# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015718
**Filing Date:** 2025-11
**Character Count:** 33869
**Document Hash:** f8281467a121bc644590d4e2a0bc744d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015718.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015718

**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:** 251527265

**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 Fundamental Value Fund (Series ID: S000038484)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118727 | Investor Shares      | BIAUX           |
| C000118728 | Institutional Shares | BAUUX           |
| C000118729 | Advisor Shares       | BAUAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Small-Cap Fundamental Value Fund** | **Brown Advisory Small-Cap Fundamental Value Fund** | **Brown Advisory Small-Cap Fundamental Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 91.4%** | **Shares** | **Value**  |
| **Communication Services - 6.8%** | **Communication Services - 6.8%** | |
| Cable One, Inc. | 109789 | $19438142 |
| Cars.com, Inc. <sup>(a)</sup> | 1203534 | 14707186 |
| IAC, Inc. <sup>(a)</sup> | 396784 | 13518431 |
| John Wiley & Sons, Inc. - Class A | 590780 | 23908867 |
| Nexstar Media Group, Inc. | 69284 | 13700218 |
|  |  | 85272844 |
| **Consumer Discretionary - 10.0%** | **Consumer Discretionary - 10.0%** |  |
| Brightstar Lottery PLC | 1607390 | 27727478 |
| KinderCare Learning Cos., Inc. <sup>(a)</sup> | 659797 | 4381052 |
| La-Z-Boy, Inc. | 340291 | 11678787 |
| Modine Manufacturing Co. <sup>(a)</sup> | 147895 | 21024753 |
| Murphy USA, Inc. | 43702 | 16967739 |
| Signet Jewelers Ltd. | 294457 | 28244315 |
| YETI Holdings, Inc. <sup>(a)</sup> | 469533 | 15579105 |
|  |  | 125603229 |
| **Consumer Staples - 3.5%** | **Consumer Staples - 3.5%** |  |
| Guardian Pharmacy Services, Inc. - Class A <sup>(a)</sup> | 843666 | 22129359 |
| Nomad Foods Ltd. | 1706083 | 22434992 |
|  |  | 44564351 |
| **Energy - 6.0%** | **Energy - 6.0%** |  |
| Bristow Group, Inc. <sup>(a)</sup> | 696038 | 25113051 |
| Oceaneering International, Inc. <sup>(a)</sup> | 1185290 | 29371486 |
| REX American Resources Corp. <sup>(a)</sup> | 675786 | 20692567 |
|  |  | 75177104 |
| **Financials - 28.8%** | **Financials - 28.8%** |  |
| Assured Guaranty Ltd. | 228904 | 19376724 |
| Bancorp, Inc. <sup>(a)</sup> | 361876 | 27100894 |
| Dime Community Bancshares, Inc. | 587582 | 17527571 |
| Eastern Bankshares, Inc. | 1760614 | 31955144 |
| First Interstate BancSystem, Inc. | 494315 | 15753819 |
| Hanover Insurance Group, Inc. | 140167 | 25458532 |
| Horace Mann Educators Corp. | 455143 | 20558809 |
| MGIC Investment Corp. | 643276 | 18249740 |
| NCR Atleos Corp. <sup>(a)</sup> | 1138657 | 44760607 |
| Old National Bancorp | 1213004 | 26625438 |
| Peapack-Gladstone Financial Corp. | 301919 | 8332964 |
| Peoples Bancorp, Inc. | 397850 | 11931522 |
| Seacoast Banking Corp. of Florida | 687777 | 20929054 |
| Towne Bank/Portsmouth VA | 749334 | 25904476 |
| Virtus Investment Partners, Inc. | 54628 | 10380959 |
| White Mountains Insurance Group Ltd. | 9860 | 16481187 |
| WSFS Financial Corp. | 407710 | 21987800 |
|  |  | 363315240 |
| **Health Care - 2.9%** | **Health Care - 2.9%** |  |
| Acadia Healthcare Co., Inc. <sup>(a)</sup> | 425297 | 10530354 |
| Avanos Medical, Inc. <sup>(a)</sup> | 1257616 | 14538041 |
| BrightSpring Health Services, Inc. <sup>(a)</sup> | 387441 | 11452756 |
|  |  | 36521151 |
| **Industrials - 9.8%** | **Industrials - 9.8%** |  |
| Albany International Corp. - Class A | 99396 | 5297807 |
| Cadre Holdings, Inc. | 321319 | 11731357 |
| Ducommun, Inc. <sup>(a)</sup> | 270741 | 26026332 |
| EnPro, Inc. | 120448 | 27221248 |
| Sensata Technologies Holding PLC | 647539 | 19782316 |
| Tennant Co. | 255285 | 20693402 |
| Thermon Group Holdings, Inc. <sup>(a)</sup> | 493782 | 13193855 |
|  |  | 123946317 |
| **Information Technology - 8.1%** | **Information Technology - 8.1%** |  |
| Bel Fuse, Inc. - Class A | 87404 | 10169455 |
| Bel Fuse, Inc. - Class B | 72215 | 10183759 |
| Crane NXT Co. | 174809 | 11724440 |
| CTS Corp. | 247824 | 9898090 |
| NCR Voyix Corp. <sup>(a)</sup> | 1918102 | 24072180 |
| OSI Systems, Inc. <sup>(a)</sup> | 101794 | 25371137 |
| PC Connection, Inc. | 170012 | 10539044 |
|  |  | 101958105 |
| **Materials - 8.0%** | **Materials - 8.0%** |  |
| Eagle Materials, Inc. | 119382 | 27820781 |
| Ecovyst, Inc. <sup>(a)</sup> | 2724993 | 23870939 |
| Ingevity Corp. <sup>(a)</sup> | 438355 | 24192813 |
| Innospec, Inc. | 197726 | 15256538 |
| Orion S.A. | 1357168 | 10287333 |
|  |  | 101428404 |
| **Real Estate - 3.2%** | **Real Estate - 3.2%** |  |
| Cushman & Wakefield PLC <sup>(a)</sup> | 2532865 | 40323211 |
| **Utilities - 4.3%** | **Utilities - 4.3%** |  |
| Portland General Electric Co. | 526026 | 23145144 |
| Talen Energy Corp. <sup>(a)</sup> | 71949 | 30605666 |
|  |  | 53750810 |
| **TOTAL COMMON STOCKS** (Cost $954,568,352) | **TOTAL COMMON STOCKS** (Cost $954,568,352) | 1151860766 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 4.0%** | **Shares** | **Value**  |
| **Real Estate - 4.0%** | **Real Estate - 4.0%** |  |
| Curbline Properties Corp. | 647806 | 14446074 |
| Essential Properties Realty Trust, Inc. | 232102 | 6907356 |
| Global Net Lease, Inc. | 3615295 | 29392348 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $41,017,239) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $41,017,239) | 50745778 |
| **SHORT-TERM INVESTMENTS - 4.8%** | **Shares** | **Value**  |
| **Money Market Funds - 4.8%** |  |  |
| First American Government Obligations Fund - Class Z, 4.01%<sup>(b)</sup> | 60087824 | 60087824 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $60,087,824) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $60,087,824) | 60087824 |
| **TOTAL INVESTMENTS - 100.2% (**Cost $1,055,673,415**)** | **TOTAL INVESTMENTS - 100.2% (**Cost $1,055,673,415**)** | 1262694368 |
| Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | (1975926) |
| **TOTAL NET ASSETS - 100.0%** |  | $1260718442 |
| 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. |

---

PLC - Public Limited Company<br>

(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 Small-Cap Fundamental Value 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 | $1151860766 | $– | $– | $1151860766 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 50745778 | – | – | 50745778 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 60087824 | – | – | 60087824 |
| Total Investments | $1262694368 | $– | $– | $1262694368 |
| 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 Fundamental Value Fund

- **b. EDGAR series identifier (if any):** S000038484

- **c. LEI of Series:** 254900HKGWK6A7CKWC95

**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:** $1262582407.28

**Total Liabilities:** $1168985.48

**Net Assets:** $1261413421.80

**Cash Not Reported:** $2465084.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118727 | 3.25%                | 7.68%                | -0.76%               |
| Class ID C000118728 | 3.28%                | 7.70%                | -0.76%               |
| Class ID C000118729 | 3.24%                | 7.68%                | -0.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22843108.90             | $10595193.72                               |
| Month 2  | $21729928.26             | $69772672.02                               |
| Month 3  | $18972888.56             | $-29525600.47                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| La-Z-Boy Inc                   | La-Z-Boy Inc                               | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |    340291 | NS      | $11678787.12  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp      | Albany International Corp                  | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |    111712 | NS      | $5954249.60   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    119382 | NS      | $27820781.28  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc         | Eastern Bankshares Inc                     | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |   1760614 | NS      | $31955144.10  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc              | YETI Holdings Inc                          | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |    469533 | NS      | $15579104.94  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc  | Dime Community Bancshares Inc              | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    587582 | NS      | $17527571.06  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                    | Ecovyst Inc                                | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2724993 | NS      | $23870938.68  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc             | Avanos Medical Inc                         | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |   1257616 | NS      | $14538040.96  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                   | Bel Fuse Inc                               | CUSIP: 077347201<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     87404 | NS      | $10169455.40  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services I | BrightSpring Health Services Inc           | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    337602 | NS      | $9979515.12   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                   | Crane NXT Co                               | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |    174809 | NS      | $11724439.63  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                   | Ducommun Inc                               | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |    270741 | NS      | $26026332.33  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                      | Enpro Inc                                  | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |    120448 | NS      | $27221248.00  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr | Essential Properties Realty Trust Inc      | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |    232102 | NS      | $6907355.52   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  57622739 | NS      | $57622739.41  | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp     | Horace Mann Educators Corp                 | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |    455143 | NS      | $20558809.31  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp                  | Ingevity Corp                              | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |    438355 | NS      | $24192812.45  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                   | Innospec Inc                               | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |    197726 | NS      | $15256538.16  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| KinderCare Learning Cos Inc    | KinderCare Learning Cos Inc                | CUSIP: 49456W105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    659797 | NS      | $4381052.08   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                 | Murphy USA Inc                             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |     43702 | NS      | $16967738.52  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp                | NCR Atleos Corp                            | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |   1138657 | NS      | $44760606.67  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                | OSI Systems Inc                            | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |    101794 | NS      | $25371136.56  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc              | PC Connection Inc                          | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |    170012 | NS      | $10539043.88  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Co | Peapack-Gladstone Financial Corp           | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |    301919 | NS      | $8332964.40   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp    | REX American Resources Corp                | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    675786 | NS      | $20692567.32  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori | Seacoast Banking Corp of Florida           | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    687777 | NS      | $20929054.11  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp              | Talen Energy Corp                          | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71949 | NS      | $30605665.62  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA       | Towne Bank/Portsmouth VA                   | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |    749334 | NS      | $25904476.38  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC        | Cushman & Wakefield PLC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   2532865 | NS      | $40323210.80  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding P | Sensata Technologies Holding PLC           | CUSIP: N/A<br>LEI: 529900MS7KFYCY9MS037       | Long             | EC               | CORP              | US        |    647539 | NS      | $19782316.45  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                   | Bel Fuse Inc                               | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     72215 | NS      | $10183759.30  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp                                   | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |    247824 | NS      | $9898090.56   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Cable One Inc                  | Cable One Inc                              | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |    109789 | NS      | $19438142.45  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem In | First Interstate BancSystem Inc            | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |    494315 | NS      | $15753819.05  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardian Pharmacy Services Inc | Guardian Pharmacy Services Inc             | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    843666 | NS      | $22129359.18  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                        | IAC Inc                                    | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |    396784 | NS      | $13518430.88  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp           | MGIC Investment Corp                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    643276 | NS      | $18249740.12  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co        | Modine Manufacturing Co                    | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |    147895 | NS      | $21024753.20  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Voyix Corp                 | NCR Voyix Corp                             | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |   1918102 | NS      | $24072180.10  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group Inc                    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     69284 | NS      | $13700218.16  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN        | Old National Bancorp/IN                    | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |   1213004 | NS      | $26625437.80  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc | Virtus Investment Partners Inc             | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |     54628 | NS      | $10380958.84  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd           | Assured Guaranty Ltd                       | CUSIP: N/A<br>LEI: 549300BBOQUJEPH87M14       | Long             | EC               | CORP              | BM        |    228904 | NS      | $19376723.60  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd            | Signet Jewelers Ltd                        | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |    294457 | NS      | $28244315.44  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd        | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |      9860 | NS      | $16481187.20  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion SA                       | Orion SA                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1357168 | NS      | $10287333.44  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                | Bancorp Inc/The                            | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |    361876 | NS      | $27100893.64  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group Inc              | Bristow Group Inc                          | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |    696038 | NS      | $25113051.04  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadre Holdings Inc             | Cadre Holdings Inc                         | CUSIP: 12763L105<br>LEI: 2549006IKQEWJ8M7CB97 | Long             | EC               | CORP              | US        |    311845 | NS      | $11385460.95  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp       | Curbline Properties Corp                   | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |    647806 | NS      | $14446073.80  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc     | Thermon Group Holdings Inc                 | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |    493782 | NS      | $13193855.04  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp            | WSFS Financial Corp                        | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |    407710 | NS      | $21987800.30  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co Inc       | Acadia Healthcare Co Inc                   | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |    425297 | NS      | $10530353.72  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cars.com Inc                   | Cars.com Inc                               | CUSIP: 14575E105<br>LEI: 5493002G6J07LNGX4M98 | Long             | EC               | CORP              | US        |   1203534 | NS      | $14707185.48  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc           | Global Net Lease Inc                       | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |   3615295 | NS      | $29392348.35  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th | Hanover Insurance Group Inc/The            | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |    140167 | NS      | $25458532.21  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc  | Oceaneering International Inc              | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |   1185290 | NS      | $29371486.20  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Bancorp Inc/OH         | Peoples Bancorp Inc/OH                     | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    397850 | NS      | $11931521.50  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co   | Portland General Electric Co               | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |    526026 | NS      | $23145144.00  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                     | Tennant Co                                 | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |    255285 | NS      | $20693402.10  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc          | John Wiley & Sons Inc                      | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |    590780 | NS      | $23908866.60  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Brightstar Lottery PLC         | Brightstar Lottery PLC                     | CUSIP: N/A<br>LEI: 549300UQ6KHRCZDRGZ76       | Long             | EC               | CORP              | US        |   1607390 | NS      | $27727477.50  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Ltd                | Nomad Foods Ltd                            | CUSIP: N/A<br>LEI: 5493000ZZ1837DS2SI43       | Long             | EC               | CORP              | GB        |   1706083 | NS      | $22434991.45  | 1.78%             |  |  |  | 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