# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015728
**Filing Date:** 2025-11
**Character Count:** 39438
**Document Hash:** 2af6eb16fa8837a8736c08d0a2f826e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015728.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015728

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Advisory Funds
- **CENTRAL INDEX KEY:** 0001548609

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251527274

**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 Sustainable Small-Cap Core Fund (Series ID: S000072895)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000229576 | Institutional Shares | BAFYX           |
| C000229577 | Investor Shares      | BIAYX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Sustainable Small-Cap Core Fund** | **Brown Advisory Sustainable Small-Cap Core Fund** | **Brown Advisory Sustainable Small-Cap Core Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 90.8%** | **Shares** | **Value**  |
| **Communication Services - 2.8%** | **Communication Services - 2.8%** | |
| John Wiley & Sons, Inc. - Class A | 39707 | $1606942 |
| Nexstar Media Group, Inc. | 5597 | 1106751 |
|  |  | 2713693 |
| **Consumer Discretionary - 8.0%** | **Consumer Discretionary - 8.0%** |  |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 13600 | 1476552 |
| First Watch Restaurant Group, Inc. <sup>(a)</sup> | 59612 | 932332 |
| Modine Manufacturing Co. <sup>(a)</sup> | 12088 | 1718430 |
| TopBuild Corp. <sup>(a)</sup> | 2081 | 813380 |
| Wyndham Hotels & Resorts, Inc. | 19924 | 1591927 |
| YETI Holdings, Inc. <sup>(a)</sup> | 36777 | 1220261 |
|  |  | 7752882 |
| **Consumer Staples - 3.1%** | **Consumer Staples - 3.1%** |  |
| Guardian Pharmacy Services, Inc. - Class A <sup>(a)</sup> | 66381 | 1741174 |
| Nomad Foods Ltd. | 94389 | 1241215 |
|  |  | 2982389 |
| **Energy - 2.0%** | **Energy - 2.0%** |  |
| Bristow Group, Inc. <sup>(a)</sup> | 54701 | 1973612 |
| **Financials - 17.2%** | **Financials - 17.2%** |  |
| Assured Guaranty Ltd. | 18732 | 1585664 |
| Bancorp, Inc. <sup>(a)</sup> | 25057 | 1876519 |
| DigitalBridge Group, Inc. - Class A | 81618 | 954930 |
| Eastern Bankshares, Inc. | 144907 | 2630062 |
| Horace Mann Educators Corp. | 33868 | 1529817 |
| MGIC Investment Corp. | 50781 | 1440657 |
| NCR Atleos Corp. <sup>(a)</sup> | 45366 | 1783337 |
| Old National Bancorp | 89741 | 1969815 |
| Prosperity Bancshares, Inc. | 11437 | 758845 |
| Towne Bank/Portsmouth VA | 30473 | 1053452 |
| WSFS Financial Corp. | 21662 | 1168232 |
|  |  | 16751330 |
| **Health Care - 14.6%** | **Health Care - 14.6%** |  |
| Ascendis Pharma AS - ADR <sup>(a)</sup> | 6082 | 1209162 |
| Biohaven Ltd. <sup>(a)</sup> | 23259 | 349118 |
| BrightSpring Health Services, Inc. <sup>(a)</sup> | 12413 | 366928 |
| Bruker Corp. | 30776 | 999912 |
| Cytokinetics, Inc. <sup>(a)</sup> | 18207 | 1000657 |
| Encompass Health Corp. | 16449 | 2089352 |
| HealthEquity, Inc. <sup>(a)</sup> | 15358 | 1455478 |
| Insmed, Inc. <sup>(a)</sup> | 6424 | 925120 |
| Kestra Medical Technologies Ltd. <sup>(a)</sup> | 40475 | 961686 |
| LifeStance Health Group, Inc. <sup>(a)</sup> | 100552 | 553036 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> | 9154 | 1285038 |
| OrthoPediatrics Corp. <sup>(a)</sup> | 41890 | 776222 |
| Phreesia, Inc. <sup>(a)</sup> | 45103 | 1060823 |
| SI-BONE, Inc. <sup>(a)</sup> | 35909 | 528580 |
| Vaxcyte, Inc. <sup>(a)</sup> | 18631 | 671089 |
|  |  | 14232201 |
| **Industrials - 18.2%** | **Industrials - 18.2%** |  |
| Applied Industrial Technologies, Inc. | 6426 | 1677507 |
| Enerpac Tool Group Corp. | 30432 | 1247712 |
| EnPro, Inc. | 7719 | 1744494 |
| Generac Holdings, Inc. <sup>(a)</sup> | 6507 | 1089272 |
| Kadant, Inc. | 3637 | 1082298 |
| OPENLANE, Inc. <sup>(a)</sup> | 47124 | 1356229 |
| Sensata Technologies Holding PLC | 34454 | 1052570 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 8528 | 1098406 |
| SPX Technologies, Inc. <sup>(a)</sup> | 7881 | 1472013 |
| StandardAero, Inc. <sup>(a)</sup> | 44961 | 1226986 |
| Tennant Co. | 15681 | 1271102 |
| Valmont Industries, Inc. | 4243 | 1645138 |
| Zurn Elkay Water Solutions Corp. | 36919 | 1736301 |
|  |  | 17700028 |
| **Information Technology - 15.1%** | **Information Technology - 15.1%** |  |
| Confluent, Inc. - Class A <sup>(a)</sup> | 49205 | 974259 |
| CTS Corp. | 28775 | 1149274 |
| Dynatrace, Inc. <sup>(a)</sup> | 16429 | 795985 |
| Entegris, Inc. | 7537 | 696871 |
| Littelfuse, Inc. | 1516 | 392659 |
| NCR Voyix Corp. <sup>(a)</sup> | 70524 | 885076 |
| Novanta, Inc. <sup>(a)</sup> | 10043 | 1005806 |
| Onestream, Inc. - Class A <sup>(a)</sup> | 76566 | 1411111 |
| OSI Systems, Inc. <sup>(a)</sup> | 7194 | 1793033 |
| Power Integrations, Inc. | 20915 | 840992 |
| SailPoint, Inc. <sup>(a)</sup> | 15883 | 350697 |
| SiTime Corp. <sup>(a)</sup> | 5052 | 1522218 |
| Universal Display Corp. | 10023 | 1439604 |
| Vertex, Inc. - Class A <sup>(a)</sup> | 58541 | 1451231 |
|  |  | 14708816 |
| **Materials - 5.2%** | **Materials - 5.2%** |  |
| Ecovyst, Inc. <sup>(a)</sup> | 165175 | 1446933 |
| HB Fuller Co. | 14347 | 850490 |
| Ingevity Corp. <sup>(a)</sup> | 32534 | 1795551 |
| James Hardie Industries PLC <sup>(a)</sup> | 52337 | 1005394 |
|  |  | 5098368 |
| **Real Estate - 2.5%** | **Real Estate - 2.5%** |  |
| Cushman & Wakefield PLC <sup>(a)</sup> | 81739 | 1301285 |
| FirstService Corp. | 5759 | 1097032 |
|  |  | 2398317 |
| **Utilities - 2.1%** | **Utilities - 2.1%** |  |
| Talen Energy Corp. <sup>(a)</sup> | 4783 | 2034593 |
| **TOTAL COMMON STOCKS** (Cost $74,211,084) | **TOTAL COMMON STOCKS** (Cost $74,211,084) | 88346229 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 3.3%** | **Shares** | **Value**  |
| **Real Estate - 3.3%** | **Real Estate - 3.3%** |  |
| Curbline Properties Corp. | 48013 | 1070690 |
| EastGroup Properties, Inc. | 6992 | 1183466 |
| Essential Properties Realty Trust, Inc. | 33443 | 995264 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,962,296) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,962,296) | 3249420 |
| **CONTINGENT VALUE RIGHTS - 0.0%<sup>(b)</sup>** | **Shares** | **Value**  |
| **Health Care *-* 0.0%<sup>(b)</sup>** | **Health Care *-* 0.0%<sup>(b)</sup>** |  |
| Sanofi SA (Acquired in July 2025) <sup>(a)(c)</sup> | 12277 | 0 |
| **TOTAL RIGHTS** (Cost $0) | **TOTAL RIGHTS** (Cost $0) | 0 |
| **SHORT-TERM INVESTMENTS - 5.3%** | **Shares** | **Value**  |
| **Money Market Funds - 5.3%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(d)</sup> | 5117761 | 5117761 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,117,761) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,117,761) | 5117761 |
| **TOTAL INVESTMENTS - 99.4% (**Cost $82,291,141**)** | **TOTAL INVESTMENTS - 99.4% (**Cost $82,291,141**)** | 96713410 |
| Other Assets in Excess of Liabilities - 0.6% | Other Assets in Excess of Liabilities - 0.6% | 537295 |
| **TOTAL NET ASSETS - 100.0%** |  | $97250705 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

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

(a) Non-income producing security.

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

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $0 or 0.0% of net assets as of September 30, 2025.

(d) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Brown Advisory Sustainable Small-Cap Core Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $88346229 | $– | $– | $88346229 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 3249420 | – | – | 3249420 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Contingent Value Rights | – | – | 0 | 0 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5117761 | – | – | 5117761 |
| Total Investments | $96713410 | $– | $0 | $96713410 |
| 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 Sustainable Small-Cap Core Fund

- **b. EDGAR series identifier (if any):** S000072895

- **c. LEI of Series:** 2549006TZAZD3B133V86

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $97064484.06

**Total Liabilities:** $94260.37

**Net Assets:** $96970223.69

**Cash Not Reported:** $899053.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229576 | 2.62%                | 4.44%                | -0.81%               |
| Class ID C000229577 | 2.63%                | 4.55%                | -0.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1246303.19              | $1398888.01                                |
| Month 2  | $383523.74               | $4255759.38                                |
| Month 3  | $1209180.29              | $-2192813.65                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| StandardAero Inc               | StandardAero Inc                           | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44528 | NS      | $1215169.12   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                   | Phreesia Inc                               | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     44668 | NS      | $1050591.36   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc           | SPX Technologies Inc                       | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |      7805 | NS      | $1457817.90   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA       | Towne Bank/Portsmouth VA                   | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |     30179 | NS      | $1043288.03   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp         | Universal Display Corp                     | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9926 | NS      | $1425671.38   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                  | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     12277 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bruker Corp                    | Bruker Corp                                | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |     30479 | NS      | $990262.71    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp                                   | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     28498 | NS      | $1138210.12   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc         | Eastern Bankshares Inc                     | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |    143511 | NS      | $2604724.65   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp           | OrthoPediatrics Corp                       | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |     41486 | NS      | $768735.58    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp              | Talen Energy Corp                          | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4783 | NS      | $2034592.54   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                    | Vaxcyte Inc                                | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     18452 | NS      | $664641.04    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                      | Enpro Inc                                  | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |      7645 | NS      | $1727770.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardian Pharmacy Services Inc | Guardian Pharmacy Services Inc             | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65742 | NS      | $1724412.66   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp        | Enerpac Tool Group Corp                    | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |     30139 | NS      | $1235699.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc        | Mirion Technologies Inc                    | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |     49351 | NS      | $1147904.26   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                   | HB Fuller Co                               | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |     14209 | NS      | $842309.52    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                 | Littelfuse Inc                             | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |      1501 | NS      | $388774.01    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp           | MGIC Investment Corp                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     50292 | NS      | $1426784.04   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc     | Neurocrine Biosciences Inc                 | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      9066 | NS      | $1272685.08   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN        | Old National Bancorp/IN                    | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     88876 | NS      | $1950828.20   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply Inc               | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |      8445 | NS      | $1087716.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc              | YETI Holdings Inc                          | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     36423 | NS      | $1208515.14   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co        | Modine Manufacturing Co                    | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     12088 | NS      | $1718430.08   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                    | Novanta Inc                                | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9946 | NS      | $996091.90    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp            | WSFS Financial Corp                        | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     21454 | NS      | $1157014.22   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Ltd                | Nomad Foods Ltd                            | CUSIP: N/A<br>LEI: 5493000ZZ1837DS2SI43       | Long             | EC               | CORP              | GB        |     93479 | NS      | $1229248.85   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                     | Kadant Inc                                 | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |      3602 | NS      | $1071883.16   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc          | John Wiley & Sons Inc                      | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |     39325 | NS      | $1591482.75   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc   | Wyndham Hotels & Resorts Inc               | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     19733 | NS      | $1576666.70   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp                  | Ingevity Corp                              | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |     32220 | NS      | $1778221.80   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                     | Insmed Inc                                 | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      6424 | NS      | $925120.24    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group Inc                    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      5544 | NS      | $1096270.56   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC    | James Hardie Industries PLC                | CUSIP: N/A<br>LEI: 635400NSGXKTVOO7JU45       | Long             | EC               | CORP              | IE        |     51833 | NS      | $995711.93    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kestra Medical Technologies Lt | Kestra Medical Technologies Ltd            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     40085 | NS      | $952419.60    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                  | SailPoint Inc                              | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15730 | NS      | $347318.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding P | Sensata Technologies Holding PLC           | CUSIP: N/A<br>LEI: 529900MS7KFYCY9MS037       | Long             | EC               | CORP              | US        |     34122 | NS      | $1042427.10   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutio | Bright Horizons Family Solutions Inc       | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13469 | NS      | $1462329.33   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S            | Ascendis Pharma A/S                        | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      6024 | NS      | $1197631.44   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group Inc              | Bristow Group Inc                          | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |     54174 | NS      | $1954597.92   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd           | Assured Guaranty Ltd                       | CUSIP: N/A<br>LEI: 549300BBOQUJEPH87M14       | Long             | EC               | CORP              | BM        |     18552 | NS      | $1570426.80   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie | Applied Industrial Technologies Inc        | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      6364 | NS      | $1661322.20   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                  | Dynatrace Inc                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     16270 | NS      | $788281.50    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc       | EastGroup Properties Inc                   | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      6924 | NS      | $1171956.24   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                | Bancorp Inc/The                            | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |     24816 | NS      | $1858470.24   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services I | BrightSpring Health Services Inc           | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9231 | NS      | $272868.36    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc           | Generac Holdings Inc                       | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      6444 | NS      | $1078725.60   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LifeStance Health Group Inc    | LifeStance Health Group Inc                | CUSIP: 53228F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99583 | NS      | $547706.50    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                     | Vertex Inc                                 | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |     57977 | NS      | $1437249.83   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris Inc                               | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |      7465 | NS      | $690213.90    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I | First Watch Restaurant Group Inc           | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59038 | NS      | $923354.32    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc               | HealthEquity Inc                           | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     15210 | NS      | $1441451.70   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor | Zurn Elkay Water Solutions Corp            | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     36563 | NS      | $1719557.89   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                | OSI Systems Inc                            | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |      7125 | NS      | $1775835.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                    | SI-BONE Inc                                | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |     35563 | NS      | $523487.36    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp       | Curbline Properties Corp                   | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |     47550 | NS      | $1060365.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc               | Cytokinetics Inc                           | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |     18031 | NS      | $990983.76    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp          | Encompass Health Corp                      | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     16290 | NS      | $2069155.80   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr | Essential Properties Realty Trust Inc      | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     33121 | NS      | $985680.96    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   4218707 | NS      | $4218707.22   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC        | Cushman & Wakefield PLC                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     80951 | NS      | $1288739.92   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Voyix Corp                 | NCR Voyix Corp                             | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |     69844 | NS      | $876542.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Onestream Inc                  | Onestream Inc                              | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               | CORP              | US        |     75828 | NS      | $1397510.04   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc         | Power Integrations Inc                     | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     20713 | NS      | $832869.73    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                  | Confluent Inc                              | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |     48731 | NS      | $964873.80    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc      | Prosperity Bancshares Inc                  | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11327 | NS      | $751546.45    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                     | Tennant Co                                 | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |     15530 | NS      | $1258861.80   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp     | Horace Mann Educators Corp                 | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     33541 | NS      | $1515046.97   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc         | Valmont Industries Inc                     | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      4243 | NS      | $1645138.39   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp              | FirstService Corp                          | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      5704 | NS      | $1086554.96   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                   | OPENLANE Inc                               | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |     46670 | NS      | $1343162.60   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp                | NCR Atleos Corp                            | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |     44929 | NS      | $1766158.99   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc        | DigitalBridge Group Inc                    | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     80831 | NS      | $945722.70    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                    | Ecovyst Inc                                | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163584 | NS      | $1432995.84   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                    | SiTime Corp                                | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5003 | NS      | $1507453.93   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                  | TopBuild Corp                              | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      2061 | NS      | $805562.46    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                   | Biohaven Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     23035 | NS      | $345755.35    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer