# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001145549-23-010486
**Filing Date:** 2023-2
**Character Count:** 23576
**Document Hash:** d8b92b342cd701c233d2766a901291ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010486.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010486

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Advisory Funds
- **CENTRAL INDEX KEY:** 0001548609
- **IRS NUMBER:** 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:** 23671973

**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 Small-Cap Fundamental Value Fund (Series ID: S000038484)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118727 | Investor Shares      | BIAUX           |
| C000118728 | Institutional Shares | BAUUX           |
| C000118729 | Advisor Shares       | BAUAX           |

## 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 Small-Cap Fundamental Value Fund

- **b. EDGAR series identifier (if any):** S000038484

- **c. LEI of Series:** 254900HKGWK6A7CKWC95

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1130996787.44

**Total Liabilities:** $1227431.48

**Net Assets:** $1129769355.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118727 | 12.72%               | 4.74%                | -5.16%               |
| Class ID C000118728 | 12.73%               | 4.72%                | -5.14%               |
| Class ID C000118729 | 12.69%               | 4.70%                | -5.17%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $16302092.22             | $121838706.68                              |
| Month 2  | $21186453.23             | $36432174.84                               |
| Month 3  | $11440858.78             | $-77873902.72                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Albany International Corp      | Albany International Corp                  | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |    251541 | NS      | $24799427.19  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Alerus Financial Corp          | Alerus Financial Corp                      | CUSIP: 01446U103<br>LEI: 5493008BXLBPPELQ3G57 | Long             | EC               | CORP              | US        |    125577 | NS      | $2932222.95   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp     | Amalgamated Financial Corp                 | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    512835 | NS      | $11815718.40  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                   | Assurant Inc                               | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |    166461 | NS      | $20817612.66  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                | Bancorp Inc/The                            | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    598924 | NS      | $16997463.12  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc          | CRA International Inc                      | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111983 | NS      | $13710078.69  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp                                   | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |    727721 | NS      | $28686761.82  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Cable One Inc                  | Cable One Inc                              | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |     32637 | NS      | $23232974.82  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corp                 | ChampionX Corp                             | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |   1412735 | NS      | $40955187.65  | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Chase Corp                     | Chase Corp                                 | CUSIP: 16150R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63894 | NS      | $5511496.44   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                     | Civeo Corp                                 | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |    160408 | NS      | $4988688.80   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA Inc                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |    163098 | NS      | $18769317.84  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc          | CTO Realty Growth Inc                      | CUSIP: 22948Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    201771 | NS      | $3688373.88   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Culp Inc                       | Culp Inc                                   | CUSIP: 230215105<br>LEI: 549300BIJZDD8EVS1U89 | Long             | EC               | CORP              | US        |    297612 | NS      | $1366039.08   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp            | Curtiss-Wright Corp                        | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |    140904 | NS      | $23529558.96  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc  | Dime Community Bancshares Inc              | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    427082 | NS      | $13594020.06  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    267347 | NS      | $35517048.95  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc         | Eastern Bankshares Inc                     | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |   1481673 | NS      | $25558859.25  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc       | EastGroup Properties Inc                   | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |    119381 | NS      | $17675550.86  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                  | EchoStar Corp                              | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |    628517 | NS      | $10483663.56  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr | Essential Properties Realty Trust Inc      | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |    869970 | NS      | $20418195.90  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp            | Federal Signal Corp                        | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |    590517 | NS      | $27441324.99  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  41092732 | NS      | $41092732.47  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp/Southern Pines N | First Bancorp/Southern Pines NC            | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    273736 | NS      | $11726850.24  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp              | Getty Realty Corp                          | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |    492994 | NS      | $16687846.90  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc        | Global Medical REIT Inc                    | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |    669544 | NS      | $6347277.12   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th | Hanover Insurance Group Inc/The            | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |    151665 | NS      | $20494491.45  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp                  | Ingevity Corp                              | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |    358144 | NS      | $25227663.36  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express In | International Money Express Inc            | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    837350 | NS      | $20406219.50  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                     | Kadant Inc                                 | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |     80708 | NS      | $14336162.04  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                   | La-Z-Boy Inc                               | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |    893174 | NS      | $20382230.68  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp            | Ladder Capital Corp                        | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |   2388971 | NS      | $23985268.84  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp           | MGIC Investment Corp                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |   1872437 | NS      | $24341681.00  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc    | Monarch Casino & Resort Inc                | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |    235400 | NS      | $18099906.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc     | Mueller Water Products Inc                 | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |   1265778 | NS      | $13619771.28  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                 | Murphy USA Inc                             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |     94832 | NS      | $26509337.28  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Corp                       | NCR Corp                                   | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |    538729 | NS      | $12611645.89  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group Inc                    | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |    184621 | NS      | $32314213.63  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc  | Oceaneering International Inc              | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |   2107500 | NS      | $36860175.00  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc            | Onto Innovation Inc                        | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |    298285 | NS      | $20310225.65  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens & Minor Inc              | Owens & Minor Inc                          | CUSIP: 690732102<br>LEI: 549300LMT5KQQXCEZ733 | Long             | EC               | CORP              | US        |    759668 | NS      | $14836316.04  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc              | PC Connection Inc                          | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |     91470 | NS      | $4289943.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc    | Pacific Premier Bancorp Inc                | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |    922431 | NS      | $29111922.36  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson Cos Inc              | Patterson Cos Inc                          | CUSIP: 703395103<br>LEI: YM48Q2087CUE26GWEK09 | Long             | EC               | CORP              | US        |    837014 | NS      | $23461502.42  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Co | Peapack-Gladstone Financial Corp           | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |    312073 | NS      | $11615357.06  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co   | Portland General Electric Co               | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |    410941 | NS      | $20136109.00  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Financial Corp         | Premier Financial Corp                     | CUSIP: 74052F108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    448605 | NS      | $12098876.85  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                  | Primerica Inc                              | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |    132496 | NS      | $18790582.72  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp    | REX American Resources Corp                | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    406905 | NS      | $12963993.30  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc           | SPX Technologies Inc                       | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |    190001 | NS      | $12473565.65  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc     | Sprouts Farmers Market Inc                 | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |    627845 | NS      | $20323342.65  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Star Group LP                  | Star Group LP                              | CUSIP: 85512C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    706199 | NS      | $8509697.95   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc     | Thermon Group Holdings Inc                 | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |    517543 | NS      | $10392263.44  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods Inc            | TreeHouse Foods Inc                        | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |    417330 | NS      | $20607755.40  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp             | UMB Financial Corp                         | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |    333931 | NS      | $27889917.12  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods Inc       | United Natural Foods Inc                   | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |    593207 | NS      | $22963042.97  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc | Virtus Investment Partners Inc             | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |     84408 | NS      | $16159067.52  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Vista Outdoor Inc              | Vista Outdoor Inc                          | CUSIP: 928377100<br>LEI: 549300QI2D33ESTJLN81 | Long             | EC               | CORP              | US        |    848112 | NS      | $20668489.44  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp            | WSFS Financial Corp                        | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |    455667 | NS      | $20659941.78  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WideOpenWest Inc               | WideOpenWest Inc                           | CUSIP: 96758W101<br>LEI: 549300RM6J2BWWOFU889 | Long             | EC               | CORP              | US        |   1405673 | NS      | $12805681.03  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd              | Helen of Troy Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     86762 | NS      | $9622773.42   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer