# EDGAR Filing Document

**Accession Number:** 0000869351
**File Stem:** 0001752724-25-165041
**Filing Date:** 2025-7
**Character Count:** 18244
**Document Hash:** ee4c51f55563919b5462bedb7a11350a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-165041.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001752724-25-165041

**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:** 251110805

**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:** 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:** $73264130.00

**Total Liabilities:** $88187.98

**Net Assets:** $73175942.02

**Cash Not Reported:** $12814.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000028794 | 6.55%                | -1.13%               | -6.61%               |
| Class ID C000105413 | 6.64%                | -1.11%               | -6.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-224.93                 | $5129281.68                                |
| Month 2  | $327.63                  | $-857654.32                                |
| Month 3  | $45046.45                | $-5451726.44                               |

### 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        |      2836 | NS      | $1876795.91   | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/s                         | Novo Nordisk A/S                         | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     24561 | NS      | $1679440.33   | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Carl Zeiss Meditec Ag                    | Carl Zeiss Meditec AG                    | CUSIP: N/A<br>LEI: 529900GRL4MZ8NMOOK95       | Long             | EC               | CORP              | DE        |     23239 | NS      | $1536130.21   | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli Ag   | Chocoladefabriken Lindt & Spru           | CUSIP: N/A<br>LEI: 529900JYJNNOKKAGK736       | Long             | EC               | CORP              | CH        |       112 | NS      | $1514177.80   | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer Nv                        | Wolters Kluwer NV                        | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |     11932 | NS      | $1857773.75   | 2.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Sap Se                                   | SAP SE                                   | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |     10624 | NS      | $2846705.73   | 3.89%             |  |  |  | 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        |      3920 | NS      | $893446.40    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Givaudan Sa                              | Givaudan SA                              | CUSIP: N/A<br>LEI: 213800SVRMQA1TD91D41       | Long             | EC               | CORP              | CH        |       718 | NS      | $3089262.15   | 4.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Rational Ag                              | Rational AG                              | CUSIP: N/A<br>LEI: 529900K139N6UFJ1A758       | Long             | EC               | CORP              | DE        |      2073 | NS      | $1727137.65   | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| GMO Payment Gateway, Inc.                | GMO Payment Gateway Inc                  | CUSIP: N/A<br>LEI: 353800Q6U21E2PM83F86       | Long             | EC               | CORP              | JP        |     24500 | NS      | $1303618.25   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingdee International Software Group Co. | Kingdee International Software           | CUSIP: N/A<br>LEI: 529900SWRZN94C5SZO63       | Long             | EC               | CORP              | KY        |    504146 | NS      | $858257.78    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlassian Corp Plc                       | Atlassian Corp. Class A                  | CUSIP: 049468101<br>LEI: 549300AGBII4MWBVJY22 | Long             | EC               | CORP              | AU        |      6784 | NS      | $1439632.64   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                         | MercadoLibre, Inc.                       | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      1451 | NS      | $2830712.37   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                                  | Wise PLC-Class A                         | CUSIP: N/A<br>LEI: 213800LD9XCHIC1C4V71       | Long             | EC               | CORP              | GB        |     62328 | NS      | $765073.33    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| M3, Inc.                                 | M3 Inc                                   | CUSIP: N/A<br>LEI: 3538001UOKRWIODYM055       | Long             | EC               | CORP              | JP        |     34400 | NS      | $392966.43    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Rea Group Ltd                            | REA Group Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     18400 | NS      | $2552906.00   | 3.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Icon Plc                                 | Icon plc                                 | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      9809 | NS      | $1716476.91   | 2.35%             |  |  |  | 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        |     28877 | NS      | $2907064.35   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Azimut Holding Spa                       | Azimut Holding SpA                       | CUSIP: N/A<br>LEI: 81560025690EF8540635       | Long             | EC               | CORP              | IT        |     55622 | NS      | $1557384.11   | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes Se                     | Dassault Systemes SE                     | CUSIP: N/A<br>LEI: 96950065LBWY0APQIM86       | Long             | EC               | CORP              | FR        |     46440 | NS      | $1768103.00   | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| INPOST S.A.                              | InPost SA                                | CUSIP: N/A<br>LEI: 2221003M23QLERR89585       | Long             | EC               | CORP              | PL        |    151225 | NS      | $2219426.89   | 3.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Autostore Holdings LTD.                  | Autostore Holdings LTD.                  | CUSIP: N/A<br>LEI: 549300KYN3M0LSM5A413       | Long             | EC               | CORP              | NO        |    698049 | NS      | $615294.35    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Ipsen Sa                                 | Ipsen SA                                 | CUSIP: N/A<br>LEI: 549300M6SGDPB4Z94P11       | Long             | EC               | CORP              | FR        |      7022 | NS      | $808800.65    | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Xero Ltd                                 | Xero Ltd                                 | CUSIP: N/A<br>LEI: 254900UG5D8YST164N14       | Long             | EC               | CORP              | NZ        |     22808 | NS      | $2229340.22   | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyberagent Inc                           | CyberAgent Inc                           | CUSIP: N/A<br>LEI: 3538006T5KZABPGS8Q08       | Long             | EC               | CORP              | JP        |    106300 | NS      | $808899.31    | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx Plc                                 | RELX PLC                                 | CUSIP: N/A<br>LEI: 549300WSX3VBUFFJOO66       | Long             | EC               | CORP              | GB        |     43413 | NS      | $2180675.13   | 2.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding Ag                | Partners Group Holding AG                | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |      1577 | NS      | $2244389.76   | 3.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyberark Software Ltd                    | CyberArk Software Ltd                    | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |      8437 | NS      | $2851706.00   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment Plc                | Flutter Entertainment PLC                | CUSIP: G3643J108<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     10420 | NS      | $2308551.00   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                              | Shopify, Inc. Class A                    | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     24773 | NS      | $2365326.04   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Novozymes A/S                            | Novonesis (Novozymes) B                  | CUSIP: N/A<br>LEI: 529900T6WNZXD2R3JW38       | Long             | EC               | CORP              | DK        |     40821 | NS      | $2376864.81   | 3.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo Plc                               | Diageo PLC                               | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |     31447 | NS      | $821797.11    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Monotaro Co Ltd                          | MonotaRO Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    128600 | NS      | $2402343.68   | 3.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Monday.com LTD                           | Monday.com Ltd.                          | CUSIP: M7S64H106<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      6500 | NS      | $1580540.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Temenos Ag                               | Temenos Group AG                         | CUSIP: N/A<br>LEI: 5067007NW6550481FH64       | Long             | EC               | CORP              | CH        |     24786 | NS      | $1924437.44   | 2.63%             |  |  |  | No            |                  2 | On Loan: No      |
| CAMTEK LTD                               | Camtek Ltd/Israel                        | CUSIP: M20791105<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     21649 | NS      | $1269280.87   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kakaku.com, Inc.                         | Kakaku.com Inc                           | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |     70200 | NS      | $1005432.73   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Aj Bell Plc                              | AJ Bell PLC                              | CUSIP: N/A<br>LEI: 213800VNKA7DPWXWJJ36       | Long             | EC               | CORP              | GB        |    422936 | NS      | $2216316.53   | 3.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingsoft Corp Ltd                        | Kingsoft Corp Ltd                        | CUSIP: N/A<br>LEI: 529900UVT35D3Q7YQY41       | Long             | EC               | CORP              | KY        |    158543 | NS      | $772125.36    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Grifols Sa                               | Grifols SA                               | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | EC               | CORP              | ES        |     94959 | NS      | $845417.18    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Treasury Obligations Fund | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    542208 | NS      | $542207.78    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Cochlear Ltd                             | Cochlear Ltd                             | CUSIP: N/A<br>LEI: 5493001OLLWY8KV5UC08       | Long             | EC               | CORP              | AU        |     16201 | NS      | $2670077.99   | 3.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Tecan Group Ag                           | Tecan Group AG                           | CUSIP: N/A<br>LEI: 529900CSN9R3BLETSL26       | Long             | EC               | CORP              | CH        |      4103 | NS      | $780713.87    | 1.07%             |  |  |  | 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