# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-005979
**Filing Date:** 2026-2
**Character Count:** 39266
**Document Hash:** e13e83cfdcdac53aa4dc3a974280f939
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-005979.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-005979

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**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:** 26684965

**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:** 2026-06-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $795303548.91

**Total Liabilities:** $6446729.26

**Net Assets:** $788856819.65

**Delayed Delivery Securities:** $260015.53

**Cash Not Reported:** $1335263.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000120208 | 3.95%                | -0.81%               | 2.64%                |
| Class ID C000120209 | 3.96%                | -0.82%               | 2.65%                |
| Class ID C000120210 | 3.88%                | -0.82%               | 2.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6538638.57              | $23677932.31                               |
| Month 2  | $4813013.49              | $-11056963.85                              |
| Month 3  | $1436142.51              | $17577859.68                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras                   | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |    847800 | NS      | $4759089.93   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Realtek Semiconductor Corp     | Realtek Semiconductor Corp                           | CUSIP: N/A<br>LEI: 5299002E7F36O00MYY75       | Long             | EC               | CORP              | TW        |    180764 | NS      | $2806663.01   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Computer Inc            | Quanta Computer Inc                                  | CUSIP: N/A<br>LEI: 529900DE8BIV3XOXIK04       | Long             | EC               | CORP              | TW        |    839947 | NS      | $7254525.59   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    649566 | NS      | $54443308.25  | 6.90%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank Nyrt                  | OTP Bank Nyrt                                        | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |     66487 | NS      | $7129014.16   | 0.90%             |  |  |  | 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      | $3679070.73   | 0.47%             |  |  |  | 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        |    490263 | NS      | $7532019.86   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| SHENZHOU INTL                  | Shenzhou International Group Holdings Ltd            | CUSIP: N/A<br>LEI: 529900B4W41TCUKJFM73       | Long             | EC               | CORP              | CN        |     69400 | NS      | $546862.44    | 0.07%             |  |  |  | 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      | $1561669.38   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Oberoi Realty Ltd              | Oberoi Realty Ltd                                    | CUSIP: N/A<br>LEI: 335800TCKG1XQXN51L44       | Long             | EC               | CORP              | IN        |    265237 | NS      | $4933693.30   | 0.63%             |  |  |  | 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      |
| People's Insurance Co Group of | People's Insurance Co Group of China Ltd/The         | CUSIP: N/A<br>LEI: 3003000P2JHYHQ524P66       | Long             | EC               | CORP              | CN        |   4580293 | NS      | $3978882.59   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Richter Gedeon Nyrt            | Richter Gedeon Nyrt                                  | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               | CORP              | HU        |    134564 | NS      | $4067859.56   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIENTAL YUHONG                | Beijing Oriental Yuhong Waterproof Technology Co Ltd | CUSIP: N/A<br>LEI: 300300XMIXB7STDZWT60       | Long             | EC               | CORP              | CN        |   1665100 | NS      | $3240293.68   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Neoenergia SA                  | Neoenergia SA                                        | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               | CORP              | BR        |    264800 | NS      | $1562153.57   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co           | Saudi Arabian Oil Co                                 | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |    644091 | NS      | $4090077.62   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: N/A<br>LEI: 549300SCJPK3YZJTJR78       | Long             | EC               | CORP              | CN        |    113000 | NS      | $2356965.23   | 0.30%             |  |  |  | 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      | $1307777.36   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                            | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |   1429700 | NS      | $6285143.63   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Life Insurance Co Ltd      | SBI Life Insurance Co Ltd                            | CUSIP: N/A<br>LEI: 335800WMVIESQUO95586       | Long             | EC               | CORP              | IN        |    311737 | NS      | $7066153.66   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                  | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     93145 | NS      | $7731035.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                                         | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     63082 | NS      | $4928596.66   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA OVERSEAS                 | China Overseas Land & Investment Ltd                 | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               | CORP              | HK        |   4741246 | NS      | $7487638.96   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Compal Electronics Inc         | Compal Electronics Inc                               | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |   3396140 | NS      | $3280530.84   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd                       | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |     77870 | NS      | $4146560.07   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                   | SK hynix Inc                                         | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     43241 | NS      | $19582905.34  | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   1911334 | NS      | $93955990.57  | 11.91%            |  |  |  | No            |                  2 | On Loan: No      |
| Natura Cosmeticos SA           | Natura Cosmeticos SA                                 | CUSIP: N/A<br>LEI: 98450085D7XCFF5A9N75       | Long             | EC               | CORP              | BR        |   2590200 | NS      | $3512433.63   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                             | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    740189 | NS      | $5290033.99   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Akbank TAS                     | Akbank TAS                                           | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |   2803465 | NS      | $4548536.79   | 0.58%             |  |  |  | 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      | $6485442.01   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc         | KB Financial Group Inc                               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    150137 | NS      | $12924497.00  | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Airtac International Group     | Airtac International Group                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    150026 | NS      | $4421585.90   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| TIGERMED                       | Hangzhou Tigermed Consulting Co Ltd                  | CUSIP: Y3043G100<br>LEI: 300300CP4N8WDF6DOO67 | Long             | EC               | CORP              | CN        |    700583 | NS      | $5682992.77   | 0.72%             |  |  |  | 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        |    104366 | NS      | $6855343.34   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Amber Enterprises India Ltd    | Amber Enterprises India Ltd                          | CUSIP: N/A<br>LEI: 3358009JZU4XT3666G06       | Long             | EC               | CORP              | IN        |     42133 | NS      | $2994808.39   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                            | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   1829721 | NS      | $33595438.24  | 4.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                                   | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | SG        |    100523 | NS      | $7207643.09   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Kanzhun Ltd                    | Kanzhun Ltd                                          | CUSIP: N/A<br>LEI: 254900F4ZCBITP7L0251       | Long             | EC               | CORP              | CN        |    302503 | NS      | $3060953.33   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| True Corp PCL                  | True Corp PCL                                        | CUSIP: N/A<br>LEI: 894500HQD71STX0DQK07       | Long             | EC               | CORP              | TH        |  15085624 | NS      | $5213204.76   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                        | Vale SA                                              | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    465900 | NS      | $6083293.48   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                                          | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    156990 | NS      | $3703394.10   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd            | DB Insurance Co Ltd                                  | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |     26724 | NS      | $2426648.96   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd                               | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |    308277 | NS      | $13503985.02  | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd              | Bharti Airtel Ltd                                    | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |    361509 | NS      | $8485152.09   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co Ltd  | CTBC Financial Holding Co Ltd                        | CUSIP: N/A<br>LEI: 549300IWDYIFW6JXM387       | Long             | EC               | CORP              | TW        |   3507040 | NS      | $5603514.82   | 0.71%             |  |  |  | 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      | $2258619.47   | 0.29%             |  |  |  | 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      | $4848002.78   | 0.61%             |  |  |  | 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        |   1834603 | NS      | $8399614.34   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co Ltd           | Weichai Power Co Ltd                                 | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | CN        |   3238000 | NS      | $7858025.68   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |    243134 | NS      | $5079069.26   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd                        | UPL Ltd                                              | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |    746338 | NS      | $6609081.22   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp   | China Construction Bank Corp                         | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |  10285967 | NS      | $10181163.19  | 1.29%             |  |  |  | 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      | $6852134.06   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd       | Wilmar International Ltd                             | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   2636708 | NS      | $6306091.08   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| DLF Ltd                        | DLF Ltd                                              | CUSIP: N/A<br>LEI: 335800PJLUEOB8914F48       | Long             | EC               | CORP              | IN        |    545569 | NS      | $4174175.79   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| CPIC                           | China Pacific Insurance Group Co Ltd                 | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |   1069592 | NS      | $4850587.01   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhongsheng Group Holdings Ltd  | Zhongsheng Group Holdings Ltd                        | CUSIP: N/A<br>LEI: 3003005VYMEBAJNJ2Y26       | Long             | EC               | CORP              | CN        |   2430500 | NS      | $3637534.14   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                     | BYD Co Ltd                                           | CUSIP: Y1023R120<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |    293267 | NS      | $4100768.39   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                           | Contemporary Amperex Technology Co Ltd               | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    116096 | NS      | $6104622.70   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                   | WH Group Ltd                                         | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |   6587500 | NS      | $7338567.43   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings Inc                               | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |    111004 | NS      | $5255877.87   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd    | China Merchants Bank Co Ltd                          | CUSIP: Y14896107<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |    983951 | NS      | $5930532.45   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Longsheng             | Zhejiang Longsheng Group Co Ltd                      | CUSIP: N/A<br>LEI: 300300XYB5YIMVFQA157       | Long             | EC               | CORP              | CN        |   1813900 | NS      | $2766056.36   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Varun Beverages Ltd            | Varun Beverages Ltd                                  | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |    677268 | NS      | $3697403.09   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Doosan Bobcat Inc              | Doosan Bobcat Inc                                    | CUSIP: N/A<br>LEI: 9884007K6X0Q0112FX44       | Long             | EC               | CORP              | KR        |     89719 | NS      | $3588749.29   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                                        | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |     24921 | NS      | $7152327.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA             | Banco do Brasil SA                                   | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |    825200 | NS      | $3293638.05   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund           | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  18779691 | NS      | $18779691.02  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    511600 | NS      | $2512937.63   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd        | Mahindra & Mahindra Ltd                              | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |    167843 | NS      | $6931759.62   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Lt | Apollo Hospitals Enterprise Ltd                      | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |     42410 | NS      | $3325735.67   | 0.42%             |  |  |  | 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      | $5540710.04   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    530300 | NS      | $2851227.37   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                   | MediaTek Inc                                         | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |    155196 | NS      | $7046704.00   | 0.89%             |  |  |  | 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        |    620000 | NS      | $4544801.80   | 0.58%             |  |  |  | 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      | $7940389.82   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co               | Hyundai Motor Co                                     | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EC               | CORP              | KR        |     48129 | NS      | $9939022.28   | 1.26%             |  |  |  | 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      | $7070792.97   | 0.90%             |  |  |  | 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      | $1479269.98   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd            | Larsen & Toubro Ltd                                  | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |    100566 | NS      | $4570537.74   | 0.58%             |  |  |  | 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        |  13478393 | NS      | $6508671.76   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashok Leyland Ltd              | Ashok Leyland Ltd                                    | CUSIP: N/A<br>LEI: 3358001BZKWERVWYCK35       | Long             | EC               | CORP              | IN        |   1912162 | NS      | $3815829.29   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                            | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | CN        |    392550 | NS      | $6455571.13   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Consumer Products Ltd   | Godrej Consumer Products Ltd                         | CUSIP: N/A<br>LEI: 335800P4GUWLGZFK2D63       | Long             | EC               | CORP              | IN        |    220152 | NS      | $2996538.24   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd       | ANTA Sports Products Ltd                             | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | CN        |    372599 | NS      | $3869280.93   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Auto Ltd                 | Bajaj Auto Ltd                                       | CUSIP: N/A<br>LEI: 335800DLAO5NCNN8G863       | Long             | EC               | CORP              | IN        |     34259 | NS      | $3563506.85   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                                        | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |   1120009 | NS      | $11528357.53  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Indorama Ventures PCL          | Indorama Ventures PCL                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |   4102000 | NS      | $2090558.62   | 0.27%             |  |  |  | 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        |    190147 | NS      | $7706170.74   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                                   | CUSIP: Y6S40V103<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    474718 | NS      | $5307883.90   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Indraprastha Gas Ltd           | Indraprastha Gas Ltd                                 | CUSIP: N/A<br>LEI: 33580033VPD8D168H736       | Long             | EC               | CORP              | IN        |   1592908 | NS      | $3453179.51   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao                          | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |   1829800 | NS      | $4658502.00   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                       | Ambev SA                                             | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   3139400 | NS      | $7902360.35   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                        | Meituan                                              | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | CN        |    212444 | NS      | $2815350.21   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                        | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   1500980 | NS      | $16581168.73  | 2.10%             |  |  |  | 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      | $6637090.00   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Lodha Developers Ltd           | Lodha Developers Ltd                                 | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               | CORP              | IN        |    491256 | NS      | $5808240.29   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                 | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |    543549 | NS      | $41713874.16  | 5.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finserv Ltd              | Bajaj Finserv Ltd                                    | CUSIP: N/A<br>LEI: 3358001EH4I4IDMGQ326       | Long             | EC               | CORP              | IN        |    286592 | NS      | $6511961.76   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                | KE Holdings Inc                                      | CUSIP: N/A<br>LEI: 254900RHVY072XPAZE03       | Long             | EC               | CORP              | CN        |    996626 | NS      | $5271095.97   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| FUYAO GLASS                    | Fuyao Glass Industry Group Co Ltd                    | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | CN        |     41800 | NS      | $387520.59    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                       | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |    583171 | NS      | $8728076.28   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd              | Bajaj Finance Ltd                                    | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |    482212 | NS      | $5302879.46   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| IDFC First Bank Ltd            | IDFC First Bank Ltd                                  | CUSIP: N/A<br>LEI: 335800SBNAPYVT1D2K13       | Long             | EC               | CORP              | IN        |   3129281 | NS      | $2982369.22   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd              | Grab Holdings Ltd                                    | CUSIP: N/A<br>LEI: 549300N4VQX83VPJF439       | Long             | EC               | CORP              | SG        |    944335 | NS      | $4712231.65   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer