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bcmmf:BusinessServicesMember 2026-03-31 0000869351 bcmmf:C000154624Member bcmmf:InformationKnowledgeManagementMember 2026-03-31 0000869351 bcmmf:C000154624Member bcmmf:MedicalHealthCareMember 2026-03-31 0000869351 bcmmf:C000154624Member bcmmf:ConsumerRelatedMember 2026-03-31 0000869351 bcmmf:C000154624Member bcmmf:IndustrialProductsAndSystemsMember 2026-03-31 0000869351 bcmmf:C000154624Member bcmmf:MiscellaneousMember 2026-03-31 0000869351 bcmmf:C000154624Member us-gaap:ShortTermInvestmentsMember 2026-03-31 0000869351 bcmmf:C000028793Member 2026-03-31 0000869351 bcmmf:C000105412Member 2026-03-31 0000869351 bcmmf:C000028794Member 2026-03-31 0000869351 bcmmf:C000105413Member 2026-03-31 0000869351 bcmmf:C000154625Member 2026-03-31 0000869351 bcmmf:C000154624Member 2026-03-31 iso4217:USD pure bcmmf:Holdings false N-1A 0000869351 N-CSR Brown Capital Management Mutual Funds 2026-03-31 annual shareholder report The Brown Capital Management Small Company Fund Investor Class Shares BCSIX This <span id="xdx_900_eoef--ShareholderReportAnnualOrSemiAnnual_c20250401__20260331__oef--ClassAxis__custom--C000028793Member_zgg41jhO9Aba">annual shareholder report</span> contains important information about The Brown Capital Management Small Company Fund, Investor Class Shares for the period of April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20250401__20260331__oef--ClassAxis__custom--C000028793Member_zfQeocXOjrT2">www.browncapital.com/investmentstrategies/smallcompanyfundinv/</span>. You can also contact us at <span id="xdx_901_eoef--AddlInfoPhoneNumber_c20250401__20260331__oef--ClassAxis__custom--C000028793Member_zaRf84j7MYP3">(877) 892-4226</span>. www.browncapital.com/investmentstrategies/smallcompanyfundinv/ (877) 892-4226 <p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000028793Member_dD_zVpiP8MOWjZ7" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What were the Fund costs for the period?</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Investor Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90D_eoef--ExpensesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000028793Member_zUGrxsTwoeja">133</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--ExpenseRatioPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000028793Member_fuQ_____znood7MO2t7i">1.44</span>%</span></div></td></tr> </table></div></div></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -8pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div> 133 0.0144 <p id="xdx_80C_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000028793Member_z4FcfTA9v6gg" style="font: bold 11pt/10pt Gotham Narrow-Bold,Arial,Arial; margin: 24pt 0 6pt; text-align-last: auto; display: block; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: justify">How did the Fund Perform?</p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">The Brown Capital Management Small Company Fund Investor Class Shares (the “Fund”) returned -15.37% for the fiscal year ended March 31, 2026, compared with 17.80% for the S&amp;P 500<sup>®</sup> Index and 23.58% for the Russell 2000<sup>®</sup> Growth Index. These extreme and disappointing results reflect a continuation of the challenging environment for our investment approach over the past several years.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: -5pt 0 8pt; text-align-last: auto; display: block; min-height: 106.62px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">The primary driver of performance during the year was a continued divergence between company fundamentals and stock price behavior. Across much of the portfolio, our Exceptional Growth Companies (EGCs) delivered solid operational results, including durable revenue growth and strong competitive positioning. However, these fundamentals were not reflected in share prices due to poor market sentiment toward high-quality growth companies.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: -5pt 0 8pt; text-align-last: auto; display: block; min-height: 173.26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">In particular, software and software-adjacent businesses experienced a significant valuation decline driven by concerns about the potential disruptive impact of artificial intelligence (AI). In our view, this reaction has been overly broad. Many of our holdings—particularly those with proprietary data, mission-critical workflows and consumption-based business models—are more likely to benefit from AI than be displaced by it over time. As of March 31, 2026, we estimate that these AI-affected holdings are trading at a 56% discount to their five-year average forward price-to-sales multiples. Life sciences tools and services companies also faced a difficult environment, as customers remained cautious in committing capital.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: -5pt 0 8pt; text-align-last: auto; display: block; min-height: 106.62px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">Top contributors to return included </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Cognex</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Xometry</span></span><span style="box-sizing: border-box; font-size: 9pt">. Cognex benefited from improving demand trends and margin expansion, while Xometry continued to execute on its digital manufacturing marketplace strategy, delivering strong growth and customer expansion. Among the largest detractors were </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Tyler Technologies</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Paycom Software</span></span><span style="box-sizing: border-box; font-size: 9pt">, both of which declined primarily due to valuation compression despite continued operational performance.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: -5pt 0 8pt; text-align-last: auto; display: block; min-height: 66.64px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">During the year, we added several new holdings, including </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Mama’s Creations</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Credo Technology</span></span><span style="box-sizing: border-box; font-size: 9pt">, expanding our exposure to data management and AI infrastructure. We also exited positions such as </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Vicor</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Helios Technologies</span></span><span style="box-sizing: border-box; font-size: 9pt"> following a reassessment of their long-term prospects.</span></p> <p id="xdx_806_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000028793Member_dD_zq7gghqIPIv3" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Cumulative Performance</p> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div></td> <td id="xdx_4BF_oef--ClassAxis_custom--C000028793Member_zLDT1uBRpYGk" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Brown Capital Management Small Company Fund - Investor Class - $15,134</div></td> <td id="xdx_4BA_oef--BroadBasedIndexAxis_custom--SP500IndexMember_zTxb7t0b5UJ6" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500<sup>®</sup> Index - $37,594</div></td> <td id="xdx_4BA_oef--BroadBasedIndexAxis_custom--Russell2000GrowthIndexMember_z5LgJcgrQQCi" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Russell 2000<sup>®</sup> Growth Index - $25,438</div></td></tr> <tr id="xdx_437_c20160331__20160331_eoef--AccmVal_zO9XbiWZPtl1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2016</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td></tr> <tr id="xdx_431_c20160331__20170331_eoef--AccmVal_pid_zqO8lwimCf67" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2017</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12476.58</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11717</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12303</div></td></tr> <tr id="xdx_430_c20160331__20180331_eoef--AccmVal_pid_z9P27DfRMOdb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2018</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15785.56</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13357</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14596</div></td></tr> <tr id="xdx_435_c20160331__20190331_eoef--AccmVal_pid_z3VFhoVpB0tb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2019</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17530.29</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14625</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15158</div></td></tr> <tr id="xdx_432_c20160331__20200331_eoef--AccmVal_pid_zkF9jJq5iyA4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16031.76</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13605</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12341</div></td></tr> <tr id="xdx_43D_c20160331__20210331_eoef--AccmVal_pid_zu7CCyaxM2o3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">25858.67</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">21271</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">23473</div></td></tr> <tr id="xdx_43C_c20160331__20220331_eoef--AccmVal_pid_zhC0Z2rJeeEb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">22649.65</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">24599</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">20109</div></td></tr> <tr id="xdx_436_c20160331__20230331_eoef--AccmVal_pid_zO1bnQwumBrg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17834.4</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">22698</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17978</div></td></tr> <tr id="xdx_439_c20160331__20240331_eoef--AccmVal_pid_zxaaOxGe1lk2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19584.41</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">29480</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">21637</div></td></tr> <tr id="xdx_434_c20160331__20250331_eoef--AccmVal_pid_zExWLDQ44Fc7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17881.37</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">31913</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">20586</div></td></tr> <tr id="xdx_431_c20160331__20260331_eoef--AccmVal_pid_zuPcAqGWC6Q4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15133.72</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">37594</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">25438</div></td></tr> </table></div></div><img alt="line" src="qespblfz1mp761qxq.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 9pt/normal Gotham Narrow-Light,Arial,Arial; margin: -6pt 0 8pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0"> </p> 10000 10000 10000 12476.58 11717 12303 15785.56 13357 14596 17530.29 14625 15158 16031.76 13605 12341 25858.67 21271 23473 22649.65 24599 20109 17834.4 22698 17978 19584.41 29480 21637 17881.37 31913 20586 15133.72 37594 25438 <p id="xdx_80A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000028793Member_dU_zaWgx7tLzgW6" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Annual Performance</p> <p style="font: bold 8pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: right">  Average Annual Total Return </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Years</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 Years</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Brown Capital Management</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Small Company Fund - Investor Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000028793Member_z3aCLoV6TUgl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-15.37%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--ClassAxis__custom--C000028793Member_zwwIAMGzWYTk" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-10.16%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--ClassAxis__custom--C000028793Member_ziQ4WZHRz9D4" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.23%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500<sup>®</sup> Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zP2vRtPGku14" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">17.80%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zjGF8onMfgxa" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">12.06%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zEAA9wSvr6y1" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.16%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Russell 2000<sup>®</sup> Growth Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--Russell2000GrowthIndexMember_z8ExEnyEEV1k" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">23.58%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--Russell2000GrowthIndexMember_zcAzJ6ZQL4J2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.62%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--Russell2000GrowthIndexMember_zpfsrBbhHwS8" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9.79%</span></div></td></tr> </table></div></div></div> -0.1537 -0.1016 0.0423 0.1780 0.1206 0.1416 0.2358 0.0162 0.0979 For more recent performance information, visit www.browncapital.com/investmentstrategies/smallcompanyfundinv/#performance. The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <p id="xdx_804_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000028793Member_dD_zTvZNJa6sC6d" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Sector Breakdown</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Business Services</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028793Member__oef--IndustrySectorAxis__custom--BusinessServicesMember_zRaypQtQ2Xk4" style="box-sizing: border-box; text-align-last: auto">0.1944</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Consumer Related</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028793Member__oef--IndustrySectorAxis__custom--ConsumerRelatedMember_zydZmWSq4gO7" style="box-sizing: border-box; text-align-last: auto">8.40%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Industrial Products &amp; Systems</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028793Member__oef--IndustrySectorAxis__custom--IndustrialProductsAndSystemsMember_zVVgzXMahV0l" style="box-sizing: border-box; text-align-last: auto">17.02%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Information/Knowledge Management</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028793Member__oef--IndustrySectorAxis__custom--InformationKnowledgeManagementMember_ztbmGbKcYl0k" style="box-sizing: border-box; text-align-last: auto">0.1788</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Medical/Health Care</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028793Member__oef--IndustrySectorAxis__custom--MedicalHealthCareMember_zx8Q8AaPBTA3" style="box-sizing: border-box; text-align-last: auto">32.36%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Miscellaneous</div></td> <td style="box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028793Member__oef--IndustrySectorAxis__custom--MiscellaneousMember_zrEyoCcPWwWf" style="box-sizing: border-box; text-align-last: auto">0.0142</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Short Term Investments</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028793Member__oef--IndustrySectorAxis__us-gaap--ShortTermInvestmentsMember_zrkfwZxWMXnj" style="box-sizing: border-box; text-align-last: auto">0.0271</div></td></tr> </table></div></div><img alt="bar" src="qes2lk1mpo7ujer.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div> 0.1944 0.0840 0.1702 0.1788 0.3236 0.0142 0.0271 <div id="xdx_800_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000028793Member_dD_zq0dxCpDlDO3" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top 10 Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Glaukos Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028793Member__oef--LargestHoldingAxis__custom--GlaukosCorpMember_zGMYP8Jgwtl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.48%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Datadog, Inc. Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028793Member__oef--LargestHoldingAxis__custom--DatadogIncClassAMember_z9mYq7vHd1R2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.62%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Cognex Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028793Member__oef--LargestHoldingAxis__custom--CognexCorpMember_zSAihAVQwg75" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.48%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Repligen Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028793Member__oef--LargestHoldingAxis__custom--RepligenCorpMember_zliweBNvV1R1" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.44%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Veeva Systems, Inc. Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028793Member__oef--LargestHoldingAxis__custom--VeevaSystemsIncClassAMember_zBoNkThsForj" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.43%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Guidewire Software, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028793Member__oef--LargestHoldingAxis__custom--GuidewireSoftwareIncMember_zhINByFQlg17" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.27%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Vericel Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028793Member__oef--LargestHoldingAxis__custom--VericelCorpMember_zxJLjKt8YkCi" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.22%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tyler Technologies, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028793Member__oef--LargestHoldingAxis__custom--TylerTechnologiesIncMember_zzyoqVpkalkj" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.95%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Manhattan Associates, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028793Member__oef--LargestHoldingAxis__custom--ManhattanAssociatesIncMember_zg1Z05iIFETa" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.94%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Xometry, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028793Member__oef--LargestHoldingAxis__custom--XometryIncMember_zj2mfn9FW4Fg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.83%</span></div></td></tr> </table></div> 0.0548 0.0462 0.0448 0.0444 0.0443 0.0427 0.0422 0.0395 0.0394 0.0383 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000028793Member_dD_zH1Ktjgm2D9b" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">March 31, 2026</span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Net Assets</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eus-gaap--AssetsNet_iE_c20250401__20260331__oef--ClassAxis__custom--C000028793Member_zsD3o7TD8nI5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$321,889,235</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--HoldingsCount_iE_uHoldings_c20250401__20260331__oef--ClassAxis__custom--C000028793Member_zx5Bll0XefVc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">47</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Net Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--AdvisoryFeesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000028793Member_zS1svOK13Xme" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$6,667,114</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover Rate</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250401__20260331__oef--ClassAxis__custom--C000028793Member_zsuDTNFuCaZ2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13%</span></div></td></tr> </table></div></div></div> 321889235 47 6667114 0.13 The Brown Capital Management Small Company Fund Institutional Class Shares BCSSX This <span id="xdx_90B_eoef--ShareholderReportAnnualOrSemiAnnual_c20250401__20260331__oef--ClassAxis__custom--C000105412Member_zY0C97lP7gN1">annual shareholder report</span> contains important information about The Brown Capital Management Small Company Fund, Institutional Class Shares for the period of April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20250401__20260331__oef--ClassAxis__custom--C000105412Member_zWmF0eJhoHW6">www.browncapital.com/investmentstrategies/smallcompanyfundinst/</span>. You can also contact us at <span id="xdx_901_eoef--AddlInfoPhoneNumber_c20250401__20260331__oef--ClassAxis__custom--C000105412Member_zRbCaVgeXqGl">(877) 892-4226</span>. www.browncapital.com/investmentstrategies/smallcompanyfundinst/ (877) 892-4226 <p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000105412Member_dD_zisHkrvT73G" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What were the Fund costs for the period?</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Institutional Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_906_eoef--ExpensesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000105412Member_zTHnbdhflVL3">115</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_90C_eoef--ExpenseRatioPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000105412Member_fuQ_____z7yUVFYRSSDa">1.24</span>%</span></div></td></tr> </table></div></div></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -8pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div> 115 0.0124 <p id="xdx_80C_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000105412Member_zKOTdsTt0HR2" style="font: bold 11pt/10pt Gotham Narrow-Bold,Arial,Arial; margin: 24pt 0 6pt; text-align-last: auto; display: block; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: justify">How did the Fund Perform?</p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">The Brown Capital Management Small Company Fund, Institutional Class Shares (the “Fund”) returned -15.20% for the fiscal year ended March 31, 2026, compared with 17.80% for the S&amp;P 500<sup>®</sup> Index and 23.58% for the Russell 2000<sup>®</sup> Growth Index. These extreme and disappointing results reflect a continuation of the challenging environment for our investment approach over the past several years.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: -5pt 0 8pt; text-align-last: auto; display: block; min-height: 106.62px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">The primary driver of performance during the year was a continued divergence between company fundamentals and stock price behavior. Across much of the portfolio, our Exceptional Growth Companies (EGCs) delivered solid operational results, including durable revenue growth and strong competitive positioning. However, these fundamentals were not reflected in share prices due to poor market sentiment toward high-quality growth companies.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: -5pt 0 8pt; text-align-last: auto; display: block; min-height: 173.26px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">In particular, software and software-adjacent businesses experienced a significant valuation decline driven by concerns about the potential disruptive impact of artificial intelligence (AI). In our view, this reaction has been overly broad. Many of our holdings—particularly those with proprietary data, mission-critical workflows and consumption-based business models—are more likely to benefit from AI than be displaced by it over time. As of March 31, 2026, we estimate that these AI-affected holdings are trading at a 56% discount to their five-year average forward price-to-sales multiples. Life sciences tools and services companies also faced a difficult environment, as customers remained cautious in committing capital.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: -5pt 0 8pt; text-align-last: auto; display: block; min-height: 106.62px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">Top contributors to return included </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Cognex</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Xometry</span></span><span style="box-sizing: border-box; font-size: 9pt">. Cognex benefited from improving demand trends and margin expansion, while Xometry continued to execute on its digital manufacturing marketplace strategy, delivering strong growth and customer expansion. Among the largest detractors were </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Tyler Technologies</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Paycom</span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt"><b style="box-sizing: border-box"> </b></span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Software</span></span><span style="box-sizing: border-box; font-size: 9pt">, both of which declined primarily due to valuation compression despite continued operational performance.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: -5pt 0 8pt; text-align-last: auto; display: block; min-height: 66.64px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">During the year, we added several new holdings, including </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Mama’s Creations</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Credo Technology,</span></span><span style="box-sizing: border-box; font-size: 9pt"> expanding our exposure to data management and AI infrastructure. We also exited positions such as </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Vicor</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Helios Technologies </span></span><span style="box-sizing: border-box; font-size: 9pt">following a reassessment of their long-term prospects.</span></p> <p id="xdx_806_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000105412Member_dD_z9Jyalmng7Oe" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Cumulative Performance</p> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $500,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div></td> <td id="xdx_4BF_oef--ClassAxis_custom--C000105412Member_zHh2dy0QWGva" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Brown Capital Management Small Company Fund - Institutional Class - $771,231</div></td> <td id="xdx_4BE_oef--BroadBasedIndexAxis_custom--SP500Index1Member_zLjbopNnheO8" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">S&amp;P 500<sup>®</sup> Index - $1,879,723</div></td> <td id="xdx_4BE_oef--BroadBasedIndexAxis_custom--Russell2000GrowthIndex1Member_zkFPZFXPKJCa" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Russell 2000<sup>®</sup> Growth Index - $1,271,945</div></td></tr> <tr id="xdx_43B_c20160331__20160331_eoef--AccmVal_zUjUjMcmk073" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2016</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">500000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">500000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">500000</div></td></tr> <tr id="xdx_431_c20160331__20170331_eoef--AccmVal_pid_z3w6AoXOvtU" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2017</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">625050.71</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">585850</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">615150</div></td></tr> <tr id="xdx_431_c20160331__20180331_eoef--AccmVal_pid_z732p8VL1DPb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2018</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">792435.16</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">667850</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">729800</div></td></tr> <tr id="xdx_43A_c20160331__20190331_eoef--AccmVal_pid_ztIrdYU3PLf8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2019</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">881832.94</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">731250</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">757900</div></td></tr> <tr id="xdx_43F_c20160331__20200331_eoef--AccmVal_pid_zJSr6LZsxMFj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">808042.78</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">680250</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">617050</div></td></tr> <tr id="xdx_436_c20160331__20210331_eoef--AccmVal_pid_zTg4n5lTfIp8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1305885.3</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1063550</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1173550</div></td></tr> <tr id="xdx_430_c20160331__20220331_eoef--AccmVal_pid_zQABp621Zq2j" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1146203.56</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1229950</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1005450</div></td></tr> <tr id="xdx_438_c20160331__20230331_eoef--AccmVal_pid_za05gqlUMmx3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">903568.12</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1134900</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">898900</div></td></tr> <tr id="xdx_437_c20160331__20240331_eoef--AccmVal_pid_z2xCDHHBY7ai" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">994155.57</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1474000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1081850</div></td></tr> <tr id="xdx_431_c20160331__20250331_eoef--AccmVal_pid_z4ju7KnoyXG1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">909422.72</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1595650</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1029300</div></td></tr> <tr id="xdx_43C_c20160331__20260331_eoef--AccmVal_pid_zIme0k5meSZb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">771230.72</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1879723</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1271945</div></td></tr> </table></div></div><img alt="line" src="qesf83i3s1mp76163q.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 9pt/normal Gotham Narrow-Light,Arial,Arial; margin: -6pt 0 8pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0"> </p> 500000 500000 500000 625050.71 585850 615150 792435.16 667850 729800 881832.94 731250 757900 808042.78 680250 617050 1305885.3 1063550 1173550 1146203.56 1229950 1005450 903568.12 1134900 898900 994155.57 1474000 1081850 909422.72 1595650 1029300 771230.72 1879723 1271945 <p id="xdx_80F_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000105412Member_dU_zHkFxoGApsz3" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Annual Performance</p> <p style="font: bold 8pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: right">  Average Annual Total Return </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Years</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 Years</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Brown Capital Management</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Small Company Fund - Institutional Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000105412Member_zJFkvSN1Amwl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-15.20%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--ClassAxis__custom--C000105412Member_z4sVtNvLVLy3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-10.00%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--ClassAxis__custom--C000105412Member_zijoE4lzk0Yk" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.43%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">S&amp;P 500<sup>®</sup> Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zVB1xRS2WO09" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">17.80%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--SP500IndexMember_z6XACHVK3lX8" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">12.06%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zd5EwepDExXc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">14.16%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Russell 2000<sup>®</sup> Growth Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--Russell2000GrowthIndexMember_zAkYhLXtGeC1" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">23.58%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--Russell2000GrowthIndexMember_z9IKMq57mO1b" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1.62%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--Russell2000GrowthIndexMember_zjsON8xvt9L3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">9.79%</span></div></td></tr> </table></div></div></div> -0.1520 -0.1000 0.0443 0.1780 0.1206 0.1416 0.2358 0.0162 0.0979 For more recent performance information, visit www.browncapital.com/investmentstrategies/smallcompanyfundinst/#performance. The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <p id="xdx_804_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000105412Member_dD_zV4NPxCryL38" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Sector Breakdown</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Business Services</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105412Member__oef--IndustrySectorAxis__custom--BusinessServicesMember_z1HxbdwuYhI9" style="box-sizing: border-box; text-align-last: auto">0.1944</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Consumer Related</div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105412Member__oef--IndustrySectorAxis__custom--ConsumerRelatedMember_zHnyQxtKhSMg" style="box-sizing: border-box; text-align-last: auto">8.40%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Industrial Products &amp; Systems</div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105412Member__oef--IndustrySectorAxis__custom--IndustrialProductsAndSystemsMember_zdiO6oLqatJ7" style="box-sizing: border-box; text-align-last: auto">17.02%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Information/Knowledge Management</div></td> <td style="box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105412Member__oef--IndustrySectorAxis__custom--InformationKnowledgeManagementMember_zHoIsFVghCM7" style="box-sizing: border-box; text-align-last: auto">0.1788</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Medical/Health Care</div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105412Member__oef--IndustrySectorAxis__custom--MedicalHealthCareMember_zMHAqfeIXi8g" style="box-sizing: border-box; text-align-last: auto">32.36%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Miscellaneous</div></td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105412Member__oef--IndustrySectorAxis__custom--MiscellaneousMember_zjL1nRUb5sqa" style="box-sizing: border-box; text-align-last: auto">0.0142</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Short Term Investments</div></td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105412Member__oef--IndustrySectorAxis__us-gaap--ShortTermInvestmentsMember_zYs8xNAIZwHg" style="box-sizing: border-box; text-align-last: auto">0.0271</div></td></tr> </table></div></div><img alt="bar" src="qes2lk1mpo7ujer.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div> 0.1944 0.0840 0.1702 0.1788 0.3236 0.0142 0.0271 <div id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000105412Member_dD_z7NXN1xApXt8" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top 10 Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Glaukos Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105412Member__oef--LargestHoldingAxis__custom--GlaukosCorpMember_zh6Cgh5CTzA6" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5.48%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Datadog, Inc. Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105412Member__oef--LargestHoldingAxis__custom--DatadogIncClassAMember_z5yfLvAjJ7A2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.62%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Cognex Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105412Member__oef--LargestHoldingAxis__custom--CognexCorpMember_zbvjq9XqWPCb" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.48%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Repligen Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105412Member__oef--LargestHoldingAxis__custom--RepligenCorpMember_zCayRvjdiHd7" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.44%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Veeva Systems, Inc. Class A</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105412Member__oef--LargestHoldingAxis__custom--VeevaSystemsIncClassAMember_zGDiV2dT1oMh" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.43%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Guidewire Software, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105412Member__oef--LargestHoldingAxis__custom--GuidewireSoftwareIncMember_zAf2y7jjNZU7" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.27%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Vericel Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105412Member__oef--LargestHoldingAxis__custom--VericelCorpMember_zeQyXAhXfOPd" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.22%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Tyler Technologies, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105412Member__oef--LargestHoldingAxis__custom--TylerTechnologiesIncMember_zDSwjeKvCBr1" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.95%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Manhattan Associates, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105412Member__oef--LargestHoldingAxis__custom--ManhattanAssociatesIncMember_zA3Ub3xpZ4Hg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.94%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Xometry, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105412Member__oef--LargestHoldingAxis__custom--XometryIncMember_zb9Tho0MKUw" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.83%</span></div></td></tr> </table></div> 0.0548 0.0462 0.0448 0.0444 0.0443 0.0427 0.0422 0.0395 0.0394 0.0383 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000105412Member_dD_zR7qS28BthHf" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">March 31, 2026</span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Net Assets</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_989_eus-gaap--AssetsNet_iE_c20250401__20260331__oef--ClassAxis__custom--C000105412Member_zEIGxJWgD0c2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$321,889,235</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--HoldingsCount_iE_uHoldings_c20250401__20260331__oef--ClassAxis__custom--C000105412Member_zrQZHT2x9bk5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">47</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Net Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AdvisoryFeesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000105412Member_z2pVnbG6Mt7k" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$6,667,114</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover Rate</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250401__20260331__oef--ClassAxis__custom--C000105412Member_zlXtuVhm8f4k" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">13%</span></div></td></tr> </table></div></div></div> 321889235 47 6667114 0.13 The Brown Capital Management International All Company Fund Investor Class Shares BCIIX This <span id="xdx_905_eoef--ShareholderReportAnnualOrSemiAnnual_c20250401__20260331__oef--ClassAxis__custom--C000028794Member_zDs0raEnovw3">annual shareholder report</span> contains important information about The Brown Capital Management International All Company Fund, Investor Class Shares for the period of April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20250401__20260331__oef--ClassAxis__custom--C000028794Member_zoHMOxVh3395">www.browncapital.com/investmentstrategies/internationalallcompanyfundinv/</span>. You can also contact us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20250401__20260331__oef--ClassAxis__custom--C000028794Member_zCv3UnPepgg">(877) 892-4226</span>. www.browncapital.com/investmentstrategies/internationalallcompanyfundinv/ (877) 892-4226 <p id="xdx_80A_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000028794Member_dD_zsK923xwome" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What were the Fund costs for the period?</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Investor Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_90D_eoef--ExpensesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000028794Member_zQJ9Y2UAa41l">117</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_903_eoef--ExpenseRatioPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000028794Member_fuQ_____zLY6JPA3aoji">1.25</span>%</span></div></td></tr> </table></div></div></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -8pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div> 117 0.0125 <p id="xdx_80B_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000028794Member_zV946t2dU2va" style="font: bold 11pt/10pt Gotham Narrow-Bold,Arial,Arial; margin: 24pt 0 6pt; text-align-last: auto; display: block; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: justify">How did the Fund Perform?</p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">The Brown Capital Management International All Company Fund Investor Class Shares (the “Fund”) declined 12.46% for the fiscal year ended March 31, 2026, lagging the MSCI EAFE<sup>®</sup> Index, which rose 21.88%. The underperformance was driven by a rotation away from growth equities, a sharp performance divide related to artificial intelligence (AI) and several stock-specific challenges.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">We invest in what we call Exceptional Growth Companies (EGCs) that offer mission-critical products and services, saving their customers time, lives, money and headaches, or providing exceptional value to consumers. While market conditions were unfavorable, we believe our EGCs retain the competitive positioning, pricing power and financial strength to navigate periods of volatility.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 106.62px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">While market sentiment was challenging, the fundamentals of many of our holdings remained solid, with continued revenue growth, resilient margins and ongoing execution against long-term strategies. Despite this, share prices declined across portions of the portfolio, particularly among software and platform businesses, as investors reassessed the potential impact of AI and rotated toward more cyclical areas of the market.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 79.96px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">Top contributors included </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Camtek</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">ASML</span></span><span style="box-sizing: border-box; font-size: 9pt">, both of which benefited from strong demand tied to AI-related semiconductor investment. Among the detractors were </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">MonotaRO</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Flutter Entertainment</span></span><span style="box-sizing: border-box; font-size: 9pt">, which declined amid moderating growth expectations, margin pressures and broader weakness in growth stocks.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 66.64px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">We added several new positions during the year, including </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Apotea</span></span><span style="box-sizing: border-box; font-size: 9pt">, </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Hub24</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Nu Holdings</span></span><span style="box-sizing: border-box; font-size: 9pt">, and exited holdings such as </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">AutoStore</span></span><span style="box-sizing: border-box; font-size: 9pt">, </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Tecan</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">CyberArk</span></span><span style="box-sizing: border-box; font-size: 9pt"> as we reassessed fundamentals and redeployed capital into higher-conviction opportunities.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">Thank you for your continued support.</span></p> <p id="xdx_801_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000028794Member_dD_zcFDjzmdsZfa" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Cumulative Performance</p> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div></td> <td id="xdx_4B6_oef--ClassAxis_custom--C000028794Member_zVBKGMP7HL56" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Brown Capital Management International All Company Fund - Investor Class - $12,623</div></td> <td id="xdx_4B9_oef--BroadBasedIndexAxis_custom--MSCIEAFEIndexMember_zeYEWaDq8BG" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">MSCI EAFE<sup>®</sup> Index - $23,489</div></td></tr> <tr id="xdx_430_c20160331__20160331_eoef--AccmVal_z5fjWzxczpib" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2016</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td></tr> <tr id="xdx_432_c20160331__20170331_eoef--AccmVal_pid_zltmWW4uiPpc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2017</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10160.39</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11225.4</div></td></tr> <tr id="xdx_43C_c20160331__20180331_eoef--AccmVal_pid_zHHsiBM4V6Tb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2018</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11546.1</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12945.13</div></td></tr> <tr id="xdx_434_c20160331__20190331_eoef--AccmVal_pid_zM1ZKWOr4Vk8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2019</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11432.15</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12528.3</div></td></tr> <tr id="xdx_432_c20160331__20200331_eoef--AccmVal_pid_zNlCnBNfCccf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10763.86</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10784.36</div></td></tr> <tr id="xdx_43A_c20160331__20210331_eoef--AccmVal_pid_zgtrMLw46v5e" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15148.52</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15653.5</div></td></tr> <tr id="xdx_43A_c20160331__20220331_eoef--AccmVal_pid_zmyjJk3sr1B3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13985.69</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15911.78</div></td></tr> <tr id="xdx_43E_c20160331__20230331_eoef--AccmVal_pid_zMccyqpd19Jf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12579.29</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15774.94</div></td></tr> <tr id="xdx_432_c20160331__20240331_eoef--AccmVal_pid_zwu1P6APNz8c" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15257.24</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">18283.15</div></td></tr> <tr id="xdx_431_c20160331__20250331_eoef--AccmVal_pid_z5SP2Mg0tc3j" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14420.38</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19272.51</div></td></tr> <tr id="xdx_43F_c20160331__20260331_eoef--AccmVal_pid_zNH1fkHqqbf2" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12623.34</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">23489.33</div></td></tr> </table></div></div><img alt="line" src="qespblfz1mp75zpz1.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 9pt/normal Gotham Narrow-Light,Arial,Arial; margin: -6pt 0 8pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0"> </p> 10000 10000 10160.39 11225.4 11546.1 12945.13 11432.15 12528.3 10763.86 10784.36 15148.52 15653.5 13985.69 15911.78 12579.29 15774.94 15257.24 18283.15 14420.38 19272.51 12623.34 23489.33 <p id="xdx_805_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000028794Member_dU_zD86JYpBn5Ze" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Annual Performance</p> <p style="font: bold 8pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: right">  Average Annual Total Return </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Years</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 Years</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Brown Capital Management International</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">All Company Fund - Investor Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000028794Member_z6uxJzQwElEg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-12.46%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--ClassAxis__custom--C000028794Member_zvKPRPZ6BE2j" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.58%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--ClassAxis__custom--C000028794Member_zD2qIpiMdCji" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.36%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MSCI EAFE<sup>®</sup> Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_z0SlG2lbXfC" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">21.88%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_z9D4y3bRfvQ1" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.46%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_zUD9cCdHtB26" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.91%</span></div></td></tr> </table></div></div></div> -0.1246 -0.0358 0.0236 0.2188 0.0846 0.0891 For more recent performance information, visit www.browncapital.com/investmentstrategies/internationalallcompanyfundinv/ #performance. The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000028794Member_dD_ze7eLFhQEib1" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Sector Breakdown</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Information Technology</div></td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028794Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zZI9gP5z7Ia1" style="box-sizing: border-box; text-align-last: auto">0.3228</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Financials</div></td> <td style="box-sizing: border-box"> <div id="xdx_983_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028794Member__oef--IndustrySectorAxis__custom--FinancialsSectorMember_zuDvg2n29irg" style="box-sizing: border-box; text-align-last: auto">0.1778</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Industrials</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028794Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zpysnhtfhcG8" style="box-sizing: border-box; text-align-last: auto">0.1275</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Health Care</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028794Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zQUpWfjNLO8e" style="box-sizing: border-box; text-align-last: auto">0.0952</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Materials</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028794Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zk63qqd8hlBj" style="box-sizing: border-box; text-align-last: auto">0.0791</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Communication Services</div></td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028794Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zXexXXLOCoAk" style="box-sizing: border-box; text-align-last: auto">0.0571</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Consumer Discretionary</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028794Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_z3YepVyOajv1" style="box-sizing: border-box; text-align-last: auto">0.0538</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Consumer Staples</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028794Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zcugUzdQa5pa" style="box-sizing: border-box; text-align-last: auto">0.0465</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Short Term Investments</div></td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000028794Member__oef--IndustrySectorAxis__us-gaap--ShortTermInvestmentsMember_zisWcX7Hrwji" style="box-sizing: border-box; text-align-last: auto">0.0356</div></td></tr> </table></div></div><img alt="bar" src="qesaf1mp2sr4d8.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div> 0.3228 0.1778 0.1275 0.0952 0.0791 0.0571 0.0538 0.0465 0.0356 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000028794Member_dD_zB1TXjqt6GDl" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top 10 Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ASML Holding NV</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028794Member__oef--LargestHoldingAxis__custom--ASMLHoldingNVMember_zT0QZK6yeDT1" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.71%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">AJ Bell plc</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028794Member__oef--LargestHoldingAxis__custom--AJBellPlcMember_zcjsf34adrBl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.54%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">REA Group Ltd.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028794Member__oef--LargestHoldingAxis__custom--REAGroupLtdMember_zDlp7W5eAqW4" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.16%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Givaudan SA</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028794Member__oef--LargestHoldingAxis__custom--GivaudanSAMember_zyF8beELfATi" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.96%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Novonesis A/S</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028794Member__oef--LargestHoldingAxis__custom--NovonesisASMember_zJnxGMKzcnS5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.96%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Camtek Ltd.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028794Member__oef--LargestHoldingAxis__custom--CamtekLtdMember_zd506YmLdWO5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.72%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MercadoLibre, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028794Member__oef--LargestHoldingAxis__custom--MercadoLibreIncMember_zTvcUBqFRM95" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.71%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">The Descartes Systems Group, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028794Member__oef--LargestHoldingAxis__custom--DescartesSystemsGroupIncMember_zwJvqrzFRv8c" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.65%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Treasury Obligations Fund - X Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028794Member__oef--LargestHoldingAxis__custom--FirstAmericanTreasuryObligationsFundXClassMember_zNrIU5eP7Ryb" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.56%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Azimut Holding S.p.A.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000028794Member__oef--LargestHoldingAxis__custom--AzimutHoldingSpaMember_zifTyQ62xe8i" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.55%</span></div></td></tr> </table></div> 0.0471 0.0454 0.0416 0.0396 0.0396 0.0372 0.0371 0.0365 0.0356 0.0355 <p id="xdx_802_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000028794Member_dD_zbSX8MHakJRh" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">March 31, 2026</span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Net Assets</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eus-gaap--AssetsNet_iE_c20250401__20260331__oef--ClassAxis__custom--C000028794Member_zrDGYs6oYY7j" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$46,792,886</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--HoldingsCount_iE_uHoldings_c20250401__20260331__oef--ClassAxis__custom--C000028794Member_zyrlmYZmEf74" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">41</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Net Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AdvisoryFeesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000028794Member_zdMvsHxNST16" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$87,374</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover Rate</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_989_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250401__20260331__oef--ClassAxis__custom--C000028794Member_z64TwAbIsnDe" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">15%</span></div></td></tr> </table></div></div></div> 46792886 41 87374 0.15 <p id="xdx_801_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000028794Member_dD_zibtiI2ud2w6" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Material Changes</p> <p style="font: bold 10pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Fund Liquidation</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 136px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">On May 22, 2026, the Board of Trustees of Brown Capital Management Mutual Funds approved a Plan of Termination and Liquidation (the "Plan") for the Brown Capital Management International All Company Fund ("Fund"). The Brown Capital Management International All Company Fund commenced operations on May 28, 1999. Brown Capital Management, LLC (the "Advisor"), the Fund's investment advisor, recommended that the Board approve the Plan due to factors such as the Fund's underperformance and diminished assets under management, limited growth opportunities, and the Advisor's indication that it does not desire to continue subsidizing the Fund's expenses. As a result, the Board concluded that it is in the best interests of the Fund and its shareholders to terminate and liquidate the Fund. The Fund is expected to terminate as a series of the Trust and liquidate on or about June 30, 2026 (the "Termination Date").</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Effective May 26, 2026, the Fund is closed to new and subsequent investments. Any remaining shareholders on the Termination Date will receive a distribution of their remaining investment value in the Fund, after the payment of certain Fund liabilities as provided for in the Plan. The sale or liquidation of your Fund shares will generally be a taxable event. You should consult your tax adviser about your tax situation as concerns the Fund's termination and liquidation.</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">As shareholders redeem shares of the Fund between May 26, 2026 and the Termination Date, the Fund may not be able to maintain its investment objective and other investment policies. Accordingly, the Fund may deviate from its investment objective and other investment policies during the period between May 26, 2026 and the Termination Date.</p> The Brown Capital Management International All Company Fund Institutional Class Shares BCISX This <span id="xdx_90C_eoef--ShareholderReportAnnualOrSemiAnnual_c20250401__20260331__oef--ClassAxis__custom--C000105413Member_zx6zll0hxFcl">annual shareholder report</span> contains important information about The Brown Capital Management International All Company Fund, Institutional Class Shares for the period of April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_900_eoef--AddlInfoWebsite_c20250401__20260331__oef--ClassAxis__custom--C000105413Member_zpAIXQyJSPC7">www.browncapital.com/investmentstrategies/internationalallcompanyfundinst/</span>. You can also contact us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20250401__20260331__oef--ClassAxis__custom--C000105413Member_zZCTPjO8oRbd">(877) 892-4226</span>. www.browncapital.com/investmentstrategies/internationalallcompanyfundinst/ (877) 892-4226 <p id="xdx_80E_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000105413Member_dD_zIQe5SXMttH7" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What were the Fund costs for the period?</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Institutional Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_904_eoef--ExpensesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000105413Member_z6V7tZd9HkTl">94</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_906_eoef--ExpenseRatioPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000105413Member_fuQ_____zHvvR4tOsXBf">1.00</span>%</span></div></td></tr> </table></div></div></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -8pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div> 94 0.0100 <p id="xdx_80C_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000105413Member_zsgN0znyj8X4" style="font: bold 11pt/10pt Gotham Narrow-Bold,Arial,Arial; margin: 24pt 0 6pt; text-align-last: auto; display: block; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: justify">How did the Fund Perform?</p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">The Brown Capital Management International All Company Fund Institutional </span><span style="box-sizing: border-box; font-size: 9pt">Class Shares (the “Fund”)</span><span style="box-sizing: border-box; font-size: 9pt"> declined 12.28% for the fiscal year ended March 31, 2026, lagging the MSCI EAFE<sup>®</sup> Index, which rose 21.88%. The underperformance was driven by a rotation away from growth equities, a sharp performance divide related to artificial intelligence (AI) and several stock-specific challenges.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">We invest in what we call Exceptional Growth Companies (EGCs) that offer mission-critical products and services, saving their customers time, lives, money and headaches, or providing exceptional value to consumers. While market conditions were unfavorable, we believe our EGCs retain the competitive positioning, pricing power and financial strength to navigate periods of volatility.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 106.62px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">While market sentiment was challenging, the fundamentals of many of our holdings remained solid, with continued revenue growth, resilient margins and ongoing execution against long-term strategies. Despite this, share prices declined across portions of the portfolio, particularly among software and platform businesses, as investors reassessed the potential impact of AI and rotated toward more cyclical areas of the market.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 79.96px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">Top contributors included </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Camtek</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">ASML</span></span><span style="box-sizing: border-box; font-size: 9pt">, both of which benefited from strong demand tied to AI-related semiconductor investment. Among the detractors were </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">MonotaRO</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Flutter Entertainment</span></span><span style="box-sizing: border-box; font-size: 9pt">, which declined amid moderating growth expectations, margin pressures and broader weakness in growth stocks.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 66.64px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">We added several new positions during the year, including </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Apotea</span></span><span style="box-sizing: border-box; font-size: 9pt">, </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Hub24</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Nu</span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt"><b style="box-sizing: border-box"> </b></span></span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Holdings</span></span><span style="box-sizing: border-box; font-size: 9pt">, and exited holdings such as </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">AutoStore</span></span><span style="box-sizing: border-box; font-size: 9pt">, </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Tecan</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">CyberArk</span></span><span style="box-sizing: border-box; font-size: 9pt"> as we reassessed fundamentals and redeployed capital into higher-conviction opportunities.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">Thank you for your continued support.</span></p> <p id="xdx_806_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000105413Member_dD_zOyPOomLtNCf" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Cumulative Performance</p> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $500,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div></td> <td id="xdx_4BF_oef--ClassAxis_custom--C000105413Member_zd5P6OCrxdOj" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Brown Capital Management International All Company Fund - Institutional Class - $648,122</div></td> <td id="xdx_4B7_oef--BroadBasedIndexAxis_custom--MSCIEAFEIndex1Member_zEl8qxcPmuyc" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">MSCI EAFE<sup>®</sup> Index - $1,174,467</div></td></tr> <tr id="xdx_43F_c20160331__20160331_eoef--AccmVal_zHgWFJSqIKPf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2016</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">500000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">500000</div></td></tr> <tr id="xdx_43F_c20160331__20170331_eoef--AccmVal_pid_zmUDQ0gDMYEc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2017</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">510426.83</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">561270</div></td></tr> <tr id="xdx_433_c20160331__20180331_eoef--AccmVal_pid_zlsNRcEDURTb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2018</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">581722.93</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">647256.5</div></td></tr> <tr id="xdx_43C_c20160331__20190331_eoef--AccmVal_pid_zFiq6EroL2Oc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2019</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">577599.74</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">626415</div></td></tr> <tr id="xdx_435_c20160331__20200331_eoef--AccmVal_pid_zVnrAoMvZyga" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">545084.94</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">539218</div></td></tr> <tr id="xdx_431_c20160331__20210331_eoef--AccmVal_pid_zrIO4OfGglU7" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">768738.36</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">782675</div></td></tr> <tr id="xdx_437_c20160331__20220331_eoef--AccmVal_pid_zyzn86KtVjnj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">711596.11</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">795589</div></td></tr> <tr id="xdx_43B_c20160331__20230331_eoef--AccmVal_pid_zdFcPPFFPihi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">641894.14</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">788747</div></td></tr> <tr id="xdx_43E_c20160331__20240331_eoef--AccmVal_pid_zssep8lcLk06" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">779347.57</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">914157.5</div></td></tr> <tr id="xdx_43B_c20160331__20250331_eoef--AccmVal_pid_zU6Z5c4I6IL1" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">738867.76</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">963625.5</div></td></tr> <tr id="xdx_43A_c20160331__20260331_eoef--AccmVal_pid_zAoygCn3pNj6" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">648121.81</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1174466.5</div></td></tr> </table></div></div><img alt="line" src="qesf83i3s1mp760b5e.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 9pt/normal Gotham Narrow-Light,Arial,Arial; margin: -6pt 0 8pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0"> </p> 500000 500000 510426.83 561270 581722.93 647256.5 577599.74 626415 545084.94 539218 768738.36 782675 711596.11 795589 641894.14 788747 779347.57 914157.5 738867.76 963625.5 648121.81 1174466.5 <p id="xdx_80A_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000105413Member_dU_zFS1msyd7xOl" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Annual Performance</p> <p style="font: bold 8pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: right">  Average Annual Total Return </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5px"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5px"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Years</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 Years</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Brown Capital Management International</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">All Company Fund - Institutional Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000105413Member_zpm5OVw6orBe" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-12.28%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--ClassAxis__custom--C000105413Member_zO1BzxGmEuQ5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.36%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--ClassAxis__custom--C000105413Member_zxfsLlFSLxpc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">2.63%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MSCI EAFE<sup>®</sup> Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_zZaoTQIaunHf" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">21.88%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_z9QJXnydnUg8" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.46%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_zueQPEw8EiPd" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.91%</span></div></td></tr> </table></div></div></div> -0.1228 -0.0336 0.0263 0.2188 0.0846 0.0891 For more recent performance information, visit www.browncapital.com/investmentstrategies/internationalallcompanyfundinst/ #performance. The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <p id="xdx_804_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000105413Member_dD_zZB6cjD3yHgi" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Sector Breakdown</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Information Technology</div></td> <td style="box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105413Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zSbRPDg3WfE9" style="box-sizing: border-box; text-align-last: auto">0.3228</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Financials</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105413Member__oef--IndustrySectorAxis__custom--FinancialsSectorMember_zis9NJR9TnDe" style="box-sizing: border-box; text-align-last: auto">0.1778</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Industrials</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105413Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_znsT2RdaEQk6" style="box-sizing: border-box; text-align-last: auto">0.1275</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Health Care</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105413Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zV3WKvjFfRG" style="box-sizing: border-box; text-align-last: auto">0.0952</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Materials</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105413Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zxGyJ2db7ot4" style="box-sizing: border-box; text-align-last: auto">0.0791</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Communication Services</div></td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105413Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zPh5kdUDIZg1" style="box-sizing: border-box; text-align-last: auto">0.0571</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Consumer Discretionary</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105413Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zlQFzPOx6y11" style="box-sizing: border-box; text-align-last: auto">0.0538</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Consumer Staples</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105413Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zKYhaS3Zvzsd" style="box-sizing: border-box; text-align-last: auto">0.0465</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Short Term Investments</div></td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000105413Member__oef--IndustrySectorAxis__us-gaap--ShortTermInvestmentsMember_zMAV49nAfF9c" style="box-sizing: border-box; text-align-last: auto">0.0356</div></td></tr> </table></div></div><img alt="bar" src="qesaf1mp2sr4d8.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div> 0.3228 0.1778 0.1275 0.0952 0.0791 0.0571 0.0538 0.0465 0.0356 <div id="xdx_809_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000105413Member_dD_zcaWzu0B1gBk" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top 10 Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">ASML Holding NV</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105413Member__oef--LargestHoldingAxis__custom--ASMLHoldingNVMember_zDIZC9oq9O74" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.71%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">AJ Bell plc</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105413Member__oef--LargestHoldingAxis__custom--AJBellPlcMember_zo0Sp6a143n8" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.54%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">REA Group Ltd.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_988_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105413Member__oef--LargestHoldingAxis__custom--REAGroupLtdMember_z7QzyOPvh1P5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.16%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Givaudan SA</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105413Member__oef--LargestHoldingAxis__custom--GivaudanSAMember_zWjKqtpE1Kxe" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.96%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Novonesis A/S</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105413Member__oef--LargestHoldingAxis__custom--NovonesisASMember_zT0HfGOUJ2zj" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.96%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Camtek Ltd.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105413Member__oef--LargestHoldingAxis__custom--CamtekLtdMember_zps1gvsh8POg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.72%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MercadoLibre, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105413Member__oef--LargestHoldingAxis__custom--MercadoLibreIncMember_z3Z13Q8PTFbc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.71%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">The Descartes Systems Group, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105413Member__oef--LargestHoldingAxis__custom--DescartesSystemsGroupIncMember_zyz4dwvgpLY7" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.65%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">First American Treasury Obligations Fund - X Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105413Member__oef--LargestHoldingAxis__custom--FirstAmericanTreasuryObligationsFundXClassMember_zpFYn98ARJ36" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.56%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Azimut Holding S.p.A.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000105413Member__oef--LargestHoldingAxis__custom--AzimutHoldingSpaMember_zTv8pdIDlGxg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.55%</span></div></td></tr> </table></div> 0.0471 0.0454 0.0416 0.0396 0.0396 0.0372 0.0371 0.0365 0.0356 0.0355 <p id="xdx_806_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000105413Member_dD_zplsnnfSHIAj" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">March 31, 2026</span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Net Assets</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eus-gaap--AssetsNet_iE_c20250401__20260331__oef--ClassAxis__custom--C000105413Member_zF1Wk9ysrvh2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$46,792,886</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--HoldingsCount_iE_uHoldings_c20250401__20260331__oef--ClassAxis__custom--C000105413Member_zEpUXnMCRvKe" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">41</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Net Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000105413Member_z2NEbTGDCfv" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$87,374</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover Rate</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250401__20260331__oef--ClassAxis__custom--C000105413Member_zKmN7EHJArjk" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">15%</span></div></td></tr> </table></div></div></div> 46792886 41 87374 0.15 <p id="xdx_80F_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000105413Member_dD_zgwOsTmIQkZc" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Material Changes</p> <p style="font: bold 10pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Fund Liquidation</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 136px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">On May 22, 2026, the Board of Trustees of Brown Capital Management Mutual Funds approved a Plan of Termination and Liquidation (the "Plan") for the Brown Capital Management International All Company Fund ("Fund"). The Brown Capital Management International All Company Fund commenced operations on May 28, 1999. Brown Capital Management, LLC (the "Advisor"), the Fund's investment advisor, recommended that the Board approve the Plan due to factors such as the Fund's underperformance and diminished assets under management, limited growth opportunities, and the Advisor's indication that it does not desire to continue subsidizing the Fund's expenses. As a result, the Board concluded that it is in the best interests of the Fund and its shareholders to terminate and liquidate the Fund. The Fund is expected to terminate as a series of the Trust and liquidate on or about June 30, 2026 (the "Termination Date").</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 68px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Effective May 26, 2026, the Fund is closed to new and subsequent investments. Any remaining shareholders on the Termination Date will receive a distribution of their remaining investment value in the Fund, after the payment of certain Fund liabilities as provided for in the Plan. The sale or liquidation of your Fund shares will generally be a taxable event. You should consult your tax adviser about your tax situation as concerns the Fund's termination and liquidation.</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 51px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">As shareholders redeem shares of the Fund between May 26, 2026 and the Termination Date, the Fund may not be able to maintain its investment objective and other investment policies. Accordingly, the Fund may deviate from its investment objective and other investment policies during the period between May 26, 2026 and the Termination Date.</p> The Brown Capital Management International Small Company Fund Investor Class Shares BCSVX This <span id="xdx_905_eoef--ShareholderReportAnnualOrSemiAnnual_c20250401__20260331__oef--ClassAxis__custom--C000154625Member_zseoI0HiQXyk">annual shareholder report</span> contains important information about The Brown Capital Management International Small Company Fund, Investor Class Shares for the period of April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_909_eoef--AddlInfoWebsite_c20250401__20260331__oef--ClassAxis__custom--C000154625Member_zRe5gyGir9Ef">www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinv/</span>. You can also contact us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20250401__20260331__oef--ClassAxis__custom--C000154625Member_zk7Zx9czszL">(877) 892-4226</span>. www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinv/ (877) 892-4226 <p id="xdx_802_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000154625Member_dD_zxCNb2UNNYA4" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What were the Fund costs for the period?</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Investor Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_907_eoef--ExpensesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000154625Member_zLRuvxkBedCb">122</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_905_eoef--ExpenseRatioPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000154625Member_fuQ_____ztYW8O2zvuUh">1.32</span>%</span></div></td></tr> </table></div></div></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -8pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div> 122 0.0132 <p id="xdx_805_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000154625Member_z3lnllZGQSY1" style="font: bold 11pt/10pt Gotham Narrow-Bold,Arial,Arial; margin: 24pt 0 6pt; text-align-last: auto; display: block; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: justify">How did the Fund Perform?</p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">The Brown Capital Management International Small Company Fund Investor Class Shares (the “Fund”) returned -16.11% for the fiscal year ended March 31, 2026, compared with +21.88% for the MSCI EAFE<sup>®</sup> Index and +28.41% for the MSCI All Country World ex USA Small Cap Index. These disappointing results reflect our most challenging period of relative underperformance since the Fund’s inception in 2015.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">At the core of our underperformance was a disconnect between company fundamentals and stock price behavior. Across much of the portfolio, our holdings delivered solid operational results, including double-digit revenue growth, strong profitability and continued market share gains. However, stock prices declined as investor sentiment shifted away from growth equities and toward more cyclical sectors.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 146.6px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">The market’s reaction to artificial intelligence (AI) was a major driver of this dynamic. Companies tied to AI infrastructure performed strongly, while many software, platform and data-driven businesses experienced significant valuation compression. We estimate that 17 holdings in the portfolio that are exposed to this AI derating are trading at a 75% discount to their 10-year historical average on a free cash flow basis, as of March 31, 2026. In our view, many of these companies are well positioned to benefit from AI, given their proprietary data, embedded workflows and system-of-record characteristics.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">Top contributors to return included </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Camtek</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">CyberArk</span></span><span style="box-sizing: border-box; font-size: 9pt">. Camtek benefited from strong demand in semiconductor applications tied to AI, while CyberArk’s performance was driven by both solid fundamentals and its acquisition at a premium valuation. Among the largest detractors were </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Hemnet</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">VusionGroup</span></span><span style="box-sizing: border-box; font-size: 9pt"> on concerns of fundamental weakness.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 66.64px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">During the year, we added several new holdings, including </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Hub24</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Cellebrite</span></span><span style="box-sizing: border-box; font-size: 9pt">, broadening the portfolio’s exposure to financial technology and digital intelligence. We also exited positions such as </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">YouGov</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">M3</span></span><span style="box-sizing: border-box; font-size: 9pt"> following a reassessment of their long-term prospects.</span></p> <p id="xdx_80A_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000154625Member_dD_zfTVTCWVFElj" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Cumulative Performance</p> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div></td> <td id="xdx_4B5_oef--ClassAxis_custom--C000154625Member_zguZ0cuasHS2" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Brown Capital Management International Small Company Fund - Investor Class - $20,590</div></td> <td id="xdx_4BA_oef--BroadBasedIndexAxis_custom--MSCIEAFEIndexMember_zimfaYDZbMab" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">MSCI EAFE<sup>®</sup> Index - $23,489</div></td> <td id="xdx_4B4_oef--BroadBasedIndexAxis_custom--MSCIAllCountryWorldExUSSmallCapIndexMember_zVeS6CfWJEaa" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">MSCI All Country World ex USA Small Cap Index - $22,452</div></td></tr> <tr id="xdx_430_c20160331__20160331_eoef--AccmVal_zZKphhUocLB5" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2016</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10000</div></td></tr> <tr id="xdx_433_c20160331__20170331_eoef--AccmVal_pid_z9KSE7YY2I2i" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2017</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11584</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11225.4</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">11267</div></td></tr> <tr id="xdx_434_c20160331__20180331_eoef--AccmVal_pid_zxZNfJXD7YVb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2018</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16159</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12945.13</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">13636.45</div></td></tr> <tr id="xdx_437_c20160331__20190331_eoef--AccmVal_pid_zdYkfzp4Jx33" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2019</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16695</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12528.3</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">12391.44</div></td></tr> <tr id="xdx_431_c20160331__20200331_eoef--AccmVal_pid_zH4gwQUnxs9a" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">14738</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">10784.36</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">9809.3</div></td></tr> <tr id="xdx_43B_c20160331__20210331_eoef--AccmVal_pid_zmVFGeIfh8gk" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">25208</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15653.5</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16717</div></td></tr> <tr id="xdx_434_c20160331__20220331_eoef--AccmVal_pid_zbteskAKnIGb" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">23369</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15911.78</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">16790.89</div></td></tr> <tr id="xdx_43A_c20160331__20230331_eoef--AccmVal_pid_zfNfkcOClPv8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">21143</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15774.94</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">15126.91</div></td></tr> <tr id="xdx_43D_c20160331__20240331_eoef--AccmVal_pid_zuRzWBEPQKRc" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">24132</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">18283.15</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17146.36</div></td></tr> <tr id="xdx_432_c20160331__20250331_eoef--AccmVal_pid_zPmH4I3r795f" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">24545</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">19272.51</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">17554.75</div></td></tr> <tr id="xdx_436_c20160331__20260331_eoef--AccmVal_pid_zoYh2i48FGd4" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">20590</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">23489.33</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">22542.05</div></td></tr> </table></div></div><img alt="line" src="qespblfz1mp73edua.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 9pt/normal Gotham Narrow-Light,Arial,Arial; margin: -6pt 0 8pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0"> </p> 10000 10000 10000 11584 11225.4 11267 16159 12945.13 13636.45 16695 12528.3 12391.44 14738 10784.36 9809.3 25208 15653.5 16717 23369 15911.78 16790.89 21143 15774.94 15126.91 24132 18283.15 17146.36 24545 19272.51 17554.75 20590 23489.33 22542.05 <p id="xdx_80F_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000154625Member_dU_z0PT9S8OVFkd" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Annual Performance</p> <p style="font: bold 8pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: right">  Average Annual Total Return </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Years</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 Years</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Brown Capital Management International</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Small Company Fund - Investor Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000154625Member_zZbYU62cBCV5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-16.11%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--ClassAxis__custom--C000154625Member_zXnXYSzwVi2j" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.97%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--ClassAxis__custom--C000154625Member_z3HOaeQOvCwi" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.49%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MSCI EAFE<sup>®</sup> Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_zlcxyrvlHoP5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">21.88%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_zeJcqjm8Hkxb" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.46%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_zZz5OuV6Oi34" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.91%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MSCI All Country World ex USA</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Small Cap Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--MSCIAllCountryWorldExUSSmallCapIndexMember_zYGhfZ8iclRg" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">28.41%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--MSCIAllCountryWorldExUSSmallCapIndexMember_z8FWq1wTEXB" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.16%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--MSCIAllCountryWorldExUSSmallCapIndexMember_zRrOLgeA9Sd4" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.47%</span></div></td></tr> </table></div></div></div> -0.1611 -0.0397 0.0749 0.2188 0.0846 0.0891 0.2841 0.0616 0.0847 For more recent performance information, visit www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinv/ #performance. The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <p id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000154625Member_dD_zKHRTdZU7Q1h" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Sector Breakdown</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Business Services</div></td> <td style="box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154625Member__oef--IndustrySectorAxis__custom--BusinessServicesMember_zl24Gu5pf658" style="box-sizing: border-box; text-align-last: auto">0.314</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Information/ Knowledge Management</div></td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154625Member__oef--IndustrySectorAxis__custom--InformationKnowledgeManagementMember_zPmhnohXeifc" style="box-sizing: border-box; text-align-last: auto">0.3017</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Medical/Health Care</div></td> <td style="box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154625Member__oef--IndustrySectorAxis__custom--MedicalHealthCareMember_zroI20aZq208" style="box-sizing: border-box; text-align-last: auto">0.1258</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Consumer Related</div></td> <td style="box-sizing: border-box"> <div id="xdx_989_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154625Member__oef--IndustrySectorAxis__custom--ConsumerRelatedMember_zhF1BykH3cHk" style="box-sizing: border-box; text-align-last: auto">0.1059</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Industrial Products &amp; Systems</div></td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154625Member__oef--IndustrySectorAxis__custom--IndustrialProductsAndSystemsMember_zLEBBFfu0Moh" style="box-sizing: border-box; text-align-last: auto">0.079</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Miscellaneous</div></td> <td style="box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154625Member__oef--IndustrySectorAxis__custom--MiscellaneousMember_z1IjPMObTZv5" style="box-sizing: border-box; text-align-last: auto">0.0337</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Short Term Investments</div></td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154625Member__oef--IndustrySectorAxis__us-gaap--ShortTermInvestmentsMember_z7J8hbbgHAs7" style="box-sizing: border-box; text-align-last: auto">0.0307</div></td></tr> </table></div></div><img alt="bar" src="qes1d6uen1mp2srnat.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div> 0.314 0.3017 0.1258 0.1059 0.079 0.0337 0.0307 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000154625Member_dD_zVUcxBKs8AMg" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top 10 Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">The Descartes Systems Group, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154625Member__oef--LargestHoldingAxis__custom--DescartesSystemsGroupIncMember_z2ZSCUtmC39i" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.54%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Kinaxis, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154625Member__oef--LargestHoldingAxis__custom--KinaxisIncMember_z9F6NGfPEiG" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.49%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">REA Group Ltd.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154625Member__oef--LargestHoldingAxis__custom--REAGroupLtdMember_zZ04ExJRKVpf" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.36%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Interparfums SA</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154625Member__oef--LargestHoldingAxis__custom--InterparfumsSAMember_zyYTSiXAQU1d" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.29%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Sectra AB</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154625Member__oef--LargestHoldingAxis__custom--SectraABMember_zzyMZvIOB8P6" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.28%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">AJ Bell plc</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154625Member__oef--LargestHoldingAxis__custom--AJBellPlcMember_zx52JcE6itQc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.04%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Towa Pharmaceutical Co. Ltd.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154625Member__oef--LargestHoldingAxis__custom--TowaPharmaceuticalCoLtdMember_zOFlPLIqpsp5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.91%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Hiday Hidaka Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154625Member__oef--LargestHoldingAxis__custom--HidayHidakaCorpMember_z5W6pbObzZwh" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.86%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Camtek Ltd.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_980_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154625Member__oef--LargestHoldingAxis__custom--CamtekLtdMember_zlnI3ApA5PZ3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.62%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Ambu A/S</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154625Member__oef--LargestHoldingAxis__custom--AmbuASMember_zu7aFT3ZvyE6" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.39%</span></div></td></tr> </table></div> 0.0454 0.0449 0.0436 0.0429 0.0428 0.0404 0.0391 0.0386 0.0362 0.0339 <p id="xdx_80A_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000154625Member_dD_zJBkik2FdnJc" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">March 31, 2026</span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Net Assets</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eus-gaap--AssetsNet_iE_c20250401__20260331__oef--ClassAxis__custom--C000154625Member_z0GJrwqxApI2" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$1,264,877,658</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_985_eoef--HoldingsCount_iE_uHoldings_c20250401__20260331__oef--ClassAxis__custom--C000154625Member_zKVAlRrII6l5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">37</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Net Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_982_eoef--AdvisoryFeesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000154625Member_z4WebkQJUvra" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$20,450,704</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover Rate</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250401__20260331__oef--ClassAxis__custom--C000154625Member_zd4C76Co8R62" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">16%</span></div></td></tr> </table></div></div></div> 1264877658 37 20450704 0.16 <p id="xdx_80C_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000154625Member_dD_zoLzh5QxlDA2" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Material Changes</p> <p style="font: bold 10pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Large Redemptions</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Subsequent to March 31, 2026, the Fund experienced shareholder redemptions exceeding 25% of the Fund’s Net Assets as of March 31, 2026.</p> The Brown Capital Management International Small Company Fund Institutional Class Shares BCSFX This <span id="xdx_903_eoef--ShareholderReportAnnualOrSemiAnnual_c20250401__20260331__oef--ClassAxis__custom--C000154624Member_zQIhFoOIejCc">annual shareholder report</span> contains important information about The Brown Capital Management International Small Company Fund, Institutional Class Shares for the period of April 1, 2025 to March 31, 2026. annual shareholder report You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoWebsite_c20250401__20260331__oef--ClassAxis__custom--C000154624Member_zmd9QUJ6mgWa">www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinst/</span>. You can also contact us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20250401__20260331__oef--ClassAxis__custom--C000154624Member_zJv06SyJkOL4">(877) 892-4226</span>. www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinst/ (877) 892-4226 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000154624Member_dD_zos5s1TTPCGi" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">What were the Fund costs for the period?</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $10,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; margin-block: 1em; margin-inline: 0px; box-sizing: border-box; text-align-last: auto; display: block; padding-top: 0; color: #4f4f4f; text-align: left; text-indent: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Class Name</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs of a $10,000 investment</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Costs paid as a percentage of a $10,000 investment</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Institutional Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$<span id="xdx_905_eoef--ExpensesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000154624Member_zZhG6LCqJaT">98</span></span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"><span id="xdx_905_eoef--ExpenseRatioPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000154624Member_fuQ_____zfI3WlbTOFP4">1.07</span>%</span></div></td></tr> </table></div></div></div> <div style="box-sizing: border-box; text-align-last: auto"> <div style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: -8pt 0 4pt; box-sizing: border-box; text-align-last: auto; display: block; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; display: block"></span></div></div> 98 0.0107 <p id="xdx_807_eoef--FactorsAffectingPerfTextBlock_hoef--ClassAxis__custom--C000154624Member_zmqaDRdomMw7" style="font: bold 11pt/10pt Gotham Narrow-Bold,Arial,Arial; margin: 24pt 0 6pt; text-align-last: auto; display: block; min-height: 13.32px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: justify">How did the Fund Perform?</p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">The Brown Capital Management International Small Company Institutional Class Shares (the “Fund”) returned -15.88% for the fiscal year ended March 31, 2026, </span><span style="box-sizing: border-box; font-size: 9pt">compared with +21.88% for the MSCI EAFE<sup>®</sup> Index and +28.41% for the MSCI All Country World ex USA Small Cap Index</span><span style="box-sizing: border-box; font-size: 9pt">. These disappointing results reflect our most challenging period of relative underperformance since the Fund’s inception in 2015.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">At the core of our underperformance was a disconnect between company fundamentals and stock price behavior. Across much of the portfolio, our holdings delivered solid operational results, including double-digit revenue growth, strong profitability and continued market share gains. However, stock prices declined as investor sentiment shifted away from growth equities and toward more cyclical sectors.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 146.6px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">The market’s reaction to artificial intelligence (AI) was a major driver of this dynamic. Companies tied to AI infrastructure performed strongly, while many software, platform and data-driven businesses experienced significant valuation compression. We estimate that 17 holdings in the portfolio that are exposed to this AI derating are trading at a 75% discount to their 10-year historical average on a free cash flow basis, as of March 31, 2026. In our view, many of these companies are well positioned to benefit from AI, given their proprietary data, embedded workflows and system-of-record characteristics.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 93.29px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">Top contributors to return included </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Camtek</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">CyberArk</span></span><span style="box-sizing: border-box; font-size: 9pt">. </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Light,Arial; font-weight: normal"><span style="box-sizing: border-box; font-size: 9pt">Camtek</span></span><span style="box-sizing: border-box; font-size: 9pt"> benefited from strong demand in semiconductor applications tied to AI, while CyberArk’s performance was driven by both solid fundamentals and its acquisition at a premium valuation. Among the largest detractors were </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Hemnet</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">VusionGroup</span></span><span style="box-sizing: border-box; font-size: 9pt"> on concerns of fundamental weakness.</span></p> <p style="font: normal 10pt/10pt Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 66.64px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0; text-align: justify"><span style="box-sizing: border-box; font-size: 9pt">During the year, we added several new holdings, including </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Hub24</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">Cellebrite</span></span><span style="box-sizing: border-box; font-size: 9pt">, broadening the portfolio’s exposure to financial technology and digital intelligence. We also exited positions such as </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">YouGov</span></span><span style="box-sizing: border-box; font-size: 9pt"> and </span><span style="box-sizing: border-box; font-family: Gotham Narrow-Bold,Arial; font-weight: bold"><span style="box-sizing: border-box; font-size: 9pt">M3</span></span><span style="box-sizing: border-box; font-size: 9pt"> following a reassessment of their long-term prospects.</span></p> <p id="xdx_806_eoef--LineGraphTableTextBlock_hoef--ClassAxis__custom--C000154624Member_dD_zSvGaRHMPJic" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Cumulative Performance</p> <p style="font: normal 8pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(based on a hypothetical $500,000 investment)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Date</div></td> <td id="xdx_4BB_oef--ClassAxis_custom--C000154624Member_z53IeJy55PZd" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Brown Capital Management International Small Company Fund - Institutional Class - $1,055,689</div></td> <td id="xdx_4BB_oef--BroadBasedIndexAxis_custom--MSCIEAFEIndex1Member_z3s8h5EaBRt1" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">MSCI EAFE<sup>®</sup> Index - $1,174,467</div></td> <td id="xdx_4B4_oef--BroadBasedIndexAxis_custom--MSCIAllCountryWorldExUSSmallCapIndex1Member_zgn77TxUqRt6" style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">MSCI All Country World ex USA Small Cap Index - $1,127,103</div></td></tr> <tr id="xdx_430_c20160331__20160331_eoef--AccmVal_zBQrgw65xiVi" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2016</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">500000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">500000</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">500000</div></td></tr> <tr id="xdx_438_c20160331__20170331_eoef--AccmVal_pid_zzJQOu4jldUh" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2017</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">581072.89</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">561270</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">563350</div></td></tr> <tr id="xdx_432_c20160331__20180331_eoef--AccmVal_pid_zMHqLZpqWvOd" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2018</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">812546.3</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">647256.5</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">681822.5</div></td></tr> <tr id="xdx_432_c20160331__20190331_eoef--AccmVal_pid_z8YybomMgUsj" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2019</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">841290.03</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">626415</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">619572</div></td></tr> <tr id="xdx_431_c20160331__20200331_eoef--AccmVal_pid_z7YCRj34mUHg" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2020</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">744737.72</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">539218</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">490464.99999999994</div></td></tr> <tr id="xdx_431_c20160331__20210331_eoef--AccmVal_pid_zqhnRIFnEppf" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2021</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1277301.17</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">782675</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">835850</div></td></tr> <tr id="xdx_439_c20160331__20220331_eoef--AccmVal_pid_zNw8V3YcGkG" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2022</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1186461.44</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">795589</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">839544.5</div></td></tr> <tr id="xdx_43E_c20160331__20230331_eoef--AccmVal_pid_zMYQo6gmT9C3" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2023</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1076108.71</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">788747</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">756345.5</div></td></tr> <tr id="xdx_433_c20160331__20240331_eoef--AccmVal_pid_zWNqlD3a256j" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2024</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1230711.83</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">914157.5</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">857318</div></td></tr> <tr id="xdx_433_c20160331__20250331_eoef--AccmVal_pid_zZQbmqRsFDX8" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2025</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1255050.93</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">963625.5</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">877737.5</div></td></tr> <tr id="xdx_43B_c20160331__20260331_eoef--AccmVal_pid_z3f09TDSWUM" style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">3/31/2026</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1055689.16</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1174466.5</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">1127102.5</div></td></tr> </table></div></div><img alt="line" src="qesf83i3s1mp773e61.jpg" style="box-sizing: border-box; width: 100%; height: auto"/></div> <p style="font: normal 9pt/normal Gotham Narrow-Light,Arial,Arial; margin: -6pt 0 8pt; text-align-last: auto; display: block; min-height: 14px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-indent: 0"> </p> 500000 500000 500000 581072.89 561270 563350 812546.3 647256.5 681822.5 841290.03 626415 619572 744737.72 539218 490464.99999999994 1277301.17 782675 835850 1186461.44 795589 839544.5 1076108.71 788747 756345.5 1230711.83 914157.5 857318 1255050.93 963625.5 877737.5 1055689.16 1174466.5 1127102.5 <p id="xdx_80C_eoef--AvgAnnlRtrTableTextBlock_hoef--ClassAxis__custom--C000154624Member_dU_zBRqGva8mn0a" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Annual Performance</p> <p style="font: bold 8pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 13px; align-content: center; box-sizing: border-box; color: #231f20; text-indent: 0; text-align: right">  Average Annual Total Return </p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">1 Year</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">5 Years</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box; border-top-style: solid; border-top-width: 0.5pt"> <div style="font: bold 8pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">10 Years</span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Brown Capital Management International</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Small Company Fund - Institutional Class</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--ClassAxis__custom--C000154624Member_z3TigifPsu17" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-15.88%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--ClassAxis__custom--C000154624Member_zlZeGpVEjEk3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">-3.74%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--ClassAxis__custom--C000154624Member_zjYlGPI1x422" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">7.76%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MSCI EAFE<sup>®</sup> Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_zV15RlLrP3Z6" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">21.88%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_zkRSOKgG3qbk" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.46%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--MSCIEAFEIndexMember_zQ5BZCbU3bo" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.91%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">MSCI All Country World ex USA</span></div> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Small Cap Index</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250401__20260331__oef--BroadBasedIndexAxis__custom--MSCIAllCountryWorldExUSSmallCapIndexMember_z8EZMe3GfnDa" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">28.41%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20210401__20260331__oef--BroadBasedIndexAxis__custom--MSCIAllCountryWorldExUSSmallCapIndexMember_z9FlBI5qsyq9" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">6.16%</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20160401__20260331__oef--BroadBasedIndexAxis__custom--MSCIAllCountryWorldExUSSmallCapIndexMember_zSckPIT7KtH" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: center"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">8.47%</span></div></td></tr> </table></div></div></div> -0.1588 -0.0374 0.0776 0.2188 0.0846 0.0891 0.2841 0.0616 0.0847 For more recent performance information, visit www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinst/#performance. The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <p id="xdx_807_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000154624Member_dD_znTTVmY12kr9" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Sector Breakdown</p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; display: flex; justify-content: center"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="margin: 0; padding: 0; box-sizing: border-box; width: fit-content; table-layout: fixed; border-collapse: collapse; display: none"> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">sector</div></td> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">%</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Business Services</div></td> <td style="box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154624Member__oef--IndustrySectorAxis__custom--BusinessServicesMember_zVYfJnJSXD1l" style="box-sizing: border-box; text-align-last: auto">0.314</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Information/ Knowledge Management</div></td> <td style="box-sizing: border-box"> <div id="xdx_98D_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154624Member__oef--IndustrySectorAxis__custom--InformationKnowledgeManagementMember_zuzptwkgM48a" style="box-sizing: border-box; text-align-last: auto">0.3017</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Medical/Health Care</div></td> <td style="box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154624Member__oef--IndustrySectorAxis__custom--MedicalHealthCareMember_zB6ekVbNOV0f" style="box-sizing: border-box; text-align-last: auto">0.1258</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Consumer Related</div></td> <td style="box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154624Member__oef--IndustrySectorAxis__custom--ConsumerRelatedMember_zM5qH7jVyFY6" style="box-sizing: border-box; text-align-last: auto">0.1059</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Industrial Products &amp; Systems</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154624Member__oef--IndustrySectorAxis__custom--IndustrialProductsAndSystemsMember_z0wicz4mXSG2" style="box-sizing: border-box; text-align-last: auto">0.079</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Miscellaneous</div></td> <td style="box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154624Member__oef--IndustrySectorAxis__custom--MiscellaneousMember_zRWodMtAwTB3" style="box-sizing: border-box; text-align-last: auto">0.0337</div></td></tr> <tr style="box-sizing: border-box"> <td style="box-sizing: border-box"> <div style="box-sizing: border-box; text-align-last: auto">Short Term Investments</div></td> <td style="box-sizing: border-box"> <div id="xdx_985_eoef--PctOfNav_iI_c20260331__oef--ClassAxis__custom--C000154624Member__oef--IndustrySectorAxis__us-gaap--ShortTermInvestmentsMember_zHTU7jo6z6ui" style="box-sizing: border-box; text-align-last: auto">0.0307</div></td></tr> </table></div></div><img alt="bar" src="qes1d6uen1mp2srnat.jpg" style="box-sizing: border-box; width: 240pt; height: auto"/></div></div> 0.314 0.3017 0.1258 0.1059 0.079 0.0337 0.0307 <div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000154624Member_dD_zL7UfMnDjt15" style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: auto; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Top 10 Holdings</span></div></th> <th style="border-bottom: #4f4f4f 1.4pt solid; box-sizing: border-box"> <div style="font: bold 13pt Gotham Narrow-Bold,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #231f20; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px"></span></div></th></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">The Descartes Systems Group, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154624Member__oef--LargestHoldingAxis__custom--DescartesSystemsGroupIncMember_zRcBhR8FhTwc" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.54%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Kinaxis, Inc.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154624Member__oef--LargestHoldingAxis__custom--KinaxisIncMember_zvYm7yPARUJi" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.49%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">REA Group Ltd.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98F_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154624Member__oef--LargestHoldingAxis__custom--REAGroupLtdMember_zpVNnRKvOLZ5" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.36%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Interparfums SA</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154624Member__oef--LargestHoldingAxis__custom--InterparfumsSAMember_zgRfk0bbut9j" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.29%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Sectra AB</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154624Member__oef--LargestHoldingAxis__custom--SectraABMember_zY6vOmt2gx1" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.28%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">AJ Bell plc</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154624Member__oef--LargestHoldingAxis__custom--AJBellPlcMember_zwxnuExcA8e3" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">4.04%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Towa Pharmaceutical Co. Ltd.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_984_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154624Member__oef--LargestHoldingAxis__custom--TowaPharmaceuticalCoLtdMember_zd7rURupu4H8" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.91%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Hiday Hidaka Corp.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98B_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154624Member__oef--LargestHoldingAxis__custom--HidayHidakaCorpMember_zCVSffhiF9Mk" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.86%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Camtek Ltd.</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_981_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154624Member__oef--LargestHoldingAxis__custom--CamtekLtdMember_znswQEAZftbe" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.62%</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Ambu A/S</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98C_eoef--PctOfNav_iI_dp_c20260331__oef--ClassAxis__custom--C000154624Member__oef--LargestHoldingAxis__custom--AmbuASMember_zE2plqY7V5Sd" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">3.39%</span></div></td></tr> </table></div> 0.0454 0.0449 0.0436 0.0429 0.0428 0.0404 0.0391 0.0386 0.0362 0.0339 <p id="xdx_80E_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000154624Member_dD_zJRiKiMnE0mi" style="font: bold 13pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0; text-align-last: auto; display: block; min-height: 20px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Key Fund Statistics</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 3pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0"><span style="box-sizing: border-box; font-size: 9pt">(as of </span><span style="box-sizing: border-box; font-size: 9pt">March 31, 2026</span><span style="box-sizing: border-box; font-size: 9pt">)</span></p> <div style="box-sizing: border-box; text-align-last: auto"> <div style="box-sizing: border-box; text-align-last: auto; padding-top: 0"> <div style="box-sizing: border-box; text-align-last: auto"> <table style="box-sizing: border-box; width: 100%; table-layout: fixed; border-collapse: collapse"> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Fund Net Assets</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_980_eus-gaap--AssetsNet_iE_c20250401__20260331__oef--ClassAxis__custom--C000154624Member_z1pumgSbPTw4" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$1,264,877,658</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Number of Holdings</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_987_eoef--HoldingsCount_iE_uHoldings_c20250401__20260331__oef--ClassAxis__custom--C000154624Member_zMXMKaSgU2wj" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">37</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Total Net Advisory Fee</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_986_eoef--AdvisoryFeesPaidAmt_c20250401__20260331__oef--ClassAxis__custom--C000154624Member_zTV9veKXp0Uk" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">$20,450,704</span></div></td></tr> <tr style="box-sizing: border-box; height: auto"> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div style="font: bold 9pt Gotham Narrow-Medium,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: left"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">Portfolio Turnover Rate</span></div></td> <td style="border-bottom: #4f4f4f 1pt solid; box-sizing: border-box"> <div id="xdx_98E_eus-gaap--InvestmentCompanyPortfolioTurnover_dp_c20250401__20260331__oef--ClassAxis__custom--C000154624Member_zr6zFWOg0mJl" style="font: normal 9pt Gotham Narrow-Light,Arial,Arial; margin: 0; box-sizing: border-box; text-align-last: auto; color: #4f4f4f; text-indent: 0; text-align: right"><span style="box-sizing: border-box; display: inline-block; min-height: 1px; min-width: 1px">16%</span></div></td></tr> </table></div></div></div> 1264877658 37 20450704 0.16 <p id="xdx_80A_eoef--MaterialFundChngTextBlock_hoef--ClassAxis__custom--C000154624Member_dD_zkRpQHpZYxRc" style="font: bold 11pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 6pt; text-align-last: auto; display: block; min-height: 18px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Material Changes</p> <p style="font: bold 10pt/normal Gotham Narrow-Bold,Arial,Arial; margin: 0 0 4pt; text-align-last: auto; display: block; min-height: 17px; align-content: center; box-sizing: border-box; color: #231f20; text-align: left; text-indent: 0">Large Redemptions</p> <p style="font: normal 10pt/normal Gotham Narrow-Light,Arial,Arial; margin: 0 0 8pt; text-align-last: auto; display: block; min-height: 34px; align-content: center; box-sizing: border-box; color: #4f4f4f; text-align: left; text-indent: 0">Subsequent to March 31, 2026, the Fund experienced shareholder redemptions exceeding 25% of the Fund’s Net Assets as of March 31, 2026.</p>