# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-006394
**Filing Date:** 2025-8
**Character Count:** 38560
**Document Hash:** c0a9e641aeca180dc12b81bb355f6a92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006394.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0000894189-25-006394

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250630

**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:** 251277279

**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           |

## 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:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $673110755.26

**Total Liabilities:** $1026299.05

**Net Assets:** $672084456.21

**Cash Not Reported:** $4049844.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000120208 | -0.34%               | 4.17%                | 5.06%                |
| Class ID C000120209 | -0.34%               | 4.09%                | 5.15%                |
| Class ID C000120210 | -0.42%               | 4.16%                | 5.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5224248.96             | $1083062.00                                |
| Month 2  | $420339.50               | $22943610.60                               |
| Month 3  | $3133060.33              | $27874393.45                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    511600 | NS      | $2211090.86   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    530300 | NS      | $2269071.68   | 0.34%             |  |  |  | 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      | $1395390.65   | 0.21%             |  |  |  | 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        |  13392026 | NS      | $7158676.37   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Akbank TAS                     | Akbank TAS                                           | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |   1825167 | NS      | $3127846.07   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd       | ANTA Sports Products Ltd                             | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | CN        |    559493 | NS      | $6769743.56   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                                        | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |   1292659 | NS      | $11709478.75  | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Airtac International Group     | Airtac International Group                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    116838 | NS      | $3478627.13   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Amber Enterprises India Ltd    | Amber Enterprises India Ltd                          | CUSIP: N/A<br>LEI: 3358009JZU4XT3666G06       | Long             | EC               | CORP              | IN        |     49538 | NS      | $3912115.89   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                       | Ambev SA                                             | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   2282400 | NS      | $5583018.17   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                            | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | CN        |   1706279 | NS      | $24153999.41  | 3.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                            | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |      8203 | NS      | $703489.28    | 0.10%             |  |  |  | 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      | $3025722.88   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Hospitals Enterprise Lt | Apollo Hospitals Enterprise Ltd                      | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |     43042 | NS      | $3636069.62   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashok Leyland Ltd              | Ashok Leyland Ltd                                    | CUSIP: N/A<br>LEI: 3358001BZKWERVWYCK35       | Long             | EC               | CORP              | IN        |   1114280 | NS      | $3261726.44   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                            | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | CN        |    483250 | NS      | $5178957.92   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Auto Ltd                 | Bajaj Auto Ltd                                       | CUSIP: N/A<br>LEI: 335800DLAO5NCNN8G863       | Long             | EC               | CORP              | IN        |     34471 | NS      | $3366976.17   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finserv Ltd              | Bajaj Finserv Ltd                                    | CUSIP: N/A<br>LEI: 3358001EH4I4IDMGQ326       | Long             | EC               | CORP              | IN        |    249145 | NS      | $5972937.84   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                  | Axis Bank Ltd                                        | CUSIP: N/A<br>LEI: 549300HVNWMJPOFVNI41       | Long             | EC               | CORP              | IN        |    368304 | NS      | $5151121.89   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd              | Bajaj Finance Ltd                                    | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |    544450 | NS      | $5946131.55   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                        | Vale SA                                              | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    465900 | NS      | $4519138.25   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd                       | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |    130200 | NS      | $5902858.83   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd              | Bharti Airtel Ltd                                    | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |    306902 | NS      | $7195031.82   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                                         | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     49702 | NS      | $10709867.08  | 1.59%             |  |  |  | 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      | $1689796.38   | 0.25%             |  |  |  | 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      | $5103753.49   | 0.76%             |  |  |  | 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        |   1974641 | NS      | $5078405.01   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| BNI Tbk PT                     | Bank Negara Indonesia Persero Tbk PT                 | CUSIP: N/A<br>LEI: 549300HZ8J3MLVXQ8F85       | Long             | EC               | CORP              | ID        |  15076451 | NS      | $3826455.97   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co Ltd           | Weichai Power Co Ltd                                 | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | CN        |   3663000 | NS      | $7457935.57   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   2101023 | NS      | $76833054.06  | 11.43%            |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd       | United Overseas Bank Ltd                             | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |    171517 | NS      | $4854568.34   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |    243134 | NS      | $4315628.50   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd                        | UPL Ltd                                              | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |    586842 | NS      | $4526730.05   | 0.67%             |  |  |  | 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      | $6544393.10   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd       | Wilmar International Ltd                             | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   2439208 | NS      | $5505974.44   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhongsheng Group Holdings Ltd  | Zhongsheng Group Holdings Ltd                        | CUSIP: N/A<br>LEI: 3003005VYMEBAJNJ2Y26       | Long             | EC               | CORP              | CN        |   1794500 | NS      | $2775564.20   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                     | BYD Co Ltd                                           | CUSIP: Y1023R120<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |    145281 | NS      | $6734286.54   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                   | WH Group Ltd                                         | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |   8445500 | NS      | $8139706.40   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                 | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |    611499 | NS      | $39402313.44  | 5.86%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: N/A<br>LEI: 549300SCJPK3YZJTJR78       | Long             | EC               | CORP              | CN        |     72950 | NS      | $1291589.15   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings Inc                               | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |    137432 | NS      | $6171334.49   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                                   | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | SG        |     80418 | NS      | $4709642.72   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Longsheng             | Zhejiang Longsheng Group Co Ltd                      | CUSIP: N/A<br>LEI: 300300XYB5YIMVFQA157       | Long             | EC               | CORP              | CN        |   1813900 | NS      | $2572322.08   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                            | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |   1429700 | NS      | $5116442.95   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Varun Beverages Ltd            | Varun Beverages Ltd                                  | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |    763551 | NS      | $4074347.45   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| True Corp PCL                  | True Corp PCL                                        | CUSIP: N/A<br>LEI: 894500HQD71STX0DQK07       | Long             | EC               | CORP              | TH        |  12380354 | NS      | $4234211.12   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Tech Mahindra Ltd              | Tech Mahindra Ltd                                    | CUSIP: N/A<br>LEI: 3358005FZUZ1I25XQH69       | Long             | EC               | CORP              | IN        |    179564 | NS      | $3533594.14   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    677389 | NS      | $29955239.94  | 4.46%             |  |  |  | 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      |
| Saudi Arabian Oil Co           | Saudi Arabian Oil Co                                 | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |    565302 | NS      | $3665373.10   | 0.55%             |  |  |  | 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        |    260111 | NS      | $5575888.60   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras                   | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |    686500 | NS      | $3963760.10   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp     | Realtek Semiconductor Corp                           | CUSIP: N/A<br>LEI: 5299002E7F36O00MYY75       | Long             | EC               | CORP              | TW        |    227722 | NS      | $4422588.07   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd        | Mahindra & Mahindra Ltd                              | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |    170345 | NS      | $6322735.68   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank Nyrt                  | OTP Bank Nyrt                                        | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |     66487 | NS      | $5314312.89   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd            | Larsen & Toubro Ltd                                  | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |    123596 | NS      | $5290058.60   | 0.79%             |  |  |  | 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      | $2795893.78   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Oversea-Chinese Banking Corp L | Oversea-Chinese Banking Corp Ltd                     | CUSIP: N/A<br>LEI: 5493007O3QFXCPOGWK22       | Long             | EC               | CORP              | SG        |    417996 | NS      | $5360094.70   | 0.80%             |  |  |  | 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      | $1202356.00   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Oberoi Realty Ltd              | Oberoi Realty Ltd                                    | CUSIP: N/A<br>LEI: 335800TCKG1XQXN51L44       | Long             | EC               | CORP              | IN        |    241527 | NS      | $5370142.76   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Richter Gedeon Nyrt            | Richter Gedeon Nyrt                                  | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               | CORP              | HU        |    134564 | NS      | $3966459.42   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIENTAL YUHONG                | Beijing Oriental Yuhong Waterproof Technology Co Ltd | CUSIP: N/A<br>LEI: 300300XMIXB7STDZWT60       | Long             | EC               | CORP              | CN        |   1665100 | NS      | $2494757.60   | 0.37%             |  |  |  | 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        |     15885 | NS      | $981090.98    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Neoenergia SA                  | Neoenergia SA                                        | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               | CORP              | BR        |   1075200 | NS      | $5054316.69   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                        | Meituan                                              | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | CN        |    444154 | NS      | $7144679.65   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Natura & Co Holding SA         | Natura & Co Holding SA                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   2197800 | NS      | $4469950.86   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Macrotech Developers Ltd       | Macrotech Developers Ltd                             | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               | CORP              | IN        |    482342 | NS      | $7798358.28   | 1.16%             |  |  |  | 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      | $1034516.33   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Nien Made Enterprise Co Ltd    | Nien Made Enterprise Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     33000 | NS      | $460055.40    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                  | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     93145 | NS      | $7268104.35   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund           | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  11986152 | NS      | $11986151.67  | 1.78%             |  |  |  | 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        |      8100 | NS      | $669222.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                                         | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     46349 | NS      | $3934566.61   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd            | DB Insurance Co Ltd                                  | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |     45744 | NS      | $4174258.42   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd                               | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |    208089 | NS      | $7345989.02   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA OVERSEAS                 | China Overseas Land & Investment Ltd                 | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               | CORP              | HK        |   4116746 | NS      | $7176290.21   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Compal Electronics Inc         | Compal Electronics Inc                               | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |   1817140 | NS      | $1807409.42   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc          | Delta Electronics Inc                                | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |    367023 | NS      | $5193724.81   | 0.77%             |  |  |  | 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      | $4754163.00   | 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        |    998000 | NS      | $5506301.73   | 0.82%             |  |  |  | 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      | $6491947.23   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co               | Hyundai Motor Co                                     | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EC               | CORP              | KR        |     47213 | NS      | $7089383.30   | 1.05%             |  |  |  | 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      | $6392197.83   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                             | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    718630 | NS      | $4876753.25   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Godrej Consumer Products Ltd   | Godrej Consumer Products Ltd                         | CUSIP: N/A<br>LEI: 335800P4GUWLGZFK2D63       | Long             | EC               | CORP              | IN        |    252198 | NS      | $3465832.88   | 0.52%             |  |  |  | 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      | $6316973.40   | 0.94%             |  |  |  | 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      | $6393340.18   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| DLF Ltd                        | DLF Ltd                                              | CUSIP: N/A<br>LEI: 335800PJLUEOB8914F48       | Long             | EC               | CORP              | IN        |    594541 | NS      | $5812182.06   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| CPIC                           | China Pacific Insurance Group Co Ltd                 | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |   1892369 | NS      | $6510445.32   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc         | KB Financial Group Inc                               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    147389 | NS      | $12111879.07  | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| JSW Energy Ltd                 | JSW Energy Ltd                                       | CUSIP: N/A<br>LEI: 3358001ZFBW2VIMBMI85       | Long             | EC               | CORP              | IN        |    403623 | NS      | $2458743.50   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Indorama Ventures PCL          | Indorama Ventures PCL                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |   4102000 | NS      | $2563910.66   | 0.38%             |  |  |  | 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        |    178507 | NS      | $5244376.50   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Indraprastha Gas Ltd           | Indraprastha Gas Ltd                                 | CUSIP: N/A<br>LEI: 33580033VPD8D168H736       | Long             | EC               | CORP              | IN        |   1265587 | NS      | $3213509.27   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                        | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |    720899 | NS      | $16829720.49  | 2.50%             |  |  |  | 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      | $6107552.60   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                | KE Holdings Inc                                      | CUSIP: N/A<br>LEI: 254900RHVY072XPAZE03       | Long             | EC               | CORP              | CN        |    930581 | NS      | $5553632.06   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Jubilant Foodworks Ltd         | Jubilant Foodworks Ltd                               | CUSIP: N/A<br>LEI: 9845000D3B99893F5B14       | Long             | EC               | CORP              | IN        |    383500 | NS      | $3138818.94   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| FUYAO GLASS                    | Fuyao Glass Industry Group Co Ltd                    | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | CN        |     47200 | NS      | $375464.73    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Five-Star Business Finance Ltd | Five-Star Business Finance Ltd                       | CUSIP: N/A<br>LEI: 335800SDB5FANSP25Z85       | Long             | EC               | CORP              | IN        |    375401 | NS      | $3381378.21   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Kanzhun Ltd                    | Kanzhun Ltd                                          | CUSIP: N/A<br>LEI: 254900F4ZCBITP7L0251       | Long             | EC               | CORP              | CN        |    416899 | NS      | $3740330.76   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                       | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |    662754 | NS      | $11200372.34  | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                                        | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |     24921 | NS      | $5570341.92   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd              | Grab Holdings Ltd                                    | CUSIP: N/A<br>LEI: 549300N4VQX83VPJF439       | Long             | EC               | CORP              | SG        |   1374680 | NS      | $6914640.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer