# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-006402
**Filing Date:** 2025-8
**Character Count:** 28803
**Document Hash:** 92561b8f1f6d68c66dd44e38b85b2add
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006402.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0000894189-25-006402

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251277287

**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 Small-Cap Growth Fund (Series ID: S000038483)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118724 | Investor Shares      | BIASX           |
| C000118725 | Institutional Shares | BAFSX           |
| C000118726 | Advisor Shares       | BASAX           |

## 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 Small-Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000038483

- **c. LEI of Series:** 2549007IMRF3K66JYA31

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

- **a. Date of fiscal year-end:** 2025-06-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $936752886.22

**Total Liabilities:** $1362190.42

**Net Assets:** $935390695.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118724 | -2.08%               | 5.18%                | 4.59%                |
| Class ID C000118725 | -2.06%               | 5.16%                | 4.63%                |
| Class ID C000118726 | -2.10%               | 5.13%                | 4.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $41663910.27             | $-80756986.49                              |
| Month 2  | $11028601.89             | $40148356.08                               |
| Month 3  | $26326446.00             | $18951325.87                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bruker Corp                             | Bruker Corp                                | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |    521924 | NS      | $21503268.80  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc                    | BWX Technologies Inc                       | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     25501 | NS      | $3673674.06   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc               | Casella Waste Systems Inc                  | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |    124616 | NS      | $14378194.08  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp                     | Curtiss-Wright Corp                        | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     48307 | NS      | $23600384.85  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                   | Encompass Health Corp                      | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |    187754 | NS      | $23024273.02  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                  | Guidewire Software Inc                     | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     42804 | NS      | $10078201.80  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp              | Lattice Semiconductor Corp                 | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    278149 | NS      | $13626519.51  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                 | Mirion Technologies Inc                    | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |   1074048 | NS      | $23124253.44  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc           | Oceaneering International Inc              | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |   1085863 | NS      | $22499081.36  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC                    | Rentokil Initial PLC                       | CUSIP: 760125104<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    158186 | NS      | $3796464.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                             | Vaxcyte Inc                                | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |    134530 | NS      | $4373570.30   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                   | Waste Connections Inc                      | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |    148684 | NS      | $27762276.48  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                           | Dynatrace Inc                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |    542770 | NS      | $29966331.70  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                          | Littelfuse Inc                             | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     33131 | NS      | $7511791.63   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor          | Zurn Elkay Water Solutions Corp            | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |    311989 | NS      | $11409437.73  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kestra Medical Technologies Lt          | Kestra Medical Technologies Ltd            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    124567 | NS      | $2065320.86   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                             | Novanta Inc                                | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40561 | NS      | $5229529.73   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Onestream Inc                           | Onestream Inc                              | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               | CORP              | US        |    522666 | NS      | $14791447.80  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp                    | OrthoPediatrics Corp                       | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |    370109 | NS      | $7949941.32   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| StandardAero Inc                        | StandardAero Inc                           | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    735285 | NS      | $23271770.25  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software           | Take-Two Interactive Software Inc          | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     31306 | NS      | $7602662.10   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                  | Universal Display Corp                     | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    118829 | NS      | $18354327.34  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Appfolio Inc                            | Appfolio Inc                               | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |     42564 | NS      | $9801637.92   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Hold          | CCC Intelligent Solutions Holdings Inc     | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3980780 | NS      | $37459139.80  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                              | Cactus Inc                                 | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |    142858 | NS      | $6245751.76   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings           | Clearwater Analytics Holdings Inc          | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    342562 | NS      | $7512384.66   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                | EastGroup Properties Inc                   | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     67042 | NS      | $11204059.04  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie          | Applied Industrial Technologies Inc        | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     66814 | NS      | $15530914.30  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                        | Cytokinetics Inc                           | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |    208244 | NS      | $6880381.76   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                         | Bio-Techne Corp                            | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    327099 | NS      | $16829243.55  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                 | DigitalBridge Group Inc                    | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    794198 | NS      | $8219949.30   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I          | First Watch Restaurant Group Inc           | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200128 | NS      | $3210053.12   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings          | Cogent Communications Holdings Inc         | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    303942 | NS      | $14653043.82  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                               | Enpro Inc                                  | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     84264 | NS      | $16140769.20  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                    | Generac Holdings Inc                       | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     31714 | NS      | $4541761.94   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                      | Houlihan Lokey Inc                         | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     33080 | NS      | $5952746.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                             | SI-BONE Inc                                | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |    568515 | NS      | $10699452.30  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc            | SiteOne Landscape Supply Inc               | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |    109101 | NS      | $13194674.94  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                            | Biohaven Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    242921 | NS      | $3427615.31   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                            | Entegris Inc                               | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |    234446 | NS      | $18908069.90  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli          | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  22110127 | NS      | $22110126.66  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                              | Fluor Corp                                 | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    292529 | NS      | $14997961.83  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                        | HealthEquity Inc                           | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |    288204 | NS      | $30192251.04  | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                              | Insmed Inc                                 | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |    102102 | NS      | $10275545.28  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc              | Neurocrine Biosciences Inc                 | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     73735 | NS      | $9267752.15   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                            | Phreesia Inc                               | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |    390703 | NS      | $11119407.38  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                  | Power Integrations Inc                     | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |    175579 | NS      | $9814866.10   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings Inc                       | PROS Holdings Inc                          | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |    345626 | NS      | $5412503.16   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care Inc                | Tandem Diabetes Care Inc                   | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |    238300 | NS      | $4441912.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I          | West Pharmaceutical Services Inc           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |       434 | NS      | $94959.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| STEPSTONE VC GLOBAL PARTNERS V-B, L.P.  | STEPSTONE VC GLOBAL PARTNERS V-B, L.P.     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     91769 | NS      | $85931.02     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kadant Inc                              | Kadant Inc                                 | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |     29916 | NS      | $9496834.20   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                                | AAON Inc                                   | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129362 | NS      | $9540447.50   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutio          | Bright Horizons Family Solutions Inc       | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    241986 | NS      | $29907049.74  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                               | IDEX Corp                                  | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     31546 | NS      | $5538531.22   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                            | OPENLANE Inc                               | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |    560080 | NS      | $13693956.00  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                     | Mister Car Wash Inc                        | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3066589 | NS      | $18430199.89  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc               | Prosperity Bancshares Inc                  | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    385154 | NS      | $27053216.96  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                    | SPX Technologies Inc                       | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |     78210 | NS      | $13114252.80  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                             | SiTime Corp                                | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84178 | NS      | $17936648.24  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp                | Blueprint Medicines Corp                   | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |     14431 | NS      | $1849765.58   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc              | Casey's General Stores Inc                 | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     38544 | NS      | $19667846.88  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corp                          | ChampionX Corp                             | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |    582074 | NS      | $14458718.16  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                           | TopBuild Corp                              | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      6504 | NS      | $2105604.96   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc                  | Valmont Industries Inc                     | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |     68428 | NS      | $22346531.96  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| STEPSTONE VC GLOBAL PARTNERS IV-B, L.P. | STEPSTONE VC GLOBAL PARTNERS IV-B, L.P.    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     19200 | NS      | $857620.99    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FirstService Corp                       | FirstService Corp                          | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     37990 | NS      | $6633813.80   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                            | HB Fuller Co                               | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |    121717 | NS      | $7321277.55   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| KinderCare Learning Cos Inc             | KinderCare Learning Cos Inc                | CUSIP: 49456W105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    607448 | NS      | $6135224.80   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LifeStance Health Group Inc             | LifeStance Health Group Inc                | CUSIP: 53228F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1125321 | NS      | $5817909.57   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc                          | MSA Safety Inc                             | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |     69900 | NS      | $11710347.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc              | Mueller Water Products Inc                 | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    309234 | NS      | $7433985.36   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In          | Establishment Labs Holdings Inc            | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |    510938 | NS      | $21822161.98  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc            | Simpson Manufacturing Co Inc               | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     36621 | NS      | $5687607.51   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                            | Woodward Inc                               | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |     40153 | NS      | $9841098.77   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer