# EDGAR Filing Document

**Accession Number:** 0000869351
**File Stem:** 0000869351-25-000034
**Filing Date:** 2025-11
**Character Count:** 18535
**Document Hash:** dd8052888f782c9f242f48b82b1eea99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869351-25-000034.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000869351-25-000034

**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:** 251525518

**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 All Company Fund (Series ID: S000010419)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028794 | Investor Shares      | BCIIX           |
| C000105413 | Institutional Shares | BCISX           |

## 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 All Company Fund

- **b. EDGAR series identifier (if any):** S000010419

- **c. LEI of Series:** 549300UQ37FXHTDDX095

**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:** $76996558.17

**Total Liabilities:** $48373.60

**Net Assets:** $76948184.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000028794 | -3.77%               | 0.22%                | -0.95%               |
| Class ID C000105413 | -3.76%               | 0.33%                | -0.93%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $539.98                  | $-2971918.83                               |
| Month 2  | $-93277.39               | $290739.40                                 |
| Month 3  | $669.86                  | $-726452.43                                |

### Schedule of Portfolio Investments

| Name                                     | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Asml Holding Nv                          | ASML Holding NV                          | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      2586 | NS      | $2521841.13   | 3.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/s                         | Novo Nordisk A/S                         | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     22398 | NS      | $1247157.98   | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Carl Zeiss Meditec Ag                    | Carl Zeiss Meditec AG                    | CUSIP: N/A<br>LEI: 529900GRL4MZ8NMOOK95       | Long             | EC               | CORP              | DE        |     21192 | NS      | $1057184.30   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli Ag   | Chocoladefabriken Lindt & Spru           | CUSIP: N/A<br>LEI: 529900JYJNNOKKAGK736       | Long             | EC               | CORP              | CH        |       103 | NS      | $1574735.43   | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer Nv                        | Wolters Kluwer NV                        | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |     10881 | NS      | $1485259.89   | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Sap Se                                   | SAP SE                                   | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |      8955 | NS      | $2397862.57   | 3.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Check Point Software Technologies Ltd    | Check Point Software Technologies Ltd    | CUSIP: N/A<br>LEI: 2549003ZVBH73EPNS513       | Long             | EC               | CORP              | IL        |      3745 | NS      | $774877.95    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Givaudan Sa                              | Givaudan SA                              | CUSIP: N/A<br>LEI: 213800SVRMQA1TD91D41       | Long             | EC               | CORP              | CH        |       654 | NS      | $2667693.62   | 3.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Rational Ag                              | Rational AG                              | CUSIP: N/A<br>LEI: 529900K139N6UFJ1A758       | Long             | EC               | CORP              | DE        |      1891 | NS      | $1445066.17   | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| GMO Payment Gateway, Inc.                | GMO Payment Gateway Inc                  | CUSIP: N/A<br>LEI: 353800Q6U21E2PM83F86       | Long             | EC               | CORP              | JP        |     23400 | NS      | $1312593.66   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingdee International Software Group Co. | Kingdee International Software           | CUSIP: N/A<br>LEI: 529900SWRZN94C5SZO63       | Long             | EC               | CORP              | KY        |    461146 | NS      | $1034109.32   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlassian Corp Plc                       | Atlassian Corp. Class A                  | CUSIP: 049468101<br>LEI: 549300AGBII4MWBVJY22 | Long             | EC               | CORP              | AU        |      6482 | NS      | $1035175.40   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                         | MercadoLibre, Inc.                       | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      1386 | NS      | $3238998.84   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Wise PLC-Class A                         | CUSIP: N/A<br>LEI: 213800LD9XCHIC1C4V71       | Long             | EC               | CORP              | GB        |     88063 | NS      | $1227625.35   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| M3, Inc.                                 | M3 Inc                                   | CUSIP: N/A<br>LEI: 3538001UOKRWIODYM055       | Long             | EC               | CORP              | JP        |     31400 | NS      | $508312.98    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Rea Group Ltd                            | REA Group Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     16779 | NS      | $2565811.48   | 3.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Icon Plc                                 | Icon plc                                 | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      9372 | NS      | $1640100.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/the          | Descartes Systems Group Inc/Th           | CUSIP: N/A<br>LEI: 875500NEPA7JI5EOMN45       | Long             | EC               | CORP              | CA        |     24467 | NS      | $2303769.28   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Azimut Holding Spa                       | Azimut Holding SpA                       | CUSIP: N/A<br>LEI: 81560025690EF8540635       | Long             | EC               | CORP              | IT        |     50722 | NS      | $1965139.96   | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes Se                     | Dassault Systemes SE                     | CUSIP: N/A<br>LEI: 96950065LBWY0APQIM86       | Long             | EC               | CORP              | FR        |     42349 | NS      | $1424667.69   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| INPOST S.A.                              | InPost SA                                | CUSIP: N/A<br>LEI: 2221003M23QLERR89585       | Long             | EC               | CORP              | PL        |    137905 | NS      | $1697842.49   | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Autostore Holdings LTD.                  | Autostore Holdings LTD.                  | CUSIP: N/A<br>LEI: 549300KYN3M0LSM5A413       | Long             | EC               | CORP              | NO        |    666893 | NS      | $612520.51    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Ipsen Sa                                 | Ipsen SA                                 | CUSIP: N/A<br>LEI: 549300M6SGDPB4Z94P11       | Long             | EC               | CORP              | FR        |      6404 | NS      | $859907.76    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Xero Ltd                                 | Xero Ltd                                 | CUSIP: N/A<br>LEI: 254900UG5D8YST164N14       | Long             | EC               | CORP              | NZ        |     20799 | NS      | $2170272.64   | 2.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyberagent Inc                           | CyberAgent Inc                           | CUSIP: N/A<br>LEI: 3538006T5KZABPGS8Q08       | Long             | EC               | CORP              | JP        |     97000 | NS      | $1164356.73   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx Plc                                 | RELX PLC                                 | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               | CORP              | GB        |     39590 | NS      | $1891563.56   | 2.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding Ag                | Partners Group Holding AG                | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |      1438 | NS      | $1881494.60   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyberark Software Ltd                    | CyberArk Software Ltd                    | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |      7391 | NS      | $3570961.65   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment Plc                | Flutter Entertainment PLC                | CUSIP: G3643J108<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      9955 | NS      | $2528570.01   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                              | Shopify, Inc. Class A                    | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     23667 | NS      | $3517152.87   | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Novozymes A/S                            | Novonesis (Novozymes) B                  | CUSIP: N/A<br>LEI: 529900T6WNZXD2R3JW38       | Long             | EC               | CORP              | DK        |     37225 | NS      | $2290976.69   | 2.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo Plc                               | Diageo PLC                               | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |     28677 | NS      | $686173.99    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Monotaro Co Ltd                          | MonotaRO Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    143100 | NS      | $2077634.00   | 2.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | Vend Marketplace ASA                     | CUSIP: N/A<br>LEI: 5493000DZX5X0QYZXK82       | Long             | EC               | CORP              | NO        |     22754 | NS      | $808966.35    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Monday.com LTD                           | Monday.com Ltd.                          | CUSIP: M7S64H106<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      6210 | NS      | $1202814.90   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Temenos Ag                               | Temenos Group AG                         | CUSIP: N/A<br>LEI: 5067007NW6550481FH64       | Long             | EC               | CORP              | CH        |     22603 | NS      | $1835799.00   | 2.39%             |  |  |  | No            |                  2 | On Loan: No      |
| CAMTEK LTD                               | Camtek Ltd/Israel                        | CUSIP: M20791105<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     20683 | NS      | $2172749.15   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Kakaku.com, Inc.                         | Kakaku.com Inc                           | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |     64000 | NS      | $1099191.36   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Aj Bell Plc                              | AJ Bell PLC                              | CUSIP: N/A<br>LEI: 213800VNKA7DPWXWJJ36       | Long             | EC               | CORP              | GB        |    385682 | NS      | $2832010.74   | 3.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingsoft Corp Ltd                        | Kingsoft Corp Ltd                        | CUSIP: N/A<br>LEI: 529900UVT35D3Q7YQY41       | Long             | EC               | CORP              | KY        |    144543 | NS      | $641369.81    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Grifols Sa                               | Grifols SA                               | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | EC               | CORP              | ES        |     86595 | NS      | $1260750.80   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Treasury Obligations Fund | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   3020691 | NS      | $3020691.11   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cochlear Ltd                             | Cochlear Ltd                             | CUSIP: N/A<br>LEI: 5493001OLLWY8KV5UC08       | Long             | EC               | CORP              | AU        |     14774 | NS      | $2722636.79   | 3.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Tecan Group Ag                           | Tecan Group AG                           | CUSIP: N/A<br>LEI: 529900CSN9R3BLETSL26       | Long             | EC               | CORP              | CH        |      3741 | NS      | $677609.61    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

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

**Signature:** Michael Forster

**Name of Signer:** Michael Forster

**Title:** Treasurer and Principal Financial Officer