# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015725
**Filing Date:** 2025-11
**Character Count:** 25076
**Document Hash:** 6b8639290123ff018a4dfe19346d747e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015725.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015725

**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:** 251527272

**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 Sustainable Value Fund (Series ID: S000079575)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000240651 | Investor Shares      | BISVX           |
| C000240652 | Institutional Shares | BASVX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Sustainable Value Fund** | **Brown Advisory Sustainable Value Fund** | **Brown Advisory Sustainable Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 95.0%** | **Shares** | **Value**  |
| **Communication Services - 7.5%** | **Communication Services - 7.5%** | |
| Alphabet, Inc. - Class C | 9785 | $2383137 |
| Comcast Corp. - Class A | 155020 | 4870729 |
| Nexstar Media Group, Inc. | 8164 | 1614349 |
| T-Mobile US, Inc. | 16774 | 4015360 |
|  |  | 12883575 |
| **Consumer Discretionary - 3.9%** | **Consumer Discretionary - 3.9%** |  |
| Expedia Group, Inc. | 9866 | 2108857 |
| LKQ Corp. | 72482 | 2213600 |
| Wyndham Hotels & Resorts, Inc. | 30373 | 2426803 |
|  |  | 6749260 |
| **Consumer Staples - 4.1%** | **Consumer Staples - 4.1%** |  |
| Kenvue, Inc. | 69948 | 1135256 |
| Unilever PLC - ADR | 100641 | 5965999 |
|  |  | 7101255 |
| **Energy - 5.2%** | **Energy - 5.2%** |  |
| Schlumberger NV | 166862 | 5735047 |
| Weatherford International PLC | 46943 | 3212309 |
|  |  | 8947356 |
| **Financials - 20.0%** | **Financials - 20.0%** |  |
| American International Group, Inc. | 72482 | 5692736 |
| Bank of America Corp. | 128743 | 6641851 |
| Citigroup, Inc. | 49389 | 5012983 |
| Equitable Holdings, Inc. | 64502 | 3275412 |
| Fidelity National Information Services, Inc. | 68958 | 4547091 |
| KKR & Co., Inc. | 21666 | 2815497 |
| Willis Towers Watson PLC | 18696 | 6458533 |
|  |  | 34444103 |
| **Health Care - 18.4%** | **Health Care - 18.4%** |  |
| Cardinal Health, Inc. | 39954 | 6271180 |
| Elevance Health, Inc. | 10076 | 3255757 |
| Gilead Sciences, Inc. | 24491 | 2718501 |
| Hologic, Inc. <sup>(a)</sup> | 36832 | 2485792 |
| ICON PLC <sup>(a)</sup> | 22452 | 3929100 |
| Labcorp Holdings, Inc. | 13221 | 3795220 |
| Medtronic PLC | 22743 | 2166043 |
| Sanofi SA - ADR | 150241 | 7091375 |
|  |  | 31712968 |
| **Industrials - 10.1%** | **Industrials - 10.1%** |  |
| Ferguson Enterprises, Inc. | 24331 | 5464256 |
| Masco Corp. | 36488 | 2568390 |
| Pentair PLC | 35935 | 3980161 |
| Trane Technologies PLC | 8096 | 3416188 |
| Waste Connections, Inc. | 10920 | 1919736 |
|  |  | 17348731 |
| **Information Technology - 12.3%** | **Information Technology - 12.3%** |  |
| Applied Materials, Inc. | 18375 | 3762098 |
| Cisco Systems, Inc. | 24520 | 1677658 |
| Dell Technologies, Inc. - Class C | 37973 | 5383432 |
| Flex Ltd. <sup>(a)</sup> | 68244 | 3956105 |
| NXP Semiconductors NV | 11008 | 2506852 |
| TD SYNNEX Corp. | 24228 | 3967335 |
|  |  | 21253480 |
| **Materials - 7.4%** | **Materials - 7.4%** |  |
| CRH PLC | 74666 | 8952453 |
| Smurfit WestRock PLC | 90215 | 3840453 |
|  |  | 12792906 |
| **Real Estate - 2.9%** | **Real Estate - 2.9%** |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 31975 | 5037981 |
| **Utilities - 3.2%** | **Utilities - 3.2%** |  |
| Constellation Energy Corp. | 17007 | 5596494 |
| **TOTAL COMMON STOCKS** (Cost $130,609,666) | **TOTAL COMMON STOCKS** (Cost $130,609,666) | 163868109 |
| **SHORT-TERM INVESTMENTS - 4.9%** | **Shares** | **Value**  |
| **Money Market Funds - 4.9%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(b)</sup> | 8417947 | 8417947 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $8,417,947) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $8,417,947) | 8417947 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $139,027,613**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $139,027,613**)** | 172286056 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 164806 |
| **TOTAL NET ASSETS - 100.0%** |  | $172450862 |
| two | two | –% |
| 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. | 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. | 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. |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

(a) Non-income producing security.

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

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Brown Advisory Sustainable Value Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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 | $163868109 | $– | $– | $163868109 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 8417947 | – | – | 8417947 |
| Total Investments | $172286056 | $– | $– | $172286056 |
| 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 Sustainable Value Fund

- **b. EDGAR series identifier (if any):** S000079575

- **c. LEI of Series:** 25490059JXZY1SVYB432

**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:** $172459852.16

**Total Liabilities:** $117146.34

**Net Assets:** $172342705.82

**Cash Not Reported:** $149403.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000240651 | 0.15%                | 3.45%                | 0.50%                |
| Class ID C000240652 | 0.15%                | 3.44%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-196739.55              | $441385.54                                 |
| Month 2  | $883012.90               | $4516375.49                                |
| Month 3  | $266122.20               | $370299.71                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      9785 | NS      | $2383136.75   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    128743 | NS      | $6641851.37   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     39954 | NS      | $6271179.84   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     24520 | NS      | $1677658.40   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                  | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    150241 | NS      | $7091375.20   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                      | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     10920 | NS      | $1919736.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                          | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9866 | NS      | $2108857.50   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises Inc                   | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     24331 | NS      | $5464255.98   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information  | Fidelity National Information Services Inc | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     68958 | NS      | $4547090.52   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                               | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     21666 | NS      | $2815496.70   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                     | Kenvue Inc                                 | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     69948 | NS      | $1135256.04   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group Inc                    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      8164 | NS      | $1614349.36   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                | Schlumberger NV                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    166862 | NS      | $5735046.94   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                               | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    100641 | NS      | $5965998.48   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc   | Wyndham Hotels & Resorts Inc               | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     30373 | NS      | $2426802.70   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC           | Smurfit WestRock PLC                       | CUSIP: N/A<br>LEI: 635400EGSEOPDW2EXS14       | Long             | EC               | CORP              | IE        |     90215 | NS      | $3840452.55   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      8096 | NS      | $3416188.16   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC  | Weatherford International PLC              | CUSIP: N/A<br>LEI: 529900LPBDSCQDJKHQ39       | Long             | EC               | CORP              | US        |     46943 | NS      | $3212309.49   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     10076 | NS      | $3255757.12   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     24491 | NS      | $2718501.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     16774 | NS      | $4015360.12   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     31975 | NS      | $5037981.00   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   8266661 | NS      | $8266660.79   | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp                                   | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     72482 | NS      | $2213600.28   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                     | Masco Corp                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |     36488 | NS      | $2568390.32   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                                   | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |     22452 | NS      | $3929100.00   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV          | NXP Semiconductors NV                      | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |     11008 | NS      | $2506851.84   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group Inc           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     72482 | NS      | $5692736.28   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     17007 | NS      | $5596493.49   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies Inc                      | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     37973 | NS      | $5383432.21   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | US        |     74666 | NS      | $8952453.40   | 5.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     49389 | NS      | $5012983.50   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    155020 | NS      | $4870728.40   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                    | Hologic Inc                                | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     36832 | NS      | $2485791.68   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc           | Labcorp Holdings Inc                       | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13221 | NS      | $3795220.26   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC       | Willis Towers Watson PLC                   | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | GB        |     18696 | NS      | $6458533.20   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                       | Flex Ltd                                   | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | US        |     68244 | NS      | $3956104.68   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     18375 | NS      | $3762097.50   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     64502 | NS      | $3275411.56   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                 | TD SYNNEX Corp                             | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |     24228 | NS      | $3967335.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     22743 | NS      | $2166043.32   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                    | Pentair PLC                                | CUSIP: N/A<br>LEI: 549300EVR9D56WPSRP15       | Long             | EC               | CORP              | GB        |     35935 | NS      | $3980160.60   | 2.31%             |  |  |  | No            |                  1 | 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