# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-016025
**Filing Date:** 2026-5
**Character Count:** 31576
**Document Hash:** 9bf9ed02358e03c87df4a95a921609d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016025.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000894189-26-016025

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**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:** 261024356

**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 Mid-Cap Growth Fund (Series ID: S000058723)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000192739 | Institutional Shares | BAFMX           |
| C000192740 | Investor Shares      | BMIDX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Mid-Cap Growth Fund** | **Brown Advisory Mid-Cap Growth Fund** | **Brown Advisory Mid-Cap Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 95.9%** | **Shares**  | **Value**  |
| **Communication Services - 1.4%** | **Communication Services - 1.4%** | |
| Reddit, Inc. - Class A <sup>(a)</sup> | 510 | $68671 |
| ROBLOX Corp. - Class A <sup>(a)</sup> | 489 | 27658 |
|  |  | 96329 |
| **Consumer Discretionary - 16.0%** | **Consumer Discretionary - 16.0%** |  |
| Amer Sports, Inc. <sup>(a)</sup> | 1603 | 52771 |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 422 | 34659 |
| Carvana Co. <sup>(a)</sup> | 222 | 69792 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 1214 | 38860 |
| Coupang, Inc. - Class A <sup>(a)</sup> | 7336 | 138504 |
| Domino's Pizza, Inc. | 253 | 90774 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | 491 | 73724 |
| Expedia Group, Inc. | 583 | 134609 |
| Hilton Worldwide Holdings, Inc. | 933 | 283706 |
| Ross Stores, Inc. | 326 | 70621 |
| Ulta Beauty, Inc. <sup>(a)</sup> | 190 | 99315 |
|  |  | 1087335 |
| **Consumer Staples - 0.5%** | **Consumer Staples - 0.5%** |  |
| Casey's General Stores, Inc. | 52 | 37849 |
| **Energy - 3.5%** | **Energy - 3.5%** |  |
| Cheniere Energy, Inc. | 349 | 99032 |
| Oceaneering International, Inc. <sup>(a)</sup> | 3854 | 136702 |
|  |  | 235734 |
| **Financials - 4.9%** | **Financials - 4.9%** |  |
| Ares Management Corp. | 686 | 74843 |
| Arthur J Gallagher & Co. | 346 | 74937 |
| Toast, Inc. - Class A <sup>(a)</sup> | 2489 | 65983 |
| Tradeweb Markets, Inc. - Class A | 994 | 116954 |
|  |  | 332717 |
| **Health Care - 17.4%** | **Health Care - 17.4%** |  |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 448 | 148230 |
| Bruker Corp. | 925 | 33411 |
| Cardinal Health, Inc. | 1145 | 241950 |
| Dexcom, Inc. <sup>(a)</sup> | 2025 | 127170 |
| Guardant Health, Inc. <sup>(a)</sup> | 318 | 29374 |
| HealthEquity, Inc. <sup>(a)</sup> | 1418 | 118502 |
| Insulet Corp. <sup>(a)</sup> | 476 | 99884 |
| Medline, Inc. <sup>(a)</sup> | 3063 | 136303 |
| Veeva Systems, Inc. - Class A <sup>(a)</sup> | 737 | 129461 |
| West Pharmaceutical Services, Inc. | 467 | 117049 |
|  |  | 1181334 |
| **Industrials - 23.3%** | **Industrials - 23.3%** |  |
| AAON, Inc. | 1019 | 84322 |
| Andersen Group, Inc. - Class A <sup>(a)</sup> | 3297 | 89678 |
| Applied Industrial Technologies, Inc. | 448 | 118863 |
| Axon Enterprise, Inc. <sup>(a)</sup> | 251 | 106597 |
| Carlisle Cos., Inc. | 267 | 89077 |
| Comfort Systems USA, Inc. | 117 | 161342 |
| Equifax, Inc. | 431 | 77610 |
| FTAI Aviation Ltd. | 573 | 140385 |
| HEICO Corp. - Class A | 772 | 162961 |
| Old Dominion Freight Line, Inc. | 432 | 84413 |
| OPENLANE, Inc. <sup>(a)</sup> | 3659 | 106660 |
| Parsons Corp. <sup>(a)</sup> | 1203 | 65167 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 834 | 111014 |
| Waste Connections, Inc. | 1170 | 190055 |
|  |  | 1588144 |
| **Information Technology - 21.7%** | **Information Technology - 21.7%** |  |
| CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 16959 | 101754 |
| Cloudflare, Inc. - Class A <sup>(a)</sup> | 542 | 111836 |
| Datadog, Inc. - Class A <sup>(a)</sup> | 1107 | 130681 |
| Dynatrace, Inc. <sup>(a)</sup> | 1864 | 68931 |
| Everpure, Inc. - Class A <sup>(a)</sup> | 1614 | 95291 |
| Fair Isaac Corp. <sup>(a)</sup> | 109 | 116362 |
| Guidewire Software, Inc. <sup>(a)</sup> | 1352 | 202205 |
| HubSpot, Inc. <sup>(a)</sup> | 145 | 35395 |
| Lattice Semiconductor Corp. <sup>(a)</sup> | 745 | 69106 |
| Marvell Technology, Inc. | 1357 | 134411 |
| Monolithic Power Systems, Inc. | 175 | 191336 |
| Samsara, Inc. - Class A <sup>(a)</sup> | 3244 | 102802 |
| Tyler Technologies, Inc. <sup>(a)</sup> | 279 | 95524 |
| Zscaler, Inc. <sup>(a)</sup> | 144 | 20202 |
|  |  | 1475836 |
| **Materials - 2.6%** | **Materials - 2.6%** |  |
| Vulcan Materials Co. | 654 | 178084 |
| **Real Estate - 1.0%** | **Real Estate - 1.0%** |  |
| CoStar Group, Inc. <sup>(a)</sup> | 1653 | 66682 |
| **Utilities - 3.6%** | **Utilities - 3.6%** |  |
| Vistra Corp. | 1634 | 245639 |
| **TOTAL COMMON STOCKS** (Cost $4,927,100) | **TOTAL COMMON STOCKS** (Cost $4,927,100) | 6525683 |
| **SHORT-TERM INVESTMENTS - 4.6%** | **Shares**  | **Value**  |
| **Money Market Funds - 4.6%**<br> First American Government Obligations Fund - Class Z, 3.54% <sup>(b)</sup> | 310972 | 310972 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $310,972) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $310,972) | 310972 |
| **TOTAL INVESTMENTS - 100.5% (**Cost $5,238,072**)** | **TOTAL INVESTMENTS - 100.5% (**Cost $5,238,072**)** | 6836655 |
| Liabilities in Excess of Other Assets - (0.5)% | Liabilities in Excess of Other Assets - (0.5)% | (31982) |
| **TOTAL NET ASSETS - 100.0%** |  | $6804673 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.<br>

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)

Brown Advisory Mid-Cap Growth 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $6525683 | $– | $– | $6525683 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 310972 | – | – | 310972 |
| Total Investments | $6836655 | $– | $– | $6836655 |
| 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 Mid-Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000058723

- **c. LEI of Series:** 254900LJWSFYN4LGRK48

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

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

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **Yes**

### Fund Information

**Total Assets:** $7202412.45

**Total Liabilities:** $316833.78

**Net Assets:** $6885578.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000192739 | -2.75%               | -1.61%               | -4.79%               |
| Class ID C000192740 | -2.91%               | -1.55%               | -4.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1548229.48              | $-2045607.12                               |
| Month 2  | $-41053.02               | $-328356.85                                |
| Month 3  | $1834373.51              | $-2623113.16                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAON Inc                       | AAON Inc                                   | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1032 | NS      | $85398.00     | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Andersen Group Inc             | Andersen Group Inc                         | CUSIP: 033853102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3339 | NS      | $90820.80     | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                        | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       254 | NS      | $107871.26    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill Inc                 | CUSIP: 169656105<br>LEI: 529900REP5VGTPCP1J71 | Long             | EC               | CORP              | US        |      1230 | NS      | $39372.30     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc                     | CUSIP: 573874104<br>LEI: 254900WVU0BM7ZCJ9E93 | Long             | EC               | CORP              | US        |      1374 | NS      | $136094.70    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                    | ROBLOX Corp                                | CUSIP: 771049103<br>LEI: 529900ANZDBDFU91SO19 | Long             | EC               | CORP              | US        |       495 | NS      | $27997.20     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc           | Tradeweb Markets Inc                       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1007 | NS      | $118483.62    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                    | Zscaler Inc                                | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |       386 | NS      | $54151.94     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                | Ulta Beauty Inc                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       193 | NS      | $100883.03    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      1655 | NS      | $248796.15    | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                      | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      1185 | NS      | $192491.40    | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc    | Alnylam Pharmaceuticals Inc                | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       453 | NS      | $149884.11    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie | Applied Industrial Technologies Inc        | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       454 | NS      | $120455.28    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1159 | NS      | $244908.29    | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare Inc                             | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |       549 | NS      | $113280.66    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                     | Dexcom Inc                                 | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      2051 | NS      | $128802.80    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                                | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |       437 | NS      | $78690.59     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       591 | NS      | $136455.99    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       351 | NS      | $76019.58     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc  | Oceaneering International Inc              | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |      3903 | NS      | $138439.41    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co                        | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |       663 | NS      | $180534.90    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc     | Casey's General Stores Inc                 | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |        52 | NS      | $37848.72     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group Inc                           | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |      1674 | NS      | $67529.16     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                      | Toast Inc                                  | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |      2520 | NS      | $66805.20     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutio | Bright Horizons Family Solutions Inc       | CUSIP: 109194100<br>LEI: 2549009BKSVTM7UEYT38 | Long             | EC               | CORP              | US        |       427 | NS      | $35069.51     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                    | Bruker Corp                                | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |       937 | NS      | $33844.44     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                     | Carvana Co                                 | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |       224 | NS      | $70421.12     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc            | Guardant Health Inc                        | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |       322 | NS      | $29743.14     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                   | OPENLANE Inc                               | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |      3705 | NS      | $108000.75    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                | Amer Sports Inc                            | CUSIP: N/A<br>LEI: 391200YCSWTRD1J21867       | Long             | EC               | CORP              | FI        |      1624 | NS      | $53462.08     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Hold | CCC Intelligent Solutions Holdings Inc     | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17175 | NS      | $103050.00    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                                | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |      7430 | NS      | $140278.40    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc             | Domino's Pizza Inc                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       256 | NS      | $91850.24     | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                               | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |       498 | NS      | $74774.70     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                     | HEICO Corp                                 | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |       782 | NS      | $165072.38    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                               | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       482 | NS      | $101142.88    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                   | Parsons Corp                               | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      1218 | NS      | $65979.06     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply Inc               | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |       844 | NS      | $112344.84    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd              | FTAI Aviation Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       581 | NS      | $142345.00    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp           | Ares Management Corp                       | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |       695 | NS      | $75824.50     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc               | Carlisle Cos Inc                           | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |       270 | NS      | $90077.40     | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       354 | NS      | $100451.04    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA Inc                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       119 | NS      | $164099.81    | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                                | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      1121 | NS      | $132334.05    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc              | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       945 | NS      | $287355.60    | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc               | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       177 | NS      | $193522.95    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc  | Old Dominion Freight Line Inc              | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |       437 | NS      | $85389.80     | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Everpure Inc                   | Everpure Inc                               | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      1634 | NS      | $96471.36     | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                | Ross Stores Inc                            | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |       331 | NS      | $71704.53     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                    | Samsara Inc                                | CUSIP: 79589L106<br>LEI: 529900IE80DQBIFK3M88 | Long             | EC               | CORP              | US        |      3285 | NS      | $104101.65    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems Inc                          | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |       746 | NS      | $131042.36    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I | West Pharmaceutical Services Inc           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |       473 | NS      | $118552.72    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                  | Dynatrace Inc                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |      1888 | NS      | $69818.24     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                | Fair Isaac Corp                            | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       111 | NS      | $118496.94    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    599496 | NS      | $599495.75    | 8.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc         | Guidewire Software Inc                     | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |      1369 | NS      | $204747.64    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc               | HealthEquity Inc                           | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      1436 | NS      | $120006.52    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                    | HubSpot Inc                                | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       146 | NS      | $35638.60     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp     | Lattice Semiconductor Corp                 | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |       755 | NS      | $70033.80     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Medline Inc                    | Medline Inc                                | CUSIP: 58507V107<br>LEI: 984500FAN6J1P8566D43 | Long             | EC               | CORP              | US        |      3102 | NS      | $138039.00    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc         | Tyler Technologies Inc                     | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |       283 | NS      | $96893.54     | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer