02/25/2044		595,226
	395,883	NYCTL Trust, Series 2019-A A^		2.19	%	11/10/2032		396,799
	1,000,000	Oportun Funding X LLC, Series 2018-C A^		4.10	%	10/08/2024		1,000,741
	327,000	Oportun Funding XIII LLC, Series 2019-A A^		3.08	%	08/08/2025		334,999
	305,000	Oportun Funding XIV LLC, Series 2021-A A^		1.21	%	03/08/2028		306,031
	650,000	PFS Financing Corp., Series 2020-F A^		0.93	%	08/15/2024		653,319
	1,075,000	PFS Financing Corp., Series 2021-A A^		0.71	%	04/15/2026		1,075,080
	362,000	SBA Tower Trust, Series 2020-1-2^		2.33	%	01/15/2028		376,074
	850,000	Stack Infrastructure Issuer LLC, Series 2020-1A A2^		1.89	%	08/25/2045		855,376
	750,000	Tesla Auto Lease Trust, Series 2020-A A3^		0.68	%	12/20/2023		753,396
	750,000	Tesla Auto Lease Trust, Series 2020-A C^		1.68	%	02/20/2024		761,317
	525,000	Tesla Auto Lease Trust, Series 2021-A C^		1.18	%	03/20/2025		525,932
	1,125,000	Vantage Data Centers LLC, Series 2020-1A A2^		1.65	%	09/15/2045		1,130,051
	750,000	Verizon Owner Trust, Series 2019-A C		3.22	%	09/20/2023		772,303
	1,000,000	Verizon Owner Trust, Series 2019-B C		2.60	%	12/20/2023		1,026,790
Total Asset Backed Securities (Cost $19,834,998)								20,018,904

U.S. Treasury Notes — 8.4%
	9,480,000	United States Treasury Note		2.75	%	04/30/2023		9,916,969
	8,910,000	United States Treasury Note		0.13	%	01/15/2024		8,857,445
Total U.S Treasury Notes (Cost $18,793,496)								18,774,414

Foreign Government Bonds — 7.6%
	1,000,000	Industrial Bank of Korea (3 Month LIBOR USD + 0.60%)^		0.78	%	08/02/2021		1,000,470
	5,600,000	International Bank for Reconstruction & Development		0.63	%	04/22/2025		5,584,009
	3,920,000	International Finance Corp.		2.00	%	10/24/2022		4,011,463
	2,425,000	Korea Development Bank (3 Month LIBOR USD + 0.73%)		0.92	%	07/06/2022		2,438,813
	4,000,000	Kreditanstalt fuer Wiederaufbau		2.00	%	09/29/2022		4,091,005
Total Foreign Government Bonds (Cost $17,152,409)								17,125,760

Municipal Bonds — 4.4%
	2,650,000	California Health Facilities Financing Authority		3.03	%	06/01/2034		2,831,220
	1,325,000	Colorado Health Facilities Authority		3.36	%	12/01/2030		1,345,668
	100,000	Honolulu, City & County Hawaii		3.00	%	09/01/2027		109,159
	30,000	Los Angeles California Community College District		6.60	%	08/01/2042		47,506
	430,000	Los Angeles California Wastewater System Revenue		3.49	%	06/01/2029		471,277
	15,000	Maryland Community Development Administration		3.24	%	09/01/2048		15,607
	3,300,000	Metropolitan Pier & Exposition Authority		3.96	%	12/15/2026		3,471,978
	1,000,000	New York City Housing Development Corp.		2.71	%	08/01/2031		1,036,101
	355,000	University of California		2.99	%	05/15/2026		385,296
	25,000	University of North Texas System		3.69	%	04/15/2030		27,721
Total Municipal Bonds (Cost $9,265,714)								9,741,533

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

www.brownadvisory.com/mf

Brown Advisory Sustainable Bond Fund

Schedule of Investments

June 30, 2021

	Shares/
	Par Value		Security Description	Value $

Short-Term Investments — 11.2%

Money Market Funds — 11.1%
		24,730,581	First American Government Obligations Fund — Class Z, 0.02%*		24,730,581

U.S. Treasury Bills — 0.1%
		250,000	United States Treasury Bill, 07/15/2021, 0.01%†		249,996
Total Short-Term Investments (Cost $24,980,580)					24,980,577
Total Investments — 109.5% (Cost $239,442,715)					244,726,505
Liabilities in Excess of Other Assets — (9.5)%					(21,241,388	)
NET ASSETS — 100.0%				$	223,485,117

	#	Variable rate security. Rate disclosed is as of the date of this report.
	^	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	⁺	Perpetual security with no stated maturity date. Date shown is last call date.
	~	Interest Only Security
	*	Annualized seven-day yield as of the date of this report.
	†	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.

Futures Contracts — Long (Note 6)
				Notional			Notional			Unrealized Appreciation
Issue	Contracts		Expiration Date	Amount			Value			(Depreciation)
U.S. Treasury Long Bond Futures		78	09/21/2021	$	12,177,516		$	12,538,500		$	360,984
U.S. Treasury Ultra Bond Futures		117	09/21/2021		21,853,021			22,544,438			691,417
				$	34,030,537		$	35,082,938		$	1,052,401

Futures Contracts — Short (Note 6)
				Notional			Notional			Unrealized Appreciation
Issue	Contracts		Expiration Date	Amount			Value			(Depreciation)
U.S. Treasury 5-Year Note Futures		(133)	09/30/2021	$	(16,442,448	)	$	(16,416,149	)	$	26,299
U.S. Treasury 10-Year Note Futures		(134)	09/21/2021		(17,683,562	)		(17,755,000	)		(71,438	)
U.S. Treasury 10-Year Ultra Note Futures		(106)	09/21/2021		(15,329,783	)		(15,603,532	)		(273,749	)
				$	(49,455,793	)	$	(49,774,681	)	$	(318,888	)

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.

www.brownadvisory.com/mf

Brown Advisory Maryland Bond Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Maryland Bond Fund – Investor Shares (the “Fund”) increased 4.41% in value. During the same period, the Bloomberg Barclays 1-10 Year Blended Municipal Bond Index (the “Index”), the Fund’s benchmark, increased 2.43%.

For the period, the Fund was mostly neutral weighted on duration but positioned for the yield curve to flatten. We believed that if interest rates were to rise, it would be because the economy was showing signs of improving and Federal Reserve rate hikes were seen on the near-term horizon. This would, in turn, drive short and intermediate term rates to rise more than long-term rates. Whereas we saw a few reasons why rates might fall, including increasing foreign demand and/or a downgrade in the long-term growth prospects for the U.S. Both of these would be more likely to benefit longer-term bonds more than short or intermediate term bonds.

Instead, the municipal yield curve steepened meaningfully for the first half of 2021, which hurt the Fund’s relative performance during that period. This was primarily due to the uncertainty around when the Fed would begin its rate tightening cycle, and the market’s presumption that hikes would not begin until 2022. In contrast, our tone on the market is constructive. While longer-maturity yields have increased around the uncertain timing of Fed “lift off,” we see limited risk of additional curve steepening due to the softer overall global economic outlook. As a result, we continue to maintain our overweight to the intermediate and longer-maturity portion of the municipal yield curve.

Offsetting the curve steepening was strong performance from our bottom-up selection in the municipal sector and individual credit selection. The Fund maintains an overweight to revenue-backed issues where we believe there is an upside thesis. Of those sectors, health care-related credits such as not-for-profit hospitals and senior living were the largest contributor. On a combined basis, these holdings returned 3.95% for the period versus the Index’s health care return of 2.80%. The Fund also maintained a combined overweight of roughly 10% to these two sectors during the period, which contributed 44 basis points of relative outperformance. The portfolio also benefitted from strong returns in several other revenue-backed sectors during the period including transportation +3.61%, public power +2.09%, and higher education +1.41%.

We believe that the Fund is well positioned to navigate potentially choppy waters as we are likely to enter the first Fed tightening cycle in the past eleven years. We continue to hold a large weighting to short-term, high quality bonds that should provide stability to the portfolio as the Fed begins raising rates. We also remain committed to our view that broad credit quality across the municipal market is improving, but believe that relative valuation and credit selection will play an increasingly important role in future performance. We continue to focus on our core philosophy of seeking sectors and bonds that are underpriced on a fundamental basis, while maintaining the core stability that investors should expect from a high quality municipal bond fund.

Sincerely,

Stephen M. Shutz, CFA

Portfolio Manager

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified which means it may invest a large percentage of its assets in the securities of fewer issuers. Investment in a limited number of issuers exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. The Fund is also subject to interest rate risk which is the risk that debt securities in the Fund’s portfolio will decline in value because of an increase in market interest rates. Municipal securities are subject to adverse political or economic factors, including changes in the tax law. Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments provided in this report. Credit Quality weights by rating are derived from the highest bond rating as determined by Standard & Poor’s (“S&P”), Moody’s or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as S&P, Moody’s and Fitch. These firms evaluate a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Maryland Bond Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund as measured against the broad-based municipal bond index. The Bloomberg Barclays 1-10 Year Blended Municipal Bond Index (“Index”) is a market index of high quality, domestic fixed income securities with maturities of less than 10 years. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Revenue Bonds	72.5%
General Obligation Bonds	25.6%
Money Market Funds	0.7%
Other Assets and Liabilities	1.2%
	100.0%

Average Annual Total Return	One Year	Five Year	Ten Year
Investor Shares	4.41%	2.48%	2.55%
Bloomberg Barclays 1-10 Year Blended Municipal Bond Index	2.43%	2.48%	2.97%

		Investor Shares
Gross Expense Ratio¹		0.49%
Net Expense Ratio¹		0.49%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/maryland-bond-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment performance reflects periods during which fee waivers were in effect. In the absence of such waivers, total return would have been reduced. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

www.brownadvisory.com/mf

Brown Advisory Maryland Bond Fund

Schedule of Investments

June 30, 2021

	Par Value	Security Description	Rate			Maturity	Value $

Municipal Bonds — 98.1%

General Obligation Bonds — 25.6%
	1,650,000	Baltimore County Maryland		5.00	%	08/01/2028		1,883,654
	6,000,000	Baltimore County Maryland		5.00	%	03/01/2032		7,757,335
	1,520,000	Baltimore County Maryland		4.00	%	02/01/2033		1,656,907
	5,000,000	Baltimore County Maryland		4.00	%	03/01/2036		6,049,943
	1,080,000	Baltimore, Maryland		5.00	%	10/15/2032		1,352,156
	2,400,000	Maryland State		5.00	%	08/01/2024		2,749,805
	1,400,000	Maryland State		5.00	%	08/01/2031		1,785,563
	5,000,000	Montgomery County Maryland		5.00	%	11/01/2023		5,561,236
	3,370,000	Montgomery County Maryland		3.00	%	10/01/2034		3,769,996
	1,350,000	Prince George’s County Maryland		5.00	%	10/01/2024		1,553,112
	1,500,000	Prince George’s County Maryland		5.00	%	10/01/2025		1,785,115
	1,550,000	Prince George’s County Maryland		5.00	%	10/01/2026		1,901,909
	2,200,000	Prince George’s County Maryland		5.00	%	10/01/2027		2,765,845
	1,000,000	Prince George’s County Maryland		5.00	%	07/15/2029		1,284,203
	5,000,000	Prince George’s County Maryland		4.00	%	07/15/2037		5,980,205
								47,836,984

Revenue Bonds — 72.5%
	975,000	Austin, Texas		7.88	%	09/01/2026		979,523
	1,320,000	Baltimore, Maryland		5.00	%	07/01/2028		1,616,567
	1,000,000	Baltimore, Maryland		5.00	%	07/01/2028		1,224,672
	520,000	Baltimore, Maryland		5.00	%	06/15/2030		576,497
	225,000	Baltimore, Maryland^		3.25	%	06/01/2031		238,374
	1,000,000	Baltimore, Maryland		5.00	%	07/01/2032		1,118,441
	670,000	Baltimore, Maryland		5.00	%	06/15/2033		739,755
	1,000,000	Baltimore, Maryland		4.00	%	07/01/2034		1,207,967
	1,600,000	Baltimore, Maryland		5.00	%	07/01/2035		1,955,192
	1,260,000	Baltimore, Maryland^		3.50	%	06/01/2039		1,323,615
	1,750,000	California Municipal Finance Authority^		5.00	%	11/01/2039		1,957,303
	1,550,000	Franklin County Ohio		5.00	%	11/15/2034		1,726,491
	1,000,000	Frederick County Maryland^		5.00	%	09/01/2027		1,122,000
	2,000,000	Frederick County Maryland		5.00	%	07/01/2029		2,572,868
	5,050,000	Frederick County Maryland^		5.00	%	09/01/2032		5,788,631
	1,110,000	Frederick County Maryland^		5.00	%	09/01/2037		1,258,753
	1,410,000	Frederick County Maryland		3.75	%	07/01/2039		1,509,558
	1,000,000	Gaithersburg, City of Maryland		5.00	%	01/01/2028		1,133,917
	2,000,000	Gaithersburg, City of Maryland		5.00	%	01/01/2033		2,248,545
	2,000,000	Lancaster County Pennsylvania Hospital Authority		5.00	%	07/01/2035		2,213,163
	1,245,000	Maryland Community Development Administration		5.00	%	09/01/2030		1,582,554
	1,030,000	Maryland Community Development Administration		5.00	%	09/01/2031		1,302,882
	1,000,000	Maryland Community Development Administration		3.25	%	03/01/2036		1,060,351
	1,140,000	Maryland Community Development Administration Local Government Infrastructure		4.00	%	06/01/2035		1,379,539
	850,000	Maryland Economic Development Corp.		5.00	%	07/01/2031		939,908
	4,500,000	Maryland Economic Development Corp.		4.50	%	07/01/2044		5,025,734
	3,000,000	Maryland Stadium Authority		5.00	%	05/01/2030		3,597,772
	1,055,000	Maryland State Department of Transportation		4.00	%	05/15/2022		1,090,756
	1,715,000	Maryland State Department of Transportation		5.00	%	10/01/2027		2,100,776
	485,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2023		486,146
	500,000	Maryland State Health & Higher Educational Facilities		5.00	%	08/15/2023		550,945
	500,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2024		523,085
	1,060,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2025		1,111,429
	1,000,000	Maryland State Health & Higher Educational Facilities		6.00	%	07/01/2025		1,000,000
	1,500,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2025		1,764,486
	1,450,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2025		1,642,116
	420,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2026		492,963
	2,500,000	Maryland State Health & Higher Educational Facilities		5.25	%	07/01/2026		2,863,306
	1,605,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2028		1,828,879

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

www.brownadvisory.com/mf

Brown Advisory Maryland Bond Fund

Schedule of Investments

June 30, 2021

Par
Value/Shares		Security Description	Rate			Maturity	Value $

Municipal Bonds — 98.1% (Continued)

Revenue Bonds — 72.5% (Continued)
	3,500,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2029		4,338,607
	100,000	Maryland State Health & Higher Educational Facilities		4.00	%	10/01/2030		109,864
	1,130,000	Maryland State Health & Higher Educational Facilities		6.25	%	07/01/2031		1,130,000
	300,000	Maryland State Health & Higher Educational Facilities		4.00	%	10/01/2031		329,163
	1,070,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2032		1,219,252
	250,000	Maryland State Health & Higher Educational Facilities		5.00	%	06/01/2033		292,888
	1,250,000	Maryland State Health & Higher Educational Facilities		5.00	%	08/15/2033		1,441,190
	1,955,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2034		2,261,871
	200,000	Maryland State Health & Higher Educational Facilities		4.50	%	07/01/2035		200,288
	430,000	Maryland State Health & Higher Educational Facilities		5.00	%	06/01/2036		501,441
	1,200,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2037		1,428,106
	1,500,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2038		1,734,472
	1,310,000	Maryland State Health & Higher Educational Facilities		5.00	%	07/01/2043		1,504,248
	4,355,000	Maryland State Health & Higher Educational Facilities		5.00	%	05/15/2045		5,332,651
	4,000,000	Maryland State Health & Higher Educational Facilities#		5.00	%	07/01/2045		4,856,810
	4,255,000	Maryland State Transportation Authority		5.00	%	03/01/2022		4,390,133
	1,000,000	Maryland State Transportation Authority		5.00	%	06/01/2022		1,042,867
	2,500,000	Maryland State Transportation Authority		5.00	%	07/01/2023		2,740,710
	850,000	Maryland State Transportation Authority		5.00	%	07/01/2024		969,998
	3,000,000	Maryland State Transportation Authority		5.00	%	07/01/2025		3,547,271
	1,510,000	Maryland State Transportation Authority		5.00	%	07/01/2025		1,785,459
	4,420,000	Maryland State Transportation Authority		5.00	%	07/01/2028		5,512,928
	4,330,000	Maryland State Transportation Authority		4.00	%	06/01/2035		5,104,635
	1,500,000	Metropolitan Washington DC Airports Authority		5.00	%	10/01/2039		1,903,485
	365,000	New Hope Texas Cultural Education Facilities Finance Corp.		5.50	%	07/01/2046		285,836
	820,000	New Hope Texas Cultural Education Facilities Finance Corp.		5.75	%	07/01/2051		651,300
	2,000,000	Newport News Virginia Economic Development Authority		5.00	%	12/01/2031		2,305,260
	2,000,000	North Carolina Medical Care Commission		5.00	%	10/01/2031		2,197,794
	1,000,000	St Mary’s College of Maryland		4.00	%	09/01/2024		1,109,143
	1,335,000	University System of Maryland		5.00	%	04/01/2022		1,383,445
	3,280,000	Washington State Housing Finance Commission^		4.00	%	01/01/2026		3,548,292
	2,700,000	Washington Suburban Sanitary Commission		4.00	%	06/01/2032		3,299,532
	3,500,000	Washington Suburban Sanitary Commission		4.00	%	06/01/2042		3,835,159
								135,149,557
Total Municipal Bonds (Cost $174,139,298)								182,986,541

Short-Term Investments — 0.7%

Money Market Funds — 0.7%
	1,326,775	First American Government Obligations Fund — Class Z, 0.02%*						1,326,775
Total Short-Term Investments (Cost $1,326,775)								1,326,775
Total Investments — 98.8% (Cost $175,466,073)								184,313,316
Other Assets in Excess of Liabilities — 1.2%								2,169,322
NET ASSETS — 100.0%							$	186,482,638

	#	Variable rate security. Rate disclosed is as of the date of this report.
	^	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	*	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Bond Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Tax-Exempt Bond Fund – Investor Shares (the “Fund”) increased 6.72% in value. During the same period, the Bloomberg Barclays 1-10 Year Blended Municipal Bond Index (the “Index”), the Fund’s benchmark, increased 2.43%.

The year ended June 30, 2021 was a period where broad municipal credit fundamentals and investor sentiment dramatically improved from the lows experienced during the spring of last year. Broad municipal credit fundamentals showed surprising resilience, especially when compared to some of the dire projections in the height of the pandemic’s uncertainty. The resilience of municipal credit during this time is attributable to a number of factors. Many state and local governments and revenue-backed municipal issuers had built up meaningful liquidity reserves during the decade- long economic expansion following the Great Financial Crisis. These efforts helped offset revenue declines. Municipal credit was also supported from federal fiscal stimulus in the form of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and the $1.9 trillion American Rescue Plan (ARP). The size and scope of this stimulus, along with the surprising strength in underlying municipal credit fundamentals, have led to widespread positive ratings revisions and/or improved credit outlooks by rating agencies across the market. These positive revisions by the rating agencies have been an abrupt turnaround in sentiment on large portions of the municipal market, including many of the same credits and sectors that were just downgraded or put on negative review last year.

To be fair, our approach to bottom-up fundamental credit investing views these outside credit ratings as informed opinions, similar to sell-side research teams, or other sources of research within the market. Rating agency actions are typically slow moving and lagging indicators in terms of current municipal bond valuations. However, these actions certainly impact investor perceptions and in turn can influence valuation in the short term when they are taken. We take a long-term fundamental view based on a variety of sources of information. Many times, our process results in moving “faster” than rating agencies with respect to taking purchase or sale actions. For the recent swings of the ratings pendulum, our process looked through the rapid negative rating agency actions to the underlying investment theses, resulting in holding positions and often taking advantage of the dislocations in valuation that the actions caused.

Over the last year we took advantage of the confluence of robust primary market supply, heightened secondary volume, and elevated credit spreads to add exposure to many large, essential revenue issuers at attractive yield concessions. During periods of extreme volatility we take solace in the fact that our bottom-up fundamental investment approach can help guide our decisions and help separate headline or market illiquidity risk from credit impairment risk. We spent much of the last year assessing pockets of vulnerability and actively re-underwriting our holdings as new information became available. This experience reemphasized to us our need to analyze every credit individually. We believe our work paid off as liquidity conditions improved and the market began to discern relative value within some of the harder hit sectors. It was our fundamental research process that gave us the conviction to lean into challenged sectors like airports, mass transportation, and dedicated tax revenue bonds. Moreover, it was exactly these decisions (and sectors) that drove the overwhelming majority of the outperformance for the Fund.

Sincerely,

Stephen M. Shutz, CFA

Portfolio Manager

Joshua R. Perry, CFA, CAIA, FRM

Portfolio Manager

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Bond Fund

A Message to Our Shareholders

June 30, 2021

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified which means it may invest a large percentage of its assets in the securities of fewer issuers. Concentration in a limited number of issuers exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. The Fund is also subject to interest rate risk which is the risk that debt securities in the Fund’s portfolio will decline in value because of an increase in market interest rates. This risk is usually greater for longer- term debt securities. Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Federal Alternative minimum tax for certain investors.

Diversification does not assure a profit nor protect against loss in a declining market.

Credit Quality weights by rating are derived from the highest bond rating as determined by Standard & Poor’s (“S&P”), Moody’s or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as S&P, Moody’s and Fitch. These firms evaluate a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Bond Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund as measured against the broad-based municipal bond index. The Bloomberg Barclays 1-10 Year Blended Municipal Bond Index (“Index”) is a market index of high quality, domestic fixed income securities with maturities of less than 10 years. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Revenue Bonds	86.5%
General Obligation Bonds	13.6%
Money Market Funds	0.8%
Floating Rate Note Obligations	(1.6)%
Other Assets and Liabilities	0.7%
	100.0%

			Since Inception
Average Annual Total Return	One Year	Five Year	(6/29/12)
Institutional Shares¹	6.87%	3.48%	3.13%
Investor Shares	6.72%	3.43%	3.08%
Bloomberg Barclays 1-10 Year Blended Municipal Bond Index	2.43%	2.48%	2.62%

	Institutional Share	Investor Shares
Gross Expense Ratio²	0.42%	0.47%
Net Expense Ratio²	0.42%	0.47%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/tax-exempt-bond-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

¹	Performance information for the Institutional Shares, prior to commencement of operations on July 2, 2018, is based on the performance of Investor Shares, and adjusted for the lower expenses applicable to Institutional Shares.
²	Per the Fund’s prospectus dated October 31, 2020. Refer to the financial highlights for the gross and net expense ratios for the year ended as of the date of this report. Please note that the expense ratios per the prospectus include acquired fund fees and expenses (as applicable) and the expense ratios in the financial highlights do not.

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Bond Fund

Schedule of Investments

June 30, 2021

	Par Value	Security Description	Rate			Maturity	Value $

Municipal Bonds — 100.1%

General Obligation Bonds — 13.6%
	4,480,000	Alameda California Unified School District+		2.48	%	08/01/2032		3,672,003
	1,000,000	Alamo Texas Community College District		4.00	%	02/15/2035		1,122,247
	5,100,000	Alhambra California Unified School District+		2.01	%	08/01/2039		3,528,722
	2,000,000	Broward County Florida School District		5.00	%	07/01/2029		2,349,175
	3,600,000	California, State of		4.00	%	11/01/2033		4,284,438
	2,000,000	California, State of		4.00	%	11/01/2034		2,375,986
	15,000,000	California, State of		5.00	%	08/01/2046		18,106,239
	2,800,000	Chicago Illinois Park District		5.75	%	01/01/2038		3,066,984
	3,040,000	Clark County Nevada School District		5.00	%	06/15/2027		3,613,923
	8,045,000	Grossmont California Healthcare District+		2.47	%	07/15/2033		6,490,344
	3,260,000	Hawaii, State of		4.00	%	11/01/2032		3,422,135
	1,000,000	Hoover, City of Alabama		4.00	%	07/01/2033		1,157,484
	5,000,000	Kane, McHenry, Cook & DeKalb Counties Illinois Unit School District No. 300		5.25	%	01/01/2033		5,375,017
	1,025,000	Katy Texas Independent School District		5.00	%	02/15/2038		1,225,147
	1,435,000	Lane County Oregon School District No 19 Springfield+		3.49	%	06/15/2032		1,183,368
	1,200,000	Las Vegas Valley Nevada Water District		5.00	%	06/01/2033		1,253,480
	5,240,000	Louisiana, State of		4.00	%	05/01/2035		5,868,330
	830,000	Massachusetts, Commonwealth of (3 Month LIBOR USD + 0.57%)		0.69	%	05/01/2037		829,333
	5,255,000	Memphis, City of Tennessee		4.00	%	05/01/2033		6,284,223
	5,500,000	New Jersey, State of		5.00	%	06/01/2027		6,426,493
	4,440,000	New Jersey, State of		4.00	%	06/01/2028		4,742,412
	5,755,000	New Jersey, State of		4.00	%	06/01/2030		6,143,119
	17,000,000	New York, City of New York†		4.00	%	08/01/2037		20,341,081
	4,015,000	New York, City of New York		5.00	%	03/01/2043		5,100,321
	3,030,000	Ohio, State of		5.00	%	05/01/2035		3,538,370
	4,600,000	Texas, State of		5.00	%	08/01/2036		4,617,806
	7,000,000	Texas, State of		4.00	%	10/01/2044		7,674,601
	4,640,000	Twin Rivers California Unified School District+		2.40	%	08/01/2032		3,782,324
	5,315,000	Victor Valley California Union High School District+		3.78	%	08/01/2035		3,922,097
	5,350,000	Washington, State of		5.00	%	02/01/2039		6,538,786
	3,325,000	Will County Illinois Community Unit School District No. 365 Valley View		4.00	%	11/01/2037		3,815,943
	9,635,000	Wisconsin, State of		4.00	%	05/01/2039		11,400,827
								163,252,758

Revenue Bonds — 86.5%
	1,285,000	Arizona Sports & Tourism Authority		5.00	%	07/01/2028		1,336,146
	10,000,000	Austin Texas Water & Wastewater System Revenue		5.00	%	11/15/2043		11,254,326
	4,200,000	Austin, Texas		7.88	%	09/01/2026		4,219,482
	17,000,000	Black Belt Energy Gas District#		4.00	%	12/01/2048		18,370,037
	10,475,000	Buckeye Ohio Tobacco Settlement Financing Authority		4.00	%	06/01/2038		12,591,089
	1,050,000	California Infrastructure & Economic Development Bank (SIFMA Municipal Swap Index + 0.35%)		0.38	%	08/01/2047		1,052,529
	4,300,000	Central Florida Expressway Authority		4.00	%	07/01/2034		5,340,379
	2,000,000	Chicago Illinois Wastewater Transmission Revenue		5.00	%	01/01/2031		2,302,094
	4,000,000	Chicago Illinois Waterworks Revenue		5.00	%	11/01/2039		4,509,090
	7,880,000	Chicago O’Hare International Airport		5.00	%	01/01/2033		9,076,171
	7,715,000	Colorado Health Facilities Authority		5.00	%	12/01/2035		8,680,731
	4,800,000	Dallas Fort Worth Texas International Airport		4.50	%	11/01/2045		5,030,444
	5,530,000	Dauphin County Pennsylvania General Authority		5.00	%	06/01/2042		5,726,598
	2,500,000	Delaware State Health Facilities Authority		5.00	%	06/01/2034		3,046,054
	10,050,000	Delaware Valley Pennsylvania Regional Finance Authority (3 Month LIBOR USD + 0.65%)		0.74	%	06/01/2027		10,050,016
	6,750,000	Denver Colorado Airport System Revenue		5.00	%	12/01/2034		9,249,878
	9,150,000	Denver Colorado Airport System Revenue		5.00	%	12/01/2036		12,862,289
	5,000,000	Denver Colorado Dedicated Tax Revenue		5.00	%	08/01/2042		5,923,130
	4,855,000	District of Columbia		5.00	%	03/01/2038		6,342,441
	1,625,000	District of Columbia Water & Sewer Authority		5.00	%	10/01/2028		1,928,594
	2,345,000	District of Columbia Water & Sewer Authority		5.25	%	10/01/2044		2,788,100
	1,385,000	Energy Northwest		5.00	%	07/01/2033		1,631,014

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

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Bond Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Municipal Bonds — 100.1% (Continued)

Revenue Bonds — 86.5% (Continued)
	3,000,000	Glendale Arizona Industrial Development Authority		5.00	%	11/15/2048		3,496,124
	6,835,000	Glendale Arizona Industrial Development Authority		5.00	%	11/15/2054		7,946,762
	15,445,000	Golden State Tobacco Securitization Corp.		5.00	%	06/01/2031		19,332,386
	14,260,000	Golden State Tobacco Securitization Corp.		5.00	%	06/01/2032		17,782,554
	5,000,000	Grand Forks, County of North Dakota^		6.63	%	12/15/2031		5,050,460
	2,500,000	Grand Forks, County of North Dakota^		9.00	%	06/15/2044		2,510,632
	4,050,000	Harris County Texas Sports Authority+		4.41	%	11/15/2034		2,441,683
	1,200,000	Henrico County Virginia Economic Development Authority#		0.16	%	08/23/2027		1,200,000
	1,385,000	Hudson County New Jersey Improvement Authority		5.00	%	05/01/2041		1,642,690
	1,250,000	Illinois State Toll Highway Authority		5.00	%	01/01/2033		1,509,446
	1,500,000	Illinois State Toll Highway Authority		5.00	%	01/01/2037		1,752,157
	6,070,000	Imperial California Irrigation District Electric System Revenue		4.00	%	11/01/2037		6,964,454
	1,810,000	Indianapolis Indiana Local Public Improvement Bond Bank		5.00	%	02/01/2034		2,014,180
	3,720,000	Kansas City Missouri Municipal Assistance Corp.+		3.06	%	04/15/2026		3,562,548
	3,000,000	Lancaster County Pennsylvania Hospital Authority		5.00	%	07/01/2035		3,319,745
	2,280,000	Las Vegas Nevada Redevelopment Agency		5.00	%	06/15/2028		2,675,254
	5,235,000	Lees Summit Missouri Industrial Development Authority		5.25	%	08/15/2039		5,720,317
	1,000,000	Louisiana Public Facilities Authority		5.00	%	06/01/2036		1,161,865
	2,720,000	Louisiana Public Facilities Authority		4.00	%	05/15/2042		3,078,497
	7,000,000	Louisiana State Gasoline & Fuels Tax Revenue		5.00	%	05/01/2041		8,077,729
	21,505,000	Love Field Texas Airport Modernization Corp.		5.00	%	11/01/2028		22,814,990
	11,760,000	Love Field Texas Airport Modernization Corp.		5.25	%	11/01/2040		12,025,422
	25,000,000	Main Street Natural Gas, Inc. (1 Month LIBOR USD + 0.75%)		0.81	%	04/01/2048		25,129,313
	29,000,000	Main Street Natural Gas, Inc. (1 Month LIBOR USD + 0.83%)		0.89	%	08/01/2048		29,230,480
	10,000,000	Main Street Natural Gas, Inc.#		4.00	%	03/01/2050		11,566,838
	5,030,000	Maryland Health & Higher Educational Facilities Authority		5.50	%	01/01/2036		6,019,865
	1,215,000	Massachusetts Health & Educational Facilities Authority#		0.19	%	07/01/2023		1,215,000
	3,900,000	Massachusetts Health & Educational Facilities Authority#		0.29	%	07/01/2023		3,900,000
	1,000,000	Massachusetts Health & Educational Facilities Authority#		0.19	%	07/01/2023		1,000,000
	4,070,000	Massachusetts Housing Finance Agency		4.00	%	12/01/2033		4,178,476
	14,250,000	Metropolitan Pier & Exposition Authority+		2.13	%	06/15/2030		12,125,948
	1,495,000	Metropolitan Pier & Exposition Authority+		2.24	%	12/15/2033		1,130,364
	10,000,000	Metropolitan Pier & Exposition Authority+		4.35	%	06/15/2035		7,211,889
	10,165,000	Metropolitan Pier & Exposition Authority+		4.18	%	06/15/2037		6,863,380
	5,365,000	Metropolitan Pier & Exposition Authority+		2.83	%	06/15/2038		3,505,255
	5,270,000	Metropolitan Pier & Exposition Authority+		3.60	%	06/15/2043		3,148,648
	11,915,000	Metropolitan Pier & Exposition Authority		5.00	%	06/15/2052		12,436,372
	1,000,000	Metropolitan Pier & Exposition Authority		5.00	%	06/15/2053		1,148,808
	7,725,000	Metropolitan Pier & Exposition Authority		5.00	%	06/15/2057		9,288,150
	1,705,000	Metropolitan Transportation Authority+		3.20	%	11/15/2029		1,478,705
	2,235,000	Metropolitan Transportation Authority		5.25	%	11/15/2031		2,746,112
	6,000,000	Metropolitan Transportation Authority+		3.60	%	11/15/2033		4,642,370
	5,120,000	Metropolitan Transportation Authority		5.00	%	11/15/2036		6,121,131
	10,000,000	Metropolitan Transportation Authority		5.00	%	11/15/2038		10,891,652
	17,590,000	Metropolitan Transportation Authority		5.00	%	11/15/2038		18,831,006
	10,000,000	Metropolitan Transportation Authority		5.25	%	11/15/2044		11,129,946
	10,000,000	Miami-Dade County Florida Aviation Revenue		5.00	%	10/01/2028		11,375,564
	6,760,000	Miami-Dade County Florida Water & Sewer System Revenue		4.00	%	10/01/2035		7,969,067
	3,495,000	Michigan State Housing Development Authority		4.00	%	10/01/2042		3,595,176
	2,020,000	Michigan State University		4.00	%	08/15/2030		2,175,496
	725,000	Minneapolis & St. Paul, Minnesota Housing & Redevelopment Authority#		0.12	%	08/01/2027		719,563
	3,000,000	Missouri Joint Municipal Electric Utility Commission		5.00	%	01/01/2030		3,341,601
	2,000,000	Missouri Joint Municipal Electric Utility Commission		5.00	%	12/01/2030		2,343,322
	1,595,000	Missouri Joint Municipal Electric Utility Commission		5.00	%	12/01/2037		1,860,188
	5,000,000	Nebraska Educational Health Cultural & Social Services Finance Authority		4.00	%	01/01/2044		5,575,375
	1,080,000	New Hope Texas Cultural Education Facilities Finance Corp.		5.00	%	07/01/2031		937,075

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

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Bond Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Municipal Bonds — 100.1% (Continued)

Revenue Bonds — 86.5% (Continued)
	1,750,000	New Hope Texas Cultural Education Facilities Finance Corp.		5.25	%	07/01/2036		1,456,994
	4,000,000	New Hope Texas Cultural Education Facilities Finance Corp.		5.00	%	07/01/2046		3,050,302
	250,000	New Hope Texas Cultural Education Facilities Finance Corp.		5.50	%	07/01/2046		195,778
	2,000,000	New Hope Texas Cultural Education Facilities Finance Corp.		5.75	%	07/01/2051		1,588,535
	2,350,000	New Jersey Economic Development Authority (SIFMA Municipal Swap Index + 1.55%)		1.58	%	09/01/2027		2,386,629
	2,835,000	New Jersey Economic Development Authority (SIFMA Municipal Swap Index + 1.60%)		1.63	%	03/01/2028		2,880,515
	1,950,000	New Jersey Educational Facilities Authority		5.00	%	07/01/2027		2,277,016
	1,000,000	New Jersey Transportation Trust Fund Authority		5.25	%	06/15/2028		1,178,367
	4,320,000	New Jersey Transportation Trust Fund Authority+		1.58	%	12/15/2032		3,471,558
	1,000,000	New Jersey Transportation Trust Fund Authority+		2.12	%	12/15/2035		739,083
	9,675,000	New Jersey Transportation Trust Fund Authority+		2.25	%	12/15/2038		6,539,917
	1,550,000	New Jersey Turnpike Authority		5.00	%	01/01/2028		1,758,842
	13,565,000	New Mexico Municipal Energy Acquisition Authority#		5.00	%	11/01/2039		15,780,167
	16,000,000	New York & New Jersey Port Authority		4.00	%	03/15/2030		19,042,230
	1,165,000	New York & New Jersey Port Authority		5.00	%	05/01/2031		1,365,789
	12,250,000	New York & New Jersey Port Authority		4.00	%	11/01/2034		14,751,781
	2,010,000	New York City Transitional Finance Authority Building Aid Revenue		5.00	%	07/15/2033		2,109,574
	7,045,000	New York City Transitional Finance Authority Future Tax Secured Revenue		5.00	%	08/01/2036		8,008,814
	7,575,000	New York City Transitional Finance Authority Future Tax Secured Revenue		4.00	%	05/01/2043		8,920,080
	2,340,000	New York City Transitional Finance Authority Future Tax Secured Revenue		4.00	%	05/01/2045		2,778,885
	10,000,000	New York City Water & Sewer System		5.00	%	06/15/2047		10,700,923
	2,000,000	New York Convention Center Development Corp.+		2.46	%	11/15/2032		1,610,371
	8,730,000	New York Convention Center Development Corp.+		2.52	%	11/15/2035		6,484,469
	2,750,000	New York Convention Center Development Corp.+		3.09	%	11/15/2037		1,979,918
	3,000,000	New York Convention Center Development Corp.+		2.77	%	11/15/2037		2,104,646
	5,000,000	New York Convention Center Development Corp.+		3.76	%	11/15/2041		3,099,457
	5,000,000	New York Convention Center Development Corp.+		2.68	%	11/15/2043		2,906,419
	4,000,000	New York Liberty Development Corp.		5.00	%	12/15/2041		4,080,207
	1,675,000	New York State Dormitory Authority		5.00	%	03/15/2030		1,981,227
	1,115,000	New York State Dormitory Authority		5.00	%	02/15/2031		1,372,382
	1,325,000	New York State Dormitory Authority		5.00	%	03/15/2031		1,572,096
	2,000,000	New York State Dormitory Authority		5.00	%	03/15/2036		2,356,518
	6,915,000	New York State Dormitory Authority		5.00	%	03/15/2037		7,150,517
	20,035,000	New York State Thruway Authority		5.00	%	01/01/2037		25,818,007
	9,390,000	New York State Urban Development Corp.		4.00	%	03/15/2038		11,208,374
	6,850,000	New York State Urban Development Corp.†		4.00	%	03/15/2045		8,105,834
	15,000,000	New York State Urban Development Corp.†		4.00	%	03/15/2046		17,596,986
	5,030,000	New York Transportation Development Corp.		4.00	%	07/01/2041		5,440,079
	3,375,000	Newport News Virginia Economic Development Authority		5.00	%	12/01/2031		3,890,126
	1,760,000	Niagara County New York Tobacco Asset Securitization Corp.		5.00	%	05/15/2024		1,992,426
	2,000,000	North Carolina Medical Care Commission		5.00	%	10/01/2031		2,197,794
	3,765,000	North Carolina Turnpike Authority+		3.98	%	01/01/2034		2,965,404
	4,165,000	North Texas Tollway Authority		5.00	%	01/01/2032		4,772,282
	2,000,000	Omaha Nebraska Public Power District		5.00	%	02/01/2043		2,302,796
	1,000,000	Onondaga County New York Trust for Cultural Resources		4.00	%	12/01/2049		1,180,076
	1,150,000	Orange County Florida Convention Center/Orlando		5.00	%	10/01/2027		1,351,581
	5,790,000	Oregon State Facilities Authority		5.00	%	10/01/2031		6,833,659
	1,000,000	Park Creek Colorado Metropolitan District		5.00	%	12/01/2034		1,161,335
	2,000,000	Peace River Manasota Regional Water Supply Authority		5.00	%	10/01/2035		2,288,315
	6,000,000	Pennsylvania Economic Development Financing Authority (SIFMA Municipal Swap Index + 0.40%)		0.43	%	06/01/2041		6,001,477
	10,000,000	Pennsylvania Turnpike Commission		5.00	%	06/01/2029		11,988,298
	6,360,000	Pennsylvania Turnpike Commission		4.00	%	12/01/2036		7,315,498
	8,700,000	Pennsylvania Turnpike Commission		5.00	%	12/01/2043		9,918,580
	10,500,000	Philadelphia Pennsylvania Airport Revenue		5.00	%	06/15/2027		10,592,299
	1,630,000	Philadelphia Pennsylvania Airport Revenue		4.00	%	07/01/2036		1,932,352
	1,695,000	Philadelphia Pennsylvania Airport Revenue		4.00	%	07/01/2037		1,996,204

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

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Bond Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Municipal Bonds — 100.1% (Continued)

Revenue Bonds — 86.5% (Continued)
	1,760,000	Philadelphia Pennsylvania Airport Revenue		4.00	%	07/01/2038		2,068,076
	1,830,000	Philadelphia Pennsylvania Airport Revenue		4.00	%	07/01/2039		2,145,220
	1,905,000	Philadelphia Pennsylvania Airport Revenue		4.00	%	07/01/2040		2,229,414
	1,520,000	Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority		5.00	%	07/01/2032		1,520,000
	745,000	Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority		5.00	%	07/01/2041		745,793
	10,000,000	Phoenix Arizona Civic Improvement Corp.		5.00	%	07/01/2049		12,598,849
	2,070,000	Pinal County Arizona		5.00	%	08/01/2027		2,357,292
	17,483,000	Puerto Rico Sales Tax Financing Corp Sales Tax Revenue+		4.64	%	07/01/2033		13,150,206
	4,230,000	Sales Tax Securitization Corp.		5.50	%	01/01/2032		5,512,255
	5,830,000	San Diego California Tobacco Settlement Revenue Funding Corp.		4.00	%	06/01/2032		6,499,564
	7,300,000	San Francisco City & County Airport Comm-San Francisco International Airport		4.00	%	05/01/2039		8,653,162
	2,290,000	Tampa, City of Florida+		3.36	%	09/01/2040		1,247,851
	1,850,000	Tampa, City of Florida+		3.73	%	09/01/2045		803,391
	22,140,000	Tennessee Energy Acquisition Corp.#		4.00	%	05/01/2048		23,508,690
	7,150,000	Tennessee Energy Acquisition Corp.#		4.00	%	11/01/2049		8,096,205
	3,045,000	Terrebonne Parish Louisiana+		3.13	%	04/01/2036		2,185,513
	19,490,000	Texas Municipal Gas Acquisition & Supply Corp. II (3 Month LIBOR USD + 0.87%)		0.95	%	09/15/2027		19,806,239
	700,000	Texas Municipal Power Agency Revenue		3.00	%	09/01/2032		750,897
	1,100,000	Texas Municipal Power Agency Revenue		3.00	%	09/01/2034		1,167,199
	1,265,000	Tobacco Settlement Authority		5.25	%	06/01/2032		1,268,135
	11,105,000	Tobacco Settlement Financing Corp.		5.00	%	06/01/2031		13,908,377
	20,000,000	Tobacco Settlement Financing Corp.		5.00	%	06/01/2035		22,790,040
	5,000,000	Tobacco Settlement Financing Corp.		5.00	%	06/01/2046		6,010,494
	1,045,000	Triborough Bridge & Tunnel Authority+		3.39	%	11/15/2031		852,168
	9,030,000	TSASC, Inc.		5.00	%	06/01/2031		10,992,511
	1,050,000	University of Texas System — Permanent University Fund		4.00	%	07/01/2032		1,161,857
	18,274,646	Vermont Student Assistance Corp. (1 Month LIBOR USD + 1.00%)		1.09	%	06/02/2042		18,351,655
	5,755,000	Virginia Public Building Authority		4.00	%	08/01/2036		6,832,082
	3,300,000	Virginia Small Business Financing Authority		5.00	%	07/01/2034		3,377,200
	4,000,000	Virginia Small Business Financing Authority		5.00	%	07/01/2034		4,093,582
	2,000,000	Washington DC Metropolitan Area Transit Authority		4.00	%	07/15/2045		2,397,418
	1,000,000	Washington State Housing Finance Commission^		4.00	%	01/01/2026		1,081,796
	2,655,000	Washington State Housing Finance Commission^		5.00	%	01/01/2031		2,957,883
	3,655,000	Wayne County Michigan Airport Authority		5.00	%	12/01/2038		4,273,842
	5,000,000	West Virginia State Hospital Finance Authority		5.00	%	06/01/2023		5,446,568
	1,610,000	Wisconsin Health & Educational Facilities Authority		5.00	%	05/01/2027		1,790,431
	650,000	Wisconsin Health & Educational Facilities Authority		5.00	%	09/15/2037		678,358
	5,250,000	Wise County Virginia Industrial Development Authority#		0.75	%	10/01/2040		5,299,890
								1,039,362,553
Total Municipal Bonds (Cost $1,146,425,142)								1,202,615,311

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

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Bond Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Short-Term Investments — 0.8%

Money Market Funds — 0.8%
		9,813,038	First American Government Obligations Fund — Class Z, 0.02%*		9,813,038
Total Short-Term Investments (Cost $9,813,038)					9,813,038
Total Investments — 100.9% (Cost $1,156,238,180)					1,212,428,349

Floating Rate Note Obligations — (1.6)%
Notes with interest and fee rate of 0.62% as of the date of this report and
contractual maturities of collateral ranging from 08/01/2037 to 03/15/2046~					(19,425,000	)
Other Assets in Excess of Liabilities — 0.7%					8,969,766
NET ASSETS — 100.0%				$	1,201,973,115

	+	Zero coupon bond. Rate disclosed is calculated yield to maturity as of the date of this report.
	#	Variable rate security. Rate disclosed is as of the date of this report.
	^	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	†	Underlying security related to TOB Trusts entered into by the Fund.
	*	Annualized seven-day yield as of the date of this report.
	~	Floating rate note obligations related to securities held. The interest and fee rate shown reflects the rates in effect as of the date of this report. As of the date of this report, the Fund’s investments with a value of $46,043,901 are held by TOB Trusts and serve as collateral for the $19,425,000 in the floating rate note obligations outstanding at that date.

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

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Sustainable Bond Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Tax-Exempt Sustainable Bond Fund – Investor Shares (the “Fund”) increased 4.57% in value. During the same period, the Bloomberg Barclays 1-10 Year Blended Municipal Bond Index (the “Index”), the Fund’s benchmark, increased 2.43%.

The Fund sharply outperformed its benchmark for the 12-month period ended June 30, 2021—a period where broad municipal credit fundamentals and investor sentiment dramatically improved from the crisis nadir experienced during the spring of last year. Broad municipal credit fundamentals showed surprising resilience, especially when compared to some of the dire projections in the height of the pandemic’s uncertainty. The resilience of municipal credit during this time is attributable to a number of factors. Many state and local governments and revenue- backed municipal issuers had built up meaningful liquidity reserves during the decade-long economic expansion following the Great Financial Crisis. These efforts helped offset revenue declines. Municipal credit was also supported from federal fiscal stimulus in the form of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and the $1.9 trillion American Rescue Plan (ARP). The size and scope of this stimulus, along with the surprising strength in underlying municipal credit fundamentals, have led to widespread positive ratings revisions and/or improved credit outlooks by rating agencies across the market. These positive revisions by the rating agencies have been an abrupt turnaround in sentiment on large portions of the municipal market, including many of the same credits and sectors that were just downgraded or put on negative review last year.

Over the last year we took advantage of the confluence of robust primary market supply, heightened secondary volume, and elevated credit spreads to add exposure to many large, essential revenue issuers at attractive yield concessions. During periods of extreme volatility we take solace in the fact that our bottom-up fundamental investment approach can help guide our decisions and help separate headline or market illiquidity risk from credit impairment risk. We spent much of the last year assessing pockets of vulnerability and actively re-underwriting our holdings as new information became available. This experience reemphasized to us our need to analyze every credit individually. We believe our work paid off as liquidity conditions improved and the market began to discern relative value within some of the harder hit sectors. It was our fundamental research process that gave us the conviction to lean into challenged sectors like airports, mass transportation, and dedicated tax revenue bonds. Yet, it was exactly these decisions (and sectors) that drove the overwhelming majority of the outperformance for the Fund.

From an ESG perspective, we continue to see growth in labeled bond and more transparency of municipal issuers which has been a challenge in the past. Our engagement efforts have helped provide more insight into a much larger opportunity set. We continue to be focused on municipal issuers that have responded to the pandemic in a way that supports and continues to promote social and racial equality or access to essential services for underserved populations. Our ESG research process seeks to dynamically respond to complex problems. We have used this process in an effort to examine a wide range of factors that we believe influence an issuer’s long-term health and prosperity.. We believe that the social issues, such as the COVID-19 pandemic and racial inequality, reinforce how important these factors are. We also intend to invest in municipal issuers that help ensure equitable access to essential resources and services—like affordable housing, public transit and education.

Sincerely,

Stephen M. Shutz, CFA

Portfolio Manager

Amy N. Hauter, CFA

Portfolio Manager

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Sustainable Bond Fund

A Message to Our Shareholders

June 30, 2021

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified which means it may invest a large percentage of its assets in the securities of fewer issuers. Concentration in a limited number of issuers exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. The Fund is also subject to interest rate risk which is the risk that debt securities in the Fund’s portfolio will decline in value because of an increase in market interest rates. This risk is usually greater for longer- term debt securities. Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Federal Alternative minimum tax for certain investors. The Adviser utilizes ESG analysis in connection with the Fund’s investments in fixed-income securities. ESG factors are considered systematically and comprehensively through leveraging a repeatable process that strives to minimize risk and capture opportunity.

Diversification does not assure a profit nor protect against loss in a declining market.

Because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to the funds that do not use these criteria.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Sustainable Bond Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund as measured against the broad-based municipal bond index. The Bloomberg Barclays 1-10 Year Municipal Bond Index (“Index”) is a market index of high quality, domestic fixed income securities with maturities of less than 10 years. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Revenue Bonds	92.7%
General Obligation Bonds	4.7%
Money Market Funds	2.8%
Other Assets and Liabilities	(0.2)%
	100.0%

		Since Inception
Average Annual Total Return	One Year	(12/2/19)
Investor Shares	4.57%	2.63%
Bloomberg Barclays 1-10 Year Blended Municipal Bond Index	2.43%	3.13%

		Investor Shares
Gross Expense Ratio¹		0.57%
Net Expense Ratio¹		0.57%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/tax-exempt-bond-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Sustainable Bond Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Municipal Bonds — 97.4%

General Obligation Bonds — 4.7%
	850,000	California, State of (SIFMA Municipal Swap Index + 0.38%)		0.41	%	12/01/2027		850,595
	2,425,000	Chicago Illinois Park District		4.00	%	01/01/2034		2,814,714
	1,125,000	Detroit City Michigan School District		5.00	%	05/01/2039		1,448,701
	3,000,000	Kane McHenry Cook & De Kalb Counties Illinois Unit School District No. 300		5.25	%	01/01/2032		3,221,248
								8,335,258

Revenue Bonds — 92.7%
	1,000,000	American Municipal Power Ohio, Inc.		4.00	%	02/15/2044		1,156,211
	4,985,000	Arizona Board of Rights State University Systems		5.00	%	07/01/2025		5,892,203
	3,000,000	Aurora Colorado Water Revenue		5.00	%	08/01/2041		3,611,296
	2,250,000	Austin, Texas		7.88	%	09/01/2026		2,260,437
	1,000,000	Baltimore County Maryland		4.00	%	01/01/2039		1,130,662
	1,525,000	Baltimore County Maryland		4.00	%	01/01/2040		1,721,540
	1,500,000	Baltimore County Maryland		4.00	%	01/01/2045		1,685,977
	1,950,000	Bay Area Water Supply & Conservation Agency		5.00	%	10/01/2034		2,103,198
	750,000	Buffalo New York Sewer Authority		4.00	%	06/15/2051		858,046
	630,000	California Infrastructure & Economic Development Bank		4.00	%	08/01/2023		677,665
	500,000	California Infrastructure & Economic Development Bank		4.00	%	08/01/2024		553,955
	1,005,000	California Infrastructure & Economic Development Bank		5.00	%	08/01/2038		1,283,455
	1,000,000	California Infrastructure & Economic Development Bank		5.00	%	08/01/2039		1,274,357
	4,360,000	California Infrastructure & Economic Development Bank (SIFMA Municipal Swap Index + 0.35%)		0.38	%	08/01/2047		4,360,942
	1,170,000	California Municipal Finance Authority^		5.00	%	11/01/2029		1,346,500
	1,575,000	California Municipal Finance Authority^		5.00	%	11/01/2049		1,741,438
	1,180,000	California School Finance Authority^		5.00	%	07/01/2037		1,401,339
	1,020,000	Central Puget Sound Regional Transit Authority		5.00	%	11/01/2032		1,209,468
	2,250,000	Central Puget Sound Regional Transit Authority		5.00	%	11/01/2045		2,622,822
	1,500,000	Colorado Health Facilities Authority		4.00	%	12/01/2040		1,743,230
	1,000,000	Connecticut State Clean Water Fund		4.00	%	02/01/2035		1,204,770
	1,500,000	Connecticut State Clean Water Fund		5.00	%	05/01/2036		1,837,882
	3,000,000	Dallas-Fort Worth Texas International Airport		5.25	%	11/01/2030		3,309,672
	3,000,000	District of Columbia Water & Sewer Authority		5.00	%	10/01/2039		3,571,713
	2,250,000	Du Page County, Illinois		3.00	%	05/15/2047		2,333,773
	1,320,000	East Chicago Sanitary District		4.00	%	07/15/2031		1,428,791
	2,375,000	Glendale Arizona Industrial Development Authority		5.00	%	11/15/2042		2,780,110
	2,500,000	Grand Forks County North Dakota^		7.00	%	12/15/2043		2,525,624
	2,500,000	Grand Forks County North Dakota^		9.00	%	06/15/2044		2,510,632
	600,000	Harris County Texas Flood Control District		5.00	%	10/01/2027		715,163
	1,405,000	Hartford County Connecticut Metropolitan District Clean Water Project		5.00	%	11/01/2036		1,591,244
	1,000,000	Illinois Finance Authority (1 Month LIBOR USD + 0.50%)		0.56	%	11/01/2034		999,875
	2,230,000	Illinois Finance Authority		4.00	%	08/15/2037		2,726,484
	5,000,000	Lakeland Florida Hospital System		5.00	%	11/15/2040		5,607,542
	3,470,000	Los Angeles County California Metropolitan Transportation Authority		5.00	%	07/01/2038		4,308,750
	970,000	Maricopa County Arizona Industrial Development Authority (SIFMA Municipal Swap Index + 0.38%)		0.41	%	01/01/2035		968,792
	850,000	Maryland Economic Development Corp.		4.00	%	07/01/2040		987,052
	1,000,000	Massachusetts Port Authority		5.00	%	07/01/2037		1,312,187
	5,000,000	Metropolitan Government Nashville & Davidson County Health & Educational Facilities		5.00	%	07/01/2040		5,988,944
	135,000	Metropolitan Pier & Exposition Authority+		2.12	%	12/15/2031		108,294
	270,000	Metropolitan Pier & Exposition Authority+		2.66	%	06/15/2034		200,606
	135,000	Metropolitan Pier & Exposition Authority+		2.76	%	06/15/2035		97,361
	175,000	Metropolitan Pier & Exposition Authority+		2.87	%	06/15/2037		118,160
	1,175,000	Metropolitan Pier & Exposition Authority+		3.34	%	12/15/2038		758,116
	1,000,000	Metropolitan Pier & Exposition Authority		5.00	%	06/15/2042		1,044,092
	1,100,000	Metropolitan Pier & Exposition Authority+		2.70	%	06/15/2046		597,941
	1,615,000	Metropolitan Pier & Exposition Authority+		2.74	%	06/15/2047		852,181
	375,000	Metropolitan Pier & Exposition Authority+		3.36	%	12/15/2051		172,968

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

www.brownadvisory.com/mf

Brown Advisory Tax-Exempt Sustainable Bond Fund

Schedule of Investments

June 30, 2021

Par
Value/Shares		Security Description	Rate			Maturity	Value $

Municipal Bonds — 97.4% (Continued)

Revenue Bonds — 92.7% (Continued)
	590,000	Metropolitan Pier & Exposition Authority+		3.51	%	12/15/2052		264,486
	3,230,000	Metropolitan Pier & Exposition Authority		5.00	%	06/15/2053		3,710,650
	1,955,000	Metropolitan Transportation Authority		5.25	%	11/15/2033		2,437,611
	1,050,000	Metropolitan Transportation Authority		5.00	%	11/15/2035		1,272,638
	5,000,000	Metropolitan Transportation Authority		5.00	%	11/15/2037		5,947,817
	1,250,000	Metropolitan Transportation Authority		5.00	%	11/15/2038		1,597,721
	1,870,000	Metropolitan Transportation Authority		5.00	%	11/15/2042		1,997,695
	1,500,000	Miami-Dade County Florida Water & Sewer System Revenue		4.00	%	10/01/2039		1,813,688
	2,540,000	Monroeville Pennsylvania Finance Authority		4.25	%	02/15/2042		2,646,900
	1,000,000	New Hampshire Business Finance Authority (SIFMA Municipal Swap Index + 0.75%)		0.78	%	10/01/2033		1,000,400
	2,075,000	New Hope Texas Cultural Education Facilities Finance Corp.		5.50	%	07/01/2046		1,624,957
	2,110,000	New Jersey Housing & Mortgage Finance Agency		1.60	%	10/01/2026		2,117,589
	2,000,000	New York City Housing Development Corp.		2.60	%	11/01/2034		2,079,318
	1,000,000	New York City Water & Sewer System		5.00	%	06/15/2047		1,219,937
	2,350,000	New York Liberty Development Corp.		5.00	%	11/15/2031		2,390,665
	2,425,000	New York Liberty Development Corp.		4.00	%	09/15/2035		2,482,990
	3,000,000	New York Liberty Development Corp.		5.00	%	09/15/2040		3,095,455
	2,000,000	New York Liberty Development Corp.		5.00	%	12/15/2041		2,040,104
	1,000,000	New York State Dormitory Authority		5.00	%	07/01/2050		1,144,178
	2,500,000	New York State Housing Finance Agency		1.60	%	11/01/2024		2,514,502
	5,000,000	New York State Housing Finance Agency		0.75	%	11/01/2025		5,008,349
	1,444,427	New York State Housing Finance Agency		1.65	%	05/15/2039		1,422,474
	1,000,000	Ohio Higher Educational Facility Commission#		1.63	%	12/01/2034		1,029,900
	1,500,000	Ohio, State of (SIFMA Municipal Swap Index + 0.40%)		0.43	%	01/01/2052		1,501,958
	2,500,000	Phoenix Arizona Civic Improvement Corp.		5.00	%	07/01/2049		3,149,712
	2,000,000	Pompano Beach, City of Florida		3.50	%	09/01/2035		2,206,879
	1,500,000	Portland Maine General Airport Revenue		4.00	%	01/01/2038		1,736,343
	1,500,000	Regional Transportation Authority		5.00	%	06/01/2031		1,692,240
	1,500,000	San Francisco, California City & County Airports Common International Airport		4.00	%	05/01/2037		1,820,487
	1,250,000	Southern California Public Power Authority		5.00	%	07/01/2021		1,250,000
	1,200,000	Tampa Florida Hospital Revenue		4.00	%	07/01/2039		1,415,392
	1,000,000	Tampa Florida Hospital Revenue		4.00	%	07/01/2045		1,164,257
	2,635,000	Upper Santa Clara Valley California Joint Powers Authority		4.00	%	08/01/2045		2,956,308
	2,250,000	Virginia Small Business Financing Authority		4.00	%	01/01/2036		2,550,420
	1,650,000	Wayne County Michigan Airport Authority		5.00	%	12/01/2034		2,230,159
	1,685,000	Wayne County Michigan Airport Authority		5.00	%	12/01/2036		2,268,647
								166,096,286
Total Municipal Bonds (Cost $170,878,117)								174,431,544

Short-Term Investments — 2.8%

Money Market Funds — 2.8%
	5,005,964	First American Government Obligations Fund — Class Z, 0.02%*						5,005,964
Total Short-Term Investments (Cost $5,005,964)								5,005,964
Total Investments — 100.2% (Cost $175,884,081)								179,437,508
Liabilities in Excess of Other Assets — (0.2)%								(314,909	)
NET ASSETS — 100.0%							$	179,122,599

	+	Zero coupon bond. Rate disclosed is calculated yield to maturity as of the date of this report.
	#	Variable rate security. Rate disclosed is as of the date of this report.
	^	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	*	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Mortgage Securities Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Mortgage Securities Fund – Investor Shares (the “Fund”) increased 1.48% in value. During the same period, the Bloomberg Barclays Mortgage Backed Securities Index (the “Index”), the Fund’s benchmark, declined 0.42%.

The Fund seeks to maximize total return consistent with preservation of capital by utilizing a combination of government agency residential mortgage and securitized credit. Within residential mortgage-backed securities (MBS), the Fund aims to find bonds with loan characteristics that are likely to result in slower prepayments. The Fund intends to also use high quality securitized credit opportunistically.

Mortgage bonds were caught in a number of cross-currents over the last year. Plunging Treasury during the immediate on-set of the COVID-19 pandemic left mortgages struggling to keep up. MBS investors were anticipating a refinancing boom, and thus did not bid up MBS prices even as Treasury yields plumbed their lows during the summer. Coming in to 2020, the Fund was overweight government-backed commercial mortgage-backed securities (CMBS) and underweight higher coupon 30-year MBS. As these CMBS were not able to be refinanced by the borrower, these bonds did appreciate during this period. This appreciation was a major driver of outperformance from June through October.

Starting in August, we began rebuilding our traditional MBS bucket, using a combination of to-be- announced (TBA) MBS and middle-coupon 30-year specified pools. We took profits on many of our longer-term CMBS, and in the process set the duration of the Fund below the Index. This was not an explicit call that interest rates would rise. Rather, the view was that interest rate risk was skewed to the upside. If rates did rise, we felt that middle-coupon MBS would outperform both lower and higher coupon cohorts in the Index, and would far outperform the longer-term CMBS that we were selling.

In our opinion, MBS can be especially useful when interest rate risk is skewed in this way. Historically, MBS tend to have higher current income generation than other high-quality bond sectors. Usually, the way an MBS position underperforms is exactly what happened in early 2020: rates fall and that touches off a refinancing boom. However, if yields are skewed to the upside, it greatly mitigates this risk. Commonly, MBS will outperform other government bonds when yields rise gently, because the market prices out the refinancing risk.

This combination of our structurally short duration position, what we believe to be the natural advantages of MBS when rates rise, plus our utilization of some currently amortizing CMBS/asset- backed securities (ABS) allowed the Fund to outperform by 100 basis points as yields rose in the fourth quarter of 2020 and the first quarter of 2021.

With Treasury rates having climbed into the 1.50% area, we believe rate-related risks are slightly more balanced than they were last summer. However, our core reasons for having gone defensive remain just as pertinent now. In our opinion, it is likely that inflation will come in two waves: the first is being driven by a burst of post-pandemic demand met by a still healing supply chain. The second will likely be fueled by a tight labor market and resulting wage pressure. As we write this letter, we believe we are living through the first of these phases. The most recent CPI report indicated that year-on-year inflation was 5%, which we believe is almost certainly due to transitory factors that will soon fade. However, it is also the case that the labor market is quite tight, despite unemployment at 5.9%. According to the Bureau of Labor Statistics, job openings are at an all- time high, and openings per unemployed worker are at the same level as in 2018, when unemployment was at 4.1%. So while inflation is highly likely to decelerate from 5%, wage pressure is probably already enough to maintain inflation over 2%. We think this warrants caution on the direction of rates.

Hence, we are currently maintaining a defensive stance on duration, while being overweight 2% and 2.5% MBS and underweight other coupons. We think these coupons will be the most robust to rising rates, but also offer the best opportunity for positive security selection. Lastly, the Fund is now especially conservative on credit quality. While the Fund’s holdings are always dominated by government-backed and AAA-rated securities, we now have very few opportunistic holdings at lower ratings. We think this is a time to focus on liquidity, defensiveness and simple income generation ideas.

Sincerely,

Thomas D.D. Graff, CFA

Portfolio Manager

www.brownadvisory.com/mf

Brown Advisory Mortgage Securities Fund

A Message to Our Shareholders

June 30, 2021

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer- term debt securities. Investments in Asset-Backed and Mortgage-Backed securities include additional risks that investor should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Certain fixed income securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. Issuers may experience an acceleration in prepayments of mortgage loans or other receivables backing the issuers’ fixed income securities when interest rates decline, which can shorten the maturity of the security, force the Fund to invest in securities with lower interest rates, and reduce the Fund’s return. Issuers may decrease prepayments of principal when interest rates increase, extending the maturity of a fixed income security and causing the value of the security to decline. Investing involves risk. Principal loss is possible. Investors should consult a tax professional for advice and information concerning the tax features of mortgage backed securities and fixed coupon bonds. Mortgage-backed securities (MBS) are bonds secured by a mortgage or collection of mortgages. Diversification does not assure a profit nor protect against loss in a declining market. As part of its fundamental research approach, the Adviser has a process to integrate, identify and consider the Environmental, Social and Governance (“ESG”) risks and opportunities throughout the investment lifecycle using a proprietary ESG assessment.

Because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Mortgage Securities Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $10,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fund as measured against a broad-based bond index. The Bloomberg Barclays Mortgage Backed Securities Index (“Index”) is a market value-weighted index which covers the mortgage-backed securities component of the Barclays US Aggregate Bond Index. The Index is composed of agency mortgage-backed passthrough securities of the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) with a minimum $150 million par amount outstanding and a weighted-average maturity of at least 1 year. The Index includes reinvestment of income. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Mortgage Backed Securities	85.4%
Money Market Funds	18.8%
Asset Backed Securities	5.5%
Corporate Bonds & Notes	0.6%
Municipal Bonds	0.2%
Other Assets and Liabilities	(10.5)%
	100.0%

			Since Inception
Average Annual Total Return	One Year	Five Year	(12/26/13)
Institutional Shares¹	1.53%	2.75%	3.13%
Investor Shares	1.48%	2.70%	3.08%
Bloomberg Barclays Mortgage Backed Securities Index	-0.42%	2.27%	2.96%

	Institutional Shares	Investor Shares
Gross Expense Ratio²	0.47%	0.52%
Net Expense Ratio²	0.47%	0.52%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/mortgage-securities-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on returns. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

¹	Performance information for the Institutional Shares, prior to commencement of operations on May 13, 2014, is based on the performance of the Investor Shares, and adjusted for the lower expenses applicable to the Institutional Shares.
²	Per the Fund’s prospectus dated October 31, 2020. Refer to the financial highlights for the gross and net expense ratios for the year ended as of the date of this report. Please note that the expense ratios per the prospectus include acquired fund fees and expenses (as applicable) and the expense ratios in the financial highlights do not.

www.brownadvisory.com/mf

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Mortgage Backed Securities — 85.4%
	2,080,000	BAMLL Commercial Mortgage Securities Trust,
		Series 2018-DSNY A (1 Month LIBOR USD + 0.85%)^		0.92	%	09/15/2034		2,082,961
	2,000,000	BBCMS Mortgage Trust, Series 2018-TALL A (1 Month LIBOR USD + 0.72%)^		0.79	%	03/15/2037		1,990,071
	986,000	DBGS Mortgage Trust, Series 2018-C1 7EA^		4.64	%	10/17/2051		995,866
	44,909	FHLMC PC, Pool# N3-0530		5.50	%	01/01/2029		47,273
	72,390	FHLMC PC, Pool# C5-3878		5.50	%	12/01/2030		82,453
	170,788	FHLMC PC, Pool# C9-1366		4.50	%	04/01/2031		186,542
	57,461	FHLMC PC, Pool# C6-6421		6.50	%	02/01/2032		64,441
	202,975	FHLMC PC, Pool# N7-0078		5.50	%	01/01/2033		219,545
	44,799	FHLMC PC, Pool# 1B-0889 (12 Month LIBOR USD + 1.59%)		1.89	%	05/01/2033		44,768
	82,557	FHLMC PC, Pool# A1-4256		5.50	%	10/01/2033		94,735
	204,566	FHLMC PC, Pool# G3-0932		4.50	%	03/01/2034		223,312
	28,989	FHLMC PC, Pool# 1J-0204 (12 Month LIBOR USD + 1.75%)		2.02	%	05/01/2035		30,698
	612,914	FHLMC PC, Pool# C9-1826		3.00	%	05/01/2035		648,531
	155,403	FHLMC PC, Pool# N7-0071		6.00	%	06/01/2035		170,098
	57,510	FHLMC PC, Pool# A4-6629		5.00	%	08/01/2035		66,076
	537,447	FHLMC PC, Pool# K9-3365		3.50	%	11/01/2035		570,680
	385,601	FHLMC PC, Pool# K9-3349		4.00	%	11/01/2035		412,964
	25,673	FHLMC PC, Pool# 1L-1263 (1 Year CMT Rate + 2.25%)		2.38	%	03/01/2036		27,493
	22,435	FHLMC PC, Pool# 1H-1348 (1 Year CMT Rate + 2.14%)		2.42	%	10/01/2036		23,907
	203,892	FHLMC PC, Pool# G2-0028		7.50	%	12/01/2036		230,804
	96,637	FHLMC PC, Pool# B3-1891		5.38	%	01/01/2037		107,503
	117,226	FHLMC PC, Pool# 84-7727 (12 Month LIBOR USD + 1.74%)		2.24	%	02/01/2037		117,768
	191,886	FHLMC PC, Pool# B3-1900		5.38	%	02/01/2037		213,618
	44,934	FHLMC PC, Pool# B3-1934		5.38	%	04/01/2037		49,993
	91,248	FHLMC PC, Pool# B3-1976		5.10	%	05/01/2037		100,639
	168,146	FHLMC PC, Pool# A6-7884		5.38	%	05/01/2037		187,076
	43,704	FHLMC PC, Pool# 1J-1681 (12 Month LIBOR USD + 1.98%)		2.23	%	06/01/2037		46,734
	79,540	FHLMC PC, Pool# B3-2000		5.10	%	06/01/2037		87,721
	91,880	FHLMC PC, Pool# U3-0471		5.10	%	07/01/2037		101,333
	52,887	FHLMC PC, Pool# U3-0653		5.13	%	07/01/2037		58,780
	217,317	FHLMC PC, Pool# U3-0681		5.10	%	09/01/2037		239,911
	68,702	FHLMC PC, Pool# U3-0606		5.10	%	09/01/2037		75,785
	48,969	FHLMC PC, Pool# 1G-2249 (12 Month LIBOR USD + 1.78%)		2.28	%	10/01/2037		49,345
	134,734	FHLMC PC, Pool# T3-0346		5.38	%	10/01/2037		149,952
	1,049,209	FHLMC PC, Pool# G3-1063		3.50	%	11/01/2037		1,113,098
	81,202	FHLMC PC, Pool# U3-0800		5.10	%	11/01/2037		89,548
	140,071	FHLMC PC, Pool# U3-1874		5.38	%	04/01/2038		155,836
	333,157	FHLMC PC, Pool# N7-0082		6.00	%	07/01/2038		367,938
	163,921	FHLMC PC, Pool# G0-4655		6.00	%	08/01/2038		194,353
	197,065	FHLMC PC, Pool# G0-4540		6.00	%	08/01/2038		233,951
	106,147	FHLMC PC, Pool# U3-2470		5.10	%	11/01/2038		117,095
	87,857	FHLMC PC, Pool# G0-8348		5.00	%	06/01/2039		100,307
	455,245	FHLMC PC, Pool# C0-3427		5.50	%	10/01/2039		529,490
	279,203	FHLMC PC, Pool# Q3-8585		4.00	%	10/01/2043		298,107
	3,562,555	FHLMC PC, Pool# ZA-5113		4.00	%	12/01/2047		3,883,320
	406,212	FHLMC PC, Pool# G0-8828		5.50	%	04/01/2048		461,096
	380,696	FHLMC REMIC, Series 4318 DI~		2.50	%	08/15/2022		3,021
	538,800	FHLMC REMIC, Series 4329 CI~		2.50	%	01/15/2023		6,475
	19,049	FHLMC REMIC, Series 1843 Z		7.00	%	04/15/2026		20,297
	134,391	FHLMC REMIC, Series 2517 Z		5.50	%	10/15/2032		149,607
	1,188,614	FHLMC REMIC, Series 2907 VZ		4.50	%	05/15/2034		1,311,918
	267,673	FHLMC REMIC, Series 2890 ZA		5.00	%	11/15/2034		306,491
	398,281	FHLMC REMIC, Series 3150 DZ		5.50	%	05/15/2036		462,928
	227,915	FHLMC REMIC, Series 3294 CB		5.50	%	03/15/2037		265,428
	465,835	FHLMC REMIC, Series 4309 BI~		3.00	%	08/15/2039		11,640

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

www.brownadvisory.com/mf

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Mortgage Backed Securities — 85.4% (Continued)
	3,483,492	FHLMC REMIC, Series 5014 BP		1.25	%	09/25/2040		3,501,458
	1,809,752	FHLMC REMIC, Series 4121 DH		2.00	%	10/15/2042		1,690,219
	881,222	FHLMC REMIC, Series 4665 KA		4.00	%	12/15/2042		886,989
	340,327	FHLMC REMIC, Series 4740 KB		3.50	%	02/15/2043		341,508
	142,136	FHLMC REMIC, Series 4663 JA		3.50	%	03/15/2043		142,356
	747,402	FHLMC REMIC, Series 4690 QA		3.50	%	05/15/2044		756,225
	26,611	FHLMC REMIC, Series 4840 BH		5.00	%	07/15/2044		26,591
	3,283,951	FHLMC REMIC, Series 4951 EA		2.50	%	09/15/2044		3,431,333
	82,025	FHLMC REMIC, Series 4827 GB		4.00	%	03/15/2045		82,090
	229,610	FHLMC REMIC, Series 4818 PA		4.00	%	06/15/2045		232,268
	866,830	FHLMC REMIC, Series 4872 AB		4.00	%	08/15/2047		891,350
	424,523	FHLMC REMIC, Series 4891 PA		3.50	%	07/15/2048		441,814
	1,000,000	FHLMC REMIC, Series 4888 AC		3.50	%	01/15/2049		1,056,315
	2,819,167	FHLMC REMIC, Series 5114 TE		1.50	%	04/25/2051		2,841,069
	388,784	FHLMC SCRTT, Series 2016-1 M1#^		3.00	%	09/25/2055		389,507
	1,000,000	FHLMC SCRTT, Series 2017-1 M1#^		4.00	%	01/25/2056		1,014,082
	2,828,373	FHMS, Series K-017 X1#~		1.43	%	12/25/2021		1,106
	12,370,966	FHMS, Series K-019 X1#~		1.72	%	03/25/2022		58,923
	15,203,311	FHMS, Series K-021 X1#~		1.53	%	06/25/2022		116,757
	23,735,164	FHMS, Series K-025 X1#~		0.91	%	10/25/2022		210,445
	12,647,779	FHMS, Series K-035 X1#~		0.47	%	08/25/2023		82,144
	73,360,944	FHMS, Series K-C02 X1#~		0.50	%	03/25/2024		663,528
	20,073,307	FHMS, Series K-038 X1#~		1.26	%	03/25/2024		505,173
	42,616,898	FHMS, Series K-040 X1#~		0.84	%	09/25/2024		845,754
	17,859,238	FHMS, Series K-C03 X1#~		0.63	%	11/25/2024		256,134
	132,245,906	FHMS, Series K-047 X1#~		0.25	%	05/25/2025		697,081
	11,959,452	FHMS, Series Q-013 XPT1~		1.66	%	05/25/2025		402,199
	174,738	FHMS, Series K-W01 A1		2.59	%	05/25/2025		183,020
	36,948,000	FHMS, Series K-C06 X1#~		1.03	%	06/25/2025		1,097,681
	14,493,759	FHMS, Series K-053 X1#~		1.02	%	12/25/2025		504,509
	41,605,955	FHMS, Series K-734 X1#~		0.79	%	02/25/2026		1,075,897
	9,283,146	FHMS, Series K-055 X1#~		1.49	%	03/25/2026		517,392
	33,029,819	FHMS, Series K-735 X1#~		1.09	%	05/25/2026		1,389,822
	26,032,750	FHMS, Series K-736 X1#~		1.44	%	07/25/2026		1,442,321
	5,972,619	FHMS, Series K-058 X1#~		1.05	%	08/25/2026		251,670
	6,402,829	FHMS, Series K-059 X1#~		0.43	%	09/25/2026		91,673
	26,723,479	FHMS, Series K-737 X1#~		0.75	%	10/25/2026		793,682
	24,918,875	FHMS, Series K-C04 X1#~		1.40	%	12/25/2026		1,198,867
	54,792,350	FHMS, Series K-063 X1#~		0.42	%	01/25/2027		800,549
	22,197,409	FHMS, Series K-064 X1#~		0.74	%	03/25/2027		697,205
	8,080,921	FHMS, Series Q-013 XPT2~		1.81	%	05/25/2027		309,598
	5,648,492	FHMS, Series K-W03 X1#~		0.98	%	06/25/2027		213,834
	22,960,509	FHMS, Series K-C05 X1#~		1.34	%	07/25/2027		1,155,175
	12,452,322	FHMS, Series K-068 X1#~		0.56	%	08/25/2027		309,390
	30,246,643	FHMS, Series K-069 X1#~		0.49	%	09/25/2027		652,732
	6,021,759	FHMS, Series K-739 XAM#~		1.71	%	09/25/2027		553,264
	16,500,000	FHMS, Series K-740 XAM#~		1.20	%	10/25/2027		1,088,116
	52,337,331	FHMS, Series K-070 X1#~		0.46	%	11/25/2027		1,053,367
	31,512,127	FHMS, Series K-072 X1#~		0.49	%	12/25/2027		698,312
	4,308,047	FHMS, Series Q-006 APT1#		2.78	%	04/25/2028		4,484,617
	1,339,665	FHMS, Series Q-006 APT2#		2.60	%	10/25/2028		1,389,935
	24,874,109	FHMS, Series K-087 X1#~		0.51	%	12/25/2028		654,597
	18,160,009	FHMS, Series K-091 X1#~		0.70	%	03/25/2029		738,495
	12,648,887	FHMS, Series K-092 X1#~		0.85	%	04/25/2029		643,788
	9,993,067	FHMS, Series K-G01 X1#~		1.11	%	04/25/2029		570,099
	6,276,823	FHMS, Series K-093 X1#~		1.09	%	05/25/2029		417,749

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

www.brownadvisory.com/mf

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Mortgage Backed Securities — 85.4% (Continued)
	10,978,632	FHMS, Series K-094 X1#~		1.02	%	06/25/2029		692,523
	6,250,000	FHMS, Series K-G02 X1#~		1.14	%	08/25/2029		443,081
	14,484,634	FHMS, Series K-103 X1#~		0.76	%	11/25/2029		708,425
	4,800,000	FHMS, Series K-110 XAM#~		1.98	%	04/25/2030		723,727
	4,803,897	FHMS, Series K-111 XAM#~		1.91	%	05/25/2030		701,703
	6,238,500	FHMS, Series K-114 XAM#~		1.44	%	06/25/2030		692,312
	9,275,345	FHMS, Series K-115 XAM#~		1.65	%	07/25/2030		1,185,898
	776,828	FHMS, Series Q-004 A2H#		2.76	%	01/25/2046		775,261
	569,554	FHMS, Series Q-010 APT1#		2.92	%	04/25/2046		573,562
	2,286,643	FHMS, Series Q-004 A4H#		2.79	%	08/25/2046		2,309,646
	2,724,181	FHMS, Series Q-007 APT1#		2.99	%	10/25/2047		2,768,808
	2,431,650	FHMS, Series Q-007 APT2#		3.31	%	10/25/2047		2,570,865
	869,227	FHMS, Series Q-013 APT1#		1.18	%	05/25/2050		875,016
	1,198,844	FHS, Series 366 IO~		4.00	%	08/15/2049		226,884
	9,454	FNMA, Pool# 922791		6.50	%	12/01/2021		9,497
	398,159	FNMA, Pool# BL0273		4.36	%	10/01/2023		422,384
	1,000,000	FNMA, Pool# AN9202		3.32	%	05/01/2025		1,059,628
	1,188,714	FNMA, Pool# 109465		3.58	%	08/01/2025		1,262,738
	30,957	FNMA, Pool# 336422 (3 Year CMT Rate + 2.30%)		3.91	%	10/01/2025		31,063
	83,963	FNMA, Pool# 344903		5.50	%	10/01/2025		93,573
	1,000,000	FNMA, Pool# AN0287		2.95	%	11/01/2025		1,083,008
	459,396	FNMA, Pool# BL1166		3.62	%	01/01/2026		506,192
	440,254	FNMA, Pool# BL1165		3.62	%	01/01/2026		485,101
	65,741	FNMA, Pool# 356232		6.50	%	01/01/2026		73,726
	30,523	FNMA, Pool# 406521 (1 Year CMT Rate + 2.52%)		3.90	%	05/01/2026		30,634
	1,489,451	FNMA, Pool# BL0723		3.84	%	09/01/2026		1,679,444
	46,904	FNMA, Pool# 356329 (1 Year CMT Rate + 2.65%)		2.78	%	01/01/2027		47,042
	16,633	FNMA, Pool# 363850 (1 Year CMT Rate + 2.13%)		2.25	%	04/01/2027		16,762
	33,655	FNMA, Pool# 406380 (1 Year CMT Rate + 2.17%)		2.37	%	11/01/2027		33,708
	2,375,000	FNMA, Pool# AN7996		3.15	%	02/01/2028		2,558,739
	669,857	FNMA, Pool# 257203		5.00	%	05/01/2028		735,616
	814,574	FNMA, Pool# 958720		5.65	%	10/01/2028		898,667
	2,420,818	FNMA, Pool# BL3182		2.98	%	07/01/2029		2,629,042
	406,521	FNMA, Pool# 957502		3.98	%	07/01/2029		446,836
	39,146	FNMA, Pool# 520478 (1 Year CMT Rate + 2.10%)		2.22	%	11/01/2029		39,224
	36,136	FNMA, Pool# 559439 (1 Year CMT Rate + 2.27%)		3.02	%	09/01/2030		36,287
	47,829	FNMA, Pool# 573097 (1 Year CMT Rate + 2.21%)		2.34	%	02/01/2031		47,922
	105,241	FNMA, Pool# AL0898		5.00	%	02/01/2031		118,176
	25,294	FNMA, Pool# 590852 (1 Year CMT Rate + 2.11%)		2.49	%	07/01/2031		25,408
	1,839,756	FNMA, Pool# AI4717		4.50	%	07/01/2031		2,029,436
	34,237	FNMA, Pool# 656181 (1 Year CMT Rate + 2.16%)		2.28	%	08/01/2031		34,575
	35,140	FNMA, Pool# 723313 (1 Year CMT Rate + 2.54%)		2.79	%	09/01/2031		35,294
	9,622	FNMA, Pool# 642122 (1 Year CMT Rate + 2.27%)		2.77	%	03/01/2032		9,652
	9,078	FNMA, Pool# 628837		6.50	%	03/01/2032		10,309
	28,207	FNMA, Pool# 640225 (1 Year CMT Rate + 2.27%)		2.77	%	04/01/2032		28,289
	38,410	FNMA, Pool# 662138 (1 Year CMT Rate + 2.30%)		2.55	%	09/01/2032		38,499
	35,931	FNMA, Pool# 668309 (1 Year CMT Rate + 2.02%)		2.27	%	11/01/2032		36,183
	28,421	FNMA, Pool# 696546 (6 Month LIBOR USD + 2.26%)		2.51	%	03/01/2033		28,361
	6,454	FNMA, Pool# 555819 (6 Month LIBOR USD + 1.03%)		1.28	%	07/01/2033		6,525
	36,923	FNMA, Pool# 744805 (6 Month LIBOR USD + 1.52%)		1.77	%	11/01/2033		37,109
	16,755	FNMA, Pool# 751498 (1 Year CMT Rate + 2.22%)		2.34	%	11/01/2033		16,699
	26,570	FNMA, Pool# 741373 (1 Year CMT Rate + 2.28%)		2.41	%	12/01/2033		26,587
	28,633	FNMA, Pool# 764342 (6 Month LIBOR USD + 1.52%)		1.77	%	02/01/2034		28,805
	28,667	FNMA, Pool# 774969 (1 Year CMT Rate + 2.28%)		2.40	%	04/01/2034		28,623
	114,348	FNMA, Pool# 783554 (1 Year CMT Rate + 2.21%)		2.59	%	07/01/2034		114,009
	17,863	FNMA, Pool# 819649 (12 Month LIBOR USD + 1.52%)		1.89	%	03/01/2035		18,074

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

www.brownadvisory.com/mf

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Mortgage Backed Securities — 85.4% (Continued)
	53,836	FNMA, Pool# 889829		5.00	%	07/01/2035		61,568
	36,737	FNMA, Pool# 830970 (12 Month LIBOR USD + 1.83%)		2.56	%	08/01/2035		36,927
	38,846	FNMA, Pool# 837329 (1 Year CMT Rate + 2.04%)		2.29	%	09/01/2035		39,579
	643,346	FNMA, Pool# AL7654		3.00	%	09/01/2035		682,233
	52,998	FNMA, Pool# 836715 (12 Month LIBOR USD + 1.77%)		2.27	%	10/01/2035		53,037
	124,759	FNMA, Pool# 842006		4.25	%	10/01/2035		133,857
	28,412	FNMA, Pool# 922680 (12 Month LIBOR USD + 1.91%)		2.30	%	11/01/2035		30,211
	256,413	FNMA, Pool# 850232		4.25	%	12/01/2035		277,615
	12,894	FNMA, Pool# 865849 (12 Month LIBOR USD + 1.54%)		1.91	%	03/01/2036		13,026
	20,638	FNMA, Pool# 877009 (12 Month LIBOR USD + 2.38%)		2.80	%	03/01/2036		21,869
	290,448	FNMA, Pool# AB0577		4.00	%	03/01/2036		311,178
	28,770	FNMA, Pool# 868568 (12 Month LIBOR USD + 1.77%)		2.08	%	04/01/2036		30,550
	62,302	FNMA, Pool# 882017 (6 Month LIBOR USD + 1.56%)		1.81	%	05/01/2036		62,834
	19,962	FNMA, Pool# 745626 (1 Year CMT Rate + 2.14%)		2.31	%	05/01/2036		20,064
	4,818	FNMA, Pool# 872895 (12 Month LIBOR USD + 1.88%)		2.13	%	06/01/2036		4,828
	21,296	FNMA, Pool# 886163 (12 Month LIBOR USD + 1.84%)		2.59	%	07/01/2036		21,632
	287,349	FNMA, Pool# 896838		5.45	%	07/01/2036		306,615
	2,183,632	FNMA, Pool# AS7789		3.00	%	08/01/2036		2,299,135
	110,307	FNMA, Pool# 745818		6.50	%	09/01/2036		127,279
	3,899,730	FNMA, Pool# MA2804		3.00	%	11/01/2036		4,106,153
	77,776	FNMA, Pool# 902770		5.38	%	11/01/2036		86,468
	101,674	FNMA, Pool# 940309 (12 Month LIBOR USD + 1.50%)		2.00	%	01/01/2037		101,927
	28,442	FNMA, Pool# 888445 (12 Month LIBOR USD + 1.60%)		1.98	%	04/01/2037		28,808
	2,171,275	FNMA, Pool# BM1370		3.00	%	04/01/2037		2,274,050
	55,186	FNMA, Pool# 995521 (12 Month LIBOR USD + 1.84%)		2.09	%	05/01/2037		55,386
	63,477	FNMA, Pool# 950382 (6 Month LIBOR USD + 1.10%)		1.35	%	08/01/2037		65,229
	140,356	FNMA, Pool# 941050 (12 Month LIBOR USD + 1.70%)		2.45	%	08/01/2037		139,658
	55,086	FNMA, Pool# 952835 (1 Year CMT Rate + 2.32%)		2.44	%	09/01/2037		59,202
	2,339,856	FNMA, Pool# MA3208		4.50	%	10/01/2037		2,560,183
	128,429	FNMA, Pool# 955233		6.50	%	12/01/2037		152,499
	16,222	FNMA, Pool# 962656 (12 Month LIBOR USD + 1.27%)		1.64	%	04/01/2038		16,352
	6,277	FNMA, Pool# 982237 (12 Month LIBOR USD + 1.84%)		2.09	%	05/01/2038		6,295
	299,016	FNMA, Pool# AD0100		7.00	%	12/01/2038		357,523
	93,366	FNMA, Pool# 930507		6.50	%	02/01/2039		107,193
	2,051,249	FNMA, Pool# AS2249		4.00	%	04/01/2039		2,256,956
	332,477	FNMA, Pool# AL0407		6.50	%	04/01/2039		383,019
	247,592	FNMA, Pool# AD0427		5.50	%	10/01/2039		288,046
	344,225	FNMA, Pool# AD0941		5.50	%	04/01/2040		401,257
	603,728	FNMA, Pool# 467095		5.90	%	01/01/2041		716,770
	298,751	FNMA, Pool# AH8447		5.50	%	04/01/2041		334,307
	940,093	FNMA, Pool# 469130		4.87	%	10/01/2041		1,081,889
	307,274	FNMA, Pool# BC1738		4.50	%	09/01/2043		335,572
	310,717	FNMA, Pool# AS1429		4.00	%	12/01/2043		332,650
	386,137	FNMA, Pool# AV7739		4.00	%	01/01/2044		418,639
	388,453	FNMA, Pool# AW6485		4.00	%	06/01/2044		419,166
	271,744	FNMA, Pool# AY0382		4.00	%	11/01/2044		281,994
	456,049	FNMA, Pool# AW9534		4.00	%	03/01/2045		498,109
	332,799	FNMA, Pool# AZ4154		4.00	%	06/01/2045		358,211
	1,282,639	FNMA, Pool# AZ7828		4.00	%	08/01/2045		1,402,961
	879,712	FNMA, Pool# BA3674		4.50	%	10/01/2045		966,906
	432,921	FNMA, Pool# BC6366		4.50	%	02/01/2046		477,089
	200,683	FNMA, Pool# BD1241		4.50	%	05/01/2046		216,316
	1,003,737	FNMA, Pool# BD5189		4.50	%	07/01/2046		1,106,344
	342,424	FNMA, Pool# BD8599		4.50	%	11/01/2046		372,701
	576,826	FNMA, Pool# BH7686		4.50	%	12/01/2047		626,386
	1,073,812	FNMA, Pool# BJ8287		4.50	%	01/01/2048		1,169,720

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

www.brownadvisory.com/mf

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Mortgage Backed Securities — 85.4% (Continued)
	953,321	FNMA, Pool# AN8989		4.07	%	04/01/2048		1,007,048
	655,130	FNMA, Pool# BK5105		5.50	%	05/01/2048		741,892
	392,538	FNMA, Pool# BK8032		5.50	%	06/01/2048		443,247
	305,079	FNMA, Pool# BN0202		5.50	%	09/01/2048		342,280
	364,576	FNMA, Pool# BN4936		5.50	%	12/01/2048		409,374
	157,881	FNMA, Pool# BN4921		5.50	%	01/01/2049		176,162
	1,091,460	FNMA, Pool# BQ1161		2.50	%	08/01/2050		1,131,341
	6,784,214	FNMA, Pool# FM4866		2.50	%	10/01/2050		7,030,090
	4,728,089	FNMA, Pool# MA4238		2.50	%	01/01/2051		4,899,447
	4,902,650	FNMA, Pool# BR2618		2.00	%	02/01/2051		4,963,330
	4,890,307	FNMA, Pool# BR2695		2.00	%	02/01/2051		4,950,005
	4,915,827	FNMA, Pool# MA4281		2.00	%	03/01/2051		4,975,037
	10,700,000	FNMA, 2.00%, Due TBA July		2.00	%	07/15/2051		10,819,121
	31,300,000	FNMA, 2.50%, Due TBA July		2.50	%	07/15/2051		32,396,723
	2,487	FNMA REMIC Trust, Series 1991-136 J		7.50	%	10/25/2021		2,495
	57,505	FNMA REMIC Trust, Series 1996-23 G		6.50	%	07/25/2026		61,748
	2,174,550	FNMA REMIC Trust, Series 2016-M7 A2		2.50	%	09/25/2026		2,268,257
	1,999,130	FNMA REMIC Trust, Series 2017-T1 A		2.90	%	06/25/2027		2,179,072
	1,202,671	FNMA REMIC Trust, Series 2012-139 HI~		2.50	%	12/25/2027		58,617
	91,372	FNMA REMIC Trust, Series 2013-15 QI~		3.00	%	03/25/2028		5,662
	100,224	FNMA REMIC Trust, Series 2016-M10 A1		2.10	%	07/25/2028		100,977
	500,000	FNMA REMIC Trust, Series 2018-M13 A2#		3.82	%	09/25/2030		590,349
	1,062,493	FNMA REMIC Trust, Series 2014-14 LI~		3.00	%	04/25/2031		7,908
	745,820	FNMA REMIC Trust, Series 2013-115 AI~		3.00	%	04/25/2031		30,334
	25,982,033	FNMA REMIC Trust, Series 2019-M23 X3#~		0.38	%	10/27/2031		670,152
	164,696	FNMA REMIC Trust, Series 2001-80 Z		6.00	%	01/25/2032		184,292
	322,388	FNMA REMIC Trust, Series 2006-M2 A2A#		5.27	%	10/25/2032		353,334
	402,451	FNMA REMIC Trust, Series 2003-71 MB		5.50	%	08/25/2033		469,899
	2,114,902	FNMA REMIC Trust, Series 2014-8 IQ~		4.00	%	03/25/2034		279,309
	2,551,781	FNMA REMIC Trust, Series 2005-73 EZ		5.50	%	08/25/2035		2,947,903
	885,641	FNMA REMIC Trust, Series 2005-110 GL		5.50	%	12/25/2035		1,010,479
	416,420	FNMA REMIC Trust, Series 2006-21 Z		5.50	%	04/25/2036		477,203
	1,240,459	FNMA REMIC Trust, Series 2006-112 QC		5.50	%	11/25/2036		1,446,715
	570,684	FNMA REMIC Trust, Series 2007-22 A		5.50	%	03/25/2037		661,624
	788,082	FNMA REMIC Trust, Series 2009-20 DA (1 Month LIBOR USD + 7.40%)~		7.31	%	04/25/2039		189,810
	1,606,764	FNMA REMIC Trust, Series 2012-65 HJ		5.00	%	07/25/2040		1,786,092
	329,733	FNMA REMIC Trust, Series 2015-15 GA		3.00	%	03/25/2041		333,916
	77,574	FNMA REMIC Trust, Series 2012-10 UF (1 Month LIBOR USD + 0.55%)		0.64	%	02/25/2042		78,921
	1,391,771	FNMA REMIC Trust, Series 2012-27 PI~		4.50	%	02/25/2042		155,634
	571,128	FNMA REMIC Trust, Series 2013-34 IG~		3.00	%	05/25/2042		53,785
	1,075,948	FNMA REMIC Trust, Series 2012-141 ZC		2.50	%	12/25/2042		1,068,993
	1,561,929	FNMA REMIC Trust, Series 2012-154 ZC		2.50	%	01/25/2043		1,426,500
	113,362	FNMA REMIC Trust, Series 2013-7 ZC		2.00	%	02/25/2043		98,850
	8,457	FNMA REMIC Trust, Series 2003-W10 3A5		4.30	%	06/25/2043		9,175
	2,346	FNMA REMIC Trust, Series 2003-W12 1A9		4.48	%	06/25/2043		2,606
	14,077	FNMA REMIC Trust, Series 2003-W12 1A8		4.55	%	06/25/2043		15,556
	8,355	FNMA REMIC Trust, Series 2003-W12 2A7		4.68	%	06/25/2043		9,156
	9,747	FNMA REMIC Trust, Series 2003-W12 2A6		5.00	%	06/25/2043		10,846
	577,671	FNMA REMIC Trust, Series 2017-44 BA		3.50	%	01/25/2044		584,040
	526,196	FNMA REMIC Trust, Series 2015-40 LI~		4.50	%	03/25/2045		92,088
	619,157	FNMA REMIC Trust, Series 2018-86 JA		4.00	%	05/25/2047		643,456
	1,755,004	FNMA REMIC Trust, Series 2019-37 IM~		5.00	%	07/25/2049		225,660
	3,729,000	FNMA REMIC Trust, Series 2019-70 CB		3.50	%	12/25/2049		3,985,358
	6,271,652	FNMA REMIC Trust, Series 2021-47 IO~		2.50	%	07/25/2051		1,072,061
	2,305,000	FREMF Mortgage Trust, Series 2019-K102#^		3.65	%	10/25/2029		2,522,692
	1,990,699	FREMF Mortgage Trust, Series 2020-KF75 (1 Month LIBOR USD + 2.25%)^		2.34	%	12/26/2029		1,981,970

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

www.brownadvisory.com/mf

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2021

Par Value		Security Description	Rate			Maturity	Value $

Mortgage Backed Securities — 85.4% (Continued)
	1,280,000	FREMF Mortgage Trust, Series 2020-K105 B#^		3.53	%	02/25/2030		1,376,423
	9,044,863	FREMF Mortgage Trust, Series 2012-K17 X2A^~		0.10	%	12/25/2044		253
	20,446,917	FREMF Mortgage Trust, Series 2012-K20 X2A^~		0.20	%	05/25/2045		25,154
	700,000	FREMF Mortgage Trust, Series 2017-K68 B#^		3.97	%	10/25/2049		774,798
	1,300,000	FREMF Mortgage Trust, Series 2017-K64 B#^		4.12	%	05/25/2050		1,444,285
	750,000	FREMF Mortgage Trust, Series 2019-K736 B#^		3.88	%	09/25/2052		814,672
	3,248	GNMA, Pool# 004295M		6.00	%	10/20/2023		3,273
	90,400	GNMA, Pool# 783374X		5.50	%	04/15/2024		94,075
	116,732	GNMA, Pool# 728160X		5.25	%	11/15/2024		122,285
	268,181	GNMA, Pool# 623145X		5.50	%	10/15/2028		302,080
	1,106,913	GNMA, Pool# 589694X		4.50	%	08/15/2029		1,222,522
	35,800	GNMA, Pool# 728157X		3.75	%	11/15/2029		38,455
	322,208	GNMA, Pool# 770225C		4.25	%	08/20/2031		352,485
	377,834	GNMA, Pool# 003160M		6.00	%	11/20/2031		439,101
	527,259	GNMA, Pool# 003489M		6.00	%	12/20/2033		617,936
	278,716	GNMA, Pool# 782173M		5.50	%	05/20/2035		327,352
	106,685	GNMA, Pool# 784315X		6.00	%	06/15/2036		119,925
	321,345	GNMA, Pool# 770226C		4.75	%	09/20/2036		349,352
	169,995	GNMA, Pool# 004194M		5.50	%	07/20/2038		193,026
	92,097	GNMA, Pool# 706295C		5.10	%	12/20/2038		100,019
	919,917	GNMA, Pool# AC0521C		5.50	%	05/20/2042		1,058,956
	1,089,216	GNMA, Pool# BM9287C		4.00	%	08/20/2049		1,187,047
	954,937	GNMA, Pool# MA7106M		2.00	%	01/20/2036		987,950
	968,235	GNMA, Pool# MA7164M		2.00	%	02/20/2036		1,001,728
	408,774	GNMA REMIC Trust, Series 2013-168 IA~		2.50	%	11/16/2028		21,340
	583,119	GNMA REMIC Trust, Series 2004-93 PD		5.00	%	11/16/2034		636,503
	95,958	GNMA REMIC Trust, Series 2006-40 B		6.00	%	08/20/2036		109,108
	546,381	GNMA REMIC Trust, Series 2012-52 WA#		6.18	%	04/20/2038		641,820
	884,409	GNMA REMIC Trust, Series 2016-012 KI~		5.00	%	09/20/2038		154,686
	574,720	GNMA REMIC Trust, Series 2017-083 ID~		7.00	%	01/20/2039		106,472
	708,151	GNMA REMIC Trust, Series 2011-2 DP#		5.46	%	03/20/2039		795,399
	1,035,797	GNMA REMIC Trust, Series 2010-105 IB~		4.50	%	01/16/2040		100,522
	668,073	GNMA REMIC Trust, Series 2016-68 IC#~		6.00	%	01/20/2040		121,794
	682,000	GNMA REMIC Trust, Series 2011-156 PM		2.00	%	04/20/2040		662,247
	1,170,939	GNMA REMIC Trust, Series 2017-083 IK~		6.00	%	05/20/2040		262,335
	346,864	GNMA REMIC Trust, Series 2016-112 AW#		7.08	%	12/20/2040		414,496
	1,626,336	GNMA REMIC Trust, Series 2012-143 IC~		5.00	%	10/16/2041		275,371
	831,612	GNMA REMIC Trust, Series 2012-97 GB		2.00	%	08/16/2042		824,982
	1,148,106	GNMA REMIC Trust, Series 2017-103 IM~		5.00	%	06/20/2043		189,222
	903,307	GNMA REMIC Trust, Series 2013-86 IA~		5.00	%	06/20/2043		128,486
	577,337	GNMA REMIC Trust, Series 2014-06 IG~		4.50	%	01/16/2044		71,358
	2,717,804	GNMA REMIC Trust, Series 2011-127 C#		3.50	%	03/16/2047		2,819,673
	629,193	GNMA REMIC Trust, Series 2018-127 PB		3.00	%	09/20/2047		658,681
	85,462	GNMA REMIC Trust, Series 2018-166 AB		4.00	%	10/20/2047		88,559
	1,090,527	GNMA REMIC Trust, Series 2018-166 BA		3.50	%	11/20/2047		1,134,211
	3,052,719	GNMA REMIC Trust, Series 2017-167 SE (1 Month LIBOR USD + 6.20%)~		6.11	%	11/20/2047		621,934
	3,977,500	GNMA REMIC Trust, Series 2018-036 LI~		5.00	%	03/20/2048		491,290
	752,965	GNMA REMIC Trust, Series 2018-153 QA		3.50	%	11/20/2048		816,125
	985,234	GNMA REMIC Trust, Series 2019-152 LC		3.50	%	10/20/2049		1,007,771
	2,746,476	GNMA REMIC Trust, Series 2021-074 NG		1.75	%	04/20/2051		2,796,018
	1,564,948	GNMA REMIC Trust, Series 2014-135 I0#~		0.43	%	01/16/2056		39,778
	2,165,910	GNMA REMIC Trust, Series 2015-172 I0#~		0.70	%	03/16/2057		71,485
	3,374,210	GNMA REMIC Trust, Series 2016-40 I0#~		0.65	%	07/16/2057		115,142
	2,775,966	GNMA REMIC Trust, Series 2016-56 I0#~		0.90	%	11/16/2057		137,811
	4,075,012	GNMA REMIC Trust, Series 2016-98 I0#~		0.86	%	05/16/2058		210,112
	9,275,759	GNMA REMIC Trust, Series 2021-084 ED		1.00	%	07/16/2060		8,989,739

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

www.brownadvisory.com/mf

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2021

	Par
	Value/Shares	Security Description	Rate			Maturity	Value $

Mortgage Backed Securities — 85.4% (Continued)
	800,291	KKR Industrial Portfolio Trust, Series 2020-AIP D (1 Month LIBOR USD + 2.03%)^		2.10	%	03/16/2037		802,962
	1,300,000	Morgan Stanley Capital I Trust, Series 2019-NUGS A (1 Month LIBOR USD + 0.95%)^		2.45	%	12/15/2036		1,305,404
	538,707	SBA, Pool# 522053 (PRIME + 0.58%)		3.83	%	05/25/2026		551,703
	412,940	Velocity Commercial Capital Loan Trust, Series 2017-1 M1#^		3.55	%	05/25/2047		414,249
Total Mortgage Backed Securities (Cost $263,344,108)								273,644,753

Asset Backed Securities — 5.5%
	1,948,677	American Homes 4 Rent Trust, Series 2014-SFR2 A^		3.79	%	10/17/2036		2,073,956
	2,130,000	American Homes 4 Rent Trust, Series 2014-SFR2 B^		4.29	%	10/17/2036		2,269,187
	2,400,577	American Homes 4 Rent Trust, Series 2014-SFR3 A^		3.68	%	12/18/2036		2,559,076
	323,428	American Homes 4 Rent Trust, Series 2015-SFR1 A^		3.47	%	04/18/2052		343,561
	221,701	American Homes 4 Rent Trust, Series 2015-SFR2 A^		3.73	%	10/18/2052		238,709
	250,000	American Homes 4 Rent Trust, Series 2015-SFR2 C^		4.69	%	10/18/2052		272,080
	1,404,000	AmeriCredit Automobile Receivables Trust, Series 2021-1 D		1.21	%	12/18/2026		1,401,909
	1,505,000	CarMax Auto Owner Trust, Series 2021-2 C		1.34	%	02/16/2027		1,507,375
	545,607	FHF Trust, Series 2020-1A A^		2.59	%	12/15/2023		550,160
	1,015,999	FHF Trust, Series 2021-1A A^		1.27	%	03/15/2027		1,015,987
	493,715	FREED ABS Trust, Series 2021-1CP A^		0.66	%	03/20/2028		494,082
	599,899	Invitation Homes Trust, Series 2017-SFR2 C (1 Month LIBOR USD + 1.45%)^		1.53	%	12/19/2036		601,741
	410,000	Oportun Funding XIV LLC, Series 2021-A A^		1.21	%	03/08/2028		411,386
	1,505,000	PFS Financing Corp., Series 2021-A A^		0.71	%	04/15/2026		1,505,112
	1,552,338	Progress Residential Trust, Series 2018-SFR3 A^		3.88	%	10/18/2035		1,569,864
	337,486	Theorem Funding Trust, Series 2020-1A A^		2.48	%	10/15/2026		339,679
	359,194	Westgate Resorts LLC, Series 2018-1A C^		4.10	%	12/20/2031		363,352
Total Asset Backed Securities (Cost $17,098,937)								17,517,216

Corporate Bonds & Notes — 0.6%
	1,250,000	Darden Restaurants, Inc.		3.85	%	05/01/2027		1,390,444
	460,000	Land O’Lakes, Inc.^⁺		7.25	%	04/04/2027		489,307
Total Corporate Bonds & Notes (Cost $1,748,632)								1,879,751

Municipal Bonds — 0.2%
	600,000	Colorado Health Facilities Authority		2.80	%	12/01/2026		611,193
Total Municipal Bonds (Cost $600,000)								611,193

Short-Term Investments — 18.8%

Money Market Funds — 18.8%
	60,256,379	First American Government Obligations Fund — Class Z, 0.02%*						60,256,379
Total Short-Term Investments (Cost $60,256,379)								60,256,379
Total Investments — 110.5% (Cost $343,048,056)								353,909,292
Liabilities in Excess of Other Assets — (10.5)%								(33,506,815	)
NET ASSETS — 100.0%							$	320,402,477

	#	Variable rate security. Rate disclosed is as of the date of this report.
	^	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	⁺	Perpetual security with no stated maturity date. Date shown is last call date.
	~	Interest Only Security
	*	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Mortgage Securities Fund

Schedule of Investments

June 30, 2021

Futures Contracts — Long (Note 6)
				Notional			Notional			Unrealized Appreciation
Issue	Contracts		Expiration Date	Amount			Value			(Depreciation)
U.S. Treasury Long Bond Futures		50	09/21/2021	$	7,872,116		$	8,037,500		$	165,384
				$	7,872,116		$	8,037,500		$	165,384

Futures Contracts — Short (Note 6)
				Notional			Notional			Unrealized Appreciation
Issue	Contracts		Expiration Date	Amount			Value			(Depreciation)
U.S. Treasury 5-Year Note Futures		(25)	09/30/2021	$	(3,092,658	)	$	(3,085,742	)	$	6,916
U.S. Treasury 10-Year Note Futures		(132)	09/21/2021		(17,388,324	)		(17,490,000	)		(101,676	)
				$	(20,480,982	)	$	(20,575,742	)	$	(94,760	)

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.

www.brownadvisory.com/mf

Brown Advisory – WMC Strategic European Equity Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory – WMC Strategic European Equity Fund – Institutional Shares (the “Fund”) increased 32.55% in value. During the same period, the MSCI Europe Index (the “Index”), the Fund’s benchmark, increased 35.09%.

For the year ended June 30, 2021, the portfolio underperformed the Index. Sector allocation, a result of our bottom-up stock selection process, detracted from relative performance, driven by the Fund’s overweight to health care and underweight to consumer discretionary. This was partially offset by our overweight to industrials and lack of exposure to utilities, which were positive contributors. Security selection contributed to relative performance, most notably within the industrials, health care, and consumer staples sectors. This was partially offset by weak stock selection within financials and consumer discretionary.

From an individual stock perspective, our top relative contributors were Alfa Laval (industrials), Electrocomponents (industrials) and Brenntag (industrials). Our top relative detractors were UCB (health care), ASML Holding (information technology), and GlaxoSmithKline (health care). During the period, we initiated new positions in AstraZeneca, WPP, and Publicis. We eliminated positions in Epiroc, Merck, and Diageo.

Alfa Laval is a Swedish market leader in heat exchangers, separators and fluid handling products serving three main end markets: marine, energy and food and water. Shares rose over the period as the company continued to see solid demand coming out of the global pandemic. Alfa Laval continues to benefit from ESG tailwinds as its products tend to make processes more efficient, thereby reducing waste. The company recently released plans to acquire digital service company StormGeo from EQT Corporation.

UCB is a Belgian pharmaceutical and biotechnology company that focuses on central nervous system treatments (e.g., Parkinson’s disease, epilepsy) and immunologic diseases (e.g., inflammatory conditions like Crohn’s disease, arthritis). Additionally, the health care industry was the worst performing sector over the period and many stocks, regardless of their fundamental performance, traded off in sympathy with the broader sector. From a fundamental perspective, the company experienced some setbacks in terms of getting products to market, primarily driven by the pandemic and resultant changes in consumer behavior (i.e. significant decreases in doctor visits). We remain invested, however, as we believe there is meaningful upside based on the strength of the company’s pipeline and tailwinds from reopening.

Sincerely,

Carl Dirk Enderlein, CFA

Portfolio Manager

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. Investments focused in a single geographic region may be exposed to greater risk than investments diversified among various geographies. Investments in foreign securities entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. These risks are greater in emerging markets. Investments in smaller and medium capitalization companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock. The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. The value of investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Investors will indirectly bear the principal risks and its share of the fees and expenses of the Fund’s investment in other Investment Companies.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory – WMC Strategic European Equity Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $1,000,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $1,000,000 investment, including reinvested dividends and distributions, in the Fund as measured against a broad-based securities market index. The MSCI Europe Index (“Index”) is an index that captures large and mid cap representation across 15 developed market countries in Europe. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
United Kingdom	32.2%
Germany	14.8%
France	12.5%
Sweden	9.9%
Switzerland	9.2%
Netherlands	5.0%
Belgium	4.0%
Spain	3.5%
Money Market Funds	2.6%
Portugal	1.7%
Austria	1.7%
Czech Republic	1.0%
Denmark	0.7%
Italy	0.1%
Other Assets and Liabilities	1.1%
	100.0%

			Since Inception
Average Annual Total Return	One Year	Five Year	(10/21/13)
Institutional Shares	32.55%	11.23%	7.21%
Investor Shares	32.36%	11.07%	7.05%
Advisor Shares	32.01%	10.79%	6.80%
MSCI Europe Index	35.09%	10.34%	5.12%

	Institutional Shares	Investor Shares	Advisor Shares
Gross Expense Ratio¹	1.10%	1.25%	1.50%
Net Expense Ratio¹	1.10%	1.25%	1.50%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/wmc-strategic-european-equity-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Short-term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on returns. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

www.brownadvisory.com/mf

Brown Advisory – WMC Strategic European Equity Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 95.6%

Austria — 1.7%
		126,719	Erste Group Bank AG		4,658,352
		73,312	Porr AG*		1,390,950
		61,043	Vienna Insurance Group AG
			Wiener Versicherung Gruppe		1,675,634
					7,724,936
Belgium — 4.0%
		176,965	UCB S.A.		18,533,795

Czech Republic — 1.0%
		132,397	Komercni banka, a.s.*		4,658,762

Denmark — 0.7%
		6,431	ALK-Abello A/S*		3,069,353

France — 12.5%
		102,147	Amundi S.A.		9,009,232
		225,118	Bureau Veritas S.A.*		7,128,008
		464,734	Elior Group S.A.*		3,476,032
		589,227	Elis S.A.*		11,118,325
		64,237	Legrand S.A.		6,808,036
		12,385	Pernod Ricard S.A.		2,752,712
		126,856	Publicis Groupe S.A.		8,118,134
		66,584	Safran S.A.		9,240,702
					57,651,181
Germany — 14.1%
		34,671	Beiersdorf AG		4,184,988
		115,303	Brenntag SE		10,731,505
		275,050	Fresenius SE & Co. KGaA		14,354,801
		21,970	Hannover Rueck SE		3,677,946
		193,551	Hensoldt AG		3,488,439
		98,129	Jenoptik AG		2,685,449
		173,116	Siemens Healthineers AG		10,614,278
		329,528	United Internet AG		13,476,699
		31,839	Washtec AG		1,976,931
					65,191,036
Italy — 0.1%
		19,163	MARR SpA*		457,439

Netherlands — 5.0%
		36,530	Heineken NV		4,434,712
		240,147	QIAGEN NV*		11,608,319
		69,237	Wolters Kluwer NV		6,959,261
					23,002,292
Portugal — 1.7%
		432,154	Jeronimo Martins SGPS S.A.		7,885,731

Spain — 3.5%
		307,989	Almirall S.A.		5,377,490
		81,214	Fluidra S.A.		3,226,589
		42,073	Laboratorios Farmaceuticos Rovi S.A.		2,913,456
		64,812	Viscofan S.A.		4,517,600
					16,035,135
Sweden — 9.9%
		375,241	Alfa Laval AB		13,262,983
		378,918	Assa Abloy AB		11,423,590
		338,731	Hexpol AB		4,187,482
		1,048,735	Swedish Match AB		8,943,744
		326,483	Trelleborg AB		7,588,289
					45,406,088
Switzerland — 9.2%
		91,772	Julius Baer Group, Ltd.		5,993,926
		219,408	Novartis AG		20,015,843
		1,075,487	UBS Group AG		16,473,477
					42,483,246
United Kingdom — 32.2%
		147,785	AstraZeneca PLC		17,755,489
		913,775	BAE Systems PLC		6,602,949
		1,921,297	Beazley PLC*		8,844,427
		335,434	Bunzl PLC		11,096,559
		247,932	Compass Group PLC*		5,223,403
		1,809,276	ConvaTec Group PLC		6,021,660
		370,251	Electrocomponents PLC		5,274,998
		1,012,733	GlaxoSmithKline PLC		19,909,389
		88,007	Hikma Pharmaceuticals PLC		2,978,319
		167,407	IMI PLC		3,984,218
		491,755	Lancashire Holdings Ltd.		4,172,001
		26,033	Next PLC*		2,833,266
		593,912	Prudential PLC		11,299,622
		896,677	Rotork PLC		4,229,079
		194,778	Savills PLC		3,109,352
		470,008	Smith & Nephew PLC		10,193,162
		456,797	Smiths Group PLC		10,060,411
		126,985	Spectris PLC		5,695,526
		683,405	WPP PLC		9,238,164
					148,521,994
Total Common Stocks (Cost $350,038,371)					440,620,988

Preferred Stocks — 0.7%

Germany — 0.7%
		65,002	Fuchs Petrolub SE		3,163,275
Total Preferred Stocks (Cost $2,735,454)					3,163,275

Short-Term Investments — 2.6%

Money Market Funds — 2.6%
		11,868,531	First American Government
			Obligations Fund — Class Z, 0.02%#		11,868,531
Total Short-Term Investments (Cost $11,868,531)					11,868,531
Total Investments — 98.9% (Cost $364,642,356)					455,652,794
Other Assets in Excess of Liabilities — 1.1%					5,244,747
NET ASSETS — 100.0%				$	460,897,541

	*	Non-Income Producing
	#	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory Emerging Markets Select Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory Emerging Markets Select Fund – Institutional Shares (the “Fund”) increased 42.71%. During the same period, the FTSE Emerging Index (the “Index”), the Fund’s benchmark, increased 38.76%.

During the year, the Fund performed well across Asia, Latin America and Eastern Europe. Top contributors were stocks that were initially hard-hit by the COVID-19 pandemic but have since recovered as global economic activity has picked up. These include automotive and travel-related names in Asia and consumer cyclical and mining stocks in Latin America. Asia remains a key overweight allocation in the strategy, with notable exposure in India, South Korea and Taiwan. The strategy has maintained considerable exposure in China despite heightened regulatory scrutiny that has pressured a handful of the strategy’s Chinese holdings.

From a sector perspective, the portfolio’s information technology and consumer staples stocks were key contributors to overall returns, while consumer discretionary stocks underperformed on a relative basis. Within technology, the portfolio’s semiconductor holdings have benefited from a supply shortage and strong demand for semiconductors across a broad array of industries. Laggards for the year include Chinese internet-enabled businesses and education companies that have been negatively impacted by the regulatory environment in the country.

From an individual stock perspective, Taiwan Semiconductor, the largest position in the portfolio, was the Fund’s top contributor. POSCO, a South Korean steel manufacturer, and China Tourism Group, a Chinese specialty retailer focusing on duty free goods, were also top performers. Both were also examples of stocks that have benefited from a cyclical rebound in demand for their respective products. TAL Education, a Chinese education company, and Alibaba Group, an internet conglomerate, were among the bottom contributors as a result of Chinese regulatory pressure. Other bottom contributors include Akbank TAS, a Turkish bank, Shanghai International Airport, and Shimao Group Holdings, a Hong Kong-based real estate developer.

Over the 12-month period, the portfolio leaned into companies that were disproportionately impacted by the early days of the pandemic but were trading at attractive valuations. As the global economy reopened, many of these stocks rebounded sharply and have been top performers. Consequently, the Fund has trimmed some of these top performers and has continued to reallocate into parts of the market that offer more attractive opportunities.

Overall, we believe the portfolio maintains balanced exposure to emerging market companies that have the potential to benefit from long-term structural growth themes and are trading at attractive valuations on a normalized earnings basis.

Sincerely,

Chris H. Bartlett

Portfolio Manager

Past performance is not a guarantee of future results.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory Emerging Markets Select Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $1,000,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $1,000,000 investment, including reinvested dividends and distributions, in the Fund as measured against a broad-based securities market index. The FTSE Emerging Index (“Index”) is a market capitalization weighted index representing the performance of over 790 large and mid-capitalization companies in 22 emerging markets. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
China	34.5%
Taiwan	15.6%
South Korea	14.0%
India	11.7%
Brazil	4.0%
United States	3.8%
Money Market Funds	3.3%
Russia	2.6%
Singapore	2.1%
Thailand	1.3%
United Kingdom	1.2%
Indonesia	1.1%
Turkey	1.0%
Hungary	0.9%
United Arab Emirates	0.9%
Czech Republic	0.8%
South Africa	0.8%
Malaysia	0.3%
Other Assets and Liabilities	0.1%
	100.0%

			Since Inception
Average Annual Total Return	One Year	Five Year	(12/12/12)
Institutional Shares	42.71%	9.31%	4.15%
Investor Shares	42.56%	9.13%	3.98%
Advisor Shares	42.17%	8.85%	3.70%
FTSE Emerging Index	38.76%	12.40%	5.80%

	Institutional Shares	Investor Shares	Advisor Shares
Gross Expense Ratio¹	1.17%	1.32%	1.57%
Net Expense Ratio¹	1.17%	1.32%	1.57%

www.brownadvisory.com/mf

Brown Advisory Emerging Markets Select Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 91.9%

Brazil — 1.7%
		2,645,200	Ambev S.A.		9,072,965

China — 34.5%
		786,247	AIA Group, Ltd.		9,753,849
		324,244	Alibaba Group Holding, Ltd.*		9,193,562
		54,199	Alibaba Group Holding, Ltd. ADR*		12,291,249
		110,495	Baidu, Inc.*		2,834,199
		47,142	Baidu, Inc. ADR*		9,612,254
		488,050	Beijing Oriental Yuhong
			Waterproof Technology Co., Ltd.		4,177,298
		1,636,000	Brilliance China Automotive Holdings, Ltd.†		2,107
		3,517,000	China Construction Bank Corp.		2,759,803
		1,066,827	China Mengniu Dairy Co., Ltd.		6,444,973
		808,000	China Overseas Land & Investment Ltd.		1,832,240
		496,351	China Resources Beer Holdings Co., Ltd.		4,451,500
		3,254,000	China Resources Power Holdings Co., Ltd.		4,445,248
		128,381	China Tourism Group Duty Free Corp., Ltd.		5,954,747
		2,407,811	Dongfeng Motor Group Co., Ltd.		2,161,327
		4,392,471	Fangda Carbon New Material Co., Ltd.*		5,057,463
		671,000	Galaxy Entertainment Group Ltd.*		5,365,377
		138,716	Hong Kong Exchanges & Clearing Ltd.		8,257,733
		113,000	Huazhu Group Ltd.*		606,165
		74,571	Huazhu Group Ltd. ADR*		3,938,095
		1,164,000	Industrial & Commercial Bank of China, Ltd.		682,126
		13,503	Kweichow Moutai Co., Ltd.		4,295,084
		2,914,000	Lenovo Group, Ltd.		3,346,442
		1,131,894	Longfor Group Holdings, Ltd.		6,304,827
		394,949	Midea Group Co., Ltd.		4,356,518
		549,467	Ping An Insurance Group Co. of China, Ltd.		5,371,259
		566,900	Sany Heavy Industry Co., Ltd.		2,547,626
		1,269,128	Shimao Group Holdings Ltd.		3,108,989
		329,371	Sun Hung Kai Properties, Ltd.		4,895,095
		295,783	Tencent Holdings, Ltd.		22,270,245
		163,202	Tencent Music Entertainment Group ADR*		2,526,367
		361,272	Trip.com Group, Ltd. ADR*		12,810,705
		1,677,500	Yue Yuen Industrial Holdings Ltd.*		4,135,051
		87,157	Yum China Holdings, Inc.		5,774,151
		17,860	Zai Lab Ltd. ADR*		3,161,041
					184,724,715
Czech Republic — 0.8%
		152,986	CEZ AS		4,536,814

Hungary — 0.9%
		89,885	OTP Bank PLC*		4,838,666

India — 11.7%
		988,394	Ambuja Cements Ltd.		4,536,635
		332,914	Aurobindo Pharma, Ltd.		4,328,008
		687,342	Axis Bank, Ltd.*		6,937,464
		45,604	Bajaj Finance Ltd.*		3,698,884
		162,018	Escorts, Ltd.		2,664,395
		244,208	ICICI Bank, Ltd.*		2,079,046
		348,725	Larsen & Toubro, Ltd.		7,052,327
		470,157	Macrotech Developers Ltd.*		4,324,268
		387,114	Mahindra & Mahindra Ltd.		4,058,649
		296,965	Reliance Industries Ltd.		8,444,608
		241,624	Shriram Transport Finance Co., Ltd.		4,376,772
		707,333	State Bank of India*		3,998,949
		822,194	Wipro, Ltd.		6,034,044
					62,534,049
Indonesia — 1.1%
		1,724,055	Bank Central Asia Tbk PT		3,585,524
		6,113,900	Bank Mandiri Persero Tbk PT		2,492,615
					6,078,139
Malaysia — 0.3%
		2,620,500	Genting Malaysia Bhd		1,749,270

Russia — 2.6%
		126,856	LUKOIL PJSC ADR		11,773,813
		254,133	Rosneft Oil Co. PJSC GDR		1,971,038
					13,744,851
Singapore — 2.1%
		340,524	DBS Group Holdings, Ltd.		7,575,743
		1,158,708	Wilmar International, Ltd.		3,884,864
					11,460,607
South Africa — 0.8%
		290,186	Sasol, Ltd.*		4,420,727

South Korea — 13.6%
		120,630	DB Insurance Co., Ltd.		5,874,297
		144,513	Hankook Tire & Technology Co., Ltd.		6,630,870
		15,320	Hugel, Inc.*		3,266,171
		41,340	KB Financial Group, Inc.		2,051,706
		37,575	Korea Shipbuilding &
			Offshore Engineering Co., Ltd.*		4,469,160
		29,020	POSCO		8,968,622
		398,563	Samsung Electronics Co., Ltd.		28,531,593
		147,893	Samsung Engineering Co., Ltd.*		3,134,950
		88,440	Shinhan Financial Group Co., Ltd.		3,193,081
		58,136	SK Hynix, Inc.*		6,561,731
					72,682,181
Taiwan — 15.6%
		248,727	Advantech Co., Ltd.		3,077,613
		1,276,500	ASE Technology Holding Co., Ltd.		5,121,623
		445,000	Catcher Technology Co., Ltd.		2,906,564
		387,230	Chroma ATE, Inc.		2,659,846
		3,511,000	Compal Electronics, Inc.		2,816,072
		471,493	Delta Electronics, Inc.		5,122,235
		184,147	Globalwafers Co., Ltd.		6,071,377
		1,981,000	Hon Hai Precision Industry Co., Ltd.		7,953,729
		1,844,000	Lite-On Technology Corp.		3,809,473
		212,281	MediaTek, Inc.		7,320,774
		1,702,457	Taiwan Semiconductor
			Manufacturing Co., Ltd.		36,667,574
					83,526,880
Thailand — 1.3%
		725,200	Bangkok Bank PCL NVDR		2,560,307
		1,480,700	Siam Commercial Bank PCL NVDR		4,535,490
					7,095,797

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

www.brownadvisory.com/mf

Brown Advisory Emerging Markets Select Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 91.9%(Continued)

Turkey — 1.0%
		3,267,210	Akbank T.A.S.		1,981,853
		160,365	Ford Otomotiv Sanayi A.S.		3,128,548
					5,110,401
United Arab Emirates — 0.9%
		2,430,302	Abu Dhabi Commercial Bank PJSC		4,548,773

United Kingdom — 1.2%
		84,924	Antofagasta PLC		1,688,782
		738,521	Standard Chartered PLC*		4,713,089
					6,401,871
United States — 1.8%
		94,602	Cognizant Technology Solutions Corp.		6,552,135
		181,284	Flex, Ltd.*		3,239,545
					9,791,680
Total Common Stocks (Cost $388,237,264)					492,318,386

Preferred Stocks — 2.7%

Brazil — 2.3%
		3,393,127	Cia Energetica de Minas Gerais		8,281,910
		629,700	Itau Unibanco Holding S.A.		3,775,313
					12,057,223
South Korea — 0.4%
		21,449	Hyundai Motor Co.		2,199,236
Total Preferred Stocks (Cost $13,291,462)					14,256,459

Exchange Traded Funds — 2.0%

United States — 2.0%
		114,168	iShares MSCI All Country Asia ex
			Japan Exchange Traded Fund		10,788,876
Total Exchange Traded Funds (Cost $10,476,770)					10,788,876

Short-Term Investments — 3.3%

Money Market Funds — 3.3%
		17,814,072	First American Government
			Obligations Fund — Class Z, 0.02%#		17,814,072
Total Short-Term Investments (Cost $17,814,072)					17,814,072
Total Investments — 99.9% (Cost $429,819,568)					535,177,793
Other Assets in Excess of Liabilities — 0.1%					663,048
NET ASSETS — 100.0%				$	535,840,841

	*	Non-Income Producing
	†	This security is being fair valued, using significant unobservable inputs (Level 3), under the supervision of the Board of Trustees.
ADR — American Depositary Receipt
GDR — Global Depositary Receipt
NVDR — Non-Voting Depositary Receipt
	#	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Brown Advisory – Beutel Goodman Large-Cap Value Fund

A Message to Our Shareholders

June 30, 2021

Dear Shareholders:

During the year ended June 30, 2021, the Brown Advisory – Beutel Goodman Large-Cap Value Fund – Institutional Shares (the “Fund”) increased 40.12% in value. During the same period, the Russell 1000^® Value Index (the “Index”), the Fund’s benchmark, increased 43.68%.

Equity markets continued to rise steadily over the past year and reached all-time highs. Robust economic data driven by re-openings and continued stimulus from central banks provided positive impetus for equity markets. The Fund recorded strong positive returns but underperformed the Index. Relative underperformance was driven primarily by a combination of stock selection and an overweight in consumer staples, stock selection in health care and communication services, and an underweight in financials. This was partially offset by stock selection in the information technology and consumer discretionary sectors, and a combination of stock selection and an overweight in industrials.

From an individual stock perspective, American Express, Ingersoll Rand and Harley-Davidson were among the top contributors on an absolute return basis. American Express continued to execute well over the 12-month period as the shift from cash and check payments and the transition to online retail spending accelerated during the pandemic. Ingersoll Rand delivered on margin expansion by way of deal synergies. We believe the company is well-positioned to navigate through challenging environments. Harley-Davidson continued to show tangible signs of improved execution and the stock continued to recover from its lows in 2020 as market confidence in the company’s future prospects increases. Campbell Soup was the only material detractor from performance over the period. Campbell has been challenged by input-cost inflation and the return to normalization after a pandemic windfall which has led to a retailer drawdown of inventory levels. Company management, however, continues to execute well in our view and has deleveraged the balance sheet meaningfully over the past few years while maintaining the dividend.

We took advantage of market volatility to initiate positions in four new stocks: sensor and connectivity company TE Connectivity, e-commerce retailer eBay, recreational vehicle manufacturer Polaris and biotechnology company Biogen. We maintained our valuation discipline and exited from positions in BlackRock, KLA and Trane Technologies after deeming these to be fully valued following process-driven trims.

The market tug-of-war between growth and value continues to be a leading investment theme but is not interesting to us and we do not consider it important. Given our unique investment approach, our portfolio will never fit neatly into an absolute growth or value bucket. The recent market- defined value rally was, in our view, driven by a rebound in lower-quality companies and barely touched what we define as value stocks. Many of the Fund’s largest holdings have only recently traded at levels that approach where they were pre-pandemic in terms of market price. While the market was getting more expensive, the Fund’s biggest holdings remained undervalued relative to our targets.

We believe the valuation gap between the Fund and the broader market remains attractive, affording the portfolio the potential for good capital preservation and room for meaningful capital appreciation in our view. Over the period, several Fund holdings reached our target prices, leading to subsequent one-third sales and a recycling of funds from fully valued companies into others with more attractive valuations. Our focus on our process allows us to remain disciplined in searching for opportunities to own what we believe to be great companies trading at a deep discount to our estimate of their intrinsic value, which is what we believe will lead to the long-term success of our shareholders.

We thank you for your continued investment in the Fund.

Sincerely,

Rui Cardoso, CFA

Portfolio Manager

Glenn Fortin, CFA

Portfolio Manager

www.brownadvisory.com/mf

Brown Advisory – Beutel Goodman Large-Cap Value Fund

A Message to Our Shareholders

June 30, 2021

Past performance is not a guarantee of future results.

Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in ETFs, which may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. In addition, the Fund is susceptible to risks from investments in derivatives, private placements, REITs, and its investments in other investment companies. The Fund is non-diversified, which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers. Investment by the Fund in securities of a limited number of issuers exposes it to greater risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers. If a Fund is non-diversified, then its investments are not required to meet certain requirements under Federal law. A non-diversified fund is permitted to invest a greater percentage of its assets in the securities of a single issuer than a diversified fund. Thus, the Fund may have fewer holdings than other funds. As a result, a decline in the value of those investments would cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. The risks of derivatives include imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions ad risks that the derivative transactions may not be liquid.

Definitions for terms and indices are provided in the Glossary of Terms.

www.brownadvisory.com/mf

Brown Advisory – Beutel Goodman Large-Cap Value Fund

Performance Information & Portfolio Holdings Summary

June 30, 2021

GROWTH OF A $1,000,000 INVESTMENT

The following chart reflects the change in value of a hypothetical $1,000,000 investment, including reinvested dividends and distributions, in the Fund as measured against a broad-based securities market index. The Russell 1000^® Value Index (“Index”) measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® companies with lower price to book ratios and lower expected growth values. The Index is unmanaged and does not reflect the deduction of fees, such as investment management fees. Investors cannot invest directly in an index.

PORTFOLIO HOLDINGS	% of Net Assets
Industrials	16.3%
Consumer Discretionary	15.3%
Consumer Staples	14.1%
Health Care	13.9%
Communication Services	13.5%
Information Technology	13.0%
Financials	10.4%
Money Market Funds	2.7%
Materials	1.0%
Other Assets and Liabilities	(0.2)%
	100.0%

		Since Inception
Average Annual Total Return	One Year	(2/13/18)
Institutional Shares	40.12%	13.81%
Russell 1000^® Value Index	43.68%	11.11%

	Institutional Shares
Gross Expense Ratio¹	0.58%
Net Expense Ratio¹	0.58%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit our website at brownadvisory.com/mf/beutel-goodman-large-cap-value-fund. The performance table and graph above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data does not reflect the imposition of the redemption fee of 1.00% on shares redeemed within 14 days, and if it did, performance would have been lower. Returns shown are calculated using the net asset values (“NAV”) that were used for shareholder transactions as of the respective period ends. These NAV, and the returns calculated from them, may differ from the NAV and returns shown elsewhere in this report.

www.brownadvisory.com/mf

Brown Advisory – Beutel Goodman Large-Cap Value Fund

Schedule of Investments

June 30, 2021

	Shares		Security Description	Value $

Common Stocks — 97.5%

Communication Services — 13.5%
		653,640	Comcast Corp.		37,270,553
		814,192	Omnicom Group, Inc.		65,127,218
		947,360	Verizon Communications, Inc.		53,080,581
					155,478,352
Consumer Discretionary — 15.3%
		19,675	AutoZone, Inc.*		29,359,429
		896,270	eBay, Inc.		62,927,117
		1,220,139	Harley-Davidson, Inc.		55,906,769
		197,340	Polaris, Inc.		27,027,686
					175,221,001
Consumer Staples — 14.1%
		1,155,580	Campbell Soup Co.		52,682,892
		839,561	Kellogg Co.		54,008,959
		415,370	Kimberly-Clark Corp.		55,568,199
					162,260,050
Financials — 10.4%
		183,430	American Express Co.		30,308,139
		196,320	Ameriprise Financial, Inc.		48,860,122
		60,710	JPMorgan Chase & Co.		9,442,833
		499,990	SEI Investments Co.		30,984,380
					119,595,474
Health Care — 13.9%
		304,701	AmerisourceBergen Corp.		34,885,217
		235,205	Amgen, Inc.		57,331,220
		24,360	Biogen, Inc.*		8,435,137
		756,155	Merck & Co., Inc.		58,806,174
					159,457,748
Industrials — 16.3%
		103,855	Cummins, Inc.		25,320,888
		1,085,814	Flowserve Corp.		43,780,020
		1,096,954	Ingersoll Rand, Inc.*		53,542,325
		27,170	Parker-Hannifin Corp.		8,344,179
		678,855	Wabtec Corp.		55,869,766
					186,857,178
Information Technology — 13.0%
		741,277	Amdocs, Ltd.		57,345,189
		1,519,060	NortonLifeLock, Inc.		41,348,813
		552,110	Oracle Corp.		42,976,242
		59,390	TE Connectivity, Ltd.		8,030,122
					149,700,366
Materials — 1.0%
		65,625	PPG Industries, Inc.		11,141,156
Total Common Stocks (Cost $926,154,226)					1,119,711,325

Short-Term Investments — 2.7%

Money Market Funds — 2.7%
		31,416,800	First American Government
			Obligations Fund — Class Z, 0.02%#		31,416,800
Total Short-Term Investments (Cost $31,416,800)					31,416,800
Total Investments — 100.2% (Cost $957,571,026)					1,151,128,125
Liabilities in Excess of Other Assets — (0.2)%					(1,757,438	)
NET ASSETS — 100.0%				$	1,149,370,687

	*	Non-Income Producing
	#	Annualized seven-day yield as of the date of this report.

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

www.brownadvisory.com/mf

Statements of Assets and Liabilities

June 30, 2021

	BROWN		BROWN		BROWN		BROWN
	ADVISORY		ADVISORY		ADVISORY		ADVISORY
	GROWTH		FLEXIBLE		EQUITY		SUSTAINABLE
	EQUITY		EQUITY		INCOME		GROWTH
	FUND		FUND		FUND		FUND
ASSETS
Investments:
Total investments, at cost	$	1,626,399,385	$	281,303,043	$	45,917,084	$	3,457,834,523
Net unrealized appreciation (depreciation)		1,901,400,460		427,781,830		43,057,170		2,185,232,727
Total investments, at value		3,527,799,845		709,084,873		88,974,254		5,643,067,250
Cash		—		25,395		3,093		—
Receivables:
Fund shares sold		5,387,938		346,370		63		19,374,110
Interest and dividends		624,484		127,347		123,155		2,016,679
Foreign tax reclaims		—		—		17,091		—
Prepaid expenses and other assets		94,644		31,267		34,268		182,297
Total Assets		3,533,906,911		709,615,252		89,151,924		5,664,640,336
LIABILITIES
Payables:
Investments purchased		—		1,044,958		—		—
Fund shares redeemed		1,745,549		111,465		33,708		2,976,400
Distribution to shareholders		—		—		205,693		—
Accrued Liabilities:
Investment advisory fees		1,586,970		244,942		42,021		2,392,212
Service fees		144,119		61,326		7,972		269,448
Administration, accounting and transfer agent fees		149,918		28,732		4,001		234,510
Business management fees		140,204		28,563		3,637		220,728
Trustee fees		13,624		2,838		346		21,150
Distribution fees		6,641		1,206		238		87,433
Professional fees		94,331		34,824		22,558		130,638
Custody fees		18,598		3,576		1,045		28,205
Other liabilities		22,089		4,909		3,925		58,074
Total Liabilities		3,922,043		1,567,339		325,144		6,418,798
NET ASSETS	$	3,529,984,868	$	708,047,913	$	88,826,780	$	5,658,221,538

COMPONENTS OF NET ASSETS
Paid-in capital	$	1,346,371,930	$	261,423,214	$	38,433,557	$	3,389,805,386
Total distributable earnings (loss)		2,183,612,938		446,624,699		50,393,223		2,268,416,152
NET ASSETS	$	3,529,984,868	$	708,047,913	$	88,826,780	$	5,658,221,538

COMPUTATION OF NET ASSET VALUE
Institutional Shares:
Net assets	$	2,321,277,807	$	201,849,440	$	24,045,240	$	3,364,728,254
Shares outstanding (unlimited shares authorized)		62,075,112		5,891,660		1,504,991		75,506,383
Net asset value per share	$	37.39	$	34.26	$	15.98	$	44.56
Investor Shares:
Net assets	$	1,174,665,550	$	500,233,326	$	63,599,998	$	1,849,428,914
Shares outstanding (unlimited shares authorized)		31,933,112		14,645,050		3,981,860		42,132,399
Net asset value per share	$	36.79	$	34.16	$	15.97	$	43.90
Advisor Shares:
Net assets	$	34,041,511	$	5,965,147	$	1,181,542	$	444,064,370
Shares outstanding (unlimited shares authorized)		993,216		174,948		74,023		10,358,996
Net asset value per share	$	34.27	$	34.10	$	15.96	$	42.87

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

www.brownadvisory.com/mf

Statements of Assets and Liabilities

June 30, 2021

	BROWN		BROWN		BROWN		BROWN
	ADVISORY		ADVISORY		ADVISORY		ADVISORY
	MID-CAP		SMALL-CAP		SMALL-CAP		GLOBAL
	GROWTH		GROWTH		FUNDAMENTAL		LEADERS
	FUND		FUND		VALUE FUND		FUND
ASSETS
Investments:
Total investments, at cost	$	133,158,868	$	1,651,772,773	$	809,358,330	$	858,504,445
Net unrealized appreciation (depreciation)		59,161,010		912,519,646		432,635,548		384,891,307
Total investments, at value		192,319,878		2,564,292,419		1,241,993,878		1,243,395,752
Receivables:
Investments sold		2,268,164		45,383,094		—		—
Fund shares sold		68,262		3,265,565		5,115,964		2,355,781
Interest and dividends		26,353		871,138		1,740,887		362,042
Foreign tax reclaims		1,540		—		—		636,329
Prepaid expenses and other assets		28,203		96,206		50,170		44,895
Total Assets		194,712,400		2,613,908,422		1,248,900,899		1,246,794,799
LIABILITIES
Payables:
Investments purchased		1,974,665		15,809,530		—		—
Fund shares redeemed		25,379		677,160		129,521		198,036
Accrued Liabilities:
Investment advisory fees, net		99,660		1,795,060		885,746		655,238
Service fees		3,994		101,976		82,654		11,727
Administration, accounting and transfer agent fees		9,106		117,307		56,706		53,011
Business management fees		7,666		105,592		52,103		50,403
Trustee fees		746		10,391		5,294		4,952
Distribution fees		—		3,054		1,710		—
Professional fees		23,478		75,344		45,689		44,658
Custody fees		1,687		13,000		8,665		41,218
Other liabilities		4,130		64,275		9,332		6,093
Total Liabilities		2,150,511		18,772,689		1,277,420		1,065,336
NET ASSETS	$	192,561,889	$	2,595,135,733	$	1,247,623,479	$	1,245,729,463

COMPONENTS OF NET ASSETS
Paid-in capital	$	121,754,711	$	1,515,128,838	$	864,838,069	$	862,792,314
Total distributable earnings (loss)		70,807,178		1,080,006,895		382,785,410		382,937,149
NET ASSETS	$	192,561,889	$	2,595,135,733	$	1,247,623,479	$	1,245,729,463
COMPUTATION OF NET ASSET VALUE
Institutional Shares:
Net assets	$	159,180,447	$	1,758,121,049	$	591,095,963	$	1,149,789,529
Shares outstanding (unlimited shares authorized)		8,016,245		27,905,183		19,934,918		50,878,474
Net asset value per share	$	19.86	$	63.00	$	29.65	$	22.60
Investor Shares:
Net assets	$	33,381,442	$	822,075,428	$	648,402,551	$	95,939,934
Shares outstanding (unlimited shares authorized)		1,689,342		26,161,041		21,905,817		4,256,222
Net asset value per share	$	19.76	$	31.42	$	29.60	$	22.54
Advisor Shares:
Net assets	$	—	$	14,939,256	$	8,124,965	$	—
Shares outstanding (unlimited shares authorized)		—		499,970		276,038		—
Net asset value per share	$	—	$	29.88	$	29.43	$	—

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

www.brownadvisory.com/mf

Statements of Assets and Liabilities

June 30, 2021

	BROWN		BROWN		BROWN		BROWN
	ADVISORY		ADVISORY		ADVISORY		ADVISORY
	INTERMEDIATE		TOTAL		SUSTAINABLE		MARYLAND
	INCOME		RETURN		BOND		BOND
	FUND		FUND		FUND		FUND
ASSETS
Investments:
Investments – unaffiliated, at cost	$	147,541,322	$	472,967,244	$	239,442,715	$	175,466,073
Investments – affiliated, at cost (Note 3)		20,242,902		—		—		—
Total investments, at cost		167,784,224		472,967,244		239,442,715		175,466,073
Net unrealized appreciation (depreciation) – unaffiliated		2,211,905		11,506,774		5,283,790		8,847,243
Net unrealized appreciation (depreciation) – affiliated (Note 3)		542,399		—		—		—
Total net unrealized appreciation (depreciation)		2,754,304		11,506,774		5,283,790		8,847,243
Investments – unaffiliated, at value		149,753,227		484,474,018		244,726,505		184,313,316
Investments – affiliated, at value (Note 3)		20,785,301		—		—		—
Total investments, at value		170,538,528		484,474,018		244,726,505		184,313,316
Cash deposit at broker – futures contracts (Note 6)		116,370		—		—		—
Gross unrealized appreciation – futures contracts (Note 6)		—		2,543,872		1,078,700		—
Receivables:
Investments sold		668		21,019,627		—		—
Fund shares sold		370,001		959,927		200,437		2,096
Interest and dividends		607,170		2,157,402		917,070		2,554,545
Prepaid expenses and other assets		30,956		32,008		55,975		7,252
Total Assets		171,663,693		511,186,854		246,978,687		186,877,209
LIABILITIES
Cash collateral from broker – futures contracts (Note 6)		—		917,746		3,848		—
Gross unrealized depreciation – futures contracts (Note 6)		—		712,946		345,187		—
Payables:
Investments purchased		—		66,158,852		22,664,071		—
Fund shares redeemed		24,458		94,378		182,943		30,933
Distribution to shareholders		106,176		360,927		189,323		259,982
Accrued Liabilities:
Investment advisory fees, net		36,922		108,947		52,587		46,025
Service fees		7,008		196		218		7,671
Administration, accounting and transfer agent fees		14,274		32,035		15,619		11,328
Business management fees		7,008		18,158		8,765		7,671
Trustee fees		693		1,795		846		759
Distribution fees		750		—		—		—
Professional fees		25,390		32,106		24,134		24,786
Custodian fees		1,030		3,107		1,890		1,408
Other liabilities		4,303		4,322		4,139		4,008
Total Liabilities		228,012		68,445,515		23,493,570		394,571
NET ASSETS	$	171,435,681	$	442,741,339	$	223,485,117	$	186,482,638

COMPONENTS OF NET ASSETS
Paid-in capital	$	167,232,970	$	427,992,890	$	216,989,165	$	181,154,563
Total distributable earnings (loss)		4,202,711		14,748,449		6,495,952		5,328,075
NET ASSETS	$	171,435,681	$	442,741,339	$	223,485,117	$	186,482,638
COMPUTATION OF NET ASSET VALUE
Institutional Shares:
Net assets	$	—	$	437,996,870	$	218,476,373	$	—
Shares outstanding (unlimited shares authorized)		—		41,741,719		20,962,654		—
Net asset value per share	$	—	$	10.49	$	10.42	$	—
Investor Shares:
Net assets	$	167,774,318	$	4,744,469	$	5,008,744	$	186,482,638
Shares outstanding (unlimited shares authorized)		15,190,026		452,244		480,556		17,137,226
Net asset value per share	$	11.05	$	10.49	$	10.42	$	10.88
Advisor Shares:
Net assets	$	3,661,363	$	—	$	—	$	—
Shares outstanding (unlimited shares authorized)		339,084		—		—		—
Net asset value per share	$	10.80	$	—	$	—	$	—

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

www.brownadvisory.com/mf

Statements of Assets and Liabilities

June 30, 2021

							BROWN
			BROWN				ADVISORY –
	BROWN		ADVISORY		BROWN		WMC
	ADVISORY		TAX-EXEMPT		ADVISORY		STRATEGIC
	TAX-EXEMPT		SUSTAINABLE		MORTGAGE		EUROPEAN
	BOND		BOND		SECURITIES		EQUITY
	FUND		FUND		FUND		FUND
ASSETS
Investments:
Total investments, at cost	$	1,156,238,180	$	175,884,081	$	343,048,056	$	364,642,356
Net unrealized appreciation (depreciation)		56,190,169		3,553,427		10,861,236		91,010,438
Total investments, at value		1,212,428,349		179,437,508		353,909,292		455,652,794
Cash		—		—		265,000		—
Foreign currency (Cost of $—, $—, $— and $3,254, respectively.)		—		—		—		3,236
Cash deposit at broker – futures contracts (Note 6)		—		—		186,241		—
Gross unrealized appreciation – futures contracts (Note 6)		—		—		172,300		—
Receivables:
Investments sold		—		—		20,702,404		2,980,854
Fund shares sold		4,980,620		700		8,635,127		290,301
Interest and dividends		8,793,750		1,763,806		1,361,971		865,432
Foreign tax reclaims		—		—		—		3,589,452
Prepaid expenses and other assets		56,626		27,666		33,224		33,734
Total Assets		1,226,259,345		181,229,680		385,265,559		463,415,803
LIABILITIES
Floating rate note obligations, interest and fees		19,453,791		—		—		—
Gross unrealized depreciation – futures contracts (Note 6)		—		—		101,676		—
Payables:
Investments purchased		1,918,096		1,811,715		63,961,128		1,807,720
Fund shares redeemed		479,717		23,797		384,693		259,201
Distribution to shareholders		1,963,701		172,569		252,925		—
Accrued Liabilities:
Investment advisory fees		299,335		45,167		76,204		343,577
Service fees		473		7,528		1,294		6,020
Administration, accounting and transfer agent fees		56,281		12,931		31,858		20,893
Business management fees		49,889		7,528		12,701		19,088
Trustee fees		4,951		755		1,250		1,895
Distribution fees		—		—		—		772
Professional fees		48,525		20,012		28,355		30,472
Custodian fees		6,255		1,417		6,130		22,162
Other liabilities		5,216		3,662		4,868		6,462
Total Liabilities		24,286,230		2,107,081		64,863,082		2,518,262
NET ASSETS	$	1,201,973,115	$	179,122,599	$	320,402,477	$	460,897,541

COMPONENTS OF NET ASSETS
Paid-in capital	$	1,155,077,789	$	173,779,280	$	312,397,721	$	362,566,371
Total distributable earnings (loss)		46,895,326		5,343,319		8,004,756		98,331,170
NET ASSETS	$	1,201,973,115	$	179,122,599	$	320,402,477	$	460,897,541
COMPUTATION OF NET ASSET VALUE
Institutional Shares:
Net assets	$	1,190,435,677	$	—	$	288,526,439	$	417,418,991
Shares outstanding (unlimited shares authorized)		113,406,016		—		27,326,829		31,918,568
Net asset value per share	$	10.50	$	—	$	10.56	$	13.08
Investor Shares:
Net assets	$	11,537,438	$	179,122,599	$	31,876,038	$	39,750,964
Shares outstanding (unlimited shares authorized)		1,098,830		17,584,514		3,015,194		3,050,860
Net asset value per share	$	10.50	$	10.19	$	10.57	$	13.03
Advisor Shares:
Net assets	$	—	$	—	$	—	$	3,727,586
Shares outstanding (unlimited shares authorized)		—		—		—		289,387
Net asset value per share	$	—	$	—	$	—	$	12.88

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

www.brownadvisory.com/mf

Statements of Assets and Liabilities

June 30, 2021

	BROWN		BROWN
	ADVISORY		ADVISORY –
	EMERGING		BEUTEL
	MARKETS		GOODMAN
	SELECT		LARGE-CAP
	FUND		VALUE FUND
ASSETS
Investments:
Total investments, at cost	$	429,819,568	$	957,571,026
Net unrealized appreciation (depreciation)		105,358,225		193,557,099
Total investments, at value		535,177,793		1,151,128,125
Foreign currency (Cost of $911,198, and $—, respectively.)		908,813		—
Receivables:
Investments sold		362,011		—
Fund shares sold		2,218,814		2,802,894
Interest and dividends		1,562,428		1,994,916
Foreign tax reclaims		28,686		519
Prepaid expenses and other assets		48,263		75,275
Total Assets		540,306,808		1,156,001,729
LIABILITIES
Payables:
Investments purchased		3,895,418		5,692,502
Fund shares redeemed		25,001		370,080
Accrued Liabilities:
Investment advisory fees		394,797		419,606
Service fees		732		—
Administration, accounting and transfer agent fees		23,557		45,722
Business management fees		21,933		46,623
Trustee fees		2,170		4,678
Distribution fees		5		—
Professional fees		31,553		38,275
Custodian fees		62,720		8,443
Other liabilities		8,081		5,113
Total Liabilities		4,465,967		6,631,042
NET ASSETS	$	535,840,841	$	1,149,370,687

COMPONENTS OF NET ASSETS
Paid-in capital	$	452,003,523	$	913,212,459
Total distributable earnings (loss)		83,837,318		236,158,228
NET ASSETS	$	535,840,841	$	1,149,370,687
COMPUTATION OF NET ASSET VALUE
Institutional Shares:
Net assets	$	529,908,416	$	1,149,350,687
Shares outstanding (unlimited shares authorized)		42,161,907		79,752,937
Net asset value per share	$	12.57	$	14.41
Investor Shares:
Net assets	$	5,908,145	$	20,000
Shares outstanding (unlimited shares authorized)		470,469		1,388
Net asset value per share	$	12.56	$	14.41
Advisor Shares:
Net assets	$	24,280	$	—
Shares outstanding (unlimited shares authorized)		1,926		—
Net asset value per share	$	12.60	$	—

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

www.brownadvisory.com/mf

Statements of Operations

For the Year Ended June 30, 2021

	BROWN			BROWN			BROWN			BROWN
	ADVISORY			ADVISORY			ADVISORY			ADVISORY
	GROWTH			FLEXIBLE			EQUITY			SUSTAINABLE
	EQUITY			EQUITY			INCOME			GROWTH
	FUND			FUND			FUND			FUND
INVESTMENT INCOME
Dividend income	$	15,094,974		$	4,783,061		$	1,977,334		$	25,128,411
Less: foreign taxes withheld		(110,182	)		(87,723	)		(18,467	)		(2,382	)
Interest Income		25,351			4,376			1,019			23,918
Total investment income		15,010,143			4,699,714			1,959,886			25,149,947
EXPENSES
Investment advisory fees		17,978,858			2,584,772			499,046			24,279,680
Service fees – Investor Shares (Note 3)		1,633,563			637,128			89,231			2,310,182
Business management fees		1,573,387			298,096			41,587			2,202,969
Administration, accounting and transfer agent fees		826,872			151,792			22,999			1,136,989
Professional fees		143,236			43,569			23,870			185,437
Registration fees		124,517			50,572			42,147			164,450
Miscellaneous expenses		123,137			33,237			24,039			233,579
Trustee fees		102,861			19,338			2,744			137,328
Custody fees		98,893			19,466			4,001			143,413
Distribution fees – Advisor Shares (Note 3)		60,234			12,673			2,526			929,709
Service fees – Advisor Shares (Note 3)		36,140			7,604			1,516			557,826
Insurance fees		33,488			5,910			916			34,212
Total Expenses		22,735,186			3,864,157			754,622			32,315,774
Expenses waived by adviser – expense cap (Note 3)		—			—			(20,506	)		—
Net Expenses		22,735,186			3,864,157			734,116			32,315,774
NET INVESTMENT INCOME (LOSS)		(7,725,043	)		835,557			1,225,770			(7,165,827	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments		461,819,891			34,441,388			9,558,819			133,852,813
Net change in unrealized appreciation (depreciation) on investments		495,474,320			183,930,591			12,065,441			1,304,746,396
NET REALIZED AND UNREALIZED GAIN (LOSS)		957,294,211			218,371,979			21,624,260			1,438,599,209
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	949,569,168		$	219,207,536		$	22,850,030		$	1,431,433,382

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

www.brownadvisory.com/mf

Statements of Operations

For the Year Ended June 30, 2021

	BROWN			BROWN			BROWN		BROWN
	ADVISORY			ADVISORY			ADVISORY		ADVISORY
	MID-CAP			SMALL-CAP			SMALL-CAP		GLOBAL
	GROWTH			GROWTH			FUNDAMENTAL		LEADERS
	FUND			FUND			VALUE FUND		FUND
INVESTMENT INCOME
Dividend income	$	529,234		$	7,347,010		$	13,864,276	$	9,529,350
Less: foreign taxes withheld		(8,649	)		(63,655	)		—		(779,541	)
Interest Income		1,513			43,339			12,309		4,391
Total investment income		522,098			7,326,694			13,876,585		8,754,200
EXPENSES
Investment advisory fees		1,076,388			18,464,400			8,527,662		6,218,766
Business management fees		82,799			1,086,141			501,627		478,367
Administration, accounting and transfer agent fees		46,691			567,478			247,723		248,693
Service fees – Investor Shares (Note 3)		46,614			1,035,195			814,207		122,688
Registration fees		35,372			88,435			51,731		44,046
Professional fees		25,746			103,750			58,962		56,971
Miscellaneous expenses		24,882			203,191			47,268		54,449
Custody fees		9,843			70,591			41,618		175,130
Trustee fees		5,200			69,019			31,949		29,947
Insurance fees		1,431			18,174			8,962		7,798
Distribution fees – Advisor Shares (Note 3)		—			35,193			13,394		—
Service fees – Advisor Shares (Note 3)		—			21,116			8,037		—
Total Expenses		1,354,966			21,762,683			10,353,140		7,436,855
Expenses waived by adviser – expense cap (Note 3)		(53,751	)		—			—		(84,839	)
Net Expenses		1,301,215			21,762,683			10,353,140		7,352,016
NET INVESTMENT INCOME (LOSS)		(779,117	)		(14,435,989	)		3,523,445		1,402,184
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		18,516,408			237,055,955			108,654,199		21,103,778
Less: foreign capital gains taxes paid		—			—			—		(93,427	)
Net realized gain (loss)		18,516,408			237,055,955			108,654,199		21,010,351
Net change in unrealized appreciation (depreciation) on investments		39,063,177			514,202,972			312,738,342		270,587,214
NET REALIZED AND UNREALIZED GAIN (LOSS)		57,579,585			751,258,927			421,392,541		291,597,565
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	56,800,468		$	736,822,938		$	424,915,986	$	292,999,749

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

www.brownadvisory.com/mf

Statements of Operations

For the Year Ended June 30, 2021

	BROWN			BROWN			BROWN			BROWN
	ADVISORY			ADVISORY			ADVISORY			ADVISORY
	INTERMEDIATE			TOTAL			SUSTAINABLE			MARYLAND
	INCOME			RETURN			BOND			BOND
	FUND			FUND			FUND			FUND
INVESTMENT INCOME
Dividend income – unaffiliated	$	—		$	51,133		$	—		$	—
Dividend income – affiliated (Note 3)		116,329			—			—			—
Interest Income		2,442,304			7,770,233			3,822,394			4,333,012
Total investment income		2,558,633			7,821,366			3,822,394			4,333,012
EXPENSES
Investment advisory fees		515,920			1,309,874			571,165			537,860
Business management fees		85,987			218,312			95,194			89,643
Service fees – Investor Shares (Note 3)		84,151			2,722			1,876			89,643
Administration, accounting and transfer agent fees		74,822			165,869			79,292			64,476
Registration fees		35,909			44,887			43,255			7,015
Professional fees		27,971			38,841			26,773			27,573
Miscellaneous expenses		25,416			28,323			24,120			23,596
Distribution fees – Advisor Shares (Note 3)		9,181			—			—			—
Custodian fees		8,879			19,459			10,372			6,175
Trustee fees		5,636			14,452			6,156			5,947
Service fees – Advisor Shares (Note 3)		1,836			—			—			—
Insurance fees		1,748			4,518			1,815			2,033
Total Expenses		877,456			1,847,257			860,018			853,961
Expenses waived by adviser – investments in affiliates (Note 3)		(61,405	)		—			—			—
Net Expenses		816,051			1,847,257			860,018			853,961
NET INVESTMENT INCOME (LOSS)		1,742,582			5,974,109			2,962,376			3,479,051
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments – unaffiliated		2,057,676			7,613,488			3,321,864			97,687
Investments – affiliated (Note 3)		5,442			—			—			—
Securities sold short		—			(7,032	)		—			—
Futures contracts (Note 6)		—			(4,579,658	)		(1,158,108	)		—
Net realized gain (loss)		2,063,118			3,026,798			2,163,756			97,687
Net change in unrealized appreciation (depreciation) on:
Investments – unaffiliated		(2,412,237	)		1,871,878			(1,854,862	)		4,228,940
Investments – affiliated (Note 3)		186,993			—			—			—
Futures contracts (Note 6)		—			1,827,741			838,849			—
Net change in unrealized appreciation (depreciation)		(2,225,244	)		3,699,619			(1,016,013	)		4,228,940
NET REALIZED AND UNREALIZED GAIN (LOSS)		(162,126	)		6,726,417			1,147,743			4,326,627
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	1,580,456		$	12,700,526		$	4,110,119		$	7,805,678

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

www.brownadvisory.com/mf

100

Statements of Operations

For the Year Ended June 30, 2021

								BROWN
			BROWN					ADVISORY –
	BROWN		ADVISORY		BROWN			WMC
	ADVISORY		TAX-EXEMPT		ADVISORY			STRATEGIC
	TAX-EXEMPT		SUSTAINABLE		MORTGAGE			EUROPEAN
	BOND		BOND		SECURITIES			EQUITY
	FUND		FUND		FUND			FUND
INVESTMENT INCOME
Dividend income	$	—	$	—	$	3,095		$	8,971,245
Less: foreign taxes withheld		—		—		—			(885,456	)
Interest Income		27,164,593		3,345,143		503,254			10,219
Total investment income		27,164,593		3,345,143		506,349			8,096,008
EXPENSES
Investment advisory fees		3,502,039		556,202		847,679			3,363,975
Business management fees		583,673		92,700		141,280			186,888
Administration, accounting and transfer agent fees		343,080		71,195		159,735			103,049
Professional fees		66,680		22,778		32,598			35,703
Registration fees		65,127		32,549		34,977			39,098
Miscellaneous expenses		43,026		20,439		29,324			37,052
Trustee fees		39,098		5,944		9,306			12,218
Custodian fees		35,020		6,877		24,717			137,225
Interest expense and fees on floating rate note obligations		28,791		—		—			—
Insurance fees		12,699		1,643		2,940			3,753
Service fees – Investor Shares (Note 3)		5,175		92,700		11,475			52,889
Distribution fees – Advisor Shares (Note 3)		—		—		—			9,197
Service fees – Advisor Shares (Note 3)		—		—		—			5,518
Total expenses		4,724,408		903,027		1,294,031			3,986,565
NET INVESTMENT INCOME (LOSS)		22,440,185		2,442,116		(787,682	)		4,109,443
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		20,808,707		2,004,560		3,012,803			45,125,577
Securities sold short		—		—		(21,093	)		—
Futures contracts (Note 6)		—		—		658,279			—
Net realized gain (loss)		20,808,707		2,004,560		3,649,989			45,125,577
Net change in unrealized appreciation (depreciation) on:
Investments		32,884,664		3,896,490		1,247,685			52,604,293
Futures contracts (Note 6)		—		—		91,247			—
Net change in unrealized appreciation (depreciation)		32,884,664		3,896,490		1,338,932			52,604,293
NET REALIZED AND UNREALIZED GAIN (LOSS)		53,693,371		5,901,050		4,988,921			97,729,870
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	76,133,556	$	8,343,166	$	4,201,239		$	101,839,313

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

www.brownadvisory.com/mf

101

Statements of Operations

For the Year Ended June 30, 2021

	BROWN			BROWN
	ADVISORY			ADVISORY –
	EMERGING			BEUTEL
	MARKETS			GOODMAN
	SELECT			LARGE-CAP
	FUND			VALUE FUND
INVESTMENT INCOME
Dividend income	$	8,690,279		$	15,902,648
Less: foreign taxes withheld		(1,144,274	)		—
Interest Income		4,243			9,151
Total investment income		7,550,248			15,911,799
EXPENSES
Investment advisory fees		3,581,760			3,455,323
Custodian fees		369,617			38,216
Business management fees		198,987			383,925
Administration, accounting and transfer agent fees		110,050			196,027
Miscellaneous expenses		74,719			33,877
Registration fees		55,482			38,435
Professional fees		36,334			46,701
Trustee fees		12,535			23,670
Service fees – Investor Shares (Note 3)		7,398			—
Insurance fees		3,181			5,346
Distribution fees – Advisor Shares (Note 3)		79			—
Service fees – Advisor Shares (Note 3)		48			—
Total Expenses		4,450,190			4,221,520
NET INVESTMENT INCOME (LOSS)		3,100,058			11,690,279
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		14,672,741			61,713,222
Less: foreign capital gains taxes paid		(195,381	)		—
Net realized gain (loss)		14,477,360			61,713,222
Net change in unrealized appreciation (depreciation) on investments		101,914,885			172,843,343
NET REALIZED AND UNREALIZED GAIN (LOSS)		116,392,245			234,556,565
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	119,492,303		$	246,246,844

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

www.brownadvisory.com/mf

102

Statements of Changes in Net Assets

	BROWN ADVISORY						BROWN ADVISORY
	GROWTH EQUITY FUND						FLEXIBLE EQUITY FUND
	Fiscal			Fiscal			Fiscal			Fiscal
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
OPERATIONS
Net investment income (loss)	$	(7,725,043	)	$	(5,376,873	)	$	835,557		$	1,763,590
Net realized gain (loss)		461,819,891			209,265,648			34,441,388			11,364,792
Net change in unrealized appreciation (depreciation)		495,474,320			336,064,454			183,930,591			38,237,879
Increase (Decrease) in Net Assets from Operations		949,569,168			539,953,229			219,207,536			51,366,261
DISTRIBUTIONS FROM EARNINGS
Institutional Shares		(96,150,732	)		(78,470,295	)		(5,183,375	)		(6,703,163	)
Investor Shares		(53,804,293	)		(41,945,136	)		(13,042,478	)		(16,756,039	)
Advisor Shares		(1,430,507	)		(435,105	)		(144,982	)		(222,591	)
Total Distributions from earnings		(151,385,532	)		(120,850,536	)		(18,370,835	)		(23,681,793	)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		458,256,416			400,871,155			30,225,050			15,519,730
Investor Shares		110,682,834			203,436,442			33,280,987			36,125,316
Advisor Shares		25,287,065			8,657,340			598,360			529,537
Reinvestment of distributions:
Institutional Shares		86,813,486			71,765,266			3,670,013			4,713,060
Investor Shares		46,667,508			38,531,279			8,053,785			8,421,752
Advisor Shares		1,176,723			384,904			129,212			194,869
Redemption of shares:
Institutional Shares		(594,751,190	)		(419,582,417	)		(22,716,693	)		(28,046,512	)
Investor Shares		(237,529,004	)		(231,327,940	)		(46,836,653	)		(46,101,607	)
Advisor Shares		(11,711,930	)		(3,671,135	)		(864,904	)		(1,127,841	)
Redemption fees:
Institutional Shares		8,175			16,456			59			119
Investor Shares		4,412			8,733			150			312
Advisor Shares		89			107			2			4
Increase (Decrease) from Capital Share Transactions		(115,095,416	)		69,090,190			5,539,368			(9,771,261	)
Increase (Decrease) in Net Assets		683,088,220			488,192,883			206,376,069			17,913,207
NET ASSETS
Beginning of period		2,846,896,648			2,358,703,765			501,671,844			483,758,637
End of period	$	3,529,984,868		$	2,846,896,648		$	708,047,913		$	501,671,844
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		13,793,461			15,650,481			1,021,861			685,993
Investor Shares		3,402,697			8,240,080			1,088,801			1,589,985
Advisor Shares		830,317			360,197			20,114			22,425
Reinvestment of distributions:
Institutional Shares		2,679,429			2,761,264			128,920			189,312
Investor Shares		1,462,931			1,502,780			283,689			339,273
Advisor Shares		39,540			15,991			4,558			7,852
Redemption of shares:
Institutional Shares		(18,067,236	)		(16,182,952	)		(784,283	)		(1,248,345	)
Investor Shares		(7,276,803	)		(9,207,220	)		(1,649,133	)		(2,039,015	)
Advisor Shares		(386,697	)		(155,510	)		(30,951	)		(52,209	)
Increase (Decrease) in shares outstanding		(3,522,361	)		2,985,111			83,576			(504,729	)

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

www.brownadvisory.com/mf

103

Statements of Changes in Net Assets

	BROWN ADVISORY						BROWN ADVISORY
	EQUITY INCOME FUND						SUSTAINABLE GROWTH FUND
	Fiscal			Fiscal			Fiscal			Fiscal
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
OPERATIONS
Net investment income (loss)	$	1,225,770		$	1,344,548		$	(7,165,827	)	$	(1,052,977	)
Net realized gain (loss)		9,558,819			4,124,769			133,852,813			(33,269,143	)
Net change in unrealized appreciation (depreciation)		12,065,441			(6,022,094	)		1,304,746,396			505,822,522
Increase (Decrease) in Net Assets from Operations		22,850,030			(552,777	)		1,431,433,382			471,500,402
DISTRIBUTIONS FROM EARNINGS
Institutional Shares		(1,503,436	)		(2,414,169	)		—			(7,161,993	)
Investor Shares		(3,884,410	)		(5,617,757	)		—			(4,864,731	)
Advisor Shares		(62,187	)		(86,596	)		—			(2,000,138	)
Total Distributions from earnings		(5,450,033	)		(8,118,522	)		—			(14,026,862	)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		614,324			1,634,954			1,563,805,836			793,321,819
Investor Shares		857,793			4,418,792			836,613,190			815,575,575
Advisor Shares		128,454			117,418			113,771,986			51,251,840
Reinvestment of distributions:
Institutional Shares		1,260,662			1,966,393			—			4,922,448
Investor Shares		2,113,481			2,374,278			—			4,633,379
Advisor Shares		57,774			77,983			—			1,807,570
Redemption of shares:
Institutional Shares		(4,644,705	)		(5,336,182	)		(616,247,511	)		(195,572,031	)
Investor Shares		(7,001,432	)		(7,985,179	)		(590,892,163	)		(244,928,528	)
Advisor Shares		(100,081	)		(232,876	)		(75,880,872	)		(68,597,926	)
Redemption fees:
Institutional Shares		137			—			35,520			41,514
Investor Shares		364			—			22,547			27,442
Advisor Shares		6			—			5,437			9,470
Increase (Decrease) from Capital Share Transactions		(6,713,223	)		(2,964,419	)		1,231,233,970			1,162,492,572
Increase (Decrease) in Net Assets		10,686,774			(11,635,718	)		2,662,667,352			1,619,966,112
NET ASSETS
Beginning of period		78,140,006			89,775,724			2,995,554,186			1,375,588,074
End of period	$	88,826,780		$	78,140,006		$	5,658,221,538		$	2,995,554,186
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		41,333			118,475			41,474,197			28,646,694
Investor Shares		58,637			319,670			22,746,741			29,732,433
Advisor Shares		8,629			8,186			3,150,995			1,911,307
Reinvestment of distributions:
Institutional Shares		89,237			141,578			—			176,558
Investor Shares		151,075			169,098			—			168,303
Advisor Shares		4,102			5,612			—			66,972
Redemption of shares:
Institutional Shares		(324,173	)		(430,780	)		(16,100,160	)		(7,111,324	)
Investor Shares		(488,066	)		(633,456	)		(15,762,445	)		(9,126,936	)
Advisor Shares		(7,074	)		(17,381	)		(2,043,919	)		(2,528,241	)
Increase (Decrease) in shares outstanding		(466,300	)		(318,998	)		33,465,409			41,935,766

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

www.brownadvisory.com/mf

104

Statements of Changes in Net Assets

	BROWN ADVISORY						BROWN ADVISORY
	MID-CAP GROWTH FUND						SMALL-CAP GROWTH FUND
	Fiscal			Fiscal			Fiscal			Fiscal
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
OPERATIONS
Net investment income (loss)	$	(779,117	)	$	(91,538	)	$	(14,435,989	)	$	(7,492,479	)
Net realized gain (loss)		18,516,408			(4,741,929	)		237,055,955			(20,160,153	)
Net change in unrealized appreciation (depreciation)		39,063,177			12,639,597			514,202,972			72,885,748
Increase (Decrease) in Net Assets from Operations		56,800,468			7,806,130			736,822,938			45,233,116
DISTRIBUTIONS FROM EARNINGS
Institutional Shares		—			(147,231	)		(11,896,784	)		(18,379,205	)
Investor Shares		—			(3,180	)		(5,863,246	)		(9,927,383	)
Advisor Shares		—			—			(116,750	)		(295,436	)
Total Distributions from earnings		—			(150,411	)		(17,876,780	)		(28,602,024	)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		41,408,797			59,227,073			530,516,528			374,470,987
Investor Shares		3,288,623			31,906,535			220,054,702			112,714,527
Advisor Shares		—			—			2,322,172			3,190,952
Reinvestment of distributions:
Institutional Shares		—			105,612			10,885,113			17,184,357
Investor Shares		—			3,180			4,488,157			6,524,308
Advisor Shares		—			—			94,232			235,996
Redemption of shares:
Institutional Shares		(28,292,095	)		(10,777,556	)		(309,822,737	)		(202,151,171	)
Investor Shares		(9,487,455	)		(4,613,788	)		(140,236,741	)		(107,708,327	)
Advisor Shares		—			—			(4,440,626	)		(5,389,945	)
Redemption fees:
Institutional Shares		34			—			10,187			1,729
Investor Shares		7			—			4,967			869
Advisor Shares		—			—			93			23
Increase (Decrease) from Capital Share Transactions		6,917,911			75,851,056			313,876,047			199,074,305
Increase (Decrease) in Net Assets		63,718,379			83,506,775			1,032,822,205			215,705,397
NET ASSETS
Beginning of period		128,843,510			45,336,735			1,562,313,528			1,346,608,131
End of period	$	192,561,889		$	128,843,510		$	2,595,135,733		$	1,562,313,528
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		2,392,734			4,918,916			9,824,740			9,043,798
Investor Shares		186,548			2,204,386			7,823,520			5,730,004
Advisor Shares		—			—			89,978			156,259
Reinvestment of distributions:
Institutional Shares		—			7,754			192,793			392,516
Investor Shares		—			234			159,267			298,050
Advisor Shares		—			—			3,511			11,297
Redemption of shares:
Institutional Shares		(1,618,248	)		(910,792	)		(5,563,525	)		(4,943,275	)
Investor Shares		(558,836	)		(366,462	)		(4,910,617	)		(5,234,383	)
Advisor Shares		—			—			(169,814	)		(276,297	)
Increase (Decrease) in shares outstanding		402,198			5,854,036			7,449,853			5,177,969

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

www.brownadvisory.com/mf

105

Statements of Changes in Net Assets

	BROWN ADVISORY SMALL-CAP						BROWN ADVISORY
	FUNDAMENTAL VALUE FUND						GLOBAL LEADERS FUND
	Fiscal			Fiscal			Fiscal			Fiscal
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
OPERATIONS
Net investment income (loss)	$	3,523,445		$	7,579,285		$	1,402,184		$	1,697,619
Net realized gain (loss)		108,654,199			(130,124,556	)		21,010,351			(20,527,544	)
Net change in unrealized appreciation (depreciation)		312,738,342			(56,534,126	)		270,587,214			78,134,617
Increase (Decrease) in Net Assets from Operations		424,915,986			(179,079,397	)		292,999,749			59,304,692
DISTRIBUTIONS FROM EARNINGS
Institutional Shares		(2,636,684	)		(17,665,988	)		(1,219,498	)		(1,110,880	)
Investor Shares		(2,476,129	)		(29,652,680	)		(81,118	)		(61,528	)
Advisor Shares		(8,815	)		(388,948	)		—			—
Total Distributions from earnings		(5,121,628	)		(47,707,616	)		(1,300,616	)		(1,172,408	)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		169,637,501			175,871,287			327,175,286			385,866,483
Investor Shares		103,752,623			208,267,812			9,721,189			50,300,050
Advisor Shares		3,444,448			378,763			—			—
Reinvestment of distributions:
Institutional Shares		1,304,113			12,695,459			303,142			257,184
Investor Shares		641,899			18,062,610			70,480			46,787
Advisor Shares		7,959			368,764			—			—
Redemption of shares:
Institutional Shares		(106,244,029	)		(223,014,986	)		(49,946,130	)		(43,163,681	)
Investor Shares		(116,625,651	)		(222,672,600	)		(6,091,604	)		(11,848,832	)
Advisor Shares		(1,895,710	)		(2,823,549	)		—			—
Redemption fees:
Institutional Shares		3,937			236			1,470			112
Investor Shares		4,854			365			144			12
Advisor Shares		46			5			—			—
Increase (Decrease) from Capital Share Transactions		54,031,990			(32,865,834	)		281,233,977			381,458,115
Increase (Decrease) in Net Assets		473,826,348			(259,652,847	)		572,933,110			439,590,399
NET ASSETS
Beginning of period		773,797,131			1,033,449,978			672,796,353			233,205,954
End of period	$	1,247,623,479		$	773,797,131		$	1,245,729,463		$	672,796,353
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		6,785,199			9,485,098			16,373,896			25,846,034
Investor Shares		4,300,398			10,851,428			477,255			3,607,720
Advisor Shares		120,477			16,534			—			—
Reinvestment of distributions:
Institutional Shares		54,887			499,923			15,226			15,218
Investor Shares		27,039			712,736			3,545			2,770
Advisor Shares		337			14,634			—			—
Redemption of shares:
Institutional Shares		(4,405,364	)		(10,565,739	)		(2,498,105	)		(2,933,381	)
Investor Shares		(4,929,069	)		(12,378,205	)		(308,680	)		(770,558	)
Advisor Shares		(79,338	)		(137,221	)		—			—
Increase (Decrease) in shares outstanding		1,874,566			(1,500,812	)		14,063,137			25,767,803

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

www.brownadvisory.com/mf

106

Statements of Changes in Net Assets

	BROWN ADVISORY						BROWN ADVISORY
	INTERMEDIATE INCOME FUND						TOTAL RETURN FUND
	Fiscal			Fiscal			Fiscal			Fiscal
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
OPERATIONS
Net investment income (loss)	$	1,742,582		$	3,185,538		$	5,974,109		$	8,593,332
Net realized gain (loss)		2,063,118			1,740,365			3,026,798			15,660,030
Net change in unrealized appreciation (depreciation)		(2,225,244	)		2,603,423			3,699,619			2,256,513
Increase (Decrease) in Net Assets from Operations		1,580,456			7,529,326			12,700,526			26,509,875
DISTRIBUTIONS FROM EARNINGS
Institutional Shares		—			—			(14,293,838	)		(15,553,156	)
Investor Shares		(2,024,012	)		(3,179,760	)		(189,740	)		(182,090	)
Advisor Shares		(35,872	)		(74,932	)		—			—
Total Distributions from earnings		(2,059,884	)		(3,254,692	)		(14,483,578	)		(15,735,246	)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		—			—			150,248,925			222,481,486
Investor Shares		69,035,600			47,528,552			2,544,231			1,981,023
Advisor Shares		54,578			79,040			—			—
Reinvestment of distributions:
Institutional Shares		—			—			8,155,243			8,508,031
Investor Shares		745,482			1,015,867			171,436			140,974
Advisor Shares		32,893			68,639			—			—
Redemption of shares:
Institutional Shares		—			—			(106,757,079	)		(99,570,279	)
Investor Shares		(49,833,684	)		(39,581,033	)		(2,461,886	)		(2,682,606	)
Advisor Shares		(43,882	)		(251,405	)		—			—
Redemption fees:
Institutional Shares		—			—			741			128
Investor Shares		—			—			9			3
Advisor Shares		—			—			—			—
Increase (Decrease) from Capital Share Transactions		19,990,987			8,859,660			51,901,620			130,858,760
Increase (Decrease) in Net Assets		19,511,559			13,134,294			50,118,568			141,633,389
NET ASSETS
Beginning of period		151,924,122			138,789,828			392,622,771			250,989,382
End of period	$	171,435,681		$	151,924,122		$	442,741,339		$	392,622,771
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		—			—			14,146,348			21,740,019
Investor Shares		6,201,443			4,387,167			238,850			193,932
Advisor Shares		5,017			7,481			—			—
Reinvestment of distributions:
Institutional Shares		—			—			769,645			835,677
Investor Shares		67,135			93,839			16,183			13,795
Advisor Shares		3,031			6,485			—			—
Redemption of shares:
Institutional Shares		—			—			(10,107,352	)		(9,712,425	)
Investor Shares		(4,487,530	)		(3,683,244	)		(233,230	)		(258,127	)
Advisor Shares		(4,048	)		(23,583	)		—			—
Increase (Decrease) in shares outstanding		1,785,048			788,145			4,830,444			12,812,871

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

www.brownadvisory.com/mf

107

Statements of Changes in Net Assets

	BROWN ADVISORY						BROWN ADVISORY
	SUSTAINABLE BOND FUND						MARYLAND BOND FUND
	Fiscal			Fiscal			Fiscal			Fiscal
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
OPERATIONS
Net investment income (loss)	$	2,962,376		$	3,671,135		$	3,479,051		$	4,213,987
Net realized gain (loss)		2,163,756			4,532,009			97,687			40,685
Net change in unrealized appreciation (depreciation)		(1,016,013	)		2,575,255			4,228,940			(1,469,500	)
Increase (Decrease) in Net Assets from Operations		4,110,119			10,778,399			7,805,678			2,785,172
DISTRIBUTIONS FROM EARNINGS
Institutional Shares		(6,647,215	)		(5,317,862	)		—			—
Investor Shares		(123,028	)		(40,327	)		(4,243,704	)		(4,826,066	)
Total Distributions from earnings		(6,770,243	)		(5,358,189	)		(4,243,704	)		(4,826,066	)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		102,466,710			79,922,729			—			—
Investor Shares		3,548,318			2,242,093			24,968,339			32,579,695
Reinvestment of distributions:
Institutional Shares		3,271,157			2,196,982			—			—
Investor Shares		95,926			36,876			1,006,650			1,125,659
Redemption of shares:
Institutional Shares		(38,120,567	)		(60,501,878	)		—			—
Investor Shares		(714,914	)		(1,071,319	)		(19,252,616	)		(37,539,392	)
Redemption fees:
Institutional Shares		1,554			1,401			—			—
Investor Shares		29			19			—			1,579
Increase (Decrease) from Capital Share Transactions		70,548,213			22,826,903			6,722,373			(3,832,459	)
Increase (Decrease) in Net Assets		67,888,089			28,247,113			10,284,347			(5,873,353	)
NET ASSETS
Beginning of period		155,597,028			127,349,915			176,198,291			182,071,644
End of period	$	223,485,117		$	155,597,028		$	186,482,638		$	176,198,291
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		9,729,795			7,806,001			—			—
Investor Shares		338,049			217,078			2,312,457			3,032,321
Reinvestment of distributions:
Institutional Shares		310,735			216,092			—			—
Investor Shares		9,127			3,605			93,166			104,031
Redemption of shares:
Institutional Shares		(3,634,984	)		(5,944,196	)		—			—
Investor Shares		(68,198	)		(106,285	)		(1,781,703	)		(3,483,049	)
Increase (Decrease) in shares outstanding		6,684,524			2,192,295			623,920			(346,697	)

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

www.brownadvisory.com/mf

108

Statements of Changes in Net Assets

							BROWN ADVISORY
	BROWN ADVISORY						TAX-EXEMPT SUSTAINABLE
	TAX-EXEMPT BOND FUND						BOND FUND
	Fiscal			Fiscal			Fiscal			Fiscal
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021				2020	*
OPERATIONS
Net investment income (loss)	$	22,440,185		$	26,817,863		$	2,442,116		$	737,502
Net realized gain (loss)		20,808,707			(10,370,011	)		2,004,560			117,164
Net change in unrealized appreciation (depreciation)		32,884,664			(5,369,003	)		3,896,490			(343,063	)
Increase (Decrease) in Net Assets from Operations		76,133,556			11,078,849			8,343,166			511,603
DISTRIBUTIONS FROM EARNINGS
Institutional Shares		(29,711,781	)		(30,647,912	)		—			—
Investor Shares		(260,612	)		(399,133	)		(2,559,299	)		(737,502	)
Total Distributions from earnings		(29,972,393	)		(31,047,045	)		(2,559,299	)		(737,502	)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		370,614,846			615,524,124			—			—
Investor Shares		4,295,133			11,031,021			109,926,761			167,248,379
Reinvestment of distributions:
Institutional Shares		7,240,171			7,064,583			—			—
Investor Shares		179,967			259,177			451,744			115,022
Redemption of shares:
Institutional Shares		(305,615,768	)		(481,534,100	)		—			—
Investor Shares		(3,328,557	)		(20,193,394	)		(94,071,642	)		(10,105,718	)
Redemption fees:
Institutional Shares		6			15,020			—			—
Investor Shares		—			173			85			—
Increase (Decrease) from Capital Share Transactions		73,385,798			132,166,604			16,306,948			157,257,683
Increase (Decrease) in Net Assets		119,546,961			112,198,408			22,090,815			157,031,784
NET ASSETS
Beginning of period		1,082,426,154			970,227,746			157,031,784			—
End of period	$	1,201,973,115		$	1,082,426,154		$	179,122,599		$	157,031,784
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		35,903,729			60,408,578			—			—
Investor Shares		415,733			1,072,669			10,983,189			16,911,731
Reinvestment of distributions:
Institutional Shares		701,699			693,059			—			—
Investor Shares		17,415			25,314			44,955			11,664
Redemption of shares:
Institutional Shares		(29,550,681	)		(47,976,531	)		—			—
Investor Shares		(324,070	)		(2,009,926	)		(9,344,231	)		(1,022,794	)
Increase (Decrease) in shares outstanding		7,163,825			12,213,163			1,683,913			15,900,601

*	Fund commenced operations on December 2, 2019. Information is for the period from December 2, 2019 to June 30, 2020.

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

www.brownadvisory.com/mf

109

Statements of Changes in Net Assets

							BROWN ADVISORY –
	BROWN ADVISORY						WMC STRATEGIC
	MORTGAGE SECURITIES FUND						EUROPEAN EQUITY FUND
	Fiscal			Fiscal			Fiscal			Fiscal
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
OPERATIONS
Net investment income (loss)	$	(787,682	)	$	2,756,155		$	4,109,443		$	1,196,646
Net realized gain (loss)		3,649,989			10,399,819			45,125,577			17,572,658
Net change in unrealized appreciation (depreciation)		1,338,932			2,065,623			52,604,293			(41,969,646	)
Increase (Decrease) in Net Assets from Operations		4,201,239			15,221,597			101,839,313			(23,200,342	)
DISTRIBUTIONS FROM EARNINGS
Institutional Shares		(1,503,072	)		(4,158,492	)		(20,009,676	)		(24,582,304	)
Investor Shares		(118,094	)		(32,311	)		(1,879,956	)		(865,242	)
Advisor Shares		—			—			(220,820	)		(308,735	)
Total Distributions from earnings		(1,621,166	)		(4,190,803	)		(22,110,452	)		(25,756,281	)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		110,872,804			49,987,536			114,798,417			93,369,220
Investor Shares		24,528,218			11,565,585			24,558,529			10,769,625
Advisor Shares		—			—			455,367			358,021
Reinvestment of distributions:
Institutional Shares		294,936			667,996			12,839,068			13,910,236
Investor Shares		117,644			32,110			1,770,675			806,296
Advisor Shares		—			—			209,582			302,297
Redemption of shares:
Institutional Shares		(63,258,102	)		(105,124,840	)		(68,574,420	)		(243,637,655	)
Investor Shares		(2,689,608	)		(2,198,388	)		(16,467,048	)		(6,471,686	)
Advisor Shares		—			—			(1,542,550	)		(3,895,250	)
Redemption fees:
Institutional Shares		93			1,179			8			211
Investor Shares		10			13			1			11
Advisor Shares		—			—			—			3
Increase (Decrease) from Capital Share Transactions		69,865,995			(45,068,809	)		68,047,629			(134,488,671	)
Increase (Decrease) in Net Assets		72,446,068			(34,038,015	)		147,776,490			(183,445,294	)
NET ASSETS
Beginning of period		247,956,409			281,994,424			313,121,051			496,566,345
End of period	$	320,402,477		$	247,956,409		$	460,897,541		$	313,121,051
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		10,524,847			4,865,234			9,389,076			8,968,861
Investor Shares		2,327,339			1,116,122			2,044,309			1,053,546
Advisor Shares		—			—			38,762			33,648
Reinvestment of distributions:
Institutional Shares		28,000			65,368			1,097,369			1,221,044
Investor Shares		11,152			3,096			151,859			71,108
Advisor Shares		—			—			18,193			26,901
Redemption of shares:
Institutional Shares		(6,005,046	)		(10,277,006	)		(5,890,250	)		(25,118,358	)
Investor Shares		(254,888	)		(214,179	)		(1,266,112	)		(631,412	)
Advisor Shares		—			—			(135,282	)		(378,649	)
Increase (Decrease) in shares outstanding		6,631,404			(4,441,365	)		5,447,924			(14,753,311	)

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

www.brownadvisory.com/mf

110

Statements of Changes in Net Assets

	BROWN ADVISORY						BROWN ADVISORY –
	EMERGING MARKETS						BEUTEL GOODMAN
	SELECT FUND						LARGE-CAP VALUE FUND
	Fiscal			Fiscal			Fiscal			Fiscal
	Year Ended			Year Ended			Year Ended			Year Ended
	June 30,			June 30,			June 30,			June 30,
	2021			2020			2021			2020
OPERATIONS
Net investment income (loss)	$	3,100,058		$	4,043,341		$	11,690,279		$	20,271,705
Net realized gain (loss)		14,477,360			(23,123,861	)		61,713,222			(16,714,433	)
Net change in unrealized appreciation (depreciation)		101,914,885			(3,503,124	)		172,843,343			3,067,903
Increase (Decrease) in Net Assets from Operations		119,492,303			(22,583,644	)		246,246,844			6,625,175
DISTRIBUTIONS FROM EARNINGS
Institutional Shares		(2,138,888	)		(4,125,513	)		(22,311,318	)		(7,657,728	)
Investor Shares		(21,367	)		(46,220	)		—			—
Advisor Shares		(21	)		(1,296	)		—			—
Total Distributions from earnings		(2,160,276	)		(4,173,029	)		(22,311,318	)		(7,657,728	)
CAPITAL SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		182,958,474			113,704,766			527,531,771			257,251,330
Investor Shares		1,523,609			1,096,194			20,000			—
Advisor Shares		10,218			6,426			—			—
Reinvestment of distributions:
Institutional Shares		412,838			705,403			5,500,846			3,633,330
Investor Shares		20,969			43,772			—			—
Advisor Shares		21			1,296			—			—
Redemption of shares:
Institutional Shares		(36,476,602	)		(147,468,241	)		(59,629,241	)		(104,804,022	)
Investor Shares		(1,427,705	)		(1,623,716	)		—			—
Advisor Shares		(49,719	)		(95,199	)		—			—
Redemption fees:
Institutional Shares		123			272			150			955
Investor Shares		2			4			—			—
Advisor Shares		—			—			—			—
Increase (Decrease) from Capital Share Transactions		146,972,228			(33,629,023	)		473,423,526			156,081,593
Increase (Decrease) in Net Assets		264,304,255			(60,385,696	)		697,359,052			155,049,040
NET ASSETS
Beginning of period		271,536,586			331,922,282			452,011,635			296,962,595
End of period	$	535,840,841		$	271,536,586		$	1,149,370,687		$	452,011,635
SHARE TRANSACTIONS
Sale of shares:
Institutional Shares		15,248,156			13,203,555			41,377,447			24,554,210
Investor Shares		127,777			125,988			1,388			—
Advisor Shares		878			725			—			—
Reinvestment of distributions:
Institutional Shares		36,341			71,325			446,135			314,395
Investor Shares		1,846			4,426			—			—
Advisor Shares		2			130			—			—
Redemption of shares:
Institutional Shares		(3,305,092	)		(18,060,646	)		(4,687,212	)		(10,606,917	)
Investor Shares		(134,055	)		(198,402	)		—			—
Advisor Shares		(4,854	)		(12,782	)		—			—
Increase (Decrease) in shares outstanding		11,970,999			(4,865,681	)		37,137,758			14,261,688

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

www.brownadvisory.com/mf

111

Financial Highlights

				From Investment					Distributions to														Ratios to Average
				Operations(a)					Shareholders From														Net Assets(b)
							Net
For a Share							Realized										Net				Net
Outstanding		Net Asset		Net			&										Asset				Assets at		Net
Throughout		Value,		Investment			Unrealized		Net			Net					Value,				End of		Investment						Gross			Portfolio
Each Fiscal Period:		Beginning		Income			Gains		Investment			Realized					End of		Total		Period		Income			Net			Expenses			Turnover
Beginning	Ending	of Period		(Loss)			(Losses)	Total	Income			Gains		Total			Period		Return(c)		(000’s	)	(Loss)			Expenses			(d)			Rate(c)

BROWN ADVISORY GROWTH EQUITY FUND:

Institutional Shares*
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
07/01/18	06/30/19		23.91		(0.04	)	3.38	3.34		—		(2.45	)		(2.45	)		24.80	16.69		1,523,633			(0.19	)		0.70			0.70		22
07/01/17	06/30/18		20.03		(0.06	)	5.62	5.56		—		(1.68	)		(1.68	)		23.91	28.89		289,434			(0.29	)		0.71			0.71		25
07/01/16	06/30/17		19.16		(0.03	)	2.47	2.44		—		(1.57	)		(1.57	)		20.03	13.91		276,592			(0.16	)		0.72			0.72		40

Investor Shares*
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
07/01/18	06/30/19		23.69		(0.08	)	3.34	3.26		—		(2.45	)		(2.45	)		24.50	16.50		828,388			(0.34	)		0.85			0.85		22
07/01/17	06/30/18		19.89		(0.10	)	5.58	5.48		—		(1.68	)		(1.68	)		23.69	28.69		1,775,180			(0.44	)		0.86			0.86		25
07/01/16	06/30/17		19.06		(0.06	)	2.46	2.40		—		(1.57	)		(1.57	)		19.89	13.77		1,484,383			(0.31	)		0.87			0.87		40

Advisor Shares*
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
07/01/18	06/30/19		22.53		(0.13	)	3.14	3.01		—		(2.45	)		(2.45	)		23.09	16.22		6,683			(0.59	)		1.10			1.10		22
07/01/17	06/30/18		19.04		(0.14	)	5.31	5.17		—		(1.68	)		(1.68	)		22.53	28.32		6,215			(0.69	)		1.11			1.11		25
07/01/16	06/30/17		18.35		(0.10	)	2.36	2.26		—		(1.57	)		(1.57	)		19.04	13.53		5,479			(0.56	)		1.12			1.12		40

BROWN ADVISORY FLEXIBLE EQUITY FUND:

Institutional Shares*
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
07/01/18	06/30/19		21.94		0.17		1.63	1.80		(0.08	)	(0.74	)		(0.82	)		22.92	8.94		135,190			0.78			0.57			0.57		14
07/01/17	06/30/18		18.53		0.10		3.43	3.53		(0.12	)	—			(0.12	)		21.94	19.07		131,218			0.48			0.72			0.72		15
07/01/16	06/30/17		15.15		0.11		3.37	3.48		(0.10	)	—			(0.10	)		18.53	23.05		101,431			0.61			0.73			0.73		15

Investor Shares*
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
07/01/18	06/30/19		21.90		0.14		1.63	1.77		(0.05	)	(0.74	)		(0.79	)		22.88	8.77		343,917			0.63			0.72			0.72		14
07/01/17	06/30/18		18.50		0.07		3.42	3.49		(0.09	)	—			(0.09	)		21.90	18.88		316,109			0.33			0.87			0.87		15
07/01/16	06/30/17		15.12		0.08		3.37	3.45		(0.07	)	—			(0.07	)		18.50	22.90		310,360			0.46			0.88			0.88		15

Advisor Shares*
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
07/01/18	06/30/19		21.91		0.08		1.65	1.73		—		(0.74	)		(0.74	)		22.90	8.52		4,652			0.38			0.97			0.97		14
07/01/17	06/30/18		18.50		0.02		3.42	3.44		(0.03	)	—			(0.03	)		21.91	18.61		6,445			0.08			1.12			1.12		15
07/01/16	06/30/17		15.12		0.04		3.37	3.41		(0.03	)	—			(0.03	)		18.50	22.56		5,842			0.21			1.13			1.13		15

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

www.brownadvisory.com/mf

112

Financial Highlights

				From Investment						Distributions to															Ratios to Average
				Operations(a)						Shareholders From															Net Assets(b)
							Net
For a Share							Realized										Net					Net
Outstanding		Net Asset		Net			&										Asset					Assets at			Net
Throughout		Value,		Investment			Unrealized			Net		Net					Value,					End of			Investment						Gross			Portfolio
Each Fiscal Period:		Beginning		Income			Gains			Investment		Realized					End of		Total			Period			Income			Net			Expenses			Turnover
Beginning	Ending	of Period		(Loss)			(Losses)		Total	Income		Gains		Total			Period		Return(c)				(000’s	)	(Loss)			Expenses			(d)			Rate(c)

BROWN ADVISORY EQUITY INCOME FUND:

Institutional Shares*
07/01/20	06/30/21	$	12.97		0.23		3.75		3.98	(0.23	)	(0.74	)		(0.97	)	$	15.98		31.84	%	$	24,045			1.59	%		0.77	%		0.80	%	20	%
07/01/19	06/30/20		14.15		0.23		(0.10	)	0.13	(0.23	)	(1.08	)		(1.31	)		12.97		0.46			22,026			1.66			0.80			0.80		16
07/01/18	06/30/19		14.41		0.26		1.33		1.59	(0.27	)	(1.58	)		(1.85	)		14.15		13.12			26,449			1.87			0.80			0.80		11
07/01/17	06/30/18		13.80		0.24		1.07		1.31	(0.25	)	(0.45	)		(0.70	)		14.41		9.51			27,975			1.70			0.77			0.77		14
07/01/16	06/30/17		12.87		0.26		1.41		1.67	(0.26	)	(0.48	)		(0.74	)		13.80		13.36			29,587			1.94			0.77			0.77		7

Investor Shares*
07/01/20	06/30/21		12.96		0.21		3.75		3.96	(0.21	)	(0.74	)		(0.95	)		15.97		31.67			63,600			1.44			0.92			0.95		20
07/01/19	06/30/20		14.15		0.21		(0.11	)	0.10	(0.21	)	(1.08	)		(1.29	)		12.96		0.24			55,228			1.51			0.95			0.95		16
07/01/18	06/30/19		14.40		0.24		1.34		1.58	(0.25	)	(1.58	)		(1.83	)		14.15		13.03			62,309			1.72			0.95			0.95		11
07/01/17	06/30/18		13.80		0.22		1.06		1.28	(0.23	)	(0.45	)		(0.68	)		14.40		9.27			66,512			1.55			0.92			0.92		14
07/01/16	06/30/17		12.86		0.24		1.42		1.66	(0.24	)	(0.48	)		(0.72	)		13.80		13.28			81,890			1.79			0.92			0.92		7

Advisor Shares*
07/01/20	06/30/21		12.96		0.17		3.74		3.91	(0.17	)	(0.74	)		(0.91	)		15.96		31.27			1,182			1.19			1.17			1.20		20
07/01/19	06/30/20		14.14		0.17		(0.10	)	0.07	(0.17	)	(1.08	)		(1.25	)		12.96		0.05			886			1.26			1.20			1.20		16
07/01/18	06/30/19		14.40		0.21		1.33		1.54	(0.22	)	(1.58	)		(1.80	)		14.14		12.67			1,017			1.47			1.20			1.20		11
07/01/17	06/30/18		13.78		0.19		1.06		1.25	(0.18	)	(0.45	)		(0.63	)		14.40		9.04			1,077			1.30			1.17			1.17		14
07/01/16	06/30/17		12.84		0.20		1.43		1.63	(0.21	)	(0.48	)		(0.69	)		13.78		13.02			2,422			1.54			1.17			1.17		7

BROWN ADVISORY SUSTAINABLE GROWTH FUND:

Institutional Shares*
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
07/01/18	06/30/19		23.02		0.03		4.12		4.15	—		(0.78	)		(0.78	)		26.39		18.89			749,949			0.10			0.73			0.73		21
07/01/17	06/30/18		18.94		0.01		4.42		4.43	—		(0.35	)		(0.35	)		23.02		23.59			369,642			0.05			0.73			0.73		29
07/01/16	06/30/17		16.05		(0.02	)	3.03		3.01	—		(0.12	)		(0.12	)		18.94		18.83			221,177			(0.10	)		0.73			0.73		41

Investor Shares*
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
07/01/18	06/30/19		22.79		(0.01	)	4.07		4.06	—		(0.78	)		(0.78	)		26.07		18.68			374,769			(0.05	)		0.88			0.88		21
07/01/17	06/30/18		18.78		(0.02	)	4.38		4.36	—		(0.35	)		(0.35	)		22.79		23.41			102,201			(0.10	)		0.88			0.88		29
07/01/16	06/30/17		15.94		(0.04	)	3.00		2.96	—		(0.12	)		(0.12	)		18.78		18.65			36,954			(0.25	)		0.88			0.88		41

Advisor Shares*
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
07/01/18	06/30/19		22.44		(0.07	)	4.00		3.93	—		(0.78	)		(0.78	)		25.59		18.39			250,871			(0.30	)		1.13			1.13		21
07/01/17	06/30/18		18.54		(0.07	)	4.32		4.25	—		(0.35	)		(0.35	)		22.44		23.12			213,262			(0.35	)		1.13			1.13		29
07/01/16	06/30/17		15.78		(0.08	)	2.96		2.88	—		(0.12	)		(0.12	)		18.54		18.33			172,012			(0.50	)		1.13			1.13		41

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

www.brownadvisory.com/mf

113

Financial Highlights

				From Investment					Distributions to														Ratios to Average
				Operations(a)					Shareholders From														Net Assets(b)
						Net
For a Share						Realized									Net					Net
Outstanding		Net Asset		Net		&									Asset					Assets at			Net
Throughout		Value,		Investment		Unrealized			Net		Net				Value,					End of			Investment				Gross			Portfolio
Each Fiscal Period:		Beginning		Income		Gains			Investment		Realized				End of		Total			Period			Income		Net		Expenses			Turnover
Beginning	Ending	of Period		(Loss)		(Losses)	Total		Income		Gains		Total		Period		Return(c)				(000’s	)	(Loss)		Expenses		(d)			Rate(c)

BROWN ADVISORY MID-CAP GROWTH FUND:

Institutional Shares*
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
07/02/18^	06/30/19		11.42	(0.00	)	1.83		1.83	—		(0.11	)	(0.11	)		13.14		16.36			42,404		(0.00	)	0.70			1.04		46

Investor Shares*
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
07/01/18	06/30/19		11.36	(0.02	)	1.89		1.87	—		(0.11	)	(0.11	)		13.12		16.80			2,933		(0.15	)	0.85			1.19		46
10/02/17^	06/30/18		10.00	(0.01	)	1.37		1.36	—		—		—			11.36		13.60			21,377		(0.16	)	0.85			1.58		29

BROWN ADVISORY SMALL-CAP GROWTH FUND:

Institutional Shares*
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
07/01/18	06/30/19		40.64	(0.15	)	5.52		5.37	(0.18	)	(1.59	)	(1.77	)		44.24		14.56			838,698		(0.36	)	0.98			0.98		44
07/01/17	06/30/18		35.15	(0.16	)	6.31		6.15	(0.15	)	(0.51	)	(0.66	)		40.64		17.64			424,449		(0.42	)	0.98			0.98		30
07/01/16	06/30/17		31.19	(0.16	)	5.25		5.09	—		(1.13	)	(1.13	)		35.15		16.57			165,615		(0.49	)	0.98			0.98		22

Investor Shares*
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
07/01/18	06/30/19		20.34	(0.10	)	2.77		2.67	(0.08	)	(0.80	)	(0.88	)		22.13		14.40			493,421		(0.51	)	1.13			1.13		44
07/01/17	06/30/18		17.61	(0.11	)	3.15		3.04	(0.06	)	(0.25	)	(0.31	)		20.34		17.44			476,786		(0.57	)	1.13			1.13		30
07/01/16	06/30/17		15.65	(0.11	)	2.63		2.52	—		(0.56	)	(0.56	)		17.61		16.40			335,185		(0.64	)	1.13			1.13		22

Advisor Shares*
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
07/01/18	06/30/19		19.46	(0.15	)	2.64		2.49	(0.04	)	(0.76	)	(0.80	)		21.15		14.08			14,489		(0.76	)	1.38			1.38		44
07/01/17	06/30/18		16.85	(0.15	)	3.02		2.87	(0.02	)	(0.24	)	(0.26	)		19.46		17.21			18,449		(0.82	)	1.38			1.38		30
07/01/16	06/30/17		15.02	(0.14	)	2.51		2.37	—		(0.54	)	(0.54	)		16.85		16.04			32,852		(0.89	)	1.38			1.38		22

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

www.brownadvisory.com/mf

114

Financial Highlights

				From Investment					Distributions to													Ratios to Average
				Operations(a)					Shareholders From													Net Assets(b)
					Net
For a Share					Realized										Net				Net
Outstanding		Net Asset		Net	&										Asset				Assets at			Net
Throughout		Value,		Investment	Unrealized				Net		Net				Value,				End of			Investment				Gross		Portfolio
Each Fiscal Period:		Beginning		Income	Gains				Investment		Realized				End of		Total		Period			Income		Net		Expenses		Turnover
Beginning	Ending	of Period		(Loss)	(Losses)		Total		Income		Gains		Total		Period		Return(c)			(000’s	)	(Loss)		Expenses		(d)		Rate(c)

BROWN ADVISORY SMALL-CAP FUNDAMENTAL VALUE FUND:

Institutional Shares*
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
07/01/18	06/30/19		29.16	0.29	(1.54	)	(1.25	)	(0.21	)	(2.93	)	(3.14	)		24.77	(2.91	)		447,846		1.10		0.97		0.97		36
07/01/17	06/30/18		27.11	0.15	3.11		3.26		(0.20	)	(1.01	)	(1.21	)		29.16	12.13			410,785		0.52		0.97		0.97		32
07/01/16	06/30/17		22.75	0.17	4.31		4.48		(0.09	)	(0.03	)	(0.12	)		27.11	19.73			341,038		0.68		0.97		0.97		30

Investor Shares*
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
07/01/18	06/30/19		29.12	0.25	(1.53	)	(1.28	)	(0.16	)	(2.93	)	(3.09	)		24.75	(3.05	)		577,212		0.95		1.12		1.12		36
07/01/17	06/30/18		27.08	0.10	3.10		3.20		(0.15	)	(1.01	)	(1.16	)		29.12	11.95			874,269		0.37		1.12		1.12		32
07/01/16	06/30/17		22.73	0.13	4.31		4.44		(0.06	)	(0.03	)	(0.09	)		27.08	19.54			834,317		0.53		1.12		1.12		30

Advisor Shares*
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
07/01/18	06/30/19		28.98	0.19	(1.51	)	(1.32	)	(0.09	)	(2.93	)	(3.02	)		24.64	(3.27	)		8,393		0.70		1.37		1.37		36
07/01/17	06/30/18		26.95	0.03	3.08		3.11		(0.07	)	(1.01	)	(1.08	)		28.98	11.65			25,032		0.12		1.37		1.37		32
07/01/16	06/30/17		22.62	0.07	4.29		4.36		—		(0.03	)	(0.03	)		26.95	19.29			24,974		0.28		1.37		1.37		30

BROWN ADVISORY GLOBAL LEADERS FUND:

Institutional Shares*
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
10/31/18^	06/30/19		13.13	0.07	2.07		2.14		(0.03	)	—		(0.03	)		15.24	16.38			214,263		0.71		0.75		0.88		23

Investor Shares*
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
07/01/18	06/30/19		13.82	0.08	1.36		1.44		(0.03	)	—		(0.03	)		15.23	10.49			18,943		0.60		0.86		1.07		23
07/01/17	06/30/18		11.50	0.08	2.25		2.33		(0.01	)	—		(0.01	)		13.82	20.28			86,112		0.60		0.85		1.10		26
07/01/16	06/30/17		9.65	0.04	1.83		1.87		(0.02	)	—		(0.02	)		11.50	19.39			39,354		0.39		0.85		1.16		35

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

www.brownadvisory.com/mf

115

Financial Highlights

				From Investment					Distributions to														Ratios to Average
				Operations(a)					Shareholders From														Net Assets(b)
					Net
For a Share					Realized											Net				Net
Outstanding		Net Asset		Net	&											Asset				Assets at			Net
Throughout		Value,		Investment	Unrealized				Net		Net					Value,				End of			Investment				Gross			Portfolio
Each Fiscal Period:		Beginning		Income	Gains				Investment		Realized					End of		Total		Period			Income		Net		Expenses			Turnover
Beginning	Ending	of Period		(Loss)	(Losses)		Total		Income		Gains			Total		Period		Return(c)			(000’s	)	(Loss)		Expenses		(d)			Rate(c)

BROWN ADVISORY INTERMEDIATE INCOME FUND:

Investor Shares*
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
07/01/18	06/30/19		10.35	0.27	0.36		0.63		(0.26	)		—		(0.26	)		10.72	6.24			135,175		2.63		0.47			0.53		82
07/01/17	06/30/18		10.60	0.23	(0.24	)	(0.01	)	(0.24	)		—		(0.24	)		10.35	(0.12	)		125,060		2.20		0.45			0.51		35
07/01/16	06/30/17		10.78	0.20	(0.16	)	0.04		(0.22	)		—		(0.22	)		10.60	0.40			131,941		1.88		0.45			0.51		62

Advisor Shares*
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
07/01/18	06/30/19		10.13	0.24	0.36		0.60		(0.24	)		—		(0.24	)		10.49	6.01			3,615		2.38		0.72			0.78		82
07/01/17	06/30/18		10.38	0.20	(0.24	)	(0.04	)	(0.21	)		—		(0.21	)		10.13	(0.38	)		3,782		1.95		0.70			0.76		35
07/01/16	06/30/17		10.56	0.17	(0.15	)	0.02		(0.20	)		—		(0.20	)		10.38	0.16			4,098		1.63		0.70			0.76		62

BROWN ADVISORY TOTAL RETURN FUND:

Institutional Shares*
07/01/20	06/30/21		10.51	0.14	0.18		0.32		(0.15	)		(0.19	)	(0.34	)		10.49	3.10			437,997		1.37		0.42			0.42		130
07/01/19	06/30/20		10.22	0.27	0.52		0.79		(0.28	)		(0.22	)	(0.50	)		10.51	7.90			388,100		2.62		0.45			0.45		143
07/01/18	06/30/19		9.78	0.32	0.44		0.76		(0.32	)		—		(0.32	)		10.22	7.90			246,074		3.26		0.49			0.49		106
07/01/17	06/30/18		10.00	0.28	(0.22	)	0.06		(0.28	)		—		(0.28	)		9.78	0.61			121,381		2.79		0.50			0.50		209
07/01/16	06/30/17		10.18	0.24	(0.16	)	0.08		(0.25	)		(0.01	)	(0.26	)		10.00	0.80			107,686		2.36		0.51			0.51		216

Investor Shares*
07/01/20	06/30/21		10.51	0.14	0.18		0.32		(0.15	)		(0.19	)	(0.34	)		10.49	3.05			4,744		1.32		0.47			0.47		130
07/01/19	06/30/20		10.22	0.26	0.52		0.78		(0.27	)		(0.22	)	(0.49	)		10.51	7.85			4,523		2.57		0.50			0.50		143
07/01/18	06/30/19		9.78	0.32	0.43		0.75		(0.31	)		—		(0.31	)		10.22	7.85			4,916		3.21		0.54			0.54		106
07/01/17	06/30/18		10.00	0.27	(0.21	)	0.06		(0.28	)		—		(0.28	)		9.78	0.56			2,619		2.74		0.55			0.55		209
07/01/16	06/30/17		10.18	0.23	(0.16	)	0.07		(0.24	)		(0.01	)	(0.25	)		10.00	0.75			2,668		2.31		0.56			0.56		216

BROWN ADVISORY SUSTAINABLE BOND FUND:

Institutional Shares*
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
07/02/18^	06/30/19		9.70	0.30	0.42		0.72		(0.29	)		—		(0.29	)		10.13	7.60			126,466		3.08		0.55			0.52		66

Investor Shares*
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
07/01/18	06/30/19		9.70	0.29	0.43		0.72		(0.29	)		—		(0.29	)		10.13	7.54			884		3.03		0.60			0.57		66
08/07/17^	06/30/18		10.00	0.21	(0.34	)	(0.13	)	(0.17	)		—		(0.17	)		9.70	(1.27	)		54,291		2.41		0.60			0.71		64

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

www.brownadvisory.com/mf

116

Financial Highlights

				From Investment						Distributions to														Ratios to Average
				Operations(a)						Shareholders From														Net Assets(b)
						Net
For a Share						Realized											Net				Net
Outstanding		Net Asset		Net		&											Asset				Assets at			Net
Throughout		Value,		Investment		Unrealized				Net		Net					Value,				End of			Investment				Gross		Portfolio
Each Fiscal Period:		Beginning		Income		Gains				Investment		Realized					End of		Total		Period			Income		Net		Expenses		Turnover
Beginning	Ending	of Period		(Loss)		(Losses)		Total		Income		Gains			Total		Period		Return(c)			(000’s	)	(Loss)		Expenses		(d)		Rate(c)

BROWN ADVISORY MARYLAND BOND FUND:

Investor Shares*
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
07/01/18	06/30/19		10.50	0.28		0.30		0.58		(0.28	)		—		(0.28	)		10.80	5.65			182,072		2.69		0.49		0.49		33
07/01/17	06/30/18		10.62	0.26		(0.12	)	0.14		(0.26	)		—		(0.26	)		10.50	1.29			181,230		2.42		0.48		0.48		25
07/01/16	06/30/17		10.92	0.23		(0.26	)	(0.03	)	(0.23	)		(0.04	)	(0.27	)		10.62	(0.27	)		181,518		2.14		0.49		0.49		53

BROWN ADVISORY TAX-EXEMPT BOND FUND:

Institutional Shares*
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
07/02/18^	06/30/19		9.90	0.33		0.30		0.63		(0.33	)		—		(0.33	)		10.20	6.51			950,832		3.36		0.43		0.43		53

Investor Shares*
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
07/01/18	06/30/19		9.90	0.33		0.30		0.63		(0.33	)		—		(0.33	)		10.20	6.49			19,395		3.31		0.48		0.48		53
07/01/17	06/30/18		9.94	0.31		(0.04	)	0.27		(0.31	)		—		(0.31	)		9.90	2.78			439,906		3.16		0.48		0.48		55
07/01/16	06/30/17		10.26	0.29		(0.32	)	(0.03	)	(0.29	)		—		(0.29	)		9.94	(0.29	)		257,602		2.88		0.49		0.49		55

BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND:

Investor Shares*
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*
07/01/20	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
07/01/18	06/30/19		9.65	0.22		0.42		0.64		(0.27	)		—		(0.27	)		10.02	6.72			281,728		2.29		0.47		0.47		200
07/01/17	06/30/18		9.87	0.18		(0.16	)	0.02		(0.24	)		—		(0.24	)		9.65	0.16			300,643		1.86		0.47		0.47		336
07/01/16	06/30/17		10.20	0.15		(0.21	)	(0.06	)	(0.20	)		(0.07	)	(0.27	)		9.87	(0.52	)		342,705		1.53		0.46		0.46		414

Investor Shares*
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
07/01/18	06/30/19		9.66	0.22		0.40		0.62		(0.26	)		—		(0.26	)		10.02	6.55			266		2.24		0.52		0.52		200
07/01/17	06/30/18		9.87	0.18		(0.16	)	0.02		(0.23	)		—		(0.23	)		9.66	0.21			321		1.81		0.52		0.52		336
07/01/16	06/30/17		10.21	0.15		(0.22	)	(0.07	)	(0.20	)		(0.07	)	(0.27	)		9.87	(0.68	)		738		1.48		0.51		0.51		414

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

www.brownadvisory.com/mf

117

Financial Highlights

				From Investment							Distributions to														Ratios to Average
				Operations(a)							Shareholders From														Net Assets(b)
						Net
For a Share						Realized												Net				Net
Outstanding		Net Asset		Net		&												Asset				Assets at			Net
Throughout		Value,		Investment		Unrealized					Net		Net					Value,				End of			Investment				Gross		Portfolio
Each Fiscal Period:		Beginning		Income		Gains					Investment		Realized					End of		Total		Period			Income		Net		Expenses		Turnover
Beginning	Ending	of Period		(Loss)		(Losses)		Total			Income		Gains		Total			Period		Return(c)			(000’s	)	(Loss)		Expenses		(d)		Rate(c)

BROWN ADVISORY – WMC STRATEGIC EUROPEAN EQUITY FUND:

Institutional Shares*
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
07/01/18	06/30/19		12.42	0.07		(0.16	)		(0.09	)	(0.20	)	(0.98	)		(1.18	)		11.15	0.84			470,903		0.62		1.07		1.07		34
07/01/17	06/30/18		12.05	0.13		0.35			0.48		(0.11	)	—			(0.11	)		12.42	3.97			927,916		1.03		1.07		1.07		33
07/01/16	06/30/17		9.90	0.12		2.16			2.28		(0.13	)	—			(0.13	)		12.05	23.32			1,176,492		1.10		1.09		1.09		27

Investor Shares*
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
07/01/18	06/30/19		12.41	0.05		(0.17	)		(0.12	)	(0.19	)	(0.98	)		(1.17	)		11.12	0.58			18,100		0.47		1.22		1.22		34
07/01/17	06/30/18		12.05	0.11		0.36			0.47		(0.11	)	—			(0.11	)		12.41	3.85			14,669		0.88		1.22		1.22		33
07/01/16	06/30/17		9.90	0.10		2.17			2.27		(0.12	)	—			(0.12	)		12.05	23.18			7,367		0.95		1.24		1.24		27

Advisor Shares*
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
07/01/18	06/30/19		12.30	0.02		(0.16	)		(0.14	)	(0.15	)	(0.98	)		(1.13	)		11.03	0.42			7,563		0.22		1.47		1.47		34
07/01/17	06/30/18		11.98	0.08		0.35			0.43		(0.11	)	—			(0.11	)		12.30	3.54			13,313		0.63		1.47		1.47		33
07/01/16	06/30/17		9.85	0.08		2.15			2.23		(0.10	)	—			(0.10	)		11.98	22.91			10,740		0.70		1.49		1.49		27

BROWN ADVISORY EMERGING MARKETS SELECT FUND:

Institutional Shares*
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
07/01/18	06/30/19		10.06	0.11		(0.48	)		(0.37	)	(0.35	)	—			(0.35	)		9.34	(3.35	)		326,693		1.20		1.26		1.26		131
07/01/17	06/30/18		10.17	0.17		(0.17	)		—		(0.11	)	—			(0.11	)		10.06	(0.12	)		513,535		1.57		1.15		1.15		13
07/01/16	06/30/17		8.73	0.12		1.43			1.55		(0.11	)	—			(0.11	)		10.17	18.04			407,616		1.31		1.17		1.17		23

Investor Shares*
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
07/01/18	06/30/19		10.03	0.10		(0.48	)		(0.38	)	(0.32	)	—			(0.32	)		9.33	(3.42	)		5,063		1.05		1.41		1.41		131
07/01/17	06/30/18		10.15	0.16		(0.19	)		(0.03	)	(0.09	)	—			(0.09	)		10.03	(0.37	)		38,106		1.42		1.30		1.30		13
07/01/16	06/30/17		8.71	0.11		1.43			1.54		(0.10	)	—			(0.10	)		10.15	17.90			183,378		1.16		1.32		1.32		23

Advisor Shares*
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
07/01/18	06/30/19		10.07	0.07		(0.47	)		(0.40	)	(0.30	)	—			(0.30	)		9.37	(3.66	)		167		0.80		1.66		1.66		131
07/01/17	06/30/18		10.19	0.13		(0.18	)		(0.05	)	(0.07	)	—			(0.07	)		10.07	(0.60	)		172		1.17		1.55		1.55		13
07/01/16	06/30/17		8.73	0.08		1.45			1.53		(0.07	)	—			(0.07	)		10.19	17.65			253		0.91		1.57		1.57		23

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

www.brownadvisory.com/mf

118

Financial Highlights

				From Investment						Distributions to													Ratios to Average
				Operations(a)						Shareholders From													Net Assets(b)
					Net
For a Share					Realized											Net				Net
Outstanding		Net Asset		Net	&											Asset				Assets at			Net
Throughout		Value,		Investment	Unrealized					Net		Net				Value,				End of			Investment				Gross		Portfolio
Each Fiscal Period:		Beginning		Income	Gains					Investment		Realized				End of		Total		Period			Income		Net		Expenses		Turnover
Beginning	Ending	of Period		(Loss)	(Losses)		Total			Income		Gains		Total		Period		Return(c)			(000’s	)	(Loss)		Expenses		(d)		Rate(c)

BROWN ADVISORY – BEUTEL GOODMAN LARGE-CAP VALUE FUND:

Institutional Shares*
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
07/01/18	06/30/19		9.58	0.20	0.89			1.09		(0.11	)	(0.09	)	(0.20	)		10.47	11.62			296,963		1.97		0.60		0.60		45
02/13/18^	06/30/18		10.00	0.06	(0.48	)		(0.42	)	—		—		—			9.58	(4.20	)		151,004		1.61		0.67		0.67		11

*	Redemption fees of less than $0.005/share are not presented and are included in net realized & unrealized gains (losses) from investment operations. The increase in the portfolio turnover rate for Brown Advisory Emerging Markets Select Fund for the year ended June 30, 2019 was primarily the result of a change in sub-advisers during the year.
^	Commencement of operations.
(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.

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Notes to Financial Statements

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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 Equity Income Fund (“Equity Income Fund”) seeks to provide current dividend yield and dividend growth,

•	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 Global Leaders Fund (“Global Leaders Fund”) seeks to achieve long-term capital appreciation by investing primarily in global 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 Total Return Fund (“Total Return Fund”) seeks to provide a competitive total return consistent with the preservation of principal,

•	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,

•	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.

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The Funds commenced operations as follows:

Institutional

Investor

Advisor

Institutional

Investor

Advisor

Fund

Growth Equity

10/19/2012

6/28/1999

5/18/2006

Sustainable Bond

7/2/2018

8/7/2017

—

Flexible Equity

10/19/2012

11/30/2006

1/24/2007

Maryland Bond

—

12/21/2000

—

Equity Income

10/19/2012

12/29/2011

Tax-Exempt Bond

7/2/2018

6/29/2012

—

Sustainable Growth

6/29/2012

Tax-Exempt

Mid-Cap Growth

7/2/2018

10/2/2017

—

Sustainable Bond

—

12/2/2019

—

Small-Cap Growth

9/20/2002

6/28/1999

4/25/2006

Mortgage Securities

5/13/2014

12/26/2013

—

Small-Cap

WMC Strategic

Fundamental Value

10/19/2012

12/31/2008

7/28/2011

European Equity

10/21/2013

Global Leaders

10/31/2018

7/1/2015

—

Emerging Markets Select

12/12/2012

Intermediate Income

—

11/2/1995

5/13/1991

Beutel Goodman

Total Return

10/30/2014

—

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 fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. These inputs are summarized in the three broad levels listed below:

Level 1 –	Quoted prices in active markets for identical securities.

Level 2 –	Evaluated price based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc).

Level 3 –	Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Domestic Equity Securities – Domestic equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market^® (“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

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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 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 lines 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 June 30, 2021, 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 June 30, 2021 was $1,783,450 or 0.1% of Small-Cap Growth Fund’s net assets and $2,107 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, 2021:

	Level 1		Level 2		Level 3
Growth Equity Fund
Common Stocks	$	3,367,883,630	$	—	$	—
REIT^		106,918,114		—		—
Short-Term Investments		52,998,101		—		—
Total Investments	$	3,527,799,845	$	—	$	—

Flexible Equity Fund
Common Stocks	$	668,653,114	$	—	$	—
REIT^		16,506,511		—		—
Short-Term Investments		23,925,248		—		—
Total Investments	$	709,084,873	$	—	$	—

Equity Income Fund
Common Stocks	$	80,937,216	$	—	$	—
Preferred Stocks		1,362,988		—		—
REIT^		3,650,914		—		—
Short-Term Investments		3,023,136		—		—
Total Investments	$	88,974,254	$	—	$	—

Sustainable Growth Fund
Common Stocks	$	5,349,731,142	$	—	$	—
REIT^		216,866,501		—		—
Short-Term Investments		76,469,607		—		—
Total Investments	$	5,643,067,250	$	—	$	—

Mid-Cap Growth Fund
Common Stocks	$	180,886,243	$	—	$	—
REIT^		4,025,181		—		—
Short-Term Investments		7,408,454		—		—
Total Investments	$	192,319,878	$	—	$	—

Small-Cap Growth Fund
Common Stocks	$	2,387,652,640	$	—	$	—
Private Placements		—		—		1,783,450
REIT^		57,856,400		—		—
Short-Term Investments		116,999,929		—		—
Total Investments	$	2,562,508,969	$	—	$	1,783,450

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	Level 1			Level 2		Level 3
Small-Cap Fundamental Value Fund
Common Stocks	$	1,122,251,686		$	—	$	—
REIT^		93,161,581			—		—
Short-Term Investments		26,580,611			—		—
Total Investments	$	1,241,993,878		$	—	$	—

Global Leaders Fund
Common Stocks:
China	$	—		$	79,267,500	$	—
France		—			42,099,708		—
Germany		—			66,963,993		—
India		—			31,539,712		—
Indonesia		—			27,257,253		—
Netherlands		—			32,607,825		—
Sweden		—			30,380,906		—
Switzerland		—			64,033,642		—
Taiwan		48,312,011			—		—
United Kingdom		—			34,153,569		—
United States		771,386,076			—		—
Short-Term Investments		15,393,557			—		—
Total Investments	$	835,091,644		$	408,304,108	$	—

Intermediate Income Fund
Corporate Bonds & Notes	$	—		$	48,047,173	$	—
Mortgage Backed Securities		—			34,482,423		—
Asset Backed Securities		—			18,376,975		—
U.S. Treasury Notes		—			45,994,247		—
Affiliated Mutual Funds		20,785,301			—		—
Short-Term Investments		2,852,409			—		—
Total Investments	$	23,637,710		$	146,900,818	$	—

Total Return Fund
Corporate Bonds & Notes	$	—		$	172,094,063	$	—
Mortgage Backed Securities		—			135,753,369		—
Asset Backed Securities		—			78,561,322		—
U.S. Treasury Notes		—			70,243,946		—
Municipal Bonds		—			1,890,027		—
Short-Term Investments		24,131,317			1,799,974		—
Total Investments	$	24,131,317		$	460,342,701	$	—
Futures Contracts – Long*	$	2,486,565		$	—	$	—
Futures Contracts – Short*	$	(655,639	)	$	—	$	—

Sustainable Bond Fund
Corporate Bonds & Notes	$	—		$	86,707,931	$	—
Mortgage Backed Securities		—			67,377,386		—
Asset Backed Securities		—			20,018,904		—
U.S. Treasury Notes		—			18,774,414		—
Foreign Government Bonds		—			17,125,760		—
Municipal Bonds		—			9,741,533		—
Short-Term Investments		24,730,581			249,996		—
Total Investments	$	24,730,581		$	219,995,924	$	—
Futures Contracts – Long*	$	1,052,401		$	—	$	—
Futures Contracts – Short*	$	(318,888	)	$	—	$	—

Maryland Bond Fund
Municipal Bonds	$	—		$	182,986,541	$	—
Short-Term Investments		1,326,775			—		—
Total Investments	$	1,326,775		$	182,986,541	$	—

Tax-Exempt Bond Fund
Municipal Bonds	$	—		$	1,202,615,311	$	—
Short-Term Investments		9,813,038			—		—
Total Investments	$	9,813,038		$	1,202,615,311	$	—

Tax-Exempt Sustainable Bond Fund
Municipal Bonds	$	—		$	174,431,544	$	—
Short-Term Investments		5,005,964			—		—
Total Investments	$	5,005,964		$	174,431,544	$	—

Mortgage Securities Fund
Mortgage Backed Securities	$	—		$	273,644,753	$	—
Asset Backed Securities		—			17,517,216		—
Corporate Bonds & Notes		—			1,879,751		—
Municipal Bonds		—			611,193		—
Short-Term Investments		60,256,379			—		—
Total Investments	$	60,256,379		$	293,652,913	$	—
Futures Contracts – Long*	$	165,384		$	—	$	—
Futures Contracts – Short*	$	(94,760	)	$	—	$	—

WMC Strategic European Equity Fund
Common Stocks:
Austria	$	1,675,634		$	6,049,302	$	—
Belgium		—			18,533,795		—
Czech Republic		—			4,658,762		—
Denmark		—			3,069,353		—
France		—			57,651,181		—
Germany		3,488,439			61,702,597		—
Italy		—			457,439		—
Netherlands		—			23,002,292		—
Portugal		—			7,885,731		—
Spain		2,913,456			13,121,679		—
Sweden		—			45,406,088		—
Switzerland		—			42,483,246		—
United Kingdom		6,021,660			142,500,334		—
Preferred Stocks		—			3,163,275		—
Short-Term Investments		11,868,531			—		—
Total Investments	$	25,967,720		$	429,685,074	$	—

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	Level 1		Level 2		Level 3
Emerging Markets Select Fund
Common Stocks:
Brazil	$	9,072,965	$	—	$	—
China		50,720,027		134,002,581		2,107
Czech Republic		—		4,536,814		—
Hungary		—		4,838,666		—
India		4,324,268		58,209,781		—
Indonesia		—		6,078,139		—
Malaysia		—		1,749,270		—
Russia		—		13,744,851		—
Singapore		—		11,460,607		—
South Africa		—		4,420,727		—
South Korea		—		72,682,181		—
Taiwan		—		83,526,880		—
Thailand		—		7,095,797		—
Turkey		—		5,110,401		—
United Arab Emirates		—		4,548,773		—
United Kingdom		—		6,401,871		—
United States		9,791,680		—		—
Preferred Stocks:
Brazil		12,057,223		—		—
South Korea		—		2,199,236		—
Exchanged Traded Funds		10,788,876		—		—
Short-Term Investments		17,814,072		—		—
Total Investments	$	114,569,111	$	420,606,575	$	2,107

Beutel Goodman Large-Cap Value Fund
Common Stocks	$	1,119,711,325	$	—	$	—
Short-Term Investments		31,416,800		—		—
Total Investments	$	1,151,128,125	$	—	$	—

^	Real Estate Investment Trusts
*	Amounts presented for Futures Contracts represent total unrealized appreciation (depreciation) as of the date of this report.

The following is a reconciliation of Level 3 securities for which significant unobservable inputs were used to determine fair value.

Small-Cap Growth Fund	Private Placements
Balance as of June 30, 2020	$	1,814,370
Purchases		—
Distributions / returns of capital		(897,750	)
Realized gains		897,750
Change in unrealized appreciation (depreciation)		(30,920	)
Balance as June 30, 2021	$	1,783,450
Change in unrealized appreciation (depreciation) for Level 3 investments held at June 30, 2021	$	(30,920	)

Private Placements – The inputs utilized in valuing the private placements consist of annual audited financial statements and quarterly capital statements which are provided by the issuer. These valuations are adjusted periodically for certain events (additional contributions of capital or purchases made by the Fund, distributions to the Fund made by the issuer, etc) that may occur prior to receipt of the next quarterly capital statement or Annual Report.

Emerging Markets Select Fund	Common Stock
Balance as of June 30, 2020	$	—
Transfers into Level 3		1,537,485
Change in unrealized appreciation (depreciation)		(1,535,378	)
Balance as of June 30, 2021	$	2,107
Change in unrealized appreciation (depreciation) for Level 3 investments held at June 30, 2021	$	(1,535,378	)

Common Stock – The inputs utilized in valuing the common stock consist of information disclosed by the Audit Committee of Brilliance China Automotive Holdings, Ltd. (“Brilliance China”) which indicated that certain wholly owned subsidiaries have entered into unauthorized transactions resulting in material unknown and unauthorized liabilities for Brilliance China. The discovery of these liabilities, litigation related to these liabilities, as well as the search for any additional unknown liabilities has resulted in Brilliance China’s annual audit being delayed indefinitely and past the March 31, 2021 deadline for the company to continue trading on the Hong Kong Stock Exchange.

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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.

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, 2021.

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

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floating rate interests (“Floaters”), which are generally sold to third party investors (often money market funds) and residual interests (“Residual Interests”), which are generally held by the Fund or party that contributed the securities to the TOB Trust. The interest rates payable on the Residual Interests bear an inverse relationship to the interest rate on the Floaters. The interest rate on the Floaters is reset by a remarketing process typically every 7 to 35 days. After income is paid on the Floaters at current, short-term rates, the residual income from the underlying bond held by the TOB Trust goes to the Residual Interests. If a Fund is the depositor of the municipal bonds or other securities to the TOB Trust, the Fund will receive the proceeds from the TOB Trust’s sale of the Floaters, less certain transaction costs. These proceeds may be used by the Fund to invest in other securities, which would have a leveraging effect on the Fund.

Residual Interests may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances, the holder of the Residual Interests bears substantially all of the underlying bond’s downside investment risk and also benefits from any appreciation in the value of the underlying bond. Investments in Residual Interests typically will involve greater risk than investments in the underlying municipal bond, including the risk of loss of principal. Because changes in the interest rate on the Floaters inversely affect the residual interest paid on the Residual Interests, the value of the Residual Interests is generally more volatile than that of a fixed-rate municipal bond. Floaters and Residual Interests are subject to interest rate adjustment formulas which generally reduce or, in the extreme, eliminate the interest received by the Residual Interests when short-term interest rates rise, and increase the interest received when short-term interest rates fall.

The Residual Interests held by a Fund provide the Fund with the right to: (1) cause the holders of the Floaters to tender their notes at par, and (2) cause the sale of the underlying bond held by the TOB Trust, thereby collapsing the TOB Trust. A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. Each Fund does not currently intend to invest in a TOB Trust on a recourse basis, although each Fund reserves the right to do so in the future. TOB Trusts are typically supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Floaters to tender their Floaters in exchange for payment of par plus accrued interest on any business day (subject to the non-occurrence of a TOTE, as such term is defined below). Depending on the structure of the TOB Trust, the Liquidity Provider may purchase the tendered Floaters, or the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered Floaters.

The TOB Trust may also be collapsed without the consent of a Fund, as the holder of the Residual Interest, upon the occurrence of certain “tender option termination events” (or “TOTEs”) as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, or a judgment or ruling that interest on the underlying municipal bond is subject to federal income taxation. Upon the occurrence of a TOTE, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the Floaters up to par plus accrued interest owed on the Floaters and a portion of gain share, if any, with the balance paid out to the holder of the Residual Interests. In the case of a mandatory termination event, as defined in the TOB Trust agreements, after the payment of fees, the holders of the Floaters would be paid before the holders of 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.

The use of Residual Interests will require the Fund to earmark or segregate liquid assets in an amount equal to any Floaters, plus any accrued but unpaid interest due on the Floaters, issued by a TOB Trust sponsored by, or on behalf of, the Fund that are not owned by the Fund. The use of Residual Interests may also require the Fund to earmark or segregate liquid assets in an amount equal to loans provided by the Liquidity Provider to the TOB Trust to purchase tendered Floaters. The Fund reserves the right to modify its asset segregation policies in the future to the extent that such changes are in accordance with applicable regulations or interpretations.

Under GAAP, securities of a Fund that are deposited into a TOB Trust continue to be treated as investments of the Fund and are presented on the Fund’s Schedule of Investments and outstanding Floaters issued by a TOB Trust are presented as “Floating rate note obligations, interest and fees” in the liabilities section of the Fund’s Statement of Assets and Liabilities and also includes interest and fees associated with the floating rate obligations. Interest income from the underlying security is recorded by the Fund on an accrual basis and included as part of “Interest Income” on the Statements of Operations. Interest expense and other fees incurred on the Floaters is included on the Statement of Operations as “Interest expense and fees on floating rate note obligations”. During the year ended as of the date of this report, the Tax-Exempt Bond Fund engaged in TOB transactions and $28,791 of such expenses were incurred. As of the year ended as of the date of this report, the Tax-Exempt Bond fund has

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$19,425,000 in outstanding floating rate obligations related to its tender option bond transactions. This amount is representative of the average amount outstanding during the period from March of 2021 to fiscal year end, the period during which the Fund engaged in such 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, Total Return Fund, Sustainable Bond Fund and Mortgage Securities Fund and quarterly for the Equity Income 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.

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 (2018-2020) as of June 30, 2021 or are expected to be taken in the Funds’ 2021 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.

M. New Accounting Pronouncements – In March 2020 the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of this ASU is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021. At the end of 2021, participating banks will no longer be required to submit London Interbank Offered Rate (“LIBOR”) quotes to the UK Financial Conduct Authority. This ASU allows companies to account for modifications as a continuance of the existing contract without additional analysis when certain conditions are met. Management is currently assessing the impact of this ASU on the Funds.

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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	Fund	Breakpoint	Annual Fee
Growth Equity and	First $1.5 billion	0.60%	Flexible Equity	First $150 million	0.50%
Sustainable Growth	$1.5 billion to $3 billion	0.55%		$150 million to $250 million	0.45%
	$3 billion to $6 billion	0.50%		$250 million to $1 billion	0.40%
	Over $6 billion	0.45%		Over $1 billion	0.38%

Fund	Annual Fee	Fund	Annual Fee
Equity Income	0.60%	Maryland Bond	0.30%
Mid-Cap Growth	0.65%	Tax-Exempt Bond	0.30%
Small-Cap Growth	0.85%	Tax-Exempt Sustainable Bond	0.30%
Small-Cap Fundamental Value	0.85%	Mortgage Securities Fund	0.30%
Global Leaders¹	0.65%	WMC Strategic European Equity²	0.90%
Intermediate Income	0.30%	Emerging Markets Select^2,3	0.90%
Total Return	0.30%	Beutel Goodman Large-Cap Value⁴	0.45%
Sustainable Bond	0.30%

¹	Brown Advisory Limited (“BAL”) serves as sub-adviser to the Global Leaders Fund and makes investment decisions on its 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%
Equity Income	0.76%	0.91%	1.16%
Small-Cap Growth	1.04%	1.19%	1.44%
Small-Cap Fundamental Value	1.03%	1.18%	1.43%
Global Leaders	0.87%	1.02%	1.27%
Intermediate Income	0.48%	0.53%	0.78%
Total Return and 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%
Beutel Goodman Large-Cap Value	0.70%	0.85%	1.10%

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*	Prior to the Board approved changes effective November 1, 2020, the expense limitation rate schedule for the Funds were as follows:

Fund(s):	Institutional Shares	Investor Shares	Advisor Shares
Growth Equity, Flexible Equity, Equity Income and Sustainable Growth	1.00%	1.15%	1.35%
Mid-Cap Growth and Beutel Goodman Large-Cap Value	0.70%	0.85%	1.10%
Small-Cap Growth and Small-Cap Fundamental Value	1.25%	1.40%	1.60%
Global Leaders	0.75%	0.90%	1.15%
Intermediate Income, Total Return, Sustainable Bond,
Maryland Bond, Tax-Exempt Bond and Mortgage Securities	0.55%	0.60%	0.80%
Tax-Exempt Sustainable Bond	0.52%	0.57%	0.82%
WMC Strategic European Equity and Emerging Markets Select	1.60%	1.75%	2.00%

During the year ended June 30, 2021, the Adviser waived $20,506 in expenses for Equity Income Fund, $53,751 in expenses for Mid-Cap Growth Fund and $84,839 in expenses for Global Leaders Fund. The Adviser may recoup any waived amounts from the Funds if such reimbursement does not cause the Funds to exceed its existing expense limitations or the limitation in place at the time the reduction was originally made and the amount recouped is made within three years after the date on which the Adviser waived the expense. The Funds must pay their current ordinary operating expenses before the Adviser is entitled to any recoupment of previously waived fees and/or expenses. The cumulative amounts of previously waived fees that the Adviser may recoup from the Funds are shown below:

	June 30,
	2022		2023		2024		Total
Equity Income Fund	$	—	$	—	$	20,506	$	20,506
Mid-Cap Growth Fund		103,738		125,645		53,751		283,134
Global Leaders Fund		231,484		260,299		84,839		576,622

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, Total Return 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, 2021, the Intermediate Income Fund owned shares of the Mortgage Securities Fund with a total value of $20,785,301, or 12.1% 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

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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, 2021, the Intermediate Income Fund waived $61,405 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, 2021:

			Net	Change In
Beginning			Realized	Unrealized	Ending			Shares
Market Value			Gains	Appreciation	Market Value	Dividend	Capital Gain	Owned at
6/30/2020	Purchases	Sales	(Losses)	(Depreciation)	06/30/2021	Income	Distributions	06/30/2021
$17,632,866	$4,550,000	$(1,590,000)	$5,442	$186,993	$20,785,301	$116,329	$—	1,968,305

Other Service Providers – U.S. Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global Fund Services, an indirect wholly-owned subsidiary of U.S. Bancorp, serves as the Funds’ Administrator (“Administrator”), and in that capacity, performs various administrative services for the Funds. Fund Services also serves as the Funds’ fund accountant and transfer agent. Certain officers of the Trust are employees of Fund Services and the Funds’ custodian, U.S. Bank, N.A., is an affiliate of the Administrator. Fees paid to Fund Services and U.S. Bank, N.A. for its service can be found in the Statements of Operations as “Administration, accounting and transfer agent fees” and “Custodian fees”, respectively. Additional amounts for miscellaneous expenses may be paid by the Funds to Fund Services and included in “Miscellaneous expenses” in the Statements of Operations.

Rule 17a-7 Transactions – Each Fund is permitted to purchase and sell securities to certain affiliated parties under specified conditions outlined in procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. Pursuant to these procedures, during the year ended June 30, 2021, Intermediate Income Fund engaged in securities purchases of $1,338,977; Total Return Fund engaged in securities purchases of $9,086,920; Sustainable Bond Fund engaged in securities purchases of $1,973,794; Mortgage Securities Fund engaged in securities purchases of $4,537,060; WMC Strategic European Equity Fund engaged in securities purchases of $565,051 and sales of $238,370 with a realized gain of $92,213; and Emerging Markets Select Fund engaged in securities sales of $681,630 with a net realized gain of $79,524. 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, 2021 were as follows:

Fund	Purchases		Sales		Fund	Purchases		Sales
Growth Equity	$	766,143,216	$	1,035,820,282	Total Return	$	644,282,016	$	593,035,802
Flexible Equity		74,646,910		96,018,787	Sustainable Bond		234,130,222		167,740,726
Equity Income		15,680,100		26,997,670	Maryland Bond		40,288,936		30,546,069
Sustainable Growth		2,198,465,505		1,001,642,678	Tax-Exempt Bond		617,716,641		531,425,859
Mid-Cap Growth		80,904,762		77,519,592	Tax-Exempt Sustainable Bond		146,771,016		116,888,998
Small-Cap Growth		895,625,004		652,772,975	Mortgage Securities		475,678,999		435,728,037
Small-Cap Fundamental Value		460,229,186		404,691,842	WMC Strategic European Equity		221,692,253		180,168,323
Global Leaders		415,249,021		131,889,013	Emerging Markets Select		371,966,178		232,048,243
Intermediate Income		101,754,584		81,302,974	Beutel Goodman Large-Cap Value		756,340,650		308,478,214

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, 2021 as follows:

Fund	Purchases		Sales		Fund	Purchases		Sales
Intermediate Income	$	23,219,108	$	7,525,216	Sustainable Bond	$	49,755,848	$	36,806,590
Total Return		105,874,044		79,533,806	Mortgage Securities		23,078,321		34,112,305

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Note 5. Federal Income Tax and Distribution Information

At June 30, 2021, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Growth			Flexible			Equity			Sustainable			Mid-Cap			Small-Cap
	Equity			Equity			Income			Growth			Growth			Growth
	Fund			Fund			Fund			Fund			Fund			Fund
Cost of investments	$	1,630,925,353		$	282,026,029		$	45,908,604		$	3,467,254,960		$	134,585,735		$	1,659,273,074
Unrealized appreciation		1,904,029,519			429,755,845			43,230,703			2,197,387,916			59,819,689			931,533,337
Unrealized depreciation		(7,155,027	)		(2,697,001	)		(165,053	)		(21,575,626	)		(2,085,546	)		(26,513,992	)
Net unrealized app (dep)		1,896,874,492			427,058,844			43,065,650			2,175,812,290			57,734,143			905,019,345
Undistributed income		1,757,252			4,843,791			400,307			9,884,827			7,125,510			12,395,676
Undistributed capital gains		284,981,194			14,722,064			6,927,266			82,719,035			5,947,525			162,591,874
Total undistributed earnings		286,738,446			19,565,855			7,327,573			92,603,862			13,073,035			174,987,550
Other accumulated gains (losses)		—			—			—			—			—			—
Total distributable earnings (losses)	$	2,183,612,938		$	446,624,699		$	50,393,223		$	2,268,416,152		$	70,807,178		$	1,080,006,895

	Small-Cap			Global			Intermediate			Total			Sustainable			Maryland
	Fundamental			Leaders			Income			Return			Bond			Bond
	Value Fund			Fund			Fund			Fund			Fund			Fund
Cost of investments	$	831,274,690		$	867,568,788		$	167,795,088		$	473,013,295		$	239,443,690		$	177,198,860
Unrealized appreciation		441,948,995			387,786,309			3,511,634			13,174,798			5,876,186			7,578,861
Unrealized depreciation		(31,229,807	)		(11,959,345	)		(768,194	)		(1,714,075	)		(593,371	)		(464,405	)
Net unrealized app (dep)		410,719,188			375,826,964			2,743,440			11,460,723			5,282,815			7,114,456
Undistributed income		1,950,053			7,101,627			311,596			3,648,653			584,641		259,982^
Undistributed capital gains		—			—			1,253,851			—			817,819			—
Total undistributed earnings		1,950,053			7,101,627			1,565,447			3,648,653			1,402,460		259,982^
Other accumulated gains (losses)		(29,883,831	)		8,558			(106,176	)		(360,927	)		(189,323	)		(2,046,363	)
Total distributable earnings (losses)	$	382,785,410		$	382,937,149		$	4,202,711		$	14,748,449		$	6,495,952		$	5,328,075

	Tax-Exempt			Tax-Exempt			Mortgage			WMC Strategic			Emerging			Beutel Goodman
	Bond			Sustainable			Securities			European			Markets			Large-Cap
	Fund			Bond			Fund			Equity Fund			Select Fund			Value Fund
Cost of investments	$	1,166,081,943		$	175,884,081		$	343,048,056		$	387,567,139		$	433,416,969		$	972,160,001
Unrealized appreciation		51,412,700			3,954,244			14,045,332			98,138,834			124,572,937			199,724,263
Unrealized depreciation		(5,066,294	)		(400,817	)		(3,184,096	)		(30,053,179	)		(22,812,113	)		(20,756,139	)
Net unrealized app (dep)		46,346,406			3,553,427			10,861,236			68,085,655			101,760,824			178,968,124
Undistributed income	1,963,701		^	1,205,418		^		282,496			8,421,667			1,096,629			38,937,544
Undistributed capital gains		548,920			757,043			—			21,701,630			—			18,252,560
Total undistributed earnings	2,512,621		^	1,962,461		^		282,496			30,123,297			1,096,629			57,190,104
Other accumulated gains (losses)		(1,963,701	)		(172,569	)		(3,138,976	)		122,218			(19,020,135	)		—
Total distributable earnings (losses)	$	46,895,326		$	5,343,319		$	8,004,756		$	98,331,170		$	83,837,318		$	236,158,228

^ Represents income that is exempt from federal income taxes.

The differences between tax basis and book basis amounts are primarily due to wash sales, post-October losses, post-December ordinary losses, timing differences related to the amortization of premium on certain fixed income securities, and distributions payable.

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At June 30, 2021, the following capital loss carryforwards and tax deferrals were available and outstanding, respectively:

	Capital Loss Carryforwards									Tax Deferrals
										Post-October		Post-December
Fund	Short-Term			Long-Term			Total			Capital Losses		Ordinary Losses
Growth Equity	$	—		$	—		$	—		$	—	$	—
Flexible Equity		—			—			—			—		—
Equity Income		—			—			—			—		—
Sustainable Growth		—			—			—			—		—
Mid-Cap Growth		—			—			—			—		—
Small-Cap Growth		—			—			—			—		—
Small-Cap Fundamental Value		(3,579,412	)		(26,304,419	)		(29,883,831	)		—		—
Global Leaders		—			—			—			—		—
Intermediate Income		—			—			—			—		—
Total Return		—			—			—			—		—
Sustainable Bond		—			—			—			—		—
Maryland Bond		—			(1,786,381	)		(1,786,381	)		—		—
Tax-Exempt Bond		—			—			—			—		—
Tax-Exempt Sustainable Bond		—			—			—			—		—
Mortgage Securities		(2,886,051	)		—			(2,886,051	)		—		—
WMC Strategic European Equity		—			—			—			—		—
Emerging Markets Select		(11,198,699	)		(7,837,188	)		(19,035,887	)		—		—
Beutel Goodman Large-Cap Value		—			—			—			—		—

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

	Tax-Exempt Income				Ordinary Income				Long-Term Capital Gain^
	June 30,		June 30,		June 30,		June 30,		June 30,		June 30,
Fund	2021		2020		2021		2020		2021		2020
Growth Equity	$	—	$	—	$	19,356,054	$	4,888,278	$	132,029,478	$	115,962,258
Flexible Equity		—		—		3,717,208		2,585,878		14,653,627		21,095,915
Equity Income		—		—		1,331,032		1,352,123		4,119,001		6,766,399
Sustainable Growth		—		—		—		—		—		14,026,862
Mid-Cap Growth		—		—		—		105,406		—		45,005
Small-Cap Growth		—		—		—		3,942,913		17,876,780		24,659,111
Small-Cap Fundamental Value		—		—		5,121,628		4,501,408		—		43,206,208
Global Leaders		—		—		1,300,616		1,172,408		—		—
Intermediate Income		—		—		2,059,884		3,254,692		—		—
Total Return		—		—		8,705,386		12,593,609		5,778,192		3,141,637
Sustainable Bond		—		—		4,235,965		4,662,725		2,534,278		695,464
Maryland Bond		4,239,317		4,788,290		4,387		37,776		—		—
Tax-Exempt Bond		29,962,749		30,262,146		9,644		784,899		—		—
Tax-Exempt Sustainable Bond		2,440,169		702,671		119,130		34,831		—		—
Mortgage Securities		—		—		1,621,166		4,190,803		—		—
WMC Strategic European Equity		—		—		2,149,303		5,422,293		19,961,149		20,333,988
Emerging Markets Select		—		—		2,160,276		4,173,029		—		—
Beutel Goodman Large-Cap Value		—		—		22,311,318		6,225,197		—		1,432,531

Designated as a long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3). The Funds, as applicable, have also designated earnings and profits distributed to shareholders on the redemption of shares as capital gains in order to reduce earnings and profits of the Fund related to net capital gains to zero as of the date of this report.

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Notes to Financial Statements

June 30, 2021

U.S GAAP requires that certain components of net assets (presented on the Statements of Assets and Liabilities) be reclassified for permanent differences between financial reporting and tax reporting. These reclassifications are primarily the result of net operating losses, investments in real estate investment trusts, foreign currency transactions, distribution reclassifications, 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, 2021, the following reclassifications were made:

	Paid-in		Distributable				Paid-in		Distributable
Fund	Capital		Earnings (Loss)			Fund	Capital		Earnings (Loss)
Growth Equity	$	28,922,013	$	(28,922,013	)	Total Return	$	831,231	$	(831,231	)
Flexible Equity		1,245,261		(1,245,261	)	Sustainable Bond		264,786		(264,786	)
Equity Income		528,505		(528,505	)	Maryland Bond		—		—
Sustainable Growth		7,468,818		(7,468,818	)	Tax-Exempt Bond		18,449		(18,449	)
Mid-Cap Growth		844,876		(844,876	)	Tax-Exempt Sustainable Bond		214,649		(214,649	)
Small-Cap Growth		10,161,268		(10,161,268	)	Mortgage Securities		—		—
Small-Cap Fundamental Value		5,835,178		(5,835,178	)	WMC Strategic European Equity		3,004,566		(3,004,566	)
Global Leaders		76,010		(76,010	)	Emerging Markets Select		—		—
Intermediate Income		300,148		(300,148	)	Beutel Goodman Large-Cap Value		1,934,265		(1,934,265	)

Note 6. Futures Contracts

The Total Return Fund, Sustainable Bond Fund, and Mortgage Securities Fund invested in futures contracts during the year ended June 30, 2021. At the time a Fund purchases or enters into a futures contract, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the terms of the contract. This collateral may consist of cash and / or securities (generally U.S. Treasury Bills). Thereafter, in connection with changes in the value of the futures contracts, the Funds may send or receive collateral to or from the broker. Such amounts are included on the Statements of Assets and Liabilities as “Cash deposit at broker – futures contracts” or “Cash collateral from broker – futures contracts”. Securities pledged as collateral, if there are any, are included on the Statements of Assets and Liabilities as part of “Total investments, at value”. These securities are also 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. 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.

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Notes to Financial Statements

June 30, 2021

During the year ended June 30, 2021, investments in futures contracts were as follows:

		Average Notional Value Outstanding
Fund	Risk Type	Long Futures Contracts		Short Futures Contracts
Total Return	Interest Rate	$	84,318,749	$	(65,549,971	)
Sustainable Bond	Interest Rate		45,598,171		(34,987,318	)
Mortgage Securities	Interest Rate		568,924		(24,259,893	)

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, 2021, Brown Advisory Funds has an unsecured 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 June 30, 2021 was 3.25% (prime rate). None of the Funds utilized the line of credit during the year ended June 30, 2021.

Note 8. COVID-19

The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has significantly disrupted economic markets. The ultimate short-term and long-term impact on economies, markets, industries, and individual issuers in which the Funds invest is unknown. The financial performance of the issuers of securities in which the Funds invest depends on future developments including the duration and spread of the outbreak. This uncertainty may adversely affect the value and liquidity of the Funds’ investments.

Note 9. 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, 2021 that would require recognition or disclosure in these financial statements.

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134

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

Brown Advisory Funds

Baltimore, MD

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Brown Advisory Growth Equity Fund, Brown Advisory Flexible Equity Fund, Brown Advisory Equity Income 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 Total Return 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, 2021, 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, 2021, 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	Statement of	Statements of
Funds	Operations	Changes in Net Assets	Financial Highlights
Brown Advisory Growth	For the year ended	For each of the two years	For each of the five years in the period
Equity Fund, Brown Advisory	June 30, 2021	in the period ended	ended June 30, 2021
Flexible Equity Fund, Brown		June 30, 2021
Advisory Equity Income Fund,
Brown Advisory Sustainable
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 Total Return
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	For the year ended	For each of the two years	For each of the three years in the period
Mid-Cap	June 30, 2021	in the period ended	ended June 30, 2021 and the period from
Growth Fund		June 30, 2021	October 2, 2017 (commencement of
			operations) through June 30, 2018

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Report of Independent Registered Public Accounting Firm

Individual Funds
constituting
Brown Advisory	Statement of	Statements of
Funds	Operations	Changes in Net Assets	Financial Highlights
Brown Advisory	For the year ended	For each of the two years	For each of the three years in the period
Sustainable	June 30, 2021	in the period ended	ended June 30, 2021 and the period from
Bond Fund		June 30, 2021	August 7, 2017 (commencement of
			operations) through June 30, 2018

Brown Advisory	For the year ended	For the year ended	For the year ended June 30, 2021 and the
Tax-Exempt	June 30, 2021	June 30, 2021 and for	period from December 2, 2019
Sustainable Bond		the period from	(commencement of operations) through
Fund		December 2, 2019	June 30, 2020
		(commencement of
		operations) through
		June 30, 2020

Brown Advisory –	For the year ended	For each of the two years	For each of the three years in the period
Beutel Goodman	June 30, 2021	in the period ended	ended June 30, 2021 and the period from
Large-Cap		June 30, 2021	February 13, 2018 (commencement of
Value Fund			operations) through June 30, 2018

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, 2021 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 26, 2021

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136

Expense Example For the Six Months Ended June 30, 2021 (Unaudited)

As a shareholder of a Fund you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including investment advisory fees; distribution and/or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (January 1, 2021 – June 30, 2021).

Actual Expenses

The Actual Expenses columns in the following table provides information about actual account values based on actual returns and actual expenses. As a shareholder you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent. If you request that a redemption be made by wire transfer, currently, the Funds’ transfer agent charges a $15.00 fee. You will be charged a redemption fee equal to 1.00% of the net amount of the redemption if you redeem your shares less than 14 days after you purchase, with certain limited exceptions. Individual Retirement Accounts (“IRA”) that are held directly at the Funds will be charged a $15.00 annual maintenance fee. IRAs held by broker-dealers or through other means, may or may not incur an annual maintenance fee. Yet, if IRAs maintenance fees are charged to accounts held elsewhere, the fees charged may be more or may be less than $15.00. To the extent the Funds invest in shares of other investment companies as part of their investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Funds invest in addition to the expenses of the Funds. Actual expenses of the underlying funds may vary. These expenses are not included in the example below. The example below includes, but is not limited to, investment advisory, shareholder servicing, fund accounting, custody and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6). Then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The Hypothetical Expenses columns in the following table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the hypothetical information in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Actual Expenses		Hypothetical Expenses
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Net Expense
	January 1, 2021	June 30, 2021	the Period*	June 30, 2021	the Period*	Ratio*
Growth Equity Fund
Institutional Shares	$1,000.00	$1,125.90	$3.48	$1,021.52	$3.31	0.66%
Investor Shares	$1,000.00	$1,125.40	$4.27	$1,020.78	$4.06	0.81%
Advisor Shares	$1,000.00	$1,123.60	$5.58	$1,019.54	$5.31	1.06%

Flexible Equity Fund
Institutional Shares	$1,000.00	$1,181.80	$2.87	$1,022.17	$2.66	0.53%
Investor Shares	$1,000.00	$1,181.20	$3.68	$1,021.42	$3.41	0.68%
Advisor Shares	$1,000.00	$1,179.50	$5.03	$1,020.18	$4.66	0.93%

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Expense Example For the Six Months Ended June 30, 2021 (Unaudited)

		Actual Expenses		Hypothetical Expenses
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Net Expense
	January 1, 2021	June 30, 2021	the Period*	June 30, 2021	the Period*	Ratio*
Equity Income Fund
Institutional Shares	$1,000.00	$1,134.30	$4.02	$1,021.03	$3.81	0.76%
Investor Shares	$1,000.00	$1,132.70	$4.81	$1,020.28	$4.56	0.91%
Advisor Shares	$1,000.00	$1,131.50	$6.13	$1,019.04	$5.81	1.16%

Sustainable Growth Fund
Institutional Shares	$1,000.00	$1,136.40	$3.39	$1,021.62	$3.21	0.64%
Investor Shares	$1,000.00	$1,135.80	$4.18	$1,020.88	$3.96	0.79%
Advisor Shares	$1,000.00	$1,134.40	$5.50	$1,019.64	$5.21	1.04%

Mid-Cap Growth Fund
Institutional Shares	$1,000.00	$1,083.70	$4.03	$1,020.93	$3.91	0.78%
Investor Shares	$1,000.00	$1,083.50	$4.80	$1,020.18	$4.66	0.93%

Small-Cap Growth Fund
Institutional Shares	$1,000.00	$1,088.60	$4.92	$1,020.08	$4.76	0.95%
Investor Shares	$1,000.00	$1,087.60	$5.69	$1,019.34	$5.51	1.10%
Advisor Shares	$1,000.00	$1,086.50	$6.98	$1,018.10	$6.76	1.35%

Small-Cap Fundamental Value Fund
Institutional Shares	$1,000.00	$1,235.90	$5.27	$1,020.08	$4.76	0.95%
Investor Shares	$1,000.00	$1,234.90	$6.10	$1,019.34	$5.51	1.10%
Advisor Shares	$1,000.00	$1,233.40	$7.48	$1,018.10	$6.76	1.35%

Global Leaders Fund
Institutional Shares	$1,000.00	$1,108.90	$3.97	$1,021.03	$3.81	0.76%
Investor Shares	$1,000.00	$1,108.20	$4.76	$1,020.28	$4.56	0.91%

Intermediate Income Fund
Investor Shares	$1,000.00	$ 994.50	$2.27	$1,022.51	$2.31	0.46%
Advisor Shares	$1,000.00	$ 992.20	$3.51	$1,021.27	$3.56	0.71%

Total Return Fund
Institutional Shares	$1,000.00	$ 992.60	$2.08	$1,022.71	$2.11	0.42%
Investor Shares	$1,000.00	$ 992.40	$2.32	$1,022.46	$2.36	0.47%

Sustainable Bond Fund
Institutional Shares	$1,000.00	$ 994.70	$2.23	$1,022.56	$2.26	0.45%
Investor Shares	$1,000.00	$ 994.40	$2.47	$1,022.32	$2.51	0.50%

Maryland Bond Fund
Investor Shares	$1,000.00	$1,013.40	$2.35	$1,022.46	$2.36	0.47%

Tax-Exempt Bond Fund
Institutional Shares	$1,000.00	$1,025.40	$2.01	$1,022.81	$2.01	0.40%
Investor Shares	$1,000.00	$1,024.10	$2.26	$1,022.56	$2.26	0.45%

Tax-Exempt Sustainable Bond Fund
Investor Shares	$1,000.00	$1,018.70	$2.40	$1,022.41	$2.41	0.48%

Mortgage Securities Fund
Institutional Shares	$1,000.00	$1,002.70	$2.28	$1,022.51	$2.31	0.46%
Investor Shares	$1,000.00	$1,002.50	$2.53	$1,022.27	$2.56	0.51%

WMC Strategic European Equity Fund
Institutional Shares	$1,000.00	$1,109.40	$5.39	$1,019.69	$5.16	1.03%
Investor Shares	$1,000.00	$1,108.00	$6.17	$1,018.94	$5.91	1.18%
Advisor Shares	$1,000.00	$1,106.50	$7.47	$1,017.70	$7.15	1.43%

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138

Expense Example For the Six Months Ended June 30, 2021 (Unaudited)

		Actual Expenses		Hypothetical Expenses
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Net Expense
	January 1, 2021	June 30, 2021	the Period*	June 30, 2021	the Period*	Ratio*
Emerging Markets Select Fund
Institutional Shares	$1,000.00	$1,072.50	$5.70	$1,019.29	$5.56	1.11%
Investor Shares	$1,000.00	$1,072.60	$6.48	$1,018.55	$6.31	1.26%
Advisor Shares	$1,000.00	$1,070.50	$7.75	$1,017.31	$7.55	1.51%

Beutel Goodman Large-Cap Value Fund
Institutional Shares	$1,000.00	$1,158.40	$2.94	$1,022.07	$2.76	0.55%

The calculations are based on expenses incurred during the most recent six-month period ended as of the date of this report. The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio multiplied by the average account value during the period, multiplied by the number of days (181) in the most recent six-month period divided by the number of days in the Funds’ fiscal year (365).

Liquidity Risk Management Program (Unaudited)

In accordance with Rule 22e-4 of the Investment Company Act of 1940 (the “Liquidity Rule”), Brown Advisory Funds (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each investment series of the Trust (each a “Fund” and collectively, the “Funds”) which seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined in Rule 22e-4 as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interest in the fund. The Program includes policies and procedures reasonably designed to comply with the requirements of the Liquidity Rule, including: (i) assess and manage each Fund’s Liquidity Risk; (ii) classification of portfolio holdings; (iii) establishment of a highly liquid investment minimum (“HLIM”), as applicable and (iv) compliance with the Liquidity Rule’s 15% limit on holdings of illiquid investments.

The Board of Trustees (the “Board”) of the Funds has designated Brown Advisory LLC (the “Adviser”), investment adviser to the Trust, to administer the Program. The Adviser has delegated the day-to-day management of the Program to its Investment Risk Management Committee (the “Committee”) which consists of representatives from various departments at the Adviser, including portfolio management, due diligence, trading and legal and compliance. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data.

At the meeting of the Board on May 11, 2021, the Adviser provided a written report to the Board addressing the operations and effectiveness of the Program for the period from January 1, 2020 through March 31, 2021 (the “Reporting Period”) and specific liquidity events arising during the Reporting Period, including the impact on Fund liquidity caused by certain extended non-U.S. market closures. During the Reporting Period, each of the Funds qualified as a fund that primarily holds assets that are highly liquid investments and, therefore, no Fund was required to establish an HLIM. The report concluded that the Program was adequately implemented and is operating effectively to assess and manage each Fund’s Liquidity Risk and it was further reported that the Program continues to be reasonably designed to monitor and respond to the Funds’ liquidity developments, as applicable.

Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to Liquidity Risk and other risks to which it may be subject.

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Trustees and Executive Officers

The Board is responsible for the overall management of the Trust, including general supervision and review of the investment activities of the Funds. The Board, in turn, elects the Officers of the Trust, who are responsible for administering the day-to-day operations of the Trust and each of the Funds. The current Trustees and Officers of the Trust, their ages and positions with the Trust, term of office with the Trust and length of time served, their principal occupations for the past five years and other directorships held during the past five years are set forth in the table below.

Additional information about the Trustees of the Trust can be found in the Statement of Additional Information, which is available, without charge, upon request, by calling Brown Advisory Funds toll free at 1-800-540-6807 or by accessing our website at www.brownadvisory.com/mf/how-to-invest.

				Number of	Other
		Term of		Portfolios in	Directorships
		Office and		Fund Complex	Held During
Name, Age	Position with	Length of	Principal Occupation(s)	Overseen by	the Past
and Address	the Trust	Time Served	During Past 5 Years	Trustees	5 Years⁽²⁾
Independent Trustees of the Trust⁽¹⁾
Henry H. Hopkins	Trustee	Indefinite Term;	Retired; Formerly, Vice President and Chief	18	None.
Age: 78		Since 2012	Legal Counsel, T. Rowe Price Associates, Inc.
c/o Brown Advisory LLC	Lead	Indefinite Term;	(investment management firm) (1998 to 2008).
901 South Bond Street	Independent	Since 2015
Suite 400	Trustee
Baltimore, MD 21231
Kyle Prechtl Legg	Trustee	Indefinite Term;	Retired; Formerly President and Chief Executive	18	Director, SunTrust
Age: 69		Since 2012	Officer, Legg Mason Capital Management, LLC		Banks, Inc. (bank
c/o Brown Advisory LLC			(investment management firm) (2006 to 2009).		holding company)
901 South Bond Street					(2011 to 2018);
Suite 400					Director, BrightSphere
Baltimore, MD 21231					Investment Group
					plc (asset management
					holding company)
					(2014 to 2018).
Thomas F. O’Neil III	Trustee	Indefinite Term;	Governance and Compliance Adviser	18	None.
Age: 64		Since 2012	(healthcare, financial services and retail
c/o Brown Advisory LLC			businesses). Formerly, Global Chief Compliance
901 South Bond Street			Officer, Cigna Corporation (health services
Suite 400			company) (2016 to 2020). Formerly, President,
Baltimore, MD 21231			The Saranac Group LLC (strategic consulting
			firm) (2010 to 2016).
Neal F. Triplett, CFA	Trustee	Indefinite Term;	President, DUMAC, Inc. (university endowment	18	None.
Age: 50		Since 2012	investment organization) (since 1999).
c/o Brown Advisory LLC
901 South Bond Street
Suite 400
Baltimore, MD 21231
Interested Trustees and Officers of the Trust
Michael D. Hankin⁽³⁾	Trustee	Indefinite Term	President and Chief Executive Officer, Brown	18	Stanley Black &
Age: 63		Since 2012	Advisory Incorporated and affiliates (investment		Decker, Inc. (industrial
c/o Brown Advisory			management firm) (since 1993).		tools and hardware)
Incorporated					(since 2016).
901 South Bond Street
Suite 400
Baltimore, MD 21231

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Trustees and Executive Officers

				Number of	Other
		Term of		Portfolios in	Directorships
		Office and		Fund Complex	Held During
Name, Age	Position with	Length of	Principal Occupation(s)	Overseen by	the Past
and Address	the Trust	Time Served	During Past 5 Years	Trustees	5 Years⁽²⁾
Interested Trustees and Officers of the Trust
Joseph R. Hardiman⁽³⁾	Chairman	Indefinite Term;	Business Consultant (financial services industry	18	None.
Age: 84	and Trustee	Since 2012	consulting) (since 1997); Formerly; Director of
c/o Brown Advisory LLC			Brown Advisory Incorporated (investment
901 South Bond Street			management firm) (2001 to 2012).
Suite 400
Baltimore, MD 21231
Paul J. Chew	President/	Indefinite Term;	Chief Investment Officer, Brown Advisory	Not	Not
Age: 55	Principal	Since October 2018	Incorporated and affiliates (investment	Applicable.	Applicable.
c/o Brown Advisory	Executive		management firm) (since 1995).
Incorporated	Officer
901 South Bond Street
Suite 400	Senior Vice	2016 to
Baltimore, MD 21231	President	October 2018
Carey E. Taylor	Vice	Indefinite Term;	Chief Operating Officer of	Not	Not
Age: 33	President	Since 2015	Institutional Investing, Brown Advisory	Applicable.	Applicable.
c/o Brown Advisory			Incorporated and affiliates (investment
Incorporated			management firm) (since 2018); Formerly,
901 South Bond Street			Product Manager, Brown Advisory
Suite 400			Incorporated and affiliates (investment
Baltimore, MD 21231			management firm) (2013 to 2018).
Jason T. Meix	Treasurer/	Indefinite Term;	Vice President, U.S. Bancorp Fund	Not	Not
Age: 42	Principal	Since 2012	Services, LLC (fund administrative services firm)	Applicable.	Applicable.
c/o Brown Advisory LLC	Financial		(since 2008).
901 South Bond Street	Officer
Suite 400
Baltimore, MD 21231
Edward L. Paz	Secretary	Indefinite Term;	Vice President and Counsel, U.S. Bancorp Fund	Not	Not
Age: 50		Since 2012	Services, LLC (fund administrative services firm)	Applicable.	Applicable.
c/o Brown Advisory LLC			(since 2007).
901 South Bond Street
Suite 400
Baltimore, MD 21231
Brett D. Rogers	Chief	Indefinite Term;	General Counsel and Chief Compliance	Not	Not
Age: 45	Compliance	Since 2012	Officer, Brown Advisory Incorporated and	Applicable.	Applicable.
c/o Brown Advisory	Officer		affiliates (investment management firm)
Incorporated			(since 2009).
901 South Bond Street	Anti-Money	Indefinite Term:
Suite 400	Laundering	Since 2012
Baltimore, MD 21231	Officer

⁽¹⁾	The Trustees of the Trust who are not “interested persons” of the Trust as defined in the 1940 Act (“Independent Trustees”).
⁽²⁾	The directorships disclosed in this column include only the directorships of those companies that a Trustee serves on that are required to report to the SEC under applicable Federal securities laws including publicly traded corporations that are registered with the SEC under the 1934 Act and investment companies that are registered with the SEC under the 1940 Act, and it therefore excludes various other types of directorships that the Trustees of the Trust may currently hold in other types of organizations, including private companies and not-for-profit organizations, which are expressly excluded from the disclosure requirements for mutual fund board members.
⁽³⁾	Mr. Hankin is considered an “interested person” of the Trust, as defined in the 1940 Act, because of his current position with Brown Advisory Incorporated, the parent company of the Adviser, and Mr. Hardiman is considered an “interested person” of the Trust, as defined in the 1940 Act, because of his previous position with Brown Advisory Incorporated and his ownership interest in Brown Advisory Incorporated.

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141

Information About Proxy Voting (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free at (800) 540-6807 and by accessing the Funds’ website at www.brownadvisory.com/mf/how-to-invest (refer to Appendix B in the Statement of Additional Information). Furthermore, you can obtain the description on the SEC’s website at www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the year ended June 30 is available without charge, by calling toll-free at (800) 540-6807. In addition, you can obtain the Funds’ proxy voting records on the SEC’s website at www.sec.gov.

Information About the Portfolio Holdings (Unaudited)

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the SEC on Form N-PORT. The Funds’ Form N-PORT is available without charge, upon request, by calling toll-free at (800) 540-6807. Furthermore, you can obtain the Form N-PORT on the SEC’s website at www.sec.gov. The Funds’ schedules of portfolio holdings are posted on their website at www.brownadvisory.com/mf/how-to-invest within ten business days after calendar quarter end.

Householding (Unaudited)

In an effort to decrease costs, the Funds will reduce the number of duplicate Prospectuses and annual and semi-annual reports that you receive by sending only one copy of each to those addresses shown by two or more accounts. Please call the Transfer Agent toll free at (800) 540-6807 to request individual copies of these documents. The Funds will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.

Federal Tax Status of Dividends Declared during the Tax Year (Unaudited)

For Federal Income Tax purposes, distributions from short-term capital gains are classified as ordinary income. The percentage of ordinary income distributions designated as qualifying for the corporate dividend received deduction (“DRD”), the individual qualified dividend rate (“QDI”), the qualifying interest income exempt from U.S. tax for foreign shareholders (“QII”) and the qualifying short-term capital gain distributions exempt from U.S. tax for foreign shareholders (“QSTCG”) is presented below:

	Income Distributions
Fund	Exempt from Federal Tax	QDI	DRD	QII	QSTCG
Growth Equity	0.00%	66.25%	61.25%	0.05%	100.00%
Flexible Equity	0.00%	79.85%	74.33%	1.53%	58.54%
Equity Income	0.00%	100.00%	92.38%	0.04%	7.85%
Sustainable Growth	0.00%	0.00%	0.00%	0.00%	0.00%
Mid-Cap Growth	0.00%	0.00%	0.00%	0.00%	0.00%
Small-Cap Growth	0.00%	0.00%	0.00%	0.00%	0.00%
Small-Cap Fundamental Value	0.00%	100.00%	100.00%	2.01%	0.00%
Global Leaders	0.00%	100.00%	100.00%	4.86%	0.00%
Intermediate Income	0.00%	0.02%	0.02%	100.00%	4.10%
Total Return	0.00%	0.00%	0.00%	87.89%	28.09%
Sustainable Bond	0.00%	0.00%	0.00%	92.03%	26.90%
Maryland Bond	99.90%	0.00%	0.00%	100.00%	0.00%
Tax-Exempt Bond	99.97%	0.00%	0.00%	100.00%	0.00%
Tax-Exempt Sustainable Bond	95.35%	0.00%	0.00%	100.00%	4.58%
Mortgage Securities	0.00%	0.00%	0.02%	88.01%	0.00%
WMC Strategic European Equity	0.00%	76.31%	0.00%	0.02%	57.19%
Emerging Markets Select	0.00%	100.00%	2.30%	0.64%	0.00%
Beutel Goodman Large-Cap Value	0.00%	90.69%	88.65%	0.00%	0.00%

The Funds, as applicable, intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. Such credits for taxes paid to foreign countries will be included in shareholders' Form 1099-DIV.

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142

BROWN ADVISORY FUNDS

At Brown Advisory, we believe that you deserve frank and open communication on all aspects of our relationship. In this spirit, we provide this annual summary of our policies relating to confidentiality and privacy of client information, mutual funds, conflicts of interest, trading commissions, proxy voting and Form ADV annual notice.

CONFIDENTIALITY AND PRIVACY POLICY

Brown Advisory takes the confidentiality of your personal information and the privacy of your account very seriously. Our commitment to safeguard your personal information goes beyond our legal obligation to process your transactions accurately and securely. Whether we serve you online, in person, on the telephone or by mail, the principles that guide the way in which we conduct business are built upon the core values of trust and integrity.

We limit access to your personal information to only those employees with a business reason to know such information. We train and consistently remind all employees to respect client privacy and to recognize the importance of the confidentiality of such information. Those who violate our privacy policy are subject to disciplinary action. This commitment also applies to the sharing of information among Brown Advisory and its affiliates.

We maintain physical, electronic and procedural safeguards that comply with applicable laws and regulations to protect your personal information, including various measures to protect your personal information while it is stored electronically.

Federal law requires us to inform you that we have on record personal information about you and that we obtain such information from you directly (e.g., information you provide to us on account applications and other forms, such as your name, address, social security number, occupation, assets and income) and indirectly (e.g., information on our computer systems about your transactions with us, such as your account balance and account holdings). Any personal information you choose to provide is kept confidential and allows us to: (i) provide better and more complete investment and strategic advice; (ii) develop new services that meet additional needs you may have; and, (iii) comply with legal and regulatory requirements.

In addition, in the normal conduct of our business, it may become necessary for us to share information relating to our clients that we have on record, as described above, with companies not affiliated with us who are under contract to perform services on our behalf. For example, we have contracted with companies to assist us in complying with anti-terrorist and anti-money laundering statutory requirements (including the identification and reporting of activities that may involve terrorist acts or money laundering activities), companies that provide clearing services, and other vendors that provide services directly related to your account relationship with us. Our agreements with these companies require that they keep your information confidential and not use such information for any unrelated purpose.

We do not sell information about you to third parties, and we do not otherwise disclose information to third parties without your permission or unless required by law.

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143

(This Page Intentionally Left Blank.)

INVESTMENT ADVISER

Brown Advisory LLC

901 South Bond Street, Suite 400

Baltimore, MD 21231

www.brownadvisory.com

DISTRIBUTOR

ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

CUSTODIAN

U.S. Bank, N.A.

Custody Operations

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

TRANSFER AGENT

U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201-0701

(800) 540-6807

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

LEGAL COUNSEL

Dechert LLP

1900 K Street, NW

Washington, DC 20006

	Institutional Shares		Investor Shares		Advisor Shares
	Symbol	CUSIP	Symbol	CUSIP	Symbol	CUSIP
Growth Equity Fund	BAFGX	115233702	BIAGX	115233504	BAGAX	115233603
Flexible Equity Fund	BAFFX	115233843	BIAFX	115233868	BAFAX	115233850
Equity Income Fund	BAFDX	115233660	BIADX	115233686	BADAX	115233678
Sustainable Growth Fund	BAFWX	115233207	BIAWX	115233306	BAWAX	115233405
Mid-Cap Growth Fund	BAFMX	115233413	BMIDX	115233439	—	—
Small-Cap Growth Fund	BAFSX	115233819	BIASX	115233835	BASAX	115233827
Small-Cap Fundamental Value Fund	BAUUX	115233777	BIAUX	115233793	BAUAX	115233785
Global Leaders Fund	BAFLX	115233355	BIALX	115233462	—	—
Intermediate Income Fund	—	—	BIAIX	115233744	BAIAX	115233736
Total Return Fund	BAFTX	115233538	BIATX	115233520	—	—
Sustainable Bond Fund	BAISX	115233389	BASBX	115233447	—	—
Maryland Bond Fund	—	—	BIAMX	115233751	—	—
Tax-Exempt Bond Fund	BTEIX	115233371	BIAEX	115233108	—	—
Tax-Exempt Sustainable Bond Fund	—	—	BITEX	115233348	—	—
Mortgage Securities Fund	BAFZX	115233546	BIAZX	115233587	—	—
WMC Strategic European Equity Fund	BAFHX	115233629	BIAHX	115233611	BAHAX	115233595
Emerging Markets Select Fund	BAFQX	115233652	BIAQX	115233645	BAQAX	115233637
Beutel Goodman Large-Cap Value Fund	BVALX	115233421	BIAVX	115233314	—	—

This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ risks, objectives, fees and expenses, experience of their management, and other information.

BX-ANNUAL

Item 1. Reports to Stockholders (Continued).

(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 for tax compliance, tax advice, and tax planning. 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 6/30/2021	FYE 6/30/2020
(a) Audit Fees	$316,550	$330,850
(b) Audit-Related Fees	N/A	N/A
(c) Tax Fees	$50,400	$53,200
(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 6/30/2021	FYE 6/30/2020
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 6/30/2021	FYE 6/30/2020
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. Schedule of Investments.

(a)	Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. 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) 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.

(3) 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 to open-end investment companies.

(4) 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 2, 2021

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 2, 2021

By (Signature and Title)* /s/ Jason T. Meix

Jason T. Meix, Principal Financial Officer

Date September 2, 2021

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