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The Small Company Fund seeks long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. Fees and Expenses of the Fund. These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Small Company Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_904_eoef--ShareholderFeesCaption_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_gIFSFC-KJZQWS_zLD85cyPGAPc">Shareholder Fees  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zeWi9nJTfqy2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; padding-left: 4pt">(fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; padding-left: 4pt"> Institutional Shares</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 4pt">Maximum Sales Charge (Load) Imposed On Purchases</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 4pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">(as a percentage of offering price)</td> <td id="xdx_983_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dn_c20260729__20260729__oef--ClassAxis__custom--C000105412Member_zTPWSxEeqb31" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 4pt">Redemption Fee (as a percentage of amount redeemed) </td> <td id="xdx_98D_eoef--RedemptionFeeOverRedemption_dn_c20260729__20260729__oef--ClassAxis__custom--C000105412Member_zMb9wtTXYeKk" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0.5in">None</td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 0 <span id="xdx_90E_eoef--OperatingExpensesCaption_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_gIFOEC-DDOOZJBS_zjN0yGrRksY8">Annual Fund Operating Expenses  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zws0y2dHAXC1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; padding-left: 4pt">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; padding-left: 4pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 4pt">Management Fees</td> <td id="xdx_985_eoef--ManagementFeesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000105412Member_zYXAuepYKVrl" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0.5in">1.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 4pt">Distribution and/or Service (12b-1) Fees </td> <td id="xdx_981_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000105412Member_zncWmSmRnAW7" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0.5in">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 4pt">Other Expenses</td> <td id="xdx_988_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000105412Member_ztlz6AEsGvMi" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0.5in">0.24%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 4pt">Total Annual Fund Operating Expenses</td> <td id="xdx_98B_eoef--ExpensesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000105412Member_zBbOVa0UyNTh" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0.5in">1.24%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0 0.0024 0.0124 Example. This example is intended to help you compare the cost of investing in the Small Company Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Small Company Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the Small Company Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4jxhEWyTNA7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z4xJw78cuHal" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 75%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: black"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 28%; text-align: center"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_zngFqmTKmiA6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zl6WAl1Vj6Kk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center">3 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zY21RTgvOfDk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center">5 Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zfWcKXS5eIZ" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center">10 Years</td></tr> <tr id="xdx_412_20260729__20260729__oef--ClassAxis__custom--C000105412Member_zWC9pDt2oX81" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">Institutional Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$126</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$393</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$681</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,500</td></tr> </table> 126 393 681 1500 Portfolio Turnover. The Small Company Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Small Company Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Small Company Fund’s performance. During the most recent fiscal year, the Small Company Fund’s portfolio turnover rate was 13% of the average value of its portfolio. 0.13 Principal Investment Strategies. <span id="xdx_90A_eoef--StrategyPortfolioConcentration_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zkssx36MOS9d">The Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of those companies with total operating revenues of $500 million or less at the time of the initial investment, (“small companies”). It is important to note that the Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the Small Company Fund is on the revenue produced by the issuer of the securities. The Small Company Fund typically invests in common stocks. The Advisor seeks to build a portfolio of exceptional small companies with the wherewithal to become exceptional large companies. The Small Company Fund typically holds a portfolio of between 40 to 65 securities which the Advisor believes have the potential for growth. The Advisor’s Philosophy The Advisor believes that a sustained commitment to a portfolio of exceptional companies will, over time, generate attractive long-term returns. The Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor views these differentiated organizations as having the wherewithal to provide unique solutions that include, but are not limited to, the utilization of innovative technology and insight to help address or redefine the challenges faced by institutions or consumers. These companies often retain a long-term growth plan, durable revenue growth, defensible market presence and profitability to fuel and sustain earnings per share growth. While investing in exceptional growth companies is paramount, the Advisor believes in being disciplined and deliberate about what it is willing to pay for growth opportunities and doing so in a benchmark agnostic manner (meaning that the Advisor selects companies without consideration of benchmarks by which the Fund is measured). Because the Small Company Fund is managed in a benchmark agnostic manner, an unintended consequence is that the Fund may have sector exposure. The Advisor’s Investment Approach The Advisor believes an investment program establishes the processes necessary to identify, research and construct a portfolio. The Advisor distinguishes Small Company from small capitalization investing by its use of revenue not market capitalization to identify and invest in exceptional small companies that have the wherewithal to become exceptional larger companies. The Advisor sources ideas from many places. Companies eligible for investment typically generate no more than $500 million in revenue at the time of initial investment. The Advisor’s investment professionals retain dual duties, managing the portfolio as a team and serving as generalists in their analytical role. They discuss prospective portfolio candidates with teammates before any in depth research is performed to ensure the commitment of time dedicated to understanding the company makes sense to all team members. The Advisor believes that in-depth fundamental research, when applied over a three to five-year time horizon, and implemented within a benchmark agnostic framework, has the potential to generate attractive long-term returns. Therefore, the foundation of the Advisor’s process is fundamental analysis. Valuation is also part of the investment process. The Advisor constructs the Small Company Fund’s portfolio to generally be no more than 5% in cash. The Advisor believes a diversified portfolio of 40 to 65 securities and their research efforts may, collectively, reduce portfolio risk. The Advisor generally expects to hold securities for the long term. The Advisor typically sells securities from the Small Company Fund’s portfolio when the Advisor determines that the investment thesis driving the purchase of the company changes, the Advisor has a better investment idea, and/or its valuation no longer meets expectations. The Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of those companies with total operating revenues of $500 million or less at the time of the initial investment, (“small companies”). An investment in the Small Company Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zZNAT8zvcBoa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Market Risk: Market risk refers to the possibility that the value of equity securities held by the Small Company Fund may decline due to daily fluctuations in the securities markets. Movements in the stock market may adversely affect the specific securities held by the Small Company Fund on a daily basis, and, as a result, such movements may negatively affect the Small Company’s net asset value.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_z0x6OrKkDjZ1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Investment Style Risk: The performance of the Small Company Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentAdvisorRiskMember_zt8jHdqTvmO8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Investment Advisor Risk: The Advisor’s ability to choose suitable investments has a significant impact on the ability of the Small Company Fund to achieve its investment objectives.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketSectorRiskMember_z3S56bhiJcOh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Market Sector Risk: The percentage of the Small Company Fund’s assets invested in various industries and sectors will vary from time to time depending on the Advisor’s perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zgvJHe8VqrHj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Equity Securities Risk: To the extent that the majority of the Small Company Fund’s portfolio consists of common stocks, it is expected that the Small Company Fund’s net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCompaniesRiskMember_zV3ZXHWObuP7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Small Companies Risk: Investing in the securities of small companies generally involves greater risk than investing in larger, more established companies. Although investing in securities of small companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies’ shares could significantly decline in value. The earnings and prospects of smaller companies are more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicrocapCompaniesRiskMember_z8MKTbrjAfGa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Micro-Cap Companies Risk: Micro-cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-cap companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.</td></tr></table> Performance Information. <span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_znOkmKefh0jl">The bar chart and table shown below provide an indication of the risks of investing in the Institutional Shares of the Small Company Fund by showing changes in the Small Company Fund’s performance from year to year and by showing how the Small Company Fund’s average annual total returns compare to those of a broad-based measure of market performance and to an index of securities that reflects the types of securities in which the Fund may invest. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zsUp4qayJWK9">The Small Company Fund’s past performance (before and after taxes) is not necessarily an indication of how the Small Company Fund will perform in the future. Updated information on the Small Company Fund’s results can be obtained by visiting: <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zLphvMrpN408">https://www.browncapital.com/investmentstrategies/smallcompanyfundinst/. The bar chart and table shown below provide an indication of the risks of investing in the Institutional Shares of the Small Company Fund by showing changes in the Small Company Fund’s performance from year to year and by showing how the Small Company Fund’s average annual total returns compare to those of a broad-based measure of market performance and to an index of securities that reflects the types of securities in which the Fund may invest. The Small Company Fund’s past performance (before and after taxes) is not necessarily an indication of how the Small Company Fund will perform in the future. https://www.browncapital.com/investmentstrategies/smallcompanyfundinst/ Calendar Year Returns <div id="xdx_A85_eoef--BarChartTableTextBlock_zkyzqVwir781"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z3pB2tC3X3Ea" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000105412Member_zINXQDbDfNY9"> </th></tr> <tr id="xdx_413_20160101__20161231_zqqiS2gtK9d4" style="vertical-align: top; text-align: left"> <td style="width: 50%">2016</td> <td style="width: 50%">8.57</td></tr> <tr id="xdx_416_20170101__20171231_zsE4gIZtiOg9" style="vertical-align: top; text-align: left"> <td>2017</td> <td>29.17</td></tr> <tr id="xdx_414_20180101__20181231_zMogeEZUGSyk" style="vertical-align: top; text-align: left"> <td>2018</td> <td>-0.47</td></tr> <tr id="xdx_417_20190101__20191231_z72ZmylUShy9" style="vertical-align: top; text-align: left"> <td>2019</td> <td>29.48</td></tr> <tr id="xdx_418_20200101__20201231_zTc12NQFP1I5" style="vertical-align: top; text-align: left"> <td>2020</td> <td>45.54</td></tr> <tr id="xdx_413_20210101__20211231_zJQFg37OLwN6" style="vertical-align: top; text-align: left"> <td>2021</td> <td>-3.98</td></tr> <tr id="xdx_41F_20220101__20221231_zoFpd0JPD2Xd" style="vertical-align: top; text-align: left"> <td>2022</td> <td>-37.90</td></tr> <tr id="xdx_411_20230101__20231231_zfEXdsNekM4f" style="vertical-align: top; text-align: left"> <td>2023</td> <td>19.36</td></tr> <tr id="xdx_416_20240101__20241231_z0SXyk5pXq48" style="vertical-align: top; text-align: left"> <td>2024</td> <td>9.42</td></tr> <tr id="xdx_41B_20250101__20251231_zmyMEP3Ldhfh" style="vertical-align: top; text-align: left"> <td>2025</td> <td>-11.28</td></tr> </table> <img alt="" src="bcm485bpos002.jpg"/> 0.0857 0.2917 -0.0047 0.2948 0.4554 -0.0398 -0.3790 0.1936 0.0942 -0.1128 Quarterly Returns During This Time Period <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: center; padding-top: 3pt; padding-bottom: 3pt">Highest return for a quarter</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; padding-top: 3pt; padding-bottom: 3pt"><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zJdGbChzT3tf">36.52%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; padding-top: 3pt; padding-bottom: 3pt">Quarter ended <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_z3ohlA0WQrUi">June 30, 2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 3pt; padding-bottom: 3pt">Lowest return for a quarter</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 3pt; padding-bottom: 3pt"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zn4te6hFfuBg">-24.29%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 3pt; padding-bottom: 3pt">Quarter ended <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_z70914Lufx4">December 31, 2018</td></tr> </table> Year-to-date return as of the most recent quarter ended <span id="xdx_90D_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zcmna7B40Avj">June 30, 2026 was 1.78% Highest return for a quarter 0.3652 2020-06-30 Lowest return for a quarter -0.2429 2018-12-31 Year-to-date return 2026-06-30 0.0178 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zERuFaxeWnkh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zqwoarlseX0b" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: black"> <td id="xdx_98C_eoef--PerformanceTableHeading_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zdJ2H631iVab" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 56%; text-align: center">Average Annual Total Returns Periods Ended December 31, 2025</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Past 1 Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 14%; text-align: center">Past 5 Years</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 15%; text-align: center">Past 10 Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5pt">Small Company Fund (Institutional Shares) Before taxes After taxes on distributions After taxes on distributions and sale of shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; padding-top: 5pt; padding-bottom: 5pt">-11.28% -21.49% 0.85%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; padding-top: 5pt; padding-bottom: 5pt">-7.13% <p id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000105412Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zu4ycKSwUW8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">-11.99% <p id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000105412Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zPxR0nWtfVqk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">-4.99%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; padding-top: 5pt; padding-bottom: 5pt">6.15% <p id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000105412Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zHhopwg6b4P3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.56% <p id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000105412Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zauI8nhvYGoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.07%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5pt">S&P 500® Index <span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zaUEr15rTJj9">(reflects no deduction for fees, expenses, or taxes)</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zdLp5DGfe8pc" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-top: 5pt; padding-bottom: 5pt">17.88%</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zPmij1HuIUl1" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-top: 5pt; padding-bottom: 5pt">14.42%</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zFfeY8TriT5d" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-top: 5pt; padding-bottom: 5pt">14.82%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5pt">Russell 2000® Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_zYHSqPSk8FT" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-top: 5pt; padding-bottom: 5pt">13.01%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_zpR2tTKdloOb" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-top: 5pt; padding-bottom: 5pt">3.18%</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_zUgXH7NPpjgc" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-top: 5pt; padding-bottom: 5pt">9.57%</td></tr> </table> Average Annual Total Returns Periods Ended December 31, 2025 -0.1128 -0.2149 0.0085 -0.0713 -0.1199 -0.0499 0.0615 0.0256 0.0507 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1301 0.0318 0.0957 <span id="xdx_90D_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zMU8oxWNKWEi">After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zWfMdCJhFzSi">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). THE BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND Investment Objective. The International Small Company Fund seeks long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. Fees and Expenses of the Fund. These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the International Small Company Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90B_eoef--ShareholderFeesCaption_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_gIFSFC-KOKB_z5nZp436J463">Shareholder Fees  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z4Yi9Evhcmr8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; padding-right: 3pt; padding-left: 3pt">(fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; padding-right: 3pt; padding-left: 3pt"> Institutional Shares</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt">Maximum Sales Charge (Load) Imposed On Purchases</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 0.125in">(as a percentage of offering price)</td> <td id="xdx_982_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dn_c20260729__20260729__oef--ClassAxis__custom--C000154624Member_ziiI8gGCv3Ld" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 0.5in">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 3pt; padding-left: 3pt">Redemption Fee (as a percentage of amount redeemed</td> <td style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 3pt; padding-left: 3pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 3pt; padding-left: 3pt">on shares sold within 60 days of purchase) </td> <td id="xdx_988_eoef--RedemptionFeeOverRedemption_dn_c20260729__20260729__oef--ClassAxis__custom--C000154624Member_zp6OaZXvo39f" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 3pt; padding-left: 0.5in">None</td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 0 <span id="xdx_90C_eoef--OperatingExpensesCaption_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_gIFOEC-BLA_zn0YjW6VNFx9">Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z3cn2kHLkkXa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify; padding-right: 3pt; padding-left: 3pt">Management Fees</td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000154624Member_z1cOtjyL6Tlf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify; padding-right: 3pt; padding-left: 0.5in">1.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 3pt; padding-left: 3pt">Distribution and/or Service (12b-1) Fees </td> <td id="xdx_98F_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000154624Member_zrE5gOxqnj18" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 3pt; padding-left: 0.5in">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 3pt; padding-left: 3pt">Other Expenses</td> <td id="xdx_985_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000154624Member_zyS8HdwOEU3f" style="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 3pt; padding-left: 0.5in"> 0.07%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 3pt; padding-left: 3pt">Total Annual Fund Operating Expenses</td> <td id="xdx_986_eoef--ExpensesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000154624Member_zCgPPh3Pvie3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 3pt; padding-left: 0.5in">1.07%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0 0.0007 0.0107 Example. This example is intended to help you compare the cost of investing in the International Small Company Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the International Small Company Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the International Small Company Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXW2J3sSdFqe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zMzgwwrMZfIj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 75%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: black"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 28%; text-align: center"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zs04Woghhl19" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_zPVgSYSTSM08" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center">3 Years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_zlf5cQKvAjcc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 18%; text-align: center">5 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zDi3pH0mrVva" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 18%; text-align: center">10 Years</td></tr> <tr id="xdx_414_20260729__20260729__oef--ClassAxis__custom--C000154624Member_zMGMo0Sz7KCg" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">Institutional Shares </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$109</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$340</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$590</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,306</td></tr> </table> 109 340 590 1306 Portfolio Turnover. The International Small Company Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the International Small Company Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the International Small Company Fund’s performance. During the most recent fiscal year, the International Small Company Fund’s portfolio turnover rate was 16% of the average value of its portfolio. 0.16 Principal Investment Strategies. <span id="xdx_908_eoef--StrategyPortfolioConcentration_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zkaVHVYvpgYj">The International Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment, (“small companies”). It is important to note that the International Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the International Small Company Fund is on the revenue produced by the issuer of the securities. The International Small Company Fund typically invests in common stocks. The Advisor seeks to build a portfolio of exceptional small companies with the wherewithal to become exceptional large companies. The International Small Company Fund typically holds a portfolio of between 40 to 65 securities which the Advisor believes have the potential for growth. The International Small Company Fund considers an issuer to be non–U.S. based if: (1) the issuer is organized under the laws of a jurisdiction other than those of the U.S.; (2) the securities of the issuer have a primary listing on a stock exchange outside the U.S. regardless of the country in which the issuer is organized; or (3) the issuer derives 50% or more of its total revenue from goods and/or services produced or sold outside of the U.S. The Fund may invest in the securities of emerging or developing markets. The Advisor’s Philosophy The Advisor believes that a sustained commitment to a portfolio of exceptional companies will, over time, generate attractive long-term returns. The Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor views these differentiated organizations as having the wherewithal to provide unique solutions that include, but are not limited to, the utilization of innovative technology and insight to help address or redefine the challenges faced by institutions or consumers. These companies often retain a long-term growth plan, durable revenue growth, defensible market presence and profitability to fuel and sustain earnings per share growth. While investing in exceptional growth companies is paramount, the Advisor believes in being disciplined and deliberate about what it is willing to pay for growth opportunities and doing so in a benchmark agnostic manner (meaning that the Advisor selects companies without consideration of benchmarks by which the Fund is measured). Because the International Small Company Fund is managed in a benchmark agnostic manner, an unintended consequence is that the Fund may have sector exposure. The Advisor’s Investment Approach The Advisor believes an investment program establishes the processes necessary to identify, research and construct a portfolio. The Advisor distinguishes “Small Company” from “small capitalization” investing by its use of revenue not market capitalization to identify and invest in exceptional small companies that have the wherewithal to become exceptional larger companies. The Advisor sources ideas from many places. Companies eligible for investment typically generate no more than $500 million in revenue at the time of initial investment. The Advisor’s investment professionals retain dual duties, managing the portfolio as a team and serving as generalists in their analytical role. They discuss prospective portfolio candidates with teammates before any in depth research is performed to ensure the commitment of time dedicated to understanding the company makes sense to all team members. The Advisor believes that in-depth fundamental research, when applied over a three to five-year time horizon, and implemented within a benchmark agnostic framework, has the potential to generate attractive long-term returns. Therefore, the foundation of the Advisor’s process is fundamental analysis. Valuation is also part of the investment process. The Advisor constructs the International Small Company Fund’s portfolio to generally be no more than 5% in cash. The Advisor believes a diversified portfolio of 40 to 65 securities and their research efforts may, collectively, reduce portfolio risk. The Advisor generally expects to hold securities for the long term. The Advisor typically sells securities from the International Small Company Fund’s portfolio when the Advisor determines that the investment thesis driving the purchase of the company changes, the Advisor has a better investment idea, and/or its valuation no longer meets expectations. The International Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment, (“small companies”). An investment in the International Small Company Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zdTyX8KG4AId"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Market Risk: Market risk refers to the possibility that the value of equity securities held by the International Small Company Fund may decline due to daily fluctuations in the securities markets. Movements in the stock market may adversely affect the specific securities held by the International Small Company Fund on a daily basis, and, as a result, such movements may negatively affect the Small Company’s net asset value.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zD1rMcgO1fOd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Investment Style Risk: The performance of the International Small Company Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentAdvisorRiskMember_z2oTt6PCr341"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Investment Advisor Risk: The Advisor’s ability to choose suitable investments has a significant impact on the ability of the International Small Company Fund to achieve its investment objectives.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketSectorRiskMember_zjFPJK15IT51"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Market Sector Risk: The percentage of the International Small Company Fund’s assets invested in various industries and sectors will vary from time to time depending on the Advisor’s perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zAlzQFVMfoHa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Equity Securities Risk: To the extent that the majority of the International Small Company Fund’s portfolio consists of common stocks, it is expected that the International Small Company Fund’s net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCompaniesRiskMember_z6pSGF7Fbd0h"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Small Companies Risk: Investing in the securities of small companies generally involves greater risk than investing in larger, more established companies. Although investing in securities of small companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies’ shares could significantly decline in value. The earnings and prospects of smaller companies are more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicrocompaniesRiskMember_zA7LhEYS3CH6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Micro-Companies Risk: Micro-company stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zhw6IGhUXeBl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Foreign Securities Risk: Foreign securities may involve investment risks different from those associated with domestic securities. Foreign markets may be less liquid, more volatile, and subject to less government supervision than domestic markets. There may also be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the International Small Company Fund to sell its securities and could reduce the value of your shares. The International Small Company Fund may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to, among other things: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; sovereign solvency considerations; less liquid and more volatile exchanges and/or markets; or political changes or diplomatic developments.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zyZ8B2jPFXd2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Emerging Markets Securities Risk: Investments in the securities of developing or emerging markets may entail additional risks than investments in foreign securities, including: less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; restrictions on investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.</td></tr></table> Performance Information. <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zorR0XS7FT08">The bar chart and table shown below provide an indication of the risks of investing in the Institutional Shares of the International Small Company Fund by showing changes in the International Small Company Fund’s performance from year to year and by showing how the International Small Company Fund’s average annual total returns compare to those of a broad-based measure of market performance and to an index of securities that reflects the types of securities in which the Fund may invest. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zLtgEvDfdNx5">The International Small Company Fund’s past performance (before and after taxes) is not necessarily an indication of how the International Small Company Fund will perform in the future. Updated information on the International Small Company Fund’s results can be obtained by visiting: <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zS1C77TeiYm7">https://www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinst/. The bar chart and table shown below provide an indication of the risks of investing in the Institutional Shares of the International Small Company Fund by showing changes in the International Small Company Fund’s performance from year to year and by showing how the International Small Company Fund’s average annual total returns compare to those of a broad-based measure of market performance and to an index of securities that reflects the types of securities in which the Fund may invest. The International Small Company Fund’s past performance (before and after taxes) is not necessarily an indication of how the International Small Company Fund will perform in the future. https://www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinst/ Calendar Year Returns <div id="xdx_A8E_eoef--BarChartTableTextBlock_zgyh4mNpFGee"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zwtmwxQyuKWd" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000154624Member_ziVwRYpuXF07"> </th></tr> <tr id="xdx_412_20160101__20161231_zQa3crEap6w8" style="vertical-align: top; text-align: left"> <td style="width: 50%">2016</td> <td style="width: 50%">2.64</td></tr> <tr id="xdx_413_20170101__20171231_zxzt3hqfcssc" style="vertical-align: top; text-align: left"> <td>2017</td> <td>37.31</td></tr> <tr id="xdx_41E_20180101__20181231_zP3aAza2Shw2" style="vertical-align: top; text-align: left"> <td>2018</td> <td>-3.17</td></tr> <tr id="xdx_418_20190101__20191231_zsNwBOzspJjf" style="vertical-align: top; text-align: left"> <td>2019</td> <td>26.78</td></tr> <tr id="xdx_41C_20200101__20201231_zJB4a0TEqmxf" style="vertical-align: top; text-align: left"> <td>2020</td> <td>45.08</td></tr> <tr id="xdx_415_20210101__20211231_zff3iAbDkZ39" style="vertical-align: top; text-align: left"> <td>2021</td> <td>12.97</td></tr> <tr id="xdx_415_20220101__20221231_zThNftFZY4nf" style="vertical-align: top; text-align: left"> <td>2022</td> <td>-31.42</td></tr> <tr id="xdx_412_20230101__20231231_zMxWDjWOhku5" style="vertical-align: top; text-align: left"> <td>2023</td> <td>20.37</td></tr> <tr id="xdx_419_20240101__20241231_zXLLCuJuw8C3" style="vertical-align: top; text-align: left"> <td>2024</td> <td>8.39</td></tr> <tr id="xdx_411_20250101__20251231_zaDeOYJj2uwh" style="vertical-align: top; text-align: left"> <td>2025</td> <td>-2.05</td></tr> </table> <img alt="" src="bcm485bpos003.jpg"/> 0.0264 0.3731 -0.0317 0.2678 0.4508 0.1297 -0.3142 0.2037 0.0839 -0.0205 Quarterly Returns During This Time Period <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 51%; text-align: center; padding-top: 2pt; padding-bottom: 2pt">Highest return for a quarter</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zbxdK7l3XBM8">31.37%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center; padding-top: 2pt; padding-bottom: 2pt">Quarter ended <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_z4nAwqYaHYEh">June 30, 2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 2pt; padding-bottom: 2pt">Lowest return for a quarter</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zegrVKl5lkX6">-19.52%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 2pt; padding-bottom: 2pt">Quarter ended <span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zEFuWMb2M2ye">March 31, 2022</td></tr> </table> Year-to-date return as of the most recent quarter ended <span id="xdx_90D_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zFcBE5RZO1s5">June 30, 2026 was -14.90%. Highest return for a quarter 0.3137 2020-06-30 Lowest return for a quarter -0.1952 2022-03-31 Year-to-date return 2026-06-30 -0.1490 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zF1YsahDfiN6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zj7g69YScuR9" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; text-align: center; background-color: black; vertical-align: bottom"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; width: 51%"><span id="xdx_90F_eoef--PerformanceTableHeading_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_gIFPTH-GENO_z8rjnitKo42a">Average Annual Total Returns  Periods Ended December 31, 2025</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; width: 16%">Past 1 Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; width: 19%">Past 5 Years</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; width: 14%">Past 10 Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt">International Small Company Fund Before taxes After taxes on distributions After taxes on distributions and sale of shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; text-align: center; vertical-align: bottom">-2.05% <p id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000154624Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zlFZ0ODtnWI8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">-2.05% <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000154624Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zGurdUndWlme" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">-1.21%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; text-align: center; vertical-align: bottom">-0.20% -0.47% -0.17%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; text-align: center; vertical-align: bottom">9.53% <p id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000154624Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zQCPY8uovYG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.23% <p id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000154624Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zkl3E4eUd2Xf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.76%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt">MSCI All Country World ex-USA Index <span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zV4XVdR2hAu6">(reflects no deduction for fees, expenses, or taxes)</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldExUSAIndexMember_zAd7Fcj7obnj" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; text-align: center">32.39%</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldExUSAIndexMember_zOfaozbM1lQg" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; text-align: center">7.91%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt"><p id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldExUSAIndexMember_z9v3qzVrn0H7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">8.41% </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt">MSCI World Ex USA Small Cap Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--MsciWorldExUSASmallCapGrowthIndexMember_zfDWVbtBCdo" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; text-align: center">29.69%</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--MsciWorldExUSASmallCapGrowthIndexMember_zumXoCiua7La" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; text-align: center">3.16%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--MsciWorldExUSASmallCapGrowthIndexMember_zGFNhK7B0Lk" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5pt; text-align: center">7.43%</td></tr> </table> Average Annual Total Returns Periods Ended December 31, 2025 -0.0205 -0.0205 -0.0121 -0.0020 -0.0047 -0.0017 0.0953 0.0923 0.0776 (reflects no deduction for fees, expenses, or taxes) 0.3239 0.0791 0.0841 0.2969 0.0316 0.0743 <span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zq0sYuL7o2Ra">After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InstitutionalSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zId6PA9f1YXj">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). THE BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND Investment Objective. The Small Company Fund seeks long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. Fees and Expenses of the Fund. These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Small Company Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_909_eoef--ShareholderFeesCaption_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000010418Member_gIFSFC-DIF_zKvjRPWvl2p4">Shareholder Fees  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zafT6Ocvwgyh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td style="text-align: left">(fees paid directly from your investment)</td> <td style="text-align: center">Investor Shares</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 10pt; text-indent: -10pt; width: 50%; vertical-align: bottom"> Maximum Sales Charge (Load) Imposed On Purchases (as a percentage of offering price)</td> <td id="xdx_98A_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dn_c20260729__20260729__oef--ClassAxis__custom--C000028793Member_zRKq38F70j06" style="border-top: Black 1pt solid; text-align: center; width: 15%; vertical-align: bottom">None</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; width: 35%; vertical-align: bottom"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom"> Redemption Fee (as a percentage of amount redeemed)</td> <td id="xdx_989_eoef--RedemptionFeeOverRedemption_dn_c20260729__20260729__oef--ClassAxis__custom--C000028793Member_zWBWfAMDMXq2" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">None</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 0 <span id="xdx_907_eoef--OperatingExpensesCaption_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000010418Member_gIFOEC-ISY_zZsAMBs8D268">Annual Fund Operating Expenses  (expenses that you pay each year as a % of the value of your investment) <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zGiIjpplYCn9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 2pt; width: 50%; vertical-align: bottom">Management Fees</td> <td id="xdx_98A_eoef--ManagementFeesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000028793Member_zRAkmPmiGkm3" style="border-top: Black 1pt solid; text-align: center; width: 15%; vertical-align: bottom">1.00%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; width: 35%; vertical-align: bottom"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: Black 1pt solid; text-align: left; padding-left: 2pt; vertical-align: bottom">Distribution and/or Service (12b-1) Fees</td> <td id="xdx_987_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000028793Member_zpASw5omMM0f" style="text-align: center; vertical-align: bottom">0.20%</td> <td style="border-right: Black 1pt solid; text-align: center; vertical-align: bottom"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: Black 1pt solid; text-align: left; padding-left: 2pt; vertical-align: bottom">Other Expenses</td> <td id="xdx_981_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000028793Member_zNT4pA8K8l43" style="text-align: center; vertical-align: bottom">0.24%</td> <td style="border-right: Black 1pt solid; text-align: center; vertical-align: bottom"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; padding-left: 2pt">Total Annual Fund Operating Expenses</td> <td id="xdx_981_eoef--ExpensesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000028793Member_zmWZwaMPRwFh" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">1.44%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0100 0.0020 0.0024 0.0144 Example. This example is intended to help you compare the cost of investing in the Small Company Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Small Company Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the Small Company Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_ztrSGB3MgWl3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zVjsvvfY2isk" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: black"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 20%; padding-top: 3pt; padding-bottom: 3pt; text-align: center"> </td> <td id="xdx_485_eoef--ExpenseExampleYear01_z3amiSoMloQi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_z9JQLr5BTuC5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">3 Years</td> <td id="xdx_488_eoef--ExpenseExampleYear05_zGi62w4cb943" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">5 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_z33JK7b7dipk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">10 Years</td></tr> <tr id="xdx_415_20260729__20260729__oef--ClassAxis__custom--C000028793Member_zbjad8NAQVMi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Investor Shares </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$147</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$456</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$787</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$1,724</td></tr> </table> 147 456 787 1724 Portfolio Turnover. The Small Company Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Small Company Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Small Company Fund’s performance. During the most recent fiscal year, the Small Company Fund’s portfolio turnover rate was 13% of the average value of its portfolio. 0.13 Principal Investment Strategies. The Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of those companies with total operating revenues of $500 million or less at the time of the initial investment, (“small companies”). It is important to note that the Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the Small Company Fund is on the revenue produced by the issuer of the securities. The Small Company Fund typically invests in common stocks. The Advisor seeks to build a portfolio of exceptional small companies with the wherewithal to become exceptional large companies. The Small Company Fund typically holds a portfolio of between 40 to 65 securities which the Advisor believes have the potential for growth. The Advisor’s Philosophy The Advisor believes that a sustained commitment to a portfolio of exceptional companies will, over time, generate attractive long-term returns. The Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor views these differentiated organizations as having the wherewithal to provide unique solutions that include, but are not limited to, the utilization of innovative technology and insight to help address or redefine the challenges faced by institutions or consumers. These companies often retain a long-term growth plan, durable revenue growth, defensible market presence and profitability to fuel and sustain earnings per share growth. While investing in exceptional growth companies is paramount, the Advisor believes in being disciplined and deliberate about what it is willing to pay for growth opportunities and doing so in a benchmark agnostic manner (meaning that the Advisor selects companies without consideration of benchmarks by which the Fund is measured). Because the Small Company Fund is managed in a benchmark agnostic manner, an unintended consequence is that the Fund may have sector exposure. The Advisor’s Investment Approach The Advisor believes an investment program establishes the processes necessary to identify, research and construct a portfolio. The Advisor distinguishes Small Company from small capitalization investing by its use of revenue not market capitalization to identify and invest in exceptional small companies that have the wherewithal to become exceptional larger companies. The Advisor sources ideas from many places. Companies eligible for investment typically generate no more than $500 million in revenue at the time of initial investment. The Advisor’s investment professionals retain dual duties, managing the portfolio as a team and serving as generalists in their analytical role. They discuss prospective portfolio candidates with teammates before any in depth research is performed to ensure the commitment of time dedicated to understanding the company makes sense to all team members. The Advisor believes that in-depth fundamental research, when applied over a three to five-year time horizon, and implemented within a benchmark agnostic framework, has the potential to generate attractive long-term returns. Therefore, the foundation of the Advisor’s process is fundamental analysis. Valuation is also part of the investment process. The Advisor constructs the Small Company Fund’s portfolio to generally be no more than 5% in cash. The Advisor believes a diversified portfolio of 40 to 65 securities and their research efforts may, collectively, reduce portfolio risk. The Advisor generally expects to hold securities for the long term. The Advisor typically sells securities from the Small Company Fund’s portfolio when the Advisor determines that the investment thesis driving the purchase of the company changes, the Advisor has a better investment idea, and/or its valuation no longer meets expectations. The Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of those companies with total operating revenues of $500 million or less at the time of the initial investment, (“small companies”). An investment in the Small Company Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z0YONfJh60Ji"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Market Risk: Market risk refers to the possibility that the value of equity securities held by the Small Company Fund may decline due to daily fluctuations in the securities markets. Movements in the stock market may adversely affect the specific securities held by the Small Company Fund on a daily basis, and, as a result, such movements may negatively affect the Small Company’s net asset value.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zbFwWCG41hle"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Investment Style Risk: The performance of the Small Company Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentAdvisorRiskMember_zfHL1ANpn0x"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Investment Advisor Risk: The Advisor’s ability to choose suitable investments has a significant impact on the ability of the Small Company Fund to achieve its investment objectives.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketSectorRiskMember_zgcBOsKsKDJc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Market Sector Risk: The percentage of the Small Company Fund’s assets invested in various industries and sectors will vary from time to time depending on the Advisor’s perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zepejCafELIj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Equity Securities Risk: To the extent that the majority of the Small Company Fund’s portfolio consists of common stocks, it is expected that the Small Company Fund’s net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCompaniesRiskMember_zsWeJpzqs6m9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Small Companies Risk: Investing in the securities of small companies generally involves greater risk than investing in larger, more established companies. Although investing in securities of small companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies’ shares could significantly decline in value. The earnings and prospects of smaller companies are more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicrocapCompaniesRiskMember_zqh9syETohFk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Micro-Cap Companies Risk: Micro-cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-cap companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.</td></tr></table> Performance Information. <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zzAgt6xB2yK4">The bar chart and table shown below provide an indication of the risks of investing in the Investor Shares of the Small Company Fund by showing changes in the Small Company Fund’s performance from year to year and by showing how the Small Company Fund’s average annual total returns compare to those of a broad-based measure of market performance and to an index of securities that reflects the types of securities in which the Fund may invest. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zHkH6HZD0PUe">The Small Company Fund’s past performance (before and after taxes) is not necessarily an indication of how the Small Company Fund will perform in the future. Updated information on the Small Company Fund’s results can be obtained by visiting: <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zj9gVhYMajk4">https://www.browncapital.com/investmentstrategies/smallcompanyfundinv/. The bar chart and table shown below provide an indication of the risks of investing in the Investor Shares of the Small Company Fund by showing changes in the Small Company Fund’s performance from year to year and by showing how the Small Company Fund’s average annual total returns compare to those of a broad-based measure of market performance and to an index of securities that reflects the types of securities in which the Fund may invest. The Small Company Fund’s past performance (before and after taxes) is not necessarily an indication of how the Small Company Fund will perform in the future. https://www.browncapital.com/investmentstrategies/smallcompanyfundinv/ Calendar Year Returns <div id="xdx_A87_eoef--BarChartTableTextBlock_zvNte31BtE06"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z5WTrcVPGMYe" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_48E_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000028793Member_zcLZgN6TLru5"> </th></tr> <tr id="xdx_41F_20160101__20161231_zLQYnLWXDuF2" style="vertical-align: top; text-align: left"> <td style="width: 50%">2016</td> <td style="width: 50%">8.34</td></tr> <tr id="xdx_41C_20170101__20171231_zfE5Axz46rah" style="vertical-align: top; text-align: left"> <td>2017</td> <td>28.90</td></tr> <tr id="xdx_41F_20180101__20181231_zx6AkXmZ186c" style="vertical-align: top; text-align: left"> <td>2018</td> <td>-0.67</td></tr> <tr id="xdx_417_20190101__20191231_zJp1kHqZjhhg" style="vertical-align: top; text-align: left"> <td>2019</td> <td>29.22</td></tr> <tr id="xdx_411_20200101__20201231_ze2FFesnjlEa" style="vertical-align: top; text-align: left"> <td>2020</td> <td>45.26</td></tr> <tr id="xdx_41D_20210101__20211231_zviJEtqMhcmd" style="vertical-align: top; text-align: left"> <td>2021</td> <td>-4.17</td></tr> <tr id="xdx_41F_20220101__20221231_zQykAbu3a0Xi" style="vertical-align: top; text-align: left"> <td>2022</td> <td>-37.98</td></tr> <tr id="xdx_416_20230101__20231231_zaHeKMz8L45l" style="vertical-align: top; text-align: left"> <td>2023</td> <td>19.12</td></tr> <tr id="xdx_419_20240101__20241231_zDbZR4XU3Uj8" style="vertical-align: top; text-align: left"> <td>2024</td> <td>9.20</td></tr> <tr id="xdx_41D_20250101__20251231_zHu5WTdAkSc8" style="vertical-align: top; text-align: left"> <td>2025</td> <td>-11.46</td></tr> </table> <img alt="" src="bcm485bpos004.jpg"/> 0.0834 0.2890 -0.0067 0.2922 0.4526 -0.0417 -0.3798 0.1912 0.0920 -0.1146 Quarterly Returns During This Time Period <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Highest return for a quarter</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">36.46%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Quarter ended <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zwSRXrSlauo9">June 30, 2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Lowest return for a quarter</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">-24.33%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Quarter ended <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000010418Member_ziimrlO8iTj6">December 31, 2018</td></tr> </table> Year-to-date return as of the most recent quarter ended June 30, 2026 was 1.70%. Highest return for a quarter 0.3646 2020-06-30 Lowest return for a quarter -0.2433 2018-12-31 Year-to-date return 2026-06-30 0.0170 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zrtXyTX6XLn8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zxsDkFAbw858" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: black"> <td id="xdx_98D_eoef--PerformanceTableHeading_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zVvSAeKqriph" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Average Annual Total Returns Period Ended December 31, 2025</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Past 1 Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Past 5 Years</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Past 10 Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Small Company Fund Before taxes After taxes on distributions After taxes on distributions and sale of shares </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">-11.46% <p id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000028793Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zmOCLG6CMgi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">-22.33% <p id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000028793Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z5oiujT3swOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1.24% </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">-7.30% <p id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000028793Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zxtnzV8uDbTl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">-12.40% <p id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000028793Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zTWRu6Ojk3ih" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">-5.09% </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">5.95% <p id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000028793Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zIrK4BXFPAca" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2.20% <p id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000028793Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zy4mTQuzKBdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.92% </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt">S&P 500® Index <span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zI7GMbyVLPjd">(reflects no deduction for fees, expenses, or taxes)</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zYRlEsjrCzSg" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">17.88%</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zUA5glwbR2v8" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">14.42%</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zrycRtTvhyec" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">14.82%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt">Russell 2000® Growth Index (reflects no deduction for fees, expenses, or taxes) </td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_zK0X1I2pXDak" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">13.01%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_z0f39AzM8Ypl" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">3.18%</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--Russell2000GrowthIndexMember_zUBjOdLGwyHi" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">9.57%</td></tr> </table> Average Annual Total Returns Period Ended December 31, 2025 -0.1146 -0.2233 0.0124 -0.0730 -0.1240 -0.0509 0.0595 0.0220 0.0492 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1301 0.0318 0.0957 <span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zOBRt2oY53Tg">After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000010418Member_zH8bCe2dgdPc">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). THE BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND Investment Objective. The International Small Company Fund seeks long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. Fees and Expenses of the Fund. These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the International Small Company Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_908_eoef--ShareholderFeesCaption_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000049041Member_gIFSFC-INX_zepKVQbRLqq4">Shareholder Fees  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z70O18CQXyzf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%" summary="xdx: Disclosure - Shareholder Fees"><tr style="vertical-align: top"> <td style="padding-left: 0; text-align: left; text-indent: 0">(fees paid directly from your investment)</td><td style="text-align: center"> Investor Shares</td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: top"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 10pt; text-indent: -6pt; width: 50%; vertical-align: bottom">Maximum Sales Charge (Load) Imposed On Purchases (as a percentage of offering price)</td><td id="xdx_983_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dn_c20260729__20260729__oef--ClassAxis__custom--C000154625Member_zHMtzlFfFo37" style="border-top: Black 1pt solid; text-align: center; width: 15%; vertical-align: bottom">None </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; width: 35%; vertical-align: bottom"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt">Redemption Fee (as a percentage of amount redeemed on shares sold within 60 days of purchase)</td><td id="xdx_986_eoef--RedemptionFeeOverRedemption_dn_c20260729__20260729__oef--ClassAxis__custom--C000154625Member_zyHaRp3ra8ya" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">None </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 0 <span id="xdx_905_eoef--OperatingExpensesCaption_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000049041Member_gIFOEC-YCHD_zvVG0xW2zBbg">Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zzbOGtfJ6HT" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 10pt; text-indent: -6pt; width: 50%; vertical-align: bottom">Management Fees</td> <td id="xdx_985_eoef--ManagementFeesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000154625Member_zTHLByp45ffh" style="border-top: Black 1pt solid; text-align: center; width: 15%; vertical-align: bottom">1.00%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; width: 35%; vertical-align: bottom"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: Black 1pt solid; text-align: left; padding-left: 10pt; text-indent: -6pt; vertical-align: bottom">Distribution and/or Service (12b-1) Fees</td> <td id="xdx_987_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000154625Member_z386yxSWywlg" style="text-align: center; vertical-align: bottom">0.25%</td> <td style="border-right: Black 1pt solid; text-align: center; vertical-align: bottom"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: Black 1pt solid; text-align: left; padding-left: 10pt; text-indent: -6pt; vertical-align: bottom">Other Expenses</td> <td id="xdx_98E_eoef--OtherExpensesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000154625Member_zYIElWXWK2A7" style="text-align: center; vertical-align: bottom">0.07%</td> <td style="border-right: Black 1pt solid; text-align: center; vertical-align: bottom"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt">Total Annual Fund Operating Expenses</td> <td id="xdx_984_eoef--ExpensesOverAssets_dpn_c20260729__20260729__oef--ClassAxis__custom--C000154625Member_z6lurIJTXsI7" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">1.32%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0025 0.0007 0.0132 Example. This example is intended to help you compare the cost of investing in the International Small Company Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the International Small Company Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the International Small Company Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWRFmz3amUAb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zjqAkT9YSbm6" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: black"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 20%; padding-top: 3pt; padding-bottom: 3pt; text-align: center"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zIHazAWClTDf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zpaKt2fLN6K8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">3 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_zhMY51S8lA2i" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 15%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">5 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_z4snAPaYZm2d" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 15%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">10 Years</td></tr> <tr id="xdx_415_20260729__20260729__oef--ClassAxis__custom--C000154625Member_zbMxyxJYrQak" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Investor Shares </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$134</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$418</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$723</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$1,590</td></tr> </table> 134 418 723 1590 Portfolio Turnover. The International Small Company Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the International Small Company Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the International Small Company Fund’s performance. During the most recent fiscal year, the International Small Company Fund’s portfolio turnover rate was 16% of the average value of its portfolio. 0.16 Principal Investment Strategies. The International Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment, (“small companies”). It is important to note that the International Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the International Small Company Fund is on the revenue produced by the issuer of the securities. The International Small Company Fund typically invests in common stocks. The Advisor seeks to build a portfolio of exceptional small companies with the wherewithal to become exceptional large companies. The International Small Company Fund typically holds a portfolio of between 40 to 65 securities which the Advisor believes have the potential for growth. The International Small Company Fund considers an issuer to be non–U.S. based if: (1) the issuer is organized under the laws of a jurisdiction other than those of the U.S.; (2) the securities of the issuer have a primary listing on a stock exchange outside the U.S. regardless of the country in which the issuer is organized; or (3) the issuer derives 50% or more of its total revenue from goods and/or services produced or sold outside of the U.S. The Fund may invest in the securities of emerging or developing markets. The Advisor’s Philosophy The Advisor believes that a sustained commitment to a portfolio of exceptional companies will, over time, generate attractive long-term returns. The Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor views these differentiated organizations as having the wherewithal to provide unique solutions that include, but are not limited to, the utilization of innovative technology and insight to help address or redefine the challenges faced by institutions or consumers. These companies often retain a long-term growth plan, durable revenue growth, defensible market presence and profitability to fuel and sustain earnings per share growth. While investing in exceptional growth companies is paramount, the Advisor believes in being disciplined and deliberate about what it is willing to pay for growth opportunities and doing so in a benchmark agnostic manner (meaning that the Advisor selects companies without consideration of benchmarks by which the Fund is measured). Because the International Small Company Fund is managed in a benchmark agnostic manner, an unintended consequence is that the Fund may have sector exposure. The Advisor’s Investment Approach The Advisor believes an investment program establishes the processes necessary to identify, research and construct a portfolio. The Advisor distinguishes “Small Company” from “small capitalization” investing by its use of revenue not market capitalization to identify and invest in exceptional small companies that have the wherewithal to become exceptional larger companies. The Advisor sources ideas from many places. Companies eligible for investment typically generate no more than $500 million in revenue at the time of initial investment. The Advisor’s investment professionals retain dual duties, managing the portfolio as a team and serving as generalists in their analytical role. They discuss prospective portfolio candidates with teammates before any in depth research is performed to ensure the commitment of time dedicated to understanding the company makes sense to all team members. The Advisor believes that in-depth fundamental research, when applied over a three to five-year time horizon, and implemented within a benchmark agnostic framework, has the potential to generate attractive long-term returns. Therefore, the foundation of the Advisor’s process is fundamental analysis. Valuation is also part of the investment process. The Advisor constructs the International Small Company Fund’s portfolio to generally be no more than 5% in cash. The Advisor believes a diversified portfolio of 40 to 65 securities and their research efforts may, collectively, reduce portfolio risk. The Advisor generally expects to hold securities for the long term. The Advisor typically sells securities from the International Small Company Fund’s portfolio when the Advisor determines that the investment thesis driving the purchase of the company changes, the Advisor has a better investment idea, and/or its valuation no longer meets expectations. The International Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment, (“small companies”). An investment in the International Small Company Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z4vQoxjJgpn5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Market Risk: Market risk refers to the possibility that the value of equity securities held by the International Small Company Fund may decline due to daily fluctuations in the securities markets. Movements in the stock market may adversely affect the specific securities held by the International Small Company Fund on a daily basis, and, as a result, such movements may negatively affect the Small Company’s net asset value.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zHSVFlaJwd2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Investment Style Risk: The performance of the International Small Company Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentAdvisorRiskMember_zIfcru0BxU8e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Investment Advisor Risk: The Advisor’s ability to choose suitable investments has a significant impact on the ability of the International Small Company Fund to achieve its investment objectives.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketSectorRiskMember_zNZSSV8c11Ad"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Market Sector Risk: The percentage of the International Small Company Fund’s assets invested in various industries and sectors will vary from time to time depending on the Advisor’s perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zGFobydauI4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Equity Securities Risk: To the extent that the majority of the International Small Company Fund’s portfolio consists of common stocks, it is expected that the International Small Company Fund’s net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCompaniesRiskMember_zDH7wv43ZVrd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Small Companies Risk: Investing in the securities of small companies generally involves greater risk than investing in larger, more established companies. Although investing in securities of small companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies’ shares could significantly decline in value. The earnings and prospects of smaller companies are more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicrocompaniesRiskMember_zp9OIVD3oDX9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Micro Companies Risk: Micro-company stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro- companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zAbORrcos8vd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Foreign Securities Risk: Foreign securities may involve investment risks different from those associated with domestic securities. Foreign markets may be less liquid, more volatile, and subject to less government supervision than domestic markets. There may also be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the International Small Company Fund to sell its securities and could reduce the value of your shares. The International Small Company Fund may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to, among other things: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; sovereign solvency considerations; less liquid and more volatile exchanges and/or markets; or political changes or diplomatic developments.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_z4VHff2IeQ4i"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Emerging Markets Securities Risk: Investments in the securities of developing or emerging markets may entail additional risks than investments in foreign securities, including: less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; restrictions on investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.</td></tr></table> Performance Information. <span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zKe6vt3tJvh8">The bar chart and table shown below provide an indication of the risks of investing in the Investor Shares of the International Small Company Fund by showing changes in the International Small Company Fund’s performance from year to year and by showing how the International Small Company Fund’s average annual total returns compare to those of a broad-based measure of market performance and to an index of securities that reflects the types of securities in which the Fund may invest. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zS2cg6QL1BDh">The International Small Company Fund’s past performance (before and after taxes) is not necessarily an indication of how the International Small Company Fund will perform in the future. Updated information on the International Small Company Fund’s results can be obtained by visiting: <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000049041Member_z0XisdwOeIl3">https://www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinv/. The bar chart and table shown below provide an indication of the risks of investing in the Investor Shares of the International Small Company Fund by showing changes in the International Small Company Fund’s performance from year to year and by showing how the International Small Company Fund’s average annual total returns compare to those of a broad-based measure of market performance and to an index of securities that reflects the types of securities in which the Fund may invest. The International Small Company Fund’s past performance (before and after taxes) is not necessarily an indication of how the International Small Company Fund will perform in the future. https://www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinv/ Calendar Year Returns <div id="xdx_A80_eoef--BarChartTableTextBlock_zq0jpOSTltbg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_zP7uVjyd7w9j" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th> </th> <th id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000154625Member_zu2CkNrOLmA7"> </th></tr> <tr id="xdx_41F_20160101__20161231_zEitNch41gxf" style="vertical-align: top; text-align: left"> <td style="width: 50%">2016</td> <td style="width: 50%">2.27</td></tr> <tr id="xdx_41F_20170101__20171231_z0Ttz6vgox3f" style="vertical-align: top; text-align: left"> <td>2017</td> <td>36.98</td></tr> <tr id="xdx_416_20180101__20181231_zzfbJwiuq5Ih" style="vertical-align: top; text-align: left"> <td>2018</td> <td>-3.39</td></tr> <tr id="xdx_41C_20190101__20191231_z5ifk6IkxbZd" style="vertical-align: top; text-align: left"> <td>2019</td> <td>26.41</td></tr> <tr id="xdx_414_20200101__20201231_z1jzr2JLhyk1" style="vertical-align: top; text-align: left"> <td>2020</td> <td>44.75</td></tr> <tr id="xdx_413_20210101__20211231_z57A7hp3r39h" style="vertical-align: top; text-align: left"> <td>2021</td> <td>12.72</td></tr> <tr id="xdx_41D_20220101__20221231_zLwbLyMnX98b" style="vertical-align: top; text-align: left"> <td>2022</td> <td>-31.56</td></tr> <tr id="xdx_41F_20230101__20231231_zmV6ZV0GPiRi" style="vertical-align: top; text-align: left"> <td>2023</td> <td>20.04</td></tr> <tr id="xdx_418_20240101__20241231_zaxieVG9v9Xb" style="vertical-align: top; text-align: left"> <td>2024</td> <td>8.17</td></tr> <tr id="xdx_412_20250101__20251231_z0KXEzSXLoXe" style="vertical-align: top; text-align: left"> <td>2025</td> <td>-2.30</td></tr> </table> <img alt="" src="bcm485bpos005.jpg"/> 0.0227 0.3698 -0.0339 0.2641 0.4475 0.1272 -0.3156 0.2004 0.0817 -0.0230 Quarterly Returns During This Time Period <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Highest return for a quarter</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">31.32%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Quarter ended <span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zJvQhCeSMhX2">June 30, 2020</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Lowest return for a quarter</td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">-19.55%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Quarter ended <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zSyigKwTZf6j">March 31, 2022</td></tr> </table> Year-to-date return as of the most recent quarter ended June 30, 2026 was -15.03%. Highest return for a quarter 0.3132 2020-06-30 Lowest return for a quarter -0.1955 2022-03-31 Year-to-date return 2026-06-30 -0.1503 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zBiZXoLP1o0b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zGkyVczrJWoa" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 85%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: black"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"><span id="xdx_905_eoef--PerformanceTableHeading_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000049041Member_gIFPTH-CZEYXXL_zydXxUSxVjT1">Average Annual Total Returns  Periods Ended December 31, 2025 </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">Past 1 Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">Past 5 Years </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">Past 10 Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">International Small Company Fund Before taxes After taxes on distributions After taxes on distributions and sale of shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">-2.30% <p id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000154625Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zrB0tSWqOiZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">-2.30% <p id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000154625Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zQ6SS1CNaMyc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">-1.36%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">-0.43% <p id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000154625Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zBftrQCRomGc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">-0.70% <p id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000154625Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zh04pymditBg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">-0.34% </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">9.26% <p id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000154625Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zbCz1IjRim95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">8.95% <p id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000154625Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zRk0GfRcZmp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">7.52% </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt">MSCI All Country World ex-USA Index <span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zIgSyGm1J0Ub">(reflects no deduction for fees, expenses, or taxes)</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldExUSAIndexMember_zUz1RzuAR6Ri" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">32.39%</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldExUSAIndexMember_zNkxCoC3Nj69" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">7.91%</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--MsciAllCountryWorldExUSAIndexMember_z4Do7431ROoa" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">8.41%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; padding-left: 5.4pt">MSCI World Ex USA Small Cap Growth Index (reflects no deduction for fees, expenses, or taxes) </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--MsciWorldExUSASmallCapGrowthIndexMember_zFL8eQpbJwK3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">29.69%</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--MsciWorldExUSASmallCapGrowthIndexMember_z4hUOkIHD5j3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">3.16%</td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--MsciWorldExUSASmallCapGrowthIndexMember_zBFl3jUK1HN5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">7.43%</td></tr> </table> Average Annual Total Returns Periods Ended December 31, 2025 -0.0230 -0.0230 -0.0136 -0.0043 -0.0070 -0.0034 0.0926 0.0895 0.0752 (reflects no deduction for fees, expenses, or taxes) 0.3239 0.0791 0.0841 0.2969 0.0316 0.0743 <span id="xdx_900_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zLCgqailDqF4">After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. <span id="xdx_904_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--DocumentInformationDocumentAxis__custom--InvestorSharesMember__dei--LegalEntityAxis__custom--S000049041Member_zPCoGIifIzva">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).