# EDGAR Filing Document

**Accession Number:** 0000869351
**File Stem:** 0000869351-25-000006
**Filing Date:** 2025-8
**Character Count:** 47958
**Document Hash:** 12e30080e7449971bae7ed55bd024e96
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869351-25-000006.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000869351-25-000006

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**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:** 251263282

**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           |

## 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** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** |
|  |  | **Shares** | **Value (Note 1)** |
| 98.25% | &nbsp;&nbsp;COMMON STOCKS |  |  |
| 25.19% | &nbsp;&nbsp;BUSINESS SERVICES |  |  |
|  | &nbsp;&nbsp;Ansys, Inc.(A) . . . . . . . . . . . . | 49758 | $17476005 |
|  | &nbsp;&nbsp;Clearwater Analytics Holdings, Inc.(A) . . | 822239 | 18031701 |
|  | &nbsp;&nbsp;DoubleVerify Holdings, Inc.(A) . . . . . | 667224 | 9988343 |
|  | &nbsp;&nbsp;Guidewire Software, Inc.(A) . . . . . . | 197029 | 46390478 |
|  | &nbsp;&nbsp;nCino, Inc.(A) . . . . . . . . . . . . | 670453 | 18752570 |
|  | &nbsp;&nbsp;Paycom Software, Inc. . . . . . . . . | 132845 | 30740333 |
|  | &nbsp;&nbsp;PROS Holdings, Inc.(A) . . . . . . . . | 91420 | 1431637 |
|  | &nbsp;&nbsp;Q2 Holdings, Inc.(A) . . . . . . . . . | 322176 | 30152452 |
|  | &nbsp;&nbsp;Tyler Technologies, Inc.(A) . . . . . . . | 63001 | 37349513 |
|  |  |  | 210313032 |
| 9.72% | &nbsp;&nbsp;CONSUMER RELATED |  |  |
|  | &nbsp;&nbsp;Agilysys, Inc.(A) . . . . . . . . . . . | 202003 | 23157624 |
|  | &nbsp;&nbsp;Alarm.com Holdings, Inc.(A) . . . . . . | 527312 | 29830040 |
|  | &nbsp;&nbsp;Duolingo, Inc. Class A(A) . . . . . . . | 24751 | 10148405 |
|  | &nbsp;&nbsp;Olo, Inc.(A) . . . . . . . . . . . . . | 2021467 | 17991056 |
|  |  |  | 81127125 |
| 11.04% | &nbsp;&nbsp;INDUSTRIAL PRODUCTS & SYSTEMS |  |  |
|  | &nbsp;&nbsp;Badger Meter, Inc. . . . . . . . . . . | 46655 | 11428142 |
|  | &nbsp;&nbsp;Cognex Corp. . . . . . . . . . . . | 754372 | 23928680 |
|  | &nbsp;&nbsp;Energy Recovery, Inc.(A) . . . . . . . | 1065214 | 13613435 |
|  | &nbsp;&nbsp;UFP Technologies, Inc.(A) . . . . . . . | 50394 | 12304199 |
|  | &nbsp;&nbsp;Xometry, Inc.(A) . . . . . . . . . . . | 914265 | 30893014 |
|  |  |  | 92167470 |
| 21.81% | &nbsp;&nbsp;INFORMATION/KNOWLEDGE MANAGEMENT |  |  |
|  | &nbsp;&nbsp;AppFolio, Inc.(A) . . . . . . . . . . . | 186696 | 42992355 |
|  | &nbsp;&nbsp;Datadog, Inc. Class A(A) . . . . . . . | 370713 | 49797877 |
|  | &nbsp;&nbsp;Manhattan Associates, Inc.(A) . . . . . | 205562 | 40592328 |
|  | &nbsp;&nbsp;Red Violet, Inc. . . . . . . . . . . . | 132464 | 6517229 |
|  | &nbsp;&nbsp;SPS Commerce, Inc.(A) . . . . . . . . | 81941 | 11151351 |
|  | &nbsp;&nbsp;Vertex, Inc.(A) . . . . . . . . . . . . | 412774 | 14585369 |
|  | &nbsp;&nbsp;Workiva, Inc.(A) . . . . . . . . . . . | 239935 | 16423551 |
|  |  |  | 182060060 |

---

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** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** |
|  |  | **Shares** | **Value (Note 1)** |
| 29.56% | MEDICAL/HEALTH CARE |  |  |
|  | Bio-Techne Corp. . . . . . . . . . . | 487476 | 25080640 |
|  | Cytek Biosciences, Inc.(A) . . . . . . . | 2004126 | 6814028 |
|  | Glaukos Corp.(A) . . . . . . . . . . . | 357900 | 36967491 |
|  | Inspire Medical Systems, Inc.(A) . . . . | 108548 | 14086274 |
|  | OrthoPediatrics Corp.(A) . . . . . . . | 537632 | 11548335 |
|  | Repligen Corp.(A) . . . . . . . . . . | 307946 | 38302323 |
|  | RxSight, Inc.(A) . . . . . . . . . . . . | 346214 | 4500782 |
|  | Tandem Diabetes Care, Inc.(A) . . . . . | 113611 | 2117709 |
|  | TransMedics Group, Inc.(A) . . . . . . | 145287 | 19469911 |
|  | Veeva Systems, Inc. Class A(A) . . . . | 172496 | 49675398 |
|  | Vericel Corp.(A) . . . . . . . . . . . | 898478 | 38230239 |
|  |  |  | 246793130 |
| 0.94% | MISCELLANEOUS |  |  |
|  | CryoPort, Inc.(A) . . . . . . . . . . . | 1047472 | 7814141 |
| 98.25% | TOTAL COMMON STOCKS |  | 820274958 |
| 1.89% | SHORT TERM INVESTMENT |  |  |
|  | First American Treasury Obligations |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fund-X Class 4.240%(B) . . . . . . | 15805879 | 15805879 |
| 0.00% | WARRANTS |  |  |
|  | 0.00% Health Care . . . . . . . . . |  |  |
|  | Abiomed, Inc. - CVR(A)(C) . . . . . . . | 475722 |  |
| 0.00% | TOTAL WARRANTS . . . . . . . . . | . . . . . . . . |  |
| 100.14% | TOTAL INVESTMENTS . . . . . . . . | . . . . . . . | 836080837 |
| (0.14%) | Liabilities in excess of other assets . . . | . . . . . . . | (1197557) |
| 100.00% | NET ASSETS . . . . . . . . . . . . | . . . . . . . . | <u>$834883280</u> |

---

(A)Non-income producing

(B) Effective 7 day yield as of June 30, 2025

(C)The warrant is a Level 3 security. See Note 1 CVR - Contingent Value Rights

See Notes to Schedule of Investments

**2**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** |
|  |  | **Shares** | **Value (Note 1)** |
| 98.67% | &nbsp;&nbsp;COMMON STOCKS |  |  |
| 8.80% | &nbsp;&nbsp;AUSTRALIA |  |  |
|  | &nbsp;&nbsp;Atlassian Corp. Class A(A) . . . . . . . | 6695 | $1359688 |
|  | &nbsp;&nbsp;Cochlear Ltd. . . . . . . . . . . . . | 15260 | 3018063 |
|  | &nbsp;&nbsp;REA Group Ltd. . . . . . . . . . . . | 17331 | 2744518 |
|  |  |  | 7122269 |
| 6.66% | &nbsp;&nbsp;CANADA |  |  |
|  | &nbsp;&nbsp;The Descartes Systems Group, Inc(A) . . | 25272 | 2567194 |
|  | &nbsp;&nbsp;Shopify, Inc. Class A(A) . . . . . . . . | 24446 | 2819846 |
|  |  |  | 5387040 |
| 5.39% | &nbsp;&nbsp;DENMARK |  |  |
|  | &nbsp;&nbsp;Novo Nordisk A/S . . . . . . . . . . | 23135 | 1603118 |
|  | &nbsp;&nbsp;Novonesis A/S . . . . . . . . . . . | 38450 | 2760590 |
|  |  |  | 4363708 |
| 2.93% | &nbsp;&nbsp;FRANCE |  |  |
|  | &nbsp;&nbsp;Dassault Systemes SE . . . . . . . . | 43743 | 1585322 |
|  | &nbsp;&nbsp;Ipsen SA . . . . . . . . . . . . . . | 6615 | 787967 |
|  |  |  | 2373289 |
| 7.35% | &nbsp;&nbsp;GERMANY |  |  |
|  | &nbsp;&nbsp;Carl Zeiss Meditec AG . . . . . . . . | 21890 | 1474153 |
|  | &nbsp;&nbsp;Rational AG . . . . . . . . . . . . . . . . . . . . . . . . . | 1953 | 1641107 |
|  | &nbsp;&nbsp;SAP SE . . . . . . . . . . . . . . | 9250 | 2828468 |
|  |  |  | 5943728 |
| 2.13% | &nbsp;&nbsp;HONG KONG |  |  |
|  | &nbsp;&nbsp;Kingdee International Software(A) . . . | 476146 | 941094 |
|  | &nbsp;&nbsp;Kingsoft Corp. Ltd. . . . . . . . . . . . . . . . . . . . | 149543 | 781593 |
|  |  |  | 1722687 |
| 5.37% | &nbsp;&nbsp;IRELAND |  |  |
|  | &nbsp;&nbsp;Flutter Entertainment plc(A) . . . . . . | 10283 | 2938470 |
|  | &nbsp;&nbsp;Icon plc(A) . . . . . . . . . . . . . . | 9680 | 1407956 |
|  |  |  | 4346426 |

---

See Notes to Schedule of Investments

**3**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** |
|  |  | **Shares** | **Value (Note 1)** |
| 9.97% | &nbsp;&nbsp;ISRAEL |  |  |
|  | &nbsp;&nbsp;Camtek Ltd. (A) . . . . . . . . . . . | 21364 | $1806540 |
|  | &nbsp;&nbsp;Check Point Software Technologies Ltd.(A) . | 3868 | 855795 |
|  | &nbsp;&nbsp;CyberArk Software Ltd.(A) . . . . . . . | 8326 | 3387683 |
|  | &nbsp;&nbsp;Monday.com Ltd.(A) . . . . . . . . . | 6414 | 2017075 |
|  |  |  | 8067093 |
| 2.08% | &nbsp;&nbsp;ITALY |  | 1680815 |
|  | &nbsp;&nbsp;Azimut Holding S.p.A . . . . . . . . | 52392 | 1680815 |
| 9.01% | &nbsp;&nbsp;JAPAN |  |  |
|  | &nbsp;&nbsp;CyberAgent, Inc. . . . . . . . . . . | 100200 | 1144836 |
|  | &nbsp;&nbsp;GMO Payment Gateway, Inc. . . . . . | 24200 | 1565223 |
|  | &nbsp;&nbsp;Kakaku.com, Inc. . . . . . . . . . . | 66100 | 1225768 |
|  | &nbsp;&nbsp;M3, Inc. . . . . . . . . . . . . . . | 32400 | 445069 |
|  | &nbsp;&nbsp;MonotaRO Co. Ltd. . . . . . . . . . | 147800 | 2909569 |
|  |  |  | 7290465 |
| 4.97% | &nbsp;&nbsp;NETHERLANDS |  |  |
|  | &nbsp;&nbsp;ASML Holding NV . . . . . . . . . . | 2671 | 2140377 |
|  | &nbsp;&nbsp;Wolters Kluwer NV . . . . . . . . . | 11239 | 1879595 |
|  |  |  | 4019972 |
| 3.14% | &nbsp;&nbsp;NEW ZEALAND |  |  |
|  | &nbsp;&nbsp;Xero Ltd.(A) . . . . . . . . . . . . . | 21484 | 2542187 |
| 1.50% | &nbsp;&nbsp;NORWAY |  |  |
|  | &nbsp;&nbsp;Autostore Holdings Ltd.(A) . . . . . . | 688844 | 412439 |
|  | &nbsp;&nbsp;Vend Marketplaces ASA . . . . . . . | 22754 | 801404 |
|  |  |  | 1213843 |
| 2.93% | &nbsp;&nbsp;POLAND |  |  |
|  | &nbsp;&nbsp;InPost SA(A) . . . . . . . . . . . . . | 142444 | 2370519 |
| 1.35% | &nbsp;&nbsp;SPAIN |  |  |
|  | &nbsp;&nbsp;Grifols SA(A) . . . . . . . . . . . . . | 89445 | 1091409 |

---

See Notes to Schedule of Investments

**4**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND**

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** |
|  |  | **Shares** | **Value (Note 1)** |
| 11.71% | SWITZERLAND |  |  |
|  | Chocoladefabriken Lindt & Sprüngli AG . | 106 | $1786482 |
|  | Givaudan SA . . . . . . . . . . . . | 676 | 3278280 |
|  | Partners Group Holding AG . . . . . | 1485 | 1942865 |
|  | Tecan Group AG . . . . . . . . . . | 3864 | 790756 |
|  | Temenos Group AG . . . . . . . . . | 23347 | 1677135 |
|  |  |  | 9475518 |
| 8.74% | UNITED KINGDOM |  |  |
|  | AJ Bell plc . . . . . . . . . . . . . . . . . . . . . . . . . . | 398377 | 2806585 |
|  | Diageo plc . . . . . . . . . . . . . | 29621 | 746924 |
|  | RELX plc . . . . . . . . . . . . . . | 40893 | 2216299 |
|  | Wise plc(A) . . . . . . . . . . . . . | 90962 | 1299424 |
|  |  |  | 7069232 |
| 4.63% | URUGUAY |  |  |
|  | MercadoLibre, Inc.(A) . . . . . . . . . | 1432 | 3742718 |
| 98.67% | TOTAL COMMON STOCKS . . . . . | . . . . . . . . | 79822918 |
| 1.20% | SHORT TERM INVESTMENT |  |  |
|  | First American Treasury Obligations |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Fund - X Class 4.240%(B) . . . . . . | 967172 | 967172 |
| 99.87% | TOTAL INVESTMENTS . . . . . . . | . . . . . . . . | 80790090 |
| 0.13% | Other assets, net of liabilities . . . . . | . . . . . . . . | 107435 |
| 100.00% | NET ASSETS . . . . . . . . . . . . | . . . . . . . . | $<u>80897525</u> |

---

(A)Non-income producing

(B)Effective 7 day yield as of June 30, 2025

See Notes to Schedule of Investments

**5**

QUARTERLY REPORT

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

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** |
|  |  | **Shares** | **Value (Note 1)** |
| 98.69% | &nbsp;&nbsp;COMMON STOCKS |  |  |
| 13.25% | &nbsp;&nbsp;AUSTRALIA |  |  |
|  | &nbsp;&nbsp;Pro Medicus Ltd. . . . . . . . . . . . | 493137 | $92283066 |
|  | &nbsp;&nbsp;REA Group Ltd. . . . . . . . . . . . . | 825819 | 130775802 |
|  | &nbsp;&nbsp;WiseTech Global Ltd. . . . . . . . . . | 1367826 | 98094845 |
|  |  |  | 321153713 |
| 8.38% | &nbsp;&nbsp;CANADA |  |  |
|  | &nbsp;&nbsp;The Descartes Systems Group, Inc(A) . . . | 967765 | 98308010 |
|  | &nbsp;&nbsp;Kinaxis, Inc.(A) . . . . . . . . . . . . . | 705833 | 104971764 |
|  |  |  | 203279774 |
| 3.36% | &nbsp;&nbsp;DENMARK |  | 81437104 |
|  | &nbsp;&nbsp;Ambu A/S . . . . . . . . . . . . . . | 5177830 | 81437104 |
| 12.98% | &nbsp;&nbsp;FRANCE |  |  |
|  | &nbsp;&nbsp;Interparfums SA . . . . . . . . . . . . | 2277755 | 88574484 |
|  | &nbsp;&nbsp;Lectra (B) . . . . . . . . . . . . . . . | 3033881 | 85519328 |
|  | &nbsp;&nbsp;VusionGroup . . . . . . . . . . . . . | 434318 | 140492387 |
|  |  |  | 314586199 |
| 5.03% | &nbsp;&nbsp;GERMANY |  |  |
|  | &nbsp;&nbsp;ATOSS Software SE . . . . . . . . . . | 314152 | 52232779 |
|  | &nbsp;&nbsp;Evotec AG(A) . . . . . . . . . . . . . | 4378357 | 37273762 |
|  | &nbsp;&nbsp;STRATEC Biomedical AG(A)(B) . . . . . . | 1051352 | 32537544 |
|  |  |  | 122044085 |
| 1.77% | &nbsp;&nbsp;HONG KONG |  |  |
|  | &nbsp;&nbsp;Kingdee International Software(A) . . . . | 21678492 | 42847150 |
| 4.26% | &nbsp;&nbsp;INDIA |  |  |
|  | &nbsp;&nbsp;CRISIL Ltd. . . . . . . . . . . . . . . | 935514 | 65992323 |
|  | &nbsp;&nbsp;Dr. Lal PathLabs Ltd. . . . . . . . . . . | 1146455 | 37392365 |
|  |  |  | 103384688 |
| 0.74% | &nbsp;&nbsp;IRELAND |  |  |
|  | &nbsp;&nbsp;Flutter Entertainment plc(A) . . . . . . . | 63107 | 18033456 |

---

See Notes to Schedule of Investments

**6**

QUARTERLY REPORT

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

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** |
|  |  | **Shares** | **Value (Note 1)** |
| 9.83% | &nbsp;&nbsp;ISRAEL |  |  |
|  | &nbsp;&nbsp;Camtek Ltd.(A) . . . . . . . . . . . . . | 599209 | $50669113 |
|  | &nbsp;&nbsp;CyberArk Software Ltd.(A) . . . . . . . . | 333308 | 135616359 |
|  | &nbsp;&nbsp;Global-e Online Ltd.(A) . . . . . . . . . | 1552440 | 52068838 |
| 2.52% | &nbsp;&nbsp;ITALY |  | 61040131 |
|  | &nbsp;&nbsp;Azimut Holding S.p.A . . . . . . . . . | 1902657 | 61040131 |
| 11.44% | &nbsp;&nbsp;JAPAN |  |  |
|  | &nbsp;&nbsp;GMO Payment Gateway, Inc. . . . . . . | 824142 | 53304373 |
|  | &nbsp;&nbsp;Hiday Hidaka Corp.(B) . . . . . . . . . | 3007874 | 68996261 |
|  | &nbsp;&nbsp;Kakaku.com, Inc. . . . . . . . . . . . | 2025387 | 37559063 |
|  | &nbsp;&nbsp;M3, Inc. . . . . . . . . . . . . . . . | 291321 | 4001792 |
|  | &nbsp;&nbsp;SMS Co. Ltd. . . . . . . . . . . . . . | 2107480 | 21618328 |
|  | &nbsp;&nbsp;Software Service, Inc.(B) . . . . . . . . | 478225 | 43679835 |
|  | &nbsp;&nbsp;Towa Pharmaceutical Co. Ltd. . . . . . . | 2322982 | 48204580 |
|  |  |  | 277364232 |
| 13.49% | &nbsp;&nbsp;SWEDEN |  |  |
|  | &nbsp;&nbsp;Fortnox AB . . . . . . . . . . . . . . | 7600033 | 73895831 |
|  | &nbsp;&nbsp;Hemnet Group AB . . . . . . . . . . | 2615625 | 76796834 |
|  | &nbsp;&nbsp;MIPS AB(B) . . . . . . . . . . . . . . | 1440310 | 67492012 |
|  | &nbsp;&nbsp;Sectra AB . . . . . . . . . . . . . . | 2937232 | 108785223 |
|  |  |  | 326969900 |
| 0.73% | &nbsp;&nbsp;SWITZERLAND |  | 17752680 |
|  | &nbsp;&nbsp;Partners Group Holding AG . . . . . . | 13569 | 17752680 |
| 10.91% | &nbsp;&nbsp;UNITED KINGDOM |  |  |
|  | &nbsp;&nbsp;AJ Bell plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12647045 | $89099050 |
|  | &nbsp;&nbsp;PayPoint plc . . . . . . . . . . . . . | 3342793 | 38865479 |
|  | &nbsp;&nbsp;Playtech plc . . . . . . . . . . . . . | 2994246 | 15462158 |
|  | &nbsp;&nbsp;Rightmove plc . . . . . . . . . . . . | 6013111 | 65082245 |
|  | &nbsp;&nbsp;Victrex plc . . . . . . . . . . . . . . | 3238145 | 34535569 |
|  | &nbsp;&nbsp;YouGov plc . . . . . . . . . . . . . . | 4145496 | 21370785 |
|  |  |  | 264415286 |
| 98.69% | &nbsp;&nbsp;TOTAL COMMON STOCKS . . . . . . . . | . . . . . . | <u>2392662708</u> |

---

See Notes to Schedule of Investments

**7**

QUARTERLY REPORT

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

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments - continued** | **Schedule of Investments - continued** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** |
|  |  | **Shares** | **Value (Note 1)** |
| 1.47% | SHORT TERM INVESTMENT |  |  |
|  | First American Treasury Obligations Fund - |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;X Class 4.240%(C) . . . . . . . . . . | 35648331 | 35648331 |
| 100.16% | TOTAL INVESTMENTS . . . . . . . . . | . . . . . . . | <u>2428311039</u> |
| (0.16%) | Liabilities in excess of other assets . . . . | . . . . . . . | (3845476) |
| 100.00% | NET ASSETS . . . . . . . . . . . . . | . . . . . . . | <u>$2424465563</u> |

---

(A)Non-income producing

(B) Affiliated company- The Fund owns greater than 5% of the outstanding voting shares of this issurer.

(C)Effective 7 day yield as of June 30, 2025

See Notes to Schedule of Investments

**8**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

---

| | |
|:---|:---|
| **Notes to Schedules of Investments** | **June 30, 2025 (unaudited)** |

---

1.**ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES**

The Brown Capital Management Small Company Fund ("Small Company Fund"), The Brown Capital Management International All Company Fund ("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 are classified as a diversified, open-end management investment company, as those terms are defined in the 1940 Act. The Funds currently offer Investor Class and Institutional Class Shares.

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 by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of those companies with operating revenues of $500 million or less at the time of initial investment.

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 substantially of its assets in equity securities of non-U.S. based companies.

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 at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment.

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

**9**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**Notes to Schedules of Investments - continued June 30, 2025 (unaudited)**

**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, Monday through Friday. Securities that are principally traded on the National Association of Securities Dealers Automated Quotation ("NASDAQ") exchange are generally valued at the NASDAQ Official Closing Price ("NOCP"). Other securities that are traded in the domestic over- the-counter market and listed securities for which last sales price is available, are generally valued at the last sales price as of the valuation time. In the absence of sales and NOCP, such securities 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 Trust's Board of Trustees. The Board has appointed the Advisor as valuation designee to be responsible for all fair value determinations for the Funds. Fair value pricing may be used, for example, in situations where (i) a 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 security prior to a Fund's net asset value calculation; (iii) the exchange on which the 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 Fund's net asset value calculation. A security's "fair value" price may differ from the price next available for that 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**

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.

**10**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**Notes to Schedules of Investments - continued June 30, 2025 (unaudited)**

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.

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 June 30, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs.

**Small Company Fund:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Valuation Inputs** | **Valuation Inputs** |  |
| <br>**Investments in Securities at Value\*** | **Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | **Total** |
| Common Stocks . . . . . . | $820274958 | $&nbsp;&nbsp;— | $— | $820274958 |
| Short Term Investment . . . . | 15805879 | &nbsp;&nbsp;— |  | 15805879 |
| Warrants . . . . . . . . . . |  | &nbsp;&nbsp;— | —\*\* |  |
| Total . . . . . . . . . . . . | $<u>836080837</u> | $&nbsp;&nbsp;<u>—</u> | $<u>—</u> | $<u>836080837</u> |

---

**11**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Notes to Schedules of Investments - continued** | **Notes to Schedules of Investments - continued** | &nbsp;&nbsp;**June 30, 2025 (unaudited)** | &nbsp;&nbsp;**June 30, 2025 (unaudited)** | &nbsp;&nbsp;**June 30, 2025 (unaudited)** |
| **International All Company Fund:** | **International All Company Fund:** |  |  |  |
|  |  | **Valuation Inputs** | **Valuation Inputs** |  |
| **Investments in Securities at Value\*** | **Level 1** | **Level 2** | &nbsp;&nbsp;**Level 3** | **Total** |
| Common Stocks . . . . . . | $79822918 | $&nbsp;&nbsp;— | $&nbsp;&nbsp;— | $79822918 |
| Short Term Investment . . . . | 967172 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 967172 |
| Total . . . . . . . . . . . . | $<u>80790090</u> | $&nbsp;&nbsp;<u>—</u> | $&nbsp;&nbsp;<u>—</u> | $<u>80790090</u> |
| **International Small Company Fund:** | **International Small Company Fund:** |  |  |  |
|  |  | **Valuation Inputs** | **Valuation Inputs** |  |
| **Investments in Securities at Value\*** | **Level 1** | **Level 2** | &nbsp;&nbsp;**Level 3** | **Total** |
| Common Stocks . . . . . . | $<u>2392662708</u> | $&nbsp;&nbsp;<u>—</u> | $&nbsp;&nbsp;<u>—</u> | $<u>2392662708</u> |
| Short Term Investment . . . . | 35648331 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 35648331 |
| Total . . . . . . . . . . . . | $<u>2428311039</u> | $&nbsp;&nbsp;<u>—</u> | $&nbsp;&nbsp;<u>—</u> | $<u>2428311039</u> |

---

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

\*\*The Level 3 Security has zero value.

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, 2025.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities.

As of June 30, 2025, the Small Company held assets in which significant unobservable inputs were used determining fair value (Level 3). These assets were valued at $- (0% of net assets). As the value of the Level 3 security is not material to the financial statements, no additional Level 3 disclosures are presented. There were not transfers in or out of Level 3 securities and the value did not change during the period.

**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.

**12**

QUARTERLY REPORT

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**Notes to Schedules of Investments - continued June 30, 2025 (unaudited)**

**Foreign Currency Spot Contracts (International All Company Fund and International Small Company Fund)**

Derivative instruments include foreign currency spot trades. The Funds may enter into such derivative instruments primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a foreign currency spot contract the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price typically within two business days.

**Affiliated Companies**

If 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, 2025, 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 considered affiliates of that Fund for purposes of the 1940 Act.

**13**

QUARTERLY REPORT

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **BROWN CAPITAL MANAGEMENT MUTUAL FUNDS** | **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, 2024 (unaudited)** | **December 31, 2024 (unaudited)** | **December 31, 2024 (unaudited)** |
| **International Small Company Fund** | **International Small Company Fund** |  |  |  |  |  |  |  |  |
|  | **Market Value** |  |  | **Market Value** | **Share Balance** |  | **Change in** |  |  |
| **Common Stock** | **as of March** |  |  | **as of June 30,** | **as of June 30,** |  | **Unrealized** | &nbsp;&nbsp;**Realized** |  |
| **Security Name** | **31, 2025** | **Purchases** |  | **2025** | **2025** | **Dividends** | **Gain (Loss)** | **Gain/(Loss)** | **Cost** |
| Hiday Hidaka Corp. . | $54631107 | $1013854 | $— $ | 68996261 | 3007874 | $450296 | $13351300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $49847334 |
| Lectra . . . . . . . | 86217378 | 1259243 |  | 85519328 | 3033881 | 1015476 | (1957293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 89345646 |
| MIPS AB . . . . . . | 54188908 | 1315632 |  | 67492012 | 1440310 | 802556 | 11987472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 58427711 |
| Software Service, Inc. . | 37281544 | 99216 |  | 43679835 | 478225 |  | 6299075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 43412788 |
| STRATEC Biomedical |  |  |  | 32537544 | 1051352 |  | 4595518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 88473802 |
| &nbsp;&nbsp;&nbsp;AG . . . . . . . . | 27470100 | 471926 |  | 32537544 | 1051352 |  | 4595518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 88473802 |
| TOTAL |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$ | $298224980 | 9011642 | $2268328 | $34276072 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 329507281 |

---

**14**

QUARTERLY REPORT

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## 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:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $2431839193.14

**Total Liabilities:** $7373630.32

**Net Assets:** $2424465562.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000154624 | 6.96%                | 5.60%                | 5.82%                |
| Class ID C000154625 | 6.95%                | 5.57%                | 5.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $18845075.32             | $120856757.88                              |
| Month 2  | $64643.42                | $106074615.55                              |
| Month 3  | $7407572.72              | $127886194.32                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| M3, Inc.                                 | M3 Inc                                   | CUSIP: N/A<br>LEI: 3538001UOKRWIODYM055       | Long             | EC               | CORP              | JP        |    291321 | NS      | $4001792.29   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Evotec SE                                | Evotec AG                                | CUSIP: N/A<br>LEI: 529900F9KI6OYITO9B12       | Long             | EC               | CORP              | DE        |   4378357 | NS      | $37273762.50  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com, Inc.                         | Kakaku.com Inc                           | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |   2025387 | NS      | $37559063.37  | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinaxis, Inc.                            | Kinaxis Inc                              | CUSIP: N/A<br>LEI: 5299009VAZ14K7PFUQ15       | Long             | EC               | CORP              | CA        |    705833 | NS      | $104971763.68 | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Rightmove PLC                            | Rightmove PLC                            | CUSIP: N/A<br>LEI: 2138001JXGCFKBXYB828       | Long             | EC               | CORP              | GB        |   6013111 | NS      | $65082244.81  | 2.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding Ag                | Partners Group Holding AG                | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |     13569 | NS      | $17752680.31  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Rea Group Ltd                            | REA Group Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    825819 | NS      | $130775801.91 | 5.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Towa Pharmaceutical Co., Ltd.            | Towa Pharmaceutical Co Ltd               | CUSIP: N/A<br>LEI: 35380036BH1C3PNO2426       | Long             | EC               | CORP              | JP        |   2322982 | NS      | $48204579.53  | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| MIPS AB                                  | MIPS AB                                  | CUSIP: N/A<br>LEI: 549300LZSA4S0L54VQ25       | Long             | EC               | CORP              | SE        |   1440310 | NS      | $67492011.63  | 2.78%             |  |  |  | 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        |    967765 | NS      | $98308009.88  | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Playtech PLC                             | Playtech Plc                             | CUSIP: N/A<br>LEI: 21380068TTB6Z9ZEU548       | Long             | EC               | CORP              | IM        |   2994246 | NS      | $15462157.76  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingdee International Software Group Co. | Kingdee International Software           | CUSIP: N/A<br>LEI: 529900SWRZN94C5SZO63       | Long             | EC               | CORP              | KY        |  21678492 | NS      | $42847150.03  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| CAMTEK LTD                               | Camtek Ltd/Israel                        | CUSIP: M20791105<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    599209 | NS      | $50669113.04  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Dr. Lal Pathlabs Limited                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IN        |   1146455 | NS      | $37392364.53  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Aj Bell Plc                              | AJ Bell PLC                              | CUSIP: N/A<br>LEI: 213800VNKA7DPWXWJJ36       | Long             | EC               | CORP              | GB        |  12647045 | NS      | $89099050.03  | 3.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Flutter Entertainment Plc                | Flutter Entertainment PLC                | CUSIP: G3643J108<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     63107 | NS      | $18033456.29  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Lectra                                   | Lectra                                   | CUSIP: N/A<br>LEI: 9695000KWQEBUDT6IO19       | Long             | EC               | CORP              | FR        |   3033881 | NS      | $85519327.75  | 3.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambu A/s                                 | Ambu A/S                                 | CUSIP: N/A<br>LEI: 5299008W2A69WX355710       | Long             | EC               | CORP              | DK        |   5177830 | NS      | $81437104.05  | 3.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | ATOSS Software SE                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | DE        |    314152 | NS      | $52232779.24  | 2.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Hemnet Group AB                          | Hemnet Group AB                          | CUSIP: N/A<br>LEI: 5493008VIU67J3HUAR07       | Long             | EC               | CORP              | SE        |   2615625 | NS      | $76796833.59  | 3.17%             |  |  |  | No            |                  2 | On Loan: No      |
| YouGov PLC                               | YouGov PLC                               | CUSIP: N/A<br>LEI: 213800MZGBGCJIPOBB41       | Long             | EC               | CORP              | GB        |   4145496 | NS      | $21370785.27  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Software Service, Inc.                   | Software Service Inc                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    478225 | NS      | $43679834.76  | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Azimut Holding Spa                       | Azimut Holding SpA                       | CUSIP: N/A<br>LEI: 81560025690EF8540635       | Long             | EC               | CORP              | IT        |   1902657 | NS      | $61040131.31  | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Victrex PLC                              | Victrex PLC                              | CUSIP: N/A<br>LEI: 213800UYNPHAUNHPXL67       | Long             | EC               | CORP              | GB        |   3238145 | NS      | $34535568.54  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| PayPoint PLC                             | PayPoint PLC                             | CUSIP: N/A<br>LEI: 5493004YKWI8U0GDD138       | Long             | EC               | CORP              | GB        |   3342793 | NS      | $38865479.33  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Interparfums SA                          | Interparfums SA                          | CUSIP: N/A<br>LEI: 969500SARWF33OPQED48       | Long             | EC               | CORP              | FR        |   2277755 | NS      | $88574483.73  | 3.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | VusionGroup                              | CUSIP: 024311198<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |    434318 | NS      | $140492386.83 | 5.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | Global-e Online Ltd.                     | CUSIP: 234651102<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |   1552440 | NS      | $52068837.60  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Pro Medicus, Ltd.                        | Pro Medicus Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    493137 | NS      | $92283066.45  | 3.81%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Treasury Obligations Fund | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  37370738 | NS      | $37370738.24  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Crisil Ltd                               | CRISIL Ltd                               | CUSIP: N/A<br>LEI: 335800XLQ1LWF1M6KM87       | Long             | EC               | CORP              | IN        |    935514 | NS      | $65992323.02  | 2.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyberark Software Ltd                    | CyberArk Software Ltd                    | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |    333308 | NS      | $135616359.04 | 5.59%             |  |  |  | No            |                  1 | On Loan: No      |
| WiseTech Global, Ltd.                    | WiseTech Global Ltd                      | CUSIP: N/A<br>LEI: 254900VE3AF301Q85K83       | Long             | EC               | CORP              | AU        |   1367826 | NS      | $98094845.07  | 4.05%             |  |  |  | No            |                  2 | On Loan: No      |
| GMO Payment Gateway, Inc.                | GMO Payment Gateway Inc                  | CUSIP: N/A<br>LEI: 353800Q6U21E2PM83F86       | Long             | EC               | CORP              | JP        |    824142 | NS      | $53304372.58  | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| SMS Co., Ltd.                            | SMS Co Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   2107480 | NS      | $21618327.89  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Hiday Hidaka Corp.                       | Hiday Hidaka Corp                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   3007874 | NS      | $68996260.67  | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| FORTNOX AB                               | FORTNOX AB                               | CUSIP: N/A<br>LEI: 549300MSNMHPC3060W78       | Long             | EC               | CORP              | SE        |   7600033 | NS      | $73895831.08  | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sectra AB                                | Sectra AB                                | CUSIP: N/A<br>LEI: 549300R9ZBT8YSFFK266       | Long             | EC               | CORP              | SE        |   2937232 | NS      | $108785222.94 | 4.49%             |  |  |  | No            |                  2 | On Loan: No      |
| STRATEC SE                               | STRATEC Biomedical AG                    | CUSIP: N/A<br>LEI: 529900ZZJWANAFSPGV30       | Long             | EC               | CORP              | DE        |   1051352 | NS      | $32537544.40  | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

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

**Signature:** Michael Forster

**Name of Signer:** Michael Forster

**Title:** Treasurer and Principal Financial Officer