# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015712
**Filing Date:** 2025-11
**Character Count:** 26802
**Document Hash:** 263a729413b56f297f3afd48d3d6afc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015712.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015712

**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:** 251527259

**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 Flexible Equity Fund (Series ID: S000038482)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118721 | Investor Shares      | BIAFX           |
| C000118722 | Institutional Shares | BAFFX           |
| C000118723 | Advisor Shares       | BAFAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Flexible Equity Fund** | **Brown Advisory Flexible Equity Fund** | **Brown Advisory Flexible Equity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.7%** | **Shares** | **Value**  |
| **Communication Services - 13.6%** | **Communication Services - 13.6%** | |
| Alphabet, Inc. - Class A | 142460 | $34632026 |
| Alphabet, Inc. - Class C | 132310 | 32224100 |
| Meta Platforms, Inc. - Class A | 84165 | 61809093 |
| T-Mobile US, Inc. | 55058 | 13179784 |
|  |  | 141845003 |
| **Consumer Discretionary - 11.0%** | **Consumer Discretionary - 11.0%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | 198845 | 43660397 |
| Amer Sports, Inc. <sup>(a)</sup> | 492096 | 17100336 |
| Booking Holdings, Inc. | 4808 | 25959690 |
| Lowe's Cos., Inc. | 40455 | 10166746 |
| TJX Cos., Inc. | 124280 | 17963431 |
|  |  | 114850600 |
| **Consumer Staples - 2.0%** | **Consumer Staples - 2.0%** |  |
| Mondelez International, Inc. - Class A | 225475 | 14085423 |
| Nomad Foods Ltd. | 541769 | 7124263 |
|  |  | 21209686 |
| **Energy - 2.1%** | **Energy - 2.1%** |  |
| Suncor Energy, Inc. | 513293 | 21460780 |
| **Financials - 26.2%** | **Financials - 26.2%** |  |
| American International Group, Inc. | 186655 | 14659884 |
| Bank of America Corp. | 364244 | 18791348 |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 75698 | 38056412 |
| Charles Schwab Corp. | 171519 | 16374919 |
| First Citizens BancShares, Inc. - Class A | 10361 | 18537487 |
| Fiserv, Inc. <sup>(a)</sup> | 155977 | 20110114 |
| KKR & Co., Inc. | 313541 | 40744653 |
| Mastercard, Inc. - Class A | 80490 | 45783517 |
| Progressive Corp. | 60125 | 14847869 |
| Visa, Inc. - Class A | 133880 | 45703954 |
|  |  | 273610157 |
| **Health Care - 8.7%** | **Health Care - 8.7%** |  |
| Align Technology, Inc. <sup>(a)</sup> | 56207 | 7038241 |
| Danaher Corp. | 41071 | 8142736 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | 251134 | 19530691 |
| Elevance Health, Inc. | 50557 | 16335978 |
| Illumina, Inc. <sup>(a)</sup> | 92680 | 8801820 |
| UnitedHealth Group, Inc. | 88147 | 30437159 |
|  |  | 90286625 |
| **Industrials - 10.3%** | **Industrials - 10.3%** |  |
| Canadian National Railway Co. | 102425 | 9658678 |
| Carrier Global Corp. | 317529 | 18956481 |
| Ferguson Enterprises, Inc. | 49678 | 11156685 |
| GE Aerospace | 53601 | 16124253 |
| Old Dominion Freight Line, Inc. | 53066 | 7470631 |
| Uber Technologies, Inc. <sup>(a)</sup> | 168103 | 16469051 |
| United Rentals, Inc. | 28654 | 27354828 |
|  |  | 107190607 |
| **Information Technology - 23.8%** | **Information Technology - 23.8%** |  |
| Adobe, Inc. <sup>(a)</sup> | 28492 | 10050553 |
| Analog Devices, Inc. | 66947 | 16448878 |
| Apple, Inc. | 54200 | 13800946 |
| Autodesk, Inc. <sup>(a)</sup> | 49392 | 15690357 |
| Intuit, Inc. | 38027 | 25969019 |
| KLA Corp. | 14942 | 16116441 |
| Marvell Technology, Inc. | 100882 | 8481150 |
| Microsoft Corp. | 148952 | 77149688 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 194798 | 54405133 |
| Workday, Inc. - Class A <sup>(a)</sup> | 43855 | 10557214 |
|  |  | 248669379 |
| **TOTAL COMMON STOCKS** (Cost $408,974,674) | **TOTAL COMMON STOCKS** (Cost $408,974,674) | 1019122837 |
| **SHORT-TERM INVESTMENTS - 2.3%** | **Shares** | **Value**  |
| **Money Market Funds - 2.3%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(b)</sup> | 24369727 | 24369727 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,369,727) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,369,727) | 24369727 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $433,344,401**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $433,344,401**)** | 1043492564 |
| Other Assets in Excess of Liabilities - 0.0%<sup>(c)</sup> | Other Assets in Excess of Liabilities - 0.0%<sup>(c)</sup> | 198284 |
| **TOTAL NET ASSETS - 100.0%** |  | $1043690848 |
| 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>

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b)<br> (c) | The rate shown represents the 7-day annualized yield as of September 30, 2025.<br> Represents less than 0.05% of net assets. |

---

------

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

Brown Advisory Flexible Equity 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 | $1019122837 | $– | $– | $1019122837 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 24369727 | – | – | 24369727 |
| Total Investments | $1043492564 | $– | $– | $1043492564 |
| 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 Flexible Equity Fund

- **b. EDGAR series identifier (if any):** S000038482

- **c. LEI of Series:** 25490014LIG26I039303

**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:** $1043987001.02

**Total Liabilities:** $639387.82

**Net Assets:** $1043347613.20

**Cash Not Reported:** $171896.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118721 | 0.00%                | 1.17%                | 1.05%                |
| Class ID C000118722 | 0.00%                | 1.19%                | 1.04%                |
| Class ID C000118723 | -0.02%               | 1.16%                | 1.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6448710.54              | $-6366168.75                               |
| Month 2  | $2667038.68              | $9296076.71                                |
| Month 3  | $1101267.01              | $8794343.46                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Workday Inc                    | Workday Inc                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     43855 | NS      | $10557214.15  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    132310 | NS      | $32224100.50  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    168103 | NS      | $16469050.91  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     88147 | NS      | $30437159.10  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    142460 | NS      | $34632026.00  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     75698 | NS      | $38056412.52  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc  | Old Dominion Freight Line Inc              | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     53066 | NS      | $7470631.48   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    171519 | NS      | $16374918.93  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    124280 | NS      | $17963431.20  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Ltd                | Nomad Foods Ltd                            | CUSIP: N/A<br>LEI: 5493000ZZ1837DS2SI43       | Long             | EC               | CORP              | GB        |    541769 | NS      | $7124262.35   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp                        | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |    317529 | NS      | $18956481.30  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                               | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     41071 | NS      | $8142736.46   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises Inc                   | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     49678 | NS      | $11156685.24  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  24142344 | NS      | $24142343.57  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    155977 | NS      | $20110114.61  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                               | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    313541 | NS      | $40744652.95  | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    225475 | NS      | $14085423.25  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    194798 | NS      | $54405133.42  | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                | Amer Sports Inc                            | CUSIP: N/A<br>LEI: 391200YCSWTRD1J21867       | Long             | EC               | CORP              | FI        |    492096 | NS      | $17100336.00  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      4808 | NS      | $25959690.16  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp      | Edwards Lifesciences Corp                  | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |    251134 | NS      | $19530691.18  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     40455 | NS      | $10166746.05  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc                     | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100882 | NS      | $8481149.74   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     80490 | NS      | $45783516.90  | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    148952 | NS      | $77149688.40  | 7.39%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     55058 | NS      | $13179784.04  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals Inc                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     28654 | NS      | $27354827.64  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    133880 | NS      | $45703954.40  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     28492 | NS      | $10050553.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    198845 | NS      | $43660396.65  | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group Inc           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    186655 | NS      | $14659883.70  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     66947 | NS      | $16448877.90  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     50557 | NS      | $16335977.84  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     54200 | NS      | $13800946.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    364244 | NS      | $18791347.96  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co   | Canadian National Railway Co               | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |    102425 | NS      | $9658677.50   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     84165 | NS      | $61809092.70  | 5.92%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/ | First Citizens BancShares Inc/NC           | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |     10361 | NS      | $18537486.76  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                        | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     53601 | NS      | $16124252.82  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     38027 | NS      | $25969018.57  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     60125 | NS      | $14847868.75  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc              | Suncor Energy Inc                          | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    513293 | NS      | $21460780.33  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc           | Align Technology Inc                       | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |     56207 | NS      | $7038240.54   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     49392 | NS      | $15690356.64  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                   | Illumina Inc                               | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     92680 | NS      | $8801819.60   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     14942 | NS      | $16116441.20  | 1.54%             |  |  |  | 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