# EDGAR Filing Document

**Accession Number:** 0000869351
**File Stem:** 0000869351-25-000033
**Filing Date:** 2025-11
**Character Count:** 16900
**Document Hash:** 6d445a675ab2e2b86f009b022d827ca4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869351-25-000033.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000869351-25-000033

**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:** 251525517

**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:** 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:** $2277665824.61

**Total Liabilities:** $6126214.27

**Net Assets:** $2271539610.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000154624 | -2.65%               | -1.12%               | -0.04%               |
| Class ID C000154625 | -2.68%               | -1.11%               | -0.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $33804560.11             | $-97025360.14                              |
| Month 2  | $23613009.16             | $-48708083.25                              |
| Month 3  | $24769077.20             | $-27934032.99                              |

### 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        |    296421 | NS      | $4798555.35   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Evotec SE                                | Evotec AG                                | CUSIP: N/A<br>LEI: 529900F9KI6OYITO9B12       | Long             | EC               | CORP              | DE        |   4524618 | NS      | $33139295.67  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com, Inc.                         | Kakaku.com Inc                           | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |   2056387 | NS      | $35318168.98  | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinaxis, Inc.                            | Kinaxis Inc                              | CUSIP: N/A<br>LEI: 5299009VAZ14K7PFUQ15       | Long             | EC               | CORP              | CA        |    716814 | NS      | $92531174.22  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rightmove PLC                            | Rightmove PLC                            | CUSIP: N/A<br>LEI: 2138001JXGCFKBXYB828       | Long             | EC               | CORP              | GB        |   6213981 | NS      | $59342561.69  | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding Ag                | Partners Group Holding AG                | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |     14022 | NS      | $18346535.34  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Rea Group Ltd                            | REA Group Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    705555 | NS      | $107892073.73 | 4.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Towa Pharmaceutical Co., Ltd.            | Towa Pharmaceutical Co Ltd               | CUSIP: N/A<br>LEI: 35380036BH1C3PNO2426       | Long             | EC               | CORP              | JP        |   2400382 | NS      | $48040495.55  | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | JTC PLC                                  | CUSIP: N/A<br>LEI: 213800DVUG4KLF2ASK33       | Long             | EC               | CORP              | GB        |   1514790 | NS      | $26985366.08  | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| MIPS AB                                  | MIPS AB                                  | CUSIP: N/A<br>LEI: 549300LZSA4S0L54VQ25       | Long             | EC               | CORP              | SE        |   1488424 | NS      | $54122840.18  | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | ATOSS Software SE                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | DE        |    364588 | NS      | $47158093.84  | 2.08%             |  |  |  | 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        |    982820 | NS      | $92540585.50  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Playtech PLC                             | Playtech Plc                             | CUSIP: N/A<br>LEI: 21380068TTB6Z9ZEU548       | Long             | EC               | CORP              | IM        |   3075162 | NS      | $15280107.96  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingdee International Software Group Co. | Kingdee International Software           | CUSIP: N/A<br>LEI: 529900SWRZN94C5SZO63       | Long             | EC               | CORP              | KY        |  22008492 | NS      | $49353540.05  | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| CAMTEK LTD                               | Camtek Ltd/Israel                        | CUSIP: M20791105<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    619226 | NS      | $65049691.30  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment Plc                | Flutter Entertainment PLC                | CUSIP: G3643J108<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     65215 | NS      | $16564609.97  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Aj Bell Plc                              | AJ Bell PLC                              | CUSIP: N/A<br>LEI: 213800VNKA7DPWXWJJ36       | Long             | EC               | CORP              | GB        |  13171044 | NS      | $96713193.20  | 4.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Lectra                                   | Lectra                                   | CUSIP: N/A<br>LEI: 9695000KWQEBUDT6IO19       | Long             | EC               | CORP              | FR        |   3153426 | NS      | $87902937.16  | 3.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambu A/s                                 | Ambu A/S                                 | CUSIP: N/A<br>LEI: 5299008W2A69WX355710       | Long             | EC               | CORP              | DK        |   5350797 | NS      | $78720690.99  | 3.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Hemnet Group AB                          | Hemnet Group AB                          | CUSIP: N/A<br>LEI: 5493008VIU67J3HUAR07       | Long             | EC               | CORP              | SE        |   2703001 | NS      | $68167760.34  | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| YouGov PLC                               | YouGov PLC                               | CUSIP: N/A<br>LEI: 213800MZGBGCJIPOBB41       | Long             | EC               | CORP              | GB        |   4283977 | NS      | $17280648.90  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | Dr. Lal Pathlabs Limited                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IN        |   1184752 | NS      | $41713284.03  | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Software Service, Inc.                   | Software Service Inc                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    492725 | NS      | $49461222.41  | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Azimut Holding Spa                       | Azimut Holding SpA                       | CUSIP: N/A<br>LEI: 81560025690EF8540635       | Long             | EC               | CORP              | IT        |   1966216 | NS      | $76177784.51  | 3.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Victrex PLC                              | Victrex PLC                              | CUSIP: N/A<br>LEI: 213800UYNPHAUNHPXL67       | Long             | EC               | CORP              | GB        |   3346317 | NS      | $32470890.55  | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| PayPoint PLC                             | PayPoint PLC                             | CUSIP: N/A<br>LEI: 5493004YKWI8U0GDD138       | Long             | EC               | CORP              | GB        |   3454461 | NS      | $35026798.94  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Interparfums SA                          | Interparfums SA                          | CUSIP: N/A<br>LEI: 969500SARWF33OPQED48       | Long             | EC               | CORP              | FR        |   2353844 | NS      | $77864670.35  | 3.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | VusionGroup                              | CUSIP: 024311198<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |    441951 | NS      | $132841798.69 | 5.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Default                                  | Global-e Online Ltd.                     | CUSIP: 234651102<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |   1693346 | NS      | $60554052.96  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Pro Medicus, Ltd.                        | Pro Medicus Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    500809 | NS      | $101962525.60 | 4.49%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Treasury Obligations Fund | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  39509741 | NS      | $39509740.85  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Crisil Ltd                               | CRISIL Ltd                               | CUSIP: N/A<br>LEI: 335800XLQ1LWF1M6KM87       | Long             | EC               | CORP              | IN        |    966765 | NS      | $48313494.15  | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyberark Software Ltd                    | CyberArk Software Ltd                    | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |    207731 | NS      | $100365232.65 | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| WiseTech Global, Ltd.                    | WiseTech Global Ltd                      | CUSIP: N/A<br>LEI: 254900VE3AF301Q85K83       | Long             | EC               | CORP              | AU        |   1389105 | NS      | $83045306.75  | 3.66%             |  |  |  | No            |                  2 | On Loan: No      |
| GMO Payment Gateway, Inc.                | GMO Payment Gateway Inc                  | CUSIP: N/A<br>LEI: 353800Q6U21E2PM83F86       | Long             | EC               | CORP              | JP        |    850842 | NS      | $47726914.71  | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SMS Co., Ltd.                            | SMS Co Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   2177080 | NS      | $22943776.16  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hiday Hidaka Corp.                       | Hiday Hidaka Corp                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   3123974 | NS      | $75582789.57  | 3.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Sectra AB                                | Sectra AB                                | CUSIP: N/A<br>LEI: 549300R9ZBT8YSFFK266       | Long             | EC               | CORP              | SE        |   2856941 | NS      | $94741778.13  | 4.17%             |  |  |  | No            |                  2 | On Loan: No      |
| STRATEC SE                               | STRATEC Biomedical AG                    | CUSIP: N/A<br>LEI: 529900ZZJWANAFSPGV30       | Long             | EC               | CORP              | DE        |   1092673 | NS      | $36781631.00  | 1.62%             |  |  |  | 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