# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015711
**Filing Date:** 2025-11
**Character Count:** 43494
**Document Hash:** 0ff68012ef0e2fc1f79f3bfadd08ea90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015711.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015711

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251527258

**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** | **Brown Advisory - WMC Japan Equity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 94.2%** | **COMMON STOCKS - 94.2%** | **Shares** | **Value**  |
| **Japan - 94.2%** | **Japan - 94.2%** | **Japan - 94.2%** | |
| **Communication Services - 4.3%** | **Communication Services - 4.3%** | **Communication Services - 4.3%** | |
| KDDI Corp. | KDDI Corp. | 864451 | $13786721 |
| NTT, Inc. | NTT, Inc. | 4696432 | 4909280 |
|  |  |  | 18696001 |
| **Consumer Discretionary - 14.8%** | **Consumer Discretionary - 14.8%** | **Consumer Discretionary - 14.8%** |  |
| ABC-Mart, Inc. | ABC-Mart, Inc. | 201867 | 4004237 |
| and ST HD Co. Ltd. | and ST HD Co. Ltd. | 118059 | 2390872 |
| Aisin Corp. | Aisin Corp. | 129511 | 2236673 |
| ASKUL Corp. | ASKUL Corp. | 336815 | 3567433 |
| Denso Corp. | Denso Corp. | 287500 | 4137610 |
| Honda Motor Co. Ltd. | Honda Motor Co. Ltd. | 312544 | 3225244 |
| Isuzu Motors Ltd. | Isuzu Motors Ltd. | 728453 | 9180962 |
| Sega Sammy Holdings, Inc. | Sega Sammy Holdings, Inc. | 268687 | 5661251 |
| Sekisui House Ltd. | Sekisui House Ltd. | 217921 | 4956087 |
| Shimamura Co. Ltd. | Shimamura Co. Ltd. | 29026 | 1940837 |
| Sony Group Corp. | Sony Group Corp. | 483916 | 13910989 |
| Suzuki Motor Corp. | Suzuki Motor Corp. | 495403 | 7212515 |
| Yamaha Motor Co. Ltd. | Yamaha Motor Co. Ltd. | 181797 | 1361162 |
|  |  |  | 63785872 |
| **Consumer Staples - 2.9%** | **Consumer Staples - 2.9%** | **Consumer Staples - 2.9%** |  |
| Asahi Group Holdings Ltd. | Asahi Group Holdings Ltd. | 766260 | 9186640 |
| Toyo Suisan Kaisha, Ltd. | Toyo Suisan Kaisha, Ltd. | 45283 | 3235002 |
|  |  |  | 12421642 |
| **Financials - 14.7%** | **Financials - 14.7%** | **Financials - 14.7%** |  |
| 77 Bank Ltd. | 77 Bank Ltd. | 123331 | 5133175 |
| Dai-ichi Life Holdings, Inc. | Dai-ichi Life Holdings, Inc. | 1306031 | 10273462 |
| GMO Payment Gateway, Inc. | GMO Payment Gateway, Inc. | 58196 | 3264432 |
| Mebuki Financial Group, Inc. | Mebuki Financial Group, Inc. | 615937 | 3924065 |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | 317432 | 5120616 |
| Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | 248826 | 8364504 |
| MS&AD Insurance Group Holdings, Inc. | MS&AD Insurance Group Holdings, Inc. | 295671 | 6695748 |
| Resona Holdings, Inc. | Resona Holdings, Inc. | 329900 | 3364088 |
| Sony Financial Holdings, Inc. <sup>(a)</sup> | Sony Financial Holdings, Inc. <sup>(a)</sup> | 48391 | 53664 |
| Sumitomo Mitsui Trust Group, Inc. | Sumitomo Mitsui Trust Group, Inc. | 397290 | 11530951 |
| T&D Holdings, Inc. | T&D Holdings, Inc. | 227568 | 5562611 |
|  |  |  | 63287316 |
| **Health Care - 11.4%** | **Health Care - 11.4%** | **Health Care - 11.4%** |  |
| Astellas Pharma, Inc. | Astellas Pharma, Inc. | 680375 | 7416078 |
| Chugai Pharmaceutical Co., Ltd. | Chugai Pharmaceutical Co., Ltd. | 146100 | 6477272 |
| Daiichi Sankyo Co. Ltd. | Daiichi Sankyo Co. Ltd. | 480236 | 10805412 |
| Kyowa Kirin Co. Ltd. | Kyowa Kirin Co. Ltd. | 154603 | 2416826 |
| Otsuka Holdings Co. Ltd. | Otsuka Holdings Co. Ltd. | 182047 | 9708705 |
| Shionogi & Co. Ltd. | Shionogi & Co. Ltd. | 506943 | 8932266 |
| Ship Healthcare Holdings, Inc. | Ship Healthcare Holdings, Inc. | 236900 | 3662701 |
|  |  |  | 49419260 |
| **Industrials - 17.0%** | **Industrials - 17.0%** | **Industrials - 17.0%** |  |
| dip Corp. | dip Corp. | 281130 | 4420534 |
| en Japan, Inc. | en Japan, Inc. | 144104 | 1586920 |
| Fuji Corp. | Fuji Corp. | 284685 | 5185228 |
| Hikari Tsushin, Inc. | Hikari Tsushin, Inc. | 14807 | 4124769 |
| ITOCHU Corp. | ITOCHU Corp. | 87865 | 4999378 |
| JGC Holdings Corp. | JGC Holdings Corp. | 238630 | 2436116 |
| Marubeni Corp. | Marubeni Corp. | 209795 | 5234850 |
| MISUMI Group, Inc. | MISUMI Group, Inc. | 618641 | 9635263 |
| Open Up Group, Inc. | Open Up Group, Inc. | 340814 | 4177688 |
| OSG Corp. | OSG Corp. | 185900 | 2664153 |
| Persol Holdings Co. Ltd. | Persol Holdings Co. Ltd. | 3244792 | 5909886 |
| SIGMAXYZ Holdings, Inc. | SIGMAXYZ Holdings, Inc. | 759400 | 4748447 |
| SMC Corp. | SMC Corp. | 7665 | 2369192 |
| THK Co. Ltd. | THK Co. Ltd. | 121236 | 3346796 |
| Toyo Tanso Co. Ltd. | Toyo Tanso Co. Ltd. | 142871 | 4198235 |
| Toyota Tsusho Corp. | Toyota Tsusho Corp. | 196307 | 5434234 |
| Ushio, Inc. | Ushio, Inc. | 188339 | 2963509 |
|  |  |  | 73435198 |
| **Information Technology - 9.1%** | **Information Technology - 9.1%** | **Information Technology - 9.1%** |  |
| Future Corp. | Future Corp. | 336772 | 5284321 |
| Koa Corp. | Koa Corp. | 87562 | 691487 |
| Maruwa Co. Ltd. | Maruwa Co. Ltd. | 12375 | 3232435 |
| Nichicon Corp. | Nichicon Corp. | 280557 | 2805229 |
| Optorun Co. Ltd. | Optorun Co. Ltd. | 142353 | 1597394 |
| TechMatrix Corp. | TechMatrix Corp. | 384413 | 5625632 |
| Tokyo Electron Ltd. | Tokyo Electron Ltd. | 61944 | 10980625 |
| Tokyo Seimitsu Co. Ltd. | Tokyo Seimitsu Co. Ltd. | 59489 | 4025703 |
| Tri Chemical Laboratories, Inc. | Tri Chemical Laboratories, Inc. | 24800 | 487977 |
| Ulvac, Inc. | Ulvac, Inc. | 109715 | 4767362 |
|  |  |  | 39498165 |
| **Materials - 16.7%** | **Materials - 16.7%** | **Materials - 16.7%** |  |
| ADEKA Corp. | ADEKA Corp. | 258428 | 5756984 |
| Aica Kogyo Co. Ltd. | Aica Kogyo Co. Ltd. | 130849 | 3291749 |
| ARE Holdings, Inc. | ARE Holdings, Inc. | 491503 | 7135943 |
| Fujimi, Inc. | Fujimi, Inc. | 45565 | 665222 |
| Fuso Chemical Co. Ltd. | Fuso Chemical Co. Ltd. | 221714 | 7334727 |
| KH Neochem Co. Ltd. | KH Neochem Co. Ltd. | 267466 | 5035799 |
| Lintec Corp. | Lintec Corp. | 245000 | 6022358 |
| Mitsubishi Gas Chemical Co., Inc. | Mitsubishi Gas Chemical Co., Inc. | 275988 | 4924139 |
| Nippon Soda Co. Ltd. | Nippon Soda Co. Ltd. | 182527 | 4254180 |
| Nissan Chemical Corp. | Nissan Chemical Corp. | 150922 | 5466955 |
| NOF Corp. | NOF Corp. | 109673 | 1913642 |
| Osaka Soda Co. Ltd. | Osaka Soda Co. Ltd. | 265704 | 2971457 |
| Shin-Etsu Chemical Co. Ltd. | Shin-Etsu Chemical Co. Ltd. | 424901 | 13912761 |
| Yamato Kogyo Co. Ltd. | Yamato Kogyo Co. Ltd. | 59721 | 3668909 |
|  |  |  | 72354825 |
| **Real Estate - 3.3%** | **Real Estate - 3.3%** | **Real Estate - 3.3%** |  |
| Daito Trust Construction Co. Ltd. | Daito Trust Construction Co. Ltd. | 227055 | 4981871 |
| Mitsubishi Estate Co. Ltd. | Mitsubishi Estate Co. Ltd. | 270720 | 6222186 |
| Relo Group, Inc. | Relo Group, Inc. | 246932 | 2977713 |
|  |  |  | 14181770 |
| **TOTAL COMMON STOCKS** (Cost $371,686,766) | **TOTAL COMMON STOCKS** (Cost $371,686,766) | **TOTAL COMMON STOCKS** (Cost $371,686,766) | 407080049 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.4%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.4%** | **Shares** | **Value**  |
| **Japan - 1.4%** | **Japan - 1.4%** | **Japan - 1.4%** |  |
| **Real Estate - 1.4%** | **Real Estate - 1.4%** | **Real Estate - 1.4%** |  |
| LaSalle Logiport | LaSalle Logiport | 6173 | 5988926 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $5,874,442) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $5,874,442) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $5,874,442) | 5988926 |
| **EXCHANGE TRADED FUNDS - 0.3%** | **EXCHANGE TRADED FUNDS - 0.3%** | **Shares** | **Value**  |
| **Japan - 0.3%** | **Japan - 0.3%** |  |  |
| iShares MSCI Japan Exchange Traded Fund | iShares MSCI Japan Exchange Traded Fund | 17889 | 1434877 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,423,211) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,423,211) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,423,211) | 1434877 |
| **SHORT-TERM INVESTMENTS - 3.0%** | **SHORT-TERM INVESTMENTS - 3.0%** | **Shares** | **Value**  |
| **Money Market Funds - 3.0%** | **Money Market Funds - 3.0%** |  |  |
| First American Government Obligations Fund - Class Z, 4.01%<sup>(b)</sup> | First American Government Obligations Fund - Class Z, 4.01%<sup>(b)</sup> | 12811318 | 12811318 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $12,811,318) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $12,811,318) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $12,811,318) | 12811318 |
| **TOTAL INVESTMENTS - 98.9% (**Cost $391,795,737**)** | **TOTAL INVESTMENTS - 98.9% (**Cost $391,795,737**)** | **TOTAL INVESTMENTS - 98.9% (**Cost $391,795,737**)** | 427315170 |
| Other Assets in Excess of Liabilities - 1.1% | Other Assets in Excess of Liabilities - 1.1% | Other Assets in Excess of Liabilities - 1.1% | 4633716 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $431948886 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | 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. |

---

(a) Non-income producing security.

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

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)

Brown Advisory - 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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $53664 | $407026385 | $– | $407080049 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | – | 5988926 | – | 5988926 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 1434877 | – | – | 1434877 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 12811318 | – | – | 12811318 |
| Total Investments | $14299859 | $413015311 | $– | $427315170 |
| 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:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $432369767.53

**Total Liabilities:** $2848590.12

**Net Assets:** $429521177.41

**Cash Not Reported:** $2779881.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254125 | -1.01%               | 5.19%                | 2.65%                |
| Class ID C000254126 | -1.01%               | 5.11%                | 2.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1108271.86              | $-4098698.17                               |
| Month 2  | $3053667.68              | $13561143.76                               |
| Month 3  | $2075552.02              | $4357838.34                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares MSCI Japan ETF         | iShares MSCI Japan ETF                     | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |     44549 | NS      | $3573275.29   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Relo Group Inc                 | Relo Group Inc                             | CUSIP: N/A<br>LEI: 353800T595XRZDA8IB59       | Long             | EC               | CORP              | JP        |    246932 | NS      | $2977712.52   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Future Corp                    | Future Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    336772 | NS      | $5284321.35   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Corp/Aichi                | Fuji Corp/Aichi                            | CUSIP: N/A<br>LEI: 353800G4VS3QLM6BSX66       | Long             | EC               | CORP              | JP        |    268458 | NS      | $4889671.19   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd             | Honda Motor Co Ltd                         | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               | CORP              | JP        |    312544 | NS      | $3225244.12   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| JGC Holdings Corp              | JGC Holdings Corp                          | CUSIP: N/A<br>LEI: 5493003WMGG79YLARU68       | Long             | EC               | CORP              | JP        |    238630 | NS      | $2436116.14   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruwa Co Ltd/Aichi            | Maruwa Co Ltd/Aichi                        | CUSIP: N/A<br>LEI: 3538009BXGIG8PFXNI29       | Long             | EC               | CORP              | JP        |     12375 | NS      | $3232435.11   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc     | Mizuho Financial Group Inc                 | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |    248826 | NS      | $8364503.78   | 1.95%             |  |  |  | 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        |    275988 | NS      | $4924138.61   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Nichicon Corp                  | Nichicon Corp                              | CUSIP: N/A<br>LEI: 353800QK5U8ET4YJHF28       | Long             | EC               | CORP              | JP        |    280557 | NS      | $2805228.70   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                     | Denso Corp                                 | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |    287500 | NS      | $4137609.70   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Soda Co Ltd             | Nippon Soda Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    175727 | NS      | $4095691.24   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| dip Corp                       | dip Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    281130 | NS      | $4420533.45   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                       | SMC Corp                                   | CUSIP: N/A<br>LEI: 353800O40V08DOZ70X62       | Long             | EC               | CORP              | JP        |      7665 | NS      | $2369191.88   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaha Motor Co Ltd            | Yamaha Motor Co Ltd                        | CUSIP: N/A<br>LEI: 3538004LR5NXILJDHY88       | Long             | EC               | CORP              | JP        |    181797 | NS      | $1361161.92   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| GMO Payment Gateway Inc        | GMO Payment Gateway Inc                    | CUSIP: N/A<br>LEI: 353800Q6U21E2PM83F86       | Long             | EC               | CORP              | JP        |     57196 | NS      | $3208337.87   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyo Tanso Co Ltd              | Toyo Tanso Co Ltd                          | CUSIP: N/A<br>LEI: 529900YTFHZ3XYGL3R93       | Long             | EC               | CORP              | JP        |    142871 | NS      | $4198235.03   | 0.98%             |  |  |  | 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        |    295671 | NS      | $6695748.09   | 1.56%             |  |  |  | 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        |   1279031 | NS      | $10061075.57  | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| SIGMAXYZ Holdings Inc          | SIGMAXYZ Holdings Inc                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    759400 | NS      | $4748447.40   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| KH Neochem Co Ltd              | KH Neochem Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    267466 | NS      | $5035798.72   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Aisin Corp                     | Aisin Corp                                 | CUSIP: N/A<br>LEI: 3538004IOK08PDY6I723       | Long             | EC               | CORP              | JP        |    129511 | NS      | $2236673.41   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| ADEKA Corp                     | ADEKA Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    258428 | NS      | $5756984.12   | 1.34%             |  |  |  | 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        |    118059 | NS      | $2390871.91   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujimi Inc                     | Fujimi Inc                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     42465 | NS      | $619964.12    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc            | Resona Holdings Inc                        | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |    329900 | NS      | $3364088.38   | 0.78%             |  |  |  | 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        |    388490 | NS      | $11275539.98  | 2.63%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT Inc                        | NTT Inc                                    | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |   4615632 | NS      | $4824817.71   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                            | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    483916 | NS      | $13910989.06  | 3.24%             |  |  |  | No            |                  2 | On Loan: No      |
| THK Co Ltd                     | THK Co Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    121236 | NS      | $3346796.23   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Ushio Inc                      | Ushio Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    188339 | NS      | $2963509.02   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| TechMatrix Corp                | TechMatrix Corp                            | CUSIP: N/A<br>LEI: 353800BO9TATTH8LBW35       | Long             | EC               | CORP              | JP        |    384413 | NS      | $5625631.70   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd          | Daiichi Sankyo Co Ltd                      | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |    480236 | NS      | $10805411.80  | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Financial Group Inc       | Sony Financial Group Inc                   | CUSIP: N/A<br>LEI: 353800O7BDSU41WOZA60       | Long             | EC               | CORP              | JP        |     48391 | NS      | $53664.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Optorun Co Ltd                 | Optorun Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    142353 | NS      | $1597394.36   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Mebuki Financial Group Inc     | Mebuki Financial Group Inc                 | CUSIP: N/A<br>LEI: 353800K1RXV3E3JAE812       | Long             | EC               | CORP              | JP        |    615937 | NS      | $3924064.89   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| ASKUL Corp                     | ASKUL Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    336815 | NS      | $3567432.83   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| ABC-Mart Inc                   | ABC-Mart Inc                               | CUSIP: N/A<br>LEI: 353800AXWW4CMTSJWL33       | Long             | EC               | CORP              | JP        |    201867 | NS      | $4004237.07   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D Holdings Inc               | T&D Holdings Inc                           | CUSIP: N/A<br>LEI: 3538008ARJ1MACEWA242       | Long             | EC               | CORP              | JP        |    222368 | NS      | $5435503.39   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp              | Suzuki Motor Corp                          | CUSIP: N/A<br>LEI: 353800D83H0V3ZV1SV24       | Long             | EC               | CORP              | JP        |    495403 | NS      | $7212515.14   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyo Suisan Kaisha Ltd         | Toyo Suisan Kaisha Ltd                     | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     45283 | NS      | $3235001.55   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Tsusho Corp             | Toyota Tsusho Corp                         | CUSIP: N/A<br>LEI: 549300CEE2ENIUJNXB84       | Long             | EC               | CORP              | JP        |    196307 | NS      | $5434234.01   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd       | Asahi Group Holdings Ltd                   | CUSIP: N/A<br>LEI: 353800KAJ02XNHLCJW79       | Long             | EC               | CORP              | JP        |    766260 | NS      | $9186640.06   | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Ship Healthcare Holdings Inc   | Ship Healthcare Holdings Inc               | CUSIP: N/A<br>LEI: 353800BIFUE1L527TH13       | Long             | EC               | CORP              | JP        |    236900 | NS      | $3662701.26   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Tri Chemical Laboratories Inc  | Tri Chemical Laboratories Inc              | CUSIP: N/A<br>LEI: 353800S3OPTEAPIHHJ16       | Long             | EC               | CORP              | JP        |     24800 | NS      | $487976.71    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group | Mitsubishi UFJ Financial Group Inc         | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |    317432 | NS      | $5120615.76   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuso Chemical Co Ltd           | Fuso Chemical Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    221714 | NS      | $7334727.02   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| en Inc/Japan                   | en Inc/Japan                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    144104 | NS      | $1586919.50   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui House Ltd              | Sekisui House Ltd                          | CUSIP: N/A<br>LEI: 529900GMNDOYQSAJAE76       | Long             | EC               | CORP              | JP        |    217921 | NS      | $4956087.40   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd   | Chugai Pharmaceutical Co Ltd               | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |    146100 | NS      | $6477271.83   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| NOF Corp                       | NOF Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    102073 | NS      | $1781032.28   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Soda Co Ltd              | Osaka Soda Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    265704 | NS      | $2971456.66   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd             | Tokyo Electron Ltd                         | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     61944 | NS      | $10980625.01  | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc            | Astellas Pharma Inc                        | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               | CORP              | JP        |    680375 | NS      | $7416078.46   | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimamura Co Ltd               | Shimamura Co Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     29026 | NS      | $1940837.07   | 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        |    123331 | NS      | $5133175.37   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co Ltd         | Otsuka Holdings Co Ltd                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    182047 | NS      | $9708704.68   | 2.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ARE Holdings Inc               | ARE Holdings Inc                           | CUSIP: N/A<br>LEI: 353800W25FCOFE32EM73       | Long             | EC               | CORP              | JP        |    491503 | NS      | $7135943.08   | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co Ltd              | Shionogi & Co Ltd                          | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |    506943 | NS      | $8932265.87   | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Seimitsu Co Ltd          | Tokyo Seimitsu Co Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     59489 | NS      | $4025702.97   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  10040427 | NS      | $10040426.89  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Aica Kogyo Co Ltd              | Aica Kogyo Co Ltd                          | CUSIP: N/A<br>LEI: 353800I589BKZAOJD116       | Long             | EC               | CORP              | JP        |    130849 | NS      | $3291748.93   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Daito Trust Cons               | Daito Trust Construction Co Ltd            | CUSIP: N/A<br>LEI: 353800QQ4DRI3KXS3038       | Long             | EC               | CORP              | JP        |    227055 | NS      | $4981870.79   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikari Tsushin Inc             | Hikari Tsushin Inc                         | CUSIP: N/A<br>LEI: 3538001SOIIV8U3OXH94       | Long             | EC               | CORP              | JP        |     14507 | NS      | $4041198.08   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp                    | ITOCHU Corp                                | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |     87865 | NS      | $4999377.57   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Koa Corp                       | Koa Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     93461 | NS      | $738072.07    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyowa Kirin Co Ltd             | Kyowa Kirin Co Ltd                         | CUSIP: N/A<br>LEI: 529900TBXKVTQGYA3582       | Long             | EC               | CORP              | JP        |    154603 | NS      | $2416826.55   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group Inc               | MISUMI Group Inc                           | CUSIP: N/A<br>LEI: 353800SJWGE5BEK2V032       | Long             | EC               | CORP              | JP        |    618641 | NS      | $9635262.52   | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd       | Mitsubishi Estate Co Ltd                   | CUSIP: N/A<br>LEI: 353800KOFMRGOXSJ5Z65       | Long             | EC               | CORP              | JP        |    270720 | NS      | $6222186.20   | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Ulvac Inc                      | Ulvac Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    109715 | NS      | $4767362.51   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Chemical Corp           | Nissan Chemical Corp                       | CUSIP: N/A<br>LEI: 3538002E4L1CUGJFFU25       | Long             | EC               | CORP              | JP        |    150922 | NS      | $5466955.34   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| OSG Corp                       | OSG Corp                                   | CUSIP: N/A<br>LEI: 353800IWJAOVAFO6X450       | Long             | EC               | CORP              | JP        |    185900 | NS      | $2664153.38   | 0.62%             |  |  |  | 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        |    415801 | NS      | $13614794.90  | 3.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamato Kogyo Co Ltd            | Yamato Kogyo Co Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     59721 | NS      | $3668909.43   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Sega Sammy Holdings Inc        | Sega Sammy Holdings Inc                    | CUSIP: N/A<br>LEI: 5493006B6WMKNQ8QNP51       | Long             | EC               | CORP              | JP        |    262687 | NS      | $5534830.22   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Open Up Group Inc              | Open Up Group Inc                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    340814 | NS      | $4177687.76   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Persol Holdings Co Ltd         | Persol Holdings Co Ltd                     | CUSIP: N/A<br>LEI: 3538000H6OI725NB2008       | Long             | EC               | CORP              | JP        |   3175092 | NS      | $5782938.53   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                      | KDDI Corp                                  | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    845851 | NS      | $13490078.58  | 3.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Lintec Corp                    | Lintec Corp                                | CUSIP: N/A<br>LEI: 3538002YOJO0IAM1PD28       | Long             | EC               | CORP              | JP        |    245000 | NS      | $6022358.54   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Isuzu Motors Ltd               | Isuzu Motors Ltd                           | CUSIP: N/A<br>LEI: 529900C0QSXVCC7AR494       | Long             | EC               | CORP              | JP        |    711653 | NS      | $8969225.48   | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp                  | Marubeni Corp                              | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |    209795 | NS      | $5234850.27   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| LaSalle Logiport REIT          | LaSalle Logiport REIT                      | CUSIP: N/A<br>LEI: 353800II3DI1RPKBB314       | Long             | EC               | CORP              | JP        |      6173 | NS      | $5988926.13   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer