# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-016029
**Filing Date:** 2026-5
**Character Count:** 40558
**Document Hash:** 348099e59f1c6c8abfd47204dcbf58c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016029.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000894189-26-016029

**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:** 261024364

**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** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 96.7%** | **Shares**  | **Value**  |
| **Consumer Discretionary - 4.0%** | **Consumer Discretionary - 4.0%** | |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 105401 | $8656584 |
| Mister Car Wash, Inc. <sup>(a)</sup> | 1585458 | 11050643 |
| TopBuild Corp. <sup>(a)</sup> | 6504 | 2284855 |
|  |  | 21992082 |
| **Consumer Staples - 1.5%** | **Consumer Staples - 1.5%** |  |
| Casey's General Stores, Inc. | 11304 | 8227730 |
| **Energy - 4.4%** | **Energy - 4.4%** |  |
| Oceaneering International, Inc. <sup>(a)</sup> | 694907 | 24648351 |
| **Financials - 4.7%** | **Financials - 4.7%** |  |
| DigitalBridge Group, Inc. - Class A | 361390 | 5572634 |
| Houlihan Lokey, Inc. - Class A | 22755 | 3268073 |
| Prosperity Bancshares, Inc. | 259518 | 17434419 |
|  |  | 26275126 |
| **Health Care - 21.2%** | **Health Care - 21.2%** |  |
| Bio-Techne Corp. | 261219 | 13651305 |
| BrightSpring Health Services, Inc. <sup>(a)</sup> | 174681 | 7443157 |
| Bruker Corp. | 291742 | 10537721 |
| Cytokinetics, Inc. <sup>(a)</sup> | 86687 | 5713540 |
| Encompass Health Corp. | 103017 | 9964834 |
| Establishment Labs Holdings, Inc. <sup>(a)</sup> | 270318 | 15348656 |
| Guardant Health, Inc. <sup>(a)</sup> | 48254 | 4457222 |
| HealthEquity, Inc. <sup>(a)</sup> | 224352 | 18749097 |
| Kestra Medical Technologies Ltd. <sup>(a)</sup> | 289408 | 5767902 |
| Lantheus Holdings, Inc. <sup>(a)</sup> | 60683 | 4602806 |
| Lumexa Imaging Holdings, Inc. <sup>(a)</sup> | 261929 | 2252589 |
| OrthoPediatrics Corp. <sup>(a)</sup> | 351132 | 5572465 |
| SI-BONE, Inc. <sup>(a)</sup> | 376277 | 4752379 |
| Vaxcyte, Inc. <sup>(a)</sup> | 82849 | 4814355 |
| West Pharmaceutical Services, Inc. | 15819 | 3964874 |
|  |  | 117592902 |
| **Industrials - 35.4%** | **Industrials - 35.4%** |  |
| AAON, Inc. | 117530 | 9725608 |
| Andersen Group, Inc. - Class A <sup>(a)</sup> | 421666 | 11469315 |
| Applied Industrial Technologies, Inc. | 35200 | 9339264 |
| BWX Technologies, Inc. | 17813 | 3642580 |
| Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 115284 | 9146633 |
| Curtiss-Wright Corp. | 17789 | 12116444 |
| Enerpac Tool Group Corp. - Class A | 114115 | 4161774 |
| EnPro, Inc. | 43089 | 10800258 |
| FTI Consulting, Inc. <sup>(a)</sup> | 31324 | 5537144 |
| Generac Holdings, Inc. <sup>(a)</sup> | 16803 | 3282130 |
| IDEX Corp. | 26575 | 5037291 |
| Kadant, Inc. | 29120 | 8513232 |
| MSA Safety, Inc. | 59279 | 9718792 |
| Mueller Water Products, Inc. - Class A | 72266 | 1986592 |
| OPENLANE, Inc. <sup>(a)</sup> | 322840 | 9410786 |
| Parsons Corp. <sup>(a)</sup> | 128302 | 6950119 |
| Simpson Manufacturing Co., Inc. | 53624 | 9202951 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 51673 | 6878193 |
| SPX Technologies, Inc. <sup>(a)</sup> | 33663 | 6730580 |
| StandardAero, Inc. <sup>(a)</sup> | 517699 | 13372165 |
| Valmont Industries, Inc. | 26388 | 10543853 |
| Waste Connections, Inc. | 127352 | 20687059 |
| Woodward, Inc. | 8042 | 2878393 |
| Zurn Elkay Water Solutions Corp. | 123885 | 5555003 |
|  |  | 196686159 |
| **Information Technology - 19.1%** | **Information Technology - 19.1%** |  |
| CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 2717439 | 16304634 |
| Dynatrace, Inc. <sup>(a)</sup> | 442137 | 16350226 |
| Entegris, Inc. | 102055 | 11964928 |
| Guidewire Software, Inc. <sup>(a)</sup> | 60584 | 9060943 |
| Lattice Semiconductor Corp. <sup>(a)</sup> | 120386 | 11167006 |
| Mirion Technologies, Inc. - Class A <sup>(a)</sup> | 256483 | 4768019 |
| Novanta, Inc. <sup>(a)</sup> | 78792 | 9306123 |
| Power Integrations, Inc. | 111383 | 5702810 |
| Q2 Holdings, Inc. <sup>(a)</sup> | 35425 | 1675603 |
| SiTime Corp. <sup>(a)</sup> | 22146 | 7648121 |
| Universal Display Corp. | 100229 | 9186990 |
| Vertex, Inc. - Class A <sup>(a)</sup> | 263280 | 3130399 |
|  |  | 106265802 |
| **Materials - 4.1%** | **Materials - 4.1%** |  |
| Eagle Materials, Inc. | 44007 | 8337126 |
| HB Fuller Co. | 154155 | 9508280 |
| James Hardie Industries PLC <sup>(a)</sup> | 148331 | 2809389 |
| Knife River Corp. <sup>(a)</sup> | 24595 | 2008182 |
|  |  | 22662977 |
| **Real Estate - 1.5%** | **Real Estate - 1.5%** |  |
| FirstService Corp. | 61036 | 8480342 |
| **Utilities - 0.8%** | **Utilities - 0.8%** |  |
| Talen Energy Corp. <sup>(a)</sup> | 13567 | 4330993 |
| **TOTAL COMMON STOCKS** (Cost $430,845,567) | **TOTAL COMMON STOCKS** (Cost $430,845,567) | 537162464 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.4%** | **Shares**  | **Value**  |
| **Real Estate - 1.4%** | **Real Estate - 1.4%** |  |
| EastGroup Properties, Inc. | 40881 | 7566664 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $3,845,042) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $3,845,042) | 7566664 |
| **CONVERTIBLE NOTES IN PRIVATE COMPANIES - 0.9%** | **Par**  | **Value**  |
|  Imperative Care, Inc. (acquisition cost $5,000,000, acquired March 2026), 8.00%, 03/13/2028 <sup>(b)(c)(d)</sup> | 5000000 | 5000000 |
| **TOTAL CONVERTIBLE NOTES IN PRIVATE COMPANIES** (Cost $5,000,000) | **TOTAL CONVERTIBLE NOTES IN PRIVATE COMPANIES** (Cost $5,000,000) | 5000000 |
| **PRIVATE PLACEMENTS - 0.0%** | **Shares**  | **Value**  |
| StepStone VC Global Partners IV-B, L.P. <sup>(a)(b)(d)(e)(g)</sup> | 19200 | 75020 |
| StepStone VC Global Partners V-B, L.P. <sup>(a)(b)(d)(f)(g)</sup> | 91769 | 92522 |
| **TOTAL PRIVATE PLACEMENTS** (Cost $0) | **TOTAL PRIVATE PLACEMENTS** (Cost $0) | 167542 |
| **CONTINGENT VALUE RIGHTS - 0.0%** | **Shares**  | **Value**  |
| **Health Care *-* 0.0%** |  |  |
| Sanofi SA (Acquired in July 2025) <sup>(a)(b)</sup> | 14431 | 0 |
| **TOTAL CONTINGENT VALUE RIGHTS** (Cost $0) | **TOTAL CONTINGENT VALUE RIGHTS** (Cost $0) | 0 |
| **SHORT-TERM INVESTMENTS - 1.0%** | **Shares**  | **Value**  |
| **Money Market Funds - 1.0%** |  |  |
| First American Government Obligations Fund - Class Z, 3.54% <sup>(h)</sup> | 5449953 | 5449953 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,449,953) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,449,953) | 5449953 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $445,140,562**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $445,140,562**)** | 555346623 |
| Other Assets in Excess of Liabilities - 0.0% | Other Assets in Excess of Liabilities - 0.0% | 99647 |
| **TOTAL NET ASSETS - 100.0%** |  | $555446270 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| PLC - Public Limited Company |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) Non-income producing security.

(b) These securities are being fair valued, using significant unobservable inputs (Level 3), in accordance with the policies and procedures adopted by the Fund. These securities represented
 $5,167,542 or 0.9% of net assets as of March 31, 2026.

(c) Restricted security as to resale. As of the date of this report, the Fund held restricted securities with a fair value of $5,167,542 or 0.9% of net assets.

(d) Illiquid securities. As of the date of this report, the Fund held illiquid securities with a fair value of $5,167,542 or 0.9% of net assets.

(e) 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; however, the partnership has fully realized all portfolio investments and is working to liquidate and dissolve the fund. No further capital calls
 are anticipated.

(f) 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.

(g) 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 $9,000, or 0.0% of the Fund's net assets as of the date of this report.

(h) 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 Small-Cap Growth 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 | $537162464 | $– | $– | $537162464 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 7566664 | – | – | 7566664 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Notes in Private Companies | – | – | 5000000 | 5000000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Private Placements | – | – | 167542 | 167542 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Contingent Value Rights | – | – | 0 | 0 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5449953 | – | – | 5449953 |
| Total Investments | $550179081 | $– | $5167542 | $555346623 |
| 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:** 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:** $563579804.53

**Total Liabilities:** $8171427.22

**Net Assets:** $555408377.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118724 | 3.50%                | 2.42%                | -7.00%               |
| Class ID C000118725 | 3.49%                | 2.45%                | -7.00%               |
| Class ID C000118726 | 3.44%                | 2.42%                | -7.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6287864.87              | $15879071.90                               |
| Month 2  | $5188125.67              | $10028644.71                               |
| Month 3  | $19431618.63             | $-62169187.04                              |

**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        |    117530 | NS      | $9725607.50   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc                              | BWX Technologies Inc                              | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     17813 | NS      | $3642580.37   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                   | Bio-Techne Corp                                   | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    261219 | NS      | $13651304.94  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                                       | Bruker Corp                                       | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |    291742 | NS      | $10537721.04  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumexa Imaging Holdings Inc                       | Lumexa Imaging Holdings Inc                       | CUSIP: 550249106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    261929 | NS      | $2252589.40   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                           | Mirion Technologies Inc                           | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    256483 | NS      | $4768018.97   | 0.86%             |  |  |  | No            |                  1 | 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      |
| James Hardie Industries PLC                       | James Hardie Industries PLC                       | CUSIP: N/A<br>LEI: 635400NSGXKTVOO7JU45       | Long             | EC               | CORP              | IE        |    148331 | NS      | $2809389.14   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc                         | Casella Waste Systems Inc                         | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |    115284 | NS      | $9146632.56   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                                         | Enpro Inc                                         | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     43089 | NS      | $10800257.85  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc                                | FTI Consulting Inc                                | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |     31324 | NS      | $5537143.48   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc                     | Oceaneering International Inc                     | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |    694907 | NS      | $24648351.29  | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor                    | Zurn Elkay Water Solutions Corp                   | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |    123885 | NS      | $5555003.40   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services I                    | BrightSpring Health Services Inc                  | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    174681 | NS      | $7443157.41   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Hold                    | CCC Intelligent Solutions Holdings Inc            | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2717439 | NS      | $16304634.00  | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp                               | Curtiss-Wright Corp                               | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     17789 | NS      | $12116443.68  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                               | Eagle Materials Inc                               | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     44007 | NS      | $8337126.15   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                          | EastGroup Properties Inc                          | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     40881 | NS      | $7566664.29   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                             | Encompass Health Corp                             | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |    103017 | NS      | $9964834.41   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli                    | First American Government Obligations Fund        | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  13047286 | NS      | $13047285.97  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp                                 | FirstService Corp                                 | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     61036 | NS      | $8480341.84   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                               | Guardant Health Inc                               | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     48254 | NS      | $4457221.98   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc                            | Guidewire Software Inc                            | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     60584 | NS      | $9060943.04   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp                        | Lattice Semiconductor Corp                        | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    120386 | NS      | $11167005.36  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp                              | OrthoPediatrics Corp                              | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |    351132 | NS      | $5572464.84   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                                       | SI-BONE Inc                                       | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |    376277 | NS      | $4752378.51   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc                      | Simpson Manufacturing Co Inc                      | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |     53624 | NS      | $9202950.88   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc                      | SiteOne Landscape Supply Inc                      | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |     51673 | NS      | $6878193.03   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                                       | SiTime Corp                                       | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22146 | NS      | $7648121.10   | 1.38%             |  |  |  | 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      | $75020.16     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Entegris Inc                                      | Entegris Inc                                      | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |    102055 | NS      | $11964928.20  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                              | Generac Holdings Inc                              | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     16803 | NS      | $3282129.99   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                                         | IDEX Corp                                         | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     26575 | NS      | $5037291.25   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                                        | Kadant Inc                                        | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |     29120 | NS      | $8513232.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                             | Waste Connections Inc                             | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |    127352 | NS      | $20687058.88  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperative Care, Inc. Convertible Promissory Note | Imperative Care, Inc. Convertible Promissory Note | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              |  | US        |   5000000 | PA      | $5000000.00   | 0.90%             | 2028-03-13      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| Q2 Holdings Inc                                   | Q2 Holdings Inc                                   | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     35425 | NS      | $1675602.50   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                                       | Vaxcyte Inc                                       | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     82849 | NS      | $4814355.39   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie                    | Applied Industrial Technologies Inc               | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     35200 | NS      | $9339264.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                        | Casey's General Stores Inc                        | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     11304 | NS      | $8227729.44   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp                           | Enerpac Tool Group Corp                           | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |    114115 | NS      | $4161774.05   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                                  | HealthEquity Inc                                  | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |    224352 | NS      | $18749096.64  | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                                      | Parsons Corp                                      | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |    128302 | NS      | $6950119.34   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                            | Power Integrations Inc                            | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |    111383 | NS      | $5702809.60   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                         | Prosperity Bancshares Inc                         | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    259518 | NS      | $17434419.24  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| StandardAero Inc                                  | StandardAero Inc                                  | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    517699 | NS      | $13372165.17  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp                                 | Talen Energy Corp                                 | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13567 | NS      | $4330993.41   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In                    | Establishment Labs Holdings Inc                   | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | US        |    270318 | NS      | $15348656.04  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                              | SPX Technologies Inc                              | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |     33663 | NS      | $6730580.22   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                                        | Vertex Inc                                        | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |    263280 | NS      | $3130399.20   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Kestra Medical Technologies Lt                    | Kestra Medical Technologies Ltd                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    289408 | NS      | $5767901.44   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Andersen Group Inc                                | Andersen Group Inc                                | CUSIP: 033853102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    421666 | NS      | $11469315.20  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutio                    | Bright Horizons Family Solutions Inc              | CUSIP: 109194100<br>LEI: 2549009BKSVTM7UEYT38 | Long             | EC               | CORP              | US        |    105401 | NS      | $8656584.13   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                           | DigitalBridge Group Inc                           | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    361390 | NS      | $5572633.80   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                     | Dynatrace Inc                                     | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |    442137 | NS      | $16350226.26  | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                                      | HB Fuller Co                                      | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |    154155 | NS      | $9508280.40   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                                | Houlihan Lokey Inc                                | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     22755 | NS      | $3268073.10   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                                  | Cytokinetics Inc                                  | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |     86687 | NS      | $5713540.17   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                             | Lantheus Holdings Inc                             | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     60683 | NS      | $4602805.55   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc                            | Valmont Industries Inc                            | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |     26388 | NS      | $10543853.16  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                                      | OPENLANE Inc                                      | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |    322840 | NS      | $9410786.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                                  | Knife River Corp                                  | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24595 | NS      | $2008181.75   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc                                    | MSA Safety Inc                                    | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |     59279 | NS      | $9718792.05   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                               | Mister Car Wash Inc                               | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1585458 | NS      | $11050642.26  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc                        | Mueller Water Products Inc                        | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     79276 | NS      | $2179297.24   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                       | Novanta Inc                                       | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78792 | NS      | $9306123.12   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                                     | TopBuild Corp                                     | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      6504 | NS      | $2284855.20   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                            | Universal Display Corp                            | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100229 | NS      | $9186990.14   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I                    | West Pharmaceutical Services Inc                  | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     15819 | NS      | $3964874.16   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                                      | Woodward Inc                                      | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |      8042 | NS      | $2878392.64   | 0.52%             |  |  |  | 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      | $92521.96     | 0.02%             |  |  |  | Yes           |                  3 | 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