# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-016019
**Filing Date:** 2026-5
**Character Count:** 53767
**Document Hash:** 49329a04f231de9edb84ddbefcb6960a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016019.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000894189-26-016019

**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:** 261024350

**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 Emerging Markets Select Fund (Series ID: S000039101)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000120208 | Institutional Shares | BAFQX           |
| C000120209 | Investor Shares      | BIAQX           |
| C000120210 | Advisor Shares       | BAQAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Emerging Markets Select Fund** | **Brown Advisory Emerging Markets Select Fund** | **Brown Advisory Emerging Markets Select Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 93.4%** | **Shares**  | **Value**  |
| **Brazil - 4.2%** | **Brazil - 4.2%** | |
| Ambev SA | 3139400 | $9242710 |
| B3 SA - Brasil Bolsa Balcao | 1829800 | 6499864 |
| Banco do Brasil SA | 1587200 | 7066002 |
| Natura Cosmeticos SA <sup>(a)</sup> | 3031800 | 6087188 |
| Vale SA | 465900 | 7417738 |
|  |  | 36313502 |
| **China - 32.6%** | **China - 32.6%** |  |
| AIA Group Ltd. | 1069885 | 11887843 |
| Alibaba Group Holding Ltd. | 2051937 | 32163065 |
| ANTA Sports Products Ltd. | 503213 | 4919245 |
| Baidu, Inc. - Class A <sup>(a)</sup> | 264550 | 3697931 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - Class A | 2467600 | 5527302 |
| BYD Co. Ltd. - Class A | 334077 | 5162430 |
| China Construction Bank Corp. - Class H | 13603804 | 14681421 |
| China Hongqiao Group Ltd. | 694887 | 3138950 |
| China Merchants Bank Co., Ltd. - Class A | 1379751 | 7884554 |
| China Overseas Land & Investment Ltd. | 5880246 | 8769186 |
| China Pacific Insurance Group Co. Ltd. - Class H | 1081477 | 4429297 |
| Contemporary Amperex Technology Co. Ltd. - Class A | 136028 | 8048241 |
| Fuyao Glass Industry Group Co. Ltd. - Class A | 597650 | 4985251 |
| Fuyao Glass Industry Group Co. Ltd. - Class A | 144538 | 1205653 |
| Galaxy Entertainment Group Ltd. | 1735000 | 7842008 |
| Haidilao International Holding Ltd. | 1491042 | 2744758 |
| Haier Smart Home Co. Ltd. - Class H | 2555400 | 6845793 |
| Hangzhou Tigermed Consulting Co. Ltd. - Class A | 564262 | 4465476 |
| KE Holdings, Inc. - Class A | 803170 | 3977635 |
| Midea Group Co. Ltd. - Class A | 643513 | 7168012 |
| NAURA Technology Group Co. Ltd. - Class A | 80443 | 5290178 |
| People's Insurance Co. Group of China Ltd. - Class H | 7295764 | 5080981 |
| Ping An Insurance Group Co. of China Ltd. - Class A | 133500 | 1106158 |
| Ping An Insurance Group Co. of China Ltd. - Class H | 438000 | 3367876 |
| Shenzhou International Group Holdings, Ltd. | 1188000 | 7258903 |
| Sun Hung Kai Properties, Ltd. | 321116 | 5346850 |
| Techtronic Industries Co., Ltd. | 275841 | 3663234 |
| Tencent Holdings Ltd. | 629190 | 39684512 |
| Trip.com Group Ltd. | 96964 | 4791837 |
| Weichai Power Co. Ltd. - Class H | 3532000 | 12525264 |
| WH Group Ltd. | 6587500 | 8658853 |
| Yue Yuen Industrial Holdings Ltd. | 1101500 | 2148795 |
| Yum China Holdings, Inc. | 85068 | 4225430 |
| Zhejiang Longsheng Group Co. Ltd. - Class A | 1544200 | 2928634 |
| Zhongsheng Group Holdings Ltd. | 2629000 | 2783949 |
| Zijin Mining Group Co. Ltd. - Class H | 2279253 | 10253217 |
| ZTO Express Cayman, Inc. - ADR | 278744 | 7015987 |
| ZTO Express Cayman, Inc. | 294335 | 7244436 |
|  |  | 282919145 |
| **Hungary - 1.4%** | **Hungary - 1.4%** |  |
| OTP Bank Nyrt | 66487 | 7129260 |
| Richter Gedeon Nyrt | 134564 | 4790696 |
|  |  | 11919956 |
| **India - 10.4%** | **India - 10.4%** |  |
| Amber Enterprises India Ltd. <sup>(a)</sup> | 44061 | 3077465 |
| Apollo Hospitals Enterprise Ltd. | 58582 | 4628093 |
| Ashok Leyland Ltd. | 1481633 | 2431325 |
| Bajaj Auto Ltd. | 38830 | 3627868 |
| Bajaj Finance Ltd. | 455155 | 3894617 |
| Bajaj Finserv Ltd. | 264071 | 4586919 |
| Bharti Airtel Ltd. | 340062 | 6462332 |
| HDFC Bank Ltd. | 856687 | 6710469 |
| ICICI Bank Ltd. - ADR | 15315 | 396659 |
| ICICI Bank Ltd. | 583171 | 7486314 |
| IDFC First Bank Ltd. | 3978442 | 2490106 |
| Indraprastha Gas Ltd. | 1592908 | 2466879 |
| Infosys Ltd. | 461831 | 6229104 |
| Lodha Developers Ltd. | 528384 | 3819443 |
| MakeMyTrip Ltd. <sup>(a)</sup> | 71671 | 2672612 |
| Oberoi Realty Ltd. | 243182 | 3681871 |
| REC Ltd. | 381476 | 1242354 |
| Reliance Industries, Ltd. | 615734 | 8855218 |
| SBI Life Insurance Co. Ltd. | 328123 | 6206800 |
| UPL Ltd. | 1066454 | 6469052 |
| Varun Beverages Ltd. | 711919 | 2911972 |
|  |  | 90347472 |
| **Indonesia - 0.7%** | **Indonesia - 0.7%** |  |
| Bank Rakyat Indonesia Persero Tbk PT | 30717800 | 6138062 |
| **Kazakhstan - 0.6%** | **Kazakhstan - 0.6%** |  |
| Kaspi.KZ JSC - ADR <sup>(a)</sup> | 71123 | 5268081 |
| **Luxembourg - 0.5%** | **Luxembourg - 0.5%** |  |
| Globant SA <sup>(a)</sup> | 92219 | 4252218 |
| **Russia - 0.0% <sup>(b)</sup>** | **Russia - 0.0% <sup>(b)</sup>** |  |
| Sberbank of Russia PJSC - ADR <sup>(a)(c)(d)</sup> | 184769 | 1848 |
| **Saudi Arabia - 0.5%** | **Saudi Arabia - 0.5%** |  |
| Saudi Arabian Oil Co. | 644091 | 4662705 |
| **Singapore - 3.9%** | **Singapore - 3.9%** |  |
| DBS Group Holdings Ltd. | 304886 | 13567484 |
| Grab Holdings Ltd. - Class A <sup>(a)</sup> | 1602001 | 5863323 |
| Oversea-Chinese Banking Corp. Ltd. | 411480 | 7047731 |
| Wilmar International Ltd. | 2636708 | 7921660 |
|  |  | 34400198 |
| **South Korea - 14.6%** | **South Korea - 14.6%** |  |
| DB Insurance Co. Ltd. | 26724 | 2997474 |
| Doosan Bobcat, Inc. | 112311 | 4387178 |
| Hankook Tire & Technology Co. Ltd. | 190147 | 6999460 |
| Hanwha Aerospace Co. Ltd. | 7301 | 6225611 |
| Hyundai Mobis Co. Ltd. | 7454 | 1923283 |
| KB Financial Group, Inc. | 145784 | 14311683 |
| Kia Corp. | 45315 | 4473995 |
| KT Corp. - ADR <sup>(a)</sup> | 249379 | 5349180 |
| LG Chem Ltd. | 21155 | 4324068 |
| Samsung Electronics Co. Ltd. | 394826 | 46179398 |
| Shinhan Financial Group Co. Ltd. | 77870 | 4641158 |
| SK Hynix, Inc. | 39036 | 22147665 |
| SK Telecom Co. Ltd. | 64770 | 3351218 |
|  |  | 127311371 |
| **Taiwan - 18.5%** | **Taiwan - 18.5%** |  |
| Airtac International Group | 80993 | 2579664 |
| Asia Vital Components Co. Ltd. | 39253 | 2592641 |
| Compal Electronics, Inc. | 4962140 | 4316435 |
| CTBC Financial Holding Co. Ltd. | 5660934 | 9199689 |
| Delta Electronics, Inc. | 106363 | 4795947 |
| Hon Hai Precision Industry Co. Ltd. | 620000 | 3789917 |
| MediaTek, Inc. | 146183 | 7011693 |
| Quanta Computer, Inc. | 1047802 | 9429125 |
| Realtek Semiconductor Corp. | 332791 | 5061374 |
| SILERGY Corp. | 72000 | 632843 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1927757 | 111490910 |
|  |  | 160900238 |
| **Thailand - 2.1%** | **Thailand - 2.1%** |  |
| Bangkok Bank PCL | 511600 | 2385036 |
| Bangkok Bank PCL - NVDR | 530300 | 2703076 |
| Indorama Ventures PCL - NVDR | 4102000 | 3130464 |
| SCB X PCL | 1429700 | 6242474 |
| True Corp. PCL - NVDR | 8165087 | 3592787 |
|  |  | 18053837 |
| **Turkey - 0.5%** | **Turkey - 0.5%** |  |
| Akbank TAS | 2803465 | 4184360 |
| **United States - 2.1%** | **United States - 2.1%** |  |
| Cognizant Technology Solutions Corp. - Class A | 93145 | 5714445 |
| Coupang, Inc. - Class A <sup>(a)</sup> | 216433 | 4086255 |
| Credicorp Ltd. | 24921 | 8452705 |
|  |  | 18253405 |
| **Vietnam - 0.8%** | **Vietnam - 0.8%** |  |
| Vietnam Dairy Products JSC | 2947290 | 6786702 |
| **TOTAL COMMON STOCKS** (Cost $603,633,961) | **TOTAL COMMON STOCKS** (Cost $603,633,961) | 811713100 |
| **PREFERRED STOCKS - 3.3%** | **Shares**  | **Value**  |
| **Brazil - 2.8%** | **Brazil - 2.8%** |  |
|  Cia Energetica de Minas Gerais | 3201443 | 7781339 |
|  Itau Unibanco Holding SA | 740188 | 6213186 |
|  Petroleo Brasileiro SA | 1072100 | 10054851 |
|  |  | 24049376 |
| **South Korea - 0.5%** | **South Korea - 0.5%** |  |
|  Samsung Electronics Co. Ltd. | 56739 | 4580176 |
| **TOTAL PREFERRED STOCKS** (Cost $18,683,574) | **TOTAL PREFERRED STOCKS** (Cost $18,683,574) | 28629552 |
| **SHORT-TERM INVESTMENTS - 3.0%** | **Shares**  | **Value**  |
| **Money Market Funds – 3.0%**<br> First American Government Obligations Fund - Class Z, 3.54% <sup>(e)</sup> | 26321362 | 26321362 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $26,321,362) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $26,321,362) | 26321362 |
| **TOTAL INVESTMENTS - 99.7% (**Cost $648,638,897**)** | **TOTAL INVESTMENTS - 99.7% (**Cost $648,638,897**)** | 866664014 |
| Other Assets in Excess of Liabilities - 0.3% | Other Assets in Excess of Liabilities - 0.3% | 2193345 |
| **TOTAL NET ASSETS - 100.0%** |  | $868857359 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| JSC - Public Joint Stock Company |
| NVDR - Non-Voting Depositary Receipt |
| PCL - Public Company Limited |
| PJSC - Public Joint Stock Company |

---

(a) Non-income producing security.

(b) Represents less than 0.05% of net assets.

(c) Security is being fair valued, using significant unobservable inputs (Level 3), in accordance with the policies and procedures adopted by the Fund. These securities represented $1,848 or 0.0% of net assets as of
 March 31, 2026.

(d) Restricted security as to resale. As of the date of this report, the Fund held restricted securities with a fair value of $1,848 or 0.0% of net assets. Security was acquired from December 2021 to February 2022 at
 an acquisition cost of $2,890,347.

(e) 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 Emerging Markets Select 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.<br>

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 | $97050980 | $714660272 | $1848 | $811713100 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 24049376 | 4580176 | – | 28629552 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 26321362 | – | – | 26321362 |
| Total Investments | $147421718 | $719240448 | $1848 | $866664014 |
| 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 Emerging Markets Select Fund

- **b. EDGAR series identifier (if any):** S000039101

- **c. LEI of Series:** 2549000TPI4K04AS6E14

**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:** $878654466.10

**Total Liabilities:** $9351757.16

**Net Assets:** $869302708.94

**Cash Not Reported:** $2226541.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000120208 | 9.43%                | 5.33%                | -10.65%              |
| Class ID C000120209 | 9.37%                | 5.34%                | -10.61%              |
| Class ID C000120210 | 9.34%                | 5.26%                | -10.64%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11192728.06             | $64426231.19                               |
| Month 2  | $9365961.88              | $38899811.80                               |
| Month 3  | $16556226.23             | $-119475384.88                             |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                  | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     93145 | NS      | $5714445.75   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                                          | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    216433 | NS      | $4086255.04   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund           | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  26685442 | NS      | $26685441.83  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd            | DB Insurance Co Ltd                                  | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |     26724 | NS      | $2997473.68   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd                               | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |    304886 | NS      | $13567483.93  | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA OVERSEAS                 | China Overseas Land & Investment Ltd                 | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               | CORP              | HK        |   5880246 | NS      | $8769185.69   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Compal Electronics Inc         | Compal Electronics Inc                               | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |   4962140 | NS      | $4316434.59   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc          | Delta Electronics Inc                                | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |    106363 | NS      | $4795947.15   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| FUYAO GLASS                    | Fuyao Glass Industry Group Co Ltd                    | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | CN        |    597650 | NS      | $4985251.42   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd              | Bharti Airtel Ltd                                    | CUSIP: N/A<br>LEI: 335800KQ1FPKOQ84OR26       | Long             | EC               | CORP              | IN        |    340062 | NS      | $6462331.86   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co Ltd  | CTBC Financial Holding Co Ltd                        | CUSIP: N/A<br>LEI: 549300IWDYIFW6JXM387       | Long             | EC               | CORP              | TW        |   5601638 | NS      | $9103325.64   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   1968907 | NS      | $113870800.86 | 13.10%            |  |  |  | No            |                  2 | On Loan: No      |
| UPL Ltd                        | UPL Ltd                                              | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |   1066454 | NS      | $6469052.18   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp   | China Construction Bank Corp                         | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |  13603804 | NS      | $14681421.25  | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Energetica de Minas Gerais | Cia Energetica de Minas Gerais                       | CUSIP: N/A<br>LEI: 254900W703PXLDSEM056       | Long             | EP               | CORP              | BR        |   3201443 | NS      | $7781338.72   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CPIC                           | China Pacific Insurance Group Co Ltd                 | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |   1081477 | NS      | $4429297.38   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| China Hongqiao Group Ltd       | China Hongqiao Group Ltd                             | CUSIP: N/A<br>LEI: 3003009Q4IBFSDE24571       | Long             | EC               | CORP              | CN        |    694887 | NS      | $3138950.15   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                     | BYD Co Ltd                                           | CUSIP: Y1023R120<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |    334077 | NS      | $5162430.19   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                           | Contemporary Amperex Technology Co Ltd               | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    105444 | NS      | $6238706.33   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd    | China Merchants Bank Co Ltd                          | CUSIP: Y14896107<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |   1379751 | NS      | $7884554.35   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| FUYAO GLASS                    | Fuyao Glass Industry Group Co Ltd                    | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | CN        |    144538 | NS      | $1205652.59   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                                        | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |     24921 | NS      | $8452704.78   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                       | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     15315 | NS      | $396658.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI All Country Asia  | iShares MSCI All Country Asia ex Japan ETF           | CUSIP: 464288182<br>LEI: 549300EQSX1KKO1KLL54 | Long             | EC               | RF                | US        |     28099 | NS      | $2705652.71   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                                         | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     71123 | NS      | $5268080.61   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                    | Infosys Ltd                                          | CUSIP: N/A<br>LEI: 335800TYLGG93MM7PR89       | Long             | EC               | CORP              | IN        |    461831 | NS      | $6229103.89   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co  | Hon Hai Precision Industry Co Ltd                    | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |    620000 | NS      | $3789916.55   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd           | Hyundai Mobis Co Ltd                                 | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |      7454 | NS      | $1923283.02   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd | Galaxy Entertainment Group Ltd                       | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   1434000 | NS      | $6481521.44   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp                       | Kia Corp                                             | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     45315 | NS      | $4473995.45   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Aerospace Co Ltd        | Hanwha Aerospace Co Ltd                              | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               | CORP              | KR        |      7301 | NS      | $6225611.53   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                             | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    740188 | NS      | $6213186.53   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc         | KB Financial Group Inc                               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    145784 | NS      | $14311682.65  | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Indorama Ventures PCL          | Indorama Ventures PCL                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |   4102000 | NS      | $3130463.69   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Hankook Tire & Technology Co L | Hankook Tire & Technology Co Ltd                     | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               | CORP              | KR        |    190147 | NS      | $6999459.82   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Indraprastha Gas Ltd           | Indraprastha Gas Ltd                                 | CUSIP: N/A<br>LEI: 33580033VPD8D168H736       | Long             | EC               | CORP              | IN        |   1592908 | NS      | $2466879.28   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Haidilao International Holding | Haidilao International Holding Ltd                   | CUSIP: N/A<br>LEI: 3003009Q8GV4VNKZWI24       | Long             | EC               | CORP              | CN        |   1733042 | NS      | $3190239.86   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                        | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |    856687 | NS      | $6710468.89   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd        | Haier Smart Home Co Ltd                              | CUSIP: N/A<br>LEI: 3003002BYTNGNJTWSH07       | Long             | EC               | CORP              | CN        |   2125400 | NS      | $5693843.65   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                | KE Holdings Inc                                      | CUSIP: N/A<br>LEI: 254900RHVY072XPAZE03       | Long             | EC               | CORP              | CN        |    803170 | NS      | $3977634.48   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                       | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |    583171 | NS      | $7486314.10   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| IDFC First Bank Ltd            | IDFC First Bank Ltd                                  | CUSIP: N/A<br>LEI: 335800SBNAPYVT1D2K13       | Long             | EC               | CORP              | IN        |   3978442 | NS      | $2490105.61   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Doosan Bobcat Inc              | Doosan Bobcat Inc                                    | CUSIP: N/A<br>LEI: 9884007K6X0Q0112FX44       | Long             | EC               | CORP              | KR        |    112311 | NS      | $4387177.97   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd              | Grab Holdings Ltd                                    | CUSIP: N/A<br>LEI: 549300N4VQX83VPJF439       | Long             | EC               | CORP              | SG        |   1602001 | NS      | $5863323.66   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                     | Globant SA                                           | CUSIP: N/A<br>LEI: 2221008DCMSPYS42DS88       | Long             | EC               | CORP              | LU        |     92219 | NS      | $4252218.09   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd        | Reliance Industries Ltd                              | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        |    615734 | NS      | $8855218.24   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Telecom Co Ltd              | SK Telecom Co Ltd                                    | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               | CORP              | KR        |     64770 | NS      | $3351218.31   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                   | MediaTek Inc                                         | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |    146183 | NS      | $7011693.03   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd                       | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |     77870 | NS      | $4641157.79   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                   | SK hynix Inc                                         | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     39036 | NS      | $22147665.08  | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    394826 | NS      | $46179398.35  | 5.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                           | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     56739 | NS      | $4580175.70   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Hung Kai Properties Ltd    | Sun Hung Kai Properties Ltd                          | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        |    321116 | NS      | $5346850.17   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd   | Techtronic Industries Co Ltd                         | CUSIP: N/A<br>LEI: 549300HZW2SBE758OK89       | Long             | EC               | CORP              | HK        |     63000 | NS      | $836654.86    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SHENZHOU INTL                  | Shenzhou International Group Holdings Ltd            | CUSIP: N/A<br>LEI: 529900B4W41TCUKJFM73       | Long             | EC               | CORP              | CN        |   1188000 | NS      | $7258902.56   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| REC Ltd                        | REC Ltd                                              | CUSIP: N/A<br>LEI: 335800B4YRYWAMIJZ374       | Long             | EC               | CORP              | IN        |    381476 | NS      | $1242353.85   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC        | Sberbank of Russia PJSC                              | CUSIP: 80585Y308<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    184769 | NS      | $1847.69      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Richter Gedeon Nyrt            | Richter Gedeon Nyrt                                  | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               | CORP              | HU        |    134564 | NS      | $4790696.19   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TIGERMED                       | Hangzhou Tigermed Consulting Co Ltd                  | CUSIP: Y3043G100<br>LEI: 300300CP4N8WDF6DOO67 | Long             | EC               | CORP              | CN        |    624134 | NS      | $4939292.69   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                                   | CUSIP: Y6S40V103<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    643513 | NS      | $7168012.33   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co           | Saudi Arabian Oil Co                                 | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |    644091 | NS      | $4662705.13   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                 | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |    629190 | NS      | $39684511.49  | 4.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                                   | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | SG        |     96964 | NS      | $4791837.39   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                            | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |   1429700 | NS      | $6242474.23   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| True Corp PCL                  | True Corp PCL                                        | CUSIP: N/A<br>LEI: 894500HQD71STX0DQK07       | Long             | EC               | CORP              | TH        |   8165087 | NS      | $3592786.83   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Life Insurance Co Ltd      | SBI Life Insurance Co Ltd                            | CUSIP: N/A<br>LEI: 335800WMVIESQUO95586       | Long             | EC               | CORP              | IN        |    328123 | NS      | $6206800.42   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil SA             | Banco do Brasil SA                                   | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |   1587200 | NS      | $7066002.30   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    511600 | NS      | $2385036.39   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Lt | Apollo Hospitals Enterprise Ltd                      | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |     58582 | NS      | $4628093.02   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Asia Vital Components Co Ltd   | Asia Vital Components Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     39253 | NS      | $2592641.29   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashok Leyland Ltd              | Ashok Leyland Ltd                                    | CUSIP: N/A<br>LEI: 3358001BZKWERVWYCK35       | Long             | EC               | CORP              | IN        |   1481633 | NS      | $2431324.75   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Akbank TAS                     | Akbank TAS                                           | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |   2803465 | NS      | $4184359.67   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                            | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | CN        |    264550 | NS      | $3697930.89   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd       | ANTA Sports Products Ltd                             | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | CN        |    503213 | NS      | $4919244.96   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Auto Ltd                 | Bajaj Auto Ltd                                       | CUSIP: N/A<br>LEI: 335800DLAO5NCNN8G863       | Long             | EC               | CORP              | IN        |     38830 | NS      | $3627867.61   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                                        | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |   1069885 | NS      | $11887843.01  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Airtac International Group     | Airtac International Group                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     80993 | NS      | $2579664.14   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Amber Enterprises India Ltd    | Amber Enterprises India Ltd                          | CUSIP: N/A<br>LEI: 3358009JZU4XT3666G06       | Long             | EC               | CORP              | IN        |     44061 | NS      | $3077464.92   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao                          | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |   1829800 | NS      | $6499863.90   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev SA                                             | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   3139400 | NS      | $9242709.73   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                            | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   2051937 | NS      | $32163064.68  | 3.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finserv Ltd              | Bajaj Finserv Ltd                                    | CUSIP: N/A<br>LEI: 3358001EH4I4IDMGQ326       | Long             | EC               | CORP              | IN        |    264071 | NS      | $4586919.44   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd              | Bajaj Finance Ltd                                    | CUSIP: N/A<br>LEI: 335800YTEXC3DO4Z6F68       | Long             | EC               | CORP              | IN        |    455155 | NS      | $3894617.48   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Realtek Semiconductor Corp     | Realtek Semiconductor Corp                           | CUSIP: N/A<br>LEI: 5299002E7F36O00MYY75       | Long             | EC               | CORP              | TW        |    276073 | NS      | $4198757.55   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Computer Inc            | Quanta Computer Inc                                  | CUSIP: N/A<br>LEI: 529900DE8BIV3XOXIK04       | Long             | EC               | CORP              | TW        |   1047802 | NS      | $9429125.13   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd              | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | CN        |    438000 | NS      | $3367875.91   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd              | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | CN        |    133500 | NS      | $1106158.37   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    530300 | NS      | $2703076.00   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| YUE YUEN IND                   | Yue Yuen Industrial Holdings Ltd                     | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |   1101500 | NS      | $2148794.83   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero  | Bank Rakyat Indonesia Persero Tbk PT                 | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               | CORP              | ID        |  30717800 | NS      | $6138062.28   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd      | Zijin Mining Group Co Ltd                            | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |   2279253 | NS      | $10253216.95  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |    278744 | NS      | $7015986.48   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd       | Wilmar International Ltd                             | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   2636708 | NS      | $7921659.73   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhongsheng Group Holdings Ltd  | Zhongsheng Group Holdings Ltd                        | CUSIP: N/A<br>LEI: 3003005VYMEBAJNJ2Y26       | Long             | EC               | CORP              | CN        |   2629000 | NS      | $2783949.13   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                   | WH Group Ltd                                         | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |   6587500 | NS      | $8658853.40   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: N/A<br>LEI: 549300SCJPK3YZJTJR78       | Long             | EC               | CORP              | CN        |    294335 | NS      | $7244436.44   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings Inc                               | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |     85068 | NS      | $4225430.02   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Longsheng             | Zhejiang Longsheng Group Co Ltd                      | CUSIP: N/A<br>LEI: 300300XYB5YIMVFQA157       | Long             | EC               | CORP              | CN        |   1544200 | NS      | $2928633.80   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                        | Vale SA                                              | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    465900 | NS      | $7417738.54   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras                   | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |   1072100 | NS      | $10054850.62  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| KT Corp                        | KT Corp                                              | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | CORP              | KR        |    249379 | NS      | $5349179.55   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Chem Ltd                    | LG Chem Ltd                                          | CUSIP: N/A<br>LEI: 988400IES4EIG7O06940       | Long             | EC               | CORP              | KR        |     21155 | NS      | $4324067.62   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Weichai Power Co Ltd           | Weichai Power Co Ltd                                 | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | CN        |   3287000 | NS      | $11656439.28  | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank Nyrt                  | OTP Bank Nyrt                                        | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |     66487 | NS      | $7129260.27   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Natura Cosmeticos SA           | Natura Cosmeticos SA                                 | CUSIP: N/A<br>LEI: 98450085D7XCFF5A9N75       | Long             | EC               | CORP              | BR        |   3031800 | NS      | $6087187.85   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Oversea-Chinese Banking Corp L | Oversea-Chinese Banking Corp Ltd                     | CUSIP: N/A<br>LEI: 5493007O3QFXCPOGWK22       | Long             | EC               | CORP              | SG        |    411480 | NS      | $7047730.99   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Vietnam Dairy Products JSC     | Vietnam Dairy Products JSC                           | CUSIP: N/A<br>LEI: 549300148GRJ07D21X63       | Long             | EC               | CORP              | VN        |   2947290 | NS      | $6786702.15   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Oberoi Realty Ltd              | Oberoi Realty Ltd                                    | CUSIP: N/A<br>LEI: 335800TCKG1XQXN51L44       | Long             | EC               | CORP              | IN        |    243182 | NS      | $3681870.92   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| People's Insurance Co Group of | People's Insurance Co Group of China Ltd/The         | CUSIP: N/A<br>LEI: 3003000P2JHYHQ524P66       | Long             | EC               | CORP              | CN        |   6745800 | NS      | $4697969.82   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIENTAL YUHONG                | Beijing Oriental Yuhong Waterproof Technology Co Ltd | CUSIP: N/A<br>LEI: 300300XMIXB7STDZWT60       | Long             | EC               | CORP              | CN        |   2467600 | NS      | $5527301.48   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co Ltd  | NAURA Technology Group Co Ltd                        | CUSIP: N/A<br>LEI: 300300JI5I0B95GO5C39       | Long             | EC               | CORP              | CN        |     80443 | NS      | $5290178.19   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Lodha Developers Ltd           | Lodha Developers Ltd                                 | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               | CORP              | IN        |    528384 | NS      | $3819443.12   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Varun Beverages Ltd            | Varun Beverages Ltd                                  | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |    711919 | NS      | $2911971.93   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                 | MakeMyTrip Ltd                                       | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | IN        |     71671 | NS      | $2672611.59   | 0.31%             |  |  |  | No            |                  1 | 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