# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-016017
**Filing Date:** 2026-5
**Character Count:** 39190
**Document Hash:** 7fff0f543f4e09206b708ace4ce9cf10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016017.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000894189-26-016017

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 261024344

**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 - WMC Japan Equity Fund (Series ID: S000088082)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000254125 | Institutional Shares | BAFJX           |
| C000254126 | Investor Shares      | BIJEX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory - WMC Japan Equity Fund** | **Brown Advisory - WMC Japan Equity Fund** | **Brown Advisory - WMC Japan Equity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 95.4%** | **Shares**  | **Value**  |
| **Japan - 95.4%** | **Japan - 95.4%** | |
| **Communication Services - 4.6%** | **Communication Services - 4.6%** | |
| CyberAgent, Inc. | 698001 | $5971509 |
| Kakaku.com., Inc. | 414621 | 5458105 |
| KDDI Corp. | 998051 | 16993545 |
|  |  | 28423159 |
| **Consumer Discretionary - 17.3%** | **Consumer Discretionary - 17.3%** |  |
| ABC-Mart, Inc. | 387767 | 6190054 |
| and ST HD Co. Ltd. | 133659 | 2509777 |
| ASKUL Corp. | 381015 | 2700915 |
| Bandai Namco Holdings, Inc. | 249928 | 6165826 |
| Denso Corp. | 369900 | 4637837 |
| Honda Motor Co. Ltd. | 575597 | 4658637 |
| Isuzu Motors Ltd. | 794653 | 11443613 |
| Sega Sammy Holdings, Inc. | 604104 | 9300662 |
| Sekisui House Ltd. | 310221 | 6951145 |
| Shimamura Co. Ltd. | 131778 | 2758990 |
| Sony Group Corp. | 1094716 | 22816877 |
| Suzuki Motor Corp. | 814603 | 9928972 |
| Toyota Motor Corp. | 770521 | 16017089 |
|  |  | 106080394 |
| **Consumer Staples - 2.5%** | **Consumer Staples - 2.5%** |  |
| Asahi Group Holdings Ltd. | 998260 | 9967257 |
| Toyo Suisan Kaisha, Ltd. | 75883 | 5336529 |
|  |  | 15303786 |
| **Financials - 16.1%** | **Financials - 16.1%** |  |
| 77 Bank Ltd. | 194793 | 3857871 |
| Dai-ichi Life Holdings, Inc. | 1298031 | 11970435 |
| GMO Payment Gateway, Inc. | 221696 | 11586674 |
| Mebuki Financial Group, Inc. | 645837 | 5036778 |
| Mitsubishi UFJ Financial Group, Inc. | 965732 | 16353643 |
| Mizuho Financial Group, Inc. | 326426 | 13214953 |
| MS&AD Insurance Group Holdings, Inc. | 524933 | 13698430 |
| Sumitomo Mitsui Trust Group, Inc. | 424390 | 13519640 |
| T&D Holdings, Inc. | 366168 | 9379223 |
|  |  | 98617647 |
| **Health Care - 12.6%** | **Health Care - 12.6%** |  |
| Chugai Pharmaceutical Co., Ltd. | 240249 | 13249368 |
| Daiichi Sankyo Co. Ltd. | 961736 | 17206097 |
| Kyowa Kirin Co. Ltd. | 201303 | 3294535 |
| M3, Inc. <sup>(a)</sup> | 678525 | 6964630 |
| Otsuka Holdings Co. Ltd. | 208554 | 14801260 |
| Shionogi & Co. Ltd. | 784825 | 17361069 |
| Ship Healthcare Holdings, Inc. | 267800 | 4133144 |
|  |  | 77010103 |
| **Industrials - 15.5%** | **Industrials - 15.5%** |  |
| BayCurrent Consulting, Inc. | 174700 | 5056924 |
| dip Corp. | 279930 | 3699760 |
| Fuji Corp. | 159792 | 4879249 |
| Hikari Tsushin, Inc. | 17513 | 4455503 |
| Hoshizaki Corp. | 204700 | 6589735 |
| JGC Holdings Corp. | 360430 | 5301220 |
| Marubeni Corp. | 98595 | 3606797 |
| MISUMI Group, Inc. | 670227 | 11488888 |
| Open Up Group, Inc. | 339314 | 3859425 |
| OSG Corp. | 280300 | 4565954 |
| Persol Holdings Co. Ltd. | 4858692 | 7169982 |
| Recruit Holdings Co., Ltd. | 236057 | 10284996 |
| SIGMAXYZ Holdings, Inc. | 942165 | 3810614 |
| SMC Corp. | 10865 | 4273186 |
| THK Co. Ltd. | 152200 | 4499658 |
| Toyo Tanso Co. Ltd. | 98271 | 3251238 |
| Toyota Tsusho Corp. | 127807 | 4953387 |
| Ushio, Inc. | 187539 | 3435244 |
|  |  | 95181760 |
| **Information Technology - 11.2%** | **Information Technology - 11.2%** |  |
| BIPROGY, Inc. | 314900 | 9269010 |
| Future Corp. | 335372 | 3394041 |
| Jeol Ltd. | 69974 | 2606261 |
| Keyence Corp. | 32200 | 11460217 |
| Maruwa Co. Ltd. | 15875 | 5606667 |
| Nichicon Corp. | 240157 | 2705424 |
| Optorun Co. Ltd. | 115627 | 1953588 |
| Sansan, Inc. <sup>(a)</sup> | 661780 | 4925336 |
| TechMatrix Corp. | 390613 | 4470887 |
| Tokyo Electron Ltd. | 45144 | 11216070 |
| Tri Chemical Laboratories, Inc. | 233909 | 4077066 |
| Ulvac, Inc. | 132015 | 7112269 |
|  |  | 68796836 |
| **Materials - 13.6%** | **Materials - 13.6%** |  |
| ADEKA Corp. | 161828 | 3781664 |
| Aica Kogyo Co. Ltd. | 246508 | 5654138 |
| ARE Holdings, Inc. | 345199 | 7529441 |
| Fujimi, Inc. | 195900 | 3444690 |
| Fuso Chemical Co. Ltd. | 426177 | 7605177 |
| KH Neochem Co. Ltd. | 270166 | 4706301 |
| Lintec Corp. | 140762 | 4097777 |
| Mitsubishi Gas Chemical Co., Inc. | 244260 | 5731154 |
| Nippon Soda Co. Ltd. | 200565 | 4518351 |
| Nissan Chemical Corp. | 192122 | 7470905 |
| Shin-Etsu Chemical Co. Ltd. | 570369 | 23224749 |
| Yamato Kogyo Co. Ltd. | 68222 | 5284326 |
|  |  | 83048673 |
| **Real Estate - 2.0%** | **Real Estate - 2.0%** |  |
| Daito Trust Construction Co. Ltd. | 271055 | 6351953 |
| Relo Group, Inc. | 500232 | 6032252 |
|  |  | 12384205 |
| **TOTAL COMMON STOCKS** (Cost $540,545,475) | **TOTAL COMMON STOCKS** (Cost $540,545,475) | 584846563 |
| **REAL ESTATE INVESTMENT TRUSTS - 0.8%** | **Shares**  | **Value**  |
| **Japan - 0.8%** | **Japan - 0.8%** |  |
| **Real Estate - 0.8%** | **Real Estate - 0.8%** |  |
| LaSalle Logiport | 5470 | 5133643 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $5,163,296) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $5,163,296) | 5133643 |
| **EXCHANGE TRADED FUNDS - 0.3%** | **Shares**  | **Value**  |
| **Japan - 0.3%** |  |  |
| iShares MSCI Japan Exchange Traded Fund | 22740 | 1920165 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,868,712) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,868,712) | 1920165 |
| **SHORT-TERM INVESTMENTS - 3.2%** | **Shares**  | **Value**  |
| **Money Market Funds - 3.2%** |  |  |
| First American Government Obligations Fund - Class Z, 3.54% <sup>(b)</sup> | 19594739 | 19594739 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $19,594,739) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $19,594,739) | 19594739 |
| **TOTAL INVESTMENTS - 99.7% (**Cost $567,172,222**)** | **TOTAL INVESTMENTS - 99.7% (**Cost $567,172,222**)** | 611495110 |
| Other Assets in Excess of Liabilities - 0.3% | Other Assets in Excess of Liabilities - 0.3% | 1757525 |
| **TOTAL NET ASSETS - 100.0%** |  | $613252635 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

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

(a) Non-income producing security.

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

------

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

Brown Advisory - WMC Japan Equity Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $– | $584846563 | $– | $584846563 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | – | 5133643 | – | 5133643 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 1920165 | – | – | 1920165 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 19594739 | – | – | 19594739 |
| Total Investments | $21514904 | $589980206 | $– | $611495110 |
| 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 - WMC Japan Equity Fund

- **b. EDGAR series identifier (if any):** S000088082

- **c. LEI of Series:** 254900C2W98YASY1PB57

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $616160036.87

**Total Liabilities:** $5438573.02

**Net Assets:** $610721463.85

**Cash Not Reported:** $2614715.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254125 | 4.25%                | 9.56%                | -8.27%               |
| Class ID C000254126 | 4.25%                | 9.57%                | -8.28%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3558916.63              | $17807780.97                               |
| Month 2  | $9676123.19              | $44444159.83                               |
| Month 3  | $1823383.72              | $-59122120.19                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ushio Inc                      | Ushio Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    187539 | NS      | $3435243.74   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                       | SMC Corp                                   | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |     10865 | NS      | $4273186.15   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamato Kogyo Co Ltd            | Yamato Kogyo Co Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     68222 | NS      | $5284325.96   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group In | Sumitomo Mitsui Trust Group Inc            | CUSIP: N/A<br>LEI: 353800P843RLCDBLNT17       | Long             | EC               | CORP              | JP        |    424390 | NS      | $13519639.56  | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd      | Shin-Etsu Chemical Co Ltd                  | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |    570369 | NS      | $23224748.50  | 3.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Sega Sammy Holdings Inc        | Sega Sammy Holdings Inc                    | CUSIP: N/A<br>LEI: 5493006B6WMKNQ8QNP51       | Long             | EC               | CORP              | JP        |    591704 | NS      | $9109753.56   | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| ASKUL Corp                     | ASKUL Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    381015 | NS      | $2700915.22   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| and ST HD Co Ltd               | and ST HD Co Ltd                           | CUSIP: N/A<br>LEI: 353800DZZIJ399PIWU03       | Long             | EC               | CORP              | JP        |    133659 | NS      | $2509776.83   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| JGC Holdings Corp              | JGC Holdings Corp                          | CUSIP: N/A<br>LEI: 5493003WMGG79YLARU68       | Long             | EC               | CORP              | JP        |    360430 | NS      | $5301220.19   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoshizaki Corp                 | Hoshizaki Corp                             | CUSIP: N/A<br>LEI: 5299001QAMLGU3SRBG20       | Long             | EC               | CORP              | JP        |    204700 | NS      | $6589734.54   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| KH Neochem Co Ltd              | KH Neochem Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    270166 | NS      | $4706300.66   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| CyberAgent Inc                 | CyberAgent Inc                             | CUSIP: N/A<br>LEI: 3538006T5KZABPGS8Q08       | Long             | EC               | CORP              | JP        |    698001 | NS      | $5971508.93   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Corp/Aichi                | Fuji Corp/Aichi                            | CUSIP: N/A<br>LEI: 353800G4VS3QLM6BSX66       | Long             | EC               | CORP              | JP        |    159792 | NS      | $4879249.09   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeol Ltd                       | Jeol Ltd                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     69974 | NS      | $2606261.16   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Chemical Corp           | Nissan Chemical Corp                       | CUSIP: N/A<br>LEI: 3538002E4L1CUGJFFU25       | Long             | EC               | CORP              | JP        |    192122 | NS      | $7470905.01   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D Holdings Inc               | T&D Holdings Inc                           | CUSIP: N/A<br>LEI: 3538008ARJ1MACEWA242       | Long             | EC               | CORP              | JP        |    389468 | NS      | $9976041.63   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| THK Co Ltd                     | THK Co Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    152200 | NS      | $4499657.55   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyo Suisan Kaisha Ltd         | Toyo Suisan Kaisha Ltd                     | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     75883 | NS      | $5336529.20   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Ship Healthcare Holdings Inc   | Ship Healthcare Holdings Inc               | CUSIP: N/A<br>LEI: 353800BIFUE1L527TH13       | Long             | EC               | CORP              | JP        |    267800 | NS      | $4133144.33   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  17607966 | NS      | $17607965.87  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Japan ETF         | iShares MSCI Japan ETF                     | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |     22740 | NS      | $1920165.60   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Relo Group Inc                 | Relo Group Inc                             | CUSIP: N/A<br>LEI: 353800T595XRZDA8IB59       | Long             | EC               | CORP              | JP        |    500232 | NS      | $6032251.96   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                      | KDDI Corp                                  | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    998051 | NS      | $16993545.54  | 2.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Daito Trust Cons               | Daito Trust Construction Co Ltd            | CUSIP: N/A<br>LEI: 353800QQ4DRI3KXS3038       | Long             | EC               | CORP              | JP        |    296455 | NS      | $6947181.16   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Soda Co Ltd             | Nippon Soda Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    200565 | NS      | $4518351.44   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| OSG Corp                       | OSG Corp                                   | CUSIP: N/A<br>LEI: 353800IWJAOVAFO6X450       | Long             | EC               | CORP              | JP        |    280300 | NS      | $4565953.99   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com Inc                 | Kakaku.com Inc                             | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |    414621 | NS      | $5458105.08   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co Ltd              | Shionogi & Co Ltd                          | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |    782325 | NS      | $17305767.02  | 2.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Tri Chemical Laboratories Inc  | Tri Chemical Laboratories Inc              | CUSIP: N/A<br>LEI: 353800S3OPTEAPIHHJ16       | Long             | EC               | CORP              | JP        |    216209 | NS      | $3768552.77   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co Ltd         | Otsuka Holdings Co Ltd                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    208554 | NS      | $14801259.69  | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Sansan Inc                     | Sansan Inc                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    661780 | NS      | $4925336.07   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                               | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |     30500 | NS      | $10855174.64  | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc     | Mizuho Financial Group Inc                 | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |    264626 | NS      | $10713056.60  | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group Inc               | MISUMI Group Inc                           | CUSIP: N/A<br>LEI: 353800SJWGE5BEK2V032       | Long             | EC               | CORP              | JP        |    670227 | NS      | $11488887.93  | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Gas Chemical Co Inc | Mitsubishi Gas Chemical Co Inc             | CUSIP: N/A<br>LEI: 529900G5O4J27ZPLJJ89       | Long             | EC               | CORP              | JP        |    244260 | NS      | $5731154.01   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui House Ltd              | Sekisui House Ltd                          | CUSIP: N/A<br>LEI: 529900GMNDOYQSAJAE76       | Long             | EC               | CORP              | JP        |    310221 | NS      | $6951145.23   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Open Up Group Inc              | Open Up Group Inc                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    339314 | NS      | $3859425.49   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| ARE Holdings Inc               | ARE Holdings Inc                           | CUSIP: N/A<br>LEI: 353800W25FCOFE32EM73       | Long             | EC               | CORP              | JP        |    345199 | NS      | $7529440.69   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd        | Recruit Holdings Co Ltd                    | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |    236057 | NS      | $10284996.41  | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd       | Asahi Group Holdings Ltd                   | CUSIP: N/A<br>LEI: 353800KAJ02XNHLCJW79       | Long             | EC               | CORP              | JP        |    998260 | NS      | $9967256.87   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Future Corp                    | Future Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    335372 | NS      | $3394040.94   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Lintec Corp                    | Lintec Corp                                | CUSIP: N/A<br>LEI: 3538002YOJO0IAM1PD28       | Long             | EC               | CORP              | JP        |    140762 | NS      | $4097777.13   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikari Tsushin Inc             | Hikari Tsushin Inc                         | CUSIP: N/A<br>LEI: 3538001SOIIV8U3OXH94       | Long             | EC               | CORP              | JP        |     17513 | NS      | $4455502.83   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyowa Kirin Co Ltd             | Kyowa Kirin Co Ltd                         | CUSIP: N/A<br>LEI: 529900TBXKVTQGYA3582       | Long             | EC               | CORP              | JP        |    201303 | NS      | $3294534.59   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| BIPROGY Inc                    | BIPROGY Inc                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    314900 | NS      | $9269009.82   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| GMO Payment Gateway Inc        | GMO Payment Gateway Inc                    | CUSIP: N/A<br>LEI: 353800Q6U21E2PM83F86       | Long             | EC               | CORP              | JP        |    221696 | NS      | $11586674.03  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| LaSalle Logiport REIT          | LaSalle Logiport REIT                      | CUSIP: N/A<br>LEI: 353800II3DI1RPKBB314       | Long             | EC               | CORP              | JP        |      5470 | NS      | $5133642.63   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| SIGMAXYZ Holdings Inc          | SIGMAXYZ Holdings Inc                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    942165 | NS      | $3810613.61   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| ADEKA Corp                     | ADEKA Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    161828 | NS      | $3781664.33   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| ABC-Mart Inc                   | ABC-Mart Inc                               | CUSIP: N/A<br>LEI: 353800AXWW4CMTSJWL33       | Long             | EC               | CORP              | JP        |    387767 | NS      | $6190054.03   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BayCurrent Inc                 | BayCurrent Inc                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    174700 | NS      | $5056924.40   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp                  | Marubeni Corp                              | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |     98595 | NS      | $3606796.67   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruwa Co Ltd/Aichi            | Maruwa Co Ltd/Aichi                        | CUSIP: N/A<br>LEI: 3538009BXGIG8PFXNI29       | Long             | EC               | CORP              | JP        |     15875 | NS      | $5606667.28   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd             | Tokyo Electron Ltd                         | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     45144 | NS      | $11216069.80  | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp              | Toyota Motor Corp                          | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |    770521 | NS      | $16017089.11  | 2.62%             |  |  |  | No            |                  2 | On Loan: No      |
| TechMatrix Corp                | TechMatrix Corp                            | CUSIP: N/A<br>LEI: 353800BO9TATTH8LBW35       | Long             | EC               | CORP              | JP        |    390613 | NS      | $4470886.79   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Persol Holdings Co Ltd         | Persol Holdings Co Ltd                     | CUSIP: N/A<br>LEI: 3538000H6OI725NB2008       | Long             | EC               | CORP              | JP        |   4858692 | NS      | $7169982.36   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Aica Kogyo Co Ltd              | Aica Kogyo Co Ltd                          | CUSIP: N/A<br>LEI: 353800I589BKZAOJD116       | Long             | EC               | CORP              | JP        |    246508 | NS      | $5654138.30   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd   | Chugai Pharmaceutical Co Ltd               | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |    218249 | NS      | $12036101.40  | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd             | Honda Motor Co Ltd                         | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               | CORP              | JP        |    575597 | NS      | $4658636.70   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Isuzu Motors Ltd               | Isuzu Motors Ltd                           | CUSIP: N/A<br>LEI: 529900C0QSXVCC7AR494       | Long             | EC               | CORP              | JP        |    794653 | NS      | $11443613.33  | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Ulvac Inc                      | Ulvac Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    132015 | NS      | $7112268.67   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Nichicon Corp                  | Nichicon Corp                              | CUSIP: N/A<br>LEI: 353800QK5U8ET4YJHF28       | Long             | EC               | CORP              | JP        |    240157 | NS      | $2705424.21   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                     | Denso Corp                                 | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |    369900 | NS      | $4637837.15   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimamura Co Ltd               | Shimamura Co Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    131778 | NS      | $2758990.26   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| 77 Bank Ltd/The                | 77 Bank Ltd/The                            | CUSIP: N/A<br>LEI: 549300U6CT3EHB9XS980       | Long             | EC               | CORP              | JP        |    194793 | NS      | $3857871.25   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                            | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |   1094716 | NS      | $22816877.20  | 3.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Tsusho Corp             | Toyota Tsusho Corp                         | CUSIP: N/A<br>LEI: 549300CEE2ENIUJNXB84       | Long             | EC               | CORP              | JP        |    127807 | NS      | $4953387.17   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Bandai Namco Holdings Inc      | Bandai Namco Holdings Inc                  | CUSIP: N/A<br>LEI: 3538008EFEM34VRJDQ95       | Long             | EC               | CORP              | JP        |    249928 | NS      | $6165825.58   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings | MS&AD Insurance Group Holdings Inc         | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |    524933 | NS      | $13698429.82  | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Optorun Co Ltd                 | Optorun Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    115627 | NS      | $1953587.56   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Mebuki Financial Group Inc     | Mebuki Financial Group Inc                 | CUSIP: N/A<br>LEI: 353800K1RXV3E3JAE812       | Long             | EC               | CORP              | JP        |    645837 | NS      | $5036778.17   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp              | Suzuki Motor Corp                          | CUSIP: N/A<br>LEI: 353800D83H0V3ZV1SV24       | Long             | EC               | CORP              | JP        |    814603 | NS      | $9928971.52   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyo Tanso Co Ltd              | Toyo Tanso Co Ltd                          | CUSIP: N/A<br>LEI: 529900YTFHZ3XYGL3R93       | Long             | EC               | CORP              | JP        |     98271 | NS      | $3251238.38   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group | Mitsubishi UFJ Financial Group Inc         | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |    965732 | NS      | $16353642.83  | 2.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuso Chemical Co Ltd           | Fuso Chemical Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    426177 | NS      | $7605176.92   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujimi Inc                     | Fujimi Inc                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    195900 | NS      | $3444690.12   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| dip Corp                       | dip Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    279930 | NS      | $3699759.91   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| M3 Inc                         | M3 Inc                                     | CUSIP: N/A<br>LEI: 3538001UOKRWIODYM055       | Long             | EC               | CORP              | JP        |    678525 | NS      | $6964629.97   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd          | Daiichi Sankyo Co Ltd                      | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |    961736 | NS      | $17206096.67  | 2.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Life Group Inc         | Daiichi Life Group Inc                     | CUSIP: N/A<br>LEI: 549300ZUFXI7JXZVTZ25       | Long             | EC               | CORP              | JP        |   1362831 | NS      | $12568020.64  | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer