# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-006393
**Filing Date:** 2025-8
**Character Count:** 29647
**Document Hash:** 8c45c3dde31270b92d28b2d58516cd52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006393.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0000894189-25-006393

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250630

**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:** 251277278

**BUSINESS ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-537-5400

**MAIL ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### Brown Advisory - WMC Japan Equity Fund (Series ID: S000088082)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000254125 | Institutional Shares | BAFJX           |
| C000254126 | Investor Shares      | BIJEX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Brown Advisory Funds

- **b. Investment Company Act file number:** 811-22708

- **c. CIK number of Registrant:** 0001548609

- **d. LEI of Registrant:** 254900ZS9LW6H6GM4251

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 901 South Bond Street, Suite 400

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

  - **Telephone number:** 4105375400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Brown Advisory - WMC Japan Equity Fund

- **b. EDGAR series identifier (if any):** S000088082

- **c. LEI of Series:** 254900C2W98YASY1PB57

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

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $308415140.91

**Total Liabilities:** $3605926.05

**Net Assets:** $304809214.86

**Cash Not Reported:** $3585727.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254125 | 3.96%                | 4.30%                | 2.06%                |
| Class ID C000254126 | 4.07%                | 4.20%                | 2.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-154888.43              | $8415910.25                                |
| Month 2  | $1045196.38              | $9345330.38                                |
| Month 3  | $1174055.11              | $4861090.99                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mitsubishi Gas Chemical Co Inc | Mitsubishi Gas Chemical Co Inc             | CUSIP: N/A<br>LEI: 529900G5O4J27ZPLJJ89       | Long             | EC               | CORP              | JP        |    201020 | NS      | $3086585.48   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mebuki Financial Group Inc     | Mebuki Financial Group Inc                 | CUSIP: N/A<br>LEI: 353800K1RXV3E3JAE812       | Long             | EC               | CORP              | JP        |    632197 | NS      | $3298950.13   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Future Corp                    | Future Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    341038 | NS      | $5071810.40   | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd       | Mitsubishi Estate Co Ltd                   | CUSIP: N/A<br>LEI: 353800KOFMRGOXSJ5Z65       | Long             | EC               | CORP              | JP        |    340051 | NS      | $6374976.45   | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Rohm Co Ltd                    | Rohm Co Ltd                                | CUSIP: N/A<br>LEI: 5493009V2FGDEP7JFE59       | Long             | EC               | CORP              | JP        |    227066 | NS      | $2890701.93   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Seimitsu Co Ltd          | Tokyo Seimitsu Co Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     33389 | NS      | $2218569.95   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Chemical Corp           | Nissan Chemical Corp                       | CUSIP: N/A<br>LEI: 3538002E4L1CUGJFFU25       | Long             | EC               | CORP              | JP        |    140753 | NS      | $4292624.26   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| BIPROGY Inc                    | BIPROGY Inc                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     62162 | NS      | $2599085.53   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| ARE Holdings Inc               | ARE Holdings Inc                           | CUSIP: N/A<br>LEI: 353800W25FCOFE32EM73       | Long             | EC               | CORP              | JP        |    290071 | NS      | $3626388.73   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| ADEKA Corp                     | ADEKA Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    242012 | NS      | $4627412.77   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                            | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    310816 | NS      | $8081317.41   | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc            | Astellas Pharma Inc                        | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               | CORP              | JP        |    572462 | NS      | $5604949.47   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| SIGMAXYZ Holdings Inc          | SIGMAXYZ Holdings Inc                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    358100 | NS      | $3113635.63   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuso Chemical Co Ltd           | Fuso Chemical Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    224598 | NS      | $6019650.55   | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Corp/Aichi                | Fuji Corp/Aichi                            | CUSIP: N/A<br>LEI: 353800G4VS3QLM6BSX66       | Long             | EC               | CORP              | JP        |    231664 | NS      | $4312117.96   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Isuzu Motors Ltd               | Isuzu Motors Ltd                           | CUSIP: N/A<br>LEI: 529900C0QSXVCC7AR494       | Long             | EC               | CORP              | JP        |    488059 | NS      | $6182701.95   | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Canon Marketing Japan Inc      | Canon Marketing Japan Inc                  | CUSIP: N/A<br>LEI: 529900WMTZBIIROD5K97       | Long             | EC               | CORP              | JP        |     17707 | NS      | $648775.79    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikari Tsushin Inc             | Hikari Tsushin Inc                         | CUSIP: N/A<br>LEI: 3538001SOIIV8U3OXH94       | Long             | EC               | CORP              | JP        |      6833 | NS      | $2017555.43   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp                    | ITOCHU Corp                                | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |     65765 | NS      | $3443785.46   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp                  | Marubeni Corp                              | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |    224393 | NS      | $4523369.57   | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruwa Co Ltd/Aichi            | Maruwa Co Ltd/Aichi                        | CUSIP: N/A<br>LEI: 3538009BXGIG8PFXNI29       | Long             | EC               | CORP              | JP        |      9278 | NS      | $2659250.15   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D Holdings Inc               | T&D Holdings Inc                           | CUSIP: N/A<br>LEI: 3538008ARJ1MACEWA242       | Long             | EC               | CORP              | JP        |    233300 | NS      | $5120960.61   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui House Ltd              | Sekisui House Ltd                          | CUSIP: N/A<br>LEI: 529900GMNDOYQSAJAE76       | Long             | EC               | CORP              | JP        |    162421 | NS      | $3574779.43   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp              | Suzuki Motor Corp                          | CUSIP: N/A<br>LEI: 353800D83H0V3ZV1SV24       | Long             | EC               | CORP              | JP        |    241802 | NS      | $2915220.70   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| THK Co Ltd                     | THK Co Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     67181 | NS      | $1793022.25   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Tsusho Corp             | Toyota Tsusho Corp                         | CUSIP: N/A<br>LEI: 549300CEE2ENIUJNXB84       | Long             | EC               | CORP              | JP        |    196909 | NS      | $4460234.90   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| 77 Bank Ltd/The                | 77 Bank Ltd/The                            | CUSIP: N/A<br>LEI: 549300U6CT3EHB9XS980       | Long             | EC               | CORP              | JP        |     91931 | NS      | $3137300.93   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Aica Kogyo Co Ltd              | Aica Kogyo Co Ltd                          | CUSIP: N/A<br>LEI: 353800I589BKZAOJD116       | Long             | EC               | CORP              | JP        |     97549 | NS      | $2434255.49   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Soda Co Ltd             | Nippon Soda Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    128504 | NS      | $2705730.37   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamato Kogyo Co Ltd            | Yamato Kogyo Co Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     50394 | NS      | $3062096.71   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings | MS&AD Insurance Group Holdings Inc         | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |    211374 | NS      | $4725394.33   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Optorun Co Ltd                 | Optorun Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    122753 | NS      | $1388083.09   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Ushio Inc                      | Ushio Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    179639 | NS      | $2231518.38   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyo Tanso Co Ltd              | Toyo Tanso Co Ltd                          | CUSIP: N/A<br>LEI: 529900YTFHZ3XYGL3R93       | Long             | EC               | CORP              | JP        |    134666 | NS      | $4567812.97   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Aisin Corp                     | Aisin Corp                                 | CUSIP: N/A<br>LEI: 3538004IOK08PDY6I723       | Long             | EC               | CORP              | JP        |    176037 | NS      | $2251936.60   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| ABC-Mart Inc                   | ABC-Mart Inc                               | CUSIP: N/A<br>LEI: 353800AXWW4CMTSJWL33       | Long             | EC               | CORP              | JP        |    150367 | NS      | $3089114.36   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ASKUL Corp                     | ASKUL Corp                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    250815 | NS      | $2675664.09   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Adastria Co Ltd                | Adastria Co Ltd                            | CUSIP: N/A<br>LEI: 353800DZZIJ399PIWU03       | Long             | EC               | CORP              | JP        |     87959 | NS      | $1818703.75   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| JGC Holdings Corp              | JGC Holdings Corp                          | CUSIP: N/A<br>LEI: 5493003WMGG79YLARU68       | Long             | EC               | CORP              | JP        |    177930 | NS      | $1539595.23   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI Japan ETF         | iShares MSCI Japan ETF                     | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |     14351 | NS      | $1075894.47   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Relo Group Inc                 | Relo Group Inc                             | CUSIP: N/A<br>LEI: 353800T595XRZDA8IB59       | Long             | EC               | CORP              | JP        |    120500 | NS      | $1430091.56   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc            | Resona Holdings Inc                        | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |    245800 | NS      | $2270165.02   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Koa Corp                       | Koa Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    134661 | NS      | $788302.46    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Ulvac Inc                      | Ulvac Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     79326 | NS      | $2909763.30   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Nichicon Corp                  | Nichicon Corp                              | CUSIP: N/A<br>LEI: 353800QK5U8ET4YJHF28       | Long             | EC               | CORP              | JP        |    209057 | NS      | $1719359.90   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd      | Shin-Etsu Chemical Co Ltd                  | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |    273969 | NS      | $9046999.26   | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd             | Tokyo Electron Ltd                         | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     41921 | NS      | $8028268.22   | 2.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Sega Sammy Holdings Inc        | Sega Sammy Holdings Inc                    | CUSIP: N/A<br>LEI: 5493006B6WMKNQ8QNP51       | Long             | EC               | CORP              | JP        |    165469 | NS      | $3960681.32   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| LaSalle Logiport REIT          | LaSalle Logiport REIT                      | CUSIP: N/A<br>LEI: 353800II3DI1RPKBB314       | Long             | EC               | CORP              | JP        |      5221 | NS      | $5046217.48   | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd       | Asahi Group Holdings Ltd                   | CUSIP: N/A<br>LEI: 353800KAJ02XNHLCJW79       | Long             | EC               | CORP              | JP        |    544375 | NS      | $7276736.41   | 2.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Daito Trust Cons               | Daito Trust Construction Co Ltd            | CUSIP: N/A<br>LEI: 353800QQ4DRI3KXS3038       | Long             | EC               | CORP              | JP        |     39601 | NS      | $4313280.02   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| en Japan Inc                   | en Japan Inc                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    149933 | NS      | $1728628.90   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                      | KDDI Corp                                  | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    536624 | NS      | $9214148.67   | 3.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Lintec Corp                    | Lintec Corp                                | CUSIP: N/A<br>LEI: 3538002YOJO0IAM1PD28       | Long             | EC               | CORP              | JP        |    167500 | NS      | $3433718.15   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group | Mitsubishi UFJ Financial Group Inc         | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |    236532 | NS      | $3224780.82   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd             | Honda Motor Co Ltd                         | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               | CORP              | JP        |    290244 | NS      | $2798780.64   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyowa Kirin Co Ltd             | Kyowa Kirin Co Ltd                         | CUSIP: N/A<br>LEI: 529900TBXKVTQGYA3582       | Long             | EC               | CORP              | JP        |    115403 | NS      | $1975385.63   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                     | Denso Corp                                 | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |    214000 | NS      | $2887991.80   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| OSG Corp                       | OSG Corp                                   | CUSIP: N/A<br>LEI: 353800IWJAOVAFO6X450       | Long             | EC               | CORP              | JP        |    138700 | NS      | $1636258.31   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Soda Co Ltd              | Osaka Soda Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    169904 | NS      | $2113162.96   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| dip Corp                       | dip Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    242430 | NS      | $3835081.82   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| M3 Inc                         | M3 Inc                                     | CUSIP: N/A<br>LEI: 3538001UOKRWIODYM055       | Long             | EC               | CORP              | JP        |    151877 | NS      | $2086290.43   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Open Up Group Inc              | Open Up Group Inc                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    293914 | NS      | $3481796.07   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group In | Sumitomo Mitsui Trust Group Inc            | CUSIP: N/A<br>LEI: 353800P843RLCDBLNT17       | Long             | EC               | CORP              | JP        |    280208 | NS      | $7452812.86   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaha Motor Co Ltd            | Yamaha Motor Co Ltd                        | CUSIP: N/A<br>LEI: 3538004LR5NXILJDHY88       | Long             | EC               | CORP              | JP        |    135297 | NS      | $1012437.57   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| TechMatrix Corp                | TechMatrix Corp                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    139379 | NS      | $2185383.40   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co Ltd              | Shionogi & Co Ltd                          | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |    369443 | NS      | $6650816.60   | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Persol Holdings Co Ltd         | Persol Holdings Co Ltd                     | CUSIP: N/A<br>LEI: 3538000H6OI725NB2008       | Long             | EC               | CORP              | JP        |   2023292 | NS      | $3948852.22   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co Ltd         | Otsuka Holdings Co Ltd                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    126084 | NS      | $6251157.09   | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TechnoPro Holdings Inc         | TechnoPro Holdings Inc                     | CUSIP: N/A<br>LEI: 3538001DJ8I5PJQNHU53       | Long             | EC               | CORP              | JP        |     91221 | NS      | $2658354.83   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimamura Co Ltd               | Shimamura Co Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     32926 | NS      | $2310287.91   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Ship Healthcare Holdings Inc   | Ship Healthcare Holdings Inc               | CUSIP: N/A<br>LEI: 353800BIFUE1L527TH13       | Long             | EC               | CORP              | JP        |     71800 | NS      | $966378.24    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| KH Neochem Co Ltd              | KH Neochem Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    199266 | NS      | $3490000.40   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   9005859 | NS      | $9005858.74   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd          | Daiichi Sankyo Co Ltd                      | CUSIP: N/A<br>LEI: 353800XGIU2IHQGC9504       | Long             | EC               | CORP              | JP        |    363236 | NS      | $8415490.23   | 2.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc     | Dai-ichi Life Holdings Inc                 | CUSIP: N/A<br>LEI: 549300ZUFXI7JXZVTZ25       | Long             | EC               | CORP              | JP        |    894210 | NS      | $6798326.83   | 2.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc     | Mizuho Financial Group Inc                 | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |    197836 | NS      | $5491913.06   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group Inc               | MISUMI Group Inc                           | CUSIP: N/A<br>LEI: 353800SJWGE5BEK2V032       | Long             | EC               | CORP              | JP        |    454389 | NS      | $6069949.93   | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| NOF Corp                       | NOF Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    167873 | NS      | $3216906.67   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT Inc                        | NTT Inc                                    | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |   2626814 | NS      | $2808354.29   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer