# EDGAR Filing Document

**Accession Number:** 0000869351
**File Stem:** 0000869351-25-000032
**Filing Date:** 2025-11
**Character Count:** 17199
**Document Hash:** ff5102efac32aeff41003c2f999c5b2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869351-25-000032.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000869351-25-000032

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Capital Management Mutual Funds
- **CENTRAL INDEX KEY:** 0000869351

**ORGANIZATION NAME:**
- **EIN:** 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:** 251525516

**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           |

## 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:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $701234020.60

**Total Liabilities:** $2084186.51

**Net Assets:** $699149834.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000105412 | -1.74%               | 2.56%                | -2.15%               |
| Class ID C000028793 | -1.75%               | 2.55%                | -2.17%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $44972183.99             | $-57968901.24                              |
| Month 2  | $20160025.01             | $-394071.54                                |
| Month 3  | $20933271.85             | $-36349563.46                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bio-techne Corp                          | Bio-Techne Corp.                         | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    393512 | NS      | $21891072.56  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates, Inc.               | Manhattan Associates, Inc.               | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |    164190 | NS      | $33655666.20  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems, Inc.            | Inspire Medical Systems, Inc.            | CUSIP: 457730109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98965 | NS      | $7343203.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Transmedics Group Inc                    | CUSIP: 89377M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    132461 | NS      | $14862124.20  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Badger Meter, Inc.                       | CUSIP: 056525108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81752 | NS      | $14599272.16  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Duolingo Inc                             | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30980 | NS      | $9970603.20   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY RECOVERY INC                      | Energy Recovery, Inc.                    | CUSIP: 29270J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    723046 | NS      | $11149369.32  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                              | Cognex Corp.                             | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |    558790 | NS      | $25313187.00  | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software, Inc.                 | Guidewire Software, Inc.                 | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    158598 | NS      | $36455336.28  | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies, Inc.                 | Tyler Technologies, Inc.                 | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     60281 | NS      | $31536607.96  | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc                     | UFP Technologies Inc                     | CUSIP: 902673102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64745 | NS      | $12923102.00  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp.                           | Repligen Corp.                           | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    267907 | NS      | $35811128.69  | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings, Inc.                      | PROS Holdings, Inc.                      | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |     83349 | NS      | $1909525.59   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AXOGEN INC                               | Axogen, Inc.                             | CUSIP: 05463X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    250355 | NS      | $4466333.20   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Rxsight                                  | CUSIP: 78349D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    315652 | NS      | $2837711.48   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Mama's Creations Inc                     | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    271800 | NS      | $2856618.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp.                            | Vericel Corp.                            | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |    819165 | NS      | $25779122.55  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Doubleverify Holdings Inc.               | DoubleVerify Holdings, Inc.              | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    718726 | NS      | $8610337.48   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                              | Datadog, Inc. Class A                    | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    280401 | NS      | $39929102.40  | 5.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Intapp Inc                               | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82349 | NS      | $3368074.10   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry, Inc.                            | Xometry, Inc.                            | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |    597425 | NS      | $32541739.75  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cryoport Inc                             | CryoPort, Inc.                           | CUSIP: 229050307<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    955008 | NS      | $9053475.84   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Clearwater Analytics Holdings, Inc.      | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    859696 | NS      | $15491721.92  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc                   | Alarm.com Holdings, Inc.                 | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |    440400 | NS      | $23376432.00  | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp.                    | OrthoPediatrics Corp.                    | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |    490172 | NS      | $9082887.16   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care, Inc.               | Tandem Diabetes Care, Inc.               | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |    103583 | NS      | $1257497.62   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino, Inc.                              | nCino, Inc.                              | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |    636978 | NS      | $17268473.58  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS COMMERCE INC                         | SPS Commerce Inc                         | CUSIP: 78463M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81941 | NS      | $8533335.74   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems, Inc.                      | Veeva Systems, Inc. Class A              | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    141320 | NS      | $42100641.20  | 6.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTEK BIOSCIENCES INC                    | Cytek Biosciences, Inc.                  | CUSIP: 23285D109<br>LEI: 549300K2J28BOC6FBO89 | Long             | EC               | CORP              | US        |   1827215 | NS      | $6340436.05   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Workiva, Inc.                            | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |    187140 | NS      | $16109011.20  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Vertex Inc.                              | CUSIP: 92538J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    475578 | NS      | $11789578.62  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Corcept Therapeutics, Inc.               | CUSIP: 218352102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94714 | NS      | $7871680.54   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obligations Fund | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  19385304 | NS      | $19385304.41  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys, Inc.                           | Agilysys, Inc.                           | CUSIP: 00847J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    184171 | NS      | $19383997.75  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Red Violet Inc                           | CUSIP: 75704L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    126348 | NS      | $6601683.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings, Inc.                        | Q2 Holdings, Inc.                        | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    307956 | NS      | $22292934.84  | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp.                            | Glaukos Corp.                            | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |    307205 | NS      | $25052567.75  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software, Inc.                    | Paycom Software, Inc.                    | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |    121119 | NS      | $25209708.66  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Appfolio Inc                             | AppFolio, Inc.                           | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |    132768 | NS      | $36598826.88  | 5.23%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

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

**Signature:** Michael Forster

**Name of Signer:** Michael Forster

**Title:** Treasurer and Principal Financial Officer