# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001145549-23-010484
**Filing Date:** 2023-2
**Character Count:** 38034
**Document Hash:** f27344f7c6c862eab1a35ff011fc8dfe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010484.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010484

**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:** 23671971

**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 Emerging Markets Select Fund (Series ID: S000039101)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000120208 | Institutional Shares | BAFQX           |
| C000120209 | Investor Shares      | BIAQX           |
| C000120210 | Advisor Shares       | BAQAX           |

## 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 Emerging Markets Select Fund

- **b. EDGAR series identifier (if any):** S000039101

- **c. LEI of Series:** 2549000TPI4K04AS6E14

**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:** $476538736.96

**Total Liabilities:** $934774.56

**Net Assets:** $475603962.40

**Cash Not Reported:** $1208150.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000120208 | -4.54%               | 17.40%               | -0.73%               |
| Class ID C000120209 | -4.66%               | 17.56%               | -0.78%               |
| Class ID C000120210 | -4.75%               | 17.52%               | -0.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6404978.65             | $-14346224.13                              |
| Month 2  | $-23601959.58            | $91779231.94                               |
| Month 3  | $-81632.17               | $-4426214.97                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abu Dhabi Commercial Bank PJSC | Abu Dhabi Commercial Bank PJSC                   | CUSIP: N/A<br>LEI: 213800RWVKKIRX1AUH58       | Long             | EC               | CORP              | AE        |   1554633 | NS      | $3804676.63   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Malayan Banking Bhd            | Malayan Banking Bhd                              | CUSIP: N/A<br>LEI: 5493004OT3TOY404V310       | Long             | EC               | CORP              | MY        |   1969400 | NS      | $3889536.83   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| YUE YUEN IND                   | Yue Yuen Industrial Holdings Ltd                 | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |   2099500 | NS      | $2938189.12   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri Persero Tbk PT    | Bank Mandiri Persero Tbk PT                      | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        |   5486800 | NS      | $3498903.03   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| POSCO Holdings Inc             | POSCO Holdings Inc                               | CUSIP: N/A<br>LEI: 988400E5HRVX81AYLM04       | Long             | EC               | CORP              | KR        |     31061 | NS      | $6797759.66   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Aurobindo Pharma Ltd           | Aurobindo Pharma Ltd                             | CUSIP: N/A<br>LEI: 335800G4T2A353RDGM23       | Long             | EC               | CORP              | IN        |    516605 | NS      | $2735592.29   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| BNI Tbk PT                     | Bank Negara Indonesia Persero Tbk PT             | CUSIP: N/A<br>LEI: 549300HZ8J3MLVXQ8F85       | Long             | EC               | CORP              | ID        |   6346400 | NS      | $3760036.58   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Engineering Co Ltd     | Samsung Engineering Co Ltd                       | CUSIP: N/A<br>LEI: 988400HDAY5KIVHGZ188       | Long             | EC               | CORP              | KR        |    226245 | NS      | $4002444.28   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                       | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    552883 | NS      | $24267828.10  | 5.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Sasol Ltd                      | Sasol Ltd                                        | CUSIP: 803866102<br>LEI: 378900F4544561A97588 | Long             | EC               | CORP              | ZA        |    316543 | NS      | $5051594.14   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Shriram Finance Ltd            | Shriram Finance Ltd                              | CUSIP: N/A<br>LEI: 335800TM2YO24B76XL26       | Long             | EC               | CORP              | IN        |    298111 | NS      | $4948716.01   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd        | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   2030457 | NS      | $29489267.70  | 6.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsingtao Brewery Co Ltd        | Tsingtao Brewery Co Ltd                          | CUSIP: N/A<br>LEI: 300300OJ7D0Q1ESE8L15       | Long             | EC               | CORP              | CN        |    268203 | NS      | $2641022.18   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd       | United Overseas Bank Ltd                         | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |    150200 | NS      | $3440457.83   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA RES BEER                 | China Resources Beer Holdings Co Ltd             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    399898 | NS      | $2781523.41   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank Nyrt                  | OTP Bank Nyrt                                    | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |    163961 | NS      | $4455002.48   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                               | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | CN        |    171529 | NS      | $5900597.60   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings Inc                           | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |     61290 | NS      | $3349498.50   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                           | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |    100570 | NS      | $2702315.90   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC         | Standard Chartered PLC                           | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |    534436 | NS      | $3986120.72   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                        | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |     44007 | NS      | $5033520.66   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp              | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    102734 | NS      | $5875357.46   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund       | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  15335109 | NS      | $15335108.81  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| H World Group Ltd              | H World Group Ltd                                | CUSIP: 44332N106<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | CN        |     77232 | NS      | $3276181.44   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| KE Holdings Inc                | KE Holdings Inc                                  | CUSIP: 482497104<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | CN        |    130648 | NS      | $1823846.08   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                 | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    436800 | NS      | $1894838.02   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd        | Reliance Industries Ltd                          | CUSIP: N/A<br>LEI: 5493003UOETFYRONLG31       | Long             | EC               | CORP              | IN        |    244080 | NS      | $7493405.79   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd        | Mahindra & Mahindra Ltd                          | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |    259756 | NS      | $3910558.63   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| DB Insurance Co Ltd            | DB Insurance Co Ltd                              | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |    124399 | NS      | $6448217.74   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd                           | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |    226924 | NS      | $5743810.36   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| BRILLIANCE CHI                 | Brilliance China Automotive Holdings Ltd         | CUSIP: N/A<br>LEI: 5299005WPCSQN14NBM26       | Long             | EC               | CORP              | HK        |   1636000 | NS      | $915939.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA OVERSEAS                 | China Overseas Land & Investment Ltd             | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               | CORP              | HK        |   2201246 | NS      | $5760380.28   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantech Co Ltd               | Advantech Co Ltd                                 | CUSIP: N/A<br>LEI: 2549002OSTKE9HB9IY03       | Long             | EC               | CORP              | TW        |    217756 | NS      | $2331610.12   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| GF Securities Co Ltd           | GF Securities Co Ltd                             | CUSIP: N/A<br>LEI: 3003007E0Y3ZJ5HNA936       | Long             | EC               | CORP              | CN        |   2203400 | NS      | $3154295.35   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| YTO Express Group Co Ltd       | YTO Express Group Co Ltd                         | CUSIP: Y1963V107<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     37400 | NS      | $107909.61    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                                    | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |     19368 | NS      | $2627462.88   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                       | Flex Ltd                                         | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | US        |    130611 | NS      | $2802912.06   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Hankook Tire & Technology Co L | Hankook Tire & Technology Co Ltd                 | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               | CORP              | KR        |    243229 | NS      | $6006255.11   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                               | CUSIP: Y6S40V103<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    267200 | NS      | $1982969.74   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Neoenergia SA                  | Neoenergia SA                                    | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               | CORP              | BR        |    865900 | NS      | $2542469.04   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Container Corp Of India Ltd    | Container Corp Of India Ltd                      | CUSIP: N/A<br>LEI: 335800T2XH4HLGGQSJ32       | Long             | EC               | CORP              | IN        |    431742 | NS      | $3849457.03   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                       | Ambev SA                                         | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   2384800 | NS      | $6518067.29   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical E | Shenzhen Mindray Bio-Medical Electronics Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     84000 | NS      | $3809193.94   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                        | Meituan                                          | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | CN        |    408002 | NS      | $9039625.08   | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Properties Ltd          | Godrej Properties Ltd                            | CUSIP: Y2735G139<br>LEI: 335800KM3Y5NZWXOE183 | Long             | EC               | CORP              | IN        |    151826 | NS      | $2244111.03   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                           | Contemporary Amperex Technology Co Ltd           | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     38700 | NS      | $2180661.99   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                    | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |    216587 | NS      | $4248041.53   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                        | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |    566100 | NS      | $6211766.28   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd        | Haier Smart Home Co Ltd                          | CUSIP: N/A<br>LEI: 3003002BYTNGNJTWSH07       | Long             | EC               | CORP              | CN        |    914200 | NS      | $3102868.08   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                    | NetEase Inc                                      | CUSIP: N/A<br>LEI: 5299004AF4DSJDB0PA32       | Long             | EC               | CORP              | CN        |    270018 | NS      | $3916345.13   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Macrotech Developers Ltd       | Macrotech Developers Ltd                         | CUSIP: N/A<br>LEI: 254900B5QCN52ETNU557       | Long             | EC               | CORP              | IN        |    276291 | NS      | $3636716.25   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| H World Group Ltd              | H World Group Ltd                                | CUSIP: N/A<br>LEI: 549300Y5ML31FVN83730       | Long             | EC               | CORP              | CN        |    135248 | NS      | $576621.53    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                             | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |    472741 | NS      | $20044390.40  | 4.21%             |  |  |  | No            |                  2 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                           | CUSIP: N/A<br>LEI: 549300SCJPK3YZJTJR78       | Long             | EC               | CORP              | CN        |     91374 | NS      | $2475385.77   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                | KE Holdings Inc                                  | CUSIP: N/A<br>LEI: 254900RHVY072XPAZE03       | Long             | EC               | CORP              | CN        |    489505 | NS      | $2283500.30   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                               | CUSIP: N/A<br>LEI: 2549004RMYDSRQL4KW41       | Long             | EC               | CORP              | CN        |    189017 | NS      | $6519119.68   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd         | Kweichow Moutai Co Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     13283 | NS      | $3285897.38   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| YILI                           | Inner Mongolia Yili Industrial Group Co Ltd      | CUSIP: N/A<br>LEI: 3003002Q2A863JPQFH06       | Long             | EC               | CORP              | CN        |    504995 | NS      | $2245529.71   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Sany Heavy Industry Co Ltd     | Sany Heavy Industry Co Ltd                       | CUSIP: N/A<br>LEI: 3003001FS86S7NYOHV89       | Long             | EC               | CORP              | CN        |   1237200 | NS      | $2801050.56   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                  | Axis Bank Ltd                                    | CUSIP: N/A<br>LEI: 549300HVNWMJPOFVNI41       | Long             | EC               | CORP              | IN        |    490570 | NS      | $5520699.89   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                        | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |   1223500 | NS      | $3769129.18   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| State Bank of India            | State Bank of India                              | CUSIP: N/A<br>LEI: 5493001JZ37UBBZF6L49       | Long             | EC               | CORP              | IN        |    321664 | NS      | $2378699.46   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                   | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |    686424 | NS      | $7383023.49   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Yifeng Pharmacy Chain Co Ltd   | Yifeng Pharmacy Chain Co Ltd                     | CUSIP: N/A<br>LEI: 300300CZZIF44N1EZO06       | Long             | EC               | CORP              | CN        |    215994 | NS      | $1984269.43   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd            | Larsen & Toubro Ltd                              | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |    195850 | NS      | $4922558.77   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd   | Techtronic Industries Co Ltd                     | CUSIP: N/A<br>LEI: 549300HZW2SBE758OK89       | Long             | EC               | CORP              | HK        |    315605 | NS      | $3505375.76   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| China Mengniu Dairy Co Ltd     | China Mengniu Dairy Co Ltd                       | CUSIP: N/A<br>LEI: 2549005Q343BSJ8RSS21       | Long             | EC               | CORP              | HK        |    977827 | NS      | $4409133.06   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT       | Bank Central Asia Tbk PT                         | CUSIP: N/A<br>LEI: 254900BR956G2OHVOM21       | Long             | EC               | CORP              | ID        |   8837800 | NS      | $4846103.88   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd          | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | CN        |    299500 | NS      | $1967638.74   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Lenovo Group Ltd               | Lenovo Group Ltd                                 | CUSIP: N/A<br>LEI: 254900VUZRGD5U73RE46       | Long             | EC               | CORP              | CN        |   4718000 | NS      | $3842800.71   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                 | Li Ning Co Ltd                                   | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               | CORP              | CN        |    472500 | NS      | $4063029.95   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Basin Shipping Ltd     | Pacific Basin Shipping Ltd                       | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        |   7991000 | NS      | $2692044.94   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Compal Electronics Inc         | Compal Electronics Inc                           | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |   8111000 | NS      | $6075279.79   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| YTO Express Group Co Ltd       | YTO Express Group Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    720100 | NS      | $2077692.82   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| SingTel                        | Singapore Telecommunications Ltd                 | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |   1637100 | NS      | $3138800.07   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                         | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    766300 | NS      | $3629314.22   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc          | Delta Electronics Inc                            | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |    322693 | NS      | $2991360.86   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| NCSoft Corp                    | NCSoft Corp                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     10585 | NS      | $3781214.21   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                           | Hong Kong Exchanges & Clearing Ltd               | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |    146157 | NS      | $6280403.69   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Elite Material Co Ltd          | Elite Material Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    467000 | NS      | $2585945.06   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                 | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    217700 | NS      | $929297.08    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd                   | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |    118140 | NS      | $3288957.27   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co  | Hon Hai Precision Industry Co Ltd                | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |   3381000 | NS      | $10958605.71  | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Shipbuilding & Offshore  | Korea Shipbuilding & Offshore Engineering Co Ltd | CUSIP: N/A<br>LEI: 988400DPTJ9KH5R6W540       | Long             | EC               | CORP              | KR        |     19167 | NS      | $1077800.05   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mipo Dockyard Co Ltd   | Hyundai Mipo Dockyard Co Ltd                     | CUSIP: N/A<br>LEI: 988400L1JDH871AJTA03       | Long             | EC               | CORP              | KR        |     40317 | NS      | $2699633.27   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd | Galaxy Entertainment Group Ltd                   | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   1067000 | NS      | $7015158.13   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Lite-On Technology Corp        | Lite-On Technology Corp                          | CUSIP: N/A<br>LEI: 2549005GU1PQ73SZBT32       | Long             | EC               | CORP              | TW        |   1783000 | NS      | $3684858.12   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co Ltd  | CTBC Financial Holding Co Ltd                    | CUSIP: N/A<br>LEI: 549300IWDYIFW6JXM387       | Long             | EC               | CORP              | TW        |   5981000 | NS      | $4291871.65   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Akbank TAS                     | Akbank TAS                                       | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |   1756743 | NS      | $1836374.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                        | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | CN        |    399278 | NS      | $5693999.33   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp   | China Construction Bank Corp                     | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |   4513000 | NS      | $2822383.12   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| SHENZHOU INTL                  | Shenzhou International Group Holdings Ltd        | CUSIP: N/A<br>LEI: 529900B4W41TCUKJFM73       | Long             | EC               | CORP              | CN        |    242400 | NS      | $2703210.13   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Dongfeng Motor Group Co Ltd    | Dongfeng Motor Group Co Ltd                      | CUSIP: N/A<br>LEI: 3003002JNYOYPX54GE50       | Long             | EC               | CORP              | CN        |   1100000 | NS      | $628518.00    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Ltd                    | Siemens Ltd                                      | CUSIP: N/A<br>LEI: 335800HJQJFZ3CJLJ709       | Long             | EC               | CORP              | IN        |     84602 | NS      | $2884595.96   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd       | Wilmar International Ltd                         | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   1588508 | NS      | $4948800.16   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Godrej Consumer Products Ltd   | Godrej Consumer Products Ltd                     | CUSIP: N/A<br>LEI: 335800P4GUWLGZFK2D63       | Long             | EC               | CORP              | IN        |    243913 | NS      | $2573460.50   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Energetica de Minas Gerais | Cia Energetica de Minas Gerais                   | CUSIP: N/A<br>LEI: 254900W703PXLDSEM056       | Long             | EP               | CORP              | BR        |   2244595 | NS      | $4643754.47   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd       | ANTA Sports Products Ltd                         | CUSIP: N/A<br>LEI: 529900291XG0CTK4LF95       | Long             | EC               | CORP              | CN        |    380757 | NS      | $4952414.39   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CPIC                           | China Pacific Insurance Group Co Ltd             | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |   1603400 | NS      | $3545623.36   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc         | KB Financial Group Inc                           | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |     48620 | NS      | $1862761.17   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| China Tourism Group Duty Free  | China Tourism Group Duty Free Corp Ltd           | CUSIP: Y149A3100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    137381 | NS      | $4252445.43   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                                    | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    948664 | NS      | $10476468.05  | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC        | Sberbank of Russia PJSC                          | CUSIP: 80585Y308<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    184769 | NS      | $1847.69      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TIGERMED                       | Hangzhou Tigermed Consulting Co Ltd              | CUSIP: N/A<br>LEI: 300300CP4N8WDF6DOO67       | Long             | EC               | CORP              | CN        |    262600 | NS      | $3944333.59   | 0.83%             |  |  |  | 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