# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015716
**Filing Date:** 2025-11
**Character Count:** 55492
**Document Hash:** 1703a16207b2fa8f68a47d9cc36927b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015716.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015716

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251527263

**BUSINESS ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-537-5400

**MAIL ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### Brown Advisory Emerging Markets Select Fund (Series ID: S000039101)

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Brown Advisory Emerging Markets Select Fund** | **Brown Advisory Emerging Markets Select Fund** | **Brown Advisory Emerging Markets Select Fund** | **Brown Advisory Emerging Markets Select Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 93.9%** | **COMMON STOCKS - 93.9%** | **Shares** | **Value**  |
| **Brazil - 3.9%** | **Brazil - 3.9%** | **Brazil - 3.9%** | |
| Ambev SA | Ambev SA | 3139400 | $7119650 |
| B3 SA - Brasil Bolsa Balcao | B3 SA - Brasil Bolsa Balcao | 1829800 | 4589756 |
| Banco do Brasil SA | Banco do Brasil SA | 741500 | 3065057 |
| Natura Cosmeticos SA <sup>(a)</sup> | Natura Cosmeticos SA <sup>(a)</sup> | 2301800 | 4048072 |
| Neoenergia SA | Neoenergia SA | 1031300 | 5561240 |
| Vale SA | Vale SA | 465900 | 5040448 |
|  |  |  | 29424223 |
| **China - 34.7%** | **China - 34.7%** | **China - 34.7%** |  |
| AIA Group Ltd. | AIA Group Ltd. | 1120009 | 10734128 |
| Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | 1832069 | 40972604 |
| ANTA Sports Products Ltd. | ANTA Sports Products Ltd. | 418014 | 5007133 |
| Baidu, Inc. - Class A <sup>(a)</sup> | Baidu, Inc. - Class A <sup>(a)</sup> | 451400 | 7463650 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - Class A | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - Class A | 1665100 | 2886888 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - Class A | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - Class A | 802500 | 1391344 |
| BYD Co. Ltd. - Class A | BYD Co. Ltd. - Class A | 293267 | 4522898 |
| China Construction Bank Corp. - Class H | China Construction Bank Corp. - Class H | 8396223 | 8053374 |
| China Merchants Bank Co. Ltd. - Class H | China Merchants Bank Co. Ltd. - Class H | 900500 | 5389471 |
| China Overseas Land & Investment Ltd. | China Overseas Land & Investment Ltd. | 4633246 | 8532966 |
| China Pacific Insurance Group Co. Ltd. - Class H | China Pacific Insurance Group Co. Ltd. - Class H | 1181500 | 4694128 |
| Contemporary Amperex Technology Co. Ltd. - Class A | Contemporary Amperex Technology Co. Ltd. - Class A | 125008 | 7089633 |
| Fuyao Glass Industry Group Co. Ltd. - Class A | Fuyao Glass Industry Group Co. Ltd. - Class A | 597650 | 6169826 |
| Fuyao Glass Industry Group Co. Ltd. - Class A | Fuyao Glass Industry Group Co. Ltd. - Class A | 41800 | 431521 |
| Galaxy Entertainment Group Ltd. | Galaxy Entertainment Group Ltd. | 1434000 | 7884647 |
| Haier Smart Home Co. Ltd. - Class H | Haier Smart Home Co. Ltd. - Class H | 2125400 | 6895225 |
| Hangzhou Tigermed Consulting Co. Ltd. - Class A | Hangzhou Tigermed Consulting Co. Ltd. - Class A | 357865 | 2929577 |
| Kanzhun Ltd. <sup>(a)</sup> | Kanzhun Ltd. <sup>(a)</sup> | 344225 | 4018638 |
| KE Holdings, Inc. - Class A | KE Holdings, Inc. - Class A | 996626 | 6496343 |
| Meituan - Class B <sup>(a)</sup> | Meituan - Class B <sup>(a)</sup> | 321670 | 4297115 |
| Midea Group Co. Ltd. - Class A | Midea Group Co. Ltd. - Class A | 430256 | 4399853 |
| NAURA Technology Group Co. Ltd. - Class A | NAURA Technology Group Co. Ltd. - Class A | 112285 | 7154290 |
| People's Insurance Co. Group of China Ltd. - Class H | People's Insurance Co. Group of China Ltd. - Class H | 4561752 | 3990815 |
| Ping An Insurance Group Co. of China Ltd. - Class A | Ping An Insurance Group Co. of China Ltd. - Class A | 133500 | 1036151 |
| Ping An Insurance Group Co. of China Ltd. - Class H | Ping An Insurance Group Co. of China Ltd. - Class H | 438000 | 2979753 |
| Tencent Holdings Ltd. | Tencent Holdings Ltd. | 539989 | 46012248 |
| Trip.com Group Ltd. | Trip.com Group Ltd. | 100523 | 7623419 |
| Weichai Power Co. Ltd. - Class H | Weichai Power Co. Ltd. - Class H | 3238000 | 5792674 |
| WH Group Ltd. | WH Group Ltd. | 6587500 | 7133940 |
| Yue Yuen Industrial Holdings Ltd. | Yue Yuen Industrial Holdings Ltd. | 1101500 | 1873386 |
| Yum China Holdings, Inc. | Yum China Holdings, Inc. | 100545 | 4399842 |
| Zhejiang Longsheng Group Co. Ltd. - Class A | Zhejiang Longsheng Group Co. Ltd. - Class A | 1813900 | 2543732 |
| Zhongsheng Group Holdings Ltd. | Zhongsheng Group Holdings Ltd. | 1846000 | 3449691 |
| Zijin Gold International Co. Ltd. <sup>(a)</sup> | Zijin Gold International Co. Ltd. <sup>(a)</sup> | 5928 | 91869 |
| Zijin Mining Group Co. Ltd. - Class H | Zijin Mining Group Co. Ltd. - Class H | 1817589 | 7599379 |
| ZTO Express Cayman, Inc. - ADR | ZTO Express Cayman, Inc. - ADR | 243134 | 4668173 |
| ZTO Express Cayman, Inc. | ZTO Express Cayman, Inc. | 113000 | 2137727 |
|  |  |  | 258748051 |
| **Hungary - 1.3%** | **Hungary - 1.3%** | **Hungary - 1.3%** |  |
| OTP Bank Nyrt | OTP Bank Nyrt | 66487 | 5751349 |
| Richter Gedeon Nyrt | Richter Gedeon Nyrt | 134564 | 4094032 |
|  |  |  | 9845381 |
| **India - 14.5%** | **India - 14.5%** | **India - 14.5%** |  |
| Amber Enterprises India Ltd. <sup>(a)</sup> | Amber Enterprises India Ltd. <sup>(a)</sup> | 42133 | 3843816 |
| Apollo Hospitals Enterprise Ltd. | Apollo Hospitals Enterprise Ltd. | 42410 | 3541478 |
| Ashok Leyland Ltd. | Ashok Leyland Ltd. | 1912162 | 3075490 |
| Bajaj Auto Ltd. | Bajaj Auto Ltd. | 34259 | 3349164 |
| Bajaj Finance Ltd. | Bajaj Finance Ltd. | 482212 | 5425601 |
| Bajaj Finserv Ltd. | Bajaj Finserv Ltd. | 262884 | 5939461 |
| Bharti Airtel Ltd. | Bharti Airtel Ltd. | 361509 | 7645731 |
| DLF Ltd. | DLF Ltd. | 545569 | 4383971 |
| Godrej Consumer Products Ltd. | Godrej Consumer Products Ltd. | 220152 | 2892753 |
| HDFC Bank Ltd. | HDFC Bank Ltd. | 1500980 | 16085562 |
| ICICI Bank Ltd. | ICICI Bank Ltd. | 653826 | 9908895 |
| Indraprastha Gas Ltd. | Indraprastha Gas Ltd. | 1592908 | 3743200 |
| JSW Energy Ltd. | JSW Energy Ltd. | 390527 | 2333598 |
| Larsen & Toubro Ltd. | Larsen & Toubro Ltd. | 100566 | 4145686 |
| Lodha Developers Ltd. | Lodha Developers Ltd. | 450988 | 5769024 |
| Mahindra & Mahindra Ltd. | Mahindra & Mahindra Ltd. | 167843 | 6477839 |
| Oberoi Realty Ltd. | Oberoi Realty Ltd. | 238065 | 4242034 |
| SBI Life Insurance Co. Ltd. | SBI Life Insurance Co. Ltd. | 311737 | 6290241 |
| UPL Ltd. | UPL Ltd. | 708591 | 5231270 |
| Varun Beverages Ltd. | Varun Beverages Ltd. | 758722 | 3790190 |
|  |  |  | 108115004 |
| **Indonesia - 1.3%** | **Indonesia - 1.3%** | **Indonesia - 1.3%** |  |
| Bank Central Asia Tbk PT | Bank Central Asia Tbk PT | 9983384 | 4571995 |
| Bank Rakyat Indonesia Persero Tbk PT | Bank Rakyat Indonesia Persero Tbk PT | 22136300 | 5188361 |
|  |  |  | 9760356 |
| **Kazakhstan - 0.5%** | **Kazakhstan - 0.5%** | **Kazakhstan - 0.5%** |  |
| Kaspi.KZ JSC - ADR | Kaspi.KZ JSC - ADR | 46349 | 3785786 |
| **Russia - 0.0%<sup>(b)</sup>** | **Russia - 0.0%<sup>(b)</sup>** | **Russia - 0.0%<sup>(b)</sup>** |  |
| Sberbank of Russia PJSC - ADR <sup>(a)(c)(d)</sup> | Sberbank of Russia PJSC - ADR <sup>(a)(c)(d)</sup> | 184769 | 1848 |
| **Saudi Arabia - 0.6%** | **Saudi Arabia - 0.6%** | **Saudi Arabia - 0.6%** |  |
| Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | 644091 | 4229125 |
| **Singapore - 3.8%** | **Singapore - 3.8%** | **Singapore - 3.8%** |  |
| DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | 282613 | 11207828 |
| Grab Holdings Ltd. - Class A <sup>(a)</sup> | Grab Holdings Ltd. - Class A <sup>(a)</sup> | 1049826 | 6319952 |
| Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | 411893 | 5251477 |
| Wilmar International Ltd. | Wilmar International Ltd. | 2439208 | 5394308 |
|  |  |  | 28173565 |
| **South Korea - 12.0%** | **South Korea - 12.0%** | **South Korea - 12.0%** |  |
| DB Insurance Co. Ltd. | DB Insurance Co. Ltd. | 26724 | 2641078 |
| Doosan Bobcat, Inc. | Doosan Bobcat, Inc. | 13433 | 531441 |
| Hankook Tire & Technology Co. Ltd. | Hankook Tire & Technology Co. Ltd. | 179747 | 4913089 |
| Hyundai Mobis Co. Ltd. | Hyundai Mobis Co. Ltd. | 30601 | 6510512 |
| Hyundai Motor Co. | Hyundai Motor Co. | 46876 | 7186255 |
| KB Financial Group, Inc. | KB Financial Group, Inc. | 125601 | 10366591 |
| Samsung Electronics Co. Ltd. | Samsung Electronics Co. Ltd. | 688844 | 41296423 |
| Shinhan Financial Group Co. Ltd. | Shinhan Financial Group Co. Ltd. | 77870 | 3926046 |
| SK Hynix, Inc. | SK Hynix, Inc. | 47429 | 11757554 |
|  |  |  | 89128989 |
| **Taiwan - 15.7%** | **Taiwan - 15.7%** | **Taiwan - 15.7%** |  |
| Airtac International Group | Airtac International Group | 115118 | 2859298 |
| Compal Electronics, Inc. | Compal Electronics, Inc. | 2995140 | 3199770 |
| Delta Electronics, Inc. | Delta Electronics, Inc. | 166152 | 4680519 |
| Hon Hai Precision Industry Co. Ltd. | Hon Hai Precision Industry Co. Ltd. | 838000 | 5983440 |
| MediaTek, Inc. | MediaTek, Inc. | 138190 | 5993266 |
| Quanta Computer, Inc. | Quanta Computer, Inc. | 549881 | 5267393 |
| Realtek Semiconductor Corp. | Realtek Semiconductor Corp. | 204174 | 3696271 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | Taiwan Semiconductor Manufacturing Co. Ltd. | 1967942 | 85483125 |
|  |  |  | 117163082 |
| **Thailand - 2.4%** | **Thailand - 2.4%** | **Thailand - 2.4%** |  |
| Bangkok Bank PCL - NVDR | Bangkok Bank PCL - NVDR | 530300 | 2440124 |
| Bangkok Bank PCL | Bangkok Bank PCL | 511600 | 2334587 |
| Indorama Ventures PCL - NVDR | Indorama Ventures PCL - NVDR | 4102000 | 2840443 |
| SCB X PCL | SCB X PCL | 1429700 | 5625266 |
| True Corp. PCL - NVDR <sup>(a)</sup> | True Corp. PCL - NVDR <sup>(a)</sup> | 13576839 | 4359234 |
|  |  |  | 17599654 |
| **Turkey - 0.4%** | **Turkey - 0.4%** | **Turkey - 0.4%** |  |
| Akbank TAS | Akbank TAS | 1825167 | 2758152 |
| **United Arab Emirates - 0.2%** | **United Arab Emirates - 0.2%** | **United Arab Emirates - 0.2%** |  |
| Abu Dhabi Commercial Bank PJSC | Abu Dhabi Commercial Bank PJSC | 380161 | 1510692 |
| **United States - 1.7%** | **United States - 1.7%** | **United States - 1.7%** |  |
| Cognizant Technology Solutions Corp. - Class A | Cognizant Technology Solutions Corp. - Class A | 93145 | 6247235 |
| Credicorp Ltd. | Credicorp Ltd. | 24921 | 6635964 |
|  |  |  | 12883199 |
| **Vietnam - 0.9%** | **Vietnam - 0.9%** | **Vietnam - 0.9%** |  |
| Vietnam Dairy Products JSC | Vietnam Dairy Products JSC | 2947290 | 6693431 |
| **TOTAL COMMON STOCKS** (Cost $498,433,462) | **TOTAL COMMON STOCKS** (Cost $498,433,462) | **TOTAL COMMON STOCKS** (Cost $498,433,462) | 699820538 |
| **PREFERRED STOCKS - 2.1%** | **PREFERRED STOCKS - 2.1%** | **Shares** | **Value**  |
| **Brazil - 2.1%** | **Brazil - 2.1%** | **Brazil - 2.1%** |  |
|  Cia Energetica de Minas Gerais | Cia Energetica de Minas Gerais | 3201443 | 6670864 |
|  Itau Unibanco Holding SA | Itau Unibanco Holding SA | 718630 | 5269976 |
|  Petroleo Brasileiro SA | Petroleo Brasileiro SA | 686500 | 4043736 |
| **TOTAL PREFERRED STOCKS** (Cost $11,328,323) | **TOTAL PREFERRED STOCKS** (Cost $11,328,323) | **TOTAL PREFERRED STOCKS** (Cost $11,328,323) | 15984576 |
| **EXCHANGE TRADED FUNDS - 1.5%** | **EXCHANGE TRADED FUNDS - 1.5%** | **Shares** | **Value**  |
| iShares MSCI All Country Asia ex Japan Exchange Traded Fund | iShares MSCI All Country Asia ex Japan Exchange Traded Fund | 122687 | 11191508 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $10,555,109) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $10,555,109) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $10,555,109) | 11191508 |
| **SHORT-TERM INVESTMENTS - 2.4%** | **SHORT-TERM INVESTMENTS - 2.4%** | **Shares** | **Value**  |
| **Money Market Funds** - 2.4%<br> First American Government Obligations Fund - Class Z, 4.01% <sup>(e)</sup> | **Money Market Funds** - 2.4%<br> First American Government Obligations Fund - Class Z, 4.01% <sup>(e)</sup> | 17716222 | 17716222 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $17,716,222) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $17,716,222) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $17,716,222) | 17716222 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $538,033,116**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $538,033,116**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $538,033,116**)** | 744712844 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 812731 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $745525575 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| JSC - Public Joint Stock Company |
| NVDR - Non-Voting Depositary Receipt |
| PCL - Public Company Limited |
| PJSC - Public Joint Stock Company |

---

(a) Non-income producing security.

(b) Represents less than 0.05% of net assets.

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

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

(e) The rate shown represents the 7-day annualized effective yield as of September 30, 2025.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Brown Advisory Emerging Markets Select Fund (the "Fund") has adopted fair value accounting standards which establish a 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, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $66817106 | $633001584 | $1848 | $699820538 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 15984576 | – | – | 15984576 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 11191508 | – | – | 11191508 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 17716222 | – | – | 17716222 |
| Total Investments | $111709412 | $633001584 | $1848 | $744712844 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Brown Advisory Funds

- **b. Investment Company Act file number:** 811-22708

- **c. CIK number of Registrant:** 0001548609

- **d. LEI of Registrant:** 254900ZS9LW6H6GM4251

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 901 South Bond Street, Suite 400

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

  - **Telephone number:** 4105375400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Brown Advisory Emerging Markets Select Fund

- **b. EDGAR series identifier (if any):** S000039101

- **c. LEI of Series:** 2549000TPI4K04AS6E14

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $749280057.64

**Total Liabilities:** $4747611.06

**Net Assets:** $744532446.58

**Cash Not Reported:** $2840928.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000120208 | 1.24%                | 2.07%                | 6.54%                |
| Class ID C000120209 | 1.17%                | 2.08%                | 6.48%                |
| Class ID C000120210 | 1.16%                | 2.07%                | 6.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8721659.35              | $-485582.64                                |
| Month 2  | $1098084.93              | $15584175.26                               |
| Month 3  | $1718994.47              | $42211989.19                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Vale SA                        | Vale SA                                              | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    465900 | NS      | $5040447.56   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras                   | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |    686500 | NS      | $4043736.20   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI All Country Asia  | iShares MSCI All Country Asia ex Japan ETF           | CUSIP: 464288182<br>LEI: 549300EQSX1KKO1KLL54 | Long             | EC               | RF                | US        |     95988 | NS      | $8756025.36   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                                         | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     46349 | NS      | $3785786.32   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp     | Realtek Semiconductor Corp                           | CUSIP: N/A<br>LEI: 5299002E7F36O00MYY75       | Long             | EC               | CORP              | TW        |    204174 | NS      | $3696270.55   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd        | Mahindra & Mahindra Ltd                              | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |    167843 | NS      | $6477838.61   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Computer Inc            | Quanta Computer Inc                                  | CUSIP: N/A<br>LEI: 529900DE8BIV3XOXIK04       | Long             | EC               | CORP              | TW        |    549881 | NS      | $5267393.45   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co  | Hon Hai Precision Industry Co Ltd                    | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |    838000 | NS      | $5983440.43   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd           | Hyundai Mobis Co Ltd                                 | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |     30601 | NS      | $6510512.01   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co               | Hyundai Motor Co                                     | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EC               | CORP              | KR        |     46876 | NS      | $7186254.73   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| YUE YUEN IND                   | Yue Yuen Industrial Holdings Ltd                     | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |   1101500 | NS      | $1873385.83   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd      | Zijin Mining Group Co Ltd                            | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |   2039197 | NS      | $8525926.96   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co Ltd           | Weichai Power Co Ltd                                 | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | CN        |   3238000 | NS      | $5792673.59   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    688844 | NS      | $41296423.58  | 5.55%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   1967942 | NS      | $85483124.51  | 11.48%            |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank Nyrt                  | OTP Bank Nyrt                                        | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |     66487 | NS      | $5751348.30   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |    243134 | NS      | $4668172.80   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Larsen & Toubro Ltd            | Larsen & Toubro Ltd                                  | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |    100566 | NS      | $4145685.72   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd              | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | CN        |    438000 | NS      | $2979753.13   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                             | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    718630 | NS      | $5269975.84   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Oversea-Chinese Banking Corp L | Oversea-Chinese Banking Corp Ltd                     | CUSIP: N/A<br>LEI: 5493007O3QFXCPOGWK22       | Long             | EC               | CORP              | SG        |    411893 | NS      | $5251477.53   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL Ltd                        | UPL Ltd                                              | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |    708591 | NS      | $5231270.20   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Vietnam Dairy Products JSC     | Vietnam Dairy Products JSC                           | CUSIP: N/A<br>LEI: 549300148GRJ07D21X63       | Long             | EC               | CORP              | VN        |   2947290 | NS      | $6693431.41   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd       | Wilmar International Ltd                             | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   2439208 | NS      | $5394307.69   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIENTAL YUHONG                | Beijing Oriental Yuhong Waterproof Technology Co Ltd | CUSIP: N/A<br>LEI: 300300XMIXB7STDZWT60       | Long             | EC               | CORP              | CN        |    802500 | NS      | $1391344.44   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc         | KB Financial Group Inc                               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    125601 | NS      | $10366590.84  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Oberoi Realty Ltd              | Oberoi Realty Ltd                                    | CUSIP: N/A<br>LEI: 335800TCKG1XQXN51L44       | Long             | EC               | CORP              | IN        |    238065 | NS      | $4242033.58   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| JSW Energy Ltd                 | JSW Energy Ltd                                       | CUSIP: N/A<br>LEI: 3358001ZFBW2VIMBMI85       | Long             | EC               | CORP              | IN        |    390527 | NS      | $2333598.33   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Indorama Ventures PCL          | Indorama Ventures PCL                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |   4102000 | NS      | $2840443.16   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC        | Sberbank of Russia PJSC                              | CUSIP: 80585Y308<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    184769 | NS      | $1847.69      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Zhongsheng Group Holdings Ltd  | Zhongsheng Group Holdings Ltd                        | CUSIP: N/A<br>LEI: 3003005VYMEBAJNJ2Y26       | Long             | EC               | CORP              | CN        |   1846000 | NS      | $3449691.37   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| People's Insurance Co Group of | People's Insurance Co Group of China Ltd/The         | CUSIP: N/A<br>LEI: 3003000P2JHYHQ524P66       | Long             | EC               | CORP              | CN        |   4561752 | NS      | $3990815.35   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Richter Gedeon Nyrt            | Richter Gedeon Nyrt                                  | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               | CORP              | HU        |    134564 | NS      | $4094032.26   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIENTAL YUHONG                | Beijing Oriental Yuhong Waterproof Technology Co Ltd | CUSIP: N/A<br>LEI: 300300XMIXB7STDZWT60       | Long             | EC               | CORP              | CN        |   1665100 | NS      | $2886888.02   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co Ltd  | NAURA Technology Group Co Ltd                        | CUSIP: N/A<br>LEI: 300300JI5I0B95GO5C39       | Long             | EC               | CORP              | CN        |    112285 | NS      | $7154290.19   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Indraprastha Gas Ltd           | Indraprastha Gas Ltd                                 | CUSIP: N/A<br>LEI: 33580033VPD8D168H736       | Long             | EC               | CORP              | IN        |   1592908 | NS      | $3743199.63   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Neoenergia SA                  | Neoenergia SA                                        | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               | CORP              | BR        |   1031300 | NS      | $5561240.08   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co           | Saudi Arabian Oil Co                                 | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |    644091 | NS      | $4229124.83   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                        | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   1500980 | NS      | $16085561.80  | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                   | WH Group Ltd                                         | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |   6587500 | NS      | $7133940.11   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Lodha Developers Ltd           | Lodha Developers Ltd                                 | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               | CORP              | IN        |    450988 | NS      | $5769024.07   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: N/A<br>LEI: 549300SCJPK3YZJTJR78       | Long             | EC               | CORP              | CN        |    113000 | NS      | $2137726.84   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings Inc                               | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |    100545 | NS      | $4399841.94   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                | KE Holdings Inc                                      | CUSIP: N/A<br>LEI: 254900RHVY072XPAZE03       | Long             | EC               | CORP              | CN        |    996626 | NS      | $6496342.90   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                                   | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | SG        |    100523 | NS      | $7623418.88   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd              | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | CN        |    133500 | NS      | $1036151.01   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Longsheng             | Zhejiang Longsheng Group Co Ltd                      | CUSIP: N/A<br>LEI: 300300XYB5YIMVFQA157       | Long             | EC               | CORP              | CN        |   1813900 | NS      | $2543732.26   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Kanzhun Ltd                    | Kanzhun Ltd                                          | CUSIP: N/A<br>LEI: 254900F4ZCBITP7L0251       | Long             | EC               | CORP              | CN        |    344225 | NS      | $4018638.16   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                            | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |   1429700 | NS      | $5625266.16   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Varun Beverages Ltd            | Varun Beverages Ltd                                  | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |    758722 | NS      | $3790189.82   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| True Corp PCL                  | True Corp PCL                                        | CUSIP: N/A<br>LEI: 894500HQD71STX0DQK07       | Long             | EC               | CORP              | TH        |  13576839 | NS      | $4359234.12   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Gold International Co Lt | Zijin Gold International Co Ltd                      | CUSIP: N/A<br>LEI: 254900FINUJR4MZ8A417       | Long             | EC               | CORP              | HK        |     46128 | NS      | $714864.12    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                       | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |    653826 | NS      | $9908895.16   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Life Insurance Co Ltd      | SBI Life Insurance Co Ltd                            | CUSIP: N/A<br>LEI: 335800WMVIESQUO95586       | Long             | EC               | CORP              | IN        |    311737 | NS      | $6290241.34   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC | Abu Dhabi Commercial Bank PJSC                       | CUSIP: N/A<br>LEI: 213800RWVKKIRX1AUH58       | Long             | EC               | CORP              | AE        |    380161 | NS      | $1510692.47   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Akbank TAS                     | Akbank TAS                                           | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |   1825167 | NS      | $2758151.84   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                                        | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |   1120009 | NS      | $10734127.86  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Airtac International Group     | Airtac International Group                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    115118 | NS      | $2859297.56   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Amber Enterprises India Ltd    | Amber Enterprises India Ltd                          | CUSIP: N/A<br>LEI: 3358009JZU4XT3666G06       | Long             | EC               | CORP              | IN        |     42133 | NS      | $3843815.82   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                            | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   1832069 | NS      | $40972604.45  | 5.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                  | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     93145 | NS      | $6247235.15   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA             | Banco do Brasil SA                                   | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |    741500 | NS      | $3065057.07   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund           | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  15874975 | NS      | $15874975.46  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    511600 | NS      | $2334586.45   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| DB Insurance Co Ltd            | DB Insurance Co Ltd                                  | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |     26724 | NS      | $2641077.76   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA OVERSEAS                 | China Overseas Land & Investment Ltd                 | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               | CORP              | HK        |   4633246 | NS      | $8532965.62   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Compal Electronics Inc         | Compal Electronics Inc                               | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |   2995140 | NS      | $3199770.23   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Lt | Apollo Hospitals Enterprise Ltd                      | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |     42410 | NS      | $3541477.97   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| FUYAO GLASS                    | Fuyao Glass Industry Group Co Ltd                    | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | CN        |    597650 | NS      | $6169825.96   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    530300 | NS      | $2440124.38   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd              | Bharti Airtel Ltd                                    | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |    361509 | NS      | $7645731.29   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd | Galaxy Entertainment Group Ltd                       | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   1434000 | NS      | $7884646.65   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero  | Bank Rakyat Indonesia Persero Tbk PT                 | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               | CORP              | ID        |  22136300 | NS      | $5188361.07   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT       | Bank Central Asia Tbk PT                             | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |   9983384 | NS      | $4571995.27   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashok Leyland Ltd              | Ashok Leyland Ltd                                    | CUSIP: N/A<br>LEI: 3358001BZKWERVWYCK35       | Long             | EC               | CORP              | IN        |   1912162 | NS      | $3075489.58   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                            | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | CN        |    451400 | NS      | $7463650.20   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp   | China Construction Bank Corp                         | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |   8396223 | NS      | $8053373.95   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Consumer Products Ltd   | Godrej Consumer Products Ltd                         | CUSIP: N/A<br>LEI: 335800P4GUWLGZFK2D63       | Long             | EC               | CORP              | IN        |    220152 | NS      | $2892753.46   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd    | China Merchants Bank Co Ltd                          | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |    900500 | NS      | $5389470.89   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Energetica de Minas Gerais | Cia Energetica de Minas Gerais                       | CUSIP: N/A<br>LEI: 254900W703PXLDSEM056       | Long             | EP               | CORP              | BR        |   3201443 | NS      | $6670863.43   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd       | ANTA Sports Products Ltd                             | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | CN        |    418014 | NS      | $5007132.46   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| CPIC                           | China Pacific Insurance Group Co Ltd                 | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |   1181500 | NS      | $4694128.14   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Auto Ltd                 | Bajaj Auto Ltd                                       | CUSIP: N/A<br>LEI: 335800DLAO5NCNN8G863       | Long             | EC               | CORP              | IN        |     34259 | NS      | $3349164.26   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Hankook Tire & Technology Co L | Hankook Tire & Technology Co Ltd                     | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               | CORP              | KR        |    179120 | NS      | $4895950.73   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                     | BYD Co Ltd                                           | CUSIP: Y1023R120<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |    293267 | NS      | $4522898.03   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao                          | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |   1829800 | NS      | $4589756.21   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev SA                                             | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   3139400 | NS      | $7119650.15   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CATL                           | Contemporary Amperex Technology Co Ltd               | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    132889 | NS      | $7536591.75   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd        | Haier Smart Home Co Ltd                              | CUSIP: N/A<br>LEI: 3003002BYTNGNJTWSH07       | Long             | EC               | CORP              | CN        |   2125400 | NS      | $6895224.54   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finserv Ltd              | Bajaj Finserv Ltd                                    | CUSIP: N/A<br>LEI: 3358001EH4I4IDMGQ326       | Long             | EC               | CORP              | IN        |    262884 | NS      | $5939461.50   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| FUYAO GLASS                    | Fuyao Glass Industry Group Co Ltd                    | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | CN        |     41800 | NS      | $431521.33    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd              | Bajaj Finance Ltd                                    | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |    482212 | NS      | $5425601.06   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                                        | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |     24921 | NS      | $6635963.88   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd              | Grab Holdings Ltd                                    | CUSIP: N/A<br>LEI: 549300N4VQX83VPJF439       | Long             | EC               | CORP              | SG        |   1232830 | NS      | $7421636.60   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd                               | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |    282613 | NS      | $11207827.64  | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc          | Delta Electronics Inc                                | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |    181904 | NS      | $5124254.86   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| DLF Ltd                        | DLF Ltd                                              | CUSIP: N/A<br>LEI: 335800PJLUEOB8914F48       | Long             | EC               | CORP              | IN        |    545569 | NS      | $4383970.66   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Doosan Bobcat Inc              | Doosan Bobcat Inc                                    | CUSIP: N/A<br>LEI: 9884007K6X0Q0112FX44       | Long             | EC               | CORP              | KR        |     12133 | NS      | $480010.36    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                   | MediaTek Inc                                         | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |    138190 | NS      | $5993265.90   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Natura Cosmeticos SA           | Natura Cosmeticos SA                                 | CUSIP: N/A<br>LEI: 98450085D7XCFF5A9N75       | Long             | EC               | CORP              | BR        |   2204200 | NS      | $3876426.70   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                                   | CUSIP: Y6S40V103<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    430256 | NS      | $4399853.36   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                        | Meituan                                              | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | CN        |    321670 | NS      | $4297115.08   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd                       | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |     77870 | NS      | $3926046.27   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                                         | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     47429 | NS      | $11757553.65  | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| TIGERMED                       | Hangzhou Tigermed Consulting Co Ltd                  | CUSIP: Y3043G100<br>LEI: 300300CP4N8WDF6DOO67 | Long             | EC               | CORP              | CN        |    357865 | NS      | $2929576.46   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                 | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |    539989 | NS      | $46012247.89  | 6.18%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Brown Advisory Funds

**Signature:** /s/ Jason T. Meix

**Name of Signer:** Jason T. Meix

**Title:** Principal Financial Officer