# EDGAR Filing Document

**Accession Number:** 0000869351
**File Stem:** 0001752724-23-046544
**Filing Date:** 2023-2
**Character Count:** 67482
**Document Hash:** 29432751344ddd91ef003021efa7eecc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046544.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046544

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Capital Management Mutual Funds
- **CENTRAL INDEX KEY:** 0000869351
- **IRS NUMBER:** 566376571
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06199
- **FILM NUMBER:** 23682592

**BUSINESS ADDRESS:**
- **STREET 1:** 1201 N. CALVERT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 4108373234

**MAIL ADDRESS:**
- **STREET 1:** 1201 N. CALVERT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NOTTINGHAM INVESTMENT TRUST II
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### The Brown Capital Management Small Company Fund (Series ID: S000010418)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028793 | Investor Shares      | BCSIX           |
| C000105412 | Institutional Shares | BCSSX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
|  | **BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND** | **BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND** | **BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND** |
| **Schedule of Investments** | **Schedule of Investments** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  | **Shares** | **Fair Value** |
| 94.77% | &nbsp;&nbsp;COMMON STOCKS |  |  |
| 25.24% | &nbsp;&nbsp;BUSINESS SERVICES |  |  |
|  | &nbsp;&nbsp;Ansys, Inc.(A) . . . . . . . . . . . . | 564640 | $136411378 |
|  | &nbsp;&nbsp;Clearwater Analytics Holdings, Inc. . . | 302260 | 5667375 |
|  | &nbsp;&nbsp;Duck Creek Technologies, Inc.(A) . . . | 1421225 | 17125761 |
|  | &nbsp;&nbsp;Enfusion, Inc.(A)(B) . . . . . . . . . . . . . . . . . . . . . | 3964511 | 38336821 |
|  | &nbsp;&nbsp;Guidewire Software, Inc.(A) . . . . . . | 1612183 | 100858168 |
|  | &nbsp;&nbsp;nCino, Inc.(A) . . . . . . . . . . . . | 2433491 | 64341502 |
|  | &nbsp;&nbsp;Paycom Software, Inc.(A) . . . . . . . | 534420 | 165835870 |
|  | &nbsp;&nbsp;PROS Holdings, Inc.(A)(B) . . . . . . . | 2811389 | 68204297 |
|  | &nbsp;&nbsp;Q2 Holdings, Inc.(A) . . . . . . . . . | 1469649 | 39489469 |
|  | &nbsp;&nbsp;Tyler Technologies, Inc.(A) . . . . . . . | 484190 | 156107698 |
|  |  |  | 792378339 |
| 6.22% | &nbsp;&nbsp;CONSUMER RELATED |  |  |
|  | &nbsp;&nbsp;Alarm.com Holding, Inc.(A)(B) . . . . . . | 2983278 | 147612595 |
|  | &nbsp;&nbsp;Olo, Inc.(A)(B) . . . . . . . . . . . . . | 7621150 | 47632188 |
|  |  |  | 195244783 |
| 11.27% | &nbsp;&nbsp;INDUSTRIAL PRODUCTS & SYSTEMS |  |  |
|  | &nbsp;&nbsp;Balchem Corp. . . . . . . . . . . . | 132367 | 16163334 |
|  | &nbsp;&nbsp;Cognex Corp. . . . . . . . . . . . | 3337174 | 157214267 |
|  | &nbsp;&nbsp;Helios Technologies, Inc.(B) . . . . . . | 1743933 | 94939713 |
|  | &nbsp;&nbsp;Proto Labs, Inc.(A) . . . . . . . . . . | 306950 | 7836433 |
|  | &nbsp;&nbsp;Vicor Corp.(A) . . . . . . . . . . . . . . . . . . . . . . . . | 194813 | 10471199 |
|  | &nbsp;&nbsp;Xometry, Inc.(A) . . . . . . . . . . . | 2083572 | 67153526 |
|  |  |  | 353778472 |
| 21.16% | &nbsp;&nbsp;INFORMATION/KNOWLEDGE MANAGEMENT | &nbsp;&nbsp;INFORMATION/KNOWLEDGE MANAGEMENT |  |
|  | &nbsp;&nbsp;Alteryx, Inc.(A) . . . . . . . . . . . . | 412951 | 20924227 |
|  | &nbsp;&nbsp;American Software, Inc. Class A . . . . | 486564 | 7142760 |
|  | &nbsp;&nbsp;AppFolio, Inc.(A)(B) . . . . . . . . . . | 1617840 | 170487979 |
|  | &nbsp;&nbsp;Blackbaud, Inc.(A) . . . . . . . . . . | 178290 | 10494149 |
|  | &nbsp;&nbsp;Datadog, Inc.(A) . . . . . . . . . . . | 1926335 | 141585622 |
|  | &nbsp;&nbsp;Manhattan Associates, Inc.(A) . . . . . | 1326961 | 161093065 |
|  | &nbsp;&nbsp;NextGen HealthCare, Inc.(A) . . . . . . | 458896 | 8618067 |
|  | &nbsp;&nbsp;Smartsheet, Inc. - Class A(A) . . . . . . | 3430721 | 135033179 |
|  | &nbsp;&nbsp;Workiva Inc.(A) . . . . . . . . . . . . | 103957 | 8729269 |
|  |  |  | 664108317 |

---

See Notes to Schedule of Investments

**1**

QUARTERLY REPORT

---

| | | | |
|:---|:---|:---|:---|
| | **BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND** | **BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND** | **BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND** |
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  | **Shares** | **Fair Value** |
| 26.97% | MEDICAL/HEALTH CARE |  |  |
|  | 10X Genomics, Inc.(A) . . . . . . . . . | 401113 | $14616558 |
|  | Bio-Techne Corp. . . . . . . . . . . | 1843654 | 152802044 |
|  | Cardiovascular Systems, Inc.(A) . . . . | 870575 | 11857231 |
|  | Cytek Biosciences, Inc.(A) . . . . . . . | 2812988 | 28720607 |
|  | Glaukos Corp.(A) . . . . . . . . . . . | 1654691 | 72276903 |
|  | Inogen, Inc.(A) . . . . . . . . . . . . | 278169 | 5482711 |
|  | Ironwood Pharmaceuticals, Inc.(A) . . . | 1772312 | 21958946 |
|  | OrthoPediatrics Corp.(A)(B) . . . . . . . | 1795148 | 71321230 |
|  | QuidelOrtho Corp.(A) . . . . . . . . . | 444262 | 38059926 |
|  | Repligen Corp.(A) . . . . . . . . . . | 795717 | 134722845 |
|  | Tandem Diabetes Care, Inc.(A) . . . . . | 1059621 | 47629964 |
|  | Veeva Systems, Inc. - Class A(A) . . . . | 902129 | 145585578 |
|  | Vericel Corp.(A)(B) . . . . . . . . . . . | 3869381 | 101919496 |
|  |  |  | 846954039 |
| 3.91% | MISCELLANEOUS |  |  |
|  | Cryoport, Inc.(A)(B) . . . . . . . . . . | 4125025 | 71569184 |
|  | Neogen Corp.(A) . . . . . . . . . . . | 3350944 | 51034877 |
|  |  |  | 122604061 |
| 94.77% | TOTAL COMMON STOCKS . . . . . | . . . . . . . . | <u>2975068011</u> |
| 5.88% | SHORT-TERM INVESTMENTS |  |  |
|  | First American Treasury Obligation |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fund - Institutional Class 4.19%(C) . . | 184615072 | 184615072 |
| 100.65% | TOTAL INVESTMENTS . . . . . . . | . . . . . . . . | 3159683083 |
| (0.65%) | Liabilities in excess of other assets . . | . . . . . . . . | (20820124) |
| 100.00% | NET ASSETS . . . . . . . . . . . . | . . . . . . . . | $<u>3138862959</u> |

---

(A)Non-income producing

(B)Affiliated company - The Fund owns greater than 5% of the outstading voting securities of this issuer. See Note 1 for more information.

(C)Effective 7 day yield as of December 31, 2022

See Notes to Schedule of Investments

**2**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND**

---

| | | |
|:---|:---|:---|
| **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
| **Summary of Investments by Sector** | **Summary of Investments by Sector** |  |
|  | **% of** |  |
| **Sector** | **Net Assets** | **Value** |
| Medical/Health Care . . . . . . . . . . . . . | 26.97% | $846954039 |
| Business Services . . . . . . . . . . . . . . | 25.24% | 792378339 |
| Information/Knowledge Management . . . . . | 21.16% | 664108317 |
| Industrial Products & Systems . . . . . . . . | 11.27% | 353778472 |
| Consumer Related . . . . . . . . . . . . . | 6.22% | 195244783 |
| Miscellaneous . . . . . . . . . . . . . . . | 3.91% | 122604061 |
| Short Term Investments . . . . . . . . . . . | 5.88% | 184615072 |
| Liabilities in Excess of Other Assets . . . . . . | (0.65%) | (20820124) |
| Total . . . . . . . . . . . . . . . . . . . . | 100.00% | $3138862959 |

---

The Fund's classifications of issuers into sectors, industries and sub-industries may differ for financial reporting pursposes than for other reporting and compliance purposes. The classification for purposes of this financial report are unaudited.

See Notes to Schedule of Investments

**3**

QUARTERLY REPORT

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**BROWN CAPITAL MANAGEMENT MID COMPANY FUND** | &nbsp;&nbsp;&nbsp;**BROWN CAPITAL MANAGEMENT MID COMPANY FUND** | &nbsp;&nbsp;&nbsp;**BROWN CAPITAL MANAGEMENT MID COMPANY FUND** | &nbsp;&nbsp;&nbsp;**BROWN CAPITAL MANAGEMENT MID COMPANY FUND** |
| **Schedule of Investments** | **Schedule of Investments** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 97.53% | &nbsp;&nbsp;COMMON STOCKS |  |  |  |
| 19.87% | &nbsp;&nbsp;BUSINESS SERVICES |  |  |  |
|  | &nbsp;&nbsp;Bright Horizons Family Solutions(A) . . . | . | 12504 | $789002 |
|  | &nbsp;&nbsp;Envestnet, Inc.(A) . . . . . . . . . . . | . | 8200 | 505940 |
|  | &nbsp;&nbsp;Equifax, Inc. . . . . . . . . . . . . . |  | 6837 | 1328839 |
|  | &nbsp;&nbsp;Five9, Inc.(A) . . . . . . . . . . . . . | . | 12633 | 857275 |
|  | &nbsp;&nbsp;Jack Henry & Associates, Inc. . . . . . | . | 6270 | 1100761 |
|  | &nbsp;&nbsp;Paycom Software, Inc.(A) . . . . . . . . |  | 3133 | 972201 |
|  | &nbsp;&nbsp;Tyler Technologies, Inc.(A) . . . . . . . | . | 4321 | 1393134 |
|  |  |  |  | 6947152 |
| 7.56% | &nbsp;&nbsp;CONSUMER RELATED |  |  |  |
|  | &nbsp;&nbsp;Chipotle Mexican Grill, Inc.(A) . . . . . . |  | 602 | 835269 |
|  | &nbsp;&nbsp;Expedida, Inc.(A) . . . . . . . . . . . | . | 2472 | 216547 |
|  | &nbsp;&nbsp;O'Reilly Automotive, Inc.(A) . . . . . . . |  | 595 | 502198 |
|  | &nbsp;&nbsp;Tractor Suppy Co. . . . . . . . . . . | . | 2021 | 454664 |
|  | &nbsp;&nbsp;Ulta Beauty, Inc.(A) . . . . . . . . . . | . | 1347 | 631837 |
|  |  |  |  | 2640515 |
| 9.26% | &nbsp;&nbsp;FINANCIAL SERVICES |  |  |  |
|  | &nbsp;&nbsp;Broadridge Financial Solutions . . . . . |  | 7823 | 1049299 |
|  | &nbsp;&nbsp;FleetCor Technologies, Inc.(A) . . . . . | . | 5333 | 979565 |
|  | &nbsp;&nbsp;MarketAxess Holdings, Inc. . . . . . . | . | 3270 | 911970 |
|  | T. Rowe Price Group, Inc. . . . . . . . | . | 2739 | 298715 |
|  |  |  |  | 3239549 |
| 7.20% | &nbsp;&nbsp;INDUSTRIAL PRODUCTS & SYSTEMS |  |  |  |
|  | &nbsp;&nbsp;Cognex Corp. . . . . . . . . . . . . |  | 20848 | 982149 |
|  | &nbsp;&nbsp;Entegris, Inc. . . . . . . . . . . . . . |  | 5266 | 345397 |
|  | &nbsp;&nbsp;Fastenal Co. . . . . . . . . . . . . . |  | 10016 | 473957 |
|  | &nbsp;&nbsp;IPG Photonics Corp.(A) . . . . . . . . . |  | 1789 | 169365 |
|  | &nbsp;&nbsp;SiteOne Landscape Supply, Inc.(A) . . . | . | 4651 | 545655 |
|  |  |  |  | 2516523 |

---

See Notes to Schedule of Investments

**4**

QUARTERLY REPORT

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BROWN CAPITAL MANAGEMENT MID COMPANY FUND** | **BROWN CAPITAL MANAGEMENT MID COMPANY FUND** | **BROWN CAPITAL MANAGEMENT MID COMPANY FUND** | **BROWN CAPITAL MANAGEMENT MID COMPANY FUND** |  |
| **Schedule of Investments - continued\** | **Schedule of Investments - continued\** | **Schedule of Investments - continued\** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  |  | **Shares** | **Fair Value** |
| 25.34% | INFORMATION/KNOWLEDGE MANAGEMENT | INFORMATION/KNOWLEDGE MANAGEMENT | INFORMATION/KNOWLEDGE MANAGEMENT |  |  |
|  | Ansys, Inc.(A) . . . . . . . . . . . . . . . . . . . . . . | Ansys, Inc.(A) . . . . . . . . . . . . . . . . . . . . . . | Ansys, Inc.(A) . . . . . . . . . . . . . . . . . . . . . . | . . . . . 3,535 | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;854,021Autodesk, Inc.(A) . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;854,021Autodesk, Inc.(A) . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;854,021Autodesk, Inc.(A) . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;854,021Autodesk, Inc.(A) . . . . . . . . . . . . . . . . . . . . . | 7175 |
|  | 1,340,792Bentley Sysems, Inc. . . . . . . . . . . . . . . . . . . . | 1,340,792Bentley Sysems, Inc. . . . . . . . . . . . . . . . . . . . | 1,340,792Bentley Sysems, Inc. . . . . . . . . . . . . . . . . . . . | 1,340,792Bentley Sysems, Inc. . . . . . . . . . . . . . . . . . . . | 31876 |
|  | 1,178,137Coupa Sofware, Inc.(A) . . . . . . . . . . . . . . . . . . | 1,178,137Coupa Sofware, Inc.(A) . . . . . . . . . . . . . . . . . . | 1,178,137Coupa Sofware, Inc.(A) . . . . . . . . . . . . . . . . . . | 1,178,137Coupa Sofware, Inc.(A) . . . . . . . . . . . . . . . . . . | 10994 |
|  | 870,395Guidewie Software, Inc.(A) | 870,395Guidewie Software, Inc.(A) | . . . . . . . . . . . . . . . 11,019 | . . . . . . . . . . . . . . . 11,019 | 689349 |
|  | HubSpot, Inc.(A) | . . . . . . . . . . . . . . . . . . . . . . . . 3,168 | . . . . . . . . . . . . . . . . . . . . . . . . 3,168 | . . . . . . . . . . . . . . . . . . . . . . . . 3,168 | 915964 |
|  | Manhattan Associates, Inc.(A) . . . . . . . . . . . . | Manhattan Associates, Inc.(A) . . . . . . . . . . . . | Manhattan Associates, Inc.(A) . . . . . . . . . . . . | 14743 | 1789800 |
|  | Shopify, Inc.(A) | . . . . . . . . . . . . . . . . . . . . . . . . . 35,236 | . . . . . . . . . . . . . . . . . . . . . . . . . 35,236 | . . . . . . . . . . . . . . . . . . . . . . . . . 35,236 | 1223042 |
|  |  |  |  |  | 8861500 |
| 28.30% | MEDICAL/HEALTH CARE | MEDICAL/HEALTH CARE |  |  |  |
|  | Align Technology, Inc.(A) . . . . . . . . | Align Technology, Inc.(A) . . . . . . . . | Align Technology, Inc.(A) . . . . . . . . | 5753 | 1213308 |
|  | Charles River Laboratories International(A) | Charles River Laboratories International(A) | Charles River Laboratories International(A) | 7439 | 1620958 |
|  | DexCom, Inc.(A) . . . . . . . . . . . . | DexCom, Inc.(A) . . . . . . . . . . . . | DexCom, Inc.(A) . . . . . . . . . . . . | 13020 | 1474385 |
|  | Edwards Lifesciences Corp.(A) . . . . . . | Edwards Lifesciences Corp.(A) . . . . . . | Edwards Lifesciences Corp.(A) . . . . . . | 17624 | 1314927 |
|  | Insulet Corp.(A) . . . . . . . . . . . . | Insulet Corp.(A) . . . . . . . . . . . . | Insulet Corp.(A) . . . . . . . . . . . . | 4996 | 1470772 |
|  | Jazz Pharmaceuticals PLC(A) . . . . . . | Jazz Pharmaceuticals PLC(A) . . . . . . | Jazz Pharmaceuticals PLC(A) . . . . . . | 1125 | 179224 |
|  | Masimo Corp.(A) . . . . . . . . . . . . | Masimo Corp.(A) . . . . . . . . . . . . | Masimo Corp.(A) . . . . . . . . . . . . | 1929 | 285396 |
|  | Omnicell, Inc.(A) . . . . . . . . . . . . | Omnicell, Inc.(A) . . . . . . . . . . . . | Omnicell, Inc.(A) . . . . . . . . . . . . | 16278 | 820737 |
|  | Teladoc Health, Inc.(A) . . . . . . . . . | Teladoc Health, Inc.(A) . . . . . . . . . | Teladoc Health, Inc.(A) . . . . . . . . . | 2604 | 61585 |
|  | Veeva Systems, Inc. - Class A(A) . . . . . | Veeva Systems, Inc. - Class A(A) . . . . . | Veeva Systems, Inc. - Class A(A) . . . . . | 7822 | 1262314 |
|  | Zoetis, Inc. . . . . . . . . . . . . . . | Zoetis, Inc. . . . . . . . . . . . . . . | Zoetis, Inc. . . . . . . . . . . . . . . | 1314 | 192567 |
|  |  |  |  |  | 9896173 |
| 97.53% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | TOTAL COMMON STOCKS . . . . . . . . . . . . . . | 34101412 |
| 8.75% | SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS |  |  |  |
|  | First American Treasury Obligation | First American Treasury Obligation |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fund Institutional Class 4.19%(B) . . . . | &nbsp;&nbsp;&nbsp;&nbsp;Fund Institutional Class 4.19%(B) . . . . | &nbsp;&nbsp;&nbsp;&nbsp;Fund Institutional Class 4.19%(B) . . . . | 3061848 | 3061848 |
| 106.28% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | 37163260 |
| (6.28%) | Liabilities in excess of other assets . . . . . . . . . . . | Liabilities in excess of other assets . . . . . . . . . . . | Liabilities in excess of other assets . . . . . . . . . . . | Liabilities in excess of other assets . . . . . . . . . . . | (2197348) |
| 100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | <u>$\34,965,912</u> |
| (A)\ Non-income producing | (A)\ Non-income producing |  |  |  |  |
| (B)\ Effective 7 day yield as of | (B)\ Effective 7 day yield as of | December 31, 2022 |  |  |  |
|  |  | See Notes to Schedule of Investments | See Notes to Schedule of Investments | See Notes to Schedule of Investments |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5** |  |  |  |

---

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT MID COMPANY FUND**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
| **Summary of Investments by Sector** | **Summary of Investments by Sector** | **Summary of Investments by Sector** |  |
|  |  | **% of** |  |
| **Sector** | | **Net Assets** | **Value** |
| Medical/Health Care . . . . . . . . . . . . . . |  | 28.30% | $9896173 |
| Information/Knowledge Management . . . . . . | . | 25.34% | 8861500 |
| Business Services . . . . . . . . . . . . . . . |  | 19.87% | 6947152 |
| Financial Services . . . . . . . . . . . . . . . |  | 9.26% | 3239549 |
| Consumer Related . . . . . . . . . . . . . . | . | 7.56% | 2640515 |
| Industrial Products & Systems . . . . . . . . . | . | 7.20% | 2516523 |
| Short Term Investments . . . . . . . . . . . . | . | 8.75% | 3061848 |
| Liabilities in Excess of Other Assets . . . . . . . |  | (6.28)% | (2197348) |
| Total . . . . . . . . . . . . . . . . . . . . . |  | 100.00% | $34965912 |

---

The Fund's classifications of issuers into sectors, industries and sub-industries may differ for financial reporting pursposes than for other reporting and compliance purposes. The classification for purposes of this financial report are unaudited.

See Notes to Schedule of Investments

**6**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 95.75% | &nbsp;&nbsp;COMMON STOCKS |  |  |  |
| 2.23% | &nbsp;&nbsp;ARGENTINA |  |  |  |
|  | &nbsp;&nbsp;Meradolibre Inc.(A) . . . . . . . . . . . | &nbsp;&nbsp;Meradolibre Inc.(A) . . . . . . . . . . . | 1551 | <u>$1312518</u> |
| 7.46% | &nbsp;&nbsp;AUSTRALIA |  |  |  |
|  | &nbsp;&nbsp;Atlassian Corp. PLC(A) . . . . . . . . . . | &nbsp;&nbsp;Atlassian Corp. PLC(A) . . . . . . . . . . | 7289 | 937949 |
|  | &nbsp;&nbsp;Cochlear Ltd. . . . . . . . . . . . . . | &nbsp;&nbsp;Cochlear Ltd. . . . . . . . . . . . . . | 15866 | 2204982 |
|  | &nbsp;&nbsp;REA Group Ltd. . . . . . . . . . . . . | &nbsp;&nbsp;REA Group Ltd. . . . . . . . . . . . . | 16565 | 1249635 |
|  |  |  |  | 4392566 |
| 4.64% | &nbsp;&nbsp;CANADA |  |  |  |
|  | &nbsp;&nbsp;The Descartes Systems Group Inc.(A) . . . | &nbsp;&nbsp;The Descartes Systems Group Inc.(A) . . . | 30866 | 2151730 |
|  | &nbsp;&nbsp;Shopify Inc.(A) . . . . . . . . . . . . . | &nbsp;&nbsp;Shopify Inc.(A) . . . . . . . . . . . . . | 16776 | 582295 |
|  |  |  |  | 2734025 |
| 10.78% | &nbsp;&nbsp;DENMARK |  |  |  |
|  | &nbsp;&nbsp;Chr Hansen Holding A/S . . . . . . . . | &nbsp;&nbsp;Chr Hansen Holding A/S . . . . . . . . | 29316 | 2108770 |
|  | &nbsp;&nbsp;Novo Nordisk A/S . . . . . . . . . . . | &nbsp;&nbsp;Novo Nordisk A/S . . . . . . . . . . . | 21331 | 2880244 |
|  | &nbsp;&nbsp;SimCorp A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;SimCorp A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19705 | 1356442 |
|  |  |  |  | 6345456 |
| 3.93% | &nbsp;&nbsp;FRANCE |  |  |  |
|  | &nbsp;&nbsp;Dassault Systemes SE . . . . . . . . . | &nbsp;&nbsp;Dassault Systemes SE . . . . . . . . . | 43574 | 1562328 |
|  | &nbsp;&nbsp;Ipsen SA . . . . . . . . . . . . . . . | &nbsp;&nbsp;Ipsen SA . . . . . . . . . . . . . . . | 6960 | 748756 |
|  |  |  |  | 2311084 |
| 7.59% | &nbsp;&nbsp;GERMANY |  |  |  |
|  | &nbsp;&nbsp;Carl Zeiss Meditec AG . . . . . . . . . | &nbsp;&nbsp;Carl Zeiss Meditec AG . . . . . . . . . | 18546 | 2340609 |
|  | &nbsp;&nbsp;Rational AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;Rational AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1787 | 1061652 |
|  | &nbsp;&nbsp;SAP SE . . . . . . . . . . . . . . . . | &nbsp;&nbsp;SAP SE . . . . . . . . . . . . . . . . | 10328 | 1065646 |
|  |  |  |  | 4467907 |

---

See Notes to Schedule of Investments

**7**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 3.04% | &nbsp;&nbsp;HONG KONG |  |  |  |
|  | &nbsp;&nbsp;Kingdee International SoftwareGroup |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Co. Ltd.(A) . . . . . . . . . . . . . . | &nbsp;&nbsp;&nbsp;&nbsp;Co. Ltd.(A) . . . . . . . . . . . . . . | 581146 | $1246358 |
|  | &nbsp;&nbsp;Kingsoft Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . | &nbsp;&nbsp;Kingsoft Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 161643 | 540505 |
|  |  |  |  | 1786863 |
| 6.21% | &nbsp;&nbsp;IRELAND |  |  |  |
|  | &nbsp;&nbsp;Flutter Entertainment PLC(A) . . . . . . . | &nbsp;&nbsp;Flutter Entertainment PLC(A) . . . . . . . | 9952 | 1361464 |
|  | &nbsp;&nbsp;Icon PLC(A) . . . . . . . . . . . . . . . | &nbsp;&nbsp;Icon PLC(A) . . . . . . . . . . . . . . . | 11807 | 2293510 |
|  |  |  |  | 3654974 |
| 3.89% | &nbsp;&nbsp;ISRAEL |  |  |  |
|  | &nbsp;&nbsp;Check Point Software Technologies Ltd.(A) . | &nbsp;&nbsp;Check Point Software Technologies Ltd.(A) . | 7513 | 947840 |
|  | &nbsp;&nbsp;CyberArk Software Ltd.(A) . . . . . . . . | &nbsp;&nbsp;CyberArk Software Ltd.(A) . . . . . . . . | 10368 | 1344211 |
|  |  |  |  | 2292051 |
| 1.90% | &nbsp;&nbsp;ITALY |  |  |  |
|  | &nbsp;&nbsp;Azimut Holding SPA . . . . . . . . . . | &nbsp;&nbsp;Azimut Holding SPA . . . . . . . . . . | 49925 | 1118541 |
| 9.86% | &nbsp;&nbsp;JAPAN |  |  |  |
|  | &nbsp;&nbsp;CyberAgent Inc. . . . . . . . . . . . . | &nbsp;&nbsp;CyberAgent Inc. . . . . . . . . . . . . | 109800 | 977190 |
|  | &nbsp;&nbsp;GMO Payment Gateway, Inc. . . . . . . | &nbsp;&nbsp;GMO Payment Gateway, Inc. . . . . . . | 15400 | 1281378 |
|  | &nbsp;&nbsp;Kakaku.com, Inc. . . . . . . . . . . . . | &nbsp;&nbsp;Kakaku.com, Inc. . . . . . . . . . . . . | 69000 | 1110393 |
|  | &nbsp;&nbsp;M3, Inc. . . . . . . . . . . . . . . . . | &nbsp;&nbsp;M3, Inc. . . . . . . . . . . . . . . . . | 32200 | 877870 |
|  | &nbsp;&nbsp;MonotaRO Co. Ltd. . . . . . . . . . . . | &nbsp;&nbsp;MonotaRO Co. Ltd. . . . . . . . . . . . | 110000 | 1556461 |
|  |  |  |  | 5803292 |
| 4.20% | &nbsp;&nbsp;NETHERLAND |  |  |  |
|  | &nbsp;&nbsp;ASML Holding NV . . . . . . . . . . . | &nbsp;&nbsp;ASML Holding NV . . . . . . . . . . . | 2196 | 1184282 |
|  | &nbsp;&nbsp;Wolters Kluwer NV . . . . . . . . . . . | &nbsp;&nbsp;Wolters Kluwer NV . . . . . . . . . . . | 12334 | 1290714 |
|  |  |  |  | 2474996 |
| 1.48% | &nbsp;&nbsp;NEW ZEALAND |  |  |  |
|  | &nbsp;&nbsp;Xero Ltd.(A) . . . . . . . . . . . . . . | &nbsp;&nbsp;Xero Ltd.(A) . . . . . . . . . . . . . . | 18262 | 873716 |

---

See Notes to Schedule of Investments

**8**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | &nbsp;&nbsp;**December 31, 2022 (unaudited)** | &nbsp;&nbsp;**December 31, 2022 (unaudited)** | &nbsp;&nbsp;**December 31, 2022 (unaudited)** |
|  |  |  | **Shares** | **Fair Value** |
| 2.03% | POLAND |  |  |  |
|  | Inpost S.A.(A) . . . . . . . . . . . . | . . | 141847 | $<u>1196192</u> |
| 1.84% | SPAIN |  |  |  |
|  | Grifols SA(A) . . . . . . . . . . . . . | . | 94181 | 1085785 |
| 13.21% | SWITZERLAND |  |  |  |
|  | Chocoladefabriken Lindt & Sprungli AG | . . | 129 | 1315600 |
|  | Givaudan SA . . . . . . . . . . . . | . | 661 | 2025213 |
|  | Partners Group Holding AG . . . . . | . . | 1468 | 1296774 |
|  | Tecan Group AG . . . . . . . . . . | . . | 4067 | 1813909 |
|  | Temenos Group AG . . . . . . . . . | . | 24116 | 1323361 |
|  |  |  |  | 7774857 |
| 11.46% | UNITED KINGDOM |  |  |  |
|  | Abcam PLC(A) . . . . . . . . . . . . | . | 95741 | 1489730 |
|  | AJ Bell PLC . . . . . . . . . . . . . | . | 341289 | 1477945 |
|  | Dechra Pharmaceuticals PLC . . . . . | . | 16569 | 524417 |
|  | Diageo PLC . . . . . . . . . . . . | . . | 28186 | 1243761 |
|  | Ocado Group PLC(A) . . . . . . . . . | . | 101136 | 754155 |
|  | RELX PLC . . . . . . . . . . . . . | . . | 45512 | 1258903 |
|  |  |  |  | 6748911 |
| 95.75% | TOTAL COMMON STOCKS . . . . . | . . . . . . . . . | . . . . . . . . . | 56373734 |
| 4.15% | SHORT-TERM INVESTMENTS |  |  |  |
|  | &nbsp;&nbsp;First American Treasury Obligation |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fund - Institutional Class 4.19%(B) . . | . . | 2445768 | 2445768 |
| 99.90% | TOTAL INVESTMENTS . . . . . . . | . . . . . . . . . | . . . . . . . . . | 58819502 |
| 0.10% | Other assets, net of liabilities . . . . . | &nbsp;&nbsp;. . . . . . . . . | &nbsp;&nbsp;. . . . . . . . . | 56570 |
| 100.00% | NET ASSETS . . . . . . . . . . . . | . . . . . . . . . | . . . . . . . . . | $<u>58876072</u> |

---

(A)Non-income producing

(B)Effective 7 day yield as of December 31, 2022

See Notes to Schedule of Investments

**9**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
| **Summary of Investments by Sector** | **Summary of Investments by Sector** | **Summary of Investments by Sector** |  |
|  |  | **% of** |  |
| **Sector** |  | **Net Assets** | **Value** |
| Information Technology . . . . . . . . . . . . | . | 27.85% | $16398040 |
| Health Care . . . . . . . . . . . . . . . . . | . | 27.62% | 16259810 |
| Industrials . . . . . . . . . . . . . . . . . . | . | 10.81% | 6363923 |
| Materials . . . . . . . . . . . . . . . . . . . |  | 7.02% | 4133983 |
| Financials . . . . . . . . . . . . . . . . . . | . | 6.61% | 3893261 |
| Consumer Discretionary . . . . . . . . . . . . |  | 5.82% | 3428137 |
| Communication Services . . . . . . . . . . . . |  | 5.67% | 3337219 |
| Consumer Staples . . . . . . . . . . . . . . | . | 4.35% | 2559361 |
| Short Term Investments . . . . . . . . . . . . | . | 4.15% | 2445768 |
| Other Assets, Net of Liabilities . . . . . . . . . | . | 0.10% | 56570 |
| Total . . . . . . . . . . . . . . . . . . . . . |  | 100.00% | $58876072 |

---

The Fund's classifications of issuers into sectors, industries and sub-industries may differ for financial reporting pursposes than for other reporting and compliance purposes. The classification for purposes of this financial report are unaudited.

See Notes to Schedule of Investments

**10**

QUARTERLY REPORT

**<u>BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  | **Shares** | **Fair Value** |
| 98.41% | &nbsp;&nbsp;COMMON STOCKS |  |  |
| 8.82% | &nbsp;&nbsp;AUSTRALIA |  |  |
|  | &nbsp;&nbsp;Pro Medicus Ltd. . . . . . . . . . . | 664442 | $24998853 |
|  | &nbsp;&nbsp;REA Group Ltd. . . . . . . . . . . . | 1307870 | 98663487 |
|  | &nbsp;&nbsp;WiseTech Global Ltd. . . . . . . . . | 2516353 | 86948027 |
|  |  |  | 210610367 |
| 9.58% | &nbsp;&nbsp;CANADA |  |  |
|  | &nbsp;&nbsp;The Descartes Systems Group Inc.(A) . . | 1696864 | 118291723 |
|  | &nbsp;&nbsp;Kinaxis, Inc.(A) . . . . . . . . . . . . | 986682 | 110699308 |
|  |  |  | 228991031 |
| 5.23% | &nbsp;&nbsp;DENMARK |  |  |
|  | &nbsp;&nbsp;Ambu A/S . . . . . . . . . . . . . | 5653513 | 72430854 |
|  | &nbsp;&nbsp;SimCorp A/S . . . . . . . . . . . . . . . . . . . . . . . . | 687227 | 52389499 |
|  |  |  | 124820353 |
| 14.57% | &nbsp;&nbsp;FRANCE |  |  |
|  | &nbsp;&nbsp;Esker SA(B) . . . . . . . . . . . . . | 317046 | 53384575 |
|  | &nbsp;&nbsp;Interparfums Sa . . . . . . . . . . . | 2352731 | 140027022 |
|  | &nbsp;&nbsp;Lectra(B) . . . . . . . . . . . . . . | 2913197 | 109768392 |
|  | &nbsp;&nbsp;SES-imagotag SA(A) . . . . . . . . . | 344724 | 45019030 |
|  |  |  | 348199019 |
| 10.47% | &nbsp;&nbsp;GERMANY |  |  |
|  | &nbsp;&nbsp;Evotec SE(A) . . . . . . . . . . . . . | 4248259 | 69395340 |
|  | &nbsp;&nbsp;Nexus AG(B) . . . . . . . . . . . . . | 1527316 | 91227944 |
|  | &nbsp;&nbsp;STRATEC SE(B) . . . . . . . . . . . | 1031837 | 89577046 |
|  |  |  | 250200330 |
| 2.07% | &nbsp;&nbsp;HONG KONG |  |  |
|  | &nbsp;&nbsp;Kingdee International Software Group |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Co. Ltd.(A) . . . . . . . . . . . . | 23064002 | 49464335 |

---

See Notes to Schedule of Investments

**11**

QUARTERLY REPORT

**<u>BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  | **Shares** | **Fair Value** |
| 1.65% | &nbsp;&nbsp;INDIA |  |  |
|  | &nbsp;&nbsp;Crisil Ltd. . . . . . . . . . . . . . . | 1065494 | <u>$39504288</u> |
| 0.82% | &nbsp;&nbsp;IRELAND |  |  |
|  | &nbsp;&nbsp;Flutter Entertainment PLC(A) . . . . . . | 143630 | 19649016 |
| 3.77% | &nbsp;&nbsp;ISRAEL |  |  |
|  | &nbsp;&nbsp;CyberArk Software Ltd.(A) . . . . . . . | 695276 | 90142533 |
| 2.47% | &nbsp;&nbsp;ITALY |  |  |
|  | &nbsp;&nbsp;Azimut Holding SP . . . . . . . . . | 2630732 | 58940066 |
| 11.43% | &nbsp;&nbsp;JAPAN |  |  |
|  | &nbsp;&nbsp;GMO Payment Gateway, Inc. . . . . . | 456811 | 38009571 |
|  | &nbsp;&nbsp;Hiday Hidaka Corp.(B) . . . . . . . . | 2980392 | 43920132 |
|  | &nbsp;&nbsp;Kakaku.com, Inc. . . . . . . . . . . | 2660154 | 42808940 |
|  | &nbsp;&nbsp;M3, Inc. . . . . . . . . . . . . . . | 368836 | 10055587 |
|  | &nbsp;&nbsp;SMS Co. Ltd. . . . . . . . . . . . . | 2501973 | 63960069 |
|  | &nbsp;&nbsp;Software Service, Inc.(B) . . . . . . . | 533296 | 38359602 |
|  | &nbsp;&nbsp;Towa Pharmaceutical Co. Ltd. . . . . . | 2217389 | 36004693 |
|  |  |  | 273118594 |
| 1.91% | &nbsp;&nbsp;NEW ZEALAND |  |  |
|  | &nbsp;&nbsp;PushPay Holdings Ltd.(A) . . . . . . . | 56187522 | 45662059 |
| 5.50% | &nbsp;&nbsp;SWEDEN |  |  |
|  | &nbsp;&nbsp;Fortnox AB(A) . . . . . . . . . . . . | 3687502 | 14808087 |
|  | &nbsp;&nbsp;Hemnet Group AB . . . . . . . . . | 4125992 | 49662870 |
|  | &nbsp;&nbsp;MIPS AB . . . . . . . . . . . . . . | 610842 | 25165764 |
|  | &nbsp;&nbsp;Sectra AB . . . . . . . . . . . . . | 2933110 | 41825879 |
|  |  |  | 131462600 |
| 1.07% | &nbsp;&nbsp;SWITZERLAND |  |  |
|  | &nbsp;&nbsp;Partners Group Holding AG . . . . . | 28792 | 25433738 |

---

See Notes to Schedule of Investments

**12**

QUARTERLY REPORT

**<u>BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
|  |  | **Shares** | **Fair Value** |
| 19.05% | UNITED KINGDOM |  |  |
|  | Abcam PLC(A) . . . . . . . . . . . . | 6672099 | $103817860 |
|  | AJ Bell PLC . . . . . . . . . . . . . | 15436867 | 66849047 |
|  | Dechra Pharmaceuticals PLC . . . . . | 2701428 | 85501457 |
|  | PayPoint PLC(B) . . . . . . . . . . . | 3793734 | 23390932 |
|  | Playtech PLC(A) . . . . . . . . . . . | 679151 | 4179214 |
|  | Righmove PLC . . . . . . . . . . . | 6936215 | 42883848 |
|  | Victrex PLC . . . . . . . . . . . . . | 2834614 | 54727968 |
|  | Videndum PLC . . . . . . . . . . . | 2118635 | 27611206 |
|  | YouGov PLC . . . . . . . . . . . . | 3751390 | 46259705 |
|  |  |  | 455221237 |
| 98.41% | TOTAL COMMON STOCKS . . . . . | . . . . . . . . | <u>2351419566</u> |
| 1.69% | SHORT-TERM INVESTMENTS |  |  |
|  | First American Treasury Obligation |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fund- Institutional Class 4.19%(C) . . . | 40468408 | 40468408 |
| 100.10% | TOTAL INVESTMENTS . . . . . . . | . . . . . . . . | 2391887974 |
| (0.10%) | Liabilities in excess of other assets . . | . . . . . . . . | (2482154) |
| 100.00% | NET ASSETS . . . . . . . . . . . . | . . . . . . . . | $<u>2389405820</u> |

---

(A)Non-income producing

(B)Affiliated company - The Fund owns greater than 5% of the outstading voting securities of this issuer. See Note 1 for more information.

(C)Effective 7 day yield as of December 31, 2022

See Notes to Schedule of Investments

**13**

QUARTERLY REPORT

**<u>BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND</u>**

---

| | | |
|:---|:---|:---|
| **Schedule of Investments - continued** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Summary of Investments by Sector** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Summary of Investments by Sector** |  |
|  | **% of** |  |
| **Sector** | **Net Assets** | **Value** |
| Information/Knowledge Management . . . . . | 31.27% | $747156642 |
| Business Services . . . . . . . . . . . . . . | 28.35% | 677467929 |
| Medical/Health Care . . . . . . . . . . . . . | 15.54% | 371225794 |
| Consumer Related . . . . . . . . . . . . . | 10.91% | 260552354 |
| Industrial Products & Systems . . . . . . . . | 6.88% | 164496360 |
| Miscellaneous . . . . . . . . . . . . . . . | 5.46% | 130520487 |
| Short Term Investments . . . . . . . . . . . | 1.69% | 40468408 |
| Other Assets, Net of Liabilities . . . . . . . . | (0.10%) | (2482154) |
| Total . . . . . . . . . . . . . . . . . . . . | 100.00% | $2389405820 |

---

The Fund's classifications of issuers into sectors, industries and sub-industries may differ for financial reporting pursposes than for other reporting and compliance purposes. The classification for purposes of this financial report are unaudited.

See Notes to Schedule of Investments

**14**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

---

| | |
|:---|:---|
| **Notes to Schedules of Investments** | **December 31, 2022 (unaudited)** |

---

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The Brown Capital Management Small Company Fund ("Small Company Fund"), The Brown Capital Management Mid Company Fund ("Mid Company Fund"), The Brown Capital Management International All Company ("International All Company Fund") and The Brown Capital Management International Small Company Fund ("International Small Company Fund") (each a "Fund" and collectively the "Funds") are each a series portfolio of Brown Capital Management Mutual Funds (the "Trust"). The Trust is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as an open-ended management investment company. Each of the Funds in this report is classified as a diversified, open-end, management investment company, as those terms are defined in the 1940 Act.

The primary investment objective of the Small Company Fund is to seek long- term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The Small Company Fund seeks to achieve its investment objective principally through investments in equity securities of those companies with operating revenues of $500 million or less at the time of initial investment. Prior to December 1, 2011 the Fund offered one class of shares. On that date the share class of the Fund was converted to Investor Shares. On December 15, 2011 the Fund began to offer Institutional Shares.

The primary investment objective of the Mid Company Fund is to seek long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The Mid Company Fund seeks to achieve its investment objective by investing in equity securities of companies with total operating revenues of $500 million to $2.5 billion at the time of initial investment. Prior to December 1, 2011 the Fund offered one class of shares. On that date the share class of the Fund was converted to Investor Shares. On December 15, 2011 the Fund began to offer Institutional Shares.

The primary investment objective of the International All Company Fund is to seek long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The International All Company Fund seeks to achieve its investment objective by investing in equity securities of non-U.S. based companies. Prior to December 1, 2011 the Fund offered one class of shares. On that date the share class of the Fund was converted to Investor Shares. On August 1, 2014 the Fund began to offer Institutional Shares.

The primary investment objective of the International Small Company Fund is to seek long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The International Small Company Fund seeks to achieve its investment objective by investing in equity securities of

**15**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

---

| | |
|:---|:---|
| **Notes to Schedules of Investments - continued** | **December 31, 2022 (unaudited)** |

---

non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment. The Fund commenced operations on September 30, 2015 and offers Investor and Institutional Share classes.

Income, expenses (other than distribution and service fees, which were only attributable to the Investor Shares), and realized and unrealized gains or losses on investments and foreign currencies were allocated to each class of shares based upon its relative net assets.

The following accounting policies have been consistently followed by the Funds and are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Each Fund is an investment company and accordingly follows the investment company accounting reporting guidance of the Financial Accounting Standards Board Accounting Codification Topic 946 Financial Services – Investment Companies.

**Fair Value Measurement**

In accordance with GAAP, the Funds use a three-tier hierarchy to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the three broad levels listed below:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

**16**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

---

| | |
|:---|:---|
| **Notes to Schedules of Investments - continued** | **December 31, 2022 (unaudited)** |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

An investment's level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Funds to measure fair value during the period ended December 31, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used in valuing the Funds' assets as of December 31, 2022:

**Small Company Fund:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Inputs** |  |
| <br>**Investments in Securities at Value\*** | **Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | **Total** |
| Common Stocks . . . . . . | $2975068011 | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— | $2975068011 |
| Short Term Investments . . . | 184615072 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 184615072 |
| Total . . . . . . . . . . . . | <u>$3159683083</u> | $&nbsp;&nbsp;<u>—</u> | $&nbsp;&nbsp;<u>—</u> | <u>$3159683083</u> |

---

**Mid Company Fund:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Inputs** |  |
| <br>**Investments in Securities at Value\*** | **Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | **Total** |
| Common Stocks . . . . . . | $34101412 | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— | $34101412 |
| Short Term Investments . . . | 3061848 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 3061848 |
| Total . . . . . . . . . . . . | $<u>37163260</u> | $&nbsp;&nbsp;<u>—</u> | $&nbsp;&nbsp;<u>—</u> | $<u>37163260</u> |

---

**International All Company Fund:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Inputs** |  |
| <br>**Investments in Securities at Value\*** | **Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | **Total** |
| Common Stocks . . . . . . | $56373734 | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— | $56373734 |
| Short Term Investments . . . | 2445768 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 2445768 |
| Total . . . . . . . . . . . . | $<u>58819502</u> | $&nbsp;&nbsp;<u>—</u> | $&nbsp;&nbsp;<u>—</u> | $<u>58819502</u> |
|  | **17** |  |  |  |

---

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**Notes to Schedules of Investments - continued December 31, 2022 (unaudited)**

**International Small Company Fund:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Inputs** |  |
| <br>**Investments in Securities at Value\*** | **Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | **Total** |
| Common Stocks . . . . . . | $2351419566 | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— | $2351419566 |
| Short Term Investments . . . | 40468408 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 40468408 |
| Total . . . . . . . . . . . . | <u>$2391887974</u> | $&nbsp;&nbsp;<u>—</u> | $&nbsp;&nbsp;<u>—</u> | <u>$2391887974</u> |

---

\* See Schedule of Investments for sector/country classifications.

For the period ended December 31, 2022, the Funds did not have investments with significant unobservable inputs (Level 3) used in determining fair value.

**Foreign Currency Translation (International All Company Fund and International Small Company Fund)**

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

**Affiliated Companies**

Where a Fund owns 5% or more of the outstanding voting securities, either directly or indirectly, of a particular issuer, the 1940 Act deems such an issuer to be an "affiliate" of the Fund. As of and during the three months ended December 31, 2022, the Small Company Fund and International Small Company Fund owned 5% or more of the outstanding voting securities of the issuers identified in the table below and therefore those issuers are affiliates of that Fund for purposes of the 1940 Act.

**18**

QUARTERLY REPORT

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **BROWN CAPITAL MANAGEMENT MUTUAL FUNDS** | **BROWN CAPITAL MANAGEMENT MUTUAL FUNDS** | **BROWN CAPITAL MANAGEMENT MUTUAL FUNDS** | **BROWN CAPITAL MANAGEMENT MUTUAL FUNDS** |  |  |  |
| **Notes to Schedules of Investments - continued** | **Notes to Schedules of Investments - continued** | **Notes to Schedules of Investments - continued** | |  |  | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
| **Small Company Fund** |  |  | |  |  |  |  |  |
| **Common Stock** | **Market Value** |  | | **Market Value** | **Share Balance** |  | **Change in** |  |
|  | **Market Value** |  | | **Market Value** | **Share Balance** |  | **Change in** |  |
|  | **as of** |  | | **as of** | **as of** |  | **Unrealized** | **Realized** |
| **Security Name** | **September 30, 2022** | **Purchases** | <br>**Sales** | **December 31, 2022** | **December 31, 2022** | **Dividends** | **Gain (Loss)** | **Gain/Loss** |
| Alarm.com Holdings, Inc. . | $193495411 |  |  | $147612595 | 2983278 | $— | $(45882816) |  |
| AppFolio Inc. . . . . . . | 180579796 |  | (11534709) | 170487979 | 1617840 |  | 5548062 | (4105170) |
| Cryoport, Inc. . . . . . . | 80788966 | 20097921 |  | 71569184 | 4125025 |  | (29317703) |  |
| Enfusion Inc. . . . . . . . | 28804435 | 20549677 |  | 38336821 | 3964511 |  | (11017291) |  |
| Helios Technologies Inc . . | 80806277 | 8076907 |  | 94939713 | 1743933 | 143727 | 6056529 |  |
| Olo Inc . . . . . . . . . | 55216900 | 13098838 | (7883121) | 47632187 | 7621150 |  | 7242797 | (20043227) |
| OrthoPediatrics Corp. . . . | 82828129 |  |  | 71321230 | 1795148 |  | (11506899) |  |
| PROS Holdings, Inc. . . . | 69441308 |  |  | 68204297 | 2811389 |  | (1237011) |  |
| Vericel Corp. . . . . . . | 89769639 |  |  | 101919496 | 3869381 |  | 12149857 |  |
|  |  |  |  | $812023502 | 30531655 | $143727 | $(67964475) | $(24148397) |
| GRAND TOTAL . . . . . . . . . . . . . . . . . . . . . . . . | GRAND TOTAL . . . . . . . . . . . . . . . . . . . . . . . . | GRAND TOTAL . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . | $812023502 | 30531655 | $143727 | $(67964475) | $(24148397) |
| **International Small Company Fund** | **International Small Company Fund** |  |  |  |  |  |  |  |
| **Common Stock** | **Market Value** |  |  | **Market Value** | **Share Balance** |  | **Change in** |  |
|  | **Market Value** |  |  | **Market Value** | **Share Balance** |  | **Change in** |  |
|  | **as of** |  |  | **as of** | **as of** |  | **Unrealized** | **Realized** |
| **Security Name** | **September 30, 2022** | **Purchases** | **Sales** | **December 31, 2022** | **December 31, 2022** | **Dividends** | **Gain (Loss)** | **Gain/(Loss)** |
| Esker SA . . . . . . . . | $32743159 | $4703609 |  | $53384575 | 317046 |  | $15937807 |  |
| Hiday Hidaka Corp. . . . | 40152457 | 4005088 |  | 43920132 | 2980392 | 449283 | (237413) |  |
| Lectra . . . . . . . . . | 74709707 | 8354759 |  | 109768392 | 2913197 |  | 26703926 |  |
| Nexus AG . . . . . . . . | 71474126 |  |  | 91227944 | 1527316 |  | 19753818 |  |
| PayPoint PLC . . . . . . | 22949588 | 2403947 |  | 23390932 | 3793734 | 421200 | (1962603) |  |
| Software Service, Inc. . . . | 30583547 |  |  | 38359602 | 533296 |  | 7776055 |  |
| STRATEC SE . . . . . . | 74512342 | 9139695 |  | 89577046 | 1031837 |  | 5925009 |  |
|  |  |  |  | $449628623 | 13096818 | $870483 | $73896599 | $— |
| GRAND TOTAL . . . . . . . . . . . . . . . . . . . . . . . . | GRAND TOTAL . . . . . . . . . . . . . . . . . . . . . . . . | GRAND TOTAL . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . | $449628623 | 13096818 | $870483 | $73896599 | $— |

---

**19**

QUARTERLY REPORT

## 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 Capital Management Mutual Funds

- **b. Investment Company Act file number:** 811-06199

- **c. CIK number of Registrant:** 0000869351

- **d. LEI of Registrant:** 549300CCIM9MVH3XK623

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1201 N Calvert Street

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21202

  - **Telephone number:** 877-892-4226

**Item A.2. Information about the Series.**

- **a. Name of Series:** Brown Capital Management Small Company Fund

- **b. EDGAR series identifier (if any):** S000010418

- **c. LEI of Series:** 549300J0Q4WH1MYBBN64

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

- **a. Date of fiscal year-end:** 2023-03-31

- **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:** $3150007865.17

**Total Liabilities:** $11144906.22

**Net Assets:** $3138862958.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000105412 | 1.99%                | -1.31%               | -3.59%               |
| Class ID C000028793 | 1.97%                | -1.33%               | -3.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-159749732.34           | $236449696.53                              |
| Month 2  | $17191936.46             | $-66952364.55                              |
| Month 3  | $311373779.80            | $-436961295.43                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alarm.com Holdings Inc                   | Alarm.com Holdings Inc             | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |   2983278 | NS      | $147612595.44 | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                              | Datadog Inc                        | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |   1926335 | NS      | $141585622.50 | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | WORKIVA INC                        | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |    103957 | NS      | $8729269.29   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                             | Balchem Corp                       | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |    132367 | NS      | $16163334.37  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care, Inc.               | Tandem Diabetes Care Inc           | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |   1059621 | NS      | $47629963.95  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardiovascular Systems Inc               | Cardiovascular Systems, Inc.       | CUSIP: 141619106<br>LEI: 549300NUBWKJMNMQ3287 | Long             | EC               | CORP              | US        |    870575 | NS      | $11857231.50  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTEK BIOSCIENCES INC                    | CYTEK BIOSCIENCES INC              | CUSIP: 23285D109<br>LEI: 549300K2J28BOC6FBO89 | Long             | EC               | CORP              | US        |   2812988 | NS      | $28720607.48  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings, Inc.                        | Q2 Holdings Inc                    | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |   1469649 | NS      | $39489468.63  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies, Inc.                 | Tyler Technologies Inc             | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |    484190 | NS      | $156107697.90 | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp.                           | Repligen Corp                      | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    795717 | NS      | $134722845.27 | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp.                            | Glaukos Corp                       | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |   1654691 | NS      | $72276902.88  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                            | Blackbaud Inc                      | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |    178290 | NS      | $10494149.40  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obligations Fund | FIRST AMERICAN OBLIGATOINS MM FUND | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        | 184615072 | NS      | $184615072.37 | 5.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems, Inc.                      | VEEVA SYSTEMS INC-CLASS A          | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    902129 | NS      | $145585578.02 | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Quidel Corp.                             | Quidelortho Corp                   | CUSIP: 219798105<br>LEI: 549300X2FQ6S98OQLQ46 | Long             | EC               | CORP              | US        |    444262 | NS      | $38059925.54  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cryoport Inc                             | Cryoport, Inc.                     | CUSIP: 229050307<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4125025 | NS      | $71569183.75  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | VICOR CORP                         | CUSIP: 925815102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    194813 | NS      | $10471198.75  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NextGen Healthcare, Inc.                 | NEXTGEN HEALTHCARE INC             | CUSIP: 65343C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    458896 | NS      | $8618066.88   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Alteryx Inc                              | Alteryx Inc                        | CUSIP: 02156B103<br>LEI: 549300XWZG0JHL7I0827 | Long             | EC               | CORP              | US        |    412951 | NS      | $20924227.17  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-techne Corp                          | Bio-Techne Corp                    | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |   1843654 | NS      | $152802043.52 | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino, Inc.                              | nCino Inc                          | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |   2433491 | NS      | $64341502.04  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp.                            | Vericel Corp.                      | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |   3869381 | NS      | $101919495.54 | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Appfolio Inc                             | Appfolio Inc                       | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |   1617840 | NS      | $170487979.20 | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| American Software Inc/ga                 | American Software, Inc. Class A    | CUSIP: 029683109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    486564 | NS      | $7142759.52   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Proto Labs, Inc.                         | Proto Labs Inc                     | CUSIP: 743713109<br>LEI: 529900QHG5MGWT2WQQ09 | Long             | EC               | CORP              | US        |    306950 | NS      | $7836433.50   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Inogen, Inc.                             | Inogen Inc                         | CUSIP: 45780L104<br>LEI: 549300J8WJIVTOJ8IH97 | Long             | EC               | CORP              | US        |    278169 | NS      | $5482710.99   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| 10x Genomics Inc                         | 10X Genomics Inc                   | CUSIP: 88025U109<br>LEI: 5493003Z6741WNLG7H43 | Long             | EC               | CORP              | US        |    401113 | NS      | $14616557.72  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp.                    | OrthoPediatrics Corp               | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |   1795148 | NS      | $71321230.04  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                              | Cognex Corp                        | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |   3337174 | NS      | $157214267.14 | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Enfusion Inc.                      | CUSIP: 292812104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3964511 | NS      | $38336821.37  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry, Inc.                            | XOMETRY                            | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |   2083572 | NS      | $67153525.56  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software, Inc.                 | Guidewire Software Inc             | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |   1612183 | NS      | $100858168.48 | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | CLEARWATER ANALYTICS HDS A         | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    302260 | NS      | $5667375.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates, Inc.               | Manhattan Associates Inc           | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |   1326961 | NS      | $161093065.40 | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Olo, Inc.                                | Olo Inc                            | CUSIP: 68134L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7621150 | NS      | $47632187.50  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings, Inc.                      | PROS Holdings Inc                  | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |   2811389 | NS      | $68204297.14  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software, Inc.                    | Paycom Software Inc                | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |    534420 | NS      | $165835870.20 | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartsheet, Inc.                         | SMARTSHEET INC-CLASS A             | CUSIP: 83200N103<br>LEI: 549300N9WF42OK9VL589 | Long             | EC               | CORP              | US        |   3430721 | NS      | $135033178.56 | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp.                             | Neogen Corp                        | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |   3350944 | NS      | $51034877.12  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ansys Inc                                | ANSYS Inc                          | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |    564640 | NS      | $136411377.60 | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals, Inc.           | IRONWOOD PHARMACEUTICALS INC       | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |   1772312 | NS      | $21958945.68  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Duck Creek Technologies, Inc.            | Duck Creek Technologies Inc        | CUSIP: 264120106<br>LEI: 549300IZSGGL1OFWMO55 | Long             | EC               | CORP              | US        |   1421225 | NS      | $17125761.25  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Helios Technologies, Inc.                | Helios Technologies Inc            | CUSIP: 42328H109<br>LEI: 5493000BCJSMIDRNTI78 | Long             | EC               | CORP              | US        |   1743933 | NS      | $94939712.52  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-01

**Name of Applicant:** Brown Capital Management Mutual Funds

**Signature:** Kimberly Malkowski

**Name of Signer:** Kimberly Malkowski

**Title:** Portfolio Administrator