BROWN ADVISORY

This Brochure relates to the investment advisory services offered by Brown Advisory LLC (Brown Advisory, the firm, or we). Brown Advisory is registered with the SEC as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended.

Brown Advisory is a wholly owned subsidiary of Brown Advisory Management LLC (BAM). BAM is a wholly owned subsidiary of Brown Advisory Group Holdings LLC (BAGH). Brown Advisory's controlling entity is Brown Advisory Incorporated (BAI). BAI is the managing member of BAM.

Description of Advisory Services

Brown Advisory provides investment management services to institutions, investment companies, high net worth individuals and families, endowments, foundations, other charitable organizations, public/government-related clients, pension and profit-sharing plans, insurance companies, corporations, individual retirement plans, trusts, estates, and other taxable individual plans. We provide active investment strategies across equity, fixed income and balanced portfolios. We also provide strategic advisory services to certain high net worth clients.

Typically, when providing investment management services, we have discretion to select securities to buy and sell for a client's account, subject to certain restrictions, limitations or other requirements clients may impose with respect to their individual accounts. We will work with a client to accommodate investment guidelines and restrictions so long as they do not interfere materially with a portfolio manager's ability to implement the investment and portfolio construction process. We also provide non-discretionary advisory services.

Our Institutional equity investment strategies generally seek to provide clients with long-term capital appreciation by actively selecting securities for investment in concentrated portfolios. Our equity strategies are differentiated by (1) the market capitalization range of each strategy's portfolio holdings, (2) the geographic focus of each strategy, (3) the underlying style of each strategy (i.e. growth, value, opportunistic, or income), or (4) consideration of sustainable investment (SI) criteria. In addition to our internally managed equity strategies, we offer several sub-advised strategies to our clients through U.S.-registered open-ended mutual funds, exchange traded funds (ETFs), and separately managed accounts.

Our Institutional fixed income investment strategies generally seek to provide clients with long-term capital appreciation by allocating capital to bonds that we believe have the potential to maximize risk-adjusted returns. This philosophy is applied to our long-only fixed income strategies within the context of maintaining a core stability of principal value. What differentiates each of our long-only strategies is the maturity or duration band in which each strategy operates, the allowance of below investment-grade bonds, the focus on taxable or tax-exempt bonds, and consideration of SI criteria for certain strategies.

Both our Institutional equity and fixed income investment strategies employ a bottom-up, fundamental research approach in their security selection process. Our strategies strive to outperform their respective benchmarks over the long term.

The following are some of Brown Advisory's significant equity strategies:

• - Flexible Equity
• - Global Leaders
• - Large-Cap Growth
• - Large-Cap Sustainable Growth
• - Large-Cap Sustainable Value
• - Mid-Cap Growth
• - Small-Cap Growth
• - Small-Cap Fundamental Value
• - Sustainable International Leaders
• - Sustainable Small-Cap Core
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The following are some of Brown Advisory's significant fixed income strategies:

• - Enhanced Cash
• - Global Sustainable Total Return Bond
• - Intermediate Income
• - Limited Duration
• - Mortgage Securities
• - Municipal Bond
• - Sustainable Core Fixed Income
• - Sustainable Short Duration Fixed Income
• - Tax-Exempt Sustainable Fixed Income
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The following are some of the significant externally managed sub-advised strategies:

• - Emerging Markets Select
• - Large-Cap Value
• - Strategic European Equity
• - Japan Equity
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In addition, Brown Advisory offers various customized and client-driven solutions. These investment solutions draw from the universe of securities that are covered by our research to build portfolios that are intended to meet various needs, such as value-based investing, outcome-based investing and thematic investing. These strategies are available as separate accounts for our Institutional and Private Client, Endowments & Foundations (PCE&F) clients.

For those clients who engage us for multi-strategy or balanced portfolio management, including asset allocation and manager selection, we seek investments across asset classes which we believe offer the ability to achieve the client's long-term goals and outperform an applicable benchmark on a risk-adjusted basis over a full market cycle. We can use a combination of active and passive strategies, liquid and illiquid, and an array of managers in a manner we believe serves each client's needs, subject to their investment guidelines, restrictions and other considerations. Our balanced portfolio management clients have access to outside managers and internally managed strategies and funds through an Investment Solutions platform. This service provides clients access to a range of investment opportunities and asset classes, including global equities, emerging market equities, global fixed income, high-yield fixed income, private investments, commodities, hedge funds, real estate and strategies designed to achieve tax efficiencies. By combining our selective Investment Solutions platform with our in-house resources, we seek to optimize our customized portfolio management capabilities for clients.

Affiliates of Brown Advisory manage private funds that invest in public equity, private equity and hedge fund managers and in venture capital investments.

We also offer family office as well as strategic advisory services for clients with complex financial, investment, and fiduciary circumstances. These services include services such as tax planning, intergenerational wealth transfer (including trust and estate planning), philanthropic planning, family business advisory and wealth structuring. Within our Endowments and Foundations business, these services include services such as spend rate planning, planned giving support and other services.

For those clients seeking an outsourced chief investment officer (OCIO) solution, we advise and lead our non-profit partners through the complexities of their investments and asset management to achieve their mission. If engaged to do so, we may employ a variety of investment services, including developing investment policies and objectives, analyzing asset allocation and diversification, researching and selecting investment managers, providing due diligence and performance monitoring of managers and supplying periodic performance reports and customized education. We may provide strategic support in terms of assistance with governance, fiduciary matters, donor development and audit and tax matters. We may provide operational support in terms of custodian relations, pricing and reporting of alternative investments, quarterly review preparation and day-to-day administrative support.

Customization of Advisory Services

We work with our clients to provide investment advice that meets their goals and objectives. Any client-imposed limitations or guideline restrictions are defined and outlined in the client's investment documentation and updated as necessary. These documents address a client's guidelines and objectives in greater detail. When clients provide us with their own investment policy statements, we review the language to ensure it reflects our investment management responsibility. When necessary, the language is adjusted and approved by both the client and Brown Advisory before management of the account begins.

When Brown Advisory or one of its affiliates is the investment adviser to a pooled investment vehicle, investment objectives, guidelines and any investment restrictions are not tailored to the needs of individual investors in those vehicles. Rather, they are described in the offering documents for the vehicles.

Wrap Fee Programs and Model Delivery

Brown Advisory is retained by sponsors of certain bundled wrap-fee arrangements. The sponsors have primary responsibility for client communications and service and for executing portfolio transactions. We provide investment management services to the clients of the sponsors. Generally, clients pay a single, all-inclusive (or wrap) fee charged by the sponsor that covers asset management, trade execution, custody, performance monitoring and reporting through the sponsor. The sponsor typically pays Brown Advisory a portion of the wrap fee based on the assets of clients invested in the applicable Brown Advisory strategy in the wrap fee program.

Brown Advisory also provides investment advisory services for select model-based separately managed account programs of unaffiliated managers and financial advisors. In these programs, we typically provide a non-discretionary model portfolio to the program manager, who is then responsible for executing transactions and coordinating account guidelines and restrictions with the underlying separate account client. In exchange for these services, we receive a fee from the unaffiliated manager or financial advisor.

Wrap accounts and model delivery accounts are not managed identically to Institutional accounts. Purchases and sales that are implemented for Institutional accounts will not always be reflected in wrap and model delivery accounts. The sponsors and the managers of these programs generally retain the ultimate discretion over how trades are implemented in client accounts. In addition, the sponsors and managers may impose guidelines and restrictions that are different from those governing the strategy. For these reasons, clients should expect the holdings of wrap and model delivery accounts to differ from one another and from that of the relevant strategy.

Assets Under Management

As of December 31, 2025, Brown Advisory had approximately $124.3 billion in assets under management. Of that total, approximately $119.2 billion represents assets managed on a discretionary basis and $5.1 billion represents assets managed on a non-discretionary basis. These values do not include client assets under management, administration or advisement by our affiliated firms, including Brown Investment Advisory & Trust Company, Brown Advisory Limited, Brown Advisory Investment Solutions Group LLC, NextGen Venture Partners, LLC (NextGen), and Signature Financial Management, Inc. (doing business as Brown Advisory) (Signature).