# EDGAR Filing Document

**Accession Number:** 0000869351
**File Stem:** 0001752724-25-165040
**Filing Date:** 2025-7
**Character Count:** 17233
**Document Hash:** c42c182d4bc00d92c5b73af58ede8c3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-165040.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001752724-25-165040

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**PERIOD START**: 20250331

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06199
- **FILM NUMBER:** 251110804

**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 International Small Company Fund (Series ID: S000049041)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000154624 | Institutional Shares | BCSFX           |
| C000154625 | Investor Shares      | BCSVX           |

## 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 International Small Company Fund

- **b. EDGAR series identifier (if any):** S000049041

- **c. LEI of Series:** 549300TLQKLHDTIF7V05

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

- **a. Date of fiscal year-end:** 2025-03-31

- **b. Date as of which information is reported:** 2025-03-31

**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:** $2037527667.68

**Total Liabilities:** $4187778.41

**Net Assets:** $2033339889.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000154624 | 3.69%                | -4.37%               | -4.05%               |
| Class ID C000154625 | 3.65%                | -4.36%               | -4.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22229288.56             | $55167099.46                               |
| Month 2  | $23141040.15             | $-121322146.33                             |
| Month 3  | $138464.19               | $-88269550.23                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MIPS AB                                  | MIPS AB                                  | CUSIP: N/A<br>LEI: 549300LZSA4S0L54VQ25       | Long             | EC               | CORP              | SE        |   1411830 | NS      | $54188908.39  | 2.67%             |  |  |  | No            |                  2 | On Loan: No      |
| M3, Inc.                                 | M3 Inc                                   | CUSIP: N/A<br>LEI: 3538001UOKRWIODYM055       | Long             | EC               | CORP              | JP        |    285521 | NS      | $3261632.87   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com, Inc.                         | Kakaku.com Inc                           | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |   2184387 | NS      | $31285672.19  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinaxis, Inc.                            | Kinaxis Inc                              | CUSIP: N/A<br>LEI: 5299009VAZ14K7PFUQ15       | Long             | EC               | CORP              | CA        |    691876 | NS      | $76281606.70  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Software Service, Inc.                   | Software Service Inc                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    477125 | NS      | $37281543.70  | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Rightmove PLC                            | Rightmove PLC                            | CUSIP: N/A<br>LEI: 2138001JXGCFKBXYB828       | Long             | EC               | CORP              | GB        |   5894211 | NS      | $52477253.67  | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding Ag                | Partners Group Holding AG                | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |     13301 | NS      | $18930011.47  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | Dr. Lal Pathlabs Limited                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IN        |   1123786 | NS      | $32481354.82  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Lectra                                   | Lectra                                   | CUSIP: N/A<br>LEI: 9695000KWQEBUDT6IO19       | Long             | EC               | CORP              | FR        |   2991152 | NS      | $86217377.71  | 4.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Rea Group Ltd                            | REA Group Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    809490 | NS      | $112312602.00 | 5.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Sectra AB                                | Sectra AB                                | CUSIP: N/A<br>LEI: 549300R9ZBT8YSFFK266       | Long             | EC               | CORP              | SE        |   2980076 | NS      | $70960545.44  | 3.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Playtech PLC                             | Playtech Plc                             | CUSIP: N/A<br>LEI: 21380068TTB6Z9ZEU548       | Long             | EC               | CORP              | IM        |   1867799 | NS      | $16810827.97  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Descartes Systems Group Inc/the          | Descartes Systems Group Inc/Th           | CUSIP: N/A<br>LEI: 875500NEPA7JI5EOMN45       | Long             | EC               | CORP              | CA        |    948629 | NS      | $95499032.93  | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | ATOSS Software SE                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | DE        |    239025 | NS      | $32507026.00  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| PayPoint PLC                             | PayPoint PLC                             | CUSIP: N/A<br>LEI: 5493004YKWI8U0GDD138       | Long             | EC               | CORP              | GB        |   3276695 | NS      | $26505137.40  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Victrex PLC                              | Victrex PLC                              | CUSIP: N/A<br>LEI: 213800UYNPHAUNHPXL67       | Long             | EC               | CORP              | GB        |   3174116 | NS      | $36324558.27  | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingdee International Software Group Co. | Kingdee International Software           | CUSIP: N/A<br>LEI: 529900SWRZN94C5SZO63       | Long             | EC               | CORP              | KY        |  21248492 | NS      | $36173415.20  | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| CAMTEK LTD                               | Camtek Ltd/Israel                        | CUSIP: M20791105<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    587361 | NS      | $34436975.43  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Crisil Ltd                               | CRISIL Ltd                               | CUSIP: N/A<br>LEI: 335800XLQ1LWF1M6KM87       | Long             | EC               | CORP              | IN        |    975442 | NS      | $47608140.06  | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Hemnet Group AB                          | Hemnet Group AB                          | CUSIP: N/A<br>LEI: 5493008VIU67J3HUAR07       | Long             | EC               | CORP              | SE        |   2563905 | NS      | $85036504.22  | 4.18%             |  |  |  | No            |                  2 | On Loan: No      |
| FORTNOX AB                               | FORTNOX AB                               | CUSIP: N/A<br>LEI: 549300MSNMHPC3060W78       | Long             | EC               | CORP              | SE        |   7600033 | NS      | $66217491.69  | 3.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Aj Bell Plc                              | AJ Bell PLC                              | CUSIP: N/A<br>LEI: 213800VNKA7DPWXWJJ36       | Long             | EC               | CORP              | GB        |  12493266 | NS      | $65468609.66  | 3.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Hiday Hidaka Corp.                       | Hiday Hidaka Corp                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   2963274 | NS      | $54631107.08  | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Treasury Obligations Fund | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  22027204 | NS      | $22027204.13  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SMS Co., Ltd.                            | SMS Co Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   2065780 | NS      | $15560747.03  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Towa Pharmaceutical Co., Ltd.            | Towa Pharmaceutical Co Ltd               | CUSIP: N/A<br>LEI: 35380036BH1C3PNO2426       | Long             | EC               | CORP              | JP        |   2277082 | NS      | $40941218.13  | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambu A/s                                 | Ambu A/S                                 | CUSIP: N/A<br>LEI: 5299008W2A69WX355710       | Long             | EC               | CORP              | DK        |   5075447 | NS      | $87203589.26  | 4.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment Plc                | Flutter Entertainment PLC                | CUSIP: G3643J108<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     61859 | NS      | $13704861.43  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums SA                          | Interparfums SA                          | CUSIP: N/A<br>LEI: 969500SARWF33OPQED48       | Long             | EC               | CORP              | FR        |   2031526 | NS      | $87412888.13  | 4.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Azimut Holding Spa                       | Azimut Holding SpA                       | CUSIP: N/A<br>LEI: 81560025690EF8540635       | Long             | EC               | CORP              | IT        |   1865035 | NS      | $52219911.14  | 2.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | Global-e Online Ltd.                     | CUSIP: 234651102<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |   1521743 | NS      | $54250137.95  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Pro Medicus, Ltd.                        | Pro Medicus Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    483386 | NS      | $61184975.76  | 3.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | VusionGroup                              | CUSIP: 024311198<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |    461076 | NS      | $98642634.17  | 4.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyberark Software Ltd                    | CyberArk Software Ltd                    | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |    333594 | NS      | $112754772.00 | 5.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WiseTech Global, Ltd.                    | WiseTech Global Ltd                      | CUSIP: N/A<br>LEI: 254900VE3AF301Q85K83       | Long             | EC               | CORP              | AU        |   1340779 | NS      | $69141496.06  | 3.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Evotec SE                                | Evotec AG                                | CUSIP: N/A<br>LEI: 529900F9KI6OYITO9B12       | Long             | EC               | CORP              | DE        |   4291782 | NS      | $28397706.29  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| GMO Payment Gateway, Inc.                | GMO Payment Gateway Inc                  | CUSIP: N/A<br>LEI: 353800Q6U21E2PM83F86       | Long             | EC               | CORP              | JP        |    807842 | NS      | $42984390.00  | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| YouGov PLC                               | YouGov PLC                               | CUSIP: N/A<br>LEI: 213800MZGBGCJIPOBB41       | Long             | EC               | CORP              | GB        |   4063526 | NS      | $14532882.05  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| STRATEC SE                               | STRATEC Biomedical AG                    | CUSIP: N/A<br>LEI: 529900ZZJWANAFSPGV30       | Long             | EC               | CORP              | DE        |   1036445 | NS      | $27470100.45  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexus AG                                 | Nexus AG                                 | CUSIP: N/A<br>LEI: 529900IBXKVGR2ZZGT64       | Long             | EC               | CORP              | DE        |    426753 | NS      | $32301456.54  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-08

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

**Signature:** Michael Forster

**Name of Signer:** Michael Forster

**Title:** Treasurer and Principal Financial Officer