# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001145549-23-010490
**Filing Date:** 2023-2
**Character Count:** 18336
**Document Hash:** 575750b79b84d8776746a9e91a75efd4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010490.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010490

**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:** 23671983

**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 Equity Income Fund (Series ID: S000038480)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118715 | Investor Shares      | BIADX           |
| C000118716 | Institutional Shares | BAFDX           |
| C000118717 | Advisor Shares       | BADAX           |

## 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 Equity Income Fund

- **b. EDGAR series identifier (if any):** S000038480

- **c. LEI of Series:** 254900WU473H61A4SQ74

**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:** $73828356.60

**Total Liabilities:** $70617.51

**Net Assets:** $73757739.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118715 | 9.48%                | 6.23%                | -4.67%               |
| Class ID C000118716 | 9.56%                | 6.15%                | -4.63%               |
| Class ID C000118717 | 9.49%                | 6.16%                | -4.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $136890.60               | $6398132.17                                |
| Month 2  | $836292.48               | $3752413.61                                |
| Month 3  | $987257.25               | $-4767112.98                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lowe's Cos Inc                 | Lowe's Cos Inc                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      6762 | NS      | $1347260.88   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      8228 | NS      | $2168324.84   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     28575 | NS      | $3170396.25   | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     16111 | NS      | $3863740.02   | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                             | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     18365 | NS      | $1666072.80   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                                     | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     11196 | NS      | $876758.76    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     15938 | NS      | $2575740.18   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp                                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      6787 | NS      | $1437893.82   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial Inc                                | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      9262 | NS      | $2883908.94   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                                      | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      9989 | NS      | $1638495.67   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     27516 | NS      | $3575153.88   | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc                           | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     11110 | NS      | $2653734.60   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co                                         | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39784 | NS      | $1174821.52   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                                    | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     46718 | NS      | $1547300.16   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BECTON DICKINSON AND CO        | Becton Dickinson and Co                                 | CUSIP: 075887406<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EP               | CORP              | US        |     11627 | NS      | $582280.16    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                | Best Buy Co Inc                                         | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     13487 | NS      | $1081792.27   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                                          | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     21702 | NS      | $1610071.38   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     22675 | NS      | $2113083.25   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                                       | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     33416 | NS      | $1591938.24   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                                            | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     45868 | NS      | $1604003.96   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                    | Cummins Inc                                             | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      6171 | NS      | $1495171.59   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy Inc                                     | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     28982 | NS      | $1777176.24   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow Inc                                                 | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     16911 | NS      | $852145.29    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund              | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   2287109 | NS      | $2287109.30   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                                     | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     16677 | NS      | $1431720.45   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannon Armstrong Sustainable I | Hannon Armstrong Sustainable Infrastructure Capital Inc | CUSIP: 41068X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25410 | NS      | $736381.80    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                                      | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      6134 | NS      | $1937485.24   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                     | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     13549 | NS      | $1816920.90   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      6713 | NS      | $1185851.45   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO INC                   | KKR & Co Inc                                            | CUSIP: 48251W401<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |      6811 | NS      | $389929.75    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                                       | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     84741 | NS      | $1532117.28   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc                               | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      3621 | NS      | $753928.41    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc         | T Rowe Price Group Inc                                  | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      7907 | NS      | $862337.42    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     14731 | NS      | $2232630.36   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp                                             | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     11122 | NS      | $1657622.88   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                            | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     35084 | NS      | $1766479.40   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service Inc                               | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     10393 | NS      | $1806719.12   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3683 | NS      | $1952652.94   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                   | WP Carey Inc                                            | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     16616 | NS      | $1298540.40   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |      5025 | NS      | $1340871.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                               | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | GB        |      6750 | NS      | $2201715.00   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                                           | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     13573 | NS      | $1054893.56   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                               | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      9595 | NS      | $2116657.00   | 2.87%             |  |  |  | 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