2025-11-14T20:53:51-06:00 2024-12-31 760269860 Blazek & Vetterling 2900 Weslayan Suite 200 Houston TX 77027 990PF 2024-01-01 476309118 The Charles T Bauer Charitable Foundation CHAR 4105375400 901 South Bond Street 400 Baltimore MD 21231 Janet Hartman Trustee 4105375400 2025-11-14 1 0 Barbara Murphy P01386215 7134395739 2025-11-14 2024 2025-03-06 01:10:19Z X 131382014 X X 264244 264244 2124255 2124255 5881665 36752103 5809719 2001246 1398877 10271410 9597095 197000 19700 177300 13000 6500 6500 332471 196594 135877 72802 2802 0 896984 591095 3880 1512257 816691 323557 6121700 6121700 7633957 816691 6445257 2637453 8780404 8343552 2752985 2752985 21051550 23689586 23100116 26234717 31288020 45560985 6347169 6968685 6785455 41266590 41181755 53182473 103243578 105881031 131382014 0 0 X 0 0 0 0 103243578 105881031 103243578 105881031 103243578 105881031 103243578 2637453 0 105881031 0 105881031 Publicly traded securities P 34976534 30870438 4106096 4106096 Securities litigation proceeds P 4417 4417 4417 From Sch K-1 (Form 1065) P 1699206 1699206 1699206 5809719 122048 0 122048 0 122048 154295 0 50000 0 204295 X 0 82247 82247 0 0 0 0 0 0 0 0 0 1 1 0 1 1 MD TX 1 0 0 1 0 1 N/A Brown Advisory 4105375400 901 South Bond St Ste 400 Baltimore MD 21231 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Janet Bauer Hartman 901 South Bond St Suite 40 Baltimore MD 21231 Trustee 7.00 98500 0 0 Theodore Wingate Bauer 901 South Bond St Suite 40 Baltimore MD 21231 Trustee 7.00 98500 0 0 NONE 0 Brown Advisory 901 South Bond St Suite 400 Baltimore MD 21231 Admin/Investments 317467 0 0 127486959 4841811 0 132328770 0 0 132328770 1984932 130343838 6517192 6517192 122048 122048 6395144 0 6395144 0 6395144 6445257 0 6445257 6395144 3736811 0 0 6445257 3736811 0 0 2708446 0 0 0 0 0 0 0 0 3686698 0 0 0 X Art with a Heart Inc 3000 Falls Rd Mill No 1 Baltimore MD 21211 N/A PC General support 120000 Baltimore Symphony Orchestra Inc 1212 Cathedral St Baltimore MD 21201 N/A PC General support 50000 Biotechnical Institutes of Maryland 2001 Aliceanna St Baltimore MD 21231 N/A PC General support 100000 Boys Latin School of Maryland Inc 822 W Lake Ave Baltimore MD 21210 N/A PC General support 313750 Bucknell University 82 University Ave Lewisburg PA 17837 N/A PC General support 600000 Chesapeake Bay Foundation Inc 6 Herndon Ave Annapolis MD 21403 N/A PC General support 50000 Community Foundation of Anne Arundel County 900 Bestgate Rd Ste 400 Annapolis MD 21401 N/A PC General support 14400 Cool Kids Campaign Foundation Inc 8422 Bellona Ln Ste 102 Towson MD 21204 N/A PC General support 80000 Cylburn Arboretum Friends Inc 4915 Greenspring Ave Baltimore MD 21209 N/A PC General support 50000 Cystic Fibrosis Foundation 4550 Montgomery Ave Ste 1100N Bethesda MD 20814 N/A PC General support 90000 Echo Hill Outdoor School 13655 Bloomingneck Rd Worton MD 21678 N/A PC General support 22000 Gilchrist Hospice Care Inc 11311 McCormick Rd Ste 350 Hunt Valley MD 21031 N/A PC General support 50000 Girls Charter School 5204 Roland Ave Baltimore MD 21210 N/A PC Little May Charter 110800 Irvine Natural Science Center Inc 11201 Garrison Forest Rd Owings Mills MD 21117 N/A PC General support 250000 Irvine Natural Science Center Inc 11201 Garrison Forest Rd Owings Mills MD 21117 N/A PC General support 120000 Johns Hopkins Medicine 750 E Pratt St 17th Fl Baltimore MD 21202 N/A PC General support 200000 Johns Hopkins Medicine FBO ITSCC 750 E Pratt St 17th Fl Baltimore MD 21202 N/A PC International Immunosuppression & Transplant Skin Cancer Collaborative 5000 Johns Hopkins Medicine FBO ITSCC 750 E Pratt St 17th Fl Baltimore MD 21202 N/A PC International Immunosuppression & Transplant Skin Cancer Collaborative 20000 Johns Hopkins Medicine FBO ITSCC 750 E Pratt St 17th Fl Baltimore MD 21202 N/A PC International Immunosuppression & Transplant Skin Cancer Collaborative 100000 Johns Hopkins University 3910 Keswick Rd No N4327B Baltimore MD 21211 N/A PC Women's Wellness & Healthy Aging Program and general support 100000 Johns Hopkins University 3910 Keswick Rd No N4327B Baltimore MD 21211 N/A PC Women's Wellness & Healthy Aging Program and general support 200000 Keep Punching 2222 Sugarcone Road Baltimore MD 21209 N/A PC General support 150000 Kennedy Krieger Foundation Inc 707 N Broadway Baltimore MD 21205 N/A PC General support 150000 Living Classrooms 802 S Caroline St Baltimore MD 21231 N/A PC General support 547750 Longboat Key Garden Club Inc 540 Putter Ln Longboat Key FL 34228 N/A PC General support 15000 Maryland Food Bank Inc 2200 Halethorpe Farms Rd Baltimore MD 21227 N/A PC General support 50000 Mote Marine Laboratory 1600 Ken Thompson Pkwy Sarasota FL 34236 N/A PC General support 100000 National Aquarium in Baltimore Inc Pier 3 - 501 East Pratt St Baltimore MD 21202 N/A PC General support 100000 National Council on Alcoholism and Drug Dependence 28 E Ostend St Ste 303 Baltimore MD 21230 N/A PC General support 70000 Nature Conservancy 4245 N Fairfax Dr Ste 100 Arlington VA 22203 N/A PC General support 150000 New Hour for Women & Children Li Inc PO Box 213 Brentwood NY 11717 N/A PC General support 8000 Next One Up Foundation 502 Washington Ave Ste 425 Towson MD 21204 N/A PC General support 50000 NorthShore Holiday House 74 Huntington Rd Huntington NY 11743 N/A PC General support 100000 Pathfinders Inc 303 International Circle Ste 110 Cockeysville MD 21030 N/A PC General support 50000 Pauls Place Inc 1118 Ward St Baltimore MD 21230 N/A PC General support 50000 Pink Aid Inc PO Box 5157 Westport CT 06881 N/A PC General support 20000 Pink Purse Program PO Box 5157 Westport CT 06881 N/A PC General support 20000 Players Philanthropy Fund 1122 Kenilworth Dr Ste 201 Towson MD 21204 N/A PC General support 100000 Roland Park Country School Inc 5204 Roland Ave Baltimore MD 21230 N/A PC General support 10000 Roland Park Country School Inc 5204 Roland Ave Baltimore MD 21230 N/A PC General support 1000000 Rubicon Productions 14400 Bonnie View Rd Sparks Glencoe MD 21152 N/A PC General support 100000 Second Chance Last Opportunity Inc PO Box 1027 Sarasota FL 34230 N/A PC General support 30000 St Paul's School for Girls 11232 Falls Rd Brooklandville MD 21022 N/A PC General support 200000 The Family Tree Inc 2108 N Charles St Baltimore MD 21218 N/A PC General support 25000 United Community Centers Inc 1200 E Maddox Ave Fort Worth TX 76104 N/A PC General support 180000 Washington & Lee University 204 West Washington St Lexington VA 24450 N/A PC General support 200000 6121700 0 14 264244 14 2124255 525990 71946 18 5809719 From Sch K-1 (Form 1065) 525990 602278 14 1398968 674224 9597186 0 10271410 0 0 0 0 0 0 0 0 0 0 Accounting and tax compliance 13000 6500 6500 From Sch K-1 (Form 1065) Purchased 71946 Cost 0 71946 Controlled Entity Form 990-PF, Part VI-A, Line 11 The Charles T. Bauer Foundation held a controlling interest in Brown Advisory Investors 2012 - NEA 14 (TE), LLLP per IRC Sec. 512(b)(13). As of 12/31/2024, the Foundation's ownership interest in this entity was 55.55%. This entity is an investment fund and not a business enterprise per IRC Sec. 4943(d)(3)(B). 260000 Dollar Tree, Inc. 4.200% Due 5/15/2028 280840 252750 275000 Wells Fargo & Co. 3.000% Due 10/23/2026 281599 266646 135000 Fortis Inc. 3.055% Due 10/4/2026 138833 130751 35000 Eastman Chemical Co. 5.750% Due 3/8/2033 36084 35650 200000 GMCAR 2021-3 B 0.970% Due 8/16/2027 199992 195074 415000 AMXCA 2022-2 A 3.390% Due 5/17/2027 414908 413157 136000 Comcast Corp. 3.400% Due 4/1/2030 139515 126194 285000 Broadcom, Inc. 4.550% Due 2/15/2032 284843 275604 275000 US Bancorp - Fix-to-Float 5.384% Due 1/23/2030 275510 277272 160000 Perkinelmer Inc. 1.900% Due 9/15/2028 159885 143317 285000 Roper Industries, Inc. 4.500% Due 10/15/2029 283919 279856 285000 J.B. Hunt Transport Services, Inc. 3.875% Due 3/1/2026 284199 282124 125000 Sysco Corp. 5.950% Due 4/1/2030 128153 130198 245000 PNC Financial Services - Fix to Float 6.875% Due 10/20/2034 270018 267432 325000 Stryker Corp. 1.950% Due 6/15/2030 281687 279422 145000 American Tower Corp. 3.600% Due 1/15/2028 151370 139406 280000 Clorox Co. 4.400% Due 5/1/2029 279065 275618 155000 Crown Castle International Corp. 3.300% Due 7/1/2030 154152 140831 450000 Waste Connections Inc. 5.000% Due 3/1/2034 444758 439177 275000 Hasbro, Inc. 3.550% Due 11/19/2026 282026 268887 275000 Air Lease Corp. 5.100% Due 3/1/2029 272294 275578 295000 Analog Devices, Inc. 1.700% Due 10/1/2028 293292 264795 270000 Citigroup, Inc. 3.200% Due 10/21/2026 278151 262572 255000 Keysight Technologies Inc. 4.600% Due 4/6/2027 266880 253666 295000 Oracle Corp. 2.800% Due 4/1/2027 285649 283253 335000 Regeneron Pharmaceutical 1.750% Due 9/15/2030 273403 278810 275000 Carrier Global Corp. 2.242% Due 2/15/2025 265711 273900 280000 Morgan Stanley 3.125% Due 7/27/2026 261949 273515 922 Alphabet, Inc. Cl C 41908 175586 197 Costco Wholesale Corp. 17234 180505 171 ServiceNow, Inc. 82969 181280 358 NXP Semiconductor NV 45912 74410 888 Veralto Corp. 66916 90443 388 Generac Holdings, Inc. 42367 60159 2278 Uber Technologies, Inc. 114380 137409 494 Workday, Inc. 124577 127467 908 Amazon.com, Inc. 27534 199206 180 Trane Technologies PLC 60016 66483 254 West Pharmaceutical Services, Inc. 76716 83200 639 Trade Desk, Inc. Cl A 83086 75102 117 Netflix, Inc. 85940 104284 351 Cadence Design Systems, Inc. 103086 105460 1482 CoStar Group, Inc. 107073 106096 303 S&P Global, Inc. 116700 150903 92 TransDigm Group, Inc. 116760 116590 1577 Marvell Technology, Inc. 117028 174180 140 Adobe, Inc. 13060 62255 719 Zoetis, Inc. 61589 117147 453 Microsoft Corp. 62873 190940 1433 NVIDIA Corp. 30061 192438 259 Align Technology, Inc. 65342 54004 583 Progressive Corp. 80404 139693 632 Hilton, Inc. 126320 156205 337 Veeva Systems, Inc. Cl A 89656 70854 324 Mastercard, Inc. 103678 170609 215 Intuit, Inc. 24949 135128 315 Intuitive Surgical, Inc. 8944 164417 632 Cintas Corp. 26434 115466 494 Autodesk, Inc. 75069 146012 1414 Fortive Corp. 29271 106050 1926 Alphabet, Inc. Cl A 23530 364592 831 Cadence Design Systems, Inc. 124900 249682 3660 Marvell Technology, Inc. 104391 404247 798 Workday, Inc. 210758 205908 5588 NVIDIA Corp. 78522 750413 316 Thermo Fisher Scientific, Inc. 35941 164393 3338 Amazon.com, Inc. 268732 732324 653 Verisk Analytics, Inc. 29430 179856 517 Trade Desk, Inc. Cl A 66558 60763 1233 Carrier Global Corp. 85350 84165 906 Agilent Technologies, Inc. 116130 121712 957 Datadog, Inc. 121672 136746 286 Intuitive Surgical, Inc. 136655 149280 852 General Electric Co. 152873 142105 1311 Ares Management Corp 194072 232086 994 Arthur J. Gallagher & Co. 242443 282147 1649 Airbnb, Inc. 254723 216695 2865 KKR & Co., Inc 275858 423762 276 KLA Corp. 183892 173913 596 Ecolab, Inc. 27678 139655 3037 Chipotle Mexican Grill, Inc. 92762 183130 1224 Visa, Inc. 58992 386833 3674 Uber Technologies, Inc. 176320 221616 1482 Microsoft Corp. 222211 624663 379 ServiceNow, Inc. 108583 401785 3857 Dynatrace Holdings LLC 153976 209628 1361 Progressive Corp. 279991 326109 294 MSCI, Inc. 120411 176403 1097 Danaher Corp. 59557 251816 1717 Veralto Corp. 116468 174876 635 Intuit, Inc. 76523 399098 341 Monolithic Power Systems, Inc. 45405 201770 724 West Pharmaceutical Services, Inc. 130044 237153 1225 SITE Centers Corp. 69314 18730 4640 Pacific Premier Bancorp, Inc. 109438 115629 7280 NCR Atleos Corp 150928 246938 3071 Dime Community Bancshares, Inc. 98335 94387 1579 CTS Corp. 34046 83260 260 Curtiss-Wright Corp. 23373 92266 430 Nexstar Media Group, Inc. 22684 67927 896 Hanover Insurance Group, Inc. 92618 138575 5048 Oceaneering International, Inc. 47738 131652 1567 Peapack-Gladstone Financial Corp. 41359 50222 4762 MGIC Investment Corp. 54253 112907 3158 Thermon Group Holdings, Inc. 61573 90856 1998 Signet Jewelers Ltd. 146543 161259 9946 Eastern Bankshares, Inc. 163359 171569 3771 Mueller Water Products, Inc. 39076 84848 1342 KinderCare Learning Companies, Inc. 24123 23888 555 Bel Fuse, Inc. - Cl A 34693 49994 460 Bel Fuse, Inc. Cl-B 38267 37936 703 Monarch Casino & Resort, Inc. 45808 55467 2270 Monro, Inc. 65275 56296 7705 Global Net Lease, Inc. 67230 56247 1633 Crane NXT Co. 70092 95073 2537 Peoples Bancorp, Inc. (Ohio) 71305 80398 2770 Bristow Group, Inc. 77044 95010 2978 Seacoast Banking Corp of Florida 77669 81984 5728 Expro Group Holdings NV 92965 71428 4096 Sitio Royalties Corp 94484 78560 3153 First Interstate BancSystem, Inc. Cl A 95444 102378 1700 Assured Guaranty Ltd. 98075 153017 4472 Guardian Pharmacy Services, Inc. 100408 90603 63 White Mountains Insurance Group Ltd. 101348 122539 2897 Horace Mann Educators Corp. 102255 113649 875 EnPro, Inc. 110409 150894 2994 Yeti Holdings, Inc. 111099 115299 6309 Avanos Medical, Inc. 122609 100439 810 OSI Systems, Inc. 128914 135618 2530 IAC, Inc. 130411 109144 7735 Old National Bancorp of Indiana 134225 167888 2811 Shutterstock, Inc. 135056 85314 2996 John Wiley & Sons, Inc. Cl A 146848 130955 1594 Talen Energy Corp. 149136 321143 1627 Tennant Co. 158684 132649 4126 Sensata Technologies Holding PLC 167012 113052 255 Cable One, Inc. 178596 92340 10852 Nomad Foods Ltd 194044 182097 8648 Orion S.A. 200593 136552 4500 The Bancorp, Inc. 107182 236835 1301 Albany International Corp. Cl A 55813 104040 2255 WSFS Financial Corp. 115127 119808 2238 Rex American Resources Corp. 65148 93302 430 PC Connection, Inc. 16909 29786 2407 Patterson Companies, Inc. 66513 74280 938 Eagle Materials, Inc. 66189 231460 2170 La-Z-Boy, Inc. 65966 94547 2627 Ingevity Corp. 170383 107050 2068 Portland General Electric Co. 84890 90206 265 Virtus Investment Partners, Inc. 19622 58454 1718 Modine Manufacturing Co. 39153 199168 100 Murphy USA, Inc. 4913 50175 308 Kadant, Inc. 7666 106257 12737 NCR Voyix Corp. 179245 176280 3807 Essential Properties Realty Trust, Inc. 45941 119083 9481 Ladder Capital Corp. 93917 106092 4259 Global Medical REIT, Inc. 60001 32879 1973 Getty Realty Corp. 45527 59446 2530 Curbline Properties Corp. 54463 58747 696 Entegris, Inc. 39184 68946 1156 Cogent Communications Group, Inc. 69168 89093 1227 Clear Secure, Inc. Cl A 24683 32687 2619 DigitalBridge Group, Inc. 48160 29542 1414 Zurn Elkay Water Solutions Corp. 47628 52742 400 Take-Two Interactive Software, Inc. 51224 73632 791 Cytokinetics, Inc. 53810 37209 672 Lattice Semiconductor Corp. 25914 38069 1784 Establishment Labs Holdings, Inc. 41211 82189 243 Workiva, Inc. 8036 26609 235 FTI Consulting, Inc. 24156 44916 43 TopBuild Corp. 1936 13388 322 Eastgroup Properties Inc 31207 51678 904 OrthoPediatrics Corp. 33574 20955 375 Blueprint Medicines Corp 23337 32708 251 The AZEK Co. 9272 11915 1454 Bruker Corp. 72407 85233 327 MSA Safety, Inc. 34655 54207 119 Quaker Houghton 17450 16750 1330 Bright Horizons Family Solution, Inc. 71964 147430 44 ServiceTitan, Inc. 3124 4526 658 First Watch Restaurant Group, Inc. 11844 12245 228 SPX Technologies, Inc. 19112 33179 697 Tandem Diabetes Care, Inc. 23522 25106 126 Simpson Manufacturing Co., Inc. 23590 20895 676 Biohaven Ltd. 26414 25249 4069 LifeStance Health Group, Inc. 29418 29989 391 Vaxcyte, Inc. 32195 32007 202 Curtiss-Wright Corp. 32562 71684 468 Insmed, Inc. 33500 32310 1663 OPENLANE, Inc. 33700 32994 362 Sitime Corporation 36287 77660 2666 Mirion Technologies, Inc. 37443 46522 290 EnPro, Inc. 42125 50011 241 Applied Industrial Technologies, Inc. 46182 57712 567 Power Integrations, Inc. 46646 34984 2397 KinderCare Learning Companies, Inc. 55671 42667 795 Casella Waste Systems Cl A 60240 84119 2489 Oceaneering International, Inc. 62111 64913 970 Bio-Techne Corp. 66132 69869 3773 Phreesia, Inc. 77220 94929 3303 ChampionX Corp. 80125 89809 2022 Fluor Corp. 82674 99725 10045 CCC Intelligent Solutions Holdings, Inc. 108590 117828 1195 Inari Medical, Inc. 61274 61005 149 Houlihan Lokey, Inc. 13994 25875 559 BlackLine, Inc. 22142 33965 300 Guidewire Software, Inc. 24662 50574 4391 NeoGenomics, Inc. 53140 72364 2353 Dynatrace Holdings LLC 79661 127886 197 IDEX Corp. 23235 41230 321 SiteOne Landscape Supply, Inc. 32951 42298 110 Kadant, Inc. 30180 37949 275 Casey's General Stores, Inc. 28834 108963 1667 Mueller Water Products, Inc. 22007 37508 236 Littelfuse, Inc. 47542 55613 999 H.B. Fuller Co. 66180 67413 373 Valmont Industries, Inc. 88050 114388 9126 Mister Car Wash, Inc. 86492 66529 2757 Standard Aero, Inc. 77516 68263 979 Waste Connections Inc 42848 167977 1680 Prosperity Bancshares, Inc. 93314 126588 196 Woodward, Inc. 8835 32618 659 Neurocrine Biosciences, Inc. 35868 89954 1438 HealthEquity, Inc. 86035 137976 401 Cactus, Inc. 11960 23402 2364 Si-Bone, Inc. 55410 33143 1006 Encompass Health Corp. 51763 92904 224 WEX, Inc. 22827 39272 8529 Infinera Corp. 65117 56036 2601 Rentokil Initial PLC Sponsored ADR 96750 65857 1780 Pros Holdings, Inc. 66355 39089 238 Blackstone Inc. 8450 41036 373 General Electric Co. 32883 62213 1080 Alphabet, Inc. Cl C 8308 205675 487 Mastercard, Inc. 6818 256440 822 Visa, Inc. 17461 259785 1599 Edwards Lifesciences Corp. 41770 118374 174 Intuit, Inc. 43885 109359 163 Adobe, Inc. 55697 72483 226 Elevance Health, Inc. 22961 83371 1032 Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR 57205 203810 1161 American International Group, Inc. 80485 84521 486 Agilent Technologies, Inc. 45700 65289 713 TJX Companies, Inc. 16826 86138 1394 Bank of America Corp. 12126 61266 820 Alphabet, Inc. Cl A 6397 155226 459 Meta Platforms, Inc. 55094 268749 166 United Rentals, Inc. 7616 116937 1840 KKR & Co., Inc 56859 272154 232 Lowe's Companies, Inc. 4183 57258 696 CarMax, Inc. 5310 56905 855 Microsoft Corp. 16348 360383 504 Canadian National Railway Co. 26430 51161 372 Progressive Corp. 43517 89135 3106 Nomad Foods Ltd 44615 52119 74 KLA Corp. 46252 46629 202 Workday, Inc. 51294 52122 386 Illumina, Inc. 54266 51581 236 Danaher Corp. 54581 54174 416 Ferguson Enterprises Inc 66752 72205 322 Autodesk, Inc. 70756 95174 670 Fiserv, Inc. 77180 137631 4135 Amer Sports, Inc. 58661 115615 1741 Baker Hughes Co 49549 71416 226 Align Technology, Inc. 45352 47123 963 Uber Technologies, Inc. 44369 58088 463 Berkshire Hathaway, Inc. Cl B 25135 209869 337 Analog Devices, Inc. 30514 71599 59 First Citizens BancShares, Inc. Cl A 39365 124668 374 T-Mobile US, Inc. 47808 82553 748 Apple, Inc. 10686 187314 385 UnitedHealth Group, Inc. 109234 194756 28 Booking Holdings, Inc. 27741 139116 421 Bright Horizons Family Solution, Inc. 46669 46668 1137 Amazon.com, Inc. 127138 249446 1097 Carrier Global Corp. 27127 74881 2643 Suncor Energy, Inc. 66425 94302 5352 Kenvue Inc. 101505 114265 2057 Unilever PLC Sponsored ADR 92163 116632 261 Linde PLC 71327 109273 719 Medtronic PLC 59907 57434 528 Best Buy Co., Inc. 25935 45302 213 Ameriprise Financial, Inc. 37148 113408 742 AbbVie, Inc. 88208 131853 1483 Bank of America Corp. 40410 65178 294 T-Mobile US, Inc. 42330 64895 142 UnitedHealth Group, Inc. 49973 71832 529 JPMorgan Chase & Co. 55355 126807 297 Constellation Energy 60990 66442 1447 Portland General Electric Co. 62599 63118 6049 Ladder Capital Corp. 65738 67688 2478 Getty Realty Corp. 68318 74662 2032 Schlumberger Ltd. 76989 77907 316 Cummins, Inc. 79244 110158 1430 Citigroup, Inc. 88572 100658 1135 Morgan Stanley 97742 142692 675 Eastgroup Properties Inc 108990 108331 775 Procter & Gamble Co. 115375 129929 433 Target Corp. 53145 58533 437 Starbucks Corp. 40430 39876 957 Gilead Sciences, Inc. 67714 88398 195 Accenture PLC 37668 68599 631 Microsoft Corp. 122337 265967 346 PepsiCo, Inc. 57464 52613 238 Home Depot, Inc. 57945 92580 318 McDonald's Corp. 57778 92185 857 Apple, Inc. 56840 214610 523 Merck & Co, Inc. 17585 52028 1342 Dow, Inc. 69237 53854 563 Automatic Data Processing, Inc. 89232 164807 710 Novartis AG Sponsored ADR 51014 69090 1472 Cogent Communications Group, Inc. 91590 113447 683 Blackstone Inc. 53012 117763 5860 Kinder Morgan, Inc. 99097 160564 34 Coinbase Global, Inc. Cl A 782 8442 347 ROBLOX Corp. Cl A 2741 20077 Brown Advisory Mortgage Securities Fund Cl Inst 9568943 8421381 Brown Advisory Emerging Markets Select Fund Cl Inst 500000 459363 Brown Advisory Global Leaders Fund Cl Inst 1169976 3158082 23494586 22907737 195000 192379 Brown Advisory Investors - GEOF II, LLLP AT COST 5010255 4768978 Brown Advisory Investors 2008 - NEA 13, LLLP AT COST 175813 121995 Brown Advisory Investors 2010 - EnCap VIII (TE), LLLP AT COST 581806 192466 Brown Advisory Investors 2011 - RG II, LLLP AT COST 65260 14999 Brown Advisory Investors 2011 - SLK (TE), LLLP AT COST 62622 75898 Brown Advisory Investors 2012 - EFM II (TE), LLLP AT COST 325448 103941 Brown Advisory Investors 2012 - EnCap IX (TE), LLLP AT COST 708220 322414 Brown Advisory Investors 2012 - NEA 14 (TE), LLLP AT COST 131870 474909 Brown Advisory Investors 2012 - RS Energy V (TE), LLLP AT COST 73416 10135 Brown Advisory Investors 2014 - EFM III (TE), LLLP AT COST 661155 505542 Brown Advisory Investors 2015 - CRC IV (QP), LLLP AT COST 373713 877429 Brown Advisory Investors 2015 - Energy X (TE), LLLP AT COST 443287 422350 Brown Advisory Investors 2017 - Energy XI, LLLP AT COST 547122 1189226 Brown Advisory Investors 2018 - EFM IV, LLLP AT COST 167500 558627 Brown Advisory Investors SI International, LLLP AT COST 18832101 18234076 Brown Advisory Private Equity Partners 10 (Q), LLLP AT COST 228233 256890 Brown Advisory Private Equity Partners 11 (Q), LLLP AT COST 95543 103116 Brown Advisory Private Equity Partners 12 (Q), LLLP AT COST 44157 51231 Brown Advisory Private Equity Partners III (TE), LLLP AT COST 1021543 1359798 Brown Advisory Private Equity Partners IV (TE), LLLP AT COST 369355 750427 Brown Advisory Private Equity Partners IX (QP), LLLP AT COST 400096 476203 Brown Advisory Private Equity Partners VI (TE), LLLP AT COST 333486 591567 Brown Advisory Private Equity Partners VII (AI), LLLP AT COST 398512 626365 Brown Advisory Private Equity Partners VIII (AI), LLLP AT COST 380999 523798 Brown Advisory Real Estate Partners 4 (QP), LLLP AT COST 87381 94545 Brown Advisory Real Estate Partners I (QP), LLLP AT COST 328267 449914 Brown Advisory Real Estate Partners II (AI), LLLP AT COST 338834 473818 Brown Advisory Real Estate Partners III (AI), LLLP AT COST 272325 312225 Cougar Investment Fund LLC AT COST 366123 339183 DFJ Mercury II LP AT COST 119534 126276 Edgbaston Asian Equity Trust AT COST 3337009 2887991 Global Select Hedged Managers - Class 1 - Tax-Exempt AT COST 1900770 3580516 Viking Long Fund - Class 1 - Tax-Exempt AT COST 3000000 12305625 Passthrough K-1 expenses 893104 591095 0 Insurance 3880 0 3880 From Sch K-1 (Form 1065) 2001246 1398877 2001246 Grants management & administration 135877 0 135877 Investment advisor 196594 196594 0 Excise tax 70000 0 0 Foreign tax 2802 2802 0