# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-005981
**Filing Date:** 2026-2
**Character Count:** 29645
**Document Hash:** 099f66a5e4247aa3dc4faa2e46b17073
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-005981.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-005981

**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:** 26684968

**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           |

## 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:** 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:** $498047201.83

**Total Liabilities:** $591288.30

**Net Assets:** $497455913.53

**Cash Not Reported:** $2337472.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254125 | -2.23%               | 4.66%                | 0.70%                |
| Class ID C000254126 | -2.24%               | 4.67%                | 0.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $878347.62               | $-10627398.28                              |
| Month 2  | $2369970.20              | $18873919.16                               |
| Month 3  | $5734012.60              | $-3154967.53                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Relo Group Inc                 | Relo Group Inc                             | CUSIP: N/A<br>LEI: 353800T595XRZDA8IB59       | Long             | EC               | CORP              | JP        |    505932 | NS      | $5536146.66   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Future Corp                    | Future Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    339172 | NS      | $4290634.20   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| en Inc/Japan                   | en Inc/Japan                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    155404 | NS      | $1531696.76   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                     | Denso Corp                                 | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |    329000 | NS      | $4544186.67   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| BIPROGY Inc                    | BIPROGY Inc                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    228000 | NS      | $7875829.95   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                            | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    562216 | NS      | $14421396.16  | 2.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd             | Tokyo Electron Ltd                         | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     47344 | NS      | $10544805.01  | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp              | Toyota Motor Corp                          | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |    324805 | NS      | $6975868.61   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Ushio Inc                      | Ushio Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    189639 | NS      | $3034778.96   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Optorun Co Ltd                 | Optorun Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    143353 | NS      | $1747754.07   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikari Tsushin Inc             | Hikari Tsushin Inc                         | CUSIP: N/A<br>LEI: 3538001SOIIV8U3OXH94       | Long             | EC               | CORP              | JP        |     17110 | NS      | $4794204.47   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd             | Honda Motor Co Ltd                         | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               | CORP              | JP        |    505297 | NS      | $4959324.95   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc     | Mizuho Financial Group Inc                 | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |    188426 | NS      | $6876524.52   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd       | Mitsubishi Estate Co Ltd                   | CUSIP: N/A<br>LEI: 353800KOFMRGOXSJ5Z65       | Long             | EC               | CORP              | JP        |    120038 | NS      | $2916337.92   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| NOF Corp                       | NOF Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    154573 | NS      | $2979227.58   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co Ltd              | Shionogi & Co Ltd                          | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |    709343 | NS      | $12838983.07  | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| GMO Payment Gateway Inc        | GMO Payment Gateway Inc                    | CUSIP: N/A<br>LEI: 353800Q6U21E2PM83F86       | Long             | EC               | CORP              | JP        |    120196 | NS      | $7454564.39   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co Ltd         | Otsuka Holdings Co Ltd                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    250947 | NS      | $14193368.82  | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| ADEKA Corp                     | ADEKA Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    198128 | NS      | $4913194.65   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Nichicon Corp                  | Nichicon Corp                              | CUSIP: N/A<br>LEI: 353800QK5U8ET4YJHF28       | Long             | EC               | CORP              | JP        |    286757 | NS      | $3002338.90   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| M3 Inc                         | M3 Inc                                     | CUSIP: N/A<br>LEI: 3538001UOKRWIODYM055       | Long             | EC               | CORP              | JP        |    306031 | NS      | $4116981.32   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Sega Sammy Holdings Inc        | Sega Sammy Holdings Inc                    | CUSIP: N/A<br>LEI: 5493006B6WMKNQ8QNP51       | Long             | EC               | CORP              | JP        |    443687 | NS      | $6926785.13   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| ARE Holdings Inc               | ARE Holdings Inc                           | CUSIP: N/A<br>LEI: 353800W25FCOFE32EM73       | Long             | EC               | CORP              | JP        |    381103 | NS      | $7765975.94   | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   3218124 | NS      | $3218123.62   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| and ST HD Co Ltd               | and ST HD Co Ltd                           | CUSIP: N/A<br>LEI: 353800DZZIJ399PIWU03       | Long             | EC               | CORP              | JP        |    135159 | NS      | $2482914.25   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Lintec Corp                    | Lintec Corp                                | CUSIP: N/A<br>LEI: 3538002YOJO0IAM1PD28       | Long             | EC               | CORP              | JP        |    213786 | NS      | $6031911.31   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuso Chemical Co Ltd           | Fuso Chemical Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    185462 | NS      | $7560046.72   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| JGC Holdings Corp              | JGC Holdings Corp                          | CUSIP: N/A<br>LEI: 5493003WMGG79YLARU68       | Long             | EC               | CORP              | JP        |    316530 | NS      | $3839730.72   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyowa Kirin Co Ltd             | Kyowa Kirin Co Ltd                         | CUSIP: N/A<br>LEI: 529900TBXKVTQGYA3582       | Long             | EC               | CORP              | JP        |    176803 | NS      | $2845593.10   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp                  | Marubeni Corp                              | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |    147595 | NS      | $4110520.57   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com Inc                 | Kakaku.com Inc                             | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |    106700 | NS      | $1572945.96   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| dip Corp                       | dip Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    283130 | NS      | $3995661.12   | 0.80%             |  |  |  | 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        |    460771 | NS      | $10817532.44  | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd       | Asahi Group Holdings Ltd                   | CUSIP: N/A<br>LEI: 353800KAJ02XNHLCJW79       | Long             | EC               | CORP              | JP        |    876560 | NS      | $9187930.78   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd   | Chugai Pharmaceutical Co Ltd               | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |    169149 | NS      | $8873822.01   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| ABC-Mart Inc                   | ABC-Mart Inc                               | CUSIP: N/A<br>LEI: 353800AXWW4CMTSJWL33       | Long             | EC               | CORP              | JP        |    340467 | NS      | $5769463.96   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Tsusho Corp             | Toyota Tsusho Corp                         | CUSIP: N/A<br>LEI: 549300CEE2ENIUJNXB84       | Long             | EC               | CORP              | JP        |    126807 | NS      | $4275831.00   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| ASKUL Corp                     | ASKUL Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    385415 | NS      | $3445474.43   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Isuzu Motors Ltd               | Isuzu Motors Ltd                           | CUSIP: N/A<br>LEI: 529900C0QSXVCC7AR494       | Long             | EC               | CORP              | JP        |    789453 | NS      | $12321092.77  | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Soda Co Ltd             | Nippon Soda Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    223265 | NS      | $5164691.08   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui House Ltd              | Sekisui House Ltd                          | CUSIP: N/A<br>LEI: 529900GMNDOYQSAJAE76       | Long             | EC               | CORP              | JP        |    249321 | NS      | $5563163.32   | 1.12%             |  |  |  | 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        |    404890 | NS      | $12338968.50  | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Ulvac Inc                      | Ulvac Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    125315 | NS      | $5676035.95   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp              | Suzuki Motor Corp                          | CUSIP: N/A<br>LEI: 353800D83H0V3ZV1SV24       | Long             | EC               | CORP              | JP        |    586003 | NS      | $8763950.06   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Seimitsu Co Ltd          | Tokyo Seimitsu Co Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     39889 | NS      | $2827905.06   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyo Suisan Kaisha Ltd         | Toyo Suisan Kaisha Ltd                     | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     58883 | NS      | $4039467.68   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruwa Co Ltd/Aichi            | Maruwa Co Ltd/Aichi                        | CUSIP: N/A<br>LEI: 3538009BXGIG8PFXNI29       | Long             | EC               | CORP              | JP        |     18175 | NS      | $4939311.43   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujimi Inc                     | Fujimi Inc                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    198100 | NS      | $3004971.26   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| 77 Bank Ltd/The                | 77 Bank Ltd/The                            | CUSIP: N/A<br>LEI: 549300U6CT3EHB9XS980       | Long             | EC               | CORP              | JP        |     66131 | NS      | $3184521.08   | 0.64%             |  |  |  | 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        |    533269 | NS      | $16563950.23  | 3.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Persol Holdings Co Ltd         | Persol Holdings Co Ltd                     | CUSIP: N/A<br>LEI: 3538000H6OI725NB2008       | Long             | EC               | CORP              | JP        |   4266292 | NS      | $7918235.96   | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd        | Recruit Holdings Co Ltd                    | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |    165100 | NS      | $9277230.12   | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Daito Trust Cons               | Daito Trust Construction Co Ltd            | CUSIP: N/A<br>LEI: 353800QQ4DRI3KXS3038       | Long             | EC               | CORP              | JP        |    259755 | NS      | $4946248.45   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd          | Daiichi Sankyo Co Ltd                      | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |    583536 | NS      | $12391127.49  | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| LaSalle Logiport REIT          | LaSalle Logiport REIT                      | CUSIP: N/A<br>LEI: 353800II3DI1RPKBB314       | Long             | EC               | CORP              | JP        |      5532 | NS      | $5600120.55   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI Japan ETF         | iShares MSCI Japan ETF                     | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |     22307 | NS      | $1801067.18   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                      | KDDI Corp                                  | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    904151 | NS      | $15648777.93  | 3.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Corp/Aichi                | Fuji Corp/Aichi                            | CUSIP: N/A<br>LEI: 353800G4VS3QLM6BSX66       | Long             | EC               | CORP              | JP        |    246992 | NS      | $5754940.30   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc            | Resona Holdings Inc                        | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |    377300 | NS      | $3591035.98   | 0.72%             |  |  |  | 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        |    315788 | NS      | $5735899.09   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Chemical Corp           | Nissan Chemical Corp                       | CUSIP: N/A<br>LEI: 3538002E4L1CUGJFFU25       | Long             | EC               | CORP              | JP        |    202222 | NS      | $6948916.78   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| OSG Corp                       | OSG Corp                                   | CUSIP: N/A<br>LEI: 353800IWJAOVAFO6X450       | Long             | EC               | CORP              | JP        |    212700 | NS      | $3104960.75   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Soda Co Ltd              | Osaka Soda Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    159651 | NS      | $2212564.97   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D Holdings Inc               | T&D Holdings Inc                           | CUSIP: N/A<br>LEI: 3538008ARJ1MACEWA242       | Long             | EC               | CORP              | JP        |    360968 | NS      | $8332279.49   | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Ship Healthcare Holdings Inc   | Ship Healthcare Holdings Inc               | CUSIP: N/A<br>LEI: 353800BIFUE1L527TH13       | Long             | EC               | CORP              | JP        |    270900 | NS      | $4539028.36   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Open Up Group Inc              | Open Up Group Inc                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    343214 | NS      | $4040507.88   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Mebuki Financial Group Inc     | Mebuki Financial Group Inc                 | CUSIP: N/A<br>LEI: 353800K1RXV3E3JAE812       | Long             | EC               | CORP              | JP        |    704637 | NS      | $4672381.86   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Aica Kogyo Co Ltd              | Aica Kogyo Co Ltd                          | CUSIP: N/A<br>LEI: 353800I589BKZAOJD116       | Long             | EC               | CORP              | JP        |    216408 | NS      | $4863843.76   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group Inc               | MISUMI Group Inc                           | CUSIP: N/A<br>LEI: 353800SJWGE5BEK2V032       | Long             | EC               | CORP              | JP        |    640441 | NS      | $9994210.16   | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT Inc                        | NTT Inc                                    | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |   6082832 | NS      | $6140563.64   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                       | SMC Corp                                   | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |     13265 | NS      | $4589701.77   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimamura Co Ltd               | Shimamura Co Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     38526 | NS      | $2510262.28   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| THK Co Ltd                     | THK Co Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    157636 | NS      | $4035313.06   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamato Kogyo Co Ltd            | Yamato Kogyo Co Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     68221 | NS      | $4656902.62   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| TechMatrix Corp                | TechMatrix Corp                            | CUSIP: N/A<br>LEI: 353800BO9TATTH8LBW35       | Long             | EC               | CORP              | JP        |    395113 | NS      | $5884356.99   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyo Tanso Co Ltd              | Toyo Tanso Co Ltd                          | CUSIP: N/A<br>LEI: 529900YTFHZ3XYGL3R93       | Long             | EC               | CORP              | JP        |    143871 | NS      | $4433780.34   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc     | Dai-ichi Life Holdings Inc                 | CUSIP: N/A<br>LEI: 549300ZUFXI7JXZVTZ25       | Long             | EC               | CORP              | JP        |   1593931 | NS      | $13246473.45  | 2.66%             |  |  |  | No            |                  2 | On Loan: No      |
| SIGMAXYZ Holdings Inc          | SIGMAXYZ Holdings Inc                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    952965 | NS      | $5025123.39   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KH Neochem Co Ltd              | KH Neochem Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    273266 | NS      | $4323068.98   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group | Mitsubishi UFJ Financial Group Inc         | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |    707532 | NS      | $11229292.72  | 2.26%             |  |  |  | No            |                  2 | 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