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Share Name | Share Symbol | Market | Type |
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Suggestion Box Inc (CE) | USOTC:SGTB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
FORM N-Q |
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF |
REGISTERED MANAGEMENT INVESTMENT COMPANY |
Investment Company Act file number 811-06199 |
BROWN CAPITAL MANAGEMENT MUTUAL FUNDS |
(Exact name of registrant as specified in charter) |
1201 N. Calvert Street, Baltimore, Maryland 21202 |
(Address of principal executive offices) (Zip code) |
Capitol Services, Inc. |
1675 S. State Street, Suite B, Dover, Delaware 19901 |
(Name and address of agent for service) |
with a copy to: |
John H. Lively |
The Law Offices of John H. Lively & Associates, Inc. |
A Member Firm of The 1940 Act Law Group TM |
11300 Tomahawk Creek Parkway, Suite 310 |
Leawood, Kansas 66211 |
Registrants telephone number, including area code: 410-837-3234 |
Date of fiscal year end: March 31 |
Date of reporting period: June 30, 2013 |
ITEM 1. SCHEDULE OF INVESTMENTS |
Brown Capital Management Small Company Fund | |||||||
Schedule of Investments | |||||||
As of June 30, 2013 (Unaudited) | |||||||
Shares | Value (Note 1) | ||||||
COMMON STOCKS - 95.30% | |||||||
Business Services - 18.90% | |||||||
1,469,772 | ACI Worldwide, Inc. (a) | $ | 68,315,002 | ||||
848,337 | ANSYS, Inc. (a) | 62,013,435 | |||||
819,038 | Concur Technologies, Inc. (a) | 66,653,312 | |||||
181,200 | EnerNOC, Inc. (a) | 2,402,712 | |||||
713,863 | MedAssets, Inc. (a) | 12,663,930 | |||||
3,947,566 | NIC, Inc. (b) | 65,253,266 | |||||
2,362,256 | Nuance Communications, Inc. (a) | 43,418,265 | |||||
2,022,964 | PROS Holdings, Inc. (a)(b) | 60,587,772 | |||||
381,307,694 | |||||||
Consumer Related - 2.51% | |||||||
819,237 | Dolby Laboratories, Inc. - Class A | 27,403,478 | |||||
899,045 | DTS, Inc. (a) | 18,502,346 | |||||
210,521 | Rovi Corp. (a) | 4,808,300 | |||||
50,714,124 | |||||||
Industrial Products & Systems - 28.13% | |||||||
1,444,600 | Balchem Corp. | 64,645,850 | |||||
731,248 | CARBO Ceramics, Inc. | 49,308,053 | |||||
1,482,201 | Cognex Corp. | 67,025,129 | |||||
2,038,549 | Diodes, Inc. (a) | 52,941,117 | |||||
966,278 | Dynamic Materials Corp. (b) | 15,953,250 | |||||
1,161,902 | FEI Co. | 84,807,227 | |||||
1,071,998 | FLIR Systems, Inc. | 28,911,786 | |||||
592,590 | Geospace Technologies Corp. (a) | 40,936,117 | |||||
947,818 | Hittite Microwave Corp. (a) | 54,973,444 | |||||
1,110,752 | Measurement Specialties, Inc. (a)(b) | 51,683,291 | |||||
1,806,244 | Sun Hydraulics Corp. (b) | 56,499,312 | |||||
567,684,576 | |||||||
Information/Knowledge Management - 19.52% | |||||||
1,931,654 | American Software, Inc. - Class A (b) | 16,786,073 | |||||
2,265,102 | Blackbaud, Inc. | 73,774,372 | |||||
1,043,762 | Manhattan Associates, Inc. (a)(b) | 80,536,676 | |||||
2,846,273 | Netscout Systems, Inc. (a)(b) | 66,432,012 | |||||
2,060,711 | Quality Systems, Inc. | 38,555,903 | |||||
1,320,571 | Tyler Technologies, Inc. (a) | 90,525,142 | |||||
1,850,276 | Vocera Communications, Inc. (a)(b) | 27,199,057 | |||||
393,809,235 | |||||||
Medical/Health Care - 22.16% | |||||||
1,340,020 | Abaxis, Inc. (b) | 63,664,350 | |||||
3,084,414 | Accelrys, Inc. (a)(b) | 25,909,078 | |||||
1,154,969 | Bruker Corp. (a) | 18,652,749 | |||||
2,023,401 | Cantel Medical Corp. (b) | 68,532,592 | |||||
2,133,394 | Incyte Corp., Ltd. (a) | 46,934,668 | |||||
1,297,930 | Medidata Solutions, Inc. (a) | 100,524,678 | |||||
1,799,105 | Meridian Bioscience, Inc. | 38,680,758 | |||||
1,019,214 | Quidel Corp. (a) | 26,020,533 | |||||
841,932 | Techne Corp. | 58,160,663 | |||||
447,080,069 | |||||||
Shares | Value (Note 1) | ||||||
COMMON STOCKS - 95.30% (continued) | |||||||
Miscellaneous - 4.08% | |||||||
1,481,757 | Neogen Corp. (a)(b) | $ | 82,326,419 | ||||
Total Common Stocks (Cost $1,196,611,087)
|
1,922,922,117 | ||||||
SHORT TERM INVESTMENTS - 4.17% | |||||||
84,187,448 | Dreyfus Cash Management Institutional Shares, 0.04% (c) | 84,187,448 | |||||
Total Short Term Investments (Cost $84,187,448)
|
84,187,448 | ||||||
Total Value of Investments (Cost $1,280,798,535) - 99.47% | 2,007,109,565 | ||||||
Other Assets in Excess of Liabilities - 0.53% | 10,746,177 | ||||||
Net Assets - 100.00% | $ | 2,017,855,742 | |||||
(a) | Non-income producing investment . |
(b) | Affiliated company - The Fund owns greater than 5% of the outstanding voting securities of this issuer. See Note 1 for more information . |
(c) | Represents 7 day effective yield at June 30, 2013 . |
Common Abbreviations
:
Ltd. - Limited
.
See Notes to Schedule of Investments.
Brown Capital Management International Equity Fund | |||||||
Schedule of Investments | |||||||
As of June 30, 2013 (Unaudited) | |||||||
Shares | Value (Note 1) | ||||||
COMMON STOCKS - 97.20% | |||||||
Bermuda - 2.65% | |||||||
1,662 | Invesco, Ltd. | $ | 52,852 | ||||
7,630 | Nabors Industries, Ltd. | 116,815 | |||||
169,667 | |||||||
Canada - 4.20% | |||||||
6,375 | Canadian Natural Resources, Ltd. | 179,727 | |||||
6,338 | Dominion Diamond Corp. (a) | 89,613 | |||||
269,340 | |||||||
Denmark - 0.86% | |||||||
354 | Novo Nordisk A/S, Class B | 55,169 | |||||
Egypt - 0.44% | |||||||
10,114 | Orascom Telecom Holding SAE (a)(b)(c) | 28,420 | |||||
Finland - 1.16% | |||||||
936 | Kone OYJ, Class B | 74,379 | |||||
France - 5.92% | |||||||
7,883 | Flamel Technologies SA (a)(d) | 48,481 | |||||
1,993 | Sanofi | 206,548 | |||||
1,237 | Societe BIC SA | 123,980 | |||||
379,009 | |||||||
Germany - 4.25% | |||||||
1,376 | Bayerische Motoren Werke AG | 120,324 | |||||
960 | Carl Zeiss Meditec AG | 31,864 | |||||
1,637 | SAP AG | 119,878 | |||||
272,066 | |||||||
Hong Kong - 5.93% | |||||||
170,000 | Chaoda Modern Agriculture Holdings, Ltd. (a) | 24,110 | |||||
41,605 | Esprit Holdings, Ltd. | 62,010 | |||||
92,000 | Kingdee International Software Group Co., Ltd. (a) | 17,081 | |||||
104,000 | Kingsoft Corp., Ltd. | 171,902 | |||||
15,600 | Ping An Insurance Group Co., Class H | 104,992 | |||||
380,095 | |||||||
Ireland - 8.20% | |||||||
3,377 | DCC PLC | 132,003 | |||||
3,375 | ICON PLC (a) | 119,576 | |||||
1,374 | Paddy Power PLC | 117,895 | |||||
173,315 | Total Produce PLC | 155,660 | |||||
525,134 | |||||||
Israel - 1.46% | |||||||
2,393 | Teva Pharmaceutical Industries, Ltd. (d) | 93,806 | |||||
Italy - 3.71% | |||||||
13,060 | Azimut Holding SpA | 237,822 | |||||
Shares | Value (Note 1) | ||||||
SHORT TERM INVESTMENTS - 2.55% | |||||||
163,376 | Dreyfus Cash Management Institutional Shares, 0.04% (f) | 163,376 | |||||
Total Short Term Investments (Cost $163,376)
|
163,376 | ||||||
Total Value of Investments (Cost $4,457,391) - 99.75% | 6,391,864 | ||||||
Other Assets in Excess of Liabilities - 0.25% | 16,112 | ||||||
Net Assets - 100.00% | $ | 6,407,976 | |||||
(a) | Non-income producing investment . |
(b) | Global Depositary Receipt . |
(c) | Securities were issued pursuant to Regulation S under the Securities Act of 1933 , which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Funds Board of Trustees. As of June 30, 2013, the aggregate market value of those securities was $28,420, representing 0.44% of net assets . |
(d) | American Depositary Receipt . |
(e) | Swedish Depositary Receipt . |
(f) | Represents 7 day effective yield at June 30, 2013 . |
Common Abbreviations : |
AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders. (Germany & Switzerland) |
A/S - Aktieselskabis is a Danish term for a public limited liability corporation. (Denmark) |
Ltd. - Limited . |
NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation. (Netherlands) |
OYJ - Osakeyhtio is the Finnish equivalent of a limited company. (Finland) |
PLC - Public Limited Company. (Ireland & United Kingdom) |
SA - Generally designates corporations in various countries, mostly those employing the civil law. (France, Sweden, Spain, & Switzerland) |
SAB de CV - A variable capital company. (Mexico) |
SAE - Societe Anonyme Egyptienne is an Egyptian Joint Stock Company. (Egypt) |
SpA - Societa Per Azioni is an Italian shared company. (Italy) |
See Notes to Schedule of Investments. |
Brown Capital Management Mid-Cap Fund | |||||||
Schedule of Investments | |||||||
As of June 30, 2013 (Unaudited) | |||||||
Shares | Value (Note 1) | ||||||
COMMON STOCKS - 96.34% | |||||||
Consumer Discretionary - 21.29% | |||||||
11,659 | BorgWarner, Inc. (a) | $ | 1,004,423 | ||||
19,885 | Coach, Inc. | 1,135,235 | |||||
43,521 | Dicks Sporting Goods, Inc. | 2,178,661 | |||||
29,208 | Guess?, Inc. | 906,324 | |||||
18,579 | Lululemon Athletica, Inc. (a) | 1,217,296 | |||||
35,143 | Michael Kors Holdings, Ltd. (a) | 2,179,569 | |||||
944 | NVR, Inc. (a) | 870,368 | |||||
65,866 | PulteGroup, Inc. (a) | 1,249,478 | |||||
34,303 | Toll Brothers, Inc. (a) | 1,119,307 | |||||
20,810 | Tractor Supply Co. | 2,447,464 | |||||
14,308,125 | |||||||
Consumer Staples - 2.80% | |||||||
26,073 | Elizabeth Arden, Inc. (a) | 1,175,110 | |||||
11,686 | Monster Beverage Corp. (a) | 710,158 | |||||
1,885,268 | |||||||
Energy - 7.01% | |||||||
38,285 | Cameron International Corp. (a) | 2,341,511 | |||||
25,828 | CARBO Ceramics, Inc. | 1,741,582 | |||||
9,160 | Diamond Offshore Drilling, Inc. | 630,116 | |||||
4,713,209 | |||||||
Financials - 6.34% | |||||||
54,781 | Stifel Financial Corp. (a) | 1,954,038 | |||||
31,521 | T. Rowe Price Group, Inc. | 2,305,761 | |||||
4,259,799 | |||||||
Health Care - 21.17% | |||||||
213,410 | Allscripts Healthcare Solutions, Inc. (a) | 2,761,525 | |||||
28,010 | Covance, Inc. (a) | 2,132,682 | |||||
106,789 | MedAssets, Inc. (a) | 1,894,437 | |||||
37,702 | Meridian Bioscience, Inc. | 810,593 | |||||
37,568 | Myriad Genetics, Inc. (a) | 1,009,452 | |||||
46,865 | PAREXEL International Corp. (a) | 2,152,978 | |||||
23,449 | Shire PLC (b) | 2,230,234 | |||||
12,414 | Waters Corp. (a) | 1,242,021 | |||||
14,233,922 | |||||||
Industrials - 10.68% | |||||||
19,568 | Expeditors International of Washington, Inc. | 743,780 | |||||
20,286 | JB Hunt Transport Services, Inc. | 1,465,461 | |||||
20,530 | MSC Industrial Direct Co. - Class A | 1,590,254 | |||||
96,856 | Quanta Services, Inc. (a) | 2,562,810 | |||||
7,406 | Stericycle, Inc. (a) | 817,844 | |||||
7,180,149 | |||||||
Information Technology - 22.46% | |||||||
54,429 | Akamai Technologies, Inc. (a) | 2,315,954 | |||||
24,388 | ANSYS, Inc. (a) | 1,782,763 | |||||
29,586 | Blackbaud, Inc. | 963,616 |
Shares | Value (Note 1) | ||||||
COMMON STOCKS - 96.34% (continued) | |||||||
Information Technology - 22.46% (continued) | |||||||
71,309 | Diodes, Inc. (a) | $ | 1,851,894 | ||||
10,799 | FactSet Research Systems, Inc. | 1,100,850 | |||||
29,910 | FEI Co. | 2,183,131 | |||||
63,092 | NetApp, Inc. (a) | 2,383,616 | |||||
30,831 | Rovi Corp. (a) | 704,180 | |||||
69,602 | Trimble Navigation, Ltd. (a) | 1,810,348 | |||||
15,096,352 | |||||||
Materials - 4.59% | |||||||
22,663 | Ecolab, Inc. | 1,930,661 | |||||
37,448 | General Cable Corp. | 1,151,526 | |||||
3,082,187 | |||||||
Total Common
Stocks (Cost $50,813,834)
|
64,759,011 | ||||||
SHORT TERM INVESTMENTS - 3.70% | |||||||
2,487,730 | Dreyfus Cash Management Institutional Shares, 0.04% (c) | 2,487,730 | |||||
Total Short
Term Investments (Cost $2,487,730)
|
2,487,730 | ||||||
Total Value of Investments (Cost $53,301,564) - 100.04% | 67,246,741 | ||||||
Liabilities in Excess of Other Assets - (0.04)% | (23,802 | ) | |||||
Net Assets - 100.00% | $ | 67,222,939 | |||||
(a) | Non-income producing investment . |
(b) | American Depositary Receipt . |
(c) | Represents 7 day effective yield at June 30, 2013 . |
Common Abbreviations
:
Ltd. - Limited
.
PLC - Public Limited Company. (United
Kingdom)
See Notes to Schedule of Investments.
Brown Capital Management Mutual Funds | ||
Notes to Schedules of Investments | June 30, 2013 (Unaudited) | |
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
The Small Company Fund commenced operations as a series of the Predecessor Trust on July 23, 1992. The investment objective of the 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 $250 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 International Equity Fund commenced operations as a series of the Predecessor Trust on May 28, 1999. The investment objective of the Fund is to seek long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The International Equity 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.
The Mid-Cap Fund commenced operations as a series of the Predecessor Trust on September 30, 2002. The investment objective of the Fund is to seek long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The Mid-Cap Fund seeks to achieve its investment objective investing in a portfolio of equity securities of companies whose market capitalizations qualify them to be considered mid-cap companies. The Funds investment advisor considers a company to be a mid-cap company if it has, at the time of purchase by the Fund, a market capitalization within the range of market values of issuers included in the Russell Midcap ® Growth Index. 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.
Prior to December 31, 2008, the Mid-Cap Fund offered two classes of shares (Institutional Shares and Investor Shares). On that date, the Investor Shares were converted into a class of shares that was previously designated as Institutional Shares and subsequently redesignated as of December 1, 2011, as the Investor Shares. 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 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).
Investment Valuation
The Funds investments in securities are carried at value. Securities listed on an exchange
or quoted on a national market system are valued at the last sales price as of 4:00
p.m. Eastern Time. Securities traded in the NASDAQ over-the-counter market are generally
valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter
market and listed securities for which no sale was reported on that date are valued
at the most recent bid price. Securities and assets for which representative market
quotations are not readily available or which cannot be accurately valued using
the Funds normal pricing procedures are valued at fair value as determined
in good faith under policies approved by the Trusts Board of Trustees. Fair
value pricing may be used, for example, in situations where (i) a portfolio security,
such as a small-cap stock, mid-cap stock, or foreign security, is so thinly traded
that there have been no transactions for that stock over an extended period of time
or the validity of a market quotation received is questionable; (ii) an event occurs
after the close of the exchange on which a portfolio security is principally traded
that is likely to have changed the value of the portfolio security prior to a Funds net asset value calculation; (iii) the exchange on which the portfolio security
is principally traded closes early; or (iv) trading of the particular portfolio
security is halted during the day and does not resume prior to a Funds net
asset value calculation. A portfolio securitys fair value price
may differ from the price next available for that portfolio security using the Funds normal pricing procedures. Instruments with maturities of 60 days or less
are valued at amortized cost, which approximates market value.
Fair Value Measurement
GAAP establishes
a framework for measuring fair value and requires certain disclosures about fair
value measurements.
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 Funds 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.
|
Brown Capital Management Mutual Funds | ||
Notes to Schedules of Investments | June 30, 2013 (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 assets or liabilitys 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 three months ended June 30, 2013 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 June 30, 2013:
Small Company Fund: | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 1,922,922,117 | $ | | $ | | $ | 1,922,922,117 | ||||||||
Short Term Investments | 84,187,448 | | | 84,187,448 | ||||||||||||
Total | $ | 2,007,109,565 | $ | | $ | | $ | 2,007,109,565 | ||||||||
International Equity Fund: | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Hong Kong
|
$ | 355,985 | $ | | $ | 24,110 | $ | 380,095 | ||||||||
All Other
Countries
|
5,848,393 | | | 5,848,393 | ||||||||||||
Short Term Investments | 163,376 | | | 163,376 | ||||||||||||
Total | $ | 6,367,754 | $ | | $ | 24,110 | $ | 6,391,864 | ||||||||
Mid-Cap Fund: | ||||||||||||||||
Valuation Inputs | ||||||||||||||||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 64,759,011 | $ | | $ | | $ | 64,759,011 | ||||||||
Short Term Investments | 2,487,730 | | | 2,487,730 | ||||||||||||
Total | $ | 67,246,741 | $ | | $ | | $ | 67,246,741 | ||||||||
*See Schedule of Investments for industry/country classifications |
There were no transfers into or out of Levels 1 and 2 during the period ended June 30, 2013.
Brown Capital Management Mutual Funds | ||
Notes to Schedules of Investments | June 30, 2013 (Unaudited) | |
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
International Equity Fund:
Investments in Securities at value | Balance as of March 31, 2013 | Realized Gain |
Change
in
Unrealized Appreciation |
Balance as of June 30, 2013 |
Net change
in
unrealized appreciation included in the Statements of Operations attributable to Level 3 investments held at June 30, 2013 |
|||||
Common Stocks | $24,090 | $- | $20 | $24,110 | $20 | |||||
Total | $24,090 | $- | $20 | $24,110 | $20 | |||||
Foreign Currency Translation (International
Equity 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 Fund does 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 June 30, 2013, the 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.
Brown Capital Management Mutual Funds | ||
Notes to Schedules of Investments | June 30, 2013 (Unaudited) | |
Share Balance at | Share Balance at | Market Value at | Realized Gains | |||||||||||||||||||||||||
Security Name | April 1, 2013 | Purchases | Sales | June 30, 2013 | June 30, 2013 | Dividends | (Losses) | |||||||||||||||||||||
Abaxis, Inc. | 1,340,020 | - | - | 1,340,020 | $ | 63,664,350 | $ | - | $ | - | ||||||||||||||||||
Accelrys, Inc. | 3,084,414 | - | - | 3,084,414 | 25,909,078 | - | - | |||||||||||||||||||||
American Software, Inc. - Class A |
1,931,654 | - | - | 1,931,654 | 16,786,073 | - | - | |||||||||||||||||||||
Cantel Medical Corp. |
1,779,984 | 243,417 | - | 2,023,401 | 68,532,592 | - | - | |||||||||||||||||||||
Dynamic Materials Corp. |
966,278 | - | - | 966,278 | 15,953,250 | 38,651 | - | |||||||||||||||||||||
Manhattan Associates, Inc. |
1,043,762 | - | - | 1,043,762 | 80,536,676 | - | - | |||||||||||||||||||||
Measurement Specialties, Inc. |
1,110,752 | - | - | 1,110,752 | 51,683,291 | - | - | |||||||||||||||||||||
Medidata Solutions, Inc. |
1,479,694 | - | (181,764 | ) | 1,297,930 | - | - | 8,538,298 | ||||||||||||||||||||
NIC, Inc. |
3,947,566 | - | - | 3,947,566 | 65,253,266 | - | - | |||||||||||||||||||||
Neogen Corp. |
1,386,218 | 95,539 | - | 1,481,757 | 82,326,419 | - | - | |||||||||||||||||||||
Netscout System |
2,436,881 | 409,392 | - | 2,846,273 | 66,432,012 | |||||||||||||||||||||||
PROS Holdings, Inc. |
2,022,964 | - | - | 2,022,964 | 60,587,772 | - | - | |||||||||||||||||||||
Sun Hydraulics Corp. |
1,745,635 | 60,609 | - | 1,806,244 | 56,499,312 | 314,214 | - | |||||||||||||||||||||
Vocera |
||||||||||||||||||||||||||||
Communications, Inc. |
1,442,522 | 407,754 | - | 1,850,276 | 27,199,057 | - | ||||||||||||||||||||||
TOTAL | 25,718,344 | 1,216,711 | (181,764 | ) | 26,753,291 | 681,363,148 | $ | 352,865 | $ | 8,538,298 | ||||||||||||||||||
2. FEDERAL INCOME TAX |
At June 30, 2013, the tax-basis cost of investments and components of net assets were as follows: |
Small Company Fund | International Equity Fund | Mid-Cap Fund | ||||||||||
Unrealized Appreciation | $ | 784,915,046 | $ | 2,000,223 | $ | 15,248,981 | ||||||
Unrealized (Depreciation) | (58,604,016 | ) | (258,895 | ) | (1,424,337 | ) | ||||||
Net Unrealized Appreciation | 726,311,030 | 1,741,328 | 13,824,644 | |||||||||
Cost of investments for income tax purposes | 1,280,798,535 | 4,650,536 | 53,422,097 | |||||||||
The difference between book-basis and tax-basis net unrealized appreciation (depreciation) is attributable to the deferral of losses from wash sales.
ITEM 2. CONTROLS AND PROCEDURES |
(a) |
The Principal Executive Officer and the Principal Financial Officer have
concluded that the registrants disclosure controls and procedures are
effective based on their evaluation of the disclosure controls and procedures
required by Rule 30a-3(b) under the Investment Company Act of 1940 and
Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as
of a date within 90 days of the filing of this report.
|
(b) |
There were no changes in the registrants internal control over financial
reporting that occurred during the registrants last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the
registrants internal control over financial reporting.
|
ITEM 3. EXHIBITS |
Certifications required pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith as
Exhibit A.
|
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
|
Brown Capital Management Mutual Funds |
By: (Signature and Title) | /s/ Keith A. Lee | |
Keith A. Lee | ||
Trustee, President and Principal Executive Officer | ||
Date: August 28, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: (Signature and Title) | /s/ Keith A. Lee | ||
Keith A. Lee | |||
Trustee, President and Principal Executive Officer, | |||
Brown Capital Management Mutual Funds | |||
Date: August 28, 2013 | |||
By: (Signature and Title) | /s/ Cecil E. Flamer | ||
Cecil E. Flamer | |||
Treasurer and Principal Financial Officer, | |||
Brown Capital Management Mutual Funds | |||
Date: August 28, 2013 | |||
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