# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015723
**Filing Date:** 2025-11
**Character Count:** 42094
**Document Hash:** c47c4f30bce9652a224c77bbf4cdd4f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015723.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015723

**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:** 251527270

**BUSINESS ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-537-5400

**MAIL ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### Brown Advisory Small-Cap Growth Fund (Series ID: S000038483)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Small-Cap Growth Fund** | **Brown Advisory Small-Cap Growth Fund** | **Brown Advisory Small-Cap Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 96.7%** | **Shares** | **Value**  |
| **Communication Services - 1.6%** | **Communication Services - 1.6%** | |
| Cogent Communications Holdings, Inc. | 174866 | $6706111 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | 25382 | 6557694 |
|  |  | 13263805 |
| **Consumer Discretionary - 5.9%** | **Consumer Discretionary - 5.9%** |  |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 226817 | 24625522 |
| First Watch Restaurant Group, Inc. <sup>(a)</sup> | 139406 | 2180310 |
| KinderCare Learning Cos., Inc. <sup>(a)</sup> | 418869 | 2781290 |
| Mister Car Wash, Inc. <sup>(a)</sup> | 2998323 | 15981062 |
| TopBuild Corp. <sup>(a)</sup> | 6504 | 2542153 |
|  |  | 48110337 |
| **Consumer Staples - 2.3%** | **Consumer Staples - 2.3%** |  |
| Casey's General Stores, Inc. | 33121 | 18723964 |
| **Energy - 4.8%** | **Energy - 4.8%** |  |
| Cactus, Inc. - Class A | 133527 | 5270311 |
| Oceaneering International, Inc. <sup>(a)</sup> | 1054389 | 26127759 |
| Schlumberger NV | 214411 | 7369306 |
|  |  | 38767376 |
| **Financials - 4.6%** | **Financials - 4.6%** |  |
| DigitalBridge Group, Inc. - Class A | 603041 | 7055580 |
| Houlihan Lokey, Inc. - Class A | 30937 | 6351985 |
| Prosperity Bancshares, Inc. | 359121 | 23827678 |
|  |  | 37235243 |
| **Health Care - 18.0%** | **Health Care - 18.0%** |  |
| Biohaven Ltd. <sup>(a)</sup> | 89137 | 1337946 |
| Bio-Techne Corp. | 318971 | 17744357 |
| Bruker Corp. | 497470 | 16162800 |
| Cytokinetics, Inc. <sup>(a)</sup> | 146843 | 8070491 |
| Encompass Health Corp. | 159643 | 20277854 |
| Establishment Labs Holdings, Inc. <sup>(a)</sup> | 471226 | 19315554 |
| HealthEquity, Inc. <sup>(a)</sup> | 261850 | 24815524 |
| Kestra Medical Technologies Ltd. <sup>(a)</sup> | 208849 | 4962252 |
| LifeStance Health Group, Inc. <sup>(a)</sup> | 566184 | 3114012 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> | 59041 | 8288176 |
| OrthoPediatrics Corp. <sup>(a)</sup> | 370109 | 6858120 |
| Phreesia, Inc. <sup>(a)</sup> | 111015 | 2611073 |
| SI-BONE, Inc. <sup>(a)</sup> | 519704 | 7650043 |
| Vaxcyte, Inc. <sup>(a)</sup> | 134530 | 4845771 |
|  |  | 146053973 |
| **Industrials - 30.3%** | **Industrials - 30.3%** |  |
| AAON, Inc. | 142047 | 13272872 |
| Applied Industrial Technologies, Inc. | 47941 | 12514998 |
| BWX Technologies, Inc. | 25501 | 4701619 |
| Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 119949 | 11380761 |
| Curtiss-Wright Corp. | 32565 | 17680841 |
| Enerpac Tool Group Corp. | 58638 | 2404158 |
| EnPro, Inc. | 60845 | 13750970 |
| Fluor Corp. <sup>(a)</sup> | 234373 | 9860072 |
| Generac Holdings, Inc. <sup>(a)</sup> | 31714 | 5308923 |
| IDEX Corp. | 26575 | 4325347 |
| Kadant, Inc. | 28639 | 8522394 |
| MSA Safety, Inc. | 47246 | 8129619 |
| Mueller Water Products, Inc. - Class A | 254492 | 6494636 |
| OPENLANE, Inc. <sup>(a)</sup> | 529963 | 15252335 |
| Parsons Corp. <sup>(a)</sup> | 63017 | 5225370 |
| Rentokil Initial PLC - ADR | 102431 | 2586383 |
| Simpson Manufacturing Co., Inc. | 36621 | 6132553 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 79469 | 10235607 |
| SPX Technologies, Inc. <sup>(a)</sup> | 43611 | 8145662 |
| StandardAero, Inc. <sup>(a)</sup> | 660103 | 18014211 |
| Valmont Industries, Inc. | 46164 | 17899168 |
| Waste Connections, Inc. | 143985 | 25312563 |
| Woodward, Inc. | 26472 | 6689739 |
| Zurn Elkay Water Solutions Corp. | 257328 | 12102136 |
|  |  | 245942937 |
| **Information Technology - 25.1%** | **Information Technology - 25.1%** |  |
| AppFolio, Inc. - Class A <sup>(a)</sup> | 3336 | 919602 |
| CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 3706091 | 33762489 |
| Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 456711 | 8229932 |
| Confluent, Inc. - Class A <sup>(a)</sup> | 363067 | 7188727 |
| Dynatrace, Inc. <sup>(a)</sup> | 472026 | 22869660 |
| Entegris, Inc. | 178899 | 16541002 |
| Guidewire Software, Inc. <sup>(a)</sup> | 40639 | 9341281 |
| Lattice Semiconductor Corp. <sup>(a)</sup> | 233254 | 17102183 |
| Littelfuse, Inc. | 15215 | 3940837 |
| Mirion Technologies, Inc. - Class A <sup>(a)</sup> | 463955 | 10791593 |
| Netskope, Inc. - Class A <sup>(a)</sup> | 14146 | 321539 |
| Novanta, Inc. <sup>(a)</sup> | 89375 | 8950906 |
| Onestream, Inc. - Class A <sup>(a)</sup> | 579414 | 10678600 |
| Power Integrations, Inc. | 137930 | 5546165 |
| SailPoint, Inc. <sup>(a)</sup> | 62490 | 1379779 |
| SiTime Corp. <sup>(a)</sup> | 54920 | 16547945 |
| Universal Display Corp. | 113031 | 16234642 |
| Vertex, Inc. - Class A <sup>(a)</sup> | 520556 | 12904583 |
|  |  | 203251465 |
| **Materials - 3.2%** | **Materials - 3.2%** |  |
| Eagle Materials, Inc. | 44872 | 10456971 |
| HB Fuller Co. | 121717 | 7215384 |
| James Hardie Industries PLC <sup>(a)</sup> | 447841 | 8603025 |
|  |  | 26275380 |
| **Real Estate - 0.9%** | **Real Estate - 0.9%** |  |
| FirstService Corp. | 39867 | 7594265 |
| **TOTAL COMMON STOCKS** (Cost $624,848,090) | **TOTAL COMMON STOCKS** (Cost $624,848,090) | 785218745 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.3%** | **Shares** | **Value**  |
| **Real Estate - 1.3%** | **Real Estate - 1.3%** |  |
| EastGroup Properties, Inc. | 59827 | 10126318 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $5,739,479) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $5,739,479) | 10126318 |
| **PRIVATE PLACEMENTS - 0.1%** | **Shares** | **Value**  |
| StepStone VC Global Partners IV-B, L.P <sup>(a)(b)(d)</sup> | 19200 | 945603 |
| StepStone VC Global Partners V-B, L.P. <sup>(a)(c)(d)</sup> | 91769 | 92760 |
| **TOTAL PRIVATE PLACEMENTS** (Cost $0) | **TOTAL PRIVATE PLACEMENTS** (Cost $0) | 1038363 |
| **CONTINGENT VALUE RIGHTS - 0.0%** | **Shares** | **Value**  |
| Sanofi SA (Acquired in July 2025) <sup>(a)(d)</sup> | 14431 | 0 |
| **TOTAL CONTINGENT VALUE RIGHTS** (Cost $0) | **TOTAL CONTINGENT VALUE RIGHTS** (Cost $0) | 0 |
| **SHORT-TERM INVESTMENTS - 1.5%** | **Shares** | **Value**  |
| **Money Market Funds – 1.5%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(e)</sup> | 11869121 | 11869121 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $11,869,121) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $11,869,121) | 11869121 |
| **TOTAL INVESTMENTS - 99.6% (**Cost $642,456,690**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $642,456,690**)** | 808252547 |
| Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | 3473899 |
| **TOTAL NET ASSETS - 100.0%** |  | $811726446 |
| two | two | –% |
| 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. |

---

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

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Security is exempt from registration under Regulation D of the Securities Act of 1933. Security was acquired from February 2008 to April 2018 as part of a $2,000,000 capital commitment. As of the date of this report, $1,920,000 of the capital commitment has been fulfilled by the Fund. |
| (c)<br> (d)<br>(e) | Security is exempt from registration under Regulation D of the Securities Act of 1933. Security was acquired from October 2012 to August 2018 as part of a $100,000 capital commitment. As of the date of this report, $91,000 of the capital commitment has been fulfilled by the Fund<br> These securities are being fair valued, using significant unobservable inputs (Level 3), in accordance with the policies and procedures adopted by the Fund. Further, they may not be sold by the Fund. Total unfunded capital commitments related to these holdings are immaterial and total $89,000, or 0.0% of the Fund's net assets as of the date of this report.<br> The rate shown represents the 7-day annualized effective yield as of September 30, 2025. |

---

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Brown Advisory Small-Cap Growth Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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 | $785218745 | $– | $– | $785218745 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 10126318 | – | – | 10126318 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Private Placements | – | – | 1038363 | 1038363 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Contingent Value Rights | – | – | 0 | 0 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 11869121 | – | – | 11869121 |
| Total Investments | $807214184 | $– | $1038363 | $808252547 |
| 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 Small-Cap Growth Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $822977131.58

**Total Liabilities:** $6896620.32

**Net Assets:** $816080511.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118724 | -0.04%               | 0.13%                | 0.58%                |
| Class ID C000118725 | -0.04%               | 0.18%                | 0.55%                |
| Class ID C000118726 | -0.05%               | 0.14%                | 0.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11526540.43             | $-10854759.86                              |
| Month 2  | $7242454.50              | $-5826349.86                               |
| Month 3  | $11424355.06             | $-6812724.48                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAON Inc                                | AAON Inc                                   | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142047 | NS      | $13272871.68  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc                    | BWX Technologies Inc                       | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     25501 | NS      | $4701619.37   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                         | Bio-Techne Corp                            | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    318971 | NS      | $17744356.73  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                 | DigitalBridge Group Inc                    | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    603041 | NS      | $7055579.70   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp                 | Enerpac Tool Group Corp                    | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |     54686 | NS      | $2242126.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                               | Enpro Inc                                  | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     62737 | NS      | $14178562.00  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                            | Entegris Inc                               | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |    183609 | NS      | $16976488.14  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                  | Guidewire Software Inc                     | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     40639 | NS      | $9341280.54   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                        | HealthEquity Inc                           | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |    261850 | NS      | $24815524.50  | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                             | Novanta Inc                                | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87684 | NS      | $8781552.60   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Onestream Inc                           | Onestream Inc                              | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               | CORP              | US        |    579414 | NS      | $10678600.02  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| StandardAero Inc                        | StandardAero Inc                           | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    660103 | NS      | $18014210.87  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                           | TopBuild Corp                              | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      6504 | NS      | $2542153.44   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                  | Power Integrations Inc                     | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |    147429 | NS      | $5928120.09   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC                    | Rentokil Initial PLC                       | CUSIP: 760125104<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    102431 | NS      | $2586382.75   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                    | SPX Technologies Inc                       | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |     43611 | NS      | $8145662.58   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc            | Simpson Manufacturing Co Inc               | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     36621 | NS      | $6132552.66   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                              | Vertex Inc                                 | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |    520556 | NS      | $12904583.24  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc            | SiteOne Landscape Supply Inc               | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |     82865 | NS      | $10673012.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                             | Bruker Corp                                | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |    497470 | NS      | $16162800.30  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                           | Confluent Inc                              | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |    363067 | NS      | $7188726.60   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                     | Eagle Materials Inc                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     44607 | NS      | $10395215.28  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                | EastGroup Properties Inc                   | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     59827 | NS      | $10126318.02  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                              | Fluor Corp                                 | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    252802 | NS      | $10635380.14  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                               | IDEX Corp                                  | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     26575 | NS      | $4325347.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                            | OPENLANE Inc                               | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |    529963 | NS      | $15252335.14  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                          | Littelfuse Inc                             | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     16924 | NS      | $4383485.24   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                             | SiTime Corp                                | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56379 | NS      | $16987556.49  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                             | Vaxcyte Inc                                | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |    134530 | NS      | $4845770.60   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc                          | MSA Safety Inc                             | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |     47246 | NS      | $8129619.22   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc              | Neurocrine Biosciences Inc                 | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     59041 | NS      | $8288175.58   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp                    | OrthoPediatrics Corp                       | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |    370109 | NS      | $6858119.77   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                            | Parsons Corp                               | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |     58514 | NS      | $4851980.88   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                            | Phreesia Inc                               | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |    111015 | NS      | $2611072.80   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc               | Prosperity Bancshares Inc                  | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    359121 | NS      | $23827678.35  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                  | Universal Display Corp                     | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113031 | NS      | $16234642.53  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc                  | Valmont Industries Inc                     | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |     48269 | NS      | $18715339.37  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                   | Waste Connections Inc                      | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |    143985 | NS      | $25312563.00  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                            | Woodward Inc                               | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |     28177 | NS      | $7120609.67   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| STEPSTONE VC GLOBAL PARTNERS IV-B, L.P. | STEPSTONE VC GLOBAL PARTNERS IV-B, L.P.    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     19200 | NS      | $945603.00    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| James Hardie Industries PLC             | James Hardie Industries PLC                | CUSIP: N/A<br>LEI: 635400NSGXKTVOO7JU45       | Long             | EC               | CORP              | IE        |    438192 | NS      | $8417668.32   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Appfolio Inc                            | Appfolio Inc                               | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      6126 | NS      | $1688693.16   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutio          | Bright Horizons Family Solutions Inc       | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    226817 | NS      | $24625521.69  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                              | Cactus Inc                                 | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |    133527 | NS      | $5270310.69   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc              | Casey's General Stores Inc                 | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     33891 | NS      | $19159260.12  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings          | Cogent Communications Holdings Inc         | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    174866 | NS      | $6706111.10   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                        | Cytokinetics Inc                           | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |    153723 | NS      | $8448616.08   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                           | Dynatrace Inc                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |    472026 | NS      | $22869659.70  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                   | Encompass Health Corp                      | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |    162535 | NS      | $20645195.70  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I          | First Watch Restaurant Group Inc           | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139406 | NS      | $2180309.84   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp                       | FirstService Corp                          | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     39867 | NS      | $7594264.83   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                            | HB Fuller Co                               | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |    121717 | NS      | $7215383.76   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                      | Houlihan Lokey Inc                         | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     30937 | NS      | $6351984.84   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp              | Lattice Semiconductor Corp                 | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    238578 | NS      | $17492538.96  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LifeStance Health Group Inc             | LifeStance Health Group Inc                | CUSIP: 53228F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    566184 | NS      | $3114012.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                 | Mirion Technologies Inc                    | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    482251 | NS      | $11217158.26  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Netskope Inc                            | Netskope Inc                               | CUSIP: 64119N608<br>LEI: 254900CS525VJG6KO570 | Long             | EC               | CORP              | US        |     14146 | NS      | $321538.58    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc           | Oceaneering International Inc              | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |   1054389 | NS      | $26127759.42  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In          | Establishment Labs Holdings Inc            | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |    471226 | NS      | $19315553.74  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc               | Casella Waste Systems Inc                  | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |    124616 | NS      | $11823566.08  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp                     | Curtiss-Wright Corp                        | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     33335 | NS      | $18098904.90  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli          | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  17930175 | NS      | $17930175.44  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                    | Generac Holdings Inc                       | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     31714 | NS      | $5308923.60   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                              | Kadant Inc                                 | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |     28639 | NS      | $8522393.62   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KinderCare Learning Cos Inc             | KinderCare Learning Cos Inc                | CUSIP: 49456W105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    478996 | NS      | $3180533.44   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                           | SailPoint Inc                              | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62490 | NS      | $1379779.20   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                         | Schlumberger NV                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    214411 | NS      | $7369306.07   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software           | Take-Two Interactive Software Inc          | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     25382 | NS      | $6557693.52   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor          | Zurn Elkay Water Solutions Corp            | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |    257328 | NS      | $12102135.84  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie          | Applied Industrial Technologies Inc        | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     47941 | NS      | $12514998.05  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Hold          | CCC Intelligent Solutions Holdings Inc     | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3706091 | NS      | $33762489.01  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings           | Clearwater Analytics Holdings Inc          | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    456711 | NS      | $8229932.22   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                     | Mister Car Wash Inc                        | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2998323 | NS      | $15981061.59  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc              | Mueller Water Products Inc                 | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    254492 | NS      | $6494635.84   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                             | SI-BONE Inc                                | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |    519704 | NS      | $7650042.88   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| STEPSTONE VC GLOBAL PARTNERS V-B, L.P.  | STEPSTONE VC GLOBAL PARTNERS V-B, L.P.     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     91769 | NS      | $92760.11     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sanofi SA                               | Sanofi SA                                  | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     14431 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Biohaven Ltd                            | Biohaven Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    115878 | NS      | $1739328.78   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kestra Medical Technologies Lt          | Kestra Medical Technologies Ltd            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    208849 | NS      | $4962252.24   | 0.61%             |  |  |  | No            |                  1 | 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