# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001145549-23-010493
**Filing Date:** 2023-2
**Character Count:** 26221
**Document Hash:** 17868e99b180a8b0d5b44940c1ba8bb5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010493.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010493

**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:** 23671985

**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 Strategic European Equity Fund (Series ID: S000042683)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000131937 | Institutional Shares | BAFHX           |
| C000131938 | Investor Shares      | BIAHX           |
| C000131939 | Advisor Shares       | BAHAX           |

## 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 Strategic European Equity Fund

- **b. EDGAR series identifier (if any):** S000042683

- **c. LEI of Series:** 549300UMYQLY5V8U0785

**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:** $180026807.99

**Total Liabilities:** $221784.75

**Net Assets:** $179805023.24

**Cash Not Reported:** $87488.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000131937 | 7.88%                | 12.21%               | 0.59%                |
| Class ID C000131938 | 7.80%                | 12.26%               | 0.54%                |
| Class ID C000131939 | 7.79%                | 12.22%               | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3500375.89             | $17528088.69                               |
| Month 2  | $1541302.88              | $17855310.07                               |
| Month 3  | $-75644.28               | $935299.47                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Spectris PLC                   | Spectris PLC                                         | CUSIP: N/A<br>LEI: 213800Z4CO2CZO3M3T10       | Long             | EC               | CORP              | GB        |     52714 | NS      | $1909661.33   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                 | Prudential PLC                                       | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |    362796 | NS      | $4946854.78   | 2.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                                   | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    314119 | NS      | $4195026.28   | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund           | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   6485796 | NS      | $6485796.50   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                       | Next PLC                                             | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     33398 | NS      | $2340234.76   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Porr Ag                        | Porr Ag                                              | CUSIP: N/A<br>LEI: 529900ARBU9SBJFNX419       | Long             | EC               | CORP              | AT        |     30367 | NS      | $380815.94    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                      | Thales SA                                            | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |     16744 | NS      | $2139353.42   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                                              | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    112509 | NS      | $4474486.03   | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| United Internet AG             | United Internet AG                                   | CUSIP: D8542B125<br>LEI: 3VEKWPJHTD4NKMBVG947 | Long             | EC               | CORP              | DE        |    179457 | NS      | $3618666.97   | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                                   | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |     66580 | NS      | $4253269.43   | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                   | KBC Group NV                                         | CUSIP: N/A<br>LEI: 213800X3Q9LSAKRUWY91       | Long             | EC               | CORP              | BE        |     27915 | NS      | $1797309.81   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hannover Rueck SE              | Hannover Rueck SE                                    | CUSIP: N/A<br>LEI: 529900KIN5BE45V5KB18       | Long             | EC               | CORP              | DE        |      5980 | NS      | $1179896.08   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Komercni Banka AS              | Komercni Banka AS                                    | CUSIP: N/A<br>LEI: IYKCAVNFR8QGF00HV840       | Long             | EC               | CORP              | CZ        |     54007 | NS      | $1560689.80   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Trelleborg AB                  | Trelleborg AB                                        | CUSIP: N/A<br>LEI: 213800XY16PAWG2PAD14       | Long             | EC               | CORP              | SE        |    111667 | NS      | $2579354.40   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                       | Bayer AG                                             | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |     63357 | NS      | $3260979.34   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                  | Beiersdorf AG                                        | CUSIP: N/A<br>LEI: L47NHHI0Z9X22DV46U41       | Long             | EC               | CORP              | DE        |     15612 | NS      | $1784005.60   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG            | Erste Group Bank AG                                  | CUSIP: N/A<br>LEI: PQOH26KWDF7CG10L6792       | Long             | EC               | CORP              | AT        |    164719 | NS      | $5270204.50   | 2.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                 | Rheinmetall AG                                       | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |     31553 | NS      | $6281429.61   | 3.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Washtec AG                     | Washtec AG                                           | CUSIP: N/A<br>LEI: 391200HHWCQ0KBSG9U91       | Long             | EC               | CORP              | DE        |     14835 | NS      | $548248.62    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                   | Bankinter SA                                         | CUSIP: N/A<br>LEI: VWMYAEQSTOPNV0SUGU82       | Long             | EC               | CORP              | ES        |    493045 | NS      | $3303161.89   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                         | UCB SA                                               | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |     68952 | NS      | $5432952.67   | 3.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV              | Wolters Kluwer NV                                    | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |      3920 | NS      | $410168.92    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                    | Novartis AG                                          | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     49416 | NS      | $4472022.25   | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfa Laval AB                  | Alfa Laval AB                                        | CUSIP: N/A<br>LEI: 549300UCKT2UK88AG251       | Long             | EC               | CORP              | SE        |     61395 | NS      | $1775994.01   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                    | Heineken NV                                          | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |     18486 | NS      | $1741231.92   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                      | Safran SA                                            | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |     29285 | NS      | $3668049.81   | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                      | Bunzl PLC                                            | CUSIP: N/A<br>LEI: 213800Q1Q9DV4L78UM09       | Long             | EC               | CORP              | GB        |    100701 | NS      | $3350355.12   | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| MARR SpA                       | MARR SpA                                             | CUSIP: N/A<br>LEI: 815600576D5536AC7B34       | Long             | EC               | CORP              | IT        |     22931 | NS      | $279954.84    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Vienna Insurance               | Vienna Insurance Group AG Wiener Versicherung Gruppe | CUSIP: N/A<br>LEI: 549300JCRU23I1THU176       | Long             | EC               | CORP              | AT        |     53565 | NS      | $1280118.24   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikma Pharmaceuticals PLC      | Hikma Pharmaceuticals PLC                            | CUSIP: N/A<br>LEI: 549300BNS685UXH4JI75       | Long             | EC               | CORP              | JO        |    109349 | NS      | $2037826.81   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                     | Legrand SA                                           | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               | CORP              | FR        |      9266 | NS      | $742961.19    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Savills PLC                    | Savills PLC                                          | CUSIP: N/A<br>LEI: 213800WXICGMBWHTA933       | Long             | EC               | CORP              | GB        |    120902 | NS      | $1204176.67   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                     | Sandvik AB                                           | CUSIP: N/A<br>LEI: 5299008ZUAXN43LVZF54       | Long             | EC               | CORP              | SE        |     60292 | NS      | $1089572.06   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC               | Smiths Group PLC                                     | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               | CORP              | GB        |    157140 | NS      | $3015857.34   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins SGPS SA       | Jeronimo Martins SGPS SA                             | CUSIP: X40338109<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |     83352 | NS      | $1803355.62   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Almirall SA                    | Almirall SA                                          | CUSIP: N/A<br>LEI: 95980020140005007996       | Long             | EC               | CORP              | ES        |    142847 | NS      | $1381225.85   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA              | Bureau Veritas SA                                    | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |    104096 | NS      | $2743335.70   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Fluidra SA                     | Fluidra SA                                           | CUSIP: N/A<br>LEI: 95980020140005026620       | Long             | EC               | CORP              | ES        |     87511 | NS      | $1360707.20   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group Ltd          | Julius Baer Group Ltd                                | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |     23818 | NS      | $1386234.34   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                    | Brenntag SE                                          | CUSIP: N/A<br>LEI: NNROIXVWJ7CPSR27SV97       | Long             | EC               | CORP              | DE        |     66041 | NS      | $4211741.15   | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP PLC                        | WPP PLC                                              | CUSIP: N/A<br>LEI: 549300LSGBXPYHXGDT93       | Long             | EC               | CORP              | GB        |    254600 | NS      | $2515457.30   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| ConvaTec Group PLC             | ConvaTec Group PLC                                   | CUSIP: N/A<br>LEI: 213800LS272L4FIDOH92       | Long             | EC               | CORP              | GB        |   1014833 | NS      | $2842225.59   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG        | Siemens Healthineers AG                              | CUSIP: N/A<br>LEI: 529900QBVWXMWANH7H45       | Long             | EC               | CORP              | DE        |     20594 | NS      | $1027258.94   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC              | Compass Group PLC                                    | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     70689 | NS      | $1632360.75   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group PLC                  | AIB Group PLC                                        | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |    776679 | NS      | $2981200.60   | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Jenoptik AG                    | Jenoptik AG                                          | CUSIP: N/A<br>LEI: 529900P34GDHGXK6VB37       | Long             | EC               | CORP              | DE        |     50588 | NS      | $1375902.52   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| IMI PLC                        | IMI PLC                                              | CUSIP: N/A<br>LEI: 2138002W9Q21PF751R30       | Long             | EC               | CORP              | GB        |    125882 | NS      | $1966014.29   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA           | Dassault Aviation SA                                 | CUSIP: N/A<br>LEI: 969500CVFTUT88V8QN95       | Long             | EC               | CORP              | FR        |      5782 | NS      | $980583.86    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                     | Haleon PLC                                           | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   1508245 | NS      | $5967576.40   | 3.32%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                                      | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    530382 | NS      | $5478026.08   | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC                         | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    170825 | NS      | $6757554.77   | 3.76%             |  |  |  | No            |                  2 | On Loan: No      |
| RS GROUP PLC                   | RS GROUP PLC                                         | CUSIP: N/A<br>LEI: 549300KVXDURRKVW7R37       | Long             | EC               | CORP              | GB        |    297367 | NS      | $3201812.06   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Hensoldt AG                    | Hensoldt AG                                          | CUSIP: N/A<br>LEI: 894500686FYLLZD3M624       | Long             | EC               | CORP              | DE        |    108193 | NS      | $2563093.32   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Technip Energies NV            | Technip Energies NV                                  | CUSIP: N8486R101<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | FR        |    162927 | NS      | $2561459.61   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| FUCHS PETROLUB SE              | FUCHS PETROLUB SE                                    | CUSIP: N/A<br>LEI: 529900SNF9E1P5ZO4P98       | Long             | EP               | CORP              | DE        |     56327 | NS      | $1968879.63   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                   | UBS Group AG                                         | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |    321616 | NS      | $5977627.71   | 3.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Rotork PLC                     | Rotork PLC                                           | CUSIP: N/A<br>LEI: 213800AH5RZIHGWRJ718       | Long             | EC               | CORP              | GB        |    452010 | NS      | $1679773.77   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Elis SA                        | Elis SA                                              | CUSIP: N/A<br>LEI: 969500UX71LCE8MAY492       | Long             | EC               | CORP              | FR        |    292616 | NS      | $4319318.06   | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Unibrew A/S              | Royal Unibrew A/S                                    | CUSIP: N/A<br>LEI: 529900D69KFL8IAP8Q63       | Long             | EC               | CORP              | DK        |     16885 | NS      | $1200023.62   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexpol AB                      | Hexpol AB                                            | CUSIP: N/A<br>LEI: 549300MN30TBRLYN3465       | Long             | EC               | CORP              | SE        |     92592 | NS      | $987954.41    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Grifols SA                     | Grifols SA                                           | CUSIP: E5706X223<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EP               | CORP              | ES        |     80360 | NS      | $676891.26    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                  | Assa Abloy AB                                        | CUSIP: N/A<br>LEI: 549300YECS8HKCIMMB67       | Long             | EC               | CORP              | SE        |     58106 | NS      | $1249817.45   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Beazley PLC                    | Beazley PLC                                          | CUSIP: N/A<br>LEI: 213800VTOMUWD41GIT12       | Long             | EC               | CORP              | GB        |    388377 | NS      | $3176324.83   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Somfy SA                       | Somfy SA                                             | CUSIP: N/A<br>LEI: 969500D830K8WFLKFS83       | Long             | EC               | CORP              | FR        |      3862 | NS      | $590143.63    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                      | QIAGEN NV                                            | CUSIP: N/A<br>LEI: 54930036WK3GMCN17Z57       | Long             | EC               | CORP              | NL        |     49242 | NS      | $2475413.14   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Grifols SA                     | Grifols SA                                           | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | EC               | CORP              | ES        |    205731 | NS      | $2375858.64   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Amundi SA                      | Amundi SA                                            | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               | CORP              | FR        |     35830 | NS      | $2031874.39   | 1.13%             |  |  |  | No            |                  2 | 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