# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015719
**Filing Date:** 2025-11
**Character Count:** 32683
**Document Hash:** 0bb325593cb679c95de9d04624e52d91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015719.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015719

**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:** 251527266

**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 Mid-Cap Growth Fund (Series ID: S000058723)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000192739 | Institutional Shares | BAFMX           |
| C000192740 | Investor Shares      | BMIDX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Mid-Cap Growth Fund** | **Brown Advisory Mid-Cap Growth Fund** | **Brown Advisory Mid-Cap Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 96.5%** | **Shares** | **Value**  |
| **Communication Services - 3.1%** | **Communication Services - 3.1%** | |
| ROBLOX Corp. - Class A <sup>(a)</sup> | 9044 | $1252775 |
| Trade Desk, Inc. - Class A <sup>(a)</sup> | 13076 | 640855 |
|  |  | 1893630 |
| **Consumer Discretionary - 14.9%** | **Consumer Discretionary - 14.9%** |  |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 6544 | 710482 |
| Carvana Co. <sup>(a)</sup> | 782 | 295002 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 21584 | 845877 |
| Coupang, Inc. - Class A <sup>(a)</sup> | 51580 | 1660876 |
| Domino's Pizza, Inc. | 1699 | 733475 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | 2733 | 743349 |
| DraftKings, Inc. - Class A <sup>(a)</sup> | 26755 | 1000637 |
| Hilton Worldwide Holdings, Inc. | 7242 | 1878864 |
| Ross Stores, Inc. | 7749 | 1180870 |
|  |  | 9049432 |
| **Consumer Staples - 0.8%** | **Consumer Staples - 0.8%** |  |
| Casey's General Stores, Inc. | 864 | 488436 |
| **Energy - 4.6%** | **Energy - 4.6%** |  |
| Cheniere Energy, Inc. | 7828 | 1839424 |
| Oceaneering International, Inc. <sup>(a)</sup> | 39795 | 986120 |
|  |  | 2825544 |
| **Financials - 4.0%** | **Financials - 4.0%** |  |
| Ares Management Corp. | 7068 | 1130102 |
| Arthur J Gallagher & Co. | 2834 | 877803 |
| Tradeweb Markets, Inc. - Class A | 3909 | 433821 |
|  |  | 2441726 |
| **Health Care - 19.5%** | **Health Care - 19.5%** |  |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 3473 | 1583688 |
| Bio-Techne Corp. | 16855 | 937644 |
| Bruker Corp. | 26214 | 851693 |
| Cardinal Health, Inc. | 10042 | 1576192 |
| Dexcom, Inc. <sup>(a)</sup> | 21755 | 1463894 |
| HealthEquity, Inc. <sup>(a)</sup> | 7673 | 727170 |
| Insulet Corp. <sup>(a)</sup> | 3370 | 1040420 |
| Veeva Systems, Inc. - Class A <sup>(a)</sup> | 5089 | 1516064 |
| West Pharmaceutical Services, Inc. | 8126 | 2131694 |
|  |  | 11828459 |
| **Industrials - 20.8%** | **Industrials - 20.8%** |  |
| AAON, Inc. | 10802 | 1009339 |
| Applied Industrial Technologies, Inc. | 3003 | 783933 |
| Carlisle Cos., Inc. | 905 | 297709 |
| Cintas Corp. | 1990 | 408467 |
| Comfort Systems USA, Inc. | 1211 | 999293 |
| Copart, Inc. <sup>(a)</sup> | 11394 | 512388 |
| Equifax, Inc. | 4895 | 1255714 |
| HEICO Corp. - Class A | 5988 | 1521491 |
| Old Dominion Freight Line, Inc. | 3508 | 493856 |
| OPENLANE, Inc. <sup>(a)</sup> | 38747 | 1115139 |
| Parsons Corp. <sup>(a)</sup> | 2042 | 169323 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 6470 | 833336 |
| Verisk Analytics, Inc. | 4538 | 1141352 |
| Vertiv Holdings Co. - Class A | 4722 | 712361 |
| Voyager Technologies, Inc. - Class A <sup>(a)</sup> | 12787 | 380797 |
| Waste Connections, Inc. | 5787 | 1017355 |
|  |  | 12651853 |
| **Information Technology - 21.9%** | **Information Technology - 21.9%** |  |
| Autodesk, Inc. <sup>(a)</sup> | 1962 | 623268 |
| CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 142417 | 1297419 |
| Cloudflare, Inc. - Class A <sup>(a)</sup> | 3013 | 646560 |
| Datadog, Inc. - Class A <sup>(a)</sup> | 8082 | 1150877 |
| Dynatrace, Inc. <sup>(a)</sup> | 15027 | 728058 |
| Fair Isaac Corp. <sup>(a)</sup> | 771 | 1153825 |
| Gartner, Inc. <sup>(a)</sup> | 1248 | 328062 |
| HubSpot, Inc. <sup>(a)</sup> | 2797 | 1308437 |
| Lattice Semiconductor Corp. <sup>(a)</sup> | 9958 | 730120 |
| Marvell Technology, Inc. | 18694 | 1571605 |
| Monolithic Power Systems, Inc. | 1262 | 1161848 |
| Netskope, Inc. - Class A <sup>(a)</sup> | 8239 | 187272 |
| Onestream, Inc. - Class A <sup>(a)</sup> | 37360 | 688545 |
| Pure Storage, Inc. - Class A <sup>(a)</sup> | 4603 | 385777 |
| Tyler Technologies, Inc. <sup>(a)</sup> | 1501 | 785263 |
| Workday, Inc. - Class A <sup>(a)</sup> | 2272 | 546938 |
|  |  | 13293874 |
| **Materials - 2.1%** | **Materials - 2.1%** |  |
| Vulcan Materials Co. | 4181 | 1286159 |
| **Real Estate - 2.6%** | **Real Estate - 2.6%** |  |
| CoStar Group, Inc. <sup>(a)</sup> | 18519 | 1562448 |
| **Utilities - 2.2%** | **Utilities - 2.2%** |  |
| Vistra Corp. | 6750 | 1322460 |
| **TOTAL COMMON STOCKS** (Cost $43,892,743) | **TOTAL COMMON STOCKS** (Cost $43,892,743) | 58644021 |
| **SHORT-TERM INVESTMENTS - 3.0%** | **Shares** | **Value**  |
| **Money Market Funds – 3.0%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(b)</sup> | 1805855 | 1805855 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,805,855) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,805,855) | 1805855 |
| **TOTAL INVESTMENTS - 99.5% (**Cost $45,698,598**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $45,698,598**)** | 60449876 |
| Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | 294380 |
| **TOTAL NET ASSETS - 100.0%** |  | $60744256 |
| 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. |

---

(a) Non-income producing security.

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

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)

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

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of 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 | $58644021 | $– | $– | $58644021 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1805855 | – | – | 1805855 |
| Total Investments | $60449876 | $– | $– | $60449876 |
| 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 Mid-Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000058723

- **c. LEI of Series:** 254900LJWSFYN4LGRK48

**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:** $61166508.35

**Total Liabilities:** $320680.83

**Net Assets:** $60845827.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000192739 | 1.60%                | -0.16%               | 0.65%                |
| Class ID C000192740 | 1.57%                | -0.22%               | 0.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $629913.34               | $535524.10                                 |
| Month 2  | $2353503.96              | $-2455114.08                               |
| Month 3  | $1819668.78              | $-1362149.53                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alnylam Pharmaceuticals Inc    | Alnylam Pharmaceuticals Inc                | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      3501 | NS      | $1596456.00   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutio | Bright Horizons Family Solutions Inc       | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6597 | NS      | $716236.29    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc     | Casey's General Stores Inc                 | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       871 | NS      | $492393.72    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA Inc                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      1221 | NS      | $1007544.78   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                                | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |      4934 | NS      | $1265719.02   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      2857 | NS      | $884927.18    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc               | HealthEquity Inc                           | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      7736 | NS      | $733140.72    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc               | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      1272 | NS      | $1171054.08   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc  | Oceaneering International Inc              | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |     40117 | NS      | $994099.26    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc  | Old Dominion Freight Line Inc              | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      3537 | NS      | $497938.86    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Onestream Inc                  | Onestream Inc                              | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               | CORP              | US        |     37663 | NS      | $694129.09    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The             | Trade Desk Inc/The                         | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     13182 | NS      | $646049.82    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      6778 | NS      | $1327945.76   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co                        | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      4215 | NS      | $1296618.30   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I | West Pharmaceutical Services Inc           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      8192 | NS      | $2149007.36   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday Inc                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      2290 | NS      | $551271.70    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                    | Bruker Corp                                | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |     26427 | NS      | $858613.23    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                                | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2007 | NS      | $411956.82    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare Inc                             | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      3037 | NS      | $651709.83    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                     | Copart Inc                                 | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     11487 | NS      | $516570.39    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group Inc                           | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     18670 | NS      | $1575187.90   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp     | Lattice Semiconductor Corp                 | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     10039 | NS      | $736059.48    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc               | Pure Storage Inc                           | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      4641 | NS      | $388962.21    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      7891 | NS      | $1854227.18   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill Inc                 | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21759 | NS      | $852735.21    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                                | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |     51999 | NS      | $1674367.80   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                 | DraftKings Inc                             | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     26972 | NS      | $1008752.80   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                    | HubSpot Inc                                | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      2820 | NS      | $1319196.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                         | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      4760 | NS      | $718093.60    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                       | AAON Inc                                   | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10889 | NS      | $1017468.16   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie | Applied Industrial Technologies Inc        | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      3027 | NS      | $790198.35    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc               | Carlisle Cos Inc                           | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |       913 | NS      | $300340.48    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                                | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      8147 | NS      | $1160132.80   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                     | Dexcom Inc                                 | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     21931 | NS      | $1475736.99   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc             | Domino's Pizza Inc                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      1713 | NS      | $739519.23    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                               | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      2755 | NS      | $749332.45    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                  | Dynatrace Inc                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     15149 | NS      | $733969.05    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                | Fair Isaac Corp                            | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       777 | NS      | $1162803.81   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   2064354 | NS      | $2064353.61   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                     | HEICO Corp                                 | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      6037 | NS      | $1533941.33   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc              | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      7301 | NS      | $1894171.44   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                               | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      3397 | NS      | $1048755.81   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                   | OPENLANE Inc                               | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |     39061 | NS      | $1124175.58   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Hold | CCC Intelligent Solutions Holdings Inc     | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143572 | NS      | $1307940.92   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                    | Gartner Inc                                | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      1258 | NS      | $330690.46    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc         | Tyler Technologies Inc                     | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1513 | NS      | $791541.08    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc                     | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19036 | NS      | $1600356.52   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Netskope Inc                   | Netskope Inc                               | CUSIP: 64119N608<br>LEI: 254900CS525VJG6KO570 | Long             | EC               | CORP              | US        |      8286 | NS      | $188340.78    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                   | Parsons Corp                               | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |      1199 | NS      | $99421.08     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                    | ROBLOX Corp                                | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9044 | NS      | $1252774.88   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                | Ross Stores Inc                            | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      7812 | NS      | $1190470.68   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply Inc               | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |      6522 | NS      | $840033.60    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc           | Tradeweb Markets Inc                       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3941 | NS      | $437372.18    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      4575 | NS      | $1150658.25   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Voyager Technologies Inc       | Voyager Technologies Inc                   | CUSIP: 92892B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12890 | NS      | $383864.20    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                      | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      5834 | NS      | $1025617.20   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp           | Ares Management Corp                       | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |      7125 | NS      | $1139216.25   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1978 | NS      | $628351.26    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp                            | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     16991 | NS      | $945209.33    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     10124 | NS      | $1589063.04   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                     | Carvana Co                                 | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |       782 | NS      | $295001.68    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems Inc                          | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      5130 | NS      | $1528278.30   | 2.51%             |  |  |  | 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