# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-016018
**Filing Date:** 2026-5
**Character Count:** 34150
**Document Hash:** ada173d81626e2ade361ef9f0d3888f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016018.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000894189-26-016018

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**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:** 261024345

**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** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 95.9%** | **Shares**  | **Value**  |
| **Austria - 3.0%** | **Austria - 3.0%** | |
| Erste Group Bank AG | 162369 | $17540042 |
| Strabag SE | 34182 | 3383603 |
|  |  | 20923645 |
| **Belgium - 4.0%** | **Belgium - 4.0%** |  |
| KBC Group NV | 140954 | 17251725 |
| UCB SA | 35553 | 10712054 |
|  |  | 27963779 |
| **Czech Republic - 0.2%** | **Czech Republic - 0.2%** |  |
| Komercni Banka AS | 21053 | 1074131 |
| **Denmark - 4.9%** | **Denmark - 4.9%** |  |
| DSV AS | 60052 | 14503054 |
| Netcompany Group A/S <sup>(a)</sup> | 127585 | 7822428 |
| Royal Unibrew AS | 150848 | 12273813 |
|  |  | 34599295 |
| **Finland - 2.2%** | **Finland - 2.2%** |  |
| Konecranes Oyj | 319607 | 10489779 |
| Metso Corp. Oyj | 165520 | 2868525 |
| Sampo Oyj | 215333 | 2301987 |
|  |  | 15660291 |
| **France - 11.7%** | **France - 11.7%** |  |
| Capgemini SE | 91696 | 10820040 |
| Dassault Aviation SA | 14522 | 5405153 |
| Elis SA | 577516 | 16354430 |
| Publicis Groupe SA | 241344 | 19976021 |
| SPIE SA | 240490 | 12042748 |
| Technip Energies NV | 399124 | 16866088 |
|  |  | 81464480 |
| **Germany - 13.4%** | **Germany - 13.4%** |  |
| AlzChem Group AG | 20065 | 4015922 |
| Beiersdorf AG | 55747 | 5010974 |
| Bilfinger SE | 79859 | 9246936 |
| Brenntag SE | 319413 | 21636585 |
| Heidelberg Materials AG | 59337 | 12522333 |
| IONOS Group SE <sup>(a)</sup> | 234350 | 6868392 |
| RENK Group AG | 163820 | 9791846 |
| Rheinmetall AG | 4785 | 8071311 |
| United Internet AG | 397229 | 12852756 |
| Vossloh AG | 42604 | 3402815 |
|  |  | 93419870 |
| **Greece - 1.8%** | **Greece - 1.8%** |  |
| Bank of Cyprus Holdings PLC | 348821 | 3395743 |
| National Bank of Greece SA | 588007 | 9083508 |
|  |  | 12479251 |
| **Ireland - 7.4%** | **Ireland - 7.4%** |  |
| AIB Group PLC | 2198744 | 23471956 |
| Bank of Ireland Group PLC | 838855 | 15219623 |
| Permanent TSB Group Holdings PLC <sup>(a)</sup> | 609226 | 2042989 |
| Ryanair Holdings PLC - ADR | 93784 | 5420715 |
| Ryanair Holdings PLC | 189217 | 5326834 |
|  |  | 51482117 |
| **Italy - 2.2%** | **Italy - 2.2%** |  |
| DiaSorin SpA | 61505 | 4309237 |
| Italgas SpA | 978255 | 11395735 |
|  |  | 15704972 |
| **Netherlands - 2.1%** | **Netherlands - 2.1%** |  |
| Koninklijke Heijmans NV | 27286 | 2445799 |
| Magnum Ice Cream Co. NV <sup>(a)</sup> | 819811 | 12043781 |
|  |  | 14489580 |
| **Portugal - 2.2%** | **Portugal - 2.2%** |  |
| Jeronimo Martins SGPS SA | 638283 | 15262282 |
| **Spain - 4.0%** | **Spain - 4.0%** |  |
| Bankinter SA | 968507 | 15338685 |
| Fluidra SA | 352945 | 8187002 |
| Tecnicas Reunidas SA <sup>(a)</sup> | 117976 | 4219979 |
|  |  | 27745666 |
| **Sweden - 3.6%** | **Sweden - 3.6%** |  |
| Alfa Laval AB | 153789 | 8412253 |
| Assa Abloy AB - Class B | 307421 | 11112621 |
| NOBA Bank Group AB <sup>(a)</sup> | 65233 | 567060 |
| Trelleborg AB - Class B | 142936 | 5345741 |
|  |  | 25437675 |
| **Switzerland - 6.5%** | **Switzerland - 6.5%** |  |
| Galderma Group AG | 57685 | 11337053 |
| Helvetia Baloise Holding AG | 42637 | 11034891 |
| Holcim AG | 150030 | 12401773 |
| Implenia AG | 11414 | 899342 |
| Sulzer AG | 48028 | 10068865 |
|  |  | 45741924 |
| **United Kingdom - 26.7%** | **United Kingdom - 26.7%** |  |
| BAE Systems PLC | 407141 | 11936691 |
| Beazley PLC | 494002 | 8346794 |
| British American Tobacco PLC | 554610 | 32199805 |
| Bunzl PLC | 669018 | 20140958 |
| Genus PLC | 169780 | 5383942 |
| Haleon PLC | 3905649 | 19328915 |
| Hill & Smith PLC | 119098 | 3338554 |
| IMI PLC | 188336 | 6406964 |
| Next PLC | 50074 | 8459893 |
| Rotork PLC | 1923944 | 7999965 |
| RS GROUP PLC | 1839364 | 13772971 |
| Savills PLC | 196352 | 2141493 |
| Serco Group PLC | 2190840 | 8264366 |
| Smiths Group PLC | 461684 | 14088760 |
| Unilever PLC | 453082 | 24873769 |
|  |  | 186683840 |
| **TOTAL COMMON STOCKS** (Cost $524,371,384) | **TOTAL COMMON STOCKS** (Cost $524,371,384) | 670132798 |
| **PREFERRED STOCKS - 1.0%** | **Shares**  | **Value**  |
| **Germany - 1.0%** | **Germany - 1.0%** |  |
|  FUCHS SE | 163140 | 6939776 |
| **TOTAL PREFERRED STOCKS** (Cost $6,912,811) | **TOTAL PREFERRED STOCKS** (Cost $6,912,811) | 6939776 |
| **SHORT-TERM INVESTMENTS - 1.2%** | **Shares**  | **Value**  |
| **Money Market Funds - 1.2%** |  |  |
| First American Government Obligations Fund - Class Z, 3.54% <sup>(b)</sup> | 8585776 | 8585776 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $8,585,776) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $8,585,776) | 8585776 |
| **TOTAL INVESTMENTS - 98.1% (**Cost $539,869,971**)** | **TOTAL INVESTMENTS - 98.1% (**Cost $539,869,971**)** | 685658350 |
| Other Assets in Excess of Liabilities - 1.9% | Other Assets in Excess of Liabilities - 1.9% | 13129330 |
| **TOTAL NET ASSETS - 100.0%** |  | $698787680 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| ADR - American Depositary Receipt | ADR - American Depositary Receipt |  |

---

PLC - Public Limited Company<br>

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $27870355 | $642262443 | $– | $670132798 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | 6939776 | – | 6939776 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 8585776 | – | – | 8585776 |
| Total Investments | $36456131 | $649202219 | $– | $685658350 |
| 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:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $701716791.56

**Total Liabilities:** $2085788.11

**Net Assets:** $699631003.45

**Cash Not Reported:** $8184945.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131937 | 5.58%                | 0.53%                | -8.26%               |
| Class ID C000131938 | 5.60%                | 0.53%                | -8.33%               |
| Class ID C000131939 | 5.58%                | 0.49%                | -8.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1711281.49              | $37999461.83                               |
| Month 2  | $6854191.07              | $-2580722.38                               |
| Month 3  | $13655281.17             | $-78986755.73                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| RS GROUP PLC                   | RS GROUP PLC                               | CUSIP: N/A<br>LEI: 549300KVXDURRKVW7R37       | Long             | EC               | CORP              | GB        |   1839364 | NS      | $13772970.75  | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| United Internet AG             | United Internet AG                         | CUSIP: N/A<br>LEI: 3VEKWPJHTD4NKMBVG947       | Long             | EC               | CORP              | DE        |    397229 | NS      | $12852756.23  | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Komercni Banka AS              | Komercni Banka AS                          | CUSIP: N/A<br>LEI: IYKCAVNFR8QGF00HV840       | Long             | EC               | CORP              | CZ        |     24922 | NS      | $1271528.85   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Sulzer AG                      | Sulzer AG                                  | CUSIP: N/A<br>LEI: 529900NZ6MAST5IJF669       | Long             | EC               | CORP              | CH        |     48028 | NS      | $10068864.90  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Trelleborg AB                  | Trelleborg AB                              | CUSIP: N/A<br>LEI: 213800XY16PAWG2PAD14       | Long             | EC               | CORP              | SE        |    142936 | NS      | $5345740.70   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC               | Smiths Group PLC                           | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               | CORP              | GB        |    461684 | NS      | $14088760.36  | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC               | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    554610 | NS      | $32199804.92  | 4.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                      | Holcim AG                                  | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |    150030 | NS      | $12401773.26  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Tecnicas Reunidas SA           | Tecnicas Reunidas SA                       | CUSIP: N/A<br>LEI: 213800JEZBUPZKWJGF49       | Long             | EC               | CORP              | ES        |    116423 | NS      | $4164428.08   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins SGPS SA       | Jeronimo Martins SGPS SA                   | CUSIP: N/A<br>LEI: 259400A8SZP10GB5IB19       | Long             | EC               | CORP              | PT        |    638283 | NS      | $15262282.31  | 2.18%             |  |  |  | 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        |    588007 | NS      | $9083507.89   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| NOBA Bank Group AB             | NOBA Bank Group AB                         | CUSIP: N/A<br>LEI: 21380057HUGFEAF25W84       | Long             | EC               | CORP              | SE        |     71899 | NS      | $625007.02    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Technip Energies NV            | Technip Energies NV                        | CUSIP: N/A<br>LEI: 724500FLODI49NSCIP70       | Long             | EC               | CORP              | FR        |    399124 | NS      | $16866087.75  | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG              | Galderma Group AG                          | CUSIP: N/A<br>LEI: 89450001OK6O8ELQ4584       | Long             | EC               | CORP              | CH        |     57685 | NS      | $11337052.94  | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Serco Group PLC                | Serco Group PLC                            | CUSIP: N/A<br>LEI: 549300PT2CIHYN5GWJ21       | Long             | EC               | CORP              | GB        |   2201894 | NS      | $8306064.56   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                       | Next PLC                                   | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     50074 | NS      | $8459892.54   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Vossloh AG                     | Vossloh AG                                 | CUSIP: N/A<br>LEI: 5299003HAEOUVX3HWX43       | Long             | EC               | CORP              | DE        |     42604 | NS      | $3402815.25   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG        | Heidelberg Materials AG                    | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |     59337 | NS      | $12522332.65  | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                 | Rheinmetall AG                             | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |      4785 | NS      | $8071310.99   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                   | Bankinter SA                               | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | EC               | CORP              | ES        |    968507 | NS      | $15338685.39  | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                         | UCB SA                                     | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |     35553 | NS      | $10712054.55  | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Savills PLC                    | Savills PLC                                | CUSIP: N/A<br>LEI: 213800WXICGMBWHTA933       | Long             | EC               | CORP              | GB        |    209977 | NS      | $2290092.23   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                        | DSV A/S                                    | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               | CORP              | DK        |     60052 | NS      | $14503054.28  | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| IMI PLC                        | IMI PLC                                    | CUSIP: N/A<br>LEI: 2138002W9Q21PF751R30       | Long             | EC               | CORP              | GB        |    188336 | NS      | $6406963.78   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Helvetia Baloise Holding AG    | Helvetia Baloise Holding AG                | CUSIP: N/A<br>LEI: 529900SUJBXTORH0LT80       | Long             | EC               | CORP              | CH        |     42637 | NS      | $11034891.19  | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA           | Dassault Aviation SA                       | CUSIP: N/A<br>LEI: 969500CVFTUT88V8QN95       | Long             | EC               | CORP              | FR        |     14522 | NS      | $5405153.48   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Sampo Oyj                      | Sampo Oyj                                  | CUSIP: N/A<br>LEI: 743700UF3RL386WIDA22       | Long             | EC               | CORP              | FI        |    286580 | NS      | $3063643.08   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   8874742 | NS      | $8874741.95   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                   | Capgemini SE                               | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |     85863 | NS      | $10131751.73  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Heijmans N.V       | Koninklijke Heijmans N.V                   | CUSIP: N/A<br>LEI: 724500OUE3PCA809DZ79       | Long             | EC               | CORP              | NL        |     26297 | NS      | $2357149.24   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| DiaSorin SpA                   | DiaSorin SpA                               | CUSIP: N/A<br>LEI: 8156002878BDF0EE4348       | Long             | EC               | CORP              | IT        |     61505 | NS      | $4309237.11   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                    | Brenntag SE                                | CUSIP: N/A<br>LEI: NNROIXVWJ7CPSR27SV97       | Long             | EC               | CORP              | DE        |    319413 | NS      | $21636584.95  | 3.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Alzchem Group AG               | Alzchem Group AG                           | CUSIP: N/A<br>LEI: 8945004EL7WZK3ERG181       | Long             | EC               | CORP              | DE        |     20065 | NS      | $4015921.94   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                     | Haleon PLC                                 | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   3905649 | NS      | $19328914.84  | 2.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Cyprus Holdings PLC    | Bank of Cyprus Holdings PLC                | CUSIP: N/A<br>LEI: 635400L14KNHZXPUZM19       | Long             | EC               | CORP              | CY        |    328404 | NS      | $3196985.38   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| IONOS Group SE                 | IONOS Group SE                             | CUSIP: N/A<br>LEI: 54930038KPLOYRDHV375       | Long             | EC               | CORP              | DE        |    230252 | NS      | $6748286.75   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Magnum Ice Cream Co NV/The     | Magnum Ice Cream Co NV/The                 | CUSIP: N/A<br>LEI: 25490052LLF3XH6G9847       | Long             | EC               | CORP              | NL        |    819811 | NS      | $12043781.28  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                               | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |    453082 | NS      | $24873769.42  | 3.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Beazley PLC                    | Beazley PLC                                | CUSIP: N/A<br>LEI: 213800VTOMUWD41GIT12       | Long             | EC               | CORP              | GB        |    494002 | NS      | $8346793.85   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Genus PLC                      | Genus PLC                                  | CUSIP: N/A<br>LEI: 54930022EOITNKSIGH56       | Long             | EC               | CORP              | GB        |    169780 | NS      | $5383941.96   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                         | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |    241344 | NS      | $19976021.34  | 2.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfa Laval AB                  | Alfa Laval AB                              | CUSIP: N/A<br>LEI: 549300UCKT2UK88AG251       | Long             | EC               | CORP              | SE        |    155145 | NS      | $8486426.42   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                      | Bunzl PLC                                  | CUSIP: N/A<br>LEI: 213800Q1Q9DV4L78UM09       | Long             | EC               | CORP              | GB        |    669018 | NS      | $20140958.15  | 2.88%             |  |  |  | No            |                  2 | On Loan: No      |
| RENK Group AG                  | RENK Group AG                              | CUSIP: N/A<br>LEI: 894500H8CNSZ53EI6K63       | Long             | EC               | CORP              | DE        |    163820 | NS      | $9791845.91   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Rotork PLC                     | Rotork PLC                                 | CUSIP: N/A<br>LEI: 213800AH5RZIHGWRJ718       | Long             | EC               | CORP              | GB        |   1902707 | NS      | $7911659.29   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                       | CUSIP: N/A<br>LEI: 635400BR2ROC1FVEBQ56       | Long             | EC               | CORP              | IE        |    189217 | NS      | $5326834.29   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| SPIE SA                        | SPIE SA                                    | CUSIP: N/A<br>LEI: 969500TJNS5GSFWJ8X85       | Long             | EC               | CORP              | FR        |    240490 | NS      | $12042747.73  | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG            | Erste Group Bank AG                        | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               | CORP              | AT        |    159207 | NS      | $17198464.07  | 2.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                       | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     93784 | NS      | $5420715.20   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Implenia AG                    | Implenia AG                                | CUSIP: N/A<br>LEI: 52990006TKCUQQJ79B11       | Long             | EC               | CORP              | CH        |     11414 | NS      | $899341.91    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Konecranes Oyj                 | Konecranes Oyj                             | CUSIP: N/A<br>LEI: 549300EF0CDEQZBMA096       | Long             | EC               | CORP              | FI        |    316538 | NS      | $10389051.86  | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Metso Oyj                      | Metso Oyj                                  | CUSIP: N/A<br>LEI: 549300R0VN9C371W0E07       | Long             | EC               | CORP              | FI        |    165520 | NS      | $2868524.77   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Strabag SE                     | Strabag SE                                 | CUSIP: N/A<br>LEI: 529900TYYSRJH2VJSP60       | Long             | EC               | CORP              | AT        |     34182 | NS      | $3383602.95   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Italgas SpA                    | Italgas SpA                                | CUSIP: N/A<br>LEI: 815600F25FF44EF1FA76       | Long             | EC               | CORP              | IT        |    978255 | NS      | $11395734.51  | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| FUCHS SE                       | FUCHS SE                                   | CUSIP: N/A<br>LEI: 529900SNF9E1P5ZO4P98       | Long             | EP               | CORP              | DE        |    163140 | NS      | $6939775.64   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                  | Assa Abloy AB                              | CUSIP: N/A<br>LEI: 549300YECS8HKCIMMB67       | Long             | EC               | CORP              | SE        |    307421 | NS      | $11112620.89  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group PLC                  | AIB Group PLC                              | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | EC               | CORP              | IE        |   2198744 | NS      | $23471955.62  | 3.35%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                            | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    407141 | NS      | $11936691.13  | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Hill & Smith PLC               | Hill & Smith PLC                           | CUSIP: N/A<br>LEI: 2138003A3ISGQZBOWI83       | Long             | EC               | CORP              | GB        |    119098 | NS      | $3338554.25   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                   | KBC Group NV                               | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |    140954 | NS      | $17251724.78  | 2.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                  | Beiersdorf AG                              | CUSIP: N/A<br>LEI: L47NHHI0Z9X22DV46U41       | Long             | EC               | CORP              | DE        |     55747 | NS      | $5010974.54   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Bilfinger SE                   | Bilfinger SE                               | CUSIP: N/A<br>LEI: 529900H0HULEN2BZ4604       | Long             | EC               | CORP              | DE        |     79859 | NS      | $9246935.79   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Fluidra SA                     | Fluidra SA                                 | CUSIP: N/A<br>LEI: 95980020140005026620       | Long             | EC               | CORP              | ES        |    352945 | NS      | $8187001.41   | 1.17%             |  |  |  | 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        |    838855 | NS      | $15219622.72  | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Netcompany Group A/S           | Netcompany Group A/S                       | CUSIP: N/A<br>LEI: 5299006DEGAWX1Z1X779       | Long             | EC               | CORP              | DK        |    122831 | NS      | $7530952.94   | 1.08%             |  |  |  | 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      | $2042988.65   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Unibrew A/S              | Royal Unibrew A/S                          | CUSIP: N/A<br>LEI: 529900D69KFL8IAP8Q63       | Long             | EC               | CORP              | DK        |    150848 | NS      | $12273813.20  | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Elis SA                        | Elis SA                                    | CUSIP: N/A<br>LEI: 969500UX71LCE8MAY492       | Long             | EC               | CORP              | FR        |    577516 | NS      | $16354429.93  | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer