# EDGAR Filing Document

**Accession Number:** 0000869351
**File Stem:** 0001999371-25-019514
**Filing Date:** 2025-12
**Character Count:** 121171
**Document Hash:** b0da09c78b32626d344b6c36fc2182e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-019514.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001999371-25-019514

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Capital Management Mutual Funds
- **CENTRAL INDEX KEY:** 0000869351

**ORGANIZATION NAME:**
- **EIN:** 566376571
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06199
- **FILM NUMBER:** 251550479

**BUSINESS ADDRESS:**
- **STREET 1:** 1201 N. CALVERT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 4108373234

**MAIL ADDRESS:**
- **STREET 1:** 1201 N. CALVERT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NOTTINGHAM INVESTMENT TRUST II
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### The Brown Capital Management Small Company Fund (Series ID: S000010418)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028793 | Investor Shares      | BCSIX           |
| C000105412 | Institutional Shares | BCSSX           |

### The Brown Capital Management International All Company Fund (Series ID: S000010419)

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

### The Brown Capital Management International Small Company Fund (Series ID: S000049041)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000154624 | Institutional Shares | BCSFX           |
| C000154625 | Investor Shares      | BCSVX           |

?xml version='1.0' encoding='ASCII'? Semi Annual Shareholder Report

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-06199</u>

**<u>Brown Capital Management Mutual Funds</u>**

(Exact name of registrant as specified in charter)

**1201 N. Calvert Street, Baltimore, Maryland 21202**

(Address of principal executive offices) (Zip code)

**Capitol Services, Inc.**

**1675 S. State Street, Suite B, Dover, Delaware 19901**

(Name and address of agent for service)

<u>With Copies to</u>:

**John H. Lively Practus, LLP 11300 Tomahawk Creek Parkway, Suite 310** 

**Leawood, Kansas 66211**

Registrant's telephone number, including area code: **410.837.3234**

Date of fiscal year end: <u>March 31</u>

Date of reporting period: <u>September 30, 2025</u>

---

| | |
|:---|:---|
| **Item 1(a).** | **REPORTS TO STOCKHOLDERS.** |

---

#### The Brown Capital Management Small Company Fund Tailored Shareholder Report
**semi-annual shareholder reportSeptember 30, 2025**<br>**The Brown Capital Management Small Company Fund**<br>**Investor Class Shares**<br>ticker: BCSIX<br>

This semi-annual shareholder report contains important information about the The Brown Capital Management Small Company Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.browncapital.com/investmentstrategies/smallcompanyfundinv/. You can also contact us at (877) 892-4226.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Investor Class** | $74 | 1.42%¹ |

---

¹ Annualized.

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $699042398 |
| **Number of Holdings** | 41 |
| **Total Net Advisory Fee** | $3952307 |
| **Portfolio Turnover Rate** | 7% |

---

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

#### Sector Breakdown
![bar](qesa1tl41mi4pbs90.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **Veeva Systems, Inc. Class A** | 6.02% |
| **Datadog, Inc. Class A** | 5.71% |
| **AppFolio, Inc.** | 5.24% |
| **Guidewire Software, Inc.** | 5.22% |
| **Repligen Corp.** | 5.12% |
| **Manhattan Associates, Inc.** | 4.81% |
| **Xometry, Inc.** | 4.66% |
| **Tyler Technologies, Inc.** | 4.51% |
| **Vericel Corp.** | 3.69% |
| **Cognex Corp.** | 3.62% |

---

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.browncapital.com/investmentstrategies/smallcompanyfundinv/.**

#### The Brown Capital Management Small Company Fund Tailored Shareholder Report
**semi-annual Shareholder Report September 30, 2025**<br>**The Brown Capital Management Small Company Fund**<br>**Institutional Class Shares**<br>ticker: BCSSX<br>

This semi-annual shareholder report contains important information about the The Brown Capital Management Small Company Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.browncapital.com/investmentstrategies/smallcompanyfundinst/. You can also contact us at (877) 892-4226.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
| **Institutional Class** | $32 | 1.22%¹ |

---

¹ Annualized.

#### Sector Breakdown
![bar](qes9hxx01mi4pd3by.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **Veeva Systems, Inc. Class A** | 6.02% |
| **Datadog, Inc. Class A** | 5.71% |
| **AppFolio, Inc.** | 5.24% |
| **Guidewire Software, Inc.** | 5.22% |
| **Repligen Corp.** | 5.12% |
| **Manhattan Associates, Inc.** | 4.81% |
| **Xometry, Inc.** | 4.66% |
| **Tyler Technologies, Inc.** | 4.51% |
| **Vericel Corp.** | 3.69% |
| **Cognex Corp.** | 3.62% |

---

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.browncapital.com/investmentstrategies/smallcompanyfundinst/.**

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $699042398 |
| **Number of Holdings** | 41 |
| **Total Net Advisory Fee** | $3952307 |
| **Portfolio Turnover Rate** | 7% |

---

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

#### The Brown Capital Management International All Company Fund Tailored Shareholder Report
**semi-annual Shareholder Report September 30, 2025**<br>**The Brown Capital Management International All Company Fund**<br>**Investor Class Shares**<br>ticker: BCIIX<br>

This semi-annual shareholder report contains important information about the The Brown Capital Management International All Company Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.browncapital.com/investmentstrategies/internationalallcompanyfundinv/. You can also contact us at (877) 892-4226.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Investor Class** | $65 | 1.25%¹ |

---

¹ Annualized.

#### Sector Breakdown
![bar](qes1kzoc1mi603c0h.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **CyberArk Software Ltd.** | 4.63% |
| **Shopify, Inc. Class A** | 4.56% |
| **MercadoLibre, Inc.** | 4.20% |
| **AJ Bell plc** | 3.67% |
| **Cochlear Ltd** | 3.53% |
| **Givaudan SA** | 3.46% |
| **REA Group Ltd** | 3.33% |
| **Flutter Entertainment plc** | 3.28% |
| **ASML Holding NV** | 3.27% |
| **SAP SE** | 3.11% |

---

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.browncapital.com/investmentstrategies/internationalallcompanyfundinv/.**

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $77062064 |
| **Number of Holdings** | 44 |
| **Total Net Advisory Fee** | $85962 |
| **Portfolio Turnover Rate** | 2% |

---

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

#### The Brown Capital Management International All Company Fund Tailored Shareholder Report
**semi-annual Shareholder Report September 30, 2025**<br>**The Brown Capital Management International All Company Fund**<br>**Institutional Class Shares**<br>ticker: BCISX<br>

This semi-annual shareholder report contains important information about the The Brown Capital Management International All Company Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.browncapital.com/investmentstrategies/internationalallcompanyfundinst/. You can also contact us at (877) 892-4226.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
| **Institutional Class** | $52 | 1.00%¹ |

---

¹ Annualized.

#### Sector Breakdown
![bar](qes9hxx01mi605jhc.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **CyberArk Software Ltd.** | 4.63% |
| **Shopify, Inc. Class A** | 4.56% |
| **MercadoLibre, Inc.** | 4.20% |
| **AJ Bell plc** | 3.67% |
| **Cochlear Ltd** | 3.53% |
| **Givaudan SA** | 3.46% |
| **REA Group Ltd** | 3.33% |
| **Flutter Entertainment plc** | 3.28% |
| **ASML Holding NV** | 3.27% |
| **SAP SE** | 3.11% |

---

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.browncapital.com/investmentstrategies/internationalallcompanyfundinst/.**

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $77062064 |
| **Number of Holdings** | 44 |
| **Total Net Advisory Fee** | $85962 |
| **Portfolio Turnover Rate** | 2% |

---

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

#### The Brown Capital Management International Small Company Fund Tailored Shareholder Report
**semi-annual Shareholder Report September 30, 2025**<br>**The Brown Capital Management International Small Company Fund**<br>**Investor Class Shares**<br>ticker: BCSVX<br>

This semi-annual shareholder report contains important information about the The Brown Capital Management International Small Company Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinv/. You can also contact us at (877) 892-4226.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| **Investor Class** | $71 | 1.31%¹ |

---

¹ Annualized.

#### Sector Breakdown
![bar](qes9hxx01mi60aacx.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **VusionGroup**  | 5.85% |
| **REA Group Ltd.** | 4.75% |
| **Pro Medicus Ltd.** | 4.49% |
| **CyberArk Software Ltd.** | 4.42% |
| **AJ Bell plc** | 4.26% |
| **Sectra AB** | 4.17% |
| **The Descartes Systems Group, Inc** | 4.08% |
| **Kinaxis, Inc.** | 4.08% |
| **Lectra** | 3.87% |
| **WiseTech Global Ltd.** | 3.66% |

---

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinv/.**

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $2270497076 |
| **Number of Holdings** | 39 |
| **Total Net Advisory Fee** | $11390109 |
| **Portfolio Turnover Rate** | 6% |

---

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

#### The Brown Capital Management International Small Company Fund Tailored Shareholder Report
**semi-annual Shareholder Report September 30, 2025**<br>**The Brown Capital Management International Small Company Fund**<br>**Institutional Class Shares**<br>ticker: BCSFX<br>

This semi-annual shareholder report contains important information about the The Brown Capital Management International Small Company Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinv/. You can also contact us at (877) 892-4226.

#### What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
| **Institutional Class** | $57 | 1.05%¹ |

---

¹ Annualized.

#### Sector Breakdown
![bar](qes9hxx01mi60858u.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** |  |
| **VusionGroup**  | 5.85% |
| **REA Group Ltd.** | 4.75% |
| **Pro Medicus Ltd.** | 4.49% |
| **CyberArk Software Ltd.** | 4.42% |
| **AJ Bell plc** | 4.26% |
| **Sectra AB** | 4.17% |
| **The Descartes Systems Group, Inc** | 4.08% |
| **Kinaxis, Inc.** | 4.08% |
| **Lectra** | 3.87% |
| **WiseTech Global Ltd.** | 3.66% |

---

**For additional information about the Fund; including its summary prospectus, prospectus, financial information, holdings and proxy information, visit www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinv/.**

#### Key Fund Statistics
(as of September 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $2270497076 |
| **Number of Holdings** | 39 |
| **Total Net Advisory Fee** | $11390109 |
| **Portfolio Turnover Rate** | 6% |

---

#### What did the Fund invest in?
(% of Net Assets as of September 30, 2025)

ITEM 1.(b). Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) The Registrant's Schedule of Investments is included as part of the Financial Statements
and Financial Highlights filed under Item 7 of this Form.

(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](bcm-ncsrs_093025img001.gif)

**Small Company Fund**

Investor Shares (BCSIX)

(CUSIP Number 115291833)

Institutional Shares (BCSSX)

(CUSIP Number 115291403)

**International All Company Fund**

Investor Shares (BCIIX)

(CUSIP Number 115291858)

Institutional Shares (BCISX)

(CUSIP Number 115291767)

**International Small Company Fund**

Investor Shares (BCSVX)

(CUSIP Number 115291742)

Institutional Shares (BCSFX)

(CUSIP Number 115291759)

![](bcm-ncsrs_093025img002.gif)

FINANCIAL STATEMENTS

AND OTHER INFORMATION

**Six Months Ended September 30, 2025 (unaudited)**

***Table of Contents***

The Brown Capital Management Small Company Fund1

Schedule of Investments1

The Brown Capital Management International All Company Fund3

Schedule of Investments3

The Brown Capital Management International Small Company Fund6

Schedule of Investments6

Statements of Assets and Liabilities8

Statements of Operations9

Statements of Changes in Net Assets10

Financial Highlights14

Notes to Financial Statements20

Supplemental Information28

Financial Statements \| September 30, 2025 (unaudited)1

The Brown Capital Management Small Company Fund

------

Schedule of InvestmentsSeptember 30, 2025 (Unaudited)

 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value (Note 1)** |
| **COMMON STOCKS - 97.45%** | **COMMON STOCKS - 97.45%** |  |  |
| **23.19%** | **Business Services** |  |  |
|  | Clearwater Analytics Holdings, Inc.<sup>(A)</sup>  | 859696 | $15491722 <br>|
|  | DoubleVerify Holdings, Inc.<sup>(A)</sup>  | 718726 | 8610337 |
|  | Guidewire Software, Inc.<sup>(A)</sup>  | 158598 | 36455336 |
|  | Intapp, Inc.<sup>(A)</sup>  | 82349 | 3368074 |
|  | nCino, Inc.<sup>(A)</sup>  | 636978 | 17268474 |
|  | Paycom Software, Inc. | 121119 | 25209709 |
|  | PROS Holdings, Inc.<sup>(A)</sup>  | 83349 | 1909526 |
|  | Q2 Holdings, Inc.<sup>(A)</sup>  | 307956 | 22292935 |
|  | Tyler Technologies, Inc.<sup>(A)</sup>  | 60281 | 31536608 |
|  |  |  | 162142721 |
| **7.95%** | **Consumer Related** |  |  |
|  | Agilysys, Inc.<sup>(A)</sup>  | 184171 | 19383998 |
|  | Alarm.com Holdings, Inc.<sup>(A)</sup>  | 440400 | 23376432 |
|  | Duolingo, Inc. Class A<sup>(A)</sup>  | 30980 | 9970603 |
|  | Mama's Creations, Inc.<sup>(A)</sup>  | 271800 | 2856618 |
|  |  |  | 55587651 |
| **13.81%** | **Industrial Products & Systems** |  |  |
|  | Badger Meter, Inc. | 81752 | 14599272 |
|  | Cognex Corp. | 558790 | 25313187 |
|  | Energy Recovery, Inc.<sup>(A)</sup>  | 723046 | 11149369 |
|  | UFP Technologies, Inc.<sup>(A)</sup>  | 64745 | 12923102 |
|  | Xometry, Inc.<sup>(A)</sup>  | 597425 | 32541740 |
|  |  |  | 96526670 |
| **21.91%** | **Information/Knowledge Management** |  |  |
|  | AppFolio, Inc.<sup>(A)</sup>  | 132768 | 36598827 |
|  | Datadog, Inc. Class A<sup>(A)</sup>  | 280401 | 39929102 |
|  | Manhattan Associates, Inc.<sup>(A)</sup>  | 164190 | 33655666 |
|  | Red Violet, Inc. | 126348 | 6601683 |
|  | SPS Commerce, Inc.<sup>(A)</sup>  | 81941 | 8533336 |
|  | Vertex, Inc.<sup>(A)</sup>  | 475578 | 11789579 |
|  | Workiva, Inc.<sup>(A)</sup>  | 187140 | 16109011 |
|  |  |  | 153217204 |
| **29.29%** | **Medical/Health Care** |  |  |
|  | Axogen, Inc.<sup>(A)</sup>  | 250355 | 4466333 |
|  | Bio-Techne Corp. | 393512 | 21891073 |
|  | Corcept Therapeutics, Inc.<sup>(A)</sup>  | 94714 | 7871681 |
|  | Cytek Biosciences, Inc.<sup>(A)</sup>  | 1827215 | 6340436 |
|  | Glaukos Corp.<sup>(A)</sup>  | 307205 | 25052568 |

---

2www.browncapital.com

The Brown Capital Management Small Company Fund

------

Schedule of InvestmentsSeptember 30, 2025 (Unaudited)

*See Notes to Financial Statements*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value (Note 1)** |
| **COMMON STOCKS - 97.45%** **(continued)** | **COMMON STOCKS - 97.45%** **(continued)** |  |  |
|  | Inspire Medical Systems, Inc.<sup>(A)</sup>  | 98965 | $7343202 <br>|
|  | OrthoPediatrics Corp.<sup>(A)</sup>  | 490172 | 9082887 |
|  | Repligen Corp.<sup>(A)</sup>  | 267907 | 35811129 |
|  | RxSight, Inc.<sup>(A)</sup>  | 315652 | 2837710 |
|  | Tandem Diabetes Care, Inc.<sup>(A)</sup>  | 103583 | 1257498 |
|  | TransMedics Group, Inc<sup>(A)</sup>  | 132461 | 14862124 |
|  | Veeva Systems, Inc. Class A<sup>(A)</sup>  | 141320 | 42100641 |
|  | Vericel Corp.<sup>(A)</sup>  | 819165 | 25779123 |
|  |  |  | 204696405 |
| **1.30%** | **Miscellaneous** |  |  |
|  | CryoPort, Inc.<sup>(A)</sup>  | 955008 | 9053476 |
| **97.45%** | **Total Common Stocks** (Cost: $424,140,387) |  | 681224127 |
| **WARRANTS - 0.00%** | **WARRANTS - 0.00%** |  |  |
| **0.00%** | **Health Care** |  |  |
|  | Abiomed, Inc. - CVR<sup>(A)(C)</sup>  | 475722 |  |
| **0.00%** | **Total Warrants** (Cost: $—) |  |  |
| **SHORT TERM INVESTMENTS - 2.82%** | **SHORT TERM INVESTMENTS - 2.82%** |  |  |
|  | First American Treasury Obligations Fund - X Class 4.02%<sup>(B)</sup> (Cost: $19,729,225) | 19729225 | 19729225 |
| **100.27%** | **Total Investments (Cost: $443,869,612)** |  | 700953352 |
| **(0.27%)** | **Liabilities in excess of other assets** |  | (1910954) |
| **100.00%** | **Net Assets** |  | **$** **699042398** <br>|

---

*(A) Non-income producing.*

<sup>*(B)*</sup>*Effective 7 day yield as of September 30, 2025.*

<sup>*(C)*</sup>*The warrant is a Level 3 Security. See Note 1.*

*CVR- Contingent Value Rights*

Financial Statements \| September 30, 2025 (unaudited)3

The Brown Capital Management International All Company Fund

------

Schedule of InvestmentsSeptember 30, 2025 (Unaudited)

 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value (Note 1)** |
| **COMMON STOCKS - 95.55%** | **COMMON STOCKS - 95.55%** |  |  |
| **8.21%** | **Australia** |  |  |
|  | Atlassian Corp. Class A<sup>(A)</sup>  | 6482 | $1035175 <br>|
|  | Cochlear Ltd | 14774 | 2722637 |
|  | REA Group Ltd | 16779 | 2565811 |
|  |  |  | 6323623 |
| **7.55%** | **Canada** |  |  |
|  | Descartes Systems Group Inc<sup>(A)</sup>  | 24467 | 2303769 |
|  | Shopify, Inc. Class A<sup>(A)</sup>  | 23667 | 3517153 |
|  |  |  | 5820922 |
| **4.59%** | **Denmark** |  |  |
|  | Novo Nordisk A/S | 22398 | 1247158 |
|  | Novonesis A/S | 37225 | 2290977 |
|  |  |  | 3538135 |
| **2.96%** | **France** |  |  |
|  | Dassault Systemes SE | 42349 | 1424668 |
|  | Ipsen SA | 6404 | 859908 |
|  |  |  | 2284576 |
| **6.36%** | **Germany** |  |  |
|  | Carl Zeiss Meditec AG | 21192 | 1057184 |
|  | Rational AG | 1891 | 1445066 |
|  | SAP SE | 8955 | 2397863 |
|  |  |  | 4900113 |
| **2.17%** | **Hong Kong** |  |  |
|  | Kingdee International Software<sup>(A)</sup>  | 461146 | 1034109 |
|  | Kingsoft Corp. Ltd. | 144543 | 641370 |
|  |  |  | 1675479 |
| **5.41%** | **Ireland** |  |  |
|  | Flutter Entertainment plc<sup>(A)</sup>  | 9955 | 2528570 |
|  | Icon plc<sup>(A)</sup>  | 9372 | 1640100 |
|  |  |  | 4168670 |
| **10.03%** | **Israel** |  |  |
|  | Camtek Ltd/Israel | 20683 | 2172749 |
|  | Check Point Software Technologies Ltd<sup>(A)</sup>  | 3745 | 774878 |
|  | CyberArk Software Ltd.<sup>(A)</sup>  | 7391 | 3570962 |
|  | Monday.com Ltd.<sup>(A)</sup>  | 6210 | 1202814 |
|  |  |  | 7721403 |

---

4www.browncapital.com

The Brown Capital Management International All Company Fund

------

Schedule of InvestmentsSeptember 30, 2025 (Unaudited)

*See Notes to Financial Statements*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value (Note 1)** |
| **COMMON STOCKS - 95.55% (** **continued)** | **COMMON STOCKS - 95.55% (** **continued)** |  |  |
| **2.55%** | **Italy** |  |  |
|  | Azimut Holding S.p.A | 50722 | $1965140 <br>|
| **8.00%** | **Japan** |  |  |
|  | CyberAgent, Inc.<sup>(A)</sup>  | 97000 | 1164357 |
|  | GMO Payment Gateway, Inc.<sup>(A)</sup>  | 23400 | 1312594 |
|  | Kakaku.com, Inc.<sup>(A)</sup>  | 64000 | 1099191 |
|  | M3, Inc. | 31400 | 508313 |
|  | MonotaRO Co. Ltd.<sup>(A)</sup>  | 143100 | 2077634 |
|  |  |  | 6162089 |
| **5.20%** | **Netherlands** |  |  |
|  | ASML Holding NV | 2586 | 2521841 |
|  | Wolters Kluwer NV | 10881 | 1485260 |
|  |  |  | 4007101 |
| **2.82%** | **New Zealand** |  |  |
|  | Xero Ltd<sup>(A)</sup>  | 20799 | 2170273 |
| **1.84%** | **Norway** |  |  |
|  | Autostore Holdings Ltd.<sup>(A)</sup>  | 666893 | 612521 |
|  | Vend Marketplaces ASA | 22754 | 808966 |
|  |  |  | 1421487 |
| **2.20%** | **Poland** |  |  |
|  | InPost SA<sup>(A)</sup>  | 137905 | 1697842 |
| **1.64%** | **Spain** |  |  |
|  | Grifols SA | 86595 | 1260751 |
| **11.21%** | **Switzerland** |  |  |
|  | Chocoladefabriken Lindt & Sprüngli AG | 103 | 1574735 |
|  | Givaudan SA | 654 | 2667694 |
|  | Partners Group Holding AG | 1438 | 1881495 |
|  | Tecan Group AG | 3741 | 677610 |
|  | Temenos Group AG | 22603 | 1835799 |
|  |  |  | 8637333 |
| **8.61%** | **United Kingdom** |  |  |
|  | AJ Bell plc | 385682 | 2832011 |
|  | Diageo plc | 28677 | 686173 |
|  | RELX plc | 39590 | 1891564 |
|  | Wise plc<sup>(A)</sup>  | 88063 | 1227625 |
|  |  |  | 6637373 |

---

Financial Statements \| September 30, 2025 (unaudited)5

The Brown Capital Management International All Company Fund

------

Schedule of InvestmentsSeptember 30, 2025 (Unaudited)

*See Notes to Financial Statements*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value (Note 1)** |
| **COMMON STOCKS - 95.55% (** **continued)** | **COMMON STOCKS - 95.55% (** **continued)** |  |  |
| **4.20%** | **Uruguay** |  |  |
|  | MercadoLibre, Inc.<sup>(A)</sup>  | 1386 | $3238999 <br>|
| **95.55%** | **Total Common Stocks** (Cost: $53,301,116) |  | 73631309 |
| **SHORT TERM INVESTMENTS - 3.92%** | **SHORT TERM INVESTMENTS - 3.92%** |  |  |
|  | First American Treasury Obligations Fund - X Class 4.02%<sup>(B)</sup> (Cost: $3,020,712) | 3020712 | 3020712 |
| **99.47%** | **Total Investments (Cost: $56,321,828)** |  | 76652021 |
| **0.53%** | **Other assets, net of liabilities** |  | 410043 |
| **100.00%** | **Net Assets** |  | **$** **77062064** <br>|

---

<sup>*(A)*</sup>*Non-income producing.*

<sup>*(B)*</sup>*Effective 7 day yield as of September 30, 2025.*

6www.browncapital.com

The Brown Capital Management International Small Company Fund

------

Schedule of InvestmentsSeptember 30, 2025 (Unaudited)

 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value (Note 1)** |
| **COMMON STOCKS - 98.34%** | **COMMON STOCKS - 98.34%** |  |  |
| **12.90%** | **Australia** |  |  |
|  | Pro Medicus Ltd. | 500809 | $101962526 <br>|
|  | REA Group Ltd. | 705555 | 107892074 |
|  | WiseTech Global Ltd. | 1389105 | 83045307 |
|  |  |  | 292899907 |
| **8.15%** | **Canada** |  |  |
|  | Descartes Systems Group, Inc<sup>(A)</sup>  | 982820 | 92540586 |
|  | Kinaxis, Inc.<sup>(A)</sup>  | 716814 | 92531174 |
|  |  |  | 185071760 |
| **3.47%** | **Denmark** |  |  |
|  | Ambu A/S | 5350797 | 78720691 |
| **13.15%** | **France** |  |  |
|  | Interparfums SA<sup>(A)</sup>  | 2353844 | 77864670 |
|  | Lectra<sup>(B)</sup>  | 3153426 | 87902937 |
|  | VusionGroup | 441951 | 132841799 |
|  |  |  | 298609406 |
| **5.16%** | **Germany** |  |  |
|  | ATOSS Software SE<sup>(A)</sup>  | 364588 | 47158094 |
|  | Evotec AG<sup>(A)</sup>  | 4524618 | 33139296 |
|  | STRATEC Biomedical AG<sup>(B)</sup>  | 1092673 | 36781631 |
|  |  |  | 117079021 |
| **2.17%** | **Hong Kong** |  |  |
|  | Kingdee International Software<sup>(A)</sup>  | 22008492 | 49353540 |
| **3.96%** | **India** |  |  |
|  | CRISIL Ltd. | 966765 | 48313494 |
|  | Dr. Lal PathLabs Ltd. | 1184752 | 41713284 |
|  |  |  | 90026778 |
| **0.73%** | **Ireland** |  |  |
|  | Flutter Entertainment plc<sup>(A)</sup>  | 65215 | 16564610 |
| **9.95%** | **Israel** |  |  |
|  | Camtek Ltd. | 619226 | 65049691 |
|  | CyberArk Software Ltd.<sup>(A)</sup>  | 207731 | 100365233 |
|  | Global-e Online Ltd.<sup>(A)</sup>  | 1693346 | 60554053 |
|  |  |  | 225968977 |
| **3.36%** | **Italy** |  |  |
|  | Azimut Holding S.p.A | 1966216 | 76177785 |

---

Financial Statements \| September 30, 2025 (unaudited)7

The Brown Capital Management International Small Company Fund

------

Schedule of InvestmentsSeptember 30, 2025 (Unaudited)

 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value (Note 1)** |
| **COMMON STOCKS - 98.34% (** **continued)** | **COMMON STOCKS - 98.34% (** **continued)** |  |  |
| **12.50%** | **Japan** |  |  |
|  | GMO Payment Gateway, Inc.<sup>(A)</sup>  | 850842 | $47726915 <br>|
|  | Hiday Hidaka Corp.<sup>(A)(B)</sup>  | 3123974 | 75582790 |
|  | Kakaku.com, Inc.<sup>(A)</sup>  | 2056387 | 35318169 |
|  | M3, Inc.<sup>(A)</sup>  | 296421 | 4798555 |
|  | SMS Co. Ltd.<sup>(A)</sup>  | 2177080 | 22943776 |
|  | Software Service, Inc.<sup>(A)(B)</sup>  | 492725 | 49461222 |
|  | Towa Pharmaceutical Co. Ltd.<sup>(A)</sup>  | 2400382 | 48040496 |
|  |  |  | 283871923 |
| **9.56%** | **Sweden** |  |  |
|  | Hemnet Group AB<sup>(A)</sup>  | 2703001 | 68167759 |
|  | MIPS AB<sup>(B)</sup>  | 1488424 | 54122840 |
|  | Sectra AB | 2856941 | 94741778 |
|  |  |  | 217032377 |
| **0.81%** | **Switzerland** |  |  |
|  | Partners Group Holding AG | 14022 | 18346535 |
| **12.47%** | **United Kingdom** |  |  |
|  | AJ Bell plc | 13171044 | 96713193 |
|  | JTC PLC 144A | 1514790 | 26985366 |
|  | PayPoint plc<sup>(B)</sup>  | 3454461 | 35026799 |
|  | Playtech plc | 3075162 | 15280108 |
|  | Rightmove plc | 6213981 | 59342561 |
|  | Victrex plc | 3346317 | 32470891 |
|  | YouGov plc | 4283977 | 17280649 |
|  |  |  | 283099567 |
| **98.34%** | **Total Common Stocks** (Cost: $1,770,376,283) |  | 2232822877 |
| **SHORT TERM INVESTMENTS - 1.72%** | **SHORT TERM INVESTMENTS - 1.72%** |  |  |
|  | First American Treasury Obligations Fund - X Class 4.02%<sup>(C)</sup> (Cost: $39,122,968) | 39122968 | 39122968 |
| **100.06%** | **Total Investments** (Cost: $1,809,499,251) |  | 2271945845 |
| **(0.06%)** | **Liabilities in excess of other assets** |  | (1448769) |
| **100.00%** | **Net Assets** |  | **$** **2270497076** <br>|

---

<sup>*(A)*</sup>*Non-income producing.*

<sup>*(B)*</sup>*Affiliated company - The Fund owns greater than 5% of the outstanding voting shares of this issuer. See Note 1 for more information.*

<sup>*(C)*</sup>*Effective 7 day yield as of September 30, 2025.*

The Brown Capital Management Mutual Funds

------

Statements of Assets and LiabilitiesSeptember 30, 2025 (Unaudited)

*See Notes to Financial Statements*

8www.browncapital.com

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small <br>Company Fund** | **International All Company Fund** | **International Small<br> Company Fund** |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated Investments, at cost | $443869612 <br>| $56321828 <br>| $1441314625 <br>|  |
| &nbsp;&nbsp;&nbsp; Affiliated Investments, at cost |  |  | 368184626 |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated Investments, at value (Note 1) | 700953352 | 76652021 | 1933067626 |  |
| &nbsp;&nbsp;&nbsp; Affiliated Investments, at value (Note 1) |  |  | 338878219 |  |
| &nbsp;&nbsp;&nbsp; Total Investments, at value (Note 1) | 700953352 | 76652021 | 2271945845 |  |
| &nbsp;&nbsp;&nbsp; Foreign Cash, at value |  |  | 4 | \*\* |
| &nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 431733 | 120529 | 200335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 918438 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and reclaims, at value | 81093 | 289514<br> \* | 4864635 | \*\* |
| &nbsp;&nbsp;&nbsp; Unrealized gain on foreign currency spot trades |  |  | 7 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 23130 | 36739 | 85596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 702407746 | 77098803 | 2277096422 |  |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash disbursements in excess of bank balance | 758883 |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 585369 |  | 1242868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1206180 |  | 855339 | \*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax |  |  | 2521396 |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees (Note 2) | 626124 | 11527 | 1869822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees (Note 2) | 110008 | 12919 | 18576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 fees - Investor Class (Note 2) | 46103 | 374 | 38242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 32681 | 11919 | 53103 |  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities:** | 3365348 | 36739 | 6599346 |  |
| **Net Assets** | $699042398 <br>| $77062064 <br>| $2270497076 <br>|  |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in-capital | $122711510 <br>| $60509198 <br>| $1825889788 <br>|  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings | 576330888 | 16552866 | 444607288 |  |
| **Net Assets** | $699042398 <br>| $77062064 <br>| $2270497076 <br>|  |
| **Investor Class:** |  |  |  |  |
| Net Asset Value, Maximum Offering Price and Redemption Price Per Share | $45.60 <br>| $17.76 <br>| $26.61 <br>|  |
| Net Assets | $272371141 <br>| $1806649 <br>| $186011807 <br>|  |
| Shares Outstanding, no par value (unlimited shares authorized) | 5972568 | 101719 | 6991571 |  |
| **Institutional Class:** |  |  |  |  |
| Net Asset Value, Maximum Offering Price and Redemption Price Per Share | $48.65 <br>| $18.05 <br>| $27.28 <br>|  |
| Net Assets | $426671257 <br>| $75255415 <br>| $2084485269 <br>|  |
| Shares Outstanding , no par value (unlimited shares authorized) | 8771072 | 4170354 | 76397535 |  |

---

*\* At Cost: $266,435 for dividends, interest and reclaims.*

*\*\* At Cost: $5 for foreign cash, $4,994,703 for dividends, interest and reclaims, and $855,332 for investments purchased.*

*See Notes to Financial Statements*

Financial Statements \| September 30, 2025 (unaudited)9

The Brown Capital Management Mutual Funds

------

Statements of OperationsSix Months Ended September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Small <br>Company Fund** | **International All Company Fund** | **International<br> Small<br> Company Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments | $368830 <br>| $658076 <br>| $26792875 <br>|
| &nbsp;&nbsp;&nbsp; Dividends from affiliated investments (Note 1) |  |  | 4535488 |
| &nbsp;&nbsp;&nbsp; Tax reclaim income from unaffiliated investments |  |  | 532620 |
| &nbsp;&nbsp;&nbsp; Tax reclaim income from affiliated investments (Note 1) |  |  | 162898 |
| &nbsp;&nbsp;&nbsp; Interest | 475188 | 31509 | 841004 |
| &nbsp;&nbsp;&nbsp; Foreign tax withheld from unaffiliated investments |  | (125894) | (2698453) |
| &nbsp;&nbsp;&nbsp; Foreign tax withheld from affiliated investments (Note 1) |  |  | (703290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 844018 | 563691 | 29463142 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees (Note 2) | 3952307 | 349017 | 11390109 |
| &nbsp;&nbsp;&nbsp; Fund accounting and administration fees (Note 2) | 131026 | 101000 | 113443 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 2) | 457441 | 13679 | 91122 |
| &nbsp;&nbsp;&nbsp; Custody fees | 53658 | 13697 | 182519 |
| &nbsp;&nbsp;&nbsp; Registration fees | 48762 | 32986 | 38989 |
| &nbsp;&nbsp;&nbsp; 12b-1 fees - Investor Class (Note 2) | 305545 | 2264 | 205433 |
| &nbsp;&nbsp;&nbsp; Professional fees | 46808 | 45763 | 45002 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 8) | 55573 | 59705 | 55135 |
| &nbsp;&nbsp;&nbsp; Compliance services fees (Note 2) | 18050 | 19289 | 19223 |
| &nbsp;&nbsp;&nbsp; Printing fees | 64005 | 12858 | 61808 |
| &nbsp;&nbsp;&nbsp; Other expenses | 11514 | 2858 | 13694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 5144689 | 653116 | 12216477 |
| &nbsp;&nbsp;&nbsp; Fees waived by the Advisor - Investor Class (Note 2) |  | (6210) |  |
| &nbsp;&nbsp;&nbsp; Fees waived by the Advisor - Institutional Class (Note 2) |  | (256845) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 5144689 | 390061 | 12216477 |
| **Net Investment Income (loss)** | (4300671) | 173630 | 17246665 |
| **Realized and Unrealized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 126410755 | (134103) | 108484551 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions |  | 18865 | 163081 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of unaffiliated investments | (65141852) | 6173501 | 145514853 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of affiliated investments<br> (Note 1) |  |  | 35632303 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of foreign currency translations |  |  | 4 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized foreign capital gains tax |  |  | (1766320) |
| **Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies** | 61268903 | 6058263 | 288028475 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $56968232 <br>| $6231893 <br>| $305275140 <br>|

---

The Brown Capital Management Mutual Funds

------

Statements of Changes in Net Assets

*See Notes to Financial Statements*

10www.browncapital.com

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Company Fund** | **Small Company Fund** | **International All Company Fund** | **International All Company Fund** |
|  | **Six Months Ended September 30, 2025 (unaudited)** | **Year Ended <br>March 31, 2025** | **Six Months Ended September 30, 2025 (unaudited)** | **Year Ended<br>March 31, 2025** |
| **Increase (Decrease) in Net Assets From** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4300671 ) | $(14602759 ) | $173630 <br>| $(32551 ) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency | 126410755 | 577345488 | (115238) | (1145261) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | (65141852) | (613971102) | 6173501 | (3218348) |
| **Net Increase (Decrease) in Net Assets From Operations** | 56968232 | (51228373) | 6231893 | (4396160) |
| **Distributions to Shareholders: (Note 4)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings |  | (159938725) |  |  |
| &nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings |  | (270207545) |  |  |
| **Decrease in Net Assets from Distributions** |  | (430146270) |  |  |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 14087579 | 67654642 | 223950 | 1927306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 34084862 | 172016829 | 362005 | 36649113 |
| &nbsp;&nbsp;&nbsp; Reinvested dividends and distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor |  | 153383730 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional |  | 257228861 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor<sup>(A)(C)</sup>  | (88699378) | (356755383) | (186388) | (2164844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional<sup>(B)(C)</sup>  | (151564154) | (1138347285) | (2703056) | (29537306) |
| **Net Increase (Decrease) in Net Assets from <br>Capital Share Transactions** | (192091091) | (844818606) | (2303489) | 6874269 |
| **Net Increase (Decrease) in Net Assets** | (135122859) | (1326193249) | 3928404 | 2478109 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | 834165257 | 2160358506 | 73133660 | 70655551 |
| &nbsp;&nbsp;&nbsp; End of Period | $699042398 <br>| $834165257 <br>| $77062064 <br>| $73133660 <br>|
|  |  |  |  |  |
| <sup>*(A)*</sup>*Includes Redemption fees of:* |  |  |  | $24 <br>|
| <sup>*(B)*</sup>*Includes Redemption fees of:* |  |  |  | $2241 <br>|
| <sup>*(C)*</sup>*Effective July 29, 2024, the International All Company Fund and the International Small Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.* | <sup>*(C)*</sup>*Effective July 29, 2024, the International All Company Fund and the International Small Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.* | <sup>*(C)*</sup>*Effective July 29, 2024, the International All Company Fund and the International Small Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.* |  |  |
| <sup>*(C)*</sup>*Effective July 29, 2024, the International All Company Fund and the International Small Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.* | <sup>*(C)*</sup>*Effective July 29, 2024, the International All Company Fund and the International Small Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.* | <sup>*(C)*</sup>*Effective July 29, 2024, the International All Company Fund and the International Small Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.* |  |  |

---

The Brown Capital Management Mutual Funds

------

Statements of Changes in Net Assets

*See Notes to Financial Statements*

Financial Statements \| September 30, 2025 (unaudited)11

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Company Fund** | **Small Company Fund** | **International All Company Fund** | **International All Company Fund** |
|  | **Six Months Ended September 30, 2025 (unaudited)** | **Year Ended<br>March 31, 2025** | **Six Months Ended September 30, 2025 (unaudited)** | **Year Ended<br>March 31, 2025** |
| **Share Information:** |  |  |  |  |
| **Investor Class:** |  |  |  |  |
| Shares sold | 320058 | 1150178 | 12496 | 111503 |
| Reinvested distributions |  | 2886408 |  |  |
| Shares redeemed | (1981829) | (5616612) | (10338) | (123466) |
| **Net Increase (Decrease) in Capital Shares** | (1661771) | (1580026) | 2158 | (11963) |
| Shares Outstanding, Beginning of Period | 7634339 | 9214365 | 99561 | 111524 |
| **Shares Outstanding, End of Period** | 5972568 | 7634339 | 101719 | 99561 |
| **Share Information:** |  |  |  |  |
| **Institutional Class:** |  |  |  |  |
| Shares sold | 744786 | 2625930 | 20119 | 2098274 |
| Reinvested distributions |  | 4545483 |  |  |
| Shares redeemed | (3185838) | (16683192) | (153422) | (1716501) |
| **Net Increase (Decrease) in Capital Shares** | (2441052) | (9511779) | (133303) | 381773 |
| Shares Outstanding, Beginning of Period | 11212124 | 20723903 | 4303657 | 3921884 |
| **Shares Outstanding, End of Period** | 8771072 | 11212124 | 4170354 | 4303657 |

---

The Brown Capital Management Mutual Funds

------

Statements of Changes in Net Assets

*See Notes to Financial Statements*

12www.browncapital.com

---

| | | |
|:---|:---|:---|
|  | **International Small Company Fund** | **International Small Company Fund** |
|  | **Six Months Ended September 30, 2025 (unaudited)** | **Year Ended<br>March 31, 2025** |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $17246665 <br>| $(88978 ) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency | 108647632 | 79920369 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency | 179380843 | (32319817) |
| **Net Increase (Decrease) in Net Assets From Operations** | 305275140 | 47511574 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 67977144 | 23100596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 74669860 | 239550213 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor<sup>(A)(C)</sup>  | (23837912) | (64119589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional<sup>(B)(C)</sup>  | (186487675) | (375588518) |
| **Net Increase (Decrease) in Net Assets from Capital Share Transactions** | (67678583) | (177057298) |
| **Net Increase (Decrease) in Net Assets** | 237596557 | (129545724) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Period | 2032900519 | 2162446243 |
| &nbsp;&nbsp;&nbsp; End of Period | $2270497076 <br>| $2032900519 <br>|
|  |  |  |
| <sup>*(A)*</sup>*Includes Redemption fees of:* |  | $1491 <br>|
| <sup>*(B)*</sup>*Includes Redemption fees of:* |  | $2351 <br>|
| <sup>*(C)*</sup>*Effective July 29, 2024, the International All Company Fund and the International Small Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.* |  |  |
| <sup>*(C)*</sup>*Effective July 29, 2024, the International All Company Fund and the International Small Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.* |  |  |

---

The Brown Capital Management Mutual Funds

------

Statements of Changes in Net Assets

*See Notes to Financial Statements*

Financial Statements \| September 30, 2025 (unaudited)13

---

| | | |
|:---|:---|:---|
|  | **International Small Company Fund** | **International Small Company Fund** |
|  | **Six Months Ended September 30, 2025 (unaudited)** | **Year Ended<br>March 31, 2025** |
| **Share Information:** |  |  |
| **Investor Class:** |  |  |
| Shares sold | 2592304 | 967708 |
| Shares redeemed | (904547) | (2722454) |
| **Net Increase (Decrease) in Capital Shares** | 1687757 | (1754746) |
| Shares Outstanding, Beginning of Period | 5303814 | 7058560 |
| **Shares Outstanding, End of Period** | 6991571 | 5303814 |
| **Share Information:** |  |  |
| **Institutional Class:** |  |  |
| Shares sold | 2821048 | 9984669 |
| Shares redeemed | (6940334) | (15515294) |
| **Net Increase (Decrease) in Capital Shares** | (4119286) | (5530625) |
| Shares Outstanding, Beginning of Period | 80516821 | 86047446 |
| **Shares Outstanding, End of Period** | 76397535 | 80516821 |

---

14www.browncapital.com

*See Notes to Financial Statements*

The Brown Capital Management Small Company Fund

------

Financial HighlightsFor a share outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended September 30, <br>2025 (unaudited)** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| **Investor Class** | **Six Months Ended September 30, <br>2025 (unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Period | $42.60 <br>| $70.13 <br>| $70.41 <br>| $99.97 <br>| $125.17 <br>| $83.73 <br>|
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | (0.27) | (0.70) | (0.76) | (0.88) | (1.45) | (1.22) |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) <br>on Investments<sup>(f)</sup>  | 3.27 | (0.10) | 7.01 | (20.90) | (12.90) | 52.60 |
| Total from Investment Operations | 3.00 | (0.80) | 6.25 | (21.78) | (14.35) | 51.38 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions (from capital gains) |  | (26.73) | (6.53) | (7.78) | (10.85) | (9.94) |
| Total distributions |  | (26.73) | (6.53) | (7.78) | (10.85) | (9.94) |
| Net Asset Value, End of Period | $45.60 <br>| $42.60 <br>| $70.13 <br>| $70.41 <br>| $99.97 <br>| $125.17 <br>|
| **Total Return<sup>(b)(d)</sup>**  | 7.04% | (8.70%) | 9.81% | (21.26%) | (12.41%) | 61.30% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (000's) | $272371 <br>| $325208 <br>| $646205 <br>| $822783 <br>| $1449535 <br>| $2145380 <br>|
| Ratio of Expenses to Average Net Assets<sup>(c)(e)</sup>  | 1.42% | 1.32% | 1.31% | 1.28% | 1.25% | 1.24% |
| Ratio of Net Investment Income (Loss) to <br>Average Net Assets | (1.21%) | (1.12%) | (1.07%) | (1.13%) | (1.20%) | (1.01%) |
| Portfolio Turnover Rate<sup>(d)</sup>  | 7% | 11% | 12% | 22% | 14% | 9% |

---

<sup>*(a)*</sup>  *Calculated using average shares method.*

<sup>*(b)*</sup>  *Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

<sup>*(c)*</sup>  *Includes 12b-1 Plan expenses, based upon the 12b-1 Plan adopted by the Fund on December 1, 2011.*

<sup>*(d)*</sup>*Total return and portfolio turnover rate are for the year indicated and have not been annualized for the years less than one year.*

<sup>*(e)*</sup>*Ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets have been annualized for periods less than one year.*

<sup>*(f)*</sup>  *Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.*

Financial Statements \| September 30, 2025 (unaudited)15

*See Notes to Financial Statements*

The Brown Capital Management Small Company Fund

------

Financial HighlightsFor a share outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended September 30, 2025<br>(unaudited)** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| <br>**Institutional Class** | **Six Months Ended September 30, 2025<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Period | $45.39 <br>| $73.06 <br>| $72.94 <br>| $103.07 <br>| $128.45 <br>| $85.60 <br>|
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | (0.24) | (0.61) | (0.64) | (0.74) | (1.24) | (1.00) |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) <br>on Investments<sup>(e)</sup>  | 3.50 | (0.33) | 7.29 | (21.61) | (13.29) | 53.79 |
| Total from Investment Operations | 3.26 | (0.94) | 6.65 | (22.35) | (14.53) | 52.79 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions (from capital gains) |  | (26.73) | (6.53) | (7.78) | (10.85) | (9.94) |
| Total distributions |  | (26.73) | (6.53) | (7.78) | (10.85) | (9.94) |
| Net Asset Value, End of Period | $48.65 <br>| $45.39 <br>| $73.06 <br>| $72.94 <br>| $103.07 <br>| $128.45 <br>|
| **Total Return<sup>(b)(c)</sup>**  | 7.18% | (8.52%) | 10.03% | (21.17%) | (12.23%) | 61.61% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (000's) | $426671 <br>| $508958 <br>| $1514154 <br>| $2681732 <br>| $3903646 <br>| $4782245 <br>|
| Ratio of Expenses to Average Net Assets<sup>(d)</sup>  | 1.22% | 1.12% | 1.11% | 1.08% | 1.05% | 1.04% |
| Ratio of Net Investment Income (Loss) to <br>Average Net Assets | (1.01%) | (0.91%) | (0.87%) | (0.93%) | (1.00%) | (0.81%) |
| Portfolio Turnover Rate<sup>(c)</sup>  | 7% | 11% | 12% | 22% | 14% | 9% |

---

<sup>*(a)*</sup>*Calculated using average shares method.*

<sup>*(b)*</sup>*Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

<sup>*(c)*</sup>*Total return and portfolio turnover rate are for the year indicated and have not been annualized for the periods less than one year.*

<sup>*(d)*</sup>*Ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets have been annualized for periods less than one year.*

<sup>*(e)*</sup>*Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.*

16www.browncapital.com

*See Notes to Financial Statements*

The Brown Capital Management International All Company Fund

------

Financial HighlightsFor a share outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended September 30, 2025<br>(unaudited)** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| **Investor Class** | **Six Months Ended September 30, 2025<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Period | $16.37 <br>| $17.32 <br>| $14.28 <br>| $16.06 <br>| $17.51 <br>| $12.83 <br>|
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.02 | (0.05) | (0.04) | (0.03) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies | 1.37 | (0.90) | 3.08 | (1.60) | (1.26) | 5.29 |
| Total from Investment Operations | 1.39 | (0.95) | 3.04 | (1.63) | (1.32) | 5.22 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions (from net investment income) |  |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp; Distributions (from capital gains) |  |  |  | (0.15) | (0.12) | (0.54) |
| Total distributions |  |  |  | (0.15) | (0.13) | (0.54) |
| Redemption Fees Added to Paid-in Capital<br> (Note1)<sup>(a)(g)</sup>  |  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  |
| Net Asset Value, End of Period | $17.76 <br>| $16.37 <br>| $17.32 <br>| $14.28 <br>| $16.06 <br>| $17.51 <br>|
| **Total Return<sup>(c)(e)</sup>**  | 8.49% | (5.48<br> %) | 21.29% | (10.06<br> %) | (7.68<br> %) | 40.73% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (000's) | $1807 <br>| $1630 <br>| $1931 <br>| $2492 <br>| $2618 <br>| $3613 <br>|
| Ratio of Expenses to Average Net Assets<sup>(f)</sup>  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Excluding Fee Waivers and Reimbursements<sup>(d)</sup>  | 1.94% | 1.95% | 1.88% | 1.90% | 1.58% | 1.79% |
| Ratio of Expenses to Average Net Assets<sup>(f)</sup>  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Including Fee Waivers and Reimbursements<sup>(d)</sup>  | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of Net Investment Income (Loss) to <br>Average Net Assets | 0.20% | (0.27<br> %) | (0.25<br> %) | (0.25<br> %) | (0.34<br> %) | (0.42<br> %) |
| Portfolio Turnover Rate<sup>(e)</sup>  | 2% | 56% | 12% | 20% | 8% | 11% |

---

<sup>*(a)*</sup>  *Calculated using average shares method.*

<sup>*(b)*</sup>  *Less than 0.005 per share.*

<sup>*(c)*</sup>  *Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

<sup>*(d)*</sup>  *Includes 12b-1 Plan expenses, based upon the 12b-1 Plan adopted by the Fund on December 1, 2011.*

<sup>*(e)*</sup>*Total return and portfolio turnover rate are for the year indicated and have not been annualized for the periods less than one year.*

<sup>*(f)*</sup>*Ratio of expenses to average net assets, ratio of expenses to average net assets including fee waivers and reimbursements and ratio of net investment income (loss) to average net assets have been annualized for periods less than one year.*

<sup>*(g)*</sup>*Effective July 29, 2024, the International All Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.*

Financial Statements \| September 30, 2025 (unaudited)17

*See Notes to Financial Statements*

The Brown Capital Management International All Company Fund

------

Financial HighlightsFor a share outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended September 30, 2025<br>(unaudited)** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| **Institutional Class** | **Six Months Ended September 30, 2025<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Period | $16.61 <br>| $17.52 <br>| $14.43 <br>| $16.18 <br>| $17.59 <br>| $12.86 <br>|
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.04 | (0.01) | (0.01) | —<br> <sup>(f)</sup>  | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) <br>on Investments and Foreign Currencies | 1.40 | (0.90) | 3.10 | (1.60) | (1.25) | 5.30 |
| Total from Investment Operations | 1.44 | (0.91) | 3.09 | (1.60) | (1.28) | 5.27 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions (from net investment income) |  |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp; Distributions (from capital gains) |  |  |  | (0.15) | (0.12) | (0.54) |
| Total distributions |  |  |  | (0.15) | (0.13) | (0.54) |
| Redemption Fees Added to Paid-in Capital<br> (Note 1)<sup>(a)(g)</sup>  |  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  |
| Net Asset Value, End of Period | $18.05 <br>| $16.61 <br>| $17.52 <br>| $14.43 <br>| $16.18 <br>| $17.59 <br>|
| **Total Return<sup>(c)(d)</sup>**  | 8.67% | (5.19<br> %) | 21.41% | (9.80<br> %) | (7.42<br> %) | 41.03% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (000's) | $75255 <br>| $71504 <br>| $68724 <br>| $61259 <br>| $66099 <br>| $61564 <br>|
| Ratio of Expenses to Average Net Assets<sup>(e)</sup>  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Excluding Fee Waivers and Reimbursements | 1.68% | 1.69% | 1.64% | 1.64% | 1.34% | 1.54% |
| Ratio of Expenses to Average Net Assets<sup>(e)</sup>  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Including Fee Waivers and Reimbursements | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of Net Investment Income (Loss) to <br>Average Net Assets | 0.45% | (0.04<br> %) | (0.03<br> %) | 0.00<br> %<sup>(f)</sup>  | (0.14<br> %) | (0.16<br> %) |
| Portfolio Turnover Rate<sup>(d)</sup>  | 2% | 56% | 12% | 20% | 8% | 11% |

---

<sup>*(a)*</sup>*Calculated using average shares method.*

<sup>*(b)*</sup>*Less than 0.005 per share.*

<sup>*(c)*</sup>*Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

<sup>*(d)*</sup>*Total return and portfolio turnover rate are for the year indicated and have not been annualized for the periods less than one year.*

<sup>*(e)*</sup>*Ratio of expenses to average net assets, ratio of expenses to average net assets including fee waivers and reimbursements and ratio of net investment income (loss) to average net assets have been annualized for periods less than one year.*

*(f) Less than 0.005 percent.*

<sup>*(g)*</sup>*Effective July 29, 2024, the International All Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.*

18www.browncapital.com

*See Notes to Financial Statements*

The Brown Capital Management International Small Company Fund

------

Financial HighlightsFor a share outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended September 30, 2025<br>(unaudited)** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| **Investor Class** | **Six Months Ended September 30, 2025<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Period | $23.16 <br>| $22.77 <br>| $19.95 <br>| $22.05 <br>| $25.03 <br>| $14.75 <br>|
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.13 | (0.05) | (0.05) | (0.04) | (0.06) | (0.15) |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies | 3.32 | 0.44 | 2.87 | (2.06) | (1.54) | 10.62 |
| Total from Investment Operations | 3.45 | 0.39 | 2.82 | (2.10) | (1.60) | 10.47 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions (from capital gains) |  |  |  |  | (1.39) | (0.19) |
| Total distributions |  |  |  |  | (1.39) | (0.19) |
| Redemption Fees Added to Paid-in Capital<br> (Note1)<sup>(a)(g)</sup>  |  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  | 0.01 | —<br> <sup>(b)</sup>  |
| Net Asset Value, End of Period | $26.61 <br>| $23.16 <br>| $22.77 <br>| $19.95 <br>| $22.05 <br>| $25.03 <br>|
| **Total Return<sup>(c)(e)</sup>**  | 14.90% | 1.71% | 14.14% | (9.52<br> %) | (7.30%) | 71.05% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (000's) | $186012 <br>| $122843 <br>| $160694 <br>| $163538 <br>| $195057 <br>| $171603 <br>|
| Ratio of Expenses to Average Net Assets<sup>(d)(f)</sup>  | 1.31% | 1.31% | 1.31% | 1.31% | 1.30% | 1.32% |
| Ratio of Net Investment Income (Loss) to <br>Average Net Assets | 1.02% | (0.21<br> %) | (0.25<br> %) | (0.20<br> %) | (0.22%) | (0.68<br> %) |
| Portfolio Turnover Rate<sup>(e)</sup>  | 6% | 10% | 15% | 19% | 8% | 18% |

---

<sup>*(a)*</sup>*Calculated using average shares method.*

<sup>*(b)*</sup>  *Less than 0.005 per share.*

<sup>*(c)*</sup>*Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

<sup>*(d)*</sup>*Includes 12b-1 Plan expenses, based upon the 12b-1 Plan adopted by the Fund on September 30, 2015.*

<sup>*(e)*</sup>*Total return and portfolio turnover rate are for the year indicated and have not been annualized for the periods less than one year.*

<sup>*(f)*</sup>*Ratio of expenses to average net assets, ratio of expenses to average net assets including fee waivers and reimbursements and ratio of net investment income (loss) to average net assets have been annualized for periods less than one year.*

<sup>*(g)*</sup>*Effective July 29, 2024, the International Small Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.*

Financial Statements \| September 30, 2025 (unaudited)19

*See Notes to Financial Statements*

The Brown Capital Management International Small Company Fund

------

Financial HighlightsFor a share outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended September 30, 2025<br>(unaudited)** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| **Institutional Class** | **Six Months Ended September 30, 2025<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Period | $23.72 <br>| $23.26 <br>| $20.34 <br>| $22.43 <br>| $25.39 <br>| $14.92 <br>|
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup>  | 0.21 | —<br> <sup>(b)</sup>  | (—)<sup>(b)</sup>  | 0.01 | 0.01 | (0.10) |
| &nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies | 3.35 | 0.46 | 2.92 | (2.10) | (1.58) | 10.76 |
| Total from Investment Operations | 3.56 | 0.46 | 2.92 | (2.09) | (1.57) | 10.66 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions (from net investment income) |  |  | (—)<sup>(b)</sup>  | (—)<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions (from capital gains) |  |  |  |  | (1.39) | (0.19) |
| Total distributions |  |  | (—)<sup>(b)</sup>  | (—)<sup>(b)</sup>  | (1.39) | (0.19) |
| Redemption Fees Added to Paid-in Capital<br> (Note 1)<sup>(a)(f)</sup>  |  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  | —<br> <sup>(b)</sup>  |
| Net Asset Value, End of Period | $27.28 <br>| $23.72 <br>| $23.26 <br>| $20.34 <br>| $22.43 <br>| $25.39 <br>|
| **Total Return<sup>(c)(d)</sup>**  | 15.01% | 1.98% | 14.37% | (9.30<br> %) | (7.11<br> %) | 71.51% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of Period (000's) | $2084485 <br>| $1910057 <br>| $2001753 <br>| $2141079 <br>| $2560435 <br>| $1923391 <br>|
| Ratio of Expenses to Average Net Assets<sup>(e)</sup>  | 1.05% | 1.06% | 1.06% | 1.06% | 1.05% | 1.07% |
| Ratio of Net Investment Income (Loss) to <br>Average Net Assets | 1.55% | 0.01% | 0.00% | 0.04% | 0.04% | (0.42<br> %) |
| Portfolio Turnover Rate<sup>(d)</sup>  | 6% | 10% | 15% | 19% | 8% | 18% |

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<sup>*(a)*</sup>*Calculated using average shares method.*

<sup>*(b)*</sup>*Less than 0.005 per share.*

<sup>*(c)*</sup>*Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

<sup>*(d)*</sup>*Total return and portfolio turnover rate are for the year indicated and have not been annualized for the periods less than one year.*

<sup>*(e)*</sup>*Ratio of expenses to average net assets, ratio of expenses to average net assets including fee waivers and reimbursements and ratio of net investment income (loss) to average net assets have been annualized for periods less than one year.*

<sup>*(f)*</sup>*Effective July 29, 2024, the International Small Company Fund ceased charging a redemption fee. Prior to July 29, 2024, redemption price per share may have been reduced for any applicable redemption fees. For a description of the possible redemption fees, see Note 1.*

20www.browncapital.com

The Brown Capital Management Mutual Funds

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Notes to Financial Statements September 30, 2025 (unaudited)

**1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES**

The Brown Capital Management Small Company Fund ("Small Company Fund"), The Brown Capital Management International All Company Fund ("International All Company Fund") and The Brown Capital Management International Small Company Fund ("International Small Company Fund") (each a "Fund" and collectively the "Funds") are each a series portfolio of Brown Capital Management Mutual Funds (the "Trust"). The Trust is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-ended management investment company. Each of the Funds in this report are classified as a diversified, open-end management investment company, as those terms are defined in the 1940 Act. The Funds currently offer Investor Class Shares and Institutional Class Shares.

The primary investment objective of the Small Company Fund is to seek long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The Small Company Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of those companies with operating revenues of $500 million or less at the time of initial investment.

The primary investment objective of the International All Company Fund is to seek long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The International All Company Fund seeks to achieve its investment objective by investing substantially of its assets in equity securities of non-U.S. based companies.

The primary investment objective of the International Small Company Fund is to seek long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The International Small Company Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment.

Income, expenses (other than distribution and service fees, which were only attributable to the Investor Shares), and realized and unrealized gains or losses on investments and foreign currencies were allocated to each class of shares based upon its relative net assets.

The Funds are each deemed to be an individual reporting segments and are not part of a consolidated reporting entity. The objective and strategy of each Fund is used by Brown Capital Management, LLC (the "Advisor") to make investment decisions, and the results of the Funds' operations, as shown in their Statements of Operations and Financial Highlights, is the information utilized for the day-to-day management of the Funds. The Funds and the Advisor are parties to expense agreements as disclosed in the Notes to the Financial Statements, and resources are not allocated to the Funds based on performance measurements. Due to the significance of oversight and its role in the Funds' management, the respective Fund's portfolio managers are deemed to be the Chief Operating Decision Maker.

The following accounting policies have been consistently followed by the Funds and are in conformity with United States generally accepted accounting principles ("GAAP"). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 *Financial Services – Investment Companies*.

**Investment Valuation**

The Funds' investments in securities are carried at value. Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time, Monday through Friday. Securities that are principally traded on the National Association of Securities Dealers Automated Quotation ("NASDAQ") exchange are generally valued at the NASDAQ Official Closing Price ("NOCP"). Other securities that are traded in the domestic over-the-counter market and listed securities for which last sales price is available, are generally valued at the last sales price as of the valuation time. In the absence of sales and NOCP, such securities are valued at the most recent bid price.

Foreign securities are valued using a third-party fair valuation vendor, Intercontinental Exchange Data Pricing & Reference Data, LLC ("ICE"), which applies proprietary models that consider multiple factors, including movements in the U.S. securities markets, relevant indices, and other applicable market data. With respect to the BCM International All Company Fund and the BCM International Small Company Fund, the Trust's Board of Trustees (the "Board") has determined that it is appropriate for the Trust to engage ICE to use its Fair Valuation Information Service "FVIS NY Close" (the "FVIS Service"). The FVIS Service is used on a daily basis for each foreign equity security in the portfolios unless the Valuation Designee determines that its use is not appropriate on a particular day for a given security. When a predefined U.S. market movement threshold, established by the Advisor's valuation policies, is exceeded, ICE fair values non-U.S. securities based on their correlation with U.S. market movements. This methodology may also be applied when a local market is closed for a holiday or other reason. The Advisor may review ICE's pricing outputs and, if deemed unreliable, escalate for potential valuation committee consideration.

Securities and assets for which representative market quotations are not readily available or which cannot be accurately valued using the Funds' normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Board. The Board has appointed the Advisor as valuation designee to be responsible for all fair value determinations for the Funds. Fair value pricing may be used, for example, in situations where (i)

Financial Statements \| September 30, 2025 (unaudited)21

The Brown Capital Management Mutual Funds

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Notes to Financial Statements September 30, 2025 (unaudited)

a security, such as a small-cap stock, mid-cap stock, or foreign security, is so thinly traded that there have been no transactions for that stock over an extended period of time or the validity of a market quotation received is questionable; (ii) an event occurs after the close of the exchange on which a portfolio security is principally traded that is likely to have changed the value of the security prior to time as of which a Fund calculates its net asset value; (iii) the exchange on which the security is principally traded closes early; or (iv) trading of the particular portfolio security is halted during the day and does not resume prior to time as of which a Fund calculates its net asset value. A security's "fair value" price may differ from the price next available for that security using the Funds' normal pricing procedures. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

**Fair Value Measurement**

In accordance with GAAP, the Funds use a three-tier hierarchy to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the three broad levels listed below:

Level 1 –Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 –Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 –Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

An investment's level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Funds to measure fair value during the six months ended September 30, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs.

The following is a summary of the inputs used in valuing the Funds' assets as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Company Fund:** |  |  |  |  |
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |  |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $681224127 <br>| $— <br>| $— <br>| $681224127 <br>|
| Warrants |  |  | —<br> \* |  |
| Short Term Investments | 19729225 |  |  | 19729225 |
| Total | $700953352 <br>| $— <br>| $— <br>| $700953352 <br>|
| **International All Company Fund:** |  |  |  |  |
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |  |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $21985170 <br>| $51646139 <br>| $— <br>| $73631309 <br>|
| Short Term Investments | 3020712 |  |  | 3020712 |
| Total | $25005882 <br>| $51646139 <br>| $— <br>| $76652021 <br>|

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22www.browncapital.com

The Brown Capital Management Mutual Funds

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Notes to Financial Statements September 30, 2025 (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **International Small Company Fund:** |  |  |  |  |
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |  |
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $427605347 <br>| $1805217530 <br>| $— <br>| $2232822877 <br>|
| Short Term Investments | 39122968 |  |  | 39122968 |
| Total | $466728315 <br>| $1805217530 <br>| $— <br>| $2271945845 <br>|

---

*\* The Level 3 Security has zero value.*

Refer to the Funds' Schedule of Investments for a listing of the security type and sector.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities.

**Foreign Currency Translation (International All Company Fund and International Small Company Fund)**

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain/(loss) or unrealized appreciation/(depreciation) from investments.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign taxes withheld, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

**Foreign Currency Spot Contracts (International All Company Fund and International Small Company Fund)**

Derivative instruments include foreign currency spot trades. The Funds may enter into such derivative instruments primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a foreign currency spot contract the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price typically within two business days. These contracts are valued daily, and the Fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the foreign exchange rates at the dates of entry into the contracts and the exchange rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments often involve market risk, credit risk, or both risks, in excess of the amount recognized in the Statements of Assets and Liabilities. Risks may also arise from the possible inability of counterparties to meet the terms of their contracts and from unanticipated movements in currency and securities values and interest rates.

**Affiliated Companies**

If a Fund owns 5% or more of the outstanding voting securities, either directly or indirectly, of a particular issuer, the 1940 Act deems such an issuer to be an "affiliate" of the Fund. As of or during the six months ended September 30, 2025, the International Small Company Fund owned 5% or more of the outstanding voting securities of the issuers identified in the table below and therefore those issuers are considered affiliates of that Fund for purposes of the 1940 Act.

**International Small Company Fund**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Market Value as of March 31, 2025** | **Purchases** | **Sales** | **Market Value as of September 30, 2025** | **Share Balance as of September 30, 2025** | **Dividends\*** | **Change in Unrealized <br>Gain (Loss)** | **Realized <br>Gain (Loss)** |
| Hiday Hidaka Corp. | $54631107 <br>| $3747603 <br>| $— <br>| $75582790 <br>| 3123974 | $635560 <br>| $17204080 <br>| $— <br>|
| Lectra | 86217378 | 4664173 |  | 87902937 | 3153426 | 1016557 | (2978614) |  |
| MIPS AB | 54188908 | 3432573 |  | 54122840 | 1488.424 | 807725 | (3498641) |  |
| PayPoint PLC | 26505137 | 1907925 |  | 35026799 | 3454461 | 903648 | 6613737 |  |
| Software Service, Inc. | 37281544 | 1413185 |  | 49461222 | 492725 |  | 10766493 |  |
| STRATEC Biomedical AG | 27470100 | 1786283 |  | 36781631 | 1092673 | 631606 | 7525248 |  |
| grand total |  |  |  | $338878219 <br>| 12805683 | $3995096 <br>| $35632303 <br>| $— <br>|

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*\* Net of reclaims and foreign taxes withheld*

Financial Statements \| September 30, 2025 (unaudited)23

The Brown Capital Management Mutual Funds

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Notes to Financial Statements September 30, 2025 (unaudited)

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Trust is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules. Interest income is recorded on the accrual basis and includes amortization of discounts and premiums. Gains and losses are determined on the high cost basis, which is the same basis used for federal income tax purposes. The Funds accrue any taxes withheld from foreign investments by foreign countries. Amounts that may be reclaimed are recorded as receivables and amounts that may not be reclaimed are recorded at the same time as the related income on each income recognition date if the tax rated is fixed and known. When investment income is received net of the tax withheld, a separate realized foreign currency gain or loss is computed on the gross income receivable and the accrued tax expense. If the tax rate is not known or estimable, such expense or receivable is recorded on the date that the net amount is received.

**Expenses**

Each Fund bears expenses incurred specifically on its behalf, as well as a portion of general Trust expenses, which are allocated according to methods approved by the Trustees. Class specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Expenses not directly billed to a particular Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund or another reasonable measurement. Fees provided under the distribution (Rule 12b-1) and/or shareholder service plans for a particular class of the Funds' are charged to the operations of such class.

**Dividend Distributions**

Each of the Funds may declare and distribute dividends from net investment income (if any) annually. Distributions from capital gains (if any) are generally declared and distributed annually. Dividends and distributions to shareholders are recorded on ex-date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP.

**Warrants**

The Funds may invest in warrants. Warrants are options to purchase equity securities at a specific price, or receive contingent payments, for a specific period of time. They do not represent ownership of the securities, but only the right to buy them. Hence, warrants have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The value of warrants is derived solely from capital appreciation of the underlying equity securities. Warrants differ from call options in that the underlying corporation issues warrants, whereas call options may be written by anyone.

**Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reported period. Actual results could differ from those estimates. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Funds ultimately realize upon sale of the securities.

**Federal Income Taxes**

No provision for income taxes is included in the accompanying financial statements, as each Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies.

**Foreign Taxes**

The International All Company Fund and the International Small Company Fund may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains earned.

**Fees on Redemptions**

Effective July 29, 2024, the International All Company Fund and the International Small Company Fund ceased assessing a redemption fee. Prior to July 29, 2024, shares of the International All Company Fund and the International Small Company Fund were assessed a fee of 2.00% of redemption amount if such shares are redeemed within 60 days of purchase. The redemption fee was paid directly to the Fund and was intended to offset the cost of liquidating a shareholders' investment in the Fund, discourage short-term trading of shares, and protect long-term shareholders – the redemption fee was not a sales charge or other fee intended to finance sales or marketing expenses. No redemption fee will be imposed on redemptions initiated by the Funds. Redemption fees are disclosed on the Statements of Changes in Net Assets.

24www.browncapital.com

The Brown Capital Management Mutual Funds

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Notes to Financial Statements September 30, 2025 (unaudited)

**2. TRANSACTIONS WITH RELATED PARTIES AND OTHER SERVICE PROVIDERS**

**Advisor**

Each Fund pays a monthly advisory fee to the Advisor based upon the average daily net assets of each Fund and is calculated at the following annual rates:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisory Fees** | **Advisory Fees** |  |  |  |
| **Fund** | **Average Net <br>Assets** | **Rate** | **Expense Limitation Ratio** | **Advisory Fees Waived** | **Expenses Reimbursed** |
| Small Company Fund | On all net assets | 1.00% | 1.25% | $— <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— <br>|
| International All Company Fund | First $100 million | 0.90% | 1.00% | 263055 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Over $100 million | 0.75% | 1.00% |  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Small Company Fund | On all net assets | 1.00% | 1.15% |  | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

In the interest of limiting expenses of the Funds, the Advisor has entered into expense limitation agreements with the Trust, with respect to each of the Funds ("Expense Limitation Agreements"), pursuant to which the Advisor has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the Funds (other than interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of each Fund's business, and amounts, if any, payable under a Rule 12b-1 distribution plan) do not exceed certain limits, which are (at the time this report is being produced) for the Small Company Fund, the International All Company Fund and the International Small Company Fund, 1.25%, 1.00% and 1.15% of the average daily net assets of those Funds, respectively. The Expense Limitation Agreements are in effect until July 31, 2026, and may only be terminated prior to that date by the Advisor and the Board only by mutual written consent.

Each of the Funds may reimburse the Advisor the management fees waived or limited and other expenses assumed and paid by the Advisor pursuant to the Expense Limitation Agreements within three (3) years from the time of the waiver, provided that the particular fund has reached a sufficient asset size to permit such reimbursement to be made without causing the total annual expense ratio of the particular fund to exceed the lesser of the percentage limits in place at the time of the waiver and/or reimbursement or current waiver and/or reimbursement arrangement. Consequently, no reimbursement by any of the Funds will be made unless: (i) the particular fund's assets exceed $20 million for the Small Company Fund, the International All Company Fund, and the International Small Company Fund; (ii) the particular fund's total annual expense ratio is less than the percentage described above; and (iii) the payment of such reimbursement has been approved by the Trustees on a quarterly basis.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires 2026** | **Expires 2027** | **Expires 2028** | **Expires 2029** |
| Small Company Fund | $— <br>| $— <br>| $— <br>| $— <br>|
| International All Company Fund | 368923 | 436788 | 510495 | 263055 |
| International Small Company Fund |  |  |  |  |

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**Administrator, Transfer Agent and Fund Accountant**

As compensation for its services to the Trust, fees to CFS are computed daily and paid monthly. For its services, CFS is paid $500,000 per Fund per year for Administration and Fund Accounting and $12,000 per Fund per year for Regulatory Compliance. Transfer Agency fees are based on the number and type of accounts serviced, subject to an annual minimum of $15,000 per Fund. In addition, the Trust shall reimburse CFS from the assets of each Fund certain reasonable expenses incurred by CFS on behalf of each Fund individually in connection with the performance of the Administration Agreement. For the six months ended September 30, 2025, the following fees were paid by the Funds to CFS:

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| | | |
|:---|:---|:---|
| **Fund** | **Fund Accounting and Administration** | **Transfer <br>Agent** |
| Small Company Fund | $89333 <br>| $431507 <br>|
| International All Company Fund | 89333 | 4459 |
| International Small Company Fund | 89333 | 73946 |

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**Compliance Services**

The principal owner of Watermark Solutions, LLC serves as the Trust's Chief Compliance Officer pursuant to an agreement with the Trust. As compensation for its services to the Trust, Watermark Solutions, LLC receives an annual compliance services fee. CFS provides services which assist the Trust's Chief Compliance Officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act. CFS is compensated under the Administration Agreement for these services.

Financial Statements \| September 30, 2025 (unaudited)25

The Brown Capital Management Mutual Funds

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Notes to Financial Statements September 30, 2025 (unaudited)

**Distributor**

ALPS Distributors, Inc. (the "Distributor") serves as the Funds' distributor. The Distributor acts as the principal underwriter of the Trust's shares.

**12b-1 Plan**

Each Fund has adopted, with respect to its Investor Class shares, a plan pursuant to Rule 12b-1 under the 1940 Act (each a "Plan" and collectively, the "Plans") under which each Fund may incur expenses related to distribution of its shares and for services provided to shareholders. Payments under a Plan are made to the Distributor, which uses them to pay distribution and shareholder service expenses on behalf of and as agent of the Fund. The amount payable by the International All Company Fund and the International Small Company Fund under the Plan is 0.25% of average daily net assets for the year and 0.20% of average daily net assets for the Small Company Fund. The Plans are compensation plans, which means that payments are made to the Distributor regardless of 12b-1 expenses actually incurred. Therefore, payments under a Plan may exceed distribution and shareholder service expenses incurred pursuant to the Plan. The Distributor may reimburse the Advisor for expenditures that it incurs for marketing and distributions related services for the Funds. It is also possible that 12b-1 expenses for a period will exceed the payments made to the Distributor by the Funds, in which case the Advisor may pay such excess expenses out of its own resources. The Plans require that the Distributor act in the Funds' best interests in expending the payments it receives from the Funds and use payments solely for the purpose of paying distribution expenses on behalf of the Funds. The Funds' Distributor verifies all payment amounts to be made to brokers that have properly executed dealer agreements with the Funds before such payments are made.

**Legal Counsel to the Trust**

Practus, LLP serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is the managing partner of Practus, LLP, but he receives no direct special compensation from the Trust or the Funds for serving as an officer of the Trust.

Any Trustee and/or officer of the Trust that also is an employee and/or officer of the Advisor does not receive compensation from the Trust for serving in such roles.

**3. PURCHASES AND SALES OF INVESTMENT SECURITIES**

For the six months ended September 30, 2025, the aggregate cost of purchases and proceeds from sales of investment securities, excluding short-term securities, are shown in the following table.

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds From Sales of Securities** |
| Small Company Fund | $57115352 <br>| $245673760 <br>|
| International All Company Fund | 1716682 | 4768331 |
| International Small Company Fund | 139151161 | 208034326 |

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**4. FEDERAL INCOME TAX**

Distributions are determined in accordance with Federal income tax regulations, which may differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.

The Funds recognize the tax benefit or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management reviewed the tax positions in the open tax years of 2022-2024 and as of and during the six months ended September 30, 2025, and determined that the Funds do not have a liability for uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

At September 30, 2025, the tax-basis unrealized appreciation (depreciation) and cost of investments were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Small <br>Company Fund** | **International All Company Fund** | **International<br> Small<br> Company Fund** |
| Gross unrealized appreciation (excess of value over tax cost) | $338284854 <br>| $25091132 <br>| $789958712 <br>|
| Gross unrealized depreciation (excess of tax cost over value) | (81200884) | (4760939) | (327512118) |
| Net appreciation (depreciation) of foreign currency and <br>unrealized foreign capital gains tax |  |  | (3675052) |
| Net unrealized appreciation (depreciation) | $257083740 <br>| $20330193 <br>| $458771542 <br>|
| Cost of investments for income tax purposes | $443869612 <br>| $56321828 <br>| $1809499251 <br>|

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26www.browncapital.com

The Brown Capital Management Mutual Funds

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Notes to Financial Statements September 30, 2025 (unaudited)

At September 30, 2025, the distributable earnings (accumulated deficits) on a tax basis were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Small <br>Company Fund** | **International All Company Fund** | **International<br> Small<br> Company Fund** |
| Accumulated Ordinary Income/(Loss) | $(6742700 ) | $192495 <br>| $17409746 <br>|
| Accumulated Capital Gain/(Loss) | 325989848 | (3969822) | (31574000) |
| Unrealized Appreciation/(Depreciation) | 257083740 | 20330193 | 458771542 |
| Total | $576330888 <br>| $16552866 <br>| $444607288 <br>|

---

Distributions during the periods shown were characterized for tax purposes as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Company Fund** | **Small Company Fund** | **International All Company Fund** | **International All Company Fund** | **International Small Company Fund** | **International Small Company Fund** |
| **Distributions paid from:** | **Six Months Ended September 30, 2025** | **Year Ended <br>March 31, 2025** | **Six Months Ended September 30, 2025** | **Year Ended<br>March 31, 2025** | **Six Months Ended September 30, 2025** | **Year Ended<br>March 31, 2025** |
| Ordinary income | $— <br>| $— <br>| $— <br>| $— <br>| $— <br>| $— <br>|
| Realized gains |  | 430146270 |  |  |  |  |
|  | $— <br>| $430146270 <br>| $— <br>| $— <br>| $— <br>| $— <br>|

---

**5. SECTOR RISK**

If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of that Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of September 30, 2025, 29.29% of the value of the net assets of the Small Company Fund was invested in securities within the Medical/Health Care sector; 36.23% of the value of the net assets of the International All Company Fund was invested in securities within the Information Technology sector; 35.84% of the value of the net assets of the International Small Company Fund was invested in securities within the Information Technology sector.

**6. COMMITMENTS AND CONTINGENCIES**

Under the Funds' organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with its vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. The Funds expect the risk of loss to be remote.

**7. CONTROL PERSONS AND PRINCIPAL SECURITIES HOLDERS**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of the Fund. A control person is one who owns, (either directly or indirectly), more than 25% of the voting securities of the Fund or acknowledges the existence of such control. As a controlling shareholder, each of these persons could control the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the management agreements with the Advisor. At September 30, 2025, the Advisor owned 46% of the International All Company Fund's outstanding shares.

Financial Statements \| September 30, 2025 (unaudited)27

The Brown Capital Management Mutual Funds

------

Notes to Financial Statements September 30, 2025 (unaudited)

**8. TRUSTEE AND OFFICER FEES**

Officers of the Trust, except the Chief Compliance Officer, and Trustees who are interested persons of the Trust, will receive no salary or fees from the Funds for their services to the Trust. As of September 30, 2025, there were five Trustees, three of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act (each, an "Independent Trustee"). Each Independent Trustee of the Trust receives an $87,400 annual retainer, $27,600 in Board meeting fees, and a $4,000 per meeting fee for Special Meetings. All Trustees and officers are reimbursed for any out-of-pocket expenses incurred in connection with attendance at meetings.

**9. SUBSEQUENT EVENTS**

The Funds evaluated subsequent events from September 30, 2025, the date of these financial statements, through the date these financial statements were issued and available and have noted no additional items require disclosure.

28www.browncapital.com

The Brown Capital Management Mutual Funds

------

Supplemental Information September 30, 2025 (unaudited)

**Changes in and disagreements with accountants for open-end management investment companies.**

Not applicable.

**Proxy disclosures for open-end management investment companies.**

Not applicable.

**Remuneration paid to Directors, Officers, and others of open-end management investment companies.**

See the Statements of Operations and Note 2 which includes remuneration paid to Officers. See that Statements of Operations for remuneration paid to Trustees.

**Advisory Agreement Renewal**

Not applicable.

*Must be accompanied or preceded by a prospectus. Funds distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203*

![](bcm-ncsrs_093025img002.gif)

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Reference Item 7, the Statements of Operations which include remuneration paid to the Trustees and the Trust's Chief Compliance Officer. No other Officers are compensated directly by the Trust.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable because it is not a closed-end management investment company.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d- 15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable because it is not a closed-end management investment company.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Code of Ethics in response to Item 2 of this Form N-CSR – Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Brown Capital Management Mutual Funds

---

| | |
|:---|:---|
| By: (Signature and Title) | /s/ Robert L. Young, III |
|  | Robert L. Young, III |
|  | Trustee, President and Principal Executive Officer |

---

Date: December 4, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: (Signature and Title) | /s/ Robert L. Young, III |
|  | Robert L. Young, III |
|  | Trustee, President and Principal Executive Officer, |
|  | Brown Capital Management Mutual Funds |

---

Date: December 4, 2025

---

| | |
|:---|:---|
| By: (Signature and Title) | /s/ Michael L. Forster |
|  | Michael L. Forster |
|  | Treasurer and Principal Financial Officer, |
|  | Brown Capital Management Mutual Funds |

---

Date: December 4, 2025

## Ex-99.Cert

[Brown Capital Management Mutual Funds N-CSRS](bcm-ncsrs_093025.htm)

**EXHIBIT 19.(a)(3)**

**CERTIFICATIONS PURSUANT TO SECTION 302 OF THE**

**SARBANES OXLEY ACT OF 2002**

I, Robert L. Young, III, certify that:

1. I have reviewed this report on Form N-CSR of each of the funds of the Brown Capital Management Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| December 4, 2025 | /s/ Robert L. Young, III |
|  | Robert L. Young, III |
|  | Trustee, President and Principal Executive Officer, |
|  | Brown Capital Management Mutual Funds |

---

I, Michael L. Forster, certify that:

1. I have reviewed this report on Form N-CSR of each of the funds of the Brown Capital Management Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| December 4, 2025 | /s/ Michael L. Forster<br>|
|  | Michael L. Forster |
|  | Treasurer and Principal Financial Officer, |
|  | Brown Capital Management Mutual Funds |

---

## Exhibit 99.906

[Brown Capital Management Mutual Funds N-CSRS](bcm-ncsrs_093025.htm)

**EXHIBIT 19.(b)**

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**PRINCIPAL EXECUTIVE OFFICER CERTIFICATION**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the semi-annual report of each of the funds of the Brown Capital Management Mutual Funds (the "Funds") on Form N-CSR for the period ended September 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Robert L. Young, III, Principal Executive Officer of the Funds, does hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Funds.

---

| | | |
|:---|:---|:---|
| December 4, 2025 | By: | /s/ Robert L. Young, III |
|  |  | Robert L. Young, III |
|  |  | Trustee, President and Principal Executive Officer |
|  |  | Brown Capital Management Mutual Funds |

---

A signed original of this written statement required by Section 906 has been provided to the Funds and will be retained by the Funds and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**PRINCIPAL FINANCIAL OFFICER CERTIFICATION**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the semi-annual reports of each of the funds of the Brown Capital Management Mutual Funds (the "Funds") on Form N-CSR for the period ended September 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Michael L. Forster, Principal Financial Officer of the Funds, does hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Funds.

---

| | | |
|:---|:---|:---|
| December 4, 2025 | By: | /s/ Michael L. Forster |
|  |  | Michael L. Forster |
|  |  | Treasurer and Principal Financial Officer |
|  |  | Brown Capital Management Mutual Funds |

---

A signed original of this written statement required by Section 906 has been provided to the Funds and will be retained by the Funds and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.