# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015713
**Filing Date:** 2025-11
**Character Count:** 38325
**Document Hash:** 6cd87e40a94492fe94f41d257bb49010
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015713.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015713

**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:** 251527260

**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 Strategic European Equity Fund (Series ID: S000042683)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000131937 | Institutional Shares | BAFHX           |
| C000131938 | Investor Shares      | BIAHX           |
| C000131939 | Advisor Shares       | BAHAX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Brown Advisory - WMC Strategic European Equity Fund** | **Brown Advisory - WMC Strategic European Equity Fund** | **Brown Advisory - WMC Strategic European Equity Fund** | **Brown Advisory - WMC Strategic European 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 - 96.4%** | **COMMON STOCKS - 96.4%** | **Shares** | **Value**  |
| **Austria - 3.5%** | **Austria - 3.5%** | **Austria - 3.5%** | |
| Erste Group Bank AG | Erste Group Bank AG | 204461 | $20099095 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | Vienna Insurance Group AG Wiener Versicherung Gruppe | 116366 | 6412657 |
|  |  |  | 26511752 |
| **Belgium - 4.5%** | **Belgium - 4.5%** | **Belgium - 4.5%** |  |
| Azelis Group NV | Azelis Group NV | 196817 | 2678405 |
| KBC Group NV | KBC Group NV | 156586 | 18765155 |
| UCB SA | UCB SA | 44657 | 12465366 |
|  |  |  | 33908926 |
| **Czech Republic - 0.7%** | **Czech Republic - 0.7%** | **Czech Republic - 0.7%** |  |
| Komercni Banka AS | Komercni Banka AS | 102323 | 5135251 |
| **Denmark - 3.2%** | **Denmark - 3.2%** | **Denmark - 3.2%** |  |
| Pandora AS | Pandora AS | 89095 | 11648942 |
| Royal Unibrew AS | Royal Unibrew AS | 157881 | 12059050 |
|  |  |  | 23707992 |
| **Finland - 1.7%** | **Finland - 1.7%** | **Finland - 1.7%** |  |
| Sampo Oyj | Sampo Oyj | 901760 | 10367521 |
| Wartsila OYJ Abp | Wartsila OYJ Abp | 86101 | 2582580 |
|  |  |  | 12950101 |
| **France - 12.5%** | **France - 12.5%** | **France - 12.5%** |  |
| Danone SA | Danone SA | 136495 | 11893290 |
| Dassault Aviation SA | Dassault Aviation SA | 17335 | 5839712 |
| Elis SA | Elis SA | 640067 | 18475116 |
| Legrand SA | Legrand SA | 13991 | 2324766 |
| Publicis Groupe SA | Publicis Groupe SA | 196008 | 18862551 |
| SPIE SA | SPIE SA | 238575 | 12897785 |
| Technip Energies NV | Technip Energies NV | 382098 | 18032660 |
| Thales SA | Thales SA | 16698 | 5278492 |
|  |  |  | 93604372 |
| **Germany - 13.0%** | **Germany - 13.0%** | **Germany - 13.0%** |  |
| AlzChem Group AG | AlzChem Group AG | 12245 | 2167000 |
| Beiersdorf AG | Beiersdorf AG | 25890 | 2709035 |
| Bilfinger SE | Bilfinger SE | 67927 | 7503020 |
| Brenntag SE | Brenntag SE | 267260 | 16014965 |
| Hannover Rueck SE | Hannover Rueck SE | 12130 | 3660345 |
| Heidelberg Materials AG | Heidelberg Materials AG | 56563 | 12785862 |
| IONOS Group SE <sup>(a)</sup> | IONOS Group SE <sup>(a)</sup> | 211956 | 9919331 |
| RENK Group AG | RENK Group AG | 69385 | 7182953 |
| Rheinmetall AG | Rheinmetall AG | 8228 | 19246757 |
| United Internet AG | United Internet AG | 439386 | 13887104 |
| Vossloh AG | Vossloh AG | 21889 | 2333175 |
|  |  |  | 97409547 |
| **Greece - 0.4%** | **Greece - 0.4%** | **Greece - 0.4%** |  |
| National Bank of Greece SA | National Bank of Greece SA | 177014 | 2577586 |
| **Ireland - 7.4%** | **Ireland - 7.4%** | **Ireland - 7.4%** |  |
| AIB Group PLC | AIB Group PLC | 3069557 | 27984442 |
| Bank of Ireland Group PLC | Bank of Ireland Group PLC | 1066386 | 17656544 |
| Permanent TSB Group Holdings PLC <sup>(a)</sup> | Permanent TSB Group Holdings PLC <sup>(a)</sup> | 609226 | 1652260 |
| Ryanair Holdings PLC - ADR | Ryanair Holdings PLC - ADR | 115715 | 6968357 |
| Ryanair Holdings PLC | Ryanair Holdings PLC | 26228 | 766448 |
|  |  |  | 55028051 |
| **Italy - 0.9%** | **Italy - 0.9%** | **Italy - 0.9%** |  |
| Buzzi SpA | Buzzi SpA | 56255 | 3099937 |
| DiaSorin SpA | DiaSorin SpA | 43272 | 3844327 |
|  |  |  | 6944264 |
| **Netherlands - 1.5%** | **Netherlands - 1.5%** | **Netherlands - 1.5%** |  |
| QIAGEN NV | QIAGEN NV | 254650 | 11358319 |
| **Norway - 0.6%** | **Norway - 0.6%** | **Norway - 0.6%** |  |
| Storebrand ASA | Storebrand ASA | 308837 | 4720222 |
| **Portugal - 1.6%** | **Portugal - 1.6%** | **Portugal - 1.6%** |  |
| Jeronimo Martins SGPS SA | Jeronimo Martins SGPS SA | 487954 | 11879379 |
| **Spain - 4.2%** | **Spain - 4.2%** | **Spain - 4.2%** |  |
| Bankinter SA | Bankinter SA | 1140095 | 18023040 |
| Fluidra SA | Fluidra SA | 491015 | 13357057 |
|  |  |  | 31380097 |
| **Sweden - 3.7%** | **Sweden - 3.7%** | **Sweden - 3.7%** |  |
| Alfa Laval AB | Alfa Laval AB | 141313 | 6453095 |
| Assa Abloy AB - Class B | Assa Abloy AB - Class B | 301882 | 10507874 |
| Hexpol AB | Hexpol AB | 103698 | 932500 |
| NOBA Bank Group AB <sup>(a)</sup> | NOBA Bank Group AB <sup>(a)</sup> | 358131 | 3575832 |
| Trelleborg AB - Class B | Trelleborg AB - Class B | 164444 | 6148271 |
|  |  |  | 27617572 |
| **Switzerland - 8.1%** | **Switzerland - 8.1%** | **Switzerland - 8.1%** |  |
| ABB Ltd. | ABB Ltd. | 111401 | 8061347 |
| Baloise Holding AG | Baloise Holding AG | 44670 | 11055645 |
| Galderma Group AG | Galderma Group AG | 66586 | 11772425 |
| Holcim AG | Holcim AG | 131221 | 11196374 |
| Sulzer AG | Sulzer AG | 50229 | 8562187 |
| UBS Group AG | UBS Group AG | 249846 | 10272057 |
|  |  |  | 60920035 |
| **United Kingdom - 27.5%** | **United Kingdom - 27.5%** | **United Kingdom - 27.5%** |  |
| Beazley PLC | Beazley PLC | 1030556 | 12603666 |
| British American Tobacco PLC | British American Tobacco PLC | 610119 | 32450576 |
| Bunzl PLC | Bunzl PLC | 683660 | 21608579 |
| Genus PLC | Genus PLC | 158883 | 5088107 |
| Haleon PLC | Haleon PLC | 4844562 | 21801402 |
| Hill & Smith PLC | Hill & Smith PLC | 113514 | 3139309 |
| IMI PLC | IMI PLC | 206852 | 6388993 |
| Next PLC | Next PLC | 51584 | 8599250 |
| Rotork PLC | Rotork PLC | 1699420 | 7769502 |
| RS GROUP PLC | RS GROUP PLC | 1529868 | 11726994 |
| Savills PLC | Savills PLC | 261908 | 3360369 |
| Serco Group PLC | Serco Group PLC | 3190614 | 10165085 |
| Smiths Group PLC | Smiths Group PLC | 725811 | 23011941 |
| Spectris PLC | Spectris PLC | 169554 | 9375203 |
| Unilever PLC | Unilever PLC | 481283 | 28447976 |
|  |  |  | 205536952 |
| **United States - 1.4%** | **United States - 1.4%** | **United States - 1.4%** |  |
| Amrize Ltd. <sup>(a)</sup> | Amrize Ltd. <sup>(a)</sup> | 210988 | 10316433 |
| **TOTAL COMMON STOCKS** (Cost $534,553,254) | **TOTAL COMMON STOCKS** (Cost $534,553,254) | **TOTAL COMMON STOCKS** (Cost $534,553,254) | 721506851 |
| **PREFERRED STOCKS - 1.0%** | **PREFERRED STOCKS - 1.0%** | **Shares** | **Value**  |
| **Germany - 1.0%** | **Germany - 1.0%** | **Germany - 1.0%** |  |
|  FUCHS SE | FUCHS SE | 163136 | 7314655 |
| **TOTAL PREFERRED STOCKS** (Cost $7,069,870) | **TOTAL PREFERRED STOCKS** (Cost $7,069,870) | **TOTAL PREFERRED STOCKS** (Cost $7,069,870) | 7314655 |
| **SHORT-TERM INVESTMENTS – 2.4%** | **SHORT-TERM INVESTMENTS – 2.4%** | **Shares** | **Value**  |
| **Money Market Funds – 2.4%**<br> First American Government Obligations Fund - Class Z, 4.01% <sup>(b)</sup> | **Money Market Funds – 2.4%**<br> First American Government Obligations Fund - Class Z, 4.01% <sup>(b)</sup> | 18065994 | 18065994 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $18,065,994) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $18,065,994) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $18,065,994) | 18065994 |
| **TOTAL INVESTMENTS - 99.8% (**Cost $559,689,118**)** | **TOTAL INVESTMENTS - 99.8% (**Cost $559,689,118**)** | **TOTAL INVESTMENTS - 99.8% (**Cost $559,689,118**)** | 746887500 |
| Other Assets in Excess of Liabilities - 0.2% | Other Assets in Excess of Liabilities - 0.2% | Other Assets in Excess of Liabilities - 0.2% | 1141384 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $748028884 |
| 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. | –% |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

(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 Strategic European 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 | $15556818 | $705950033 | $– | $721506851 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | 7314655 | – | 7314655 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 18065994 | – | – | 18065994 |
| Total Investments | $33622812 | $713264688 | $– | $746887500 |
| 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 Strategic European Equity Fund

- **b. EDGAR series identifier (if any):** S000042683

- **c. LEI of Series:** 549300UMYQLY5V8U0785

**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:** $750571704.56

**Total Liabilities:** $2723874.54

**Net Assets:** $747847830.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131937 | -0.89%               | 3.13%                | 1.03%                |
| Class ID C000131938 | -0.95%               | 3.14%                | 1.03%                |
| Class ID C000131939 | -0.96%               | 3.14%                | 1.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2856759.55              | $-9768153.12                               |
| Month 2  | $1471939.90              | $19960702.79                               |
| Month 3  | $1012712.52              | $7369810.10                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Thales SA                      | Thales SA                                            | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |     16698 | NS      | $5278491.66   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                   | KBC Group NV                                         | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |    156586 | NS      | $18765155.20  | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Komercni Banka AS              | Komercni Banka AS                                    | CUSIP: N/A<br>LEI: IYKCAVNFR8QGF00HV840       | Long             | EC               | CORP              | CZ        |    102323 | NS      | $5135250.89   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Sulzer AG                      | Sulzer AG                                            | CUSIP: N/A<br>LEI: 529900NZ6MAST5IJF669       | Long             | EC               | CORP              | CH        |     50229 | NS      | $8562186.65   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                         | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    481283 | NS      | $28447976.29  | 3.80%             |  |  |  | No            |                  2 | On Loan: No      |
| IMI PLC                        | IMI PLC                                              | CUSIP: N/A<br>LEI: 2138002W9Q21PF751R30       | Long             | EC               | CORP              | GB        |    206852 | NS      | $6388993.25   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| AlzChem Group AG               | AlzChem Group AG                                     | CUSIP: N/A<br>LEI: 8945004EL7WZK3ERG181       | Long             | EC               | CORP              | DE        |     12245 | NS      | $2167000.52   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| RENK Group AG                  | RENK Group AG                                        | CUSIP: N/A<br>LEI: 894500H8CNSZ53EI6K63       | Long             | EC               | CORP              | DE        |     69385 | NS      | $7182952.62   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Azelis Group NV                | Azelis Group NV                                      | CUSIP: N/A<br>LEI: 699400M9RRMTV264FM70       | Long             | EC               | CORP              | BE        |    196817 | NS      | $2678404.28   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG              | Galderma Group AG                                    | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |     66586 | NS      | $11772424.87  | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| SPIE SA                        | SPIE SA                                              | CUSIP: N/A<br>LEI: 969500TJNS5GSFWJ8X85       | Long             | EC               | CORP              | FR        |    238575 | NS      | $12897784.65  | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC                         | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    610119 | NS      | $32450575.79  | 4.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Serco Group PLC                | Serco Group PLC                                      | CUSIP: N/A<br>LEI: 549300PT2CIHYN5GWJ21       | Long             | EC               | CORP              | GB        |   3190614 | NS      | $10165084.65  | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund           | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  18942521 | NS      | $18942521.08  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                       | Next PLC                                             | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     51584 | NS      | $8599250.03   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                   | Bankinter SA                                         | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | EC               | CORP              | ES        |   1140095 | NS      | $18023039.38  | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                        | ABB Ltd                                              | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |    111401 | NS      | $8061347.35   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Vienna Insurance               | Vienna Insurance Group AG Wiener Versicherung Gruppe | CUSIP: N/A<br>LEI: 549300JCRU23I1THU176       | Long             | EC               | CORP              | AT        |    116366 | NS      | $6412656.95   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Savills PLC                    | Savills PLC                                          | CUSIP: N/A<br>LEI: 213800WXICGMBWHTA933       | Long             | EC               | CORP              | GB        |    261908 | NS      | $3360368.93   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Smiths Group PLC               | Smiths Group PLC                                     | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               | CORP              | GB        |    725811 | NS      | $23011941.47  | 3.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins SGPS SA       | Jeronimo Martins SGPS SA                             | CUSIP: N/A<br>LEI: 259400A8SZP10GB5IB19       | Long             | EC               | CORP              | PT        |    487954 | NS      | $11879379.48  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| DiaSorin SpA                   | DiaSorin SpA                                         | CUSIP: N/A<br>LEI: 8156002878BDF0EE4348       | Long             | EC               | CORP              | IT        |     43272 | NS      | $3844327.00   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                    | Pandora A/S                                          | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |     89095 | NS      | $11648941.67  | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| NOBA Bank Group AB             | NOBA Bank Group AB                                   | CUSIP: N/A<br>LEI: 21380057HUGFEAF25W84       | Long             | EC               | CORP              | SE        |    358131 | NS      | $3575832.13   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Rotork PLC                     | Rotork PLC                                           | CUSIP: N/A<br>LEI: 213800AH5RZIHGWRJ718       | Long             | EC               | CORP              | GB        |   1699420 | NS      | $7769502.31   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Genus PLC                      | Genus PLC                                            | CUSIP: N/A<br>LEI: 54930022EOITNKSIGH56       | Long             | EC               | CORP              | GB        |    157754 | NS      | $5051951.61   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG        | Heidelberg Materials AG                              | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |     54936 | NS      | $12418084.18  | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC      | Bank of Ireland Group PLC                            | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | EC               | CORP              | IE        |   1066386 | NS      | $17656543.94  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                      | QIAGEN NV                                            | CUSIP: N/A<br>LEI: 54930036WK3GMCN17Z57       | Long             | EC               | CORP              | NL        |    260898 | NS      | $11637002.81  | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Amrize Ltd                     | Amrize Ltd                                           | CUSIP: N/A<br>LEI: 529900SLCCO6K43P8146       | Long             | EC               | CORP              | CH        |    203445 | NS      | $9947612.01   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Unibrew A/S              | Royal Unibrew A/S                                    | CUSIP: N/A<br>LEI: 529900D69KFL8IAP8Q63       | Long             | EC               | CORP              | DK        |    157881 | NS      | $12059050.08  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexpol AB                      | Hexpol AB                                            | CUSIP: N/A<br>LEI: 549300MN30TBRLYN3465       | Long             | EC               | CORP              | SE        |    103698 | NS      | $932499.97    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Hill & Smith PLC               | Hill & Smith PLC                                     | CUSIP: N/A<br>LEI: 2138003A3ISGQZBOWI83       | Long             | EC               | CORP              | GB        |    113514 | NS      | $3139308.71   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Hannover Rueck SE              | Hannover Rueck SE                                    | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |     12130 | NS      | $3660345.18   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Wartsila OYJ Abp               | Wartsila OYJ Abp                                     | CUSIP: N/A<br>LEI: 743700G7A9J1PHM3X223       | Long             | EC               | CORP              | FI        |     97895 | NS      | $2936337.85   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Trelleborg AB                  | Trelleborg AB                                        | CUSIP: N/A<br>LEI: 213800XY16PAWG2PAD14       | Long             | EC               | CORP              | SE        |    164444 | NS      | $6148270.96   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Bilfinger SE                   | Bilfinger SE                                         | CUSIP: N/A<br>LEI: 529900H0HULEN2BZ4604       | Long             | EC               | CORP              | DE        |     67927 | NS      | $7503020.31   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG            | Erste Group Bank AG                                  | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               | CORP              | AT        |    204461 | NS      | $20099094.82  | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Buzzi SpA                      | Buzzi SpA                                            | CUSIP: N/A<br>LEI: 5299003DX5YLKSVJ6K59       | Long             | EC               | CORP              | IT        |     56255 | NS      | $3099937.21   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfa Laval AB                  | Alfa Laval AB                                        | CUSIP: N/A<br>LEI: 549300UCKT2UK88AG251       | Long             | EC               | CORP              | SE        |    141313 | NS      | $6453094.68   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                      | Danone SA                                            | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |    136495 | NS      | $11893289.87  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                    | Brenntag SE                                          | CUSIP: N/A<br>LEI: NNROIXVWJ7CPSR27SV97       | Long             | EC               | CORP              | DE        |    267260 | NS      | $16014965.05  | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group PLC                  | AIB Group PLC                                        | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | EC               | CORP              | IE        |   3069557 | NS      | $27984442.12  | 3.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA           | Dassault Aviation SA                                 | CUSIP: N/A<br>LEI: 969500CVFTUT88V8QN95       | Long             | EC               | CORP              | FR        |     17335 | NS      | $5839712.14   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                                 | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | IE        |     26228 | NS      | $766447.81    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| RS GROUP PLC                   | RS GROUP PLC                                         | CUSIP: N/A<br>LEI: 549300KVXDURRKVW7R37       | Long             | EC               | CORP              | GB        |   1529868 | NS      | $11726994.26  | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Spectris PLC                   | Spectris PLC                                         | CUSIP: N/A<br>LEI: 213800Z4CO2CZO3M3T10       | Long             | EC               | CORP              | GB        |    169554 | NS      | $9375202.88   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| United Internet AG             | United Internet AG                                   | CUSIP: N/A<br>LEI: 3VEKWPJHTD4NKMBVG947       | Long             | EC               | CORP              | DE        |    439386 | NS      | $13887103.66  | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                                   | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |    196008 | NS      | $18862551.14  | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                  | Beiersdorf AG                                        | CUSIP: N/A<br>LEI: L47NHHI0Z9X22DV46U41       | Long             | EC               | CORP              | DE        |     25890 | NS      | $2709034.61   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                 | Rheinmetall AG                                       | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |      8228 | NS      | $19246757.30  | 2.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Baloise Holding AG             | Baloise Holding AG                                   | CUSIP: N/A<br>LEI: 529900G5XKBZN48T6283       | Long             | EC               | CORP              | CH        |     44670 | NS      | $11055645.21  | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                                 | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |    115715 | NS      | $6968357.30   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Legrand SA                     | Legrand SA                                           | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               | CORP              | FR        |     13991 | NS      | $2324766.49   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Fluidra SA                     | Fluidra SA                                           | CUSIP: N/A<br>LEI: 95980020140005026620       | Long             | EC               | CORP              | ES        |    491015 | NS      | $13357057.27  | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA     | National Bank of Greece SA                           | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |    177014 | NS      | $2577586.53   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                     | Haleon PLC                                           | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   4844562 | NS      | $21801402.07  | 2.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Sampo Oyj                      | Sampo Oyj                                            | CUSIP: N/A<br>LEI: 743700UF3RL386WIDA22       | Long             | EC               | CORP              | FI        |    901760 | NS      | $10367521.22  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| FUCHS SE                       | FUCHS SE                                             | CUSIP: N/A<br>LEI: 529900SNF9E1P5ZO4P98       | Long             | EP               | CORP              | DE        |    163136 | NS      | $7314654.91   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| IONOS Group SE                 | IONOS Group SE                                       | CUSIP: N/A<br>LEI: 54930038KPLOYRDHV375       | Long             | EC               | CORP              | DE        |    211956 | NS      | $9919331.27   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Elis SA                        | Elis SA                                              | CUSIP: N/A<br>LEI: 969500UX71LCE8MAY492       | Long             | EC               | CORP              | FR        |    640067 | NS      | $18475116.32  | 2.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Permanent TSB Group Holdings P | Permanent TSB Group Holdings PLC                     | CUSIP: N/A<br>LEI: 635400DTNHVYGZODKQ93       | Long             | EC               | CORP              | IE        |    609226 | NS      | $1652259.54   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Assa Abloy AB                  | Assa Abloy AB                                        | CUSIP: N/A<br>LEI: 549300YECS8HKCIMMB67       | Long             | EC               | CORP              | SE        |    301882 | NS      | $10507873.89  | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                      | Bunzl PLC                                            | CUSIP: N/A<br>LEI: 213800Q1Q9DV4L78UM09       | Long             | EC               | CORP              | GB        |    683660 | NS      | $21608578.76  | 2.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Beazley PLC                    | Beazley PLC                                          | CUSIP: N/A<br>LEI: 213800VTOMUWD41GIT12       | Long             | EC               | CORP              | GB        |   1030556 | NS      | $12603665.92  | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Vossloh AG                     | Vossloh AG                                           | CUSIP: N/A<br>LEI: 5299003HAEOUVX3HWX43       | Long             | EC               | CORP              | DE        |     21889 | NS      | $2333174.61   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Technip Energies NV            | Technip Energies NV                                  | CUSIP: N/A<br>LEI: 724500FLODI49NSCIP70       | Long             | EC               | CORP              | FR        |    382098 | NS      | $18032659.67  | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Storebrand ASA                 | Storebrand ASA                                       | CUSIP: N/A<br>LEI: 5967007LIEEXZX7NA051       | Long             | EC               | CORP              | NO        |    308837 | NS      | $4720222.34   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                         | UCB SA                                               | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |     44657 | NS      | $12465366.23  | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                      | Holcim AG                                            | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |    131221 | NS      | $11196374.58  | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                   | UBS Group AG                                         | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |    249846 | NS      | $10272056.81  | 1.37%             |  |  |  | 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