# EDGAR Filing Document

**Accession Number:** 0000869351
**File Stem:** 0001999371-25-010189
**Filing Date:** 2025-7
**Character Count:** 747532
**Document Hash:** b487ce3fa50daae7f6e1bdb97b25881e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-010189.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001999371-25-010189

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 48

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250801

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06199
- **FILM NUMBER:** 251162583

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-37458
- **FILM NUMBER:** 251162582

**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'?

As filed with the Securities and Exchange Commission on July 29, 2025

Securities Act File No. 033-37458

Investment Company Act File No. 811-06199

**UNITED STATES**

**SECURITIES AND EXCHANGsE COMMISSION**

**Washington, D.C. 20549**

------

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | **☒** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Effective Amendment No. ___ | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post-Effective Amendment No. <u>100</u> | ☒ |
| and/or | and/or |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | **☒** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. <u>101</u> | ☒ |

---

(Check appropriate box or boxes.)

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS** 

(Exact Name of Registrant as Specified in Charter)

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

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code **(410) 837-323**<u>4</u>

**Capitol Services, Inc**.

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

(Name and Address of Agent for Service)

With Copies to:

**John H. Lively** 

**Practus, LLP**

**11300 Tomahawk Creek Parkway, Ste. 310** 

**Leawood, Kansas 66211** 

Approximate Date of Proposed Public Offering:

It is proposed that this filing will become effective: (check appropriate box)

☐ immediately upon filing pursuant to paragraph (b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ on August 1, 2025 pursuant to paragraph (b);

☐ 60 days after filing pursuant to paragraph (a)(1);

☐ on ______________ pursuant to paragraph (a)(1);

☐ 75 days after filing pursuant to paragraph (a)(2); or

☐ on ______ (date) pursuant to paragraph (a)(2) of rule 485.

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**Contents of Registration Statement**

This registration statement consists of the following papers and documents:

Cover Sheet

Contents of Registration Statement

The Brown Capital Management Mutual Funds

Part A – Institutional Shares / Investor Shares Prospectuses

Part B – Statement of Additional Information

Part C – Other Information and Signature Page

Exhibit Index

**PART A**

FORM N-1A

PROSPECTUSES

***Prospectus***

Small Company Fund

Institutional Shares (BCSSX)

(CUSIP Number 115291403)

International All Company Fund

Institutional Shares (BCISX)

(CUSIP Number 115291767)

International Small Company Fund

Institutional Shares (BCSFX)

(CUSIP Number 115291759)

*August 1, 2025*

The Securities and Exchange Commission has not approved or disapproved the securities being offered by this prospectus or determined whether this prospectus is accurate and complete. Any representation to the contrary is a criminal offense.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board, or any other agency and are subject to investment risks including possible loss of principal amount invested. Neither the Funds nor the Funds' distributor is a bank. You should read the prospectus carefully before you invest or send money.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| **[INVESTMENT OBJECTIVES](#bcm485bposa001)** | **17** |
| [**PRINCIPAL RISKS OF INVESTING IN THE FUNDS**](#bcm485bposa002) | **19** |
| [**MANAGEMENT OF THE FUNDS**](#bcm485bposa003) | **22** |
| [**THE INVESTMENT ADVISOR**](#bcm485bposa004) | **22** |
| [**THE ADMINISTRATOR AND TRANSFER AGENT**](#bcm485bposa005) | **26** |
| [**INVESTING IN THE FUNDS**](#bcm485bposa006) | **27** |
| [**MINIMUM INVESTMENT**](#bcm485bposa007) | **28** |
| [**OTHER IMPORTANT INVESTMENT INFORMATION**](#bcm485bposa008) | **35** |
| [**DIVIDENDS, DISTRIBUTIONS, AND TAXES**](#bcm485bposa009) | **35** |
| [**FINANCIAL HIGHLIGHTS**](#bcm485bposa010) | **37** |

---

THE BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND

**Investment Objective.** 

The Small Company Fund seeks long-term capital appreciation.

Current income is a secondary consideration in selecting portfolio investments.

**Fees and Expenses of the Fund.** 

These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Small Company Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees**

---

| | | |
|:---|:---|:---|
| *(fees paid directly from your investment)* | *Institutional Shares* | |
| Maximum Sales Charge (Load) Imposed On Purchases |  |  |
| &nbsp;&nbsp;&nbsp;(as a percentage of offering price) | None |  |
| Redemption Fee (as a percentage of amount redeemed) | None | |

---

**Annual Fund Operating Expenses** 

---

| | |
|:---|:---|
| *(expenses that you pay each year as a percentage of the value of your investment)* | *(expenses that you pay each year as a percentage of the value of your investment)* |
| Management Fees | 1.00% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.12% |
| Total Annual Fund Operating Expenses | 1.12% |

---

 

*Example.*

This example is intended to help you compare the cost of investing in the Small Company Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Small Company Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the Small Company Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Institutional Shares** | $114 | $356 | $617 | $1363 |

---

 

*Portfolio Turnover.*

The Small Company Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Small Company Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Small Company Fund's performance. During the most recent fiscal year, the Small Company Fund's portfolio turnover rate was 11% of the average value of its portfolio.

**Principal Investment Strategies.** 

The Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of those companies with total operating revenues of $500 million or less at the time of the initial investment, ("small companies"). ***It is important to note that the Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the Small Company Fund is on the revenue produced by the issuer of the securities.***

The Small Company Fund typically invests in common stocks. The Advisor seeks to build a portfolio of exceptional small companies with the wherewithal to become exceptional large companies. The Small Company Fund typically holds a portfolio of between 40 to 65 securities which the Advisor believes have the potential for growth.

*The Advisor's Philosophy*

The Advisor believes that a sustained commitment to a portfolio of exceptional companies will, over time, generate attractive long-term returns. The Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor views these differentiated organizations as having the wherewithal to provide unique solutions that include, but are not limited to, the utilization of innovative technology and insight to help address or redefine the challenges faced by institutions or consumers. These companies often retain a long-term growth plan, durable revenue growth, defensible market presence and profitability to fuel and sustain earnings per share growth. While investing in exceptional growth companies is paramount, the Advisor believes in being disciplined and deliberate about what it is willing to pay for growth opportunities and doing so in a benchmark agnostic manner (meaning that the Advisor selects companies without consideration of benchmarks by which the Fund is measured). Because the Small Company Fund is managed in a benchmark agnostic manner, an unintended consequence is that the Fund may have sector exposure.

*The Advisor's Investment Approach* 

The Advisor believes an investment program establishes the processes necessary to identify, research and construct a portfolio. The Advisor distinguishes Small Company from small capitalization investing by its use of revenue not market capitalization to identify and invest in exceptional small companies that have the wherewithal to become exceptional larger companies. The Advisor sources ideas from many places. Companies eligible for investment typically generate no more than $500 million in revenue at the time of initial investment. The Advisor's investment professionals retain dual duties, managing the portfolio as a team and serving as generalists in their analytical role. They discuss prospective portfolio candidates with teammates before any in depth research is performed to ensure the commitment of time dedicated to understanding the company makes sense to all team members.

The Advisor believes that in-depth fundamental research, when applied over a three to five-year time horizon, and implemented within a benchmark agnostic framework, has the potential to generate attractive long-term returns.

Therefore, the foundation of the Advisor's process is fundamental analysis. Valuation is also part of the investment process.

The Advisor constructs the Small Company Fund's portfolio to generally be no more than 5% in cash. The Advisor believes a diversified portfolio of 40 to 65 securities and their research efforts may, collectively, reduce portfolio risk.

The Advisor generally expects to hold securities for the long term. The Advisor typically sells securities from the Small Company Fund's portfolio when the Advisor determines that the investment thesis driving the purchase of the company changes, the Advisor has a better investment idea, and/or its valuation no longer meets expectations.

**Principal Risks of Investing in the Fund.** An investment in the Small Company Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Small Company Fund will be successful in meeting its investment objective. Generally, the Small Company Fund will be subject to the following risks:

● **Market Risk:** Market risk refers to the possibility that the value of equity securities held by the Small Company Fund may decline due to daily fluctuations in the securities markets. Movements in the stock market may adversely affect the specific securities held by the Small Company Fund on a daily basis, and, as a result, such movements may negatively affect the Small Company's net asset value.

● **Investment Style Risk:** The performance of the Small Company Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.

● **Investment Advisor Risk:** The Advisor's ability to choose suitable investments has a significant impact on the ability of the Small Company Fund to achieve its investment objectives.

● **Market Sector Risk:** The percentage of the Small Company Fund's assets invested in various industries and sectors will vary from time to time depending on the Advisor's perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market.

● **Equity Securities Risk:** To the extent that the majority of the Small Company Fund's portfolio consists of common stocks, it is expected that the Small Company Fund's net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.

● **Small Companies Risk:** Investing in the securities of small companies generally involves greater risk than investing in larger, more established companies. Although investing in securities of small companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies' shares could significantly decline in value. The earnings and prospects of smaller companies are more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience.

● **Micro-Cap Companies Risk:** Micro-cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-cap companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.

**Performance Information.** 

The bar chart and table shown below provide an indication of the risks of investing in the Institutional Shares of the Small Company Fund by showing changes in the Small Company Fund's performance from year to year and by showing how the Small Company Fund's average annual total returns compare to those of broad based measures of market performance. The Small Company Fund's past performance (before and after taxes) is not necessarily an indication of how the Small Company Fund will perform in the future. Updated information on the Small Company Fund's results can be obtained by visiting: <u>https://www.browncapital.com/investmentstrategies/smallcompanyfundinst/</u>.

![](bcm485bpos002.jpg)

**Quarterly Returns During This Time Period**

---

| | | |
|:---|:---|:---|
| Highest return for a quarter | 36.52% | Quarter ended<br> June 30, 2020 |
| Lowest return for a quarter | -24.29% | Quarter ended<br> December 31, 2018 |

---

Year-to-date return as of the most recent quarter ended June 30, 2025 was -8.72%

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns<br> Periods Ended December 31, 2024** | &nbsp;&nbsp;**Past 1<br> Year** | &nbsp;&nbsp;**Past 5 Years** | &nbsp;&nbsp;**Past 10 Years** | &nbsp;&nbsp; **Since Inception<br> (December 15, 2011)** |
| &nbsp;&nbsp;&nbsp; Small Company Fund (Institutional Shares)<br> Before taxes<br> After taxes on distributions<br> After taxes on distributions and sale of shares | &nbsp;&nbsp; <br> 9.42%<br> 1.06%<br> 12.06% | &nbsp;&nbsp; <br> 2.54%<br> -0.76%<br> 2.03% | &nbsp;&nbsp; <br> 8.36%<br> 5.77%<br> 6.64% | &nbsp;&nbsp; <br> 11.36%<br> 9.15%<br> 9.43% |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)<sup>1</sup> | &nbsp;&nbsp;25.02% | &nbsp;&nbsp;14.53% | &nbsp;&nbsp;13.10% | &nbsp;&nbsp;15.00% |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses, or taxes) | &nbsp;&nbsp;15.15% | &nbsp;&nbsp;6.86% | &nbsp;&nbsp;8.09% | &nbsp;&nbsp;11.01% |

---

<sup>1</sup> In connection with newly adopted SEC regulations applicable to the Fund, the S&P 500<sup>®</sup> Index is the Fund's new broad-based securities market index. The Fund will continue to show performance for the Russell 2000<sup>®</sup> Growth Index, the Fund's previous broad-based securities market index.

After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).

**Management.** 

*Investment Advisor.* Brown Capital Management, LLC is the Small Company Fund's Investment Advisor.

*Portfolio Managers.* The Small Company Fund is team-managed by Keith A. Lee (Chief Executive Officer and Senior Portfolio Manager of the Advisor), Kempton M. Ingersol (Managing Director and Senior Portfolio Manager of the Advisor), Damien L. Davis, CFA (Chief Investment Officer, Managing Director and Senior Portfolio Manager of the Advisor), Daman C. Blakeney (Managing Director and Senior Portfolio Manager of the Advisor), Chaitanya Yaramada, CFA, (Managing Director and Senior Portfolio Manager), and Fujun Wu, CFA (Director and Portfolio Manager/Senior Analyst of the Advisor). Mr. Lee has served as portfolio manager for the Small Company Fund since its inception in 1992; Mr. Ingersol has served as portfolio manager since 2000; Mr. Davis has served as portfolio manager since 2013; Mr. Blakeney has served as portfolio manager since 2017; Ms. Yaramada has served as portfolio manager since 2019; and Ms. Wu has served as portfolio manager since 2023.

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries" on page 16 of the prospectus.

THE BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND

**Investment Objective.** 

The International All Company Fund (formally the "International Equity Fund") seeks long-term capital appreciation.

Current income is a secondary consideration in selecting portfolio investments.

**Fees and Expenses of the Fund.**

These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the International All Company Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees**

---

| | | |
|:---|:---|:---|
| *(fees paid directly from your investment)* | *Institutional Shares* | |
| Maximum Sales Charge (Load) Imposed On Purchases |  |  |
| &nbsp;&nbsp;&nbsp;(as a percentage of offering price) |  |  |
| Redemption Fee (as a percentage of amount redeemed |  |  |
| &nbsp;&nbsp;&nbsp;on shares sold within 60 days of purchase) |  |  |

---

**Annual Fund Operating Expenses** 

---

| | |
|:---|:---|
| *(expenses that you pay each year as a % of the value of your investment)* | *(expenses that you pay each year as a % of the value of your investment)* |
| Management Fees | 0.90% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.79% |
| Total Annual Fund Operating Expenses | 1.69% |
| &nbsp;&nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.69%) |
| &nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses After |  |
| &nbsp;&nbsp;&nbsp;Waivers and/or Expense Reimbursements<sup>1</sup> | 1.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Brown Capital Management, LLC (the "Advisor") has entered into an Expense Limitation Agreement
with the International All Company Fund under which it has agreed to reduce the amount of the investment advisory fees to be paid to the
Advisor by the International All Company Fund and to assume other expenses of the International All Company Fund, if necessary, in an
amount that limits the International All Company Fund's annual operating expenses (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 the International All Company Fund's business, and amounts,
if any, payable under a Rule 12b-1 distribution plan) to not more than 1.00% until July 31, 2026 . The Expense Limitation Agreement
may not be terminated by either party prior to that date. Subject to certain conditions such as Fund asset levels being at certain thresholds
and operating expenses being less than the operating expenses limit for the International All Company Fund, the International All Company
Fund may reimburse the Advisor for fees waived or limited and other expenses assumed by the Advisor pursuant to the Expense Limitation
Agreement. Reimbursement for fees previously waived are subject to Board approval and are only applicable to fees waived or limited and
other expenses assumed by the Advisor in the prior three years. Each waiver or reimbursement of an expense by the Advisor is subject to
repayment by the International All Company Fund within three years following the month in which the expense was incurred, provided that
the International All Company Fund is able to make the repayment without exceeding the lesser of the expense limitation in place at the
time of the waiver and/or reimbursement or the current expense limitation arrangement.

*Example.*

This example is intended to help you compare the cost of investing in the International All Company Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the International All Company Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the International All Company Fund's operating expenses remain the same. Only the 1-year number shown below reflects the Advisor's agreement to waive fees and/or reimburse Fund expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Institutional Shares** | $102 | $465 | $853 | $1940 |

---

*Portfolio Turnover.*

The International All Company Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the International All Company Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the International All Company Fund's performance. During the most recent fiscal year, the International All Company Fund's portfolio turnover rate was 56% of the average value of its portfolio.

**Principal Investment Strategies.** 

The International All Company Fund invests substantially all of its assets in the equity securities of non-U.S. based companies. The International All Company Fund typically invests in common stocks. The Advisor seeks to build a portfolio of exceptional companies. ***It is important to note that the International All Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the International All Company Fund is on the revenue produced by the issuer of the securities.*** The International All Company Fund typically holds a portfolio of between 40 to 70 securities which the Advisor believes have the potential for growth.

The International All Company Fund considers an issuer to be non-U.S. based if: (1) the issuer is organized under the laws of a jurisdiction other than those of the U.S.; (2) the securities of the issuer have a primary listing on a stock exchange outside the U.S. regardless of the country in which the issuer is organized; or (3) the issuer derives 50% or more of its total revenue from goods and/or services produced or sold outside of the U.S. The International All Company Fund may invest in securities of issuers located in emerging market countries.

 

*The Advisor's Philosophy* 

The Advisor believes that a sustained commitment to a portfolio of exceptional companies will, over time, generate attractive long-term returns. The Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor views these differentiated organizations as having the wherewithal to provide unique solutions that include, but are not limited to, the utilization of innovative technology and insight to help address or redefine the challenges faced by institutions or consumers. These companies often retain a long-term growth plan, durable revenue growth, defensible market presence and profitability to fuel and sustain earnings per share growth. While investing in exceptional growth companies is paramount, the Advisor believes in being disciplined and deliberate about what it is willing to pay for growth opportunities and doing so in a benchmark agnostic manner (meaning that the Advisor selects companies without consideration of benchmarks by which the Fund is measured). Because the International All Company Fund is managed in a benchmark agnostic manner, an unintended consequence is that the Fund may have sector exposure.

*The Advisor's Investment Approach* 

The Advisor believes an investment program establishes the processes necessary to identify, research and construct a portfolio. The Advisor distinguishes International All Company Fund portfolio construction by its use of revenue (not market capitalization) to identify and invest in exceptional international companies that have the wherewithal to become exceptional larger companies. The Advisor sources ideas from many places. There are no minimum or maximum levels of revenue that constrain the Fund's ability to make investments in any particular international company. International companies eligible for purchase include U.S. listed securities domiciled outside the U.S. The Advisor's investment professionals retain dual duties, managing the portfolio as a team and serving as generalists in their analytical role. They discuss prospective portfolio candidates with the other team members before conducting in-depth research of a particular company in order to ensure commitment of time and dedication to understanding a company makes sense to all team members.

The Advisor believes that in-depth fundamental research, when applied over a three to five-year evaluation horizon, and implemented within a benchmark agnostic framework, has the potential to generate attractive long-term returns.

Therefore, the foundation of the Advisor's process is fundamental analysis. Valuation is also part of the investment process.

The Advisor constructs the International All Company Fund's portfolio to generally be no more than 5% in cash. The Advisor believes a diversified portfolio of 40 to 70 securities and their research efforts may, collectively, reduce portfolio risk.

The Advisor generally expects to hold securities for the long term. The Advisor typically sells securities from the International All Company Fund's portfolio when the Advisor determines that the investment thesis driving the purchase of the company changes, the Advisor has a better investment idea, and/or its valuation no longer meets expectations.

**Principal Risks of Investing in the Fund.** 

An investment in the International All Company Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the International All Company Fund will be successful in meeting its investment objective. Generally, the International All Company Fund will be subject to the following risks:

● **Market Risk:** Market risk refers to the possibility that the value of equity securities held by the International All Company Fund may decline due to daily fluctuations in the securities markets. Movements in the stock market may adversely affect the specific securities held by the International All Company Fund on a daily basis, and, as a result, such movements may negatively affect the International All Company Fund's net asset value.

● **Investment Style Risk:** The performance of the International All Company Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.

● **Investment Advisor Risk:** The Advisor's ability to choose suitable investments has a significant impact on the ability of the International All Company Fund to achieve its investment objectives.

● **Market Sector Risk:** The percentage of the International All Company Fund's assets invested in various industries and sectors will vary from time to time depending on the Advisor's perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market.

● **Equity Securities Risk:** To the extent that the majority of the International All Company Fund's portfolio consists of common stocks, it is expected that the International All Company Fund's net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.

● **Foreign Securities Risk:** Foreign securities may involve investment risks different from those associated with domestic securities. Foreign markets may be less liquid, more volatile, and subject to less government supervision than domestic markets. There may also be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the International All Company Fund to sell its securities and could reduce the value of your shares. The International All Company Fund may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to, among other things: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; sovereign solvency considerations; less liquid and more volatile exchanges and/or markets; or political changes or diplomatic developments.

● **Emerging Markets Securities Risk**: Investments in the securities of developing or emerging markets may entail additional risks than investments in foreign securities, including: less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; restrictions on investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.

**Performance Information.** 

The bar chart and table shown below provide an indication of the risks of investing in the Institutional Shares of the International All Company Fund by showing changes in the International All Company Fund's performance from year to year and by showing how the International All Company Fund's average annual total returns compare to those of broad based measures of market performance. The International All Company Fund's past performance (before and after taxes) is not necessarily an indication of how the International All Company Fund will perform in the future. Updated information on the International All Company Fund's results can be obtained by visiting: <u>https://www.browncapital.com/investmentstrategies/internationalallcompanyfundinst/</u>.

![](bcm485bpos003.jpg)

**Quarterly Returns During This Time Period**

---

| | | |
|:---|:---|:---|
| Highest return for a quarter | 19.21% | Quarter ended<br> June 30, 2020 |
| Lowest return for a quarter | -18.54% | Quarter ended<br> June 30, 2022 |

---

Year-to-date return as of the most recent quarter ended June 30, 2025 was 11.79%.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns**<br> **Periods Ended December 31, 2024** | **Past 1**<br> **Year**  | **Past 5**<br> **Years** | **Past 10**<br> **Years** | **Since Inception<br> (August 1, 2014)** |
| &nbsp;&nbsp;&nbsp; International All Company Fund<br> Before taxes<br> After taxes on distributions<br> After taxes on distributions and sale of shares  | -0.59%<br> -0.59%<br> -0.35% | 3.40%<br> 3.15%<br> 2.61% | 4.76%<br> 4.39%<br> 3.64% | 3.93%<br> 3.56%<br> 2.96% |
| &nbsp;&nbsp;MSCI All Country World ex-USA Index (reflects no deduction for fees, expenses, or taxes)<sup>1</sup> | 6.09% | 4.61% | 5.31% | 4.33% |
| &nbsp;&nbsp;MSCI World Ex USA Growth Index (reflects no deduction for fees, expenses, or taxes) | 3.15% | 4.64% | 6.11% | 5.32% |

---

<sup>1</sup> In connection with newly adopted SEC regulations applicable to the Fund, the MSCI All Country World ex-USA Index is the Fund's new broad-based securities market index. The Fund will continue to show performance for the Fund's previous broad-based securities market index, the MSCI World Ex USA Growth Index.

After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).

**Management.** 

*Investment Advisor.* Brown Capital Management, LLC is the International All Company Fund's Investment Advisor.

*Portfolio Managers*. The International All Company Fund is team-managed by Maurice L. Haywood, CFA (Managing Director and Senior Portfolio Manager of the Advisor), Duncan J. Evered (Managing Director and Senior Portfolio Manager of the Advisor), Niuzhuo (Zoey) Zuo (Managing Director and Senior Portfolio Manager of the Advisor), Kayode O. Aje, CFA (Managing Director and Senior Portfolio Manager of the Advisor), Kwame C. Webb, CFA (Managing Director and Senior Portfolio Manager of the Advisor), and Edward J. Zane (Managing Director and Senior Portfolio Manager of the Advisor). Mr. Haywood has served as portfolio manager for the International All Company Fund since 2006; Mr. Evered has served as portfolio manager since 2011; Ms. Zuo has served as portfolio manager since 2022; and Messrs. Aje, Webb and Zane have served as portfolio managers since July, 2024.

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries" on page 16 of the prospectus.

THE BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND

**Investment Objective.** 

The International Small Company Fund seeks long-term capital appreciation.

Current income is a secondary consideration in selecting portfolio investments.

**Fees and Expenses of the Fund.** 

These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the International Small Company Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees**

---

| | | |
|:---|:---|:---|
| *(fees paid directly from your investment)* | *Institutional Shares* | |
| Maximum Sales Charge (Load) Imposed On Purchases |  |  |
| &nbsp;&nbsp;&nbsp;(as a percentage of offering price) |  |  |
| Redemption Fee (as a percentage of amount redeemed |  |  |
| on shares sold within 60 days of purchase) |  |  |

---

**Annual Fund Operating Expenses** 

---

| | |
|:---|:---|
| *(expenses that you pay each year as a percentage of the value of your investment)* | *(expenses that you pay each year as a percentage of the value of your investment)* |
| Management Fees | 1.00% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.06% |
| Total Annual Fund Operating Expenses | 1.06% |

---

 

*Example.*

This example is intended to help you compare the cost of investing in the International Small Company Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the International Small Company Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the International Small Company Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Institutional Shares** | $108 | $337 | $585 | $1294 |

---

*Portfolio Turnover.*

The International Small Company Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the International Small Company Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the International Small Company Fund's performance. During the most recent fiscal year, the International Small Company Fund's portfolio turnover rate was 10% of the average value of its portfolio.

**Principal Investment Strategies.** 

The International Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment, ("small companies"). ***It is important to note that the International Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the International Small Company Fund is on the revenue produced by the issuer of the securities.***

The International Small Company Fund typically invests in common stocks. The Advisor seeks to build a portfolio of exceptional small companies with the wherewithal to become exceptional large companies. The International Small Company Fund typically holds a portfolio of between 40 to 65 securities which the Advisor believes have the potential for growth.

The International Small Company Fund considers an issuer to be non–U.S. based if: (1) the issuer is organized under the laws of a jurisdiction other than those of the U.S.; (2) the securities of the issuer have a primary listing on a stock exchange outside the U.S. regardless of the country in which the issuer is organized; or (3) the issuer derives 50% or more of its total revenue from goods and/or services produced or sold outside of the U.S. The Fund may invest in the securities of emerging or developing markets.

*The Advisor's Philosophy*

The Advisor believes that a sustained commitment to a portfolio of exceptional companies will, over time, generate attractive long-term returns. The Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor views these differentiated organizations as having the wherewithal to provide unique solutions that include, but are not limited to, the utilization of innovative technology and insight to help address or redefine the challenges faced by institutions or consumers. These companies often retain a long-term growth plan, durable revenue growth, defensible market presence and profitability to fuel and sustain earnings per share growth. While investing in exceptional growth companies is paramount, the Advisor believes in being disciplined and deliberate about what it is willing to pay for growth opportunities and doing so in a benchmark agnostic manner (meaning that the Advisor selects companies without consideration of benchmarks by which the Fund is measured). Because the International Small Company Fund is managed in a benchmark agnostic manner, an unintended consequence is that the Fund may have sector exposure.

*The Advisor's Investment Approach* 

The Advisor believes an investment program establishes the processes necessary to identify, research and construct a portfolio. The Advisor distinguishes "Small Company" from "small capitalization" investing by its use of revenue not market capitalization to identify and invest in exceptional small companies that have the wherewithal to become exceptional larger companies. The Advisor sources ideas from many places. Companies eligible for investment typically generate no more than $500 million in revenue at the time of initial investment. The Advisor's investment professionals retain dual duties, managing the portfolio as a team and serving as generalists in their analytical role. They discuss prospective portfolio candidates with teammates before any in depth research is performed to ensure the commitment of time dedicated to understanding the company makes sense to all team members.

The Advisor believes that in-depth fundamental research, when applied over a three to five-year time horizon, and implemented within a benchmark agnostic framework, has the potential to generate attractive long-term returns.

Therefore, the foundation of the Advisor's process is fundamental analysis. Valuation is also part of the investment process.

The Advisor constructs the International Small Company Fund's portfolio to generally be no more than 5% in cash. The Advisor believes a diversified portfolio of 40 to 65 securities and their research efforts may, collectively, reduce portfolio risk.

The Advisor generally expects to hold securities for the long term. The Advisor typically sells securities from the International Small Company Fund's portfolio when the Advisor determines that the investment thesis driving the purchase of the company changes, the Advisor has a better investment idea, and/or its valuation no longer meets expectations.

**Principal Risks of Investing in the Fund.** An investment in the International Small Company Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the International Small Company Fund will be successful in meeting its investment objective. Generally, the International Small Company Fund will be subject to the following risks:

● **Market Risk:** Market risk refers to the possibility that the value of equity securities held by the International Small Company Fund may decline due to daily fluctuations in the securities markets. Movements in the stock market may adversely affect the specific securities held by the International Small Company Fund on a daily basis, and, as a result, such movements may negatively affect the Small Company's net asset value.

● **Investment Style Risk:** The performance of the International Small Company Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.

● **Investment Advisor Risk:** The Advisor's ability to choose suitable investments has a significant impact on the ability of the International Small Company Fund to achieve its investment objectives.

● **Market Sector Risk:** The percentage of the International Small Company Fund's assets invested in various industries and sectors will vary from time to time depending on the Advisor's perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market.

● **Equity Securities Risk:** To the extent that the majority of the International Small Company Fund's portfolio consists of common stocks, it is expected that the International Small Company Fund's net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.

● **Small Companies Risk:** Investing in the securities of small companies generally involves greater risk than investing in larger, more established companies. Although investing in securities of small companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies' shares could significantly decline in value. The earnings and prospects of smaller companies are more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience.

● **Micro-Companies Risk:** Micro-company stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.

● **Foreign Securities Risk:** Foreign securities may involve investment risks different from those associated with domestic securities. Foreign markets may be less liquid, more volatile, and subject to less government supervision than domestic markets. There may also be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the International Small Company Fund to sell its securities and could reduce the value of your shares. The International Small Company Fund may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to, among other things: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; sovereign solvency considerations; less liquid and more volatile exchanges and/or markets; or political changes or diplomatic developments.

● **Emerging Markets Securities Risk**: Investments in the securities of developing or emerging markets may entail additional risks than investments in foreign securities, including: less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; restrictions on investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.

**Performance Information.** 

The bar chart and table shown below provide an indication of the risks of investing in the Institutional Shares of the International Small Company Fund by showing changes in the International Small Company Fund's performance from year to year and by showing how the International Small Company Fund's average annual total returns compare to those of broad based measures of market performance. The International Small Company Fund's past performance (before and after taxes) is not necessarily an indication of how the International Small Company Fund will perform in the future. Updated information on the International Small Company Fund's results can be obtained by visiting: <u>https://www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinst/</u>.

![](bcm485bpos004.jpg)

**Quarterly Returns During This Time Period**

---

| | | |
|:---|:---|:---|
| Highest return for a quarter | 31.37% | Quarter ended<br> June 30, 2020 |
| Lowest return for a quarter | -19.52% | Quarter ended<br> March 31, 2022 |

---

Year-to-date return as of the most recent quarter ended June 30, 2025 was 13.72%.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns**<br> **Periods Ended December 31, 2024**  | **Past 1**<br> **Year**  | **Past 5**<br> **Years** | **Since Inception** <br> **(September 30, 2015)**  |
| &nbsp;&nbsp;&nbsp; International Small Company Fund<br> Before taxes<br> After taxes on distributions<br> After taxes on distributions and sale of shares  | 8.39%<br> 8.39%<br> 4.97% | 7.96%<br> 7.62%<br> 6.24% | 11.43%<br> 11.10%<br> 9.36% |
| &nbsp;&nbsp;MSCI All Country World ex-USA Index (reflects no deduction for fees, expenses, or taxes) <sup>1</sup> | 6.09% | 4.61% | 6.74% |
| &nbsp;&nbsp;MSCI World Ex USA Small Cap Growth Index (reflects no deduction for fees, expenses, or taxes) | 2.86% | 2.30% | 6.16% |

---

<sup>1</sup> In connection with newly adopted SEC regulations applicable to the Fund, the MSCI All Country World ex-USA Index is the Fund's new broad-based securities market index. The Fund will continue to show performance for the Fund's previous broad-based securities market index, the MSCI World Ex USA Small Cap Growth Index.

After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).

**Management.** 

*Investment Advisor.* Brown Capital Management, LLC is the International Small Company Fund's Investment Advisor.

*Portfolio Managers*. The International Small Company Fund is team-managed by Maurice L. Haywood, CFA (Managing Director and Senior Portfolio Manager of the Advisor), Duncan J. Evered (Managing Director and Senior Portfolio Manager of the Advisor), Niuzhuo (Zoey) Zuo (Managing Director and Senior Portfolio Manager of the Advisor), Kayode O. Aje, CFA (Managing Director and Senior Portfolio Manager of the Advisor), Kwame C. Webb, CFA (Managing Director and Senior Portfolio Manager of the Advisor), and Edward J. Zane (Managing Director and Senior Portfolio Manager of the Advisor). Messrs. Haywood and Evered have served as portfolio managers for the International Small Company Fund since its inception in September 2015. Ms. Zuo has served as portfolio manager for the International Small Company Fund since 2022; and Messrs. Aje, Webb and Zane have served as portfolio managers since July, 2024.

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries" on page 16 of the prospectus.

**THE BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND**

**THE BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND**

**THE BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND**

**Purchase and Sale of Fund Shares.** Each Fund's minimum initial investment is $500,000 for Institutional Shares. Each Fund's minimum subsequent investment is $500 ($100 under an automatic investment plan). The Brown Capital Management Mutual Funds (the "Trust") has elected to provide an exception to the minimum investment requirement for the purchase of Institutional Shares of the Funds to current trustees and officers of the Trust, employees of Brown Capital Management, LLC, and members of the immediate family of any of these persons – these persons are not subject to any minimum initial investment when purchasing Institutional Shares of the Funds. Purchase and redemption orders by mail should be sent to the Brown Capital Management Mutual Funds, specifying Fund name and share class, c/o Commonwealth Fund Services, Inc., 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235. Redemption orders by facsimile should be transmitted to 1-804-330-5809. Please call the Funds at 1-877-892-4BCM (1-877-892-4226) to conduct telephone transactions or to receive wire instructions for bank wire orders. The Funds have also authorized certain broker-dealers to accept purchase or redemption orders on its behalf. Investors who wish to purchase or redeem Fund shares through a broker-dealer should contact the broker-dealer directly.

**Tax Information.** The Funds' distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement (in which case taxes will be deferred until a later time), such as a 401(k) plan or an individual retirement account (IRA).

**Payments to Broker-Dealers and Other Financial Intermediaries.** If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Funds over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

the funds

**Investment ObjectiveS**

The investment objective of The Brown Capital Management Small Company Fund, The Brown Capital Management International All Company Fund, and The Brown Capital Management International Small Company Fund is long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments for the equity funds. Each of the Funds is a diversified series of the Trust.

The Funds' investment objectives will not be changed without shareholder approval.

Principal Investment Strategy

**The Brown Capital Management Small Company Fund**

Under normal market conditions, the Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of those companies with total operating revenues of $500 million or less at the time of the initial investment, ("small companies") (the "80% Test"). This investment policy may be changed without shareholder approval upon at least 60 days' prior written notice to the shareholders.

***It is important to note that the Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the Small Company Fund is on the revenue produced by the issuer of the securities at the time of initial investment.***

The Advisor's investment program also includes the following:

Exceptional Companies – the Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor's commitment to organizations with these characteristics reflects a focus on, what they believe to be, high quality companies identifiable by a genuinely differentiated product or service. These characteristics serve as guidelines to help the Advisor reduce the number of eligible companies. Not every criterion must be satisfied to be considered as an investment idea.

Sourcing – ideas are identified in many places, personal reading, industry analysis, peer comparisons, observations of trends, quantitative screens, portfolio team sharing of ideas, and industry conferences among others.

Fundamental Analysis – principally includes financial statement analysis, conducting management interviews, analyzing the industry and analyzing competitors.

Valuation Analysis – is applied secondarily after determining the growth potential for a company. Valuation analysis helps determine if the current stock price is expensive, inexpensive or somewhere in between. The Advisor does not want to overpay more than necessary for the company, but reaches informed decisions within the framework of the investment program.

Principal Investment Strategy

**The Brown Capital Management International All Company Fund**

Under normal market conditions, the International All Company Fund invests substantially all of its assets in the equity securities of non-U.S. based companies.

***It is important to note that the International All Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the International All Company Fund is on the revenue produced by the issuer of the securities at the time of initial investment.***

The Advisor's investment program also includes the following:

Exceptional Companies – the Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor's commitment to organizations with these characteristics reflects a focus on, what they believe to be, high quality companies identifiable by a genuinely differentiated product or service. These characteristics serve as guidelines to help the Advisor reduce the number of eligible companies. Not every criterion must be satisfied to be considered as an investment idea.

Sourcing – ideas are identified in many places, personal reading, industry analysis, peer comparisons, observations of trends, quantitative screens, portfolio team sharing of ideas, and industry conferences among others.

Fundamental Analysis – principally includes financial statement analysis, conducting management interviews, analyzing the industry and analyzing competitors.

Valuation Analysis – is applied secondarily after determining the growth potential for a company. Valuation analysis helps determine if the current stock price is expensive, inexpensive or somewhere in between. The Advisor does not want to overpay more than necessary for the company, but reaches informed decisions within the framework of the investment program.

Risk Analysis – since companies invested in the portfolio are domiciled outside of the U.S., additional risk analysis is performed that includes regulatory, accounting, industry, country, macroeconomic and currency.

Principal Investment Strategy

**The Brown Capital Management International Small Company Fund**

Under normal market conditions, the International Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment, ("small companies") (the 80% Test"). This investment policy may be changed without shareholder approval upon at least 60 days' prior written notice to the shareholders.

***It is important to note that the International Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the International Small Company Fund is on the revenue produced by the issuer of the securities at the time of initial investment.***

The Advisor's investment program also includes the following:

Exceptional Companies – the Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor's commitment to organizations with these characteristics reflects a focus on, what they believe to be, high quality companies identifiable by a genuinely differentiated product or service. These characteristics serve as guidelines to help the Advisor reduce the number of eligible companies. Not every criterion must be satisfied to be considered as an investment idea.

Sourcing – ideas are identified in many places, personal reading, industry analysis, peer comparisons, observations of trends, quantitative screens, portfolio team sharing of ideas, and industry conferences among others.

Fundamental Analysis – principally includes financial statement analysis, conducting management interviews, analyzing the industry and analyzing competitors.

Valuation Analysis – is applied secondarily after determining the growth potential for a company. Valuation analysis helps determine if the current stock price is expensive, inexpensive or somewhere in between. The Advisor does not want to overpay more than necessary for the company, but reaches informed decisions within the framework of the investment program.

Risk Analysis – since companies invested in the portfolio are domiciled outside of the U.S., additional risk analysis is performed that includes regulatory, accounting, industry, country, macroeconomic and currency.

**PRINCIPAL RISKS OF INVESTING IN THE FUNDS**

An investment in the Funds is subject to investment risks, including the possible loss of the principal amount invested. There can be no assurance that the Funds will be successful in meeting their investment objectives. Generally, the Funds will be subject to the following additional risks:

**Market Risk.** Market risk refers to the possibility that the value of equity securities held by the Funds may decline due to daily fluctuations in the securities markets. Stock prices change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a stock may even be affected by factors unrelated to the value or condition of its issuer, such as changes in interest rates, national and international economic and/or political conditions, and general equity market conditions. In a declining stock market, stock prices for all companies (including those in the Funds' portfolios) may decline, regardless of their long-term prospects. The Fund's performance per share may change daily in response to such factors.

**Investment Style Risk.** Different types of securities tend to shift into and out of favor with stock market investors depending on market and economic conditions. The returns from the types of stocks purchased by the Funds may at times be better or worse than the returns from other types of stocks (e.g., large-cap, mid-cap, growth, value, etc.). Each type of stock tends to go through cycles of performing better or worse than the stock market in general. The performance of the Funds may thus be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.

**Investment Advisor Risk.** The Advisor's ability to choose suitable investments has a significant impact on the ability of the Funds to achieve their investment objectives.

**Market Sector Risk.** The percentage of each Fund's assets invested in various industries and sectors will vary from time to time depending on the Advisor's perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market. Consequently, a higher percentage of holdings in a particular industry or sector may have the potential for a greater impact on each Fund's performance.

**Equity Securities Risk.** To the extent that the majority of each Fund's portfolio consists of common stocks, it is expected that each Fund's net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.

**Fund Specific Risk Factors**

*Small Company Fund and International Small Company Fund* 

The Small Company Fund and International Small Company Fund are intended for aggressive investors seeking above-average gains and willing to accept the risks involved in investing in the securities of small companies.

**Small Companies Risk.** Investing in the securities of small companies generally involves greater risk than investing in larger, more established companies. This greater risk is, in part, attributable to the fact that the securities of small companies usually have more limited marketability and therefore, may be more volatile and less liquid than securities of larger, more established companies or the market averages in general. Because small companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. Another risk factor is that small companies often have limited product lines, markets, or financial resources and lack management depth, making them more susceptible to market pressures. Additionally, small companies are typically subject to greater changes in earnings and business prospects than are larger, more established companies and there typically is less publicly available information concerning small companies than for larger, more established companies.

Although investing in securities of small companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies' shares could significantly decline in value. Therefore, an investment in the Small Company Fund may involve a greater degree of risk than an investment in other mutual funds that seek capital growth by investing in more established, larger companies.

**Micro-Cap Companies Risk.** Micro-cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-cap companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.

The securities of micro-cap companies may be more volatile in price, have wider spreads between their bid and ask prices, and have significantly lower trading volumes than the securities of larger capitalization companies. As a result, the purchase or sale of more than a limited number of shares of the securities of a smaller company may affect its market price. The Funds may need a considerable amount of time to purchase or sell its positions in these securities. Some U.S. micro-cap companies are followed by few, if any, securities analysts, and there tends to be less publicly available information about such companies. Their securities generally have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than are small-cap and mid-cap securities, and the Funds may be able to deal with only a few market-makers when purchasing and selling micro-cap securities. Such companies also may have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. These conditions, which create greater opportunities to find securities trading well below the investment adviser's estimate of the company's current worth, also involve increased risk.

International All Company Fund and International Small Company Fund

**Foreign Securities.** The International All Company Fund and International Small Company Fund will invest primarily in equity securities of non-U.S. based companies that involve investment risks different from those associated with domestic securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile, and subject to less government supervision than domestic markets. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. The specific risks of investing in foreign securities, among others, include:

● **Emerging Market Risk:** The International All Company Fund and International Small Company Fund may invest a portion of their assets in countries with less developed securities markets. With regard to the International All Company Fund, no more than 15% of its portfolio at cost will be invested in emerging markets securities. There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Investments in emerging markets countries may be affected by national policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of their securities markets and lower trading volumes can make investments relatively illiquid and potentially more volatile than investments in developed countries, and such securities may be subject to abrupt and severe price declines. As a result, the Funds, when investing in emerging markets countries, may be required to establish special custody or other arrangements before investing.

● **Currency Risk:** Currency risk is the chance that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from a portfolio's investment in securities denominated in a foreign currency or may widen existing losses.

● **Political/Economic Risk:** Changes in economic and tax policies, high inflation rates, government instability, war or other political or economic actions or factors may have an adverse effect on the Funds' foreign investments.

● **Regulatory Risk:** Less information may be available about foreign companies. In general, many foreign companies are not subject to uniform accounting, auditing, and financial reporting standards or to other regulatory practices and requirements as are U.S. companies.

● **Transaction Costs Risk:** The costs of buying and selling foreign securities, including tax, brokerage, and custody costs, generally are higher than those involving domestic transactions.

Other Investment Policies and risks

As a temporary defensive measure in response to adverse market, economic, political, or other conditions, the Advisor may from time to time, determine that market conditions warrant investing in investment-grade bonds, U.S. government securities, repurchase agreements, money market instruments and cash. Under such circumstances, the Advisor may invest up to 100% of a Fund's assets in these investments. From time to time, the Funds may take these temporary defensive measures that are inconsistent with their respective principal investment strategies. As a result of engaging in these temporary measures, the Funds may not achieve their respective investment objectives.

Since investment companies investing in other investment companies pay management fees and other expenses relating to those investment companies, shareholders of the Fund would indirectly pay both the Fund's expenses and the expenses relating to those other investment companies with respect to the Fund's assets invested in such investment companies. Under normal circumstances, however, each Fund may also hold money market or repurchase agreement instruments for funds awaiting investment to accumulate cash for anticipated purchases of portfolio securities, to allow for shareholder redemptions, and to provide for fund operating expenses.

An investment in one of the Funds should not be considered a complete investment program. Whether one of the Funds is an appropriate investment for an investor will depend largely on his/her financial resources and individual investment goals and objectives. Investors who engage in short-term trading and/or other speculative strategies and styles likely will not find the Funds to be an appropriate investment vehicle if they want to invest in the Funds for a short period of time.

Disclosure of Portfolio Holdings

The Funds may, from time to time, make available portfolio holdings information at the following website, <u>www.browncapital.com</u>, including the complete portfolio holdings on a quarterly basis. This information is generally posted to the website within three business days of the end of each calendar quarter and remains available until new information for the next calendar quarter is posted. A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' Statement of Additional Information ("SAI").

**Management of the Funds**

THE INVESTMENT ADVISOR

The Funds' investment advisor is Brown Capital Management, LLC, 1201 North Calvert Street, Baltimore, Maryland 21202. The Advisor serves in that capacity pursuant to advisory contracts with the Trust on behalf of the Funds. The Advisor is registered as an investment advisor with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended. Subject to the authority of Trustees, the Advisor provides guidance and policy direction in connection with its daily management of the Funds' assets. The Advisor manages the investment and reinvestment of the Funds' assets. The Advisor is also responsible for the selection of broker-dealers through which the Funds execute portfolio transactions, subject to the brokerage policies established by the Trustees, and it provides certain executive personnel to the Funds.

The Advisor is a wholly-owned subsidiary of Brown Capital Management, Inc. The Advisor was originally organized as a Maryland corporation in 1983 and converted to a Maryland limited liability company in 2011. In 2016, the principals of the Advisor put in place an employee stock option plan ("ESOP") pursuant to which the interest of the Advisor were transferred from the principal owners of the Advisor to the ESOP.

The Advisor has been managing each of the Funds since their inception and has been providing investment advice to investment companies, individuals, corporations, pension and profit sharing plans, endowments, and other business and private accounts since the firm was founded in 1983. As of March 31, 2025, the Advisor had approximately $7.1 billion in assets under management.

The Funds will be managed primarily by a portfolio management team consisting of the following:

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|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Work Experience** |
| &nbsp;&nbsp;Small Company Fund | &nbsp;&nbsp; Management Team<br>| &nbsp;&nbsp;The Fund is team managed by Keith A. Lee, Kempton M. Ingersol, Damien L. Davis, CFA, Daman C. Blakeney, Chaitanya Yaramada, CFA, and Fujun Wu, CFA. Keith A. Lee is Chief Executive Officer and Senior Portfolio Manager, and has been a portfolio manager of the Advisor since 1991. Mr. Ingersol, Managing Director and Senior Portfolio Manager, joined the Advisor in 1999, but assumed his current role in 2000. From 1999 through 2000, Mr. Ingersol served as Brown Capital Management's Marketing Director in the Texas Region. Prior to that, he was an Investment Banker at Dain Rauscher Incorporated and Grigsby Brandford & Company from 1997 to 1999 and 1994 to 1997, respectively. Mr. Davis, Chief Investment Officer, Managing Director and Senior Portfolio Manager, joined the Advisor in 2003 as a research analyst apprentice and left in 2008 to attend business school. He returned to the Advisor in 2010 as a research analyst, became a portfolio manager in 2013 and assumed his current role in 2014. Mr. Blakeney, Managing Director and Senior Portfolio Manager, joined the Advisor in 2008 and became a Senior Portfolio Manager in 2009. Prior to this, Mr. Blakeney was an Equity Analyst at Voyageur Asset Management, Inc., from 2005 to 2008 and an Equity Research Analyst at Victory Capital Management Inc. from 1999 to 2005. Ms. Yaramada, Managing Director and Senior Portfolio Manager, joined the Advisor in 2019. Prior to arriving at the firm, she spent nearly 10 years at Baird, starting as an associate in equity research and then serving as a technology analyst in Equity Asset Management. She earned a Bachelor of Engineering from the University of Auckland and an MBA from the University of Chicago. She is a CFA charterholder. Ms. Wu, Director and Portfolio Manager/Senior Analyst, joined the Advisor in October 2023. Prior to joining the Advisor, Ms. Wu held generalist portfolio manager or analyst positions at Jackson Square Partners, Aberdeen Standard Investments and Goldman Sachs Asset Management. She earned a B.S. from Pennsylvania State University in chemical Engineering and Computer Science and an MBA at the University of Pennsylvania's Wharton School of Business. She is a CFA charterholder. |
| &nbsp;&nbsp;International All Company Fund | &nbsp;&nbsp;Management Team | &nbsp;&nbsp;The Fund is team managed by Maurice L. Haywood, CFA, Duncan J. Evered, Niuzhuo (Zoey) Zuo, Kayode O. Aje, CFA, Kwame C. Webb, CFA and Edward J. Zane. Mr. Haywood, Managing Director and Senior Portfolio Manager, joined the Advisor in 2000. Mr. Haywood was originally a portfolio manager on the Mid Company Team and transitioned over time into his current role on the International Team. Prior to this, Mr. Haywood was a Partner and Investment Analyst at Holland Capital Management from 1993 to 2000. From 1987 to 1993, Mr. Haywood was an Assistant Vice President at First National Bank of Chicago. Mr. Evered, Managing Director and Senior Portfolio Manager, joined the Advisor in 2011. Prior to joining the Advisor, Mr. Evered worked for American Express Financial Advisors and Emerging Growth Partners for twelve years and nine years, respectively. Ms. Zuo, Managing Director and Senior Portfolio Manager, joined the Advisor in 2022. Prior to joining the Advisor, she was portfolio manager and senior analyst with Ivy Investments since 2014. Mr. Aje, Managing Director and Senior Portfolio Manager, joined the Advisor in 2016, but assumed his current role in 2018. Prior to joining the Advisor, he was a global equity research analyst at Chevy Chase Trust from 2014 to 2016, senior analyst/portfolio manager at Legg Mason Capital Management from 2005 to 2013, and an account officer in JPMorgan Chase's Private Banking Division from 2002 to 2003. Mr. Webb, Managing Director and Senior Portfolio Manager, joined the Advisor in 2017, but assumed his current role in 2018. Prior to joining the Advisor, he was a senior equity analyst at Morningstar, Inc. from 2013 to 2017 and an investment analyst and Vice President at T. Rowe Price Group, Inc. from 2004 to 2011. Mr. Zane, Managing Director and Senior Portfolio Manager, joined the Advisor in 2022. Prior to joining the Advisor, he was portfolio manager and senior analyst with Gardner Lewis Asset Management from 2017 to 2021 and portfolio manager and portfolio manager and analyst at Kalmar Investments from 2015-2017. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Work Experience** |
| &nbsp;&nbsp;International Small Company Fund | &nbsp;&nbsp;Management Team | &nbsp;&nbsp;The Fund is team managed by Maurice L. Haywood, CFA, Duncan J. Evered, Niuzhuo (Zoey) Zuo, , Kayode O. Aje, CFA, Kwame C. Webb, CFA and Edward J. Zane. Mr. Haywood, Managing Director and Senior Portfolio Manager, joined the Advisor in 2000. Mr. Haywood was originally a portfolio manager on the Mid Company Team and transitioned over time into his current role on the International Team. Prior to this, Mr. Haywood was a Partner and Investment Analyst at Holland Capital Management from 1993 to 2000. From 1987 to 1993, Mr. Haywood was an Assistant Vice President at First National Bank of Chicago. Mr. Evered, Managing Director and Senior Portfolio Manager, joined the Advisor in 2011. Prior to joining the Advisor, Mr. Evered worked for American Express Financial Advisors and Emerging Growth Partners for twelve years and nine years, respectively. Ms. Zuo, Managing Director and Senior Portfolio Manager, joined the Advisor in 2022. Prior to joining the Advisor, she was portfolio manager and senior analyst with Ivy Investments since 2014. Mr. Aje, Managing Director and Senior Portfolio Manager, joined the Advisor in 2016, but assumed his current role in 2018. Prior to joining the Advisor, he was a global equity research analyst at Chevy Chase Trust from 2014 to 2016, senior analyst/portfolio manager at Legg Mason Capital Management from 2005 to 2013, and an account officer in JPMorgan Chase's Private Banking Division from 2002 to 2003. Mr. Webb, Managing Director and Senior Portfolio Manager, joined the Advisor in 2017, but assumed his current role in 2018. Prior to joining the Advisor, he was a senior equity analyst at Morningstar, Inc. from 2013 to 2017 and an investment analyst and Vice President at T. Rowe Price Group, Inc. from 2004 to 2011. Mr. Zane, Managing Director and Senior Portfolio Manager, joined the Advisor in 2022. Prior to joining the Advisor, he was portfolio manager and senior analyst with Gardner Lewis Asset Management from 2017 to 2021 and portfolio manager and portfolio manager and analyst at Kalmar Investments from 2015-2017. |

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The Funds' SAI provides additional information about the portfolio managers, their compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Funds.

**The Advisor's Compensation.** As full compensation for the investment advisory services provided to the Funds, the Advisor receives monthly compensation based on each of the Funds' average daily net assets at the annual rate of:

**Small Company Fund:**

1.00% on all assets

**International All Company Fund:**

0.90% of the first $100 million

0.75% on all assets over $100 million

**International Small Company Fund:**

1.00% on all assets.

The amount of compensation received as a percentage of average net assets of each of the Funds during the last fiscal year ended March 31, 2025 was as follows:

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| | |
|:---|:---|
| **<u>Fund</u>** | **Fees paid to the Advisor<u><br> as a Percentage of Assets</u>** |
| Small Company Fund | 1.00% |
| International All Company Fund | 0.20% |
| International Small Company Fund | 1.00% |

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**Disclosure Regarding Approval of the Advisory Contracts.** A discussion regarding the Trustees' basis for approving the renewal of the advisory contracts on behalf of the Small Company Fund, International All Company Fund and International Small Company Fund is available in the Funds' reports filed on Form N-CSR for the fiscal year ended March 31, 2025. You may obtain a copy of these Reports, free of charge, upon request to the Funds.

**Expense Limitation Agreements.** 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) are limited to 1.25% of the average daily net assets of the Small Company Fund; 1.00% of the average daily net assets of the International All Company Fund; and 1.15% of the average daily net assets of the International Small Company Fund for the period ending July 31, 2026. It is expected that the Expense Limitation Agreements will continue from year-to-year thereafter, provided such continuance is specifically approved by a majority of the Trustees who (i) are not "interested persons" of the Trust or any other party to the Expense Limitation Agreements, as such term is defined in the Investment Company Act of 1940, as amended ("1940 Act"), and (ii) have no direct or indirect financial interest in the operation of the Expense Limitation Agreements.

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 during any of the previous three (3) years, 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 expense reimbursement or the current waiver and/or expense 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.

**Brokerage Practices.** In selecting brokers and dealers to execute portfolio transactions, the Advisor may consider research and brokerage services furnished to the Advisor or its affiliates. The Advisor may not consider sales of shares of the Funds as a factor in the selection of brokers and dealers, but may place portfolio transactions with brokers and dealers that promote or sell the Funds' shares so long as such transactions are done in accordance with the policies and procedures established by the Trustees that are designed to ensure that the selection is based on the quality of execution and not on sales efforts. When placing portfolio transactions with a broker or dealer, the Advisor may aggregate securities to be sold or purchased for the Funds with those to be sold or purchased for other advisory accounts managed by the Advisor. In aggregating such securities, the Advisor will average the transaction as to price and will allocate available investments in a manner that the Advisor believes to be fair and reasonable to the Funds and such other advisory accounts. An aggregated order will generally be allocated on a pro rata basis among all participating accounts, based on the relative dollar values of the participating accounts, or using any other method deemed to be fair and reasonable to the Funds and the participating accounts, with any exceptions to such methods involving the Trust being reported by the Advisor to the Trustees.

The 1940 Act generally prohibits the Funds from engaging in principal securities transactions with an affiliate of the Advisor. Thus, the Funds do not engage in principal transactions with any affiliate of the Advisor. The Funds have adopted procedures, under Rule 17e-1 under the 1940 Act, that are reasonably designed to provide that any brokerage commission that the Funds pay to an affiliate of the Advisor does not exceed the industry's customary brokerage commission for similar transactions. In addition, the Funds will adhere to Section 11(a) of the Securities Exchange Act of 1934 and any applicable rules thereunder governing floor trading.

**Payments to Financial Intermediaries.** The Advisor or the Distributor may make cash payments to financial intermediaries in connection with the promotion and sale of shares of the Funds. Cash payments may include cash revenue sharing payments and other payments for certain administrative services, transaction processing services, and certain other marketing support services. The Advisor may make these payments from its own resources. In this context, the term "financial intermediaries" includes any broker, dealer, bank (including bank trust departments), registered investment advisor, financial planner, retirement plan administrator, and any other financial intermediary having a selling, administration, or similar agreement with the Advisor or the Distributor.

The Advisor may make revenue sharing payments as incentives to certain financial intermediaries to promote and sell shares of the Funds. The benefits that the Advisor receives when these payments are made include, among other things, placing the Funds on the financial intermediaries funds sales system, possibly placing the Funds on the financial intermediary's preferred or recommended fund list, and access (in some cases on a preferential basis over other competitors) to individual members of the financial intermediary's sales force or to the financial intermediary's management. Revenue sharing payments are sometimes referred to as "shelf space" payments because the payments compensate the financial intermediary for including the Funds in its fund sales system (on its "sales shelf"). The Advisor compensates financial intermediaries differently depending typically on the level and/or type of considerations provided by the financial intermediary. The revenue sharing payments that the Advisor makes may be calculated on the average daily net assets of the applicable funds attributable to that particular financial intermediary (Asset-Based Payments). Asset-Based Payments primarily create incentives to retain previously sold shares of the Funds in investor accounts. The revenue sharing payments the Advisor may make may be also calculated on sales of new shares in the Funds attributable to a particular financial intermediary (Sales-Based Payments). Sales-Based Payments may create incentives for the financial intermediary to, among other things, sell more shares of a particular fund or to switch investments between funds frequently.

The Advisor also may make other payments to certain financial intermediaries for processing certain transactions or account maintenance activities (such as processing purchases, redemptions, or exchanges or producing customer account statements) or for providing certain other marketing support services (such as financial assistance for conferences, seminars, or sales or training programs at which the Advisor's personnel may make presentations on the Funds to the financial intermediary's sales force). Financial intermediaries may earn profits on these payments for these services, since the amount of the payment may exceed the cost of providing the service. Certain of these payments are subject to limitations under applicable law.

The Advisor is motivated to make the payments described above since they promote the sale of Funds shares and the retention of those investments by clients of financial intermediaries. Although it is expected that an increase in the Funds' assets would benefit shareholders by reducing the expense ratios, there can be no assurance that such benefit will be realized. To the extent financial intermediaries sell more shares of Funds or retain shares of the Funds in their clients' accounts, the Advisor benefits from the incremental management fees paid to the Advisor by the Funds with respect to those assets. In certain cases, these payments could be significant to the financial intermediary. Your financial intermediary may charge you additional fees or commissions other than those disclosed in this prospectus. You can ask your financial intermediary about any payments it receives from the Advisor or the Funds, as well as about fees and/or commissions it charges.

THE ADMINISTRATOR AND TRANSFER AGENT

Commonwealth Fund Services, Inc. ("Administrator") acts as the Funds' administrator, transfer agent and dividend disbursing agent. In the performance of its administrative responsibilities to the Funds, the Administrator coordinates the services of vendors to the Funds, and provides the Funds with certain administrative and fund accounting services. The Administrator is affiliated with the Advisor.

THE DISTRIBUTOR

ALPS Distributors, Inc. ("Distributor") is the principal underwriter and distributor of the Funds' shares and serves as the Funds' exclusive agent for the distribution of the Funds' shares. The Distributor may sell the Funds' shares to or through qualified securities dealers or others.

additional information on expenses

In addition to the investment advisory fees, the Funds pay all expenses not assumed by the Advisor, including, without limitation: the fees and expenses of their independent registered public accounting firm and legal counsel; the costs of printing and mailing to shareholders annual and semi-annual reports, proxy statements, prospectuses, statements of additional information, and supplements thereto; the costs of printing registration statements; bank transaction charges and custodian's fees; any proxy solicitors' fees and expenses; filing fees; any federal, state, or local income or other taxes; any interest; any membership fees of the Investment Company Institute and similar organizations; fidelity bond and Trustees' liability insurance premiums; and any extraordinary expenses, such as indemnification payments or damages awarded in litigation or settlements made. All general Trust expenses are allocated among and charged to the assets of each separate series of the Trust, such as each Fund, on a basis that the Trustees deem fair and equitable, which may be on the basis of relative net assets of each series or the nature of the services performed and relative applicability to each series.

**INVESTING IN THE FUNDS**

MINIMUM INVESTMENT

The Funds' Shares are sold and redeemed at net asset value. Institutional Shares may be purchased by any account managed by the Advisor and any other institutional investor or any broker-dealer authorized to sell shares in the Funds. The minimum initial investment is for Institutional Shares is $500,000 and the minimum additional investment is $500 ($100 for those participating in an automatic investment plan). Each of the Funds may, in the Advisor's sole discretion, accept certain accounts with less than the minimum investment. The Trust has elected to provide an exception to the minimum investment requirement for the purchase of Institutional Shares of the Funds to current trustees and officers of the Trust, employees of Brown Capital Management, LLC, and members of the immediate family of any of these persons – these persons are not subject to any minimum initial investment when purchasing Institutional Shares of the Funds. In addition, the Advisor may, in its sole discretion, aggregate the accounts of clients of registered investment advisers and other financial intermediaries whose clients invest $500,000 in the Funds.

Purchase and redemption price

**Determining a Fund's Net Asset Value.** The price at which shares are purchased and redeemed is based on the next calculation of a Fund's net asset value after an order is received in Good Form. An order is considered to be in Good Form if it includes the receipt by the Transfer Agent of completed account information and documentation related to a purchase or redemption request, and if applicable, payment in full of the purchase amount. Each Fund's net asset value per share is calculated by dividing the value of the particular fund's total assets, less liabilities (including that fund's expenses, which are accrued daily), by the total number of outstanding shares of that fund. To the extent that any of the Funds hold portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Funds do not price their shares, the net asset values of the Funds' shares may change on days when shareholders will not be able to purchase or redeem the Funds' shares. The net asset value per share of each of the Funds is normally determined at the time regular trading closes on the New York Stock Exchange ("NYSE"), currently 4:00 p.m. Eastern time, Monday through Friday, except when the NYSE closes earlier. The Fund does not calculate net asset value on business holidays when the NYSE is closed.

The pricing and valuation of portfolio securities is determined in good faith in accordance with procedures established by, and under the direction of, the Trustees. In determining the value of the Funds' total assets, portfolio securities are generally valued at their market value by quotations from the primary market in which they are traded. Foreign securities listed on foreign exchanges are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value. The Funds normally use third party pricing services to obtain market quotations. 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 Trustees. Fair value pricing may be used, for example, in situations where (i) a portfolio 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 portfolio security prior to a Fund's net asset value calculation; (iii) the exchange on which the portfolio 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 a Fund's net asset value calculation. The Advisor has been appointed by the Trustees as the valuation designee ("Valuation Designee") to be responsible for all fair valuations for the Funds. The Funds' policies regarding fair value pricing are intended to result in a calculation of the Funds' net asset value that fairly reflects portfolio security values as of the time of pricing, so long as the Valuation Designee believes that these reflect fair value at the time the NAV is determined. The Funds may use pricing services to help determine fair value. When pricing securities using the fair value guidelines established by the Board of Trustees, the Trust seeks to assign the value that represents the amount that a Fund might reasonably expect to receive upon a current sale of the securities.

A portfolio security's "fair value" price may differ from the price next available for that portfolio security using the Fund's normal pricing procedures, and the fair value price may differ substantially from the price at which the security may ultimately be traded or sold. If such fair value price differs from the price that would have been determined using the Fund's normal pricing procedures, a shareholder may receive more or less proceeds or shares from redemptions or purchases of Fund shares, respectively, than a shareholder would have otherwise received if the security were priced using the Fund's normal pricing procedures. The performance of the Fund may also be affected if a portfolio security's fair value price were to differ from the security's price using the Fund's normal pricing procedures. To the extent the Fund invests in other open-end investment companies that are registered under the 1940 Act, the Fund's net asset value calculations are based upon the net asset value reported by such registered open-end investment companies, and the prospectuses for these companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Discrepancies between fair values and actual market prices may occur on a regular and recurring basis. These discrepancies do not necessarily indicate that the fair value methodology is inappropriate. The Valuation Designee will adjust the fair values assigned to securities in the portfolio, to the extent necessary, as soon as market prices become available. The Valuation Designee continually monitors and evaluates the appropriateness of its fair value methodologies through systematic comparisons of fair values to the actual next available market prices of securities contained in a Fund's portfolio.

**Other Matters.** Purchases and redemptions of shares of the same class by the same shareholder on the same day will be netted for each of the Funds.

The Funds typically expect to satisfy redemption requests with cash holdings or cash equivalents, and they expect to use cash holdings or cash equivalents on a regular basis for this purpose. To the extent cash holdings or cash equivalents are not available to satisfy redemption requests, a Fund may elect to satisfy its redemption requests by selling portfolio assets to raise cash sufficient to satisfy such redemption requests. The Funds generally expect to pay out proceeds from a redemption order to a redeeming shareholder on the next business day following the receipt of such a redemption order. In addition, if determined to be appropriate, a Fund may satisfy redemption requests, in whole or in part, by effecting an in-kind redemption with portfolio securities to the extent such in-kind redemption is consistent with the Fund's policies and procedures.

Purchasing Shares

You can make purchases directly from the Funds by mail or bank wire. The Funds have also authorized one or more brokers to receive purchase and redemption orders on their behalf and such brokers are authorized to designate other financial intermediaries to receive orders on behalf of the Funds. Such orders will be deemed to have been received by the Funds when an authorized broker or broker-authorized designee receives the order, subject to the order being in good form. The orders will be priced at the Fund's net asset value next computed after the orders are received by the authorized broker or broker-authorized designee. Investors may also be charged a fee by a broker or agent if shares are purchased through a broker or agent.

The Funds reserve the right to (i) refuse any request to purchase shares of the Funds for any reason, and (ii) suspend their offering of shares at any time.

**Regular Mail Orders.** Payment for shares must be made by check from a U.S. financial institution and payable in U.S. dollars. Cashier's checks, third party checks, money orders, credit card convenience checks, cash or equivalents or payments on foreign currencies are not acceptable forms of payment. If checks are returned due to insufficient funds or other reasons, your purchase will be canceled. You will also be responsible for any losses or expenses incurred by the particular Fund(s), Administrator, and Transfer Agent. The particular Fund(s) will charge a $35 fee and may redeem shares of that fund already owned by the purchaser or shares of another identically registered account in another series of the Trust to recover any such loss. For regular mail orders, please complete a Fund Shares Application and mail it, along with your check made payable to the applicable fund, to:

**Brown Capital Management Mutual Funds**

[Name of Fund and Share Class]

c/o Commonwealth Fund Services, Inc.

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

***Please remember to add a reference to the applicable Fund and share class on your check to ensure proper credit to your account****.* The application must contain your Social Security Number ("SSN") or Taxpayer Identification Number ("TIN"). If you have applied for a SSN or TIN at the time of completing your account application but you have not received your number, please indicate this on the application and include a copy of the form applying for the SSN or TIN. Taxes are not withheld from distributions to U.S. investors if certain Internal Revenue Service ("IRS") requirements regarding the SSN or TIN are met and we have not been notified by the IRS that the particular U.S. investor is subject to back-up withholding.

By sending your check to the Funds, please be aware that you are authorizing the Funds to make a one-time electronic debit from your account at the financial institution indicated on your check. Your bank account will be debited as early as the same day the Funds receive your payment in the amount of your check. Your original check will be destroyed once processed, and you will not receive your cancelled check back. If the Funds cannot post the transaction electronically, you authorize the Funds to present an image copy of your check for payment.

**Bank Wire Orders.** Purchases may also be made through bank wire transfers from your financial institution. To establish a new account or add to an existing account by wire, please call the Funds at 1-877-892-4BCM (1-877-892-4226) for wire instructions and to advise the Funds of the investment, dollar amount, and account identification number.

**Additional Investments.** You may also add to your account by mail or wire at any time by purchasing shares at the then current public offering price. The minimum additional investment is $500. Before adding funds by bank wire, please call the Funds at 1-877-892-4BCM (1-877-892-4226) for wire instructions and to advise the Funds of the investment, dollar amount, and account identification number. Mail orders should include, if possible, the "Invest by Mail" stub that is attached to your confirmation statement. Otherwise, please identify your account in a letter accompanying your purchase payment.

**Automatic Investment Plan.** The automatic investment plan enables shareholders to make regular monthly or quarterly investments in shares through automatic charges to their checking account. With shareholder authorization and bank approval, the particular fund will automatically charge the checking account for the amount specified ($100 minimum), which will be automatically invested in shares at the public offering price on or about the 21<sup>st</sup> day of the month. The shareholder may change the amount of the investment or discontinue the plan at any time by writing the Funds.

**Exchange Feature.** You may exchange shares of any of the Funds for shares of the same class of any other series of the Trust advised by the Advisor and offered for sale in the state in which you reside so long as you meet the minimum shareholder eligibility requirement for the class into which you wish to exchange. Exchanges from one class of a Fund into the same class of the Small Company Fund, however, will not be permitted unless you have previously established an account to invest in the Small Company Fund. Any such exchange will be made at the applicable net asset value plus the percentage difference between the sales charge applicable to those shares and any sales charge previously paid by you in connection with the shares being exchanged. Institutional Shares may only be exchanged for Institutional Shares. Prior to making an investment decision or giving us your instructions to exchange shares, please read the prospectus for the series in which you wish to invest.

The Trustees reserve the right to suspend, terminate, or amend the terms of the exchange privilege upon prior written notice to the shareholders.

**Stock Certificates.** The Funds do not issue stock certificates. Evidence of ownership of shares is provided through entry in the Funds' share registry. Investors will receive periodic account statements (and, where applicable, purchase confirmations) that will show the number of shares owned.

**Important Information about Procedures for Opening a New Account.** Under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act of 2001), the Funds are required to obtain, verify, and record information to enable the Funds to form a reasonable belief as to the identity of each customer who opens an account. Consequently, when an investor opens an account, the Funds will ask for the investor's name, street address, date of birth (for an individual), social security or other tax identification number (or proof that the investor has filed for such a number), and other information that will allow the Funds to identify the investor. The Funds may also ask to see the investor's driver's license or other identifying documents. An investor's account application will not be considered "complete" and, therefore, an account will not be opened and the investor's money will not be invested until the Funds receive this required information. If after opening the investor's account the Funds are unable to verify the investor's identity after having used reasonable efforts, as determined by the Funds in their sole discretion, the Funds may (i) restrict further investments until the investor's identity is verified; and (ii) close the investor's account without notice and return the investor's redemption proceeds to the investor. If the Funds close an investor's account because the Funds were unable to verify the investor's identity, the Funds will value the account in accordance with the Funds' next net asset value calculated after the investor's account is closed. In that case, the investor's redemption proceeds may be worth more or less than the investor's original investment. The Funds will not be responsible for any losses incurred due to the Funds' inability to verify the identity of any investor opening an account.

Effective May 11, 2018, if you are opening an account in the name of a legal entity (e.g., a partnership, business trust, limited liability company, corporation, etc.), you may be required to supply the identity of the beneficial owner or controlling person(s) of the legal entity prior to the opening of your account. The Fund may request additional information about you (which may include certain documents, such as articles of incorporation for companies) to help the Transfer Agent verify your identity.

**Share Class Alternatives**. The Funds offer investors two different classes of shares through different prospectuses. The different classes of shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and may have different share prices and minimum investment requirements. When you buy shares be sure to specify the class of shares in which you choose to invest. Because each share class has a different combination of sales charges, expenses and other features, you should consult your financial adviser to determine which class best meets your financial objectives.

**REDEEMING YOUR SHARES**

**Regular Mail Redemptions.** Regular mail redemption requests should be addressed to:

**Brown Capital Management Mutual Funds**

[Name of Fund and Share Class]

c/o Commonwealth Fund Services, Inc.

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

Regular mail redemption requests should include the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Your letter of instruction specifying the applicable fund and share class, account number, and number
of shares or the dollar amount to be redeemed (these requests must be signed by all registered shareholders in the exact names in which
they are registered);

&nbsp;&nbsp;&nbsp;&nbsp;(2) Any required Medallion Signature Guarantees (see "Medallion Signature Guarantees" below);
and

&nbsp;&nbsp;&nbsp;&nbsp;(3) Other supporting legal documents, if required in the case of estates, trusts, guardianships, custodianships,
corporations, partnerships, pension or profit sharing plans, and other organizations.

Your redemption proceeds normally will be sent to you within seven (7) days after receipt of your redemption request. The Funds may delay forwarding a redemption check for recently purchased shares while it determines whether the purchase payment will be honored. Such delay (which may take up to fifteen (15) days from the date of purchase) may be reduced or avoided if the purchase is made by wire transfer. In all cases, the net asset value next determined after receipt of the request for redemption will be used in processing the redemption request.

**Telephone and Bank Wire Redemptions.** Unless you decline the telephone transaction privileges on your account application, you may redeem shares of the Funds by telephone. You may also redeem shares by bank wire under certain limited conditions. The Funds will redeem shares in this manner when so requested by the shareholder only if the shareholder confirms redemption instructions in writing.

Each of the Funds may rely upon confirmation of redemption requests transmitted via facsimile (1-866-205-1499). The confirmation instructions must include the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Designation of Share Class and name of fund (Small Company Fund, International All Company Fund, or International
Small Company Fund),

&nbsp;&nbsp;&nbsp;&nbsp;(2) Shareholder(s) name and account number,

&nbsp;&nbsp;&nbsp;&nbsp;(3) Number of shares or dollar amount to be redeemed,

&nbsp;&nbsp;&nbsp;&nbsp;(4) Instructions for transmittal of redemption proceeds to the shareholder, and

&nbsp;&nbsp;&nbsp;&nbsp;(5) Shareholder(s) signature(s) as it/they appear(s) on the application then on file with the Funds.

Redemption proceeds will not be distributed until written confirmation of the redemption request is received, per the instructions above. You can choose to have redemption proceeds mailed to you at your address of record, your financial institution, or to any other authorized person, or you can have the proceeds sent by wire transfer to your financial institution ($5,000 minimum). Redemption proceeds cannot be wired on days on which your financial institution is not open for business. You can change your redemption instructions any time you wish by filing a letter including your new redemption instructions with the Funds. See "Medallion Signature Guarantees" below.

Each of the Funds in its discretion may choose to pass through to redeeming shareholders any charges imposed by the Funds' custodian for wire redemptions. If this cost is passed through to redeeming shareholders by the Funds, the charge will be deducted automatically from your account by redemption of shares in your account. Your bank or brokerage firm may also impose a charge for processing the wire. If wire transfer of funds is impossible or impractical, the redemption proceeds will be sent by mail to the designated account.

You may redeem shares, subject to the procedures outlined above, by calling the Funds at 1-877-892-4BCM (1-877-892-4226). Redemption proceeds will only be sent to the financial institution account or person named in your Fund Shares Application currently on file with the Funds. Telephone redemption privileges authorize the Funds to act on telephone instructions from any person representing himself or herself to be the investor and reasonably believed by the Funds to be genuine. Each of the Funds will employ reasonable procedures, such as requiring a form of personal identification, to confirm that instructions are genuine. The Funds, however, will not be liable for any losses due to fraudulent or unauthorized instructions. The Funds will also not be liable for following telephone instructions reasonably believed to be genuine. Therefore, you have the risk of loss due to unauthorized or fraudulent instructions.

**Systematic Withdrawal Plan.** A shareholder who owns shares of one or more of the Funds valued at $10,000 or more at the current offering price may establish a systematic withdrawal plan to receive a monthly or quarterly check in a stated amount not less than $100. Each month or quarter, as specified, the particular fund(s) will automatically redeem sufficient shares from your account to meet the specified withdrawal amount. The shareholder may establish this service whether dividends and distributions are reinvested in shares of the Funds or paid in cash. Call or write the Funds for an application form.

**Small Accounts.** The Trustees reserve the right to redeem involuntarily any account having a net asset value of less than $500,000 due to redemptions, exchanges, or transfers, and not due to market action, upon 30 days' prior written notice. If the shareholder brings his account net asset value up to at least $500,000 during the notice period, the account will not be redeemed. Redemptions from retirement plans may be subject to U.S. federal income tax withholding.

**Redemptions in Kind.** The Funds do not intend, under normal circumstances, to redeem their securities by payment in kind. It is possible, however, that conditions may arise in the future, which would make it undesirable for the Funds to pay for all redemptions in cash. In such case, the Funds may make payment in readily marketable portfolio securities of the particular fund. Securities delivered in payment of redemptions would be valued at the same value assigned to them in computing the Funds' net asset value per share. Shareholders receiving them bear the market risks associated with the securities until they have been converted into cash and would incur brokerage costs when these securities are sold. An irrevocable election has been filed under Rule 18f-1 of the 1940 Act, wherein each of the Funds committed itself to pay redemptions in cash, rather than in kind, to any shareholder of record of that particular fund who redeems during any ninety-day period, the lesser of (a) $250,000 or (b) one percent (1%) of that fund's net asset value at the beginning of such period.

**Medallion Signature Guarantees.** To protect your account and each of the Funds from fraud, Medallion Signature Guarantees may be required to be sure that you are the person who has authorized a change in registration or standing instructions for your account. Medallion Signature Guarantees are generally required for (i) change of registration requests; (ii) requests to establish or to change exchange privileges or telephone and bank wire redemption service other than through your initial account application; (iii) transactions where proceeds from redemptions, dividends, or distributions are sent to an address or financial institution differing from the address or financial institution of record; and (iv) redemption requests in excess of $100,000. Medallion Signature Guarantees are acceptable from a member bank of the Federal Reserve System, a savings and loan institution, credit union (if authorized under state law), registered broker-dealer, securities exchange, or association clearing agency and must appear on the written request for change of registration, establishment or change in exchange privileges, or redemption request.

**Miscellaneous.** All redemption requests will be processed and payment with respect thereto will normally be made within seven (7) days after tender. The Funds reserve the right to suspend any redemption request involving recently purchased shares until the check for the recently purchased shares has cleared. The Funds may suspend redemptions, if permitted by the 1940 Act, for any period during which trading is restricted by the Securities and Exchange Commission ("SEC") or if the SEC declares that an emergency exists. Redemptions may be suspended during other periods permitted by the SEC for the protection of the Fund's shareholders. During drastic economic and market changes, telephone redemption privileges may be difficult to implement.

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or the receipt at the Funds' post office box, of purchase or redemption requests does not constitute receipt by the Funds.

**Redemption Proceeds**. The Funds are not responsible for losses or fees resulting from posting delays or non-receipt of redemption payments at your bank, when shareholder payment instructions are followed.

**Verification of Shareholder Transaction Statements**. You must contact the Funds in writing regarding any errors or discrepancies within 60 days after the date of the statement confirming a transaction. The Funds may deny your ability to refute a transaction if they do not hear from you within 60 days after the confirmation statement date.

**Non-Receipt of Purchase Wire / Insufficient Funds Policy**. The Funds reserve the right to cancel a purchase if payment of the check or electronic funds transfer does not clear your bank, or if a wire is not received by settlement date. The Funds may charge a fee for insufficient funds and you may be responsible for any fees imposed by your bank and any losses that the Funds may incur as a result of the cancelled purchase.

There is an annual pass through IRA and Coverdell Education Savings Account maintenance fee of $15.00 that is charged by the IRA custodian on a per-account basis.

Frequent purchases and redemptions

Frequent purchases and redemptions ("Frequent Trading") of shares of the Funds may present a number of risks to other shareholders of the Funds. These risks may include, among other things, dilution in the value of shares of the Funds held by long-term shareholders, interference with the efficient management by the Advisor of the Funds' portfolio holdings, and increased brokerage and administration costs. Due to the potential of a thin market for the Funds' securities, as well as overall adverse market, economic, political, or other conditions affecting the sale price of portfolio securities, the Funds could face untimely losses as a result of having to sell portfolio securities prematurely to meet redemptions. Frequent Trading may also increase portfolio turnover which may result in increased capital gains taxes for shareholders of the Funds. These capital gains could include short-term capital gains taxed at ordinary income tax rates.

The Trustees have adopted a policy with respect to Frequent Trading that is intended to discourage and identify such activity by shareholders of the Funds. The Funds do not accommodate Frequent Trading. Under the adopted policy, the Transfer Agent provides a daily record of shareholder trades to the Advisor. The Transfer Agent also assists the Advisor in monitoring and testing shareholder purchase and redemption orders for possible incidents of Frequent Trading. The Advisor has the discretion to limit investments from an investor that the Advisor believes has a pattern of Frequent Trading that the Advisor considers not to be in the best interests of the other shareholders in that Fund by the Fund's refusal of further purchase and/or exchange orders from such investor.

This policy is intended to apply uniformly, except that the Funds may not be able to identify or determine that a specific purchase and/or redemption is part of a pattern of Frequent Trading or that a specific investor is engaged in Frequent Trading, particularly with respect to transactions made through accounts such as omnibus accounts or accounts opened through third-party financial intermediaries such as broker-dealers and banks ("Intermediary Accounts"). Therefore, this policy may not be applied to omnibus accounts or Intermediary Accounts. Omnibus account arrangements permit multiple investors to aggregate their respective share ownership positions and to purchase, redeem, and exchange Fund shares without the identity of the particular shareholders being known to those Funds. Like omnibus accounts, Intermediary Accounts normally permit investors to purchase, redeem, and exchange Fund shares without the identity of the underlying shareholder being known to that Fund. Accordingly, the ability of the Funds to monitor and detect Frequent Trading through omnibus accounts and Intermediary Accounts would be very limited, and there would be no guarantee that the Funds could identify shareholders who might be engaging in Frequent Trading through such accounts or curtail such trading. The Advisor currently does not allow exceptions to the policy.

Under a federal rule, the Fund is required to have an agreement with many of its intermediaries obligating the intermediaries to provide, upon the Fund's request, information regarding the intermediaries' customers and their transactions. However, there can be no guarantee that all excessive, short-term or other abusive trading activities will be detected, even if such an agreement is in place.

Intermediaries may apply frequent trading policies that are in addition to the Funds' policies and that may differ from those described in this Prospectus. If you invest with the Funds through an intermediary, please read that firm's program materials carefully to learn of any rules or fees that may apply.

Although the Funds have taken steps to discourage Frequent Trading of the Funds' shares, there is no guarantee that such trading will not occur.

**OTHER IMPORTANT INVESTMENT INFORMATION**

DIVIDENDS, DISTRIBUTIONS, AND TAXES

The following information is meant as a general summary of the U.S. federal income tax provisions regarding the taxation of U.S. shareholders. Additional tax information appears in the SAI. Shareholders should rely on their own tax advisors for advice about the particular U.S. federal, state, local, and other tax consequences to them of investing in the Funds.

Each Fund intends to distribute all or substantially all of its net investment income and net realized capital gains to its shareholders at least annually. A Fund's shareholders may elect to take in cash or reinvest in additional Fund shares any dividends from net investment income or capital gains distributions. Although a Fund is not taxed on amounts it distributes, shareholders will generally be taxed on distributions regardless of whether distributions are paid by the Fund in cash or are reinvested in additional Fund shares. Distributions to non-corporate investors attributable to ordinary income and short-term capital gains are generally taxed as ordinary income, although certain income dividends may be taxed to non-corporate shareholders as qualified dividend income at long-term capital gains rates provided certain holding period requirements are satisfied. Distributions of long-term capital gains are generally taxed as long-term capital gains, regardless of how long a shareholder has held Fund shares. Distributions may be subject to U.S. state and local income taxes, as well as U.S. federal income taxes.

Taxable distributions paid by a Fund to corporate shareholders will be taxed at corporate tax rates (currently at the rate of 21%). Corporate shareholders of a Fund may be entitled to a dividends received deduction ("DRD") for a portion of the dividends paid and designated by the Fund as qualifying for the DRD provided certain holding period requirements are met.

In general, a shareholder who sells or redeems shares in a Fund will realize a capital gain or loss, which will be long-term or short-term, depending upon the shareholder's holding period for the shares, provided that any loss recognized on the sale of shares held for six months or less will be treated as long-term capital loss to the extent of capital gain dividends received with respect to such shares. An exchange of shares may be treated as a sale and any gain may be subject to tax.

The Funds, and in particular the International All Company Fund, may be subject to foreign taxes or foreign tax withholding on dividends, interest, and some capital gains that it receives on foreign securities. You may qualify for an offsetting credit or deduction under U.S. tax laws for your portion of a Fund's foreign tax obligations, provided that you meet certain requirements and the Fund satisfies certain requirements. Shareholders should consult their own tax advisors for more information.

As with all mutual funds, each Fund may be required to back-up withhold U.S. federal income tax (currently at the rate of 24%) on all taxable distributions payable to shareholders who fail to provide the Fund with their correct taxpayer identification numbers or to make required certifications, or who have been notified by the IRS that they are subject to back-up withholding. Back-up withholding is not an additional tax; rather, it is a way in which the IRS ensures it will collect taxes otherwise due. Any amounts withheld may be credited against a shareholder's U.S. federal income tax liability or refunded in certain circumstances.

Shareholders should consult their own tax advisors to ensure distributions and sale of Fund shares are treated appropriately on their applicable income tax returns.

Distribution checks will only be issued for payments greater than $25.00. Distributions under $25.00 will automatically be reinvested in Fund shares of the Fund generating the distribution. Un-cashed distribution checks will be canceled and proceeds reinvested at the then current net asset value, for any shareholder who chooses to receive distributions in cash, if distribution checks: (1) are returned and marked as "undeliverable" or (2) remain un-cashed for six months after the date of issuance. If distribution checks are canceled and reinvested, your account election may also be changed so that all future distributions are reinvested rather than paid in cash. Interest will not accrue on uncashed distribution checks.

 

*Cost Basis Reporting.* U.S. federal income tax law requires that mutual fund companies report their shareholders' cost basis, gain/loss, and holding period to the IRS on the Funds' shareholders' Consolidated Form 1099s when shares are sold. The Funds have chosen Average Cost as their default tax lot identification method for all shareholders. A tax lot identification method is the way the Funds will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Funds' standing tax lot identification method is the method shares will be reported on your Consolidated Form 1099 if you do not select a specific tax lot identification method. You may choose a method different than the Funds' standing method and will be able to do so at the time of your purchase or upon the sale of shares of the Funds. Shareholders should consult their own tax advisors for more information.

 

The Funds are not responsible for the reliability or accuracy of the information for those securities that are not covered by these rules. The Funds and their service providers do not provide tax advice. Each shareholder should consult their own tax advisors for more information with respect to any decisions regarding choosing a tax lot identification method given the shareholder's particular situation.

*Possible Tax Law Changes.* At the time that this prospectus is being prepared, various administrative and legislative changes to the U.S. federal tax laws are under consideration, but it is not possible at this time to determine whether any of these changes will take place, what the changes might entail, or whether they will have retroactive effect.

**FINANCIAL HIGHLIGHTS**

The financial highlights that follow are intended to help you understand each Fund's financial performance for the previous five fiscal years. Certain information reflects financial results for a single fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in the Funds (assuming reinvestment of all dividends and distributions). The financial data included in the tables below have been derived from audited financial statements of each of the Funds. The financial data in the table for the fiscal years ended March 31, 2023, March 31, 2024 and March 31, 2025 has been audited by Cohen & Company, Ltd, an independent registered public accounting firm, whose reports covering such years is incorporated by reference into the SAI. For each of the other fiscal years presented, the financial data in the table has been audited by the Funds' former independent registered public accounting firm, whose reports for such years are included in the related Annual Reports. This information should be read in conjunction with the Funds' latest audited annual financial statements and notes thereto, which are also incorporated by reference to the SAI, a copy of which may be obtained at no charge by calling the Funds at 1-877-892-4BCM (1-877-892-4226). Further information about the performance of the Funds is contained in the Annual Report on Form N-CSR of each of the Funds, a copy of which may also be obtained at no charge by calling the Funds.

The Brown Capital Management Small Company Fund

Financial Highlights For a share outstanding throughout the years presented.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
| **Institutional Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $73.06 | $72.94 | $103.07 | $128.45 | $85.60 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.61) | (0.64) | (0.74) | (1.24) | (1.00) |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments<sup>(c)</sup> | (0.33) | 7.29 | (21.61) | (13.29) | 53.79 |
| Total from Investment Operations | (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 Year | $**45.39** | $**73.06** | $**72.94** | $**103.07** | $**128.45** |
| **Total Return<sup>(b)</sup>** | **(8.52** **%)** | **10.03%** | **(21.17** **%)** | **(12.23** **%)** | **61.61%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets, End of Year (000's) | $508958 | $1514154 | $2681732 | $3903646 | $4782245 |
| Ratio of Expenses to Average Net Assets | 1.12% | 1.11% | 1.08% | 1.05% | 1.04% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (0.91%) | (0.87%) | (0.93%) | (1.00%) | (0.81%) |
| Portfolio Turnover Rate | 11% | 12% | 22% | 14% | 9% |

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*<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>* *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 year.* 

The Brown Capital Management International All Company Fund

Financial Highlights For a share outstanding throughout the years presented.

 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
| **Institutional Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $17.52 | $14.43 | $16.18 | $17.59 | $12.86 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | (0.01) | (0.01) | — <sup>(b)</sup> | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments | (0.90) | 3.10 | (1.60) | (1.25) | 5.30 |
| Total from Investment Operations | (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 <sup>(a)(b)</sup> |  |  |  |  |  |
| Net Asset Value, End of Year | $**16.61** | $**17.52** | $**14.43** | $**16.18** | $**17.59** |
| **Total Return<sup>(c)</sup>** | **(5.19** **%)** | **21.41%** | **(9.80** **%)** | **(7.42** **%)** | **41.03%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets, End of Year (000's) | $71504 | $68724 | $61259 | $66099 | $61564 |
| Ratio of Expenses to Average Net Assets Excluding Fee Waivers and Reimbursements | 1.69% | 1.64% | 1.64% | 1.34% | 1.54% |
| Ratio of Expenses to Average Net Assets Including Fee Waivers and Reimbursements | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (0.04%) | (0.03%) | 0.00 %<sup>(d)</sup> | (0.14%) | (0.16%) |
| Portfolio Turnover Rate | 56% | 12% | 20% | 8% | 11% |

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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>* *Less than 0.005 percent.*

- The Brown Capital Management International Small Company Fund

Financial Highlights For a share outstanding throughout the years presented.

 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
| <br>**Institutional Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $23.26 | $20.34 | $22.43 | $25.39 | $14.92 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | — <sup>(b)</sup> | (—)<sup>(b)</sup> | 0.01 | 0.01 | (0.10) |
| Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies | 0.46 | 2.92 | (2.10) | (1.58) | 10.76 |
| Total from Investment Operations | 0.46 | 2.92 | (2.09) | (1.57) | 10.66 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions (from net investment income) |  | (—)<sup>(b)</sup> | (—)<sup>(b)</sup> |  |  |
| 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<sup>(a)(b)</sup> |  |  |  |  |  |
| Net Asset Value, End of Year | $**23.72** | $**23.26** | $**20.34** | $**22.43** | $**25.39** |
| **Total Return<sup>(c)</sup>** | **1.98%** | **14.37%** | **(9.30** **%)** | **(7.11** **%)** | **71.51%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets, End of Year (000's) | $1910057 | $2001753 | $2141079 | $2560435 | $1923391 |
| Ratio of Expenses to Average Net Assets | 1.06% | 1.06% | 1.06% | 1.05% | 1.07% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.01% | 0.00% | 0.04% | 0.04% | (0.42%) |
| Portfolio Turnover Rate | 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.*

 ** 

Additional Information

Please see the back cover of this prospectus on how to contact the Funds and how to receive additional information regarding the Funds.

**Each Fund is a series of the**

**Brown Capital Management Mutual Funds** 

Statement of Additional Information: The Funds' SAI dated August 1, 2025, which is on file with the SEC and incorporated by reference into this prospectus, contains additional information about the Funds.

Annual/Semi-Annual Reports: Additional information about the Funds' investments is also available in the Funds' Annual and Semi-annual Reports to shareholders and in the Funds' Form N-CSR. Each Fund's Annual Report includes a discussion of market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' Annual and Semi-Annual financial statements.

The SAI, the Annual and Semi-annual Reports and other information such as Fund financial statements are available free of charge on the website listed below and upon request (you may also request other information about the Funds or make shareholder inquiries) as follows:

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| | |
|:---|:---|
| **Documented:** | **Internet:** |
| Brown Capital Management Mutual Funds | www.browncapital.com |
| c/o Commonwealth Fund Services, Inc. |  |
| 8730 Stony Point Parkway, Suite 205 |  |
| Richmond, Virginia 23235 |  |
| **Toll-Free Telephone:** | **E-mail:** |
| 1-877-892-4BCM |  |
| (1-877-892-4226) | information@browncapital.com |

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*Information about the Funds (including each Fund's SAI, financial reports and other information) are available on the EDGAR Database on the Commission's Internet site at <u>http://www.sec.gov</u>, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>.*

 

*Investment Company Act file number 811-06199*

 

**Brown Capital Management Privacy Policy**

Brown Capital Management is committed to the confidentiality and privacy of our clients' non-public personal information. This commitment extends to all clients with whom Brown Capital Management has a relationship, including former clients.

**Categories of Information**

Brown Capital Management comes into possession of and/or collects non-public personal information about our clients (the "Information"):

● from applications, correspondence, account contracts, fiduciary documents and other documents and forms;

● from client transactions with us, account activity and holdings; and,

● from third parties from which clients have authorized us to obtain Information.

**Disclosures to Third Parties**

Brown Capital Management does not disclose Information about our clients or former clients to third parties except as permitted by law. Third party processors or service providers may have access to Information of clients in order to provide or assist Brown Capital Management in providing services to Brown Capital Management clients. In all cases, such third parties are prohibited from using, disclosing or releasing Information outside the scope of providing such services and have executed contracts containing confidentiality provisions.

**Opt-Out Provisions**

In the event that Brown Capital Management intends to disclose Information to a third party that is not providing services to Brown Capital Management, Brown Capital Management will notify all affected clients of such intended disclosure. Each such client will be advised of the nature of the disclosure and given instructions on how to opt out. At present, Brown Capital Management has no intention of disclosing Information to third parties beyond the necessary disclosures to processors and service providers and as otherwise permitted by law.

**Security**

Brown Capital Management restricts access to Information about clients to those employees who need to know that Information to provide services to such clients. Brown Capital Management maintains physical, electronic and procedural safeguards that comply with state and federal regulations to guard client Information. The Company's independent auditor examines the control objectives established by the Company related to Investment Management, Trust and Custody services and performs testing to determine whether those controls tested were operating with sufficient effectiveness to provide reasonable assurance that the control objectives were achieved.

The Funds' Privacy Notice is not part of this prospectus.

![](bcm485bpos001.jpg)

***Prospectus***

Small Company Fund

Investor Shares (BCSIX)

(CUSIP Number 115291833)

International All Company Fund

Investor Shares (BCIIX)

(CUSIP Number 115291858)

International Small Company Fund

Investor Shares (BCSVX)

(CUSIP Number 115291742)

*August 1, 2025*

The Securities and Exchange Commission has not approved or disapproved the securities being offered by this prospectus or determined whether this prospectus is accurate and complete. Any representation to the contrary is a criminal offense.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board, or any other agency and are subject to investment risks including possible loss of principal amount invested. Neither the Funds nor the Funds' distributor is a bank. You should read the prospectus carefully before you invest or send money.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| **[INVESTMENT OBJECTIVES](#bcm485bposb001)** | **16** |
| [**PRINCIPAL RISKS OF INVESTING IN THE FUNDS**](#bcm485bposb002) | **18** |
| [**MANAGEMENT OF THE FUNDS**](#bcm485bposb003) | **21** |
| [**THE INVESTMENT ADVISOR**](#bcm485bposb004) | **21** |
| [**THE ADMINISTRATOR AND TRANSFER AGENT**](#bcm485bposb005) | **25** |
| [**INVESTING IN THE FUNDS**](#bcm485bposb006) | **27** |
| [**MINIMUM INVESTMENT**](#bcm485bposb007) | **27** |
| [**OTHER IMPORTANT INVESTMENT INFORMATION**](#bcm485bposb008) | **34** |
| [**DIVIDENDS, DISTRIBUTIONS, AND TAXES**](#bcm485bposb009) | **34** |
| [**FINANCIAL HIGHLIGHTS**](#bcm485bposb010) | **36** |

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THE BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND

**Investment Objective.** 

The Small Company Fund seeks long-term capital appreciation.

Current income is a secondary consideration in selecting portfolio investments.

**Fees and Expenses of the Fund.** 

These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Small Company Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees**

---

| | | |
|:---|:---|:---|
| *(fees paid directly from your investment)* | *Investor Shares* | |
| Maximum Sales Charge (Load) Imposed On Purchases |  |  |
| &nbsp;&nbsp;&nbsp;(as a percentage of offering price) | None |  |
| Redemption Fee (as a percentage of amount redeemed) | None | |

---

**Annual Fund Operating Expenses** 

---

| | |
|:---|:---|
| *(expenses that you pay each year as a % of the value of your investment)* | *(expenses that you pay each year as a % of the value of your investment)* |
| Management Fees | 1.00% |
| Distribution and/or Service (12b-1) Fees | 0.20% |
| Other Expenses | 0.12% |
| Total Annual Fund Operating Expenses | 1.32% |

---

 

*Example.*

This example is intended to help you compare the cost of investing in the Small Company Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Small Company Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the Small Company Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Investor Shares** | $134 | $418 | $723 | $1590 |

---

*Portfolio Turnover.*

The Small Company Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Small Company Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Small Company Fund's performance. During the most recent fiscal year, the Small Company Fund's portfolio turnover rate was 11% of the average value of its portfolio.

**Principal Investment Strategies.** 

The Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of those companies with total operating revenues of $500 million or less at the time of the initial investment, ("small companies"). ***It is important to note that the Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the Small Company Fund is on the revenue produced by the issuer of the securities.***

The Small Company Fund typically invests in common stocks. The Advisor seeks to build a portfolio of exceptional small companies with the wherewithal to become exceptional large companies. The Small Company Fund typically holds a portfolio of between 40 to 65 securities which the Advisor believes have the potential for growth.

*The Advisor's Philosophy*

The Advisor believes that a sustained commitment to a portfolio of exceptional companies will, over time, generate attractive long-term returns. The Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor views these differentiated organizations as having the wherewithal to provide unique solutions that include, but are not limited to, the utilization of innovative technology and insight to help address or redefine the challenges faced by institutions or consumers. These companies often retain a long-term growth plan, durable revenue growth, defensible market presence and profitability to fuel and sustain earnings per share growth. While investing in exceptional growth companies is paramount, the Advisor believes in being disciplined and deliberate about what it is willing to pay for growth opportunities and doing so in a benchmark agnostic manner (meaning that the Advisor selects companies without consideration of benchmarks by which the Fund is measured). Because the Small Company Fund is managed in a benchmark agnostic manner, an unintended consequence is that the Fund may have sector exposure.

*The Advisor's Investment Approach* 

The Advisor believes an investment program establishes the processes necessary to identify, research and construct a portfolio. The Advisor distinguishes Small Company from small capitalization investing by its use of revenue not market capitalization to identify and invest in exceptional small companies that have the wherewithal to become exceptional larger companies. The Advisor sources ideas from many places. Companies eligible for investment typically generate no more than $500 million in revenue at the time of initial investment. The Advisor's investment professionals retain dual duties, managing the portfolio as a team and serving as generalists in their analytical role. They discuss prospective portfolio candidates with teammates before any in depth research is performed to ensure the commitment of time dedicated to understanding the company makes sense to all team members.

The Advisor believes that in-depth fundamental research, when applied over a three to five-year time horizon, and implemented within a benchmark agnostic framework, has the potential to generate attractive long-term returns.

Therefore, the foundation of the Advisor's process is fundamental analysis. Valuation is also part of the investment process.

The Advisor constructs the Small Company Fund's portfolio to generally be no more than 5% in cash. The Advisor believes a diversified portfolio of 40 to 65 securities and their research efforts may, collectively, reduce portfolio risk.

The Advisor generally expects to hold securities for the long term. The Advisor typically sells securities from the Small Company Fund's portfolio when the Advisor determines that the investment thesis driving the purchase of the company changes, the Advisor has a better investment idea, and/or its valuation no longer meets expectations.

**Principal Risks of Investing in the Fund.** An investment in the Small Company Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Small Company Fund will be successful in meeting its investment objective. Generally, the Small Company Fund will be subject to the following risks:

● **Market Risk:** Market risk refers to the possibility that the value of equity securities held by the Small Company Fund may decline due to daily fluctuations in the securities markets. Movements in the stock market may adversely affect the specific securities held by the Small Company Fund on a daily basis, and, as a result, such movements may negatively affect the Small Company's net asset value.

● **Investment Style Risk:** The performance of the Small Company Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.

● **Investment Advisor Risk:** The Advisor's ability to choose suitable investments has a significant impact on the ability of the Small Company Fund to achieve its investment objectives.

● **Market Sector Risk:** The percentage of the Small Company Fund's assets invested in various industries and sectors will vary from time to time depending on the Advisor's perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market.

● **Equity Securities Risk:** To the extent that the majority of the Small Company Fund's portfolio consists of common stocks, it is expected that the Small Company Fund's net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.

● **Small Companies Risk:** Investing in the securities of small companies generally involves greater risk than investing in larger, more established companies. Although investing in securities of small companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies' shares could significantly decline in value. The earnings and prospects of smaller companies are more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience.

● **Micro-Cap Companies Risk:** Micro-cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-cap companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.

**Performance Information.** 

The bar chart and table shown below provide an indication of the risks of investing in the Investor Shares of the Small Company Fund by showing changes in the Small Company Fund's performance from year to year and by showing how the Small Company Fund's average annual total returns compare to those of broad based measures of market performance. The Small Company Fund's past performance (before and after taxes) is not necessarily an indication of how the Small Company Fund will perform in the future. Updated information on the Small Company Fund's results can be obtained by visiting: <u>https://www.browncapital.com/investmentstrategies/smallcompanyfundinv/</u>.

![](bcm485bpos005.jpg)

**Quarterly Returns During This Time Period**

---

| | | |
|:---|:---|:---|
| Highest return for a quarter | 36.46% | Quarter ended<br> June 30, 2020 |
| Lowest return for a quarter | -24.33% | Quarter ended<br> December 31, 2018 |

---

Year-to-date return as of the most recent quarter ended June 30, 2025 was -8.81%.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns<br> Periods Ended December 31, 2024** | **Past 1<br> Year** | **Past 5<br> Years** | **Past 10<br> Years** |
| &nbsp;&nbsp;&nbsp; Small Company Fund<br> Before taxes<br> After taxes on distributions<br> After taxes on distributions and sale of shares  | <br> 9.20%<br> 0.50%<br> 12.20% | <br> 2.35%<br> -1.07%<br> 1.89% | <br> 8.15%<br> 5.48%<br> 6.47% |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)<sup>1</sup> | 25.02% | 14.53% | 13.10% |
| &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses, or taxes) | 15.15% | 6.86% | 8.09% |

---

<sup>1</sup> In connection with newly adopted SEC regulations applicable to the Fund, the S&P 500<sup>®</sup> Index is the Fund's new broad-based securities market index. The Fund will continue to show performance for the Russell 2000<sup>®</sup> Growth Index, the Fund's previous broad-based securities market index.

After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).

**Management.** 

*Investment Advisor.* Brown Capital Management, LLC is the Small Company Fund's Investment Advisor.

*Portfolio Managers.* The Small Company Fund is team-managed by Keith A. Lee (Chief Executive Officer and Senior Portfolio Manager of the Advisor), Kempton M. Ingersol (Managing Director and Senior Portfolio Manager of the Advisor), Damien L. Davis, CFA (Chief Investment Officer, Managing Director and Senior Portfolio Manager of the Advisor), Daman C. Blakeney (Managing Director and Senior Portfolio Manager of the Advisor), Chaitanya Yaramada, CFA, (Managing Director and Senior Portfolio Manager of the Advisor), and Fujun Wu, CFA (Director and Portfolio Manager/Senior Analyst of the Advisor). Mr. Lee has served as portfolio manager for the Small Company Fund since its inception in 1992; Mr. Ingersol has served as portfolio manager since 2000; Mr. Davis has served as portfolio manager since 2013; Mr. Blakeney has served as portfolio manager since 2017; Ms. Yaramada has served as portfolio manager since 2019; and Ms. Wu has served as portfolio manager since 2023.

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries" on page 15 of the prospectus.

THE BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND

**Investment Objective.** 

The International All Company Fund (formally the "International Equity Fund") seeks long-term capital appreciation.

Current income is a secondary consideration in selecting portfolio investments.

**Fees and Expenses of the Fund.** 

These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the International All Company Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees**

---

| | | |
|:---|:---|:---|
| *(fees paid directly from your investment)* | *Investor Shares* | |
| Maximum Sales Charge (Load) Imposed On Purchases |  |  |
| &nbsp;&nbsp;&nbsp;(as a percentage of offering price) |  |  |
| Redemption Fee (as a percentage of amount redeemed |  |  |
| &nbsp;&nbsp;&nbsp;on shares sold within 60 days of purchase) |  |  |

---

**Annual Fund Operating Expenses** 

---

| | |
|:---|:---|
| *(expenses that you pay each year as a % of the value of your investment)* | *(expenses that you pay each year as a % of the value of your investment)* |
| Management Fees | 0.90% |
| Distribution and/or Service (12b-1) Fees | 0.25% |
| Other Expenses | 0.80% |
| Total Annual Fund Operating Expenses | 1.95% |
| &nbsp;&nbsp;&nbsp;Fee Waivers and/or Expense Reimbursements<sup>1</sup> | (0.70%) |
| &nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses After |  |
| &nbsp;&nbsp;&nbsp;Waivers and/or Expense Reimbursements<sup>1</sup> | 1.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Brown Capital Management, LLC (the "Advisor") has entered into an Expense Limitation Agreement
with the International All Company Fund under which it has agreed to reduce the amount of the investment advisory fees to be paid to the
Advisor by the International All Company Fund and to assume other expenses of the International All Company Fund, if necessary, in an
amount that limits the International All Company Fund's annual operating expenses (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 the International All Company Fund's business, and amounts,
if any, payable under a Rule 12b-1 distribution plan) to not more than 1.00% until July 31, 2026 . The Expense Limitation Agreement
may not be terminated by either party prior to that date. Subject to certain conditions such as Fund asset levels being at certain thresholds
and operating expenses being less than the operating expenses limit for the International All Company Fund, the International All Company
Fund may reimburse the Advisor for fees waived or limited and other expenses assumed by the Advisor pursuant to the Expense Limitation
Agreement. Each waiver or reimbursement of an expense by the Advisor is subject to repayment by the International All Company Fund within
three years following the month in which the expense was incurred, provided that the International All Company Fund is able to make the
repayment without exceeding the lesser of the expense limitation in place at the time of the waiver and/or reimbursement or the current
expense limitation arrangement.

*Example.*

This example is intended to help you compare the cost of investing in the International All Company Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the International All Company Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the International All Company Fund's operating expenses remain the same. Only the 1-year number shown below reflects the Advisor's agreement to waive fees and/or reimburse Fund expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Investor Shares** | $127 | $544 | $987 | $2218 |

---

 

*Portfolio Turnover.*

The International All Company Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the International All Company Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the International All Company Fund's performance. During the most recent fiscal year, the International All Company Fund's portfolio turnover rate was 56% of the average value of its portfolio.

**Principal Investment Strategies.** 

The International All Company Fund invests substantially all of its assets in the equity securities of non-U.S. based companies. The International All Company Fund typically invests in common stocks. The Advisor seeks to build a portfolio of exceptional companies. ***It is important to note that the International All Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the International All Company Fund is on the revenue produced by the issuer of the securities.*** The International All Company Fund typically holds a portfolio of between 40 to 70 securities which the Advisor believes have the potential for growth.

The International All Company Fund considers an issuer to be non–U.S. based if: (1) the issuer is organized under the laws of a jurisdiction other than those of the U.S.; (2) the securities of the issuer have a primary listing on a stock exchange outside the U.S. regardless of the country in which the issuer is organized; or (3) the issuer derives 50% or more of its total revenue from goods and/or services produced or sold outside of the U.S. The International All Company Fund may invest in securities of issuers located in emerging market countries.

*The Advisor's Philosophy* 

The Advisor believes that a sustained commitment to a portfolio of exceptional companies will, over time, generate attractive long-term returns. The Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor views these differentiated organizations as having the wherewithal to provide unique solutions that include, but are not limited to, the utilization of innovative technology and insight to help address or redefine the challenges faced by institutions or consumers. These companies often retain a long-term growth plan, durable revenue growth, defensible market presence and profitability to fuel and sustain earnings per share growth. While investing in exceptional growth companies is paramount, the Advisor believes in being disciplined and deliberate about what it is willing to pay for growth opportunities and doing so in a benchmark agnostic manner (meaning that the Advisor selects companies without consideration of benchmarks by which the Fund is measured). Because the International All Company Fund is managed in a benchmark agnostic manner, an unintended consequence is that the Fund may have sector exposure.

*The Advisor's Investment Approach* 

The Advisor believes an investment program establishes the processes necessary to identify, research and construct a portfolio. The Advisor distinguishes International All Company Fund portfolio construction by its use of revenue (not market capitalization) to identify and invest in exceptional international companies that have the wherewithal to become exceptional larger companies. The Advisor sources ideas from many places. There are no minimum or maximum levels of revenue that constrain the Fund's ability to make investments in any particular international company. International companies eligible for purchase include U.S. listed securities domiciled outside the U.S. The Advisor's investment professionals retain dual duties, managing the portfolio as a team and serving as generalists in their analytical role. They discuss prospective portfolio candidates with the other team members before conducting in-depth research of a particular company in order to ensure commitment of time and dedication to understanding a company makes sense to all team members.

The Advisor believes that in-depth fundamental research, when applied over a three to five-year evaluation horizon, and implemented within a benchmark agnostic framework, has the potential to generate attractive long-term returns.

Therefore, the foundation of the Advisor's process is fundamental analysis. Valuation is also part of the investment process.

The Advisor constructs the International All Company Fund's portfolio to generally be no more than 5% in cash. The Advisor believes a diversified portfolio of 40 to 70 securities and their research efforts may, collectively, reduce portfolio risk.

The Advisor generally expects to hold securities for the long term. The Advisor typically sells securities from the International All Company Fund's portfolio when the Advisor determines that the investment thesis driving the purchase of the company changes, the Advisor has a better investment idea, and/or its valuation no longer meets expectations.

**Principal Risks of Investing in the Fund.** An investment in the International All Company Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the International All Company Fund will be successful in meeting its investment objective. Generally, the International All Company Fund will be subject to the following risks:

● **Market Risk:** Market risk refers to the possibility that the value of equity securities held by the International All Company Fund may decline due to daily fluctuations in the securities markets. Movements in the stock market may adversely affect the specific securities held by the International All Company Fund on a daily basis, and, as a result, such movements may negatively affect the International All Company Fund's net asset value.

● **Investment Style Risk:** The performance of the International All Company Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.

● **Investment Advisor Risk:** The Advisor's ability to choose suitable investments has a significant impact on the ability of the International All Company Fund to achieve its investment objectives.

● **Market Sector Risk:** The percentage of the International All Company Fund's assets invested in various industries and sectors will vary from time to time depending on the Advisor's perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market.

● **Equity Securities Risk:** To the extent that the majority of the International All Company Fund's portfolio consists of common stocks, it is expected that the International All Company Fund's net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.

● **Foreign Securities Risk:** Foreign securities may involve investment risks different from those associated with domestic securities. Foreign markets may be less liquid, more volatile, and subject to less government supervision than domestic markets. There may also be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the International All Company Fund to sell its securities and could reduce the value of your shares. The International All Company Fund may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to, among other things: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; sovereign solvency considerations; less liquid and more volatile exchanges and/or markets; or political changes or diplomatic developments.

● **Emerging Markets Securities Risk**: Investments in the securities of developing or emerging markets may entail additional risks than investments in foreign securities, including: less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; restrictions on investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.

**Performance Information.** 

The bar chart and table shown below provide an indication of the risks of investing in the Investor Shares of the International All Company Fund by showing changes in the International All Company Fund's performance from year to year and by showing how the International All Company Fund's average annual total returns compare to those of broad based measures of market performance. The International All Company Fund's past performance (before and after taxes) is not necessarily an indication of how the International All Company Fund will perform in the future. Updated information on the International All Company Fund's results can be obtained by visiting: <u>https://www.browncapital.com/investmentstrategies/internationalallcompanyfundinv/</u>.

![](bcm485bpos006.jpg)

**Quarterly Returns During This Time Period**

---

| | | |
|:---|:---|:---|
| Highest return for a quarter | 19.17% | Quarter ended<br> June 30, 2020 |
| Lowest return for a quarter | -18.62% | Quarter ended<br> June 30, 2022 |

---

Year-to-date return as of the most recent quarter ended June 30, 2025 was 11.65%.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns**<br> **Periods Ended December 31, 2024**  | **Past 1**<br> **Year**  | **Past 5**<br> **Years**  | **Past 10**<br> **Years**  |
| &nbsp;&nbsp;&nbsp; International All Company Fund<br> Before taxes<br> After taxes on distributions<br> After taxes on distributions and sale of shares | -0.83%<br> -0.83%<br> -0.49%<br>| 3.17%<br> 2.91%<br> 2.42%<br>| 4.50%<br> 4.18%<br> 3.45%<br>|
| &nbsp;&nbsp;MSCI All Country World ex-USA Index (reflects no deduction for fees, expenses, or taxes)<sup>1</sup> | 6.09% | 4.61% | 5.32% |
| &nbsp;&nbsp;MSCI World Ex USA Growth Index (reflects no deduction for fees, expenses, or taxes) | 3.15% | 4.64% | 6.11% |

---

<sup>1</sup> In connection with newly adopted SEC regulations applicable to the Fund, the MSCI All Country World ex-USA Index is the Fund's new broad-based securities market index. The Fund will continue to show performance for the Fund's previous broad-based securities market index, the MSCI World Ex USA Growth Index.

After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).

**Management.** 

*Investment Advisor.* Brown Capital Management, LLC is the International All Company Fund's Investment Advisor.

*Portfolio Managers*. The International All Company Fund is team-managed by Maurice L. Haywood, CFA (Managing Director and Senior Portfolio Manager of the Advisor), Duncan J. Evered (Managing Director and Senior Portfolio Manager of the Advisor), Niuzhuo (Zoey) Zuo (Managing Director and Senior Portfolio Manager of the Advisor), Kayode O. Aje, CFA (Managing Director and Senior Portfolio Manager of the Advisor), Kwame C. Webb, CFA (Managing Director and Senior Portfolio Manager of the Advisor), and Edward J. Zane (Managing Director and Senior Portfolio Manager of the Advisor). Mr. Haywood has served as portfolio manager for the International All Company Fund since 2006; Mr. Evered has served as portfolio manager since 2011; Ms. Zuo has served as portfolio manager since 2022; and Messrs. Aje, Webb and Zane have served as portfolio managers since July, 2024.

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries" on page 15 of the prospectus.

THE BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND

**Investment Objective.** 

The International Small Company Fund seeks long-term capital appreciation.

Current income is a secondary consideration in selecting portfolio investments.

**Fees and Expenses of the Fund.** 

These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the International Small Company Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Shareholder Fees**

---

| | | |
|:---|:---|:---|
| *(fees paid directly from your investment)* | *Investor Shares* | |
| Maximum Sales Charge (Load) Imposed On Purchases |  |  |
| &nbsp;&nbsp;&nbsp;(as a percentage of offering price) |  |  |
| Redemption Fee (as a percentage of amount redeemed |  |  |
| on shares sold within 60 days of purchase) |  |  |

---

**Annual Fund Operating Expenses** 

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| | |
|:---|:---|
| *(expenses that you pay each year as a percentage of the value of your investment)* | *(expenses that you pay each year as a percentage of the value of your investment)* |
| Management Fees | 1.00% |
| Distribution and/or Service (12b-1) Fees | 0.25% |
| Other Expenses | 0.06% |
| Total Annual Fund Operating Expenses | 1.31% |

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*Example.*

This example is intended to help you compare the cost of investing in the International Small Company Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the International Small Company Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and the International Small Company Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Investor Shares** | $133 | $415 | $718 | $1579 |

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*Portfolio Turnover.*

The International Small Company Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the International Small Company Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the International Small Company Fund's performance. During the most recent fiscal year, the International Small Company Fund's portfolio turnover rate was 10% of the average value of its portfolio.

**Principal Investment Strategies.** 

The International Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment, ("small companies"). ***It is important to note that the International Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the International Small Company Fund is on the revenue produced by the issuer of the securities.***

The International Small Company Fund typically invests in common stocks. The Advisor seeks to build a portfolio of exceptional small companies with the wherewithal to become exceptional large companies. The International Small Company Fund typically holds a portfolio of between 40 to 65 securities which the Advisor believes have the potential for growth.

The International Small Company Fund considers an issuer to be non–U.S. based if: (1) the issuer is organized under the laws of a jurisdiction other than those of the U.S.; (2) the securities of the issuer have a primary listing on a stock exchange outside the U.S. regardless of the country in which the issuer is organized; or (3) the issuer derives 50% or more of its total revenue from goods and/or services produced or sold outside of the U.S. The Fund may invest in the securities of emerging or developing markets.

 

*The Advisor's Philosophy*

The Advisor believes that a sustained commitment to a portfolio of exceptional companies will, over time, generate attractive long-term returns. The Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor views these differentiated organizations as having the wherewithal to provide unique solutions that include, but are not limited to, the utilization of innovative technology and insight to help address or redefine the challenges faced by institutions or consumers. These companies often retain a long-term growth plan, durable revenue growth, defensible market presence and profitability to fuel and sustain earnings per share growth. While investing in exceptional growth companies is paramount, the Advisor believes in being disciplined and deliberate about what it is willing to pay for growth opportunities and doing so in a benchmark agnostic manner (meaning that the Advisor selects companies without consideration of benchmarks by which the Fund is measured). Because the International Small Company Fund is managed in a benchmark agnostic manner, an unintended consequence is that the Fund may have sector exposure.

*The Advisor's Investment Approach* 

The Advisor believes an investment program establishes the processes necessary to identify, research and construct a portfolio. The Advisor distinguishes "Small Company" from "small capitalization" investing by its use of revenue not market capitalization to identify and invest in exceptional small companies that have the wherewithal to become exceptional larger companies. The Advisor sources ideas from many places. Companies eligible for investment typically generate no more than $500 million in revenue at the time of initial investment. The Advisor's investment professionals retain dual duties, managing the portfolio as a team and serving as generalists in their analytical role. They discuss prospective portfolio candidates with teammates before any in depth research is performed to ensure the commitment of time dedicated to understanding the company makes sense to all team members.

The Advisor believes that in-depth fundamental research, when applied over a three to five-year time horizon, and implemented within a benchmark agnostic framework, has the potential to generate attractive long-term returns.

Therefore, the foundation of the Advisor's process is fundamental analysis. Valuation is also part of the investment process.

The Advisor constructs the International Small Company Fund's portfolio to generally be no more than 5% in cash. The Advisor believes a diversified portfolio of 40 to 65 securities and their research efforts may, collectively, reduce portfolio risk.

The Advisor generally expects to hold securities for the long term. The Advisor typically sells securities from the International Small Company Fund's portfolio when the Advisor determines that the investment thesis driving the purchase of the company changes, the Advisor has a better investment idea, and/or its valuation no longer meets expectations.

**Principal Risks of Investing in the Fund.** An investment in the International Small Company Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the International Small Company Fund will be successful in meeting its investment objective. Generally, the International Small Company Fund will be subject to the following risks:

● **Market Risk:** Market risk refers to the possibility that the value of equity securities held by the International Small Company Fund may decline due to daily fluctuations in the securities markets. Movements in the stock market may adversely affect the specific securities held by the International Small Company Fund on a daily basis, and, as a result, such movements may negatively affect the Small Company's net asset value.

● **Investment Style Risk:** The performance of the International Small Company Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.

● **Investment Advisor Risk:** The Advisor's ability to choose suitable investments has a significant impact on the ability of the International Small Company Fund to achieve its investment objectives.

● **Market Sector Risk:** The percentage of the International Small Company Fund's assets invested in various industries and sectors will vary from time to time depending on the Advisor's perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market.

● **Equity Securities Risk:** To the extent that the majority of the International Small Company Fund's portfolio consists of common stocks, it is expected that the International Small Company Fund's net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.

● **Small Companies Risk:** Investing in the securities of small companies generally involves greater risk than investing in larger, more established companies. Although investing in securities of small companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies' shares could significantly decline in value. The earnings and prospects of smaller companies are more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience.

● **Micro Companies Risk:** Micro-company stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro- companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.

● **Foreign Securities Risk:** Foreign securities may involve investment risks different from those associated with domestic securities. Foreign markets may be less liquid, more volatile, and subject to less government supervision than domestic markets. There may also be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the International Small Company Fund to sell its securities and could reduce the value of your shares. The International Small Company Fund may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to, among other things: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; sovereign solvency considerations; less liquid and more volatile exchanges and/or markets; or political changes or diplomatic developments.

● **Emerging Markets Securities Risk**: Investments in the securities of developing or emerging markets may entail additional risks than investments in foreign securities, including: less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; restrictions on investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.

**Performance Information.** 

The bar chart and table shown below provide an indication of the risks of investing in the Investor Shares of the International Small Company Fund by showing changes in the International Small Company Fund's performance from year to year and by showing how the International Small Company Fund's average annual total returns compare to those of broad based measures of market performance. The International Small Company Fund's past performance (before and after taxes) is not necessarily an indication of how the International Small Company Fund will perform in the future. Updated information on the International Small Company Fund's results can be obtained by visiting:

<u>https://www.browncapital.com/investmentstrategies/internationalsmallcompanyfundinv/</u>.

![](bcm485bpos007.jpg)

**Quarterly Returns During This Time Period**

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| | | |
|:---|:---|:---|
| Highest return for a quarter | 31.32% | Quarter ended<br> June 30, 2020 |
| Lowest return for a quarter | -19.55% | Quarter ended<br> March 31, 2022 |

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Year-to-date return as of the most recent quarter ended June 30, 2025 was -0.18%.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns**<br> **Periods Ended December 31, 2024** | **Past 1**<br> **Year** | **Past 5**<br> **Years** | **Since Inception**<br> **(September 30, 2015)** |
| &nbsp;&nbsp;&nbsp; International Small Company Fund<br> Before taxes<br> After taxes on distributions<br> After taxes on distributions and sale of shares | <br> 8.17%<br> 8.17%<br> 4.84% | <br> 7.71%<br> 7.38%<br> 6.05% | <br> 11.16%<br> 10.82%<br> 9.12% |
| &nbsp;&nbsp;MSCI All Country World ex-USA Index (reflects no deduction for fees, expenses, or taxes)<sup>1</sup> | 6.09% | 4.61% | 6.74% |
| &nbsp;&nbsp;MSCI World Ex USA Small Cap Growth Index (reflects no deduction for fees, expenses, or taxes) | 2.86% | 2.30% | 6.16% |

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<sup>1</sup> In connection with newly adopted SEC regulations applicable to the Fund, the MSCI All Country World ex-USA Index is the Fund's new broad-based securities market index. The Fund will continue to show performance for the Fund's previous broad-based securities market index, the MSCI World Ex USA Small Cap Growth Index.

After-tax returns are calculated using the historical highest marginal individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).

**Management.** 

*Investment Advisor.* Brown Capital Management, LLC is the International Small Company Fund's Investment Advisor.

*Portfolio Managers*. The International Small Company Fund is team-managed by Maurice L. Haywood, CFA (Managing Director and Senior Portfolio Manager of the Advisor), Duncan J. Evered (Managing Director and Senior Portfolio Manager of the Advisor), Niuzhuo (Zoey) Zuo (Managing Director and Senior Portfolio Manager of the Advisor), Kayode O. Aje, CFA (Managing Director and Senior Portfolio Manager of the Advisor), Kwame C. Webb, CFA (Managing Director and Senior Portfolio Manager of the Advisor), and Edward J. Zane (Managing Director and Senior Portfolio Manager of the Advisor). Messrs. Haywood and Evered have served as portfolio managers for the International Small Company Fund since its inception in September 2015. Ms. Zuo has served as portfolio manager for the International Small Company Fund since 2022; and Messrs. Aje, Webb and Zane have served as portfolio managers since July 2024.

For important information about purchase and sale of fund shares, tax information and financial intermediary compensation, please turn to the sections of this prospectus entitled "Purchase and Sale of Fund Shares," "Tax Information," and "Payments to Broker-Dealers and Other Financial Intermediaries" on page 15 of the prospectus.

**THE BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND**

**THE BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND**

**THE BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND**

**Purchase and Sale of Fund Shares.** Each Fund's minimum initial investment for Investor Shares is $5,000 ($2,000 for IRA and Keogh Plans). Each Fund's minimum subsequent investment is $500 ($100 under an automatic investment plan). Purchase and redemption orders by mail should be sent to the Brown Capital Management Mutual Funds (the "Trust"), specifying Fund name and share class, c/o Commonwealth Fund Services, Inc., 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235. Redemption orders by facsimile should be transmitted to 1-804-330-5809. Please call the Funds at 1-877-892-4BCM (1-877-892-4226) to conduct telephone transactions or to receive wire instructions for bank wire orders. The Funds have also authorized certain broker-dealers to accept purchase or redemption orders on its behalf. Investors who wish to purchase or redeem Fund shares through a broker-dealer should contact the broker-dealer directly.

**Tax Information.** The Funds' distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement (in such arrangement taxes will be deferred until a later time), such as a 401(k) plan or an individual retirement account (IRA).

**Payments to Broker-Dealers and Other Financial Intermediaries.** If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Funds over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

the funds

**Investment ObjectiveS**

The investment objective of The Brown Capital Management Small Company Fund, The Brown Capital Management International All Company Fund, and The Brown Capital Management International Small Company Fund is long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments for the equity funds. Each of the Funds is a diversified series of the Trust.

The Funds' investment objectives will not be changed without shareholder approval.

Principal Investment Strategy

**The Brown Capital Management Small Company Fund**

Under normal market conditions, the Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of those companies with total operating revenues of $500 million or less at the time of the initial investment, ("small companies") (the "80% Test"). This investment policy may be changed without shareholder approval upon at least 60 days' prior written notice to the shareholders.

***It is important to note that the Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the Small Company Fund is on the revenue produced by the issuer of the securities at the time of initial investment.***

The Advisor's investment program also includes the following:

Exceptional Companies – the Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor's commitment to organizations with these characteristics reflects a focus on, what they believe to be, high quality companies identifiable by a genuinely differentiated product or service. These characteristics serve as guidelines to help the Advisor reduce the number of eligible companies. Not every criterion must be satisfied to be considered as an investment idea.

Sourcing – ideas are identified in many places, personal reading, industry analysis, peer comparisons, observations of trends, quantitative screens, portfolio team sharing of ideas, and industry conferences among others.

Fundamental Analysis – principally includes financial statement analysis, conducting management interviews, analyzing the industry and analyzing competitors.

Valuation Analysis – is applied secondarily after determining the growth potential for a company. Valuation analysis helps determine if the current stock price is expensive, inexpensive or somewhere in between. The Advisor does not want to overpay more than necessary for the company, but reaches informed decisions within the framework of the investment program.

Principal Investment Strategy

**The Brown Capital Management International All Company Fund**

Under normal market conditions, the International All Company Fund invests substantially all of its assets in the equity securities of non-U.S. based companies.

***It is important to note that the International All Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the International All Company Fund is on the revenue produced by the issuer of the securities at the time of initial investment.***

The Advisor's investment program also includes the following:

Exceptional Companies – the Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor's commitment to organizations with these characteristics reflects a focus on, what they believe to be, high quality companies identifiable by a genuinely differentiated product or service. These characteristics serve as guidelines to help the Advisor reduce the number of eligible companies. Not every criterion must be satisfied to be considered as an investment idea.

Sourcing – ideas are identified in many places, personal reading, industry analysis, peer comparisons, observations of trends, quantitative screens, portfolio team sharing of ideas, and industry conferences among others.

Fundamental Analysis – principally includes financial statement analysis, conducting management interviews, analyzing the industry and analyzing competitors.

Valuation Analysis – is applied secondarily after determining the growth potential for a company. Valuation analysis helps determine if the current stock price is expensive, inexpensive or somewhere in between. The Advisor does not want to overpay more than necessary for the company, but reaches informed decisions within the framework of the investment program.

Risk Analysis – since companies invested in the portfolio are domiciled outside of the U.S., additional risk analysis is performed that includes regulatory, accounting, industry, country, macroeconomic and currency.

Principal Investment Strategy

**The Brown Capital Management International Small Company Fund**

Under normal market conditions, the International Small Company Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment, ("small companies") (the "80% Test"). This investment policy may be changed without shareholder approval upon at least 60 days' prior written notice to the shareholders.

***It is important to note that the International Small Company Fund does NOT choose its portfolio companies based on a reference to market capitalization. Rather, the focus of the International Small Company Fund is on the revenue produced by the issuer of the securities at the time of initial investment.***

The Advisor's investment program also includes the following:

Exceptional Companies – the Advisor believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers. The Advisor's commitment to organizations with these characteristics reflects a focus on, what they believe to be, high quality companies identifiable by a genuinely differentiated product or service. These characteristics serve as guidelines to help the Advisor reduce the number of eligible companies. Not every criterion must be satisfied to be considered as an investment idea.

Sourcing – ideas are identified in many places, personal reading, industry analysis, peer comparisons, observations of trends, quantitative screens, portfolio team sharing of ideas, and industry conferences among others.

Fundamental Analysis – principally includes financial statement analysis, conducting management interviews, analyzing the industry and analyzing competitors.

Valuation Analysis – is applied secondarily after determining the growth potential for a company. Valuation analysis helps determine if the current stock price is expensive, inexpensive or somewhere in between. The Advisor does not want to overpay more than necessary for the company, but reaches informed decisions within the framework of the investment program.

Risk Analysis – since companies invested in the portfolio are domiciled outside of the U.S., additional risk analysis is performed that includes regulatory, accounting, industry, country, macroeconomic and currency.

**PRINCIPAL RISKS OF INVESTING IN THE FUNDS**

An investment in the Funds is subject to investment risks, including the possible loss of the principal amount invested. There can be no assurance that the Funds will be successful in meeting their investment objectives. Generally the Funds will be subject to the following additional risks:

**Market Risk.** Market risk refers to the possibility that the value of equity securities held by the Funds may decline due to daily fluctuations in the securities markets. Stock prices change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a stock may even be affected by factors unrelated to the value or condition of its issuer, such as changes in interest rates, national and international economic and/or political conditions, and general equity market conditions. In a declining stock market, stock prices for all companies (including those in the Funds' portfolios) may decline, regardless of their long-term prospects. The Fund's performance per share may change daily in response to such factors.

**Investment Style Risk.** Different types of securities tend to shift into and out of favor with stock market investors depending on market and economic conditions. The returns from the types of stocks purchased by the Funds may at times be better or worse than the returns from other types of stocks (e.g., large-cap, mid-cap, growth, value, etc.). Each type of stock tends to go through cycles of performing better or worse than the stock market in general. The performance of the Funds may thus be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.

**Investment Advisor Risk.** The Advisor's ability to choose suitable investments has a significant impact on the ability of the Funds to achieve their investment objectives.

**Market Sector Risk.** The percentage of each Fund's assets invested in various industries and sectors will vary from time to time depending on the Advisor's perception of investment opportunities. Investments in particular industries or sectors may be more volatile than the overall stock market. Consequently, a higher percentage of holdings in a particular industry or sector may have the potential for a greater impact on each Fund's performance.

**Equity Securities Risk.** To the extent that the majority of each Fund's portfolio consists of common stocks, it is expected that each Fund's net asset value will be subject to greater price fluctuation than a portfolio containing mostly fixed income securities.

**Fund Specific Risk Factors**

*Small Company Fund and International Small Company Fund* 

The Small Company Fund and International Small Company Fund are intended for aggressive investors seeking above-average gains and willing to accept the risks involved in investing in the securities of small companies.

**Small Companies Risk.** Investing in the securities of small companies generally involves greater risk than investing in larger, more established companies. This greater risk is, in part, attributable to the fact that the securities of small companies usually have more limited marketability and therefore, may be more volatile and less liquid than securities of larger, more established companies or the market averages in general. Because small companies normally have fewer shares outstanding than larger companies, it may be more difficult to buy or sell significant amounts of such shares without an unfavorable impact on prevailing prices. Another risk factor is that small companies often have limited product lines, markets, or financial resources and lack management depth, making them more susceptible to market pressures. Additionally, small companies are typically subject to greater changes in earnings and business prospects than are larger, more established companies and there typically is less publicly available information concerning small companies than for larger, more established companies.

Although investing in securities of small companies offers potential above-average returns if the companies are successful, the risk exists that the companies will not succeed and the prices of the companies' shares could significantly decline in value. Therefore, an investment in the Small Company Fund may involve a greater degree of risk than an investment in other mutual funds that seek capital growth by investing in more established, larger companies.

**Micro-Cap Companies Risk.** Micro-cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-cap companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.

The securities of micro-cap companies may be more volatile in price, have wider spreads between their bid and ask prices, and have significantly lower trading volumes than the securities of larger capitalization companies. As a result, the purchase or sale of more than a limited number of shares of the securities of a smaller company may affect its market price. The Funds may need a considerable amount of time to purchase or sell its positions in these securities. Some U.S. micro-cap companies are followed by few, if any, securities analysts, and there tends to be less publicly available information about such companies. Their securities generally have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than are small-cap and mid-cap securities, and the Funds may be able to deal with only a few market-makers when purchasing and selling micro-cap securities. Such companies also may have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. These conditions, which create greater opportunities to find securities trading well below the investment adviser's estimate of the company's current worth, also involve increased risk.

International All Company Fund and International Small Company Fund

**Foreign Securities.** The International All Company Fund and International Small Company Fund will invest primarily in equity securities of non-U.S. based companies that involve investment risks different from those associated with domestic securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile, and subject to less government supervision than domestic markets. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. The specific risks of investing in foreign securities, among others, include:

● **Emerging Market Risk:** The International All Company Fund and International Small Company Fund may invest a portion of their assets in countries with less developed securities markets. With regard to the International All Company Fund, no more than 15% of its portfolio at cost will be invested in emerging markets securities. There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Investments in emerging markets countries may be affected by national policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of their securities markets and lower trading volumes can make investments relatively illiquid and potentially more volatile than investments in developed countries, and such securities may be subject to abrupt and severe price declines. As a result, the Funds, when investing in emerging markets countries, may be required to establish special custody or other arrangements before investing.

● **Currency Risk:** Currency risk is the chance that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from a portfolio's investment in securities denominated in a foreign currency or may widen existing losses.

● **Political/Economic Risk:** Changes in economic and tax policies, high inflation rates, government instability, war or other political or economic actions or factors may have an adverse effect on the Funds' foreign investments.

● **Regulatory Risk:** Less information may be available about foreign companies. In general, many foreign companies are not subject to uniform accounting, auditing, and financial reporting standards or to other regulatory practices and requirements as are U.S. companies.

● **Transaction Costs Risk:** The costs of buying and selling foreign securities, including tax, brokerage, and custody costs, generally are higher than those involving domestic transactions.

Other Investment Policies and risks

As a temporary defensive measure in response to adverse market, economic, political, or other conditions, the Advisor may from time to time, determine that market conditions warrant investing in investment-grade bonds, U.S. government securities, repurchase agreements, money market instruments and cash. Under such circumstances, the Advisor may invest up to 100% of a Fund's assets in these investments. From time to time, the Funds may take these temporary defensive measures that are inconsistent with their respective principal investment strategies. As a result of engaging in these temporary measures, the Funds may not achieve their respective investment objectives.

Since investment companies investing in other investment companies pay management fees and other expenses relating to those investment companies, shareholders of the Fund would indirectly pay both the Fund's expenses and the expenses relating to those other investment companies with respect to the Fund's assets invested in such investment companies. The International All Company Fund may also invest in securities of any kind including securities traded primarily in U.S. markets, in addition to the short-term investments listed above, as a temporary defensive measure. Under normal circumstances, however, each Fund may also hold money market or repurchase agreement instruments for funds awaiting investment to accumulate cash for anticipated purchases of portfolio securities, to allow for shareholder redemptions, and to provide for fund operating expenses. An investment in one of the Funds should not be considered a complete investment program. Whether one of the Funds is an appropriate investment for an investor will depend largely on his/her financial resources and individual investment goals and objectives. Investors who engage in short-term trading and/or other speculative strategies and styles likely will not find the Funds to be an appropriate investment vehicle if they want to invest in the Funds for a short period of time.

Disclosure of Portfolio Holdings

The Funds may, from time to time, make available portfolio holdings information at the following website, <u>www.browncapital.com</u>, including the complete portfolio holdings on a quarterly basis. This information is generally posted to the website within three business days of the end of each calendar quarter and remains available until new information for the next calendar quarter is posted. A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' Statement of Additional Information ("SAI").

DISTRIBUTION PLAN

Each of the Funds has adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act for Investor Shares of the Fund. Pursuant to the Distribution Plan, the Funds compensate the Distributor for services rendered and expenses borne in connection with activities primarily intended to result in the sale of each Fund's shares (this compensation is commonly referred to as "12b-1 fees"). The Distribution Plan provides that the Funds will pay the annual rate of up to 0.25% (for the International All Company Fund and the International Small Company Fund) and 0.20% (for the Small Company Fund) of the average daily net assets of each Fund's Investor Shares for activities primarily intended to result in the sale of those shares. These activities include reimbursement to entities for providing distribution and shareholder servicing with respect to each Fund's shares. Because the 12b-1 fees are paid out of the Funds' assets on an on an on-going basis, these fees, over time, will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Management of the Funds**

THE INVESTMENT ADVISOR

The Funds' investment advisor is Brown Capital Management, LLC, 1201 North Calvert Street, Baltimore, Maryland 21202. The Advisor serves in that capacity pursuant to advisory contracts with the Trust on behalf of the Funds. The Advisor is registered as an investment advisor with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended. Subject to the authority of Trustees, the Advisor provides guidance and policy direction in connection with its daily management of the Funds' assets. The Advisor manages the investment and reinvestment of the Funds' assets. The Advisor is also responsible for the selection of broker-dealers through which the Funds execute portfolio transactions, subject to the brokerage policies established by the Trustees, and it provides certain executive personnel to the Funds.

The Advisor is a wholly-owned subsidiary of Brown Capital Management, Inc. The Advisor was originally organized as a Maryland corporation in 1983 and converted to a Maryland limited liability company in 2011. In 2016, the principals of the Advisor put in place an employee stock option plan ("ESOP") pursuant to which the interest of the Advisor were transferred from the principal owners of the Advisor to the ESOP.

The Advisor has been managing each of the Funds since their inception and has been providing investment advice to investment companies, individuals, corporations, pension and profit sharing plans, endowments, and other business and private accounts since the firm was founded in 1983. As of March 31, 2025, the Advisor had approximately $7.1 billion in assets under management.

The Funds will be managed primarily by a portfolio management team consisting of the following:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Work Experience** |
| &nbsp;&nbsp;Small Company Fund | &nbsp;&nbsp; Management Team<br>| &nbsp;&nbsp;The Fund is team managed by Keith A. Lee, Kempton M. Ingersol, Damien L. Davis, CFA, Daman C. Blakeney, Chaitanya Yaramada, CFA, and Fujun Wu, CFA. Keith A. Lee is Chief Executive Officer and Senior Portfolio Manager and has been a portfolio manager of the Advisor since 1991. Mr. Ingersol, Managing Director and Senior Portfolio Manager, joined the Advisor in 1999, but assumed his current role in 2000. From 1999 through 2000, Mr. Ingersol served as Brown Capital Management's Marketing Director in the Texas Region. Prior to that, he was an Investment Banker at Dain Rauscher Incorporated and Grigsby Brandford & Company from 1997 to 1999 and 1994 to 1997, respectively. Mr. Davis, Chief Investment Officer, Managing Director and Senior Portfolio Manager, joined the Advisor in 2003 as a research analyst apprentice and left in 2008 to attend business school. He returned to the Advisor in 2010 as a research analyst, became a portfolio manager in 2013 and assumed his current role in 2014. Mr. Blakeney, Managing Director and Senior Portfolio Manager, joined the Advisor in 2008 and became a Senior Portfolio Manager in 2009. Prior to this, Mr. Blakeney was an Equity Analyst at Voyageur Asset Management, Inc., from 2005 to 2008 and an Equity Research Analyst at Victory Capital Management Inc. from 1999 to 2005. Ms. Yaramada, Managing Director and Senior Portfolio Manager, joined the Advisor in 2019. Prior to arriving at the firm, she spent nearly 10 years at Baird, starting as an associate in equity research and then serving as a technology analyst in Equity Asset Management. She earned a Bachelor of Engineering from the University of Auckland and an MBA from the University of Chicago. She is a CFA charterholder. Ms. Wu, Director and Portfolio Manager/Senior Analyst, joined the Advisor in October 2023. Prior to joining the Advisor, Ms. Wu held generalist portfolio manager or analyst positions at Jackson Square Partners, Aberdeen Standard Investments and Goldman Sachs Asset Management. She earned a B.S. from Pennsylvania State University in chemical Engineering and Computer Science and an MBA at the University of Pennsylvania's Wharton School of Business. She is a CFA charterholder. |
| &nbsp;&nbsp;International All Company Fund | &nbsp;&nbsp;Management Team | &nbsp;&nbsp;The Fund is team managed by Maurice L. Haywood, CFA, Duncan J. Evered, Niuzhuo (Zoey) Zuo, Kayode O. Aje, CFA, Kwame C. Webb, CFA and Edward J. Zane. Mr. Haywood, Managing Director and Senior Portfolio Manager, joined the Advisor in 2000. Mr. Haywood was originally a portfolio manager on the Mid Company Team and transitioned over time into his current role on the International Team. Prior to this, Mr. Haywood was a Partner and Investment Analyst at Holland Capital Management from 1993 to 2000. From 1987 to 1993, Mr. Haywood was an Assistant Vice President at First National Bank of Chicago. Mr. Evered, Managing Director and Senior Portfolio Manager, joined the Advisor in 2011. Prior to joining the Advisor, Mr. Evered worked for American Express Financial Advisors and Emerging Growth Partners for twelve years and nine years, respectively. Ms. Zuo, Managing Director and Senior Portfolio Manager, joined the Advisor in 2022. Prior to joining the Advisor, she was portfolio manager and senior analyst with Ivy Investments since 2014. Mr. Aje, Managing Director and Senior Portfolio Manager, joined the Advisor in 2016, but assumed his current role in 2018. Prior to joining the Advisor, he was a global equity research analyst at Chevy Chase Trust from 2014 to 2016, senior analyst/portfolio manager at Legg Mason Capital Management from 2005 to 2013, and an account officer in JPMorgan Chase's Private Banking Division from 2002 to 2003. Mr. Webb, Managing Director and Senior Portfolio Manager, joined the Advisor in 2017, but assumed his current role in 2018. Prior to joining the Advisor, he was a senior equity analyst at Morningstar, Inc. from 2013 to 2017 and an investment analyst and Vice President at T. Rowe Price Group, Inc. from 2004 to 2011. Mr. Zane, Managing Director and Senior Portfolio Manager, joined the Advisor in 2022. Prior to joining the Advisor, he was portfolio manager and senior analyst with Gardner Lewis Asset Management from 2017 to 2021 and portfolio manager and portfolio manager and analyst at Kalmar Investments from 2015-2017. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Work Experience** |
| &nbsp;&nbsp;International Small Company Fund | &nbsp;&nbsp;Management Team | &nbsp;&nbsp;The Fund is team managed by Maurice L. Haywood, CFA, Duncan J. Evered, Niuzhuo (Zoey) Zuo, Kayode O. Aje, CFA, Kwame C. Webb, CFA and Edward J. Zane. Mr. Haywood, Managing Director and Senior Portfolio Manager, joined the Advisor in 2000. Mr. Haywood was originally a portfolio manager on the Mid Company Team and transitioned over time into his current role on the International Team. Prior to this, Mr. Haywood was a Partner and Investment Analyst at Holland Capital Management from 1993 to 2000. From 1987 to 1993, Mr. Haywood was an Assistant Vice President at First National Bank of Chicago. Mr. Evered, Managing Director and Senior Portfolio Manager, joined the Advisor in 2011. Prior to joining the Advisor, Mr. Evered worked for American Express Financial Advisors and Emerging Growth Partners for twelve years and nine years, respectively. Ms. Zuo, Managing Director and Senior Portfolio Manager, joined the Advisor in 2022. Prior to joining the Advisor, she was portfolio manager and senior analyst with Ivy Investments since 2014. Mr. Aje, Managing Director and Senior Portfolio Manager, joined the Advisor in 2016, but assumed his current role in 2018. Prior to joining the Advisor, he was a global equity research analyst at Chevy Chase Trust from 2014 to 2016, senior analyst/portfolio manager at Legg Mason Capital Management from 2005 to 2013, and an account officer in JPMorgan Chase's Private Banking Division from 2002 to 2003. Mr. Webb, Managing Director and Senior Portfolio Manager, joined the Advisor in 2017, but assumed his current role in 2018. Prior to joining the Advisor, he was a senior equity analyst at Morningstar, Inc. from 2013 to 2017 and an investment analyst and Vice President at T. Rowe Price Group, Inc. from 2004 to 2011. Mr. Zane, Managing Director and Senior Portfolio Manager, joined the Advisor in 2022. Prior to joining the Advisor, he was portfolio manager and senior analyst with Gardner Lewis Asset Management from 2017 to 2021 and portfolio manager and portfolio manager and analyst at Kalmar Investments from 2015-2017. |

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The Funds' SAI provides additional information about the portfolio managers, their compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Funds.

**The Advisor's Compensation.** As full compensation for the investment advisory services provided to the Funds, the Advisor receives monthly compensation based on each of the Funds' average daily net assets at the annual rate of:

 **Small Company Fund:**

1.00% on all assets

 **International All Company Fund:**

0.90% of the first $100 million

0.75% on all assets over $100 million

 **International Small Company Fund:**

1.00% on all assets

The amount of compensation received as a percentage of average net assets of each of the Funds during the last fiscal year ended March 31, 2025 was as follows:

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| | |
|:---|:---|
| **<u>Fund</u>** | **Fees paid to the Advisor<u><br> as a Percentage of Assets</u>** |
| Small Company Fund | 1.00% |
| International All Company Fund | 0.20% |
| International Small Company Fund | 1.00% |

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**Disclosure Regarding Approval of the Advisory Contracts.** A discussion regarding the Trustees' basis for approving the renewal of the advisory contracts on behalf of the Small Company Fund, the International All Company Fund, and the International Small Company Fund is available in the Funds' reports filed on Form N-CSR for the fiscal year ended March 31, 2025. You may obtain a copy of these Reports, free of charge, upon request to the Funds.

**Expense Limitation Agreements.** 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) are limited to 1.25% of the average daily net assets of the Small Company Fund; 1.00% of the average daily net assets of the International All Company Fund; and 1.15% of the average daily net assets of the International Small Company Fund for the period ending July 31, 2026. It is expected that the Expense Limitation Agreements will continue from year-to-year thereafter, provided such continuance is specifically approved by a majority of the Trustees who (i) are not "interested persons" of the Trust or any other party to the Expense Limitation Agreements, as such term is defined in the Investment Company Act of 1940, as amended ("1940 Act"), and (ii) have no direct or indirect financial interest in the operation of the Expense Limitation Agreements.

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 during any of the previous three (3) years, 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.

**Brokerage Practices.** In selecting brokers and dealers to execute portfolio transactions, the Advisor may consider research and brokerage services furnished to the Advisor or its affiliates. The Advisor may not consider sales of shares of the Funds as a factor in the selection of brokers and dealers, but may place portfolio transactions with brokers and dealers that promote or sell the Funds' shares so long as such transactions are done in accordance with the policies and procedures established by the Trustees that are designed to ensure that the selection is based on the quality of execution and not on sales efforts. When placing portfolio transactions with a broker or dealer, the Advisor may aggregate securities to be sold or purchased for the Funds with those to be sold or purchased for other advisory accounts managed by the Advisor. In aggregating such securities, the Advisor will average the transaction as to price and will allocate available investments in a manner that the Advisor believes to be fair and reasonable to the Funds and such other advisory accounts. An aggregated order will generally be allocated on a pro rata basis among all participating accounts, based on the relative dollar values of the participating accounts, or using any other method deemed to be fair and reasonable to the Funds and the participating accounts, with any exceptions to such methods involving the Trust being reported by the Advisor to the Trustees.

The 1940 Act generally prohibits the Funds from engaging in principal securities transactions with an affiliate of the Advisor. Thus, the Funds do not engage in principal transactions with any affiliate of the Advisor. The Funds have adopted procedures, under Rule 17e-1 under the 1940 Act, that are reasonably designed to provide that any brokerage commission that the Funds pay to an affiliate of the Advisor does not exceed the industry's customary brokerage commission for similar transactions. In addition, the Funds will adhere to Section 11(a) of the Securities Exchange Act of 1934 and any applicable rules thereunder governing floor trading.

**Payments to Financial Intermediaries.** The Advisor or the Distributor may make cash payments to financial intermediaries in connection with the promotion and sale of shares of the Funds. Cash payments may include cash revenue sharing payments and other payments for certain administrative services, transaction processing services, and certain other marketing support services. The Advisor may make these payments from its own resources. In this context, the term "financial intermediaries" includes any broker, dealer, bank (including bank trust departments), registered investment advisor, financial planner, retirement plan administrator, and any other financial intermediary having a selling, administration, or similar agreement with the Advisor or the Distributor.

The Advisor may make revenue sharing payments as incentives to certain financial intermediaries to promote and sell shares of the Funds. The benefits that the Advisor receives when these payments are made include, among other things, placing the Funds on the financial intermediaries funds sales system, possibly placing the Funds on the financial intermediary's preferred or recommended fund list, and access (in some cases on a preferential basis over other competitors) to individual members of the financial intermediary's sales force or to the financial intermediary's management. Revenue sharing payments are sometimes referred to as "shelf space" payments because the payments compensate the financial intermediary for including the Funds in its fund sales system (on its "sales shelf"). The Advisor compensates financial intermediaries differently depending typically on the level and/or type of considerations provided by the financial intermediary. The revenue sharing payments that the Advisor makes may be calculated on the average daily net assets of the applicable funds attributable to that particular financial intermediary (Asset-Based Payments). Asset-Based Payments primarily create incentives to retain previously sold shares of the Funds in investor accounts. The revenue sharing payments the Advisor may make may be also calculated on sales of new shares in the Funds attributable to a particular financial intermediary (Sales-Based Payments). Sales-Based Payments may create incentives for the financial intermediary to, among other things, sell more shares of a particular fund or to switch investments between funds frequently.

The Advisor also may make other payments to certain financial intermediaries for processing certain transactions or account maintenance activities (such as processing purchases, redemptions, or exchanges or producing customer account statements) or for providing certain other marketing support services (such as financial assistance for conferences, seminars, or sales or training programs at which the Advisor's personnel may make presentations on the Funds to the financial intermediary's sales force). Financial intermediaries may earn profits on these payments for these services, since the amount of the payment may exceed the cost of providing the service. Certain of these payments are subject to limitations under applicable law.

The Advisor is motivated to make the payments described above since they promote the sale of Funds shares and the retention of those investments by clients of financial intermediaries. Although it is expected that an increase in the Funds' assets would benefit shareholders by reducing the expense ratios, there can be no assurance that such benefit will be realized. To the extent financial intermediaries sell more shares of Funds or retain shares of the Funds in their clients' accounts, the Advisor benefits from the incremental management fees paid to the Advisor by the Funds with respect to those assets. In certain cases, these payments could be significant to the financial intermediary. Your financial intermediary may charge you additional fees or commissions other than those disclosed in this prospectus. You can ask your financial intermediary about any payments it receives from the Advisor or the Funds, as well as about fees and/or commissions it charges.

THE ADMINISTRATOR AND TRANSFER AGENT

Commonwealth Fund Services, Inc. ("Administrator") acts as the Funds' administrator, transfer agent and dividend disbursing agent. In the performance of its administrative responsibilities to the Funds, the Administrator coordinates the services of vendors to the Funds, and provides the Funds with certain administrative and fund accounting services. The Administrator is affiliated with the Advisor.

The distributor

ALPS Distributors, Inc. ("Distributor") is the principal underwriter and distributor of the Funds' shares and serves as the Funds' exclusive agent for the distribution of the Funds' shares. The Distributor may sell the Funds' shares to or through qualified securities dealers or others.

additional information on expenses

In addition to the investment advisory fees, the Funds pay all expenses not assumed by the Advisor, including, without limitation: the fees and expenses of their independent registered public accounting firm and legal counsel; the costs of printing and mailing to shareholders annual and semi-annual reports, proxy statements, prospectuses, statements of additional information, and supplements thereto; the costs of printing registration statements; bank transaction charges and custodian's fees; any proxy solicitors' fees and expenses; filing fees; any federal, state, or local income or other taxes; any interest; any membership fees of the Investment Company Institute and similar organizations; fidelity bond and Trustees' liability insurance premiums; and any extraordinary expenses, such as indemnification payments or damages awarded in litigation or settlements made. All general Trust expenses are allocated among and charged to the assets of each separate series of the Trust, such as each Fund, on a basis that the Trustees deem fair and equitable, which may be on the basis of relative net assets of each series or the nature of the services performed and relative applicability to each series.

**INVESTING IN THE FUNDS**

MINIMUM INVESTMENT

The Funds' Shares are sold and redeemed at net asset value. The minimum initial investment for Investor Shares is $5,000 ($2,000 for IRA and Keogh Plans) and the minimum additional investment is $500 ($100 for those participating in an automatic investment plan). Each of the Funds may, in the Advisor's sole discretion, accept certain accounts with less than the minimum investment.

Purchase and redemption price

**Determining a Fund's Net Asset Value.** The price at which shares are purchased and redeemed is based on the next calculation of a Fund's net asset value after an order is received in Good Form. An order is considered to be in Good Form if it includes the receipt by the Transfer Agent of completed account information and documentation related to a purchase or redemption request, and if applicable, payment in full of the purchase amount. Each Fund's net asset value per share is calculated by dividing the value of the particular fund's total assets, less liabilities (including that fund's expenses, which are accrued daily), by the total number of outstanding shares of that fund. To the extent that any of the Funds hold portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Funds do not price their shares (e.g. the International All Company Fund), the net asset values of the Funds' shares may change on days when shareholders will not be able to purchase or redeem the Funds' shares. The net asset value per share of each of the Funds is normally determined at the time regular trading closes on the New York Stock Exchange ("NYSE"), currently 4:00 p.m. Eastern time, Monday through Friday, except when the NYSE closes earlier. The Fund does not calculate net asset value on business holidays when the NYSE is closed.

The pricing and valuation of portfolio securities is determined in good faith in accordance with procedures established by, and under the direction of, the Trustees. In determining the value of the Funds' total assets, portfolio securities are generally valued at their market value by quotations from the primary market in which they are traded. Foreign securities listed on foreign exchanges are valued based on quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value. The Funds normally use third party pricing services to obtain market quotations. 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 Trustees. Fair value pricing may be used, for example, in situations where (i) a portfolio 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 portfolio security prior to a Fund's net asset value calculation; (iii) the exchange on which the portfolio 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 a Fund's net asset value calculation. The Advisor has been appointed by the Trustees as the valuation designee ("Valuation Designee") to be responsible for all fair valuations for the Funds The Funds' policies regarding fair value pricing are intended to result in a calculation of the Funds' net asset value that fairly reflects portfolio security values as of the time of pricing, so long as the Valuation Designee believes that these reflect fair value at the time the NAV is determined. The Funds may use pricing services to help determine fair value. When pricing securities using the fair value guidelines established by the Board of Trustees, the Trust seeks to assign the value that represents the amount that a Fund might reasonably expect to receive upon a current sale of the securities.

A portfolio security's "fair value" price may differ from the price next available for that portfolio security using the Fund's normal pricing procedures, and the fair value price may differ substantially from the price at which the security may ultimately be traded or sold. If such fair value price differs from the price that would have been determined using the Fund's normal pricing procedures, a shareholder may receive more or less proceeds or shares from redemptions or purchases of Fund shares, respectively, than a shareholder would have otherwise received if the security were priced using the Fund's normal pricing procedures. The performance of the Fund may also be affected if a portfolio security's fair value price were to differ from the security's price using the Fund's normal pricing procedures. Discrepancies between fair values and actual market prices may occur on a regular and recurring basis. These discrepancies do not necessarily indicate that the fair value methodology is inappropriate. The Valuation Designee will adjust the fair values assigned to securities in the portfolio, to the extent necessary, as soon as market prices become available. The Valuation Designee continually monitors and evaluates the appropriateness of its fair value methodologies through systematic comparisons of fair values to the actual next available market prices of securities contained in a Fund's portfolio.

To the extent the Fund invests in other open-end investment companies that are registered under the 1940 Act, the Fund's net asset value calculations are based upon the net asset value reported by such registered open-end investment companies, and the prospectuses for these companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

**Other Matters.** Purchases and redemptions of shares of the same class by the same shareholder on the same day will be netted for each of the Funds.

The Funds typically expect to satisfy redemption requests with cash holdings or cash equivalents, and they expect to use cash holdings or cash equivalents on a regular basis for this purpose. To the extent cash holdings or cash equivalents are not available to satisfy redemption requests, a Fund may elect to satisfy its redemption requests by selling portfolio assets to raise cash sufficient to satisfy such redemption requests. The Funds generally expect to pay out proceeds from a redemption order to a redeeming shareholder on the next business day following the receipt of such a redemption order. In addition, if determined to be appropriate, a Fund may satisfy redemption requests, in whole or in part, by effecting an in-kind redemption with portfolio securities to the extent such in-kind redemption is consistent with the Fund's policies and procedures.

Purchasing Shares

You can make purchases directly from the Funds by mail or bank wire. The Funds have also authorized one or more brokers to receive purchase and redemption orders on their behalf and such brokers are authorized to designate other financial intermediaries to receive orders on behalf of the Funds. Such orders will be deemed to have been received by the Funds when an authorized broker or broker-authorized designee receives the order, subject to the order being in good form. The orders will be priced at the Fund's net asset value next computed after the orders are received by the authorized broker or broker-authorized designee. Investors may also be charged a fee by a broker or agent if shares are purchased through a broker or agent.

The Funds reserve the right to (i) refuse any request to purchase shares of the Funds for any reason, and (ii) suspend their offering of shares at any time.

**Regular Mail Orders.** Payment for shares must be made by check from a U.S. financial institution and payable in U.S. dollars. Cashier's checks, third party checks, money orders, credit card convenience checks, cash or equivalents or payments in foreign currencies are not acceptable forms of payment. If checks are returned due to insufficient funds or other reasons, your purchase will be canceled. You will also be responsible for any losses or expenses incurred by the particular Fund(s), Administrator, and Transfer Agent. The particular Fund(s) will charge a $35 fee and may redeem shares of that fund already owned by the purchaser or shares of another identically registered account in another series of the Trust to recover any such loss. For regular mail orders, please complete a Fund Shares Application and mail it, along with your check made payable to the applicable fund, to:

**Brown Capital Management Mutual Funds**

[Name of Fund and Share Class]

c/o Commonwealth Fund Services, Inc.

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

***Please remember to add a reference to the applicable Fund and share class on your check to ensure proper credit to your account****.* The application must contain your Social Security Number ("SSN") or Taxpayer Identification Number ("TIN"). If you have applied for a SSN or TIN at the time of completing your account application but you have not received your number, please indicate this on the application and include a copy of the form applying for the SSN or TIN. Taxes are not withheld from distributions to U.S. investors if certain Internal Revenue Service ("IRS") requirements regarding the SSN or TIN are met and we have not been notified by the IRS that the particular U.S. investor is subject to back-up withholding.

By sending your check to the Funds, please be aware that you are authorizing the Funds to make a one-time electronic debit from your account at the financial institution indicated on your check. Your bank account will be debited as early as the same day the Funds receive your payment in the amount of your check. Your original check will be destroyed once processed, and you will not receive your cancelled check back. If the Funds cannot post the transaction electronically, you authorize the Funds to present an image copy of your check for payment.

**Bank Wire Orders.** Purchases may also be made through bank wire transfers from your financial institution. To establish a new account or add to an existing account by wire, please call the Funds at 1-877-892-4BCM (1-877-892-4226) for wire instructions and to advise the Funds of the investment, dollar amount, and account identification number.

**Additional Investments.** You may also add to your account by mail or wire at any time by purchasing shares at the then current public offering price. The minimum additional investment is $500. Before adding funds by bank wire, please call the Funds at 1-877-892-4BCM (1-877-892-4226) for wire instructions and to advise the Funds of the investment, dollar amount, and account identification number. Mail orders should include, if possible, the "Invest by Mail" stub that is attached to your confirmation statement. Otherwise, please identify your account in a letter accompanying your purchase payment.

**Automatic Investment Plan.** The automatic investment plan enables shareholders to make regular monthly or quarterly investments in shares through automatic charges to their checking account. With shareholder authorization and bank approval, the particular fund will automatically charge the checking account for the amount specified ($100 minimum), which will be automatically invested in shares at the public offering price on or about the 21<sup>st</sup> day of the month. The shareholder may change the amount of the investment or discontinue the plan at any time by writing the Funds.

**Exchange Feature.** You may exchange shares of any of the Funds for shares of the same class of any other series of the Trust advised by the Advisor and offered for sale in the state in which you reside so long as you meet the minimum shareholder eligibility requirement for the class into which you wish to exchange. Exchanges from one class of a Fund into the same class of the Small Company Fund, however, will not be permitted unless you have previously established an account to invest in the Small Company Fund. Any such exchange will be made at the applicable net asset value plus the percentage difference between the sales charge applicable to those shares and any sales charge previously paid by you in connection with the shares being exchanged. Investor Shares may only be exchange for Investor Shares. Prior to making an investment decision or giving us your instructions to exchange shares, please read the prospectus for the series in which you wish to invest.

The Trustees reserve the right to suspend, terminate, or amend the terms of the exchange privilege upon prior written notice to the shareholders.

**Stock Certificates.** The Funds do not issue stock certificates. Evidence of ownership of shares is provided through entry in the Funds' share registry. Investors will receive periodic account statements (and, where applicable, purchase confirmations) that will show the number of shares owned.

**Important Information about Procedures for Opening a New Account.** Under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act of 2001), the Funds are required to obtain, verify, and record information to enable the Funds to form a reasonable belief as to the identity of each customer who opens an account. Consequently, when an investor opens an account, the Funds will ask for the investor's name, street address, date of birth (for an individual), social security or other tax identification number (or proof that the investor has filed for such a number), and other information that will allow the Funds to identify the investor. The Funds may also ask to see the investor's driver's license or other identifying documents. An investor's account application will not be considered "complete" and, therefore, an account will not be opened and the investor's money will not be invested until the Funds receive this required information. If after opening the investor's account the Funds are unable to verify the investor's identity after having used reasonable efforts, as determined by the Funds in their sole discretion, the Funds may (i) restrict further investments until the investor's identity is verified; and (ii) close the investor's account without notice and return the investor's redemption proceeds to the investor. If the Funds close an investor's account because the Funds were unable to verify the investor's identity, the Funds will value the account in accordance with the Funds' next net asset value calculated after the investor's account is closed. In that case, the investor's redemption proceeds may be worth more or less than the investor's original investment. The Funds will not be responsible for any losses incurred due to the Funds' inability to verify the identity of any investor opening an account.

Effective May 11, 2018, if you are opening an account in the name of a legal entity (e.g., a partnership, business trust, limited liability company, corporation, etc.), you may be required to supply the identity of the beneficial owner or controlling person(s) of the legal entity prior to the opening of your account. The Fund may request additional information about you (which may include certain documents, such as articles of incorporation for companies) to help the Transfer Agent verify your identity.

**Share Class Alternatives**. The Funds offer investors two different classes of shares through different prospectuses. The different classes of shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and may have different share prices and minimum investment requirements. When you buy shares be sure to specify the class of shares in which you choose to invest. Because each share class has a different combination of sales charges, expenses and other features, you should consult your financial adviser to determine which class best meets your financial objectives.

REDEEMING YOUR SHARES

**Regular Mail Redemptions.** Regular mail redemption requests should be addressed to:

**Brown Capital Management Mutual Funds**

[Name of Fund and Share Class]

c/o Commonwealth Fund Services, Inc.

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

Regular mail redemption requests should include the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Your letter of instruction specifying the applicable fund and share class, account number, and number
of shares or the dollar amount to be redeemed (these requests must be signed by all registered shareholders in the exact names in which
they are registered);

&nbsp;&nbsp;&nbsp;&nbsp;(2) Any required Medallion Signature Guarantees (see "Medallion Signature Guarantees" below);
and

&nbsp;&nbsp;&nbsp;&nbsp;(3) Other supporting legal documents, if required in the case of estates, trusts, guardianships, custodianships,
corporations, partnerships, pension or profit sharing plans, and other organizations.

Your redemption proceeds normally will be sent to you within seven (7) days after receipt of your redemption request. The Funds may delay forwarding a redemption check for recently purchased shares while it determines whether the purchase payment will be honored. Such delay (which may take up to fifteen (15) days from the date of purchase) may be reduced or avoided if the purchase is made by wire transfer. In all cases, the net asset value next determined after receipt of the request for redemption will be used in processing the redemption request.

**Telephone and Bank Wire Redemptions.** Unless you decline the telephone transaction privileges on your account application, you may redeem shares of the Funds by telephone. You may also redeem shares by bank wire under certain limited conditions. The Funds will redeem shares in this manner when so requested by the shareholder only if the shareholder confirms redemption instructions in writing.

Each of the Funds may rely upon confirmation of redemption requests transmitted via facsimile (1-866-205-1499). The confirmation instructions must include the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Designation of Share Class and name of fund (Small Company Fund, International All Company Fund, or International
Small Company Fund),

&nbsp;&nbsp;&nbsp;&nbsp;(2) Shareholder(s) name and account number,

&nbsp;&nbsp;&nbsp;&nbsp;(3) Number of shares or dollar amount to be redeemed,

&nbsp;&nbsp;&nbsp;&nbsp;(4) Instructions for transmittal of redemption proceeds to the shareholder, and

&nbsp;&nbsp;&nbsp;&nbsp;(5) Shareholder(s) signature(s) as it/they appear(s) on the application then on file with the Funds.

Redemption proceeds will not be distributed until written confirmation of the redemption request is received, per the instructions above. You can choose to have redemption proceeds mailed to you at your address of record, your financial institution, or to any other authorized person, or you can have the proceeds sent by wire transfer to your financial institution ($5,000 minimum). Redemption proceeds cannot be wired on days on which your financial institution is not open for business. You can change your redemption instructions any time you wish by filing a letter including your new redemption instructions with the Funds. See "Medallion Signature Guarantees" below.

Each of the Funds in its discretion may choose to pass through to redeeming shareholders any charges imposed by the Funds' custodian for wire redemptions. If this cost is passed through to redeeming shareholders by the Funds, the charge will be deducted automatically from your account by redemption of shares in your account. Your bank or brokerage firm may also impose a charge for processing the wire. If wire transfer of funds is impossible or impractical, the redemption proceeds will be sent by mail to the designated account.

You may redeem shares, subject to the procedures outlined above, by calling the Funds at 1-877-892-4BCM (1-877-892-4226). Redemption proceeds will only be sent to the financial institution account or person named in your Fund Shares Application currently on file with the Funds. Telephone redemption privileges authorize the Funds to act on telephone instructions from any person representing himself or herself to be the investor and reasonably believed by the Funds to be genuine. Each of the Funds will employ reasonable procedures, such as requiring a form of personal identification, to confirm that instructions are genuine. The Funds, however, will not be liable for any losses due to fraudulent or unauthorized instructions. The Funds will also not be liable for following telephone instructions reasonably believed to be genuine. Therefore, you have the risk of loss due to unauthorized or fraudulent instructions.

**Systematic Withdrawal Plan.** A shareholder who owns shares of one or more of the Funds valued at $10,000 or more at the current offering price may establish a systematic withdrawal plan to receive a monthly or quarterly check in a stated amount not less than $100. Each month or quarter, as specified, the particular fund(s) will automatically redeem sufficient shares from your account to meet the specified withdrawal amount. The shareholder may establish this service whether dividends and distributions are reinvested in shares of the Funds or paid in cash. Call or write the Funds for an application form.

**Small Accounts.** The Trustees reserve the right to redeem involuntarily any account having a net asset value of less than $5,000 ($2,000 for IRA and Keogh Plans) due to redemptions, exchanges, or transfers, and not due to market action, upon 30 days' prior written notice. If the shareholder brings his account net asset value up to at least $5,000 ($2,000 for IRA and Keogh Plans) during the notice period, the account will not be redeemed. Redemptions from retirement plans may be subject to U.S. federal income tax withholding.

**Redemptions in Kind.** The Funds do not intend, under normal circumstances, to redeem their securities by payment in kind. It is possible, however, that conditions may arise in the future, which would make it undesirable for the Funds to pay for all redemptions in cash. In such case, the Funds may make payment in readily marketable portfolio securities of the particular fund. Securities delivered in payment of redemptions would be valued at the same value assigned to them in computing the Funds' net asset value per share. Shareholders receiving them bear the market risks associated with the securities until they have been converted into cash and would incur brokerage costs when these securities are sold. An irrevocable election has been filed under Rule 18f-1 of the 1940 Act, wherein each of the Funds committed itself to pay redemptions in cash, rather than in kind, to any shareholder of record of that particular fund who redeems during any ninety-day period, the lesser of (a) $250,000 or (b) one percent (1%) of that fund's net asset value at the beginning of such period.

**Medallion Signature Guarantees.** To protect your account and each of the Funds from fraud, Medallion Signature Guarantees may be required to be sure that you are the person who has authorized a change in registration or standing instructions for your account. Medallion Signature Guarantees are generally required for (i) change of registration requests; (ii) requests to establish or to change exchange privileges or telephone and bank wire redemption service other than through your initial account application; (iii) transactions where proceeds from redemptions, dividends, or distributions are sent to an address or financial institution differing from the address or financial institution of record; and (iv) redemption requests in excess of $100,000. Medallion Signature Guarantees are acceptable from a member bank of the Federal Reserve System, a savings and loan institution, credit union (if authorized under state law), registered broker-dealer, securities exchange, or association clearing agency and must appear on the written request for change of registration, establishment or change in exchange privileges, or redemption request.

**Miscellaneous.** All redemption requests will be processed and payment with respect thereto will normally be made within seven (7) days after tender. The Funds reserve the right to suspend any redemption request involving recently purchased shares until the check for the recently purchased shares has cleared. The Funds may suspend redemptions, if permitted by the 1940 Act, for any period during which trading is restricted by the Securities and Exchange Commission ("SEC") or if the SEC declares that an emergency exists. Redemptions may be suspended during other periods permitted by the SEC for the protection of the Fund's shareholders. During drastic economic and market changes, telephone redemption privileges may be difficult to implement.

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or the receipt at the Funds' post office box, of purchase or redemption requests does not constitute receipt by the Funds.

**Redemption Proceeds**. The Funds are not responsible for losses or fees resulting from posting delays or non-receipt of redemption payments at your bank, when shareholder payment instructions are followed.

**Verification of Shareholder Transaction Statements**. You must contact the Funds in writing regarding any errors or discrepancies within 60 days after the date of the statement confirming a transaction. The Funds may deny your ability to refute a transaction if they do not hear from you within 60 days after the confirmation statement date.

**Non-Receipt of Purchase Wire / Insufficient Funds Policy**. The Funds reserve the right to cancel a purchase if payment of the check or electronic funds transfer does not clear your bank, or if a wire is not received by settlement date. The Funds may charge a fee for insufficient funds and you may be responsible for any fees imposed by your bank and any losses that the Funds may incur as a result of the cancelled purchase.

There is an annual pass through IRA and Coverdell Education Savings Account maintenance fee of $15.00 that is charged by the IRA custodian on a per-account basis.

Frequent purchases and redemptions

Frequent purchases and redemptions ("Frequent Trading") of shares of the Funds may present a number of risks to other shareholders of the Funds. These risks may include, among other things, dilution in the value of shares of the Funds held by long-term shareholders, interference with the efficient management by the Advisor of the Funds' portfolio holdings, and increased brokerage and administration costs. Due to the potential of a thin market for the Funds' securities, as well as overall adverse market, economic, political, or other conditions affecting the sale price of portfolio securities, the Funds could face untimely losses as a result of having to sell portfolio securities prematurely to meet redemptions. Frequent Trading may also increase portfolio turnover which may result in increased capital gains taxes for shareholders of the Funds. These capital gains could include short-term capital gains taxed at ordinary income tax rates.

The Trustees have adopted a policy with respect to Frequent Trading that is intended to discourage and identify such activity by shareholders of the Funds. The Funds do not accommodate Frequent Trading. Under the adopted policy, the Transfer Agent provides a daily record of shareholder trades to the Advisor. The Transfer Agent also assists the Advisor in monitoring and testing shareholder purchase and redemption orders for possible incidents of Frequent Trading. The Advisor has the discretion to limit investments from an investor that the Advisor believes has a pattern of Frequent Trading that the Advisor considers not to be in the best interests of the other shareholders in that Fund by the Fund's refusal of further purchase and/or exchange orders from such investor.

This policy is intended to apply uniformly, except that the Funds may not be able to identify or determine that a specific purchase and/or redemption is part of a pattern of Frequent Trading or that a specific investor is engaged in Frequent Trading, particularly with respect to transactions made through accounts such as omnibus accounts or accounts opened through third-party financial intermediaries such as broker-dealers and banks ("Intermediary Accounts"). Therefore, this policy may not be applied to omnibus accounts or Intermediary Accounts. Omnibus account arrangements permit multiple investors to aggregate their respective share ownership positions and to purchase, redeem, and exchange Fund shares without the identity of the particular shareholders being known to those Funds. Like omnibus accounts, Intermediary Accounts normally permit investors to purchase, redeem, and exchange Fund shares without the identity of the underlying shareholder being known to that Fund. Accordingly, the ability of the Funds to monitor and detect Frequent Trading through omnibus accounts and Intermediary Accounts would be very limited, and there would be no guarantee that the Funds could identify shareholders who might be engaging in Frequent Trading through such accounts or curtail such trading. The Advisor currently does not allow exceptions to the policy.

Under a federal rule, the Fund is required to have an agreement with many of its intermediaries obligating the intermediaries to provide, upon the Fund's request, information regarding the intermediaries' customers and their transactions. However, there can be no guarantee that all excessive, short-term or other abusive trading activities will be detected, even if such an agreement is in place.

Intermediaries may apply frequent trading policies that are in addition to the Funds' policies and that may differ from those described in this Prospectus. If you invest with the Funds through an intermediary, please read that firm's program materials carefully to learn of any rules or fees that may apply.

Although the Funds have taken steps to discourage Frequent Trading of the Funds' shares, there is no guarantee that such trading will not occur.

**OTHER IMPORTANT INVESTMENT INFORMATION**

DIVIDENDS, DISTRIBUTIONS, AND TAXES

The following information is meant as a general summary of the U.S. federal income tax provisions regarding the taxation of U.S. shareholders. Additional tax information appears in the SAI. Shareholders should rely on their own tax advisors for advice about the particular U.S. federal, state, local, and other tax consequences to them of investing in the Funds.

Each Fund intends to distribute all or substantially all of its net investment income and net realized capital gains to its shareholders at least annually. A Fund's shareholders may elect to take in cash or reinvest in additional Fund shares any dividends from net investment income or capital gains distributions. Although a Fund is not taxed on amounts it distributes, shareholders will generally be taxed on distributions regardless of whether distributions are paid by the Fund in cash or are reinvested in additional Fund shares. Distributions to non-corporate investors attributable to ordinary income and short-term capital gains are generally taxed as ordinary income, although certain income dividends may be taxed to non-corporate shareholders as qualified dividend income at long-term capital gains rates provided certain holding period requirements are satisfied. Distributions of long-term capital gains are generally taxed as long-term capital gains, regardless of how long a shareholder has held Fund shares. Distributions may be subject to U.S. state and local income taxes, as well as U.S. federal income taxes.

Taxable distributions paid by a Fund to corporate shareholders will be taxed at corporate tax rates (currently at the rate of 21%). Corporate shareholders of a Fund may be entitled to a dividends received deduction ("DRD") for a portion of the dividends paid and designated by the Fund as qualifying for the DRD provided certain holding period requirements are met.

In general, a shareholder who sells or redeems shares in a Fund will realize a capital gain or loss, which will be long-term or short-term, depending upon the shareholder's holding period for the shares, provided that any loss recognized on the sale of shares held for six months or less will be treated as long-term capital loss to the extent of capital gain dividends received with respect to such shares. An exchange of shares may be treated as a sale and any gain may be subject to tax.

The Funds, and in particular the International All Company Fund, may be subject to foreign taxes or foreign tax withholding on dividends, interest, and some capital gains that it receives on foreign securities. You may qualify for an offsetting credit or deduction under U.S. tax laws for your portion of a Fund's foreign tax obligations, provided that you meet certain requirements and the Fund satisfies certain requirements. Shareholders should consult their own tax advisors for more information.

As with all mutual funds, each Fund may be required to back-up withhold U.S. federal income tax (currently at the rate of 24%) on all taxable distributions payable to shareholders who fail to provide the Fund with their correct taxpayer identification numbers or to make required certifications, or who have been notified by the IRS that they are subject to back-up withholding. Back-up withholding is not an additional tax; rather, it is a way in which the IRS ensures it will collect taxes otherwise due. Any amounts withheld may be credited against a shareholder's U.S. federal income tax liability or refunded in certain circumstances.

Shareholders should consult their own tax advisors to ensure distributions and sale of shares of a Fund are treated appropriately on their applicable income tax returns.

Distribution checks will only be issued for payments greater than $25.00. Distributions under $25.00 will automatically be reinvested in Fund shares of the Fund generating the distribution. Un-cashed distribution checks will be canceled and proceeds reinvested at the then current net asset value, for any shareholder who chooses to receive distributions in cash, if distribution checks: (1) are returned and marked as "undeliverable" or (2) remain un-cashed for six months after the date of issuance. If distribution checks are canceled and reinvested, your account election may also be changed so that all future distributions are reinvested rather than paid in cash. Interest will not accrue on uncashed distribution checks.

*Cost Basis Reporting.* U.S. federal income tax law requires that mutual fund companies report their shareholders' cost basis, gain/loss, and holding period to the IRS on the Funds' shareholders' Consolidated Form 1099s when shares are sold. The Funds have chosen Average Cost as their default tax lot identification method for all shareholders. A tax lot identification method is the way the Funds will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Funds' standing tax lot identification method is the method shares will be reported on your Consolidated Form 1099 if you do not select a specific tax lot identification method. You may choose a method different than the Funds' standing method and will be able to do so at the time of your purchase or upon the sale of shares of the Funds. Shareholders should consult their own tax advisors for more information.

The Funds are not responsible for the reliability or accuracy of the information for those securities that are not covered by these rules. The Funds and their service providers do not provide tax advice. Each shareholder should consult their own tax advisors for more information regarding choosing a tax lot identification method given the shareholder's particular situation.

*Possible Tax Law Changes.* At the time that this prospectus is being prepared, various administrative and legislative changes to the U.S. federal tax laws are under consideration, but it is not possible at this time to determine whether any of these changes will take place, what the changes might entail, or whether they will have retroactive effect.

FINANCIAL HIGHLIGHTS

The financial highlights that follow are intended to help you understand each Fund's financial performance for the previous five fiscal years. Certain information reflects financial results for a single fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in the Funds (assuming reinvestment of all dividends and distributions). The financial data included in the tables below have been derived from audited financial statements of each of the Funds. The financial data in the table for the fiscal years ended March 31, 2023, March 31, 2024 and March 31, 2025 has been audited by Cohen & Company, Ltd., an independent registered public accounting firm, whose report covering such years is incorporated by reference into the SAI. For each of the other fiscal years presented, the financial data in the table has been audited by the Funds' former independent registered public accounting firm, whose reports for such years are included in the related Annual Reports. This information should be read in conjunction with the Funds' latest audited annual financial statements and notes thereto, which are also incorporated by reference to the SAI, a copy of which may be obtained at no charge by calling the Funds at 1-877-892-4BCM (1-877-892-4226). Further information about the performance of the Funds is contained in the Annual Report on Form N-CSR of each of the Funds, a copy of which may also be obtained at no charge by calling the Funds.

The Brown Capital Management Small Company Fund

Financial Highlights For a share outstanding throughout the years presented.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
| <br>**Investor Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $70.13 | $70.41 | $99.97 | $125.17 | $83.73 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.70) | (0.76) | (0.88) | (1.45) | (1.22) |
| Net Realized and Unrealized Gain (Loss) on Investments<sup>(d)</sup> | (0.10) | 7.01 | (20.90) | (12.90) | 52.60 |
| Total from Investment Operations | (0.80) | 6.25 | (21.78) | (14.35) | 51.38 |
| **Less Distributions:** |  |  |  |  |  |
| 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 Year | $**42.60** | $**70.13** | $**70.41** | $**99.97** | $**125.17** |
| **Total Return<sup>(b)</sup>** | **(8.70** **%)** | **9.81%** | **(21.26** **%)** | **(12.41** **%)** | **61.30%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets, End of Year (000's) | $325208 | $646205 | $822783 | $1449535 | $2145380 |
| Ratio of Expenses to Average Net Assets<sup>(c)</sup> | 1.32% | 1.31% | 1.28% | 1.25% | 1.24% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (1.12%) | (1.07%) | (1.13%) | (1.20%) | (1.01%) |
| Portfolio Turnover Rate | 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>* *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 year.* 

 ** 

The Brown Capital Management International All Company Fund

Financial Highlights For a share outstanding throughout the years presented.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
| <br>**Investor Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $17.32 | $14.28 | $16.06 | $17.51 | $12.83 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.05) | (0.04) | (0.03) | (0.06) | (0.07) |
| Net Realized and Unrealized Gain (Loss) on Investments | (0.90) | 3.08 | (1.60) | (1.26) | 5.29 |
| Total from Investment Operations | (0.95) | 3.04 | (1.63) | (1.32) | 5.22 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions (from net investment income) |  |  |  | (0.01) |  |
| 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 <sup>(a)(b)</sup> |  |  |  |  |  |
| Net Asset Value, End of Year | $**16.37** | $**17.32** | $**14.28** | $**16.06** | $**17.51** |
| **Total Return<sup>(c)</sup>** | **(5.48** **%)** | **21.29%** | **(10.06** **%)** | **(7.68** **%)** | **40.73%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets, End of Year (000's) | $1630 | $1931 | $2492 | $2618 | $3613 |
| Ratio of Expenses to Average Net Assets Excluding Fee Waivers and Reimbursements<sup>(d)</sup> | 1.95% | 1.88% | 1.90% | 1.58% | 1.79% |
| Ratio of Expenses to Average Net Assets Including Fee Waivers and Reimbursements<sup>(d)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (0.27%) | (0.25%) | (0.25%) | (0.34%) | (0.42%) |
| Portfolio Turnover Rate | 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.*

The Brown Capital Management International Small Company Fund

Financial Highlights For a share outstanding throughout the years presented.

 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** | **For the Years Ended March 31,** |
| <br>**Investor Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $22.77 | $19.95 | $22.05 | $25.03 | $14.75 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.05) | (0.05) | (0.04) | (0.06) | (0.15) |
| Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies | 0.44 | 2.87 | (2.06) | (1.54) | 10.62 |
| Total from Investment Operations | 0.39 | 2.82 | (2.10) | (1.60) | 10.47 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions (from capital gains) |  |  |  | (1.39) | (0.19) |
| Total distributions |  |  |  | (1.39) | (0.19) |
| Redemption Fee Added to Paid-in Capital <sup>(a)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> | 0.01 | — <sup>(b)</sup> |
| Net Asset Value, End of Year | $**23.16** | $**22.77** | $**19.95** | $**22.05** | $**25.03** |
| **Total Return<sup>(c)</sup>** | **1.71%** | **14.14%** | **(9.52** **%)** | **(7.30** **%)** | **71.05%** |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets, End of Year (000's) | $122843 | $160694 | $163538 | $195057 | $171603 |
| Ratio of Expenses to Average Net Assets<sup>(d)</sup> | 1.31% | 1.31% | 1.31% | 1.30% | 1.32% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (0.21 %) | (0.25 %) | (0.20 %) | (0.22%) | (0.68 %) |
| Portfolio Turnover Rate | 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.*

Additional Information

Please see the back cover of this prospectus on how to contact the Funds and how to receive additional information regarding the Funds.

**Each Fund is a series of the**

**Brown Capital Management Mutual Funds** 

Statement of Additional Information: The Funds' SAI dated August 1, 2025, which is on file with the SEC and incorporated by reference into this prospectus, contains additional information about the Funds.

Annual/Semi-Annual Reports: Additional information about the Funds' investments is also available in the Funds' Annual and Semi-annual Reports to shareholders and the Funds' Form N-CSR. Each Fund's Annual Report includes a discussion of market conditions and investment strategies that significantly affected the Funds' performance during its last fiscal year. In Form N-CSR, you will find the Funds' Annual and Semi-Annual financial statements.

The SAI, the Annual and Semi-annual Reports and other information such as Fund financial statements are available free of charge on the website listed below and upon request (you may also request other information about the Funds or make shareholder inquiries) as follows:

---

| | |
|:---|:---|
| **Documented:** | **Internet:** |
| Brown Capital Management Mutual Funds | www.browncapital.com |
| c/o Commonwealth Fund Services, Inc. |  |
| 8730 Stony Point Parkway, Suite 205 |  |
| Richmond, Virginia 23235 |  |
| **Toll-Free Telephone:** | **E-mail:** |
| 1-877-892-4BCM |  |
| (1-877-892-4226) | information@browncapital.com |

---

 

*Information about the Funds (including each Fund's SAI, financial reports and other information) are available on the EDGAR Database on the Commission's Internet site at <u>http://www.sec.gov</u>, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>.*

 

*Investment Company Act file number 811-06199*

 

 

**Brown Capital Management Privacy Policy**

Brown Capital Management is committed to the confidentiality and privacy of our clients' non-public personal information. This commitment extends to all clients with whom Brown Capital Management has a relationship, including former clients.

**Categories of Information**

Brown Capital Management comes into possession of and/or collects non-public personal information about our clients (the "Information"):

● from applications, correspondence, account contracts, fiduciary documents and other documents and forms;

● from client transactions with us, account activity and holdings; and,

● from third parties from which clients have authorized us to obtain Information.

**Disclosures to Third Parties**

Brown Capital Management does not disclose Information about our clients or former clients to third parties except as permitted by law. Third party processors or service providers may have access to Information of clients in order to provide or assist Brown Capital Management in providing services to Brown Capital Management clients. In all cases, such third parties are prohibited from using, disclosing or releasing Information outside the scope of providing such services and have executed contracts containing confidentiality provisions.

**Opt-Out Provisions**

In the event that Brown Capital Management intends to disclose Information to a third party that is not providing services to Brown Capital Management, Brown Capital Management will notify all affected clients of such intended disclosure. Each such client will be advised of the nature of the disclosure and given instructions on how to opt out. At present, Brown Capital Management has no intention of disclosing Information to third parties beyond the necessary disclosures to processors and service providers and as otherwise permitted by law.

**Security**

Brown Capital Management restricts access to Information about clients to those employees who need to know that Information to provide services to such clients. Brown Capital Management maintains physical, electronic and procedural safeguards that comply with state and federal regulations to guard client Information. The Company's independent auditor examines the control objectives established by the Company related to Investment Management, Trust and Custody services and performs testing to determine whether those controls tested were operating with sufficient effectiveness to provide reasonable assurance that the control objectives were achieved.

The Funds' Privacy Notice is not part of this prospectus.

**PART B**

FORM N-1A

STATEMENT OF ADDITIONAL INFORMATION

**STATEMENT OF ADDITIONAL INFORMATION**

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

![](bcm485bpos001.jpg)

**THE BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND**

***Ticker Symbol BCSIX (Investor Shares), BCSSX (Institutional Shares)***

**THE BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND**

***Ticker Symbol BCIIX (Investor Shares), BCISX (Institutional Shares)***

 ****

**THE BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND**

***Ticker Symbol BCSVX (Investor Shares), BCSFX (Institutional Shares)***

*Each a series of*

BROWN CAPITAL MANAGEMENT MUTUAL FUNDS

1201 N. Calvert Street

Baltimore, Maryland 21202

Telephone 1-877-892-4BCM (1-877-892-4226)

Dated: August 1, 2025

This Statement of Additional Information ("SAI") is meant to be read in conjunction with the Prospectus for the Investor Shares of 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"); and the Prospectus for the Institutional Shares of the Small Company Fund, the International All Company Fund, and the International Small Company Fund (each a "Fund" and collectively, the "Funds"), dated the same date as this SAI, and is incorporated by reference in its entirety into the Prospectuses. Because this SAI is not itself a prospectus, no investment in shares of the Funds should be made solely upon the information contained herein. Information from the Funds' Annual Report to shareholders for the fiscal year ended March 31, 2025 is incorporated by reference into this SAI. Copies of the Funds' Prospectus, Annual Report and Semi-Annual Report may be obtained at no charge by writing or calling the Funds at the address and toll-free telephone number shown above or they may be downloaded for free at www.browncapital.com. Capitalized terms used but not defined herein have the same meanings as in the Prospectus.

**<u>**Table of Contents**</u>**

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| | |
|:---|:---|
| [DESCRIPTION OF THE TRUST](#bcm485bposc001) | 1 |
| [OTHER INVESTMENT POLICIES](#bcm485bposc002) | 2 |
| [INVESTMENT LIMITATIONS](#bcm485bposc003) | 7 |
| [PORTFOLIO TRANSACTIONS](#bcm485bposc004) | 8 |
| [NET ASSET VALUE](#bcm485bposc005) | 10 |
| [ADDITIONAL PURCHASE AND REDEMPTION INFORMATION](#bcm485bposc006) | 10 |
| [ADDITIONAL INFORMATION CONCERNING TAXES](#bcm485bposc007) | 11 |
| [MANAGEMENT AND OTHER SERVICE PROVIDERS](#bcm485bposc008) | 18 |
| [DISTRIBUTION PLAN](#bcm485bposc009) | 31 |
| [SPECIAL SHAREHOLDER SERVICES](#bcm485bposc010) | 33 |
| [DISCLOSURE OF PORTFOLIO HOLDINGS](#bcm485bposc011) | 34 |
| [FINANCIAL STATEMENTS](#bcm485bposc012) | 36 |
| [APPENDIX A – PROXY VOTING POLICIES](#bcm485bposc013) | 37 |
| [APPENDIX B – GOVERNANCE AND NOMINATING COMMITTEE CHARTER](#bcm485bposc014) | 45 |

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**DESCRIPTION OF THE TRUST**

Brown Capital Management Mutual Funds (the "Trust") is an open-end management investment company that was organized as a Delaware statutory Trust on June 13, 2011. Under the Trust's Declaration of Trust, the Trustees are authorized to divide shares into series, each series relating to a separate portfolio of investments, and to classify and reclassify any unissued shares into one or more classes of shares of each such series. The Declaration of Trust currently provides for the shares of three series, as follows: The Brown Capital Management Small Company Fund (the "Small Company Fund"), The Brown Capital Management International All Company Fund (the "International All Company Fund"), and The Brown Capital Management International Small Company Fund (the "International Small Company Fund") (each generally may be referred to as a "Fund" and collectively as the "Brown Capital Management Mutual Funds" or the "Funds"). Each of the Funds is managed by Brown Capital Management, LLC (the "Advisor," "BCM" or "Brown Capital Management") of Baltimore, Maryland. Each Fund currently offer two classes of shares: Investor Shares and Institutional Shares. The Small Company Fund was organized in 1992, the International All Company Fund was organized in 1999, and the International Small Company Fund was organized in 2015. Each of the Funds is a separate diversified series of the Trust. Each Fund other than the International Small Company Fund is the successor to a series of Nottingham Investment Trust II (the "Predecessor Funds"). The Nottingham Investment Trust II was organized on October 25, 1990 as a Massachusetts business trust and was an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). BCM (and its predecessor) managed the Predecessor Funds. At a shareholder meeting held November 30, 2011, the shareholders of each of the Predecessor Funds approved the reorganization of the Predecessor Funds with and into the Trust (the "Reorganization"). The Reorganization became effective on December 1, 2011 and, as a result, the assets and liabilities of the Predecessor Funds were transferred to the Trust in exchange for shares of each of the applicable Funds.

In the event of a liquidation or dissolution of the Trust or an individual series, such as each Fund, shareholders of a particular series would be entitled to receive the assets available for distribution belonging to such series. Shareholders of a series are entitled to participate equally in the net distributable assets of the particular series involved on liquidation, based on the number of shares of the series that are held by each shareholder. If there are any assets, income, earnings, proceeds, funds, or payments, that are not readily identifiable as belonging to any particular series, the Trustees shall allocate them among any one or more of the series as they, in their sole discretion, deem fair and equitable.

Shareholders of all of the series of the Trust, including the Funds, will vote together and not separately on a series-by-series basis except as otherwise required by law or when the Trustees determine that the matter to be voted upon affects only the interests of the shareholders of a particular series or class. Rule 18f-2 under the 1940 Act provides that any matter required to be submitted to the holders of the outstanding voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each series or class affected by the matter. A series or class is affected by a matter unless it is clear that the interests of each series or class in the matter are substantially identical or that the matter does not affect any interest of the series or class. Under Rule 18f-2, the approval of an investment advisory agreement or any change in a fundamental investment policy would be effectively acted upon with respect to a series only if approved by a majority of the outstanding shares of such series. However, the Rule also provides that the ratification of the appointment of independent accountants, the approval of principal underwriting contracts and the election of Trustees may be effectively acted upon by shareholders of the Trust voting together, without regard to a particular series or class. Rights of holders cannot be modified by less that a majority vote.

When used in the Prospectus or this SAI, a "majority" of shareholders means the vote of the lesser of (1) 67% of the shares of the Trust or the applicable series or class present at a meeting if the holders of more than 50% of the outstanding shares are present in person or by proxy, or (2) more than 50% of the outstanding shares of the Trust or the applicable series or class.

When issued for payment as described in the Prospectuses and this SAI, shares of each Fund will be fully paid and non-assessable. The Trust does not issue share certificates.

The Declaration of Trust provides that the Trustees of the Trust will not be liable in any event in connection with the affairs of the Trust, except as such liability may arise from his or her own bad faith, willful misfeasance, gross negligence, or reckless disregard of duties. It also provides that all third parties shall look solely to the Trust property for satisfaction of claims arising in connection with the affairs of the Trust. With the exceptions stated, the Declaration of Trust provides that a Trustee or officer is entitled to be indemnified against all liability in connection with the affairs of the Trust.

**OTHER INVESTMENT POLICIES**

The following policies supplement the Funds' investment objectives and policies as set forth in the Prospectus for the Funds.

The Funds' will not change their investment objectives without shareholder approval.

**Repurchase Agreements.** Each of the Funds may acquire U.S. government securities or corporate debt securities subject to repurchase agreements. A repurchase transaction occurs when, at the time the particular Fund purchases a security (normally a U.S. Treasury obligation), it also resells it to the vendor (normally a member bank of the Federal Reserve or a registered government securities dealer) and must deliver the security (and/or securities substituted for them under the repurchase agreement) to the vendor on an agreed upon date in the future. The repurchase price exceeds the purchase price by an amount which reflects an agreed upon market interest rate effective for the period of time during which the repurchase agreement is in effect. Delivery pursuant to the resale will normally occur within one to seven days of the purchase.

Repurchase agreements are considered "loans" under the 1940 Act" that are collateralized by the underlying security. The Trust has implemented procedures to monitor on a continuous basis the value of the collateral serving as security for repurchase obligations. Brown Capital Management, LLC ("Advisor"), the investment advisor to the Funds, will consider the creditworthiness of the vendor. If the vendor fails to pay the agreed upon resale price on the delivery date, the Fund will retain or attempt to dispose of the collateral. A Fund's risk is that such default may include any decline in value of the collateral to an amount which is less than 100% of the repurchase price, any costs of disposing of such collateral, and any loss resulting from any delay in foreclosing on the collateral. The Funds will not enter into any repurchase agreement which would cause more than 10% of their net assets to be invested in repurchase agreements which extend beyond seven calendar days.

**Money Market Instruments.** The Funds may invest in money market instruments, which may include U.S. government securities or corporate debt securities (including those subject to repurchase agreements), provided that they mature in thirteen months or less from the date of acquisition and are otherwise eligible for purchase by the Funds. Money market instruments also may include Banker's Acceptances and Certificates of Deposit of domestic branches of U.S. banks, Commercial Paper and Variable Amount Demand Master Notes ("Master Notes"). <u>Banker's Acceptances</u> are time drafts drawn on and "accepted" by a bank. When a bank "accepts" such a time draft, it assumes liability for its payment. When one of the Funds acquires a Banker's Acceptance, the bank which "accepted" the time draft is liable for payment of interest and principal when due. The Banker's Acceptance carries the full faith and credit of such bank. A <u>Certificate of Deposit</u> ("CD") is an unsecured interest-bearing debt obligation of a bank. <u>Commercial Paper</u> is an unsecured, short-term debt obligation of a bank, corporation or other borrower. Commercial Paper maturity generally ranges from 2 to 270 days and is usually sold on a discounted basis rather than as an interest-bearing instrument. The Funds will invest in Commercial Paper only if it is rated in one of the top two rating categories by either Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P"), or Fitch Investors Service, Inc. ("Fitch") or, if not rated, of equivalent quality in the Advisor's opinion. Commercial Paper may include Master Notes of the same quality. <u>Master Notes</u> are unsecured obligations which are redeemable upon demand of the holder and which permit the investment of fluctuating amounts at varying rates of interest. Master Notes will be acquired by the Funds only through the Master Note program of the Funds' custodian bank, acting as administrator thereof. The Advisor will monitor, on a continuous basis, the earnings power, cash flow and other liquidity ratios of the issuer of a Master Note held by the Funds.

**Foreign Securities.** The Small Company Fund may purchase foreign securities traded domestically as American Depository Receipts ("ADRs") or in equity securities of foreign issuers that are U.S. dollar denominated and trade on a U.S. securities exchange or domestically in the over-the-counter markets. ADRs are dollar-denominated depositary receipts that, typically, are issued by a United States bank or trust company and represent the deposit with that bank or trust company of a security of a foreign issuer. Generally, ADRs are designed for trading on U.S. securities exchanges or other markets. The International All Company Fund and the International Small Company Fund may invest in foreign securities as well as ADRs and securities of foreign issuers principally traded on U.S. markets. ADRs may be listed on a national securities exchange or may trade in the over-the-counter market. The prices of ADRs are denominated in U.S. dollars while the underlying security may be denominated in a foreign currency. Depository receipts may, or may not, be sponsored by the issuer. There are certain risks associated with investments in unsponsored depository receipt programs. Because the issuer is not involved in establishing the program (such programs are often initiated by broker/dealers), the underlying agreement for payment and service is between the depository and the shareholders. The issuers of unsponsored depository receipts may not receive information from the foreign issuer, and it is under no obligation to distribute shareholder communications or other information received from the foreign issuer of the deposited securities or to pass through voting rights to the holders of the depository receipts. Expenses related to the issuance, cancelation and transfer of the depository receipts, as well as custody and dividend payment services may be passed through, in whole or in part, to shareholders.

Foreign securities investment presents special consideration not typically associated with investment in domestic securities. Foreign taxes may reduce income. Currency exchange rates and regulations may cause fluctuations in the value of foreign securities. Foreign securities are subject to different regulatory environments than in the U.S. and, compared to the U.S., there may be a lack of uniform accounting, auditing and financial reporting standards, less volume and liquidity and more volatility, less public information, and less regulation of foreign issuers. Countries have been known to expropriate or nationalize assets, and foreign investments may be subject to political, financial or social instability or adverse diplomatic developments. There may be difficulties in obtaining service of process on foreign issuers and difficulties in enforcing judgments with respect to claims under the U.S. securities laws against such issuers. Favorable or unfavorable differences between U.S. and foreign economies could affect foreign securities values. The U.S. government has, in the past, discouraged certain foreign investments by U.S. investors through taxation or other restrictions and it is possible that such restrictions could be imposed again.

**Foreign Currency Spot Transactions.** With respect to the International All Company Fund and the International Small Company Fund, the Advisor executes the foreign exchange of all local securities transactions through Russell Investment Group with the exception of Indian securities. Because of India's Government restrictions to their foreign exchange market, the Custodian will execute the Indian Rupee foreign exchange. Each trade is electronically transmitted simultaneously to Russell's currency desk and the custodian for execution and settlement. Russell Investment provides the Advisor with a detailed trade execution report at the end of every month and quarter. This report is comprised of all executions at the account level, gross and net volumes of each trade and the cost associated with each execution. Each report should be reviewed by trading to ensure that executions are transacted near the mid-trading point for that day of execution. Russell Investment also provides executions for repatriation of all income for international accounts.

**Investment Company Securities.** The Funds may invest in the securities of other investment companies, including index exchange-traded funds ("ETFs") and index mutual funds (also called underlying funds). To the extent such underlying funds are index-based, these underlying funds will generally attempt to replicate the performance of a particular index. An underlying fund may not always hold all of the same securities as the index it attempts to track. An underlying fund may use statistical sampling techniques to attempt to replicate the returns of an index. Statistical sampling techniques attempt to match the investment characteristics of the index and the fund by taking into account such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book (P/B) ratio, and earnings growth. An underlying fund may not track the index perfectly because differences between the index and the fund's portfolio can cause differences in performance. In addition, expenses and transaction costs, the size and frequency of cash flow into and out of the fund, and differences between how and when the fund and the index are valued can cause differences in performance.

When a Fund invests in underlying funds it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. In connection with its investments in other investment companies, a Fund will incur higher expenses, many of which may be duplicative. Furthermore, because a Fund invests in shares of ETFs and underlying funds its performance is directly related to the ability of the ETFs and underlying funds to meet their respective investment objectives, as well as the allocation of the Fund's assets among the ETFs and underlying funds by the Advisor. Accordingly, a Fund's investment performance will be influenced by the investment strategies of and risks associated with the ETFs and underlying funds in direct proportion to the amount of assets the Fund allocates to the ETFs and underlying funds utilizing such strategies.

Investments in ETFs involve certain inherent risks generally associated with investments in a broadly-based portfolio of stocks, including risks that: (1) the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF or other instrument; (2) an ETF, to the extent such ETF is index-based, may not fully replicate the performance of its benchmark index because of the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weightings of securities or number of stocks held; (3) an ETF may also be adversely affected by the performance of the specific index, market sector or group of industries on which it is based; and (4) an ETF, to the extent such ETF is index-based, may not track an index as well as a traditional index mutual fund because ETFs are valued by the market and, therefore, there may be a difference between the market value and the ETF's net asset value. Additionally, investments in fixed income ETFs involve certain inherent risks generally associated with investments in fixed income securities, including the risk of fluctuation in market value based on interest rates rising or declining and risks of a decrease in liquidity, such that no assurances can be made that an active trading market for underlying ETFs will be maintained.

There is also a risk that the underlying funds or ETFs may terminate due to extraordinary events. For example, any of the service providers to the underlying fund or ETF, such as the trustee or sponsor, may close or otherwise fail to perform their obligations to the underlying fund or ETF, and the underlying fund or ETF may not be able to find a substitute service provider. Also, the underlying fund or ETF may be dependent upon licenses to use the various indices as a basis for determining their compositions and/or otherwise to use certain trade names. If these licenses are terminated, the respective underlying fund or ETF may also terminate. In addition, an underlying fund or ETF may terminate if its net assets fall below a certain amount. Although a Fund believes that in the event of the termination of an underlying fund or ETF, it will be able to invest instead in shares of an alternate underlying fund or ETF tracking the same market index or another index covering the same general market, there can be no assurance that shares of an alternate underlying fund or ETF would be available for investment at that time.

With respect to funds in which the Fund may invest, Section 12(d)(1)(A) of the 1940 Act requires that, as determined immediately after a purchase is made, (i) not more than 5% of the value of the Fund's total assets will be invested in the securities of any one investment company, (ii) not more than 10% of the value of the Fund's total assets will be invested in securities of investment companies as a group, and (iii) not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund. The Funds will limit their investments in funds in accordance with the Section 12(d)(1)(A) limitations set forth above, except to the extent that any rules, or regulations under the 1940 Act permit a Fund's investments to exceed such limits. For example, Rule 12d1-4 permits a Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions. Among other conditions, the Rule prohibits a fund from acquiring control of another investment company (other than an investment company in the same group of investment companies), including by acquiring more than 25% of its voting securities. In addition, the Rule imposes certain voting requirements when a fund's ownership of another investment company exceeds particular thresholds. If shares of a fund are acquired by another investment company, the "acquired" fund may not purchase or otherwise acquire the securities of an investment company or private fund if immediately after such purchase or acquisition, the securities of investment companies and private funds owned by that acquired fund have an aggregate value in excess of 10% of the value of the total assets of the fund, subject to certain exceptions. These restrictions may limit a Fund's ability to invest in other investment companies to the extent desired. In addition, other unaffiliated investment companies may impose other investment limitations or redemption restrictions which may also limit a Fund's flexibility with respect to making investments in those unaffiliated investment companies. In accordance with Section 12(d)(1)(F)(i) of the 1940 Act, a Fund may also invest in other investment companies and the provisions of Section 12(d)(1) shall not apply as long as the Fund (and all of its affiliated persons, including the Advisor) does not acquire more than 3% of the total outstanding stock of such underlying investment company and the Fund is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering price including a sales load that exceeds the limits set forth in Rule 2830 of the Conduct Rules of the Financial Industry Regulatory Authority ("FINRA") applicable to a fund of funds (i.e., 8.5%). If a Fund seeks to redeem shares of an underlying investment company purchased in reliance on Section 12(d)(1)(F), the underlying fund is not obligated to redeem an amount exceeding 1% of the underlying fund's outstanding shares during a period of less than 30 days.

**Illiquid Investments.** In accordance with Rule 22e-4 under the 1940 Act (the "Liquidity Rule"), each of the Funds may not invest more than 15% of its net assets in "illiquid investments", which are investments that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may, however, hold an illiquid investment if it becomes illiquid after purchase, subject to the 15% limitation. The Funds monitor the portion of their total assets that are invested in illiquid investments on an ongoing basis in order to ensure that the value of illiquid investments held by the Fund does not exceed 15% of the Fund's net assets.

The Funds must classify each portfolio investment at least monthly into one of four liquidity categories (highly liquid, moderately liquid, less liquid and illiquid), which are defined pursuant to the Liquidity Rule. Such classification is to be made using information obtained after reasonable inquiry and taking into account relevant market, trading and investment-specific considerations. Moreover, in making such classification determinations, the Funds determines whether trading varying portions of a position in a particular portfolio investment or asset class, in sizes that the Funds would reasonably anticipate trading, is reasonably expected to significantly affect its liquidity, and if so, the Funds takes this determination into account when classifying the liquidity of that investment. The Funds may be assisted in classification determinations by one or more third-party service providers. Investments classified according to this process as "illiquid investments" are those subject to the 15% limit on illiquid investments.

The Funds have a liquidity risk management program designed to assess and manage each Fund's liquidity risk. The program has been approved by the Funds' Board of Trustees ("Board"), which has also approved the appointment of a liquidity program administrator (the "LPA"). The LPA is responsible for oversight of each Fund's liquidity risk management efforts, including classifying the liquidity of the Fund's investments, ensuring each Fund holds no more than 15% of net asset value in illiquid investments, ensuring that each Fund holds enough liquid assets to meet reasonably foreseeable redemption requests, and reporting to the Board regarding the effectiveness and operation of the liquidity risk management program.

**Derivatives.** Rule 18f-4 under the 1940 Act governs the Funds use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the Funds. Rule 18f-4 permits the Funds to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage"). In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering Derivatives Transactions and certain financial instruments.

Under Rule 18f-4, "Derivatives Transactions" include the following: (i) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Funds are or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing; (iii) reverse repurchase agreements and similar financing transactions, if the Funds elect to treat these transactions as Derivatives Transactions under Rule 18f-4; and (iv) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Funds intend to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless the Funds are relying on the Limited Derivatives User Exception (as defined below), the Funds must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Fund to (i) appoint a Derivatives Risk Manager, (ii) maintain a Derivatives Risk Management Program designed to identify, assess, and reasonably manage the risks associated with Derivatives Transactions; (iii) comply with certain value-at-risk (VaR)-based leverage limits (VaR is an estimate of an instrument's or portfolio's potential losses over a given time horizon and at a specified confidence level); and (iv) comply with certain Board reporting and recordkeeping requirements.

Rule 18f-4 provides an exception from the requirements to appoint a Derivatives Risk Manager, adopt a Derivatives Risk Management Program, comply with certain VaR-based leverage limits, and comply with certain Board oversight and reporting requirements if the Funds' "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Funds adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception").

Pursuant to Rule 18f-4, if the Funds enter into reverse repurchase agreements or similar financing transactions, the Funds will (i) aggregate the amount of indebtedness associated with all of its reverse repurchase agreements or similar financing transactions with the amount of any other "senior securities" representing indebtedness (e.g., bank borrowings, if applicable) when calculating the Funds' asset coverage ratio or (ii) treat all such transactions as Derivatives Transactions.

The requirements of Rule 18f-4 may limit the Funds' ability to engage in Derivatives Transactions as part of its investment strategies. These requirements may also increase the cost of the Funds' investments and cost of doing business, which could adversely affect the value of the Funds' investments and/or the performance of the Funds.

**Funding Agreements.** Within their limitations in illiquid investments, the Funds may invest in various types of funding agreements. A funding agreement is, in substance, an obligation of indebtedness negotiated privately between an investor and an insurance company. Funding agreements often have maturity-shortening features, such as an unconditional put, that permit the investor to require the insurance company to return the principal amount of the funding agreement, together with accrued interest, within one year or less. An insurance company may be subject to special protection under state insurance laws, which protection may impair the ability of the investor to require prompt performance by the insurance company of its payment obligations under the funding agreement.

**Borrowing.** Each of the Funds may borrow money in accordance with the 1940 Act. In the event that a Fund should ever borrow money, such borrowing could increase the Fund's costs, reduce the value of the Fund's assets and the value (and return) of a shareholder's investment in the Fund. Any and all such borrowing will comply with the requirements of the 1940 Act which requires, among other things, the maintenance of certain asset coverage tests for such borrowings. Borrowing may also exaggerate changes in the Fund's Net Asset Value and in the return of the Fund. Borrowing will cost the Fund interest expenses and other fees that could negatively impact the Fund's performance return.

**Defensive Investments.** The Funds may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in an attempt to respond to adverse market, economic, political, or other conditions. During such an unusual set of circumstances, the Fund may hold up to 100% of its portfolio in cash or cash equivalents positions (e.g., money market securities, other investment companies, U.S. Government securities, and/or similar securities). When a Fund takes a temporary defensive position, the Fund may not be able to achieve its investment objective.

**Restricted Securities.** Although not part of their principal investment strategies, each Fund is permitted to purchase restricted securities. Restricted securities generally can only be sold in privately negotiated transactions, pursuant to an exemption from registration under the federal securities laws, or in a registered public offering. Where registration is required, the Fund may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time the Fund may be permitted to sell a security under an effective registration statement. If adverse market conditions were to develop during such a period, the Fund might obtain a less favorable price than prevailed when it decided to seek registration of the security. Restricted securities, which can be offered and sold to qualified institutional buyers under Rule 144A of the 1933 Act ("144A Securities"), are subject to each Fund's limitations on "illiquid investments".

**Warrants.** The Funds may invest in warrants. A warrant gives the Funds the right to buy a stock and specifies the amount of the underlying stock, the purchase (or "exercise") price, and the date the warrant expires. If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Convertible Securities**. The Funds may invest in convertible securities. The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

**Preferred Securities**. The Funds may invest in preferred securities. Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

**Natural Disaster/Epidemic Risk.** Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds' Advisor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures, and can impact the ability of a Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these could have a significant impact on a Fund's performance, resulting in losses to your investment. Under these circumstances, a Fund may have difficulty achieving its investment objective which may adversely impact Fund performance.

**INVESTMENT LIMITATIONS**

Each Fund has adopted the following fundamental investment limitations, which cannot be changed without approval by holders of a majority of the outstanding voting shares of the particular Fund. A "majority" for this purpose, means, with respect to the Funds, the lesser of (i) 67% of the Fund's outstanding shares represented in person or by proxy at a meeting at which more than 50% of its outstanding shares are represented, or (ii) more than 50% of its outstanding shares. Unless otherwise indicated, percentage limitations apply at the time of purchase. None of the Funds will change the investment objective that is stated in the Prospectus without shareholder approval.

As a matter of fundamental policy, each Fund:

(1) May not invest 25% or more of the value of its net assets in any one industry or group of industries (except
that securities of the U.S. government, its agencies and instrumentalities are not subject to these limitations);

(2) May not purchase real estate or sell real estate unless acquired as a result of ownership of securities
or other instruments. This restriction does not prevent the Funds from investing in issuers that invest, deal, or otherwise engage in
transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein;

(3) May not underwrite the securities of other issuers. This restriction does not prevent the Funds from engaging
in transactions involving the acquisition, disposition or resale of its portfolio securities, regardless of whether the Funds may be considered
to be an underwriter under the Securities Act of 1933;

(4) May not make loans of its assets to persons who control or are under common control with the Funds, except
to the extent permitted by the 1940 Act, and the rules and regulations promulgated thereunder, as such statute, rules and regulations
are amended from time to time or are interpreted from time to time by the SEC staff (collectively,
the "1940 Act Laws, and Interpretations") or except to the extent that the Funds may be permitted to do so by exemptive order
or similar relief (collectively, with the 1940 Act Laws and Interpretations, the "1940 Act Laws, Interpretations and Exemptions"). This restriction does not prevent the Funds from, among other things, purchasing debt obligations, entering into repurchase agreements,
loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests;

(5) May not issue senior securities. This limitation is not applicable to activities that may be deemed to
involve the issuance or sale of a senior security by a Fund, provided that the Fund's engagement in such activities is consistent
with or permitted by the 1940 Act Laws, Interpretations and Exemptions;

(6) May not borrow money, except that the Funds may borrow money for temporary or emergency purposes (not
for leveraging or investment) in an amount not exceeding 33 1/3% of the value of their respective total assets (including the amount borrowed)
less liabilities (other than borrowings). If borrowings exceed 33 1/3% of the value of a Fund's total assets by reason of a decline
in net assets, the Fund will reduce its borrowings within three days (not including Sundays and holidays) to the extent necessary to comply
with the 33 1/3% limitation. The following are not considered "borrowings" for this purpose, and this policy shall not prohibit
the Funds from engaging in them: reverse repurchase agreements; deposits of assets to margin or guarantee positions in futures, options,
swaps or forward contracts; or the segregation of assets in connection with such contracts. A Fund will not purchase securities while
its borrowings exceed 5% of that Fund's total assets; and

(7) May not purchase physical commodities or sell physical commodities unless acquired as a result of ownership
of securities or other instruments. This restriction does not prevent the Fund from engaging in transactions involving futures contracts
and options thereon or investing in securities that are secured by physical commodities.

Additionally, as a matter of fundamental policy, the Funds are "diversified companies" as defined in the 1940 Act. The Funds will not purchase the securities of any issuers if, as a result, the Funds would fail to be a diversified company within the meaning of the 1940 Act and the 1940 Act Laws, Interpretations and Exemptions. In complying with this restriction, however, the Funds may purchase securities of other investment companies to the extent permitted by the 1940 Act Laws, Interpretations and Exemptions. Percentage restrictions stated as an investment policy or investment limitation apply at the time of investment; if a later increase or decrease in percentage beyond the specified limits results from a change in securities values or total assets, it will not be considered a violation.

With regard to investment limitation (5) above, currently, with respect to senior securities, the 1940 Act and regulatory interpretations of relevant provisions of the 1940 Act establish the following general limits, subject to modification to conform to the 1940 Act as interpreted or modified from time to time: Open-end registered investment companies such as the Funds are not permitted to issue any class of senior security or to sell any senior security of which they are the issuers. The Trust is, however, permitted to issue separate series of Shares (each Fund is a series of the Trust) and to divide those series into separate classes. Individual class and institutional class are separate classes. The Funds have no intention of issuing senior securities, except that the Trust has issued its Shares in separate series and may divide those series into classes of Shares. Collateral arrangements with respect to forward contracts, futures contracts or options, including deposits of initial and variation margin, are not considered to be the issuance of a senior security for purposes of this restriction.

With regard to investment limitation (6) above, the 1940 Act also permits a Fund to borrow for temporary purposes only in an amount not exceeding 5% of the value of its total assets at the time when the loan is made. A loan shall be presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed. To the extent outstanding borrowings of a Fund exceed 5% of the value of the total assets of such Fund, the Fund will not make additional purchases of securities – the foregoing shall not be construed to prevent the Fund from settling portfolio transactions or satisfying shareholder redemptions orders. The SEC has indicated, however, that certain types of transactions, which could be deemed "borrowings" (such as firm commitment agreements and reverse repurchase agreements), are permissible if a Fund "covers" the agreements by establishing and maintaining segregated accounts.

The Funds are "diversified" investment companies. As a diversified company under the 1940 Act, each Fund may not, as to seventy-five percent (75%) of the value of its total assets, purchase the securities of any one issuer (except cash, cash items, "government securities" as defined in the 1940 Act, and securities of other investment companies), if immediately after, and as a result of, each such purchase, the combined value of all purchases of the holdings of such Fund in the securities of such issuer (calculated separately for each purchase based on the percentage of total assets it constituted at the time of purchase) would exceed five percent (5%) of the value of the Fund's total assets or the Fund would own more than ten percent (10%) of the outstanding voting securities of any one issuer. Subsequent changes in the market value of each security or other property purchased after the time it was purchased do not affect this calculation. As an alternative to making the total asset calculation at the time of each purchase of securities, each Fund may instead determine its status as a diversified company not less frequently than quarterly, and may disregard interim changes in its total assets due to changes in the market value of its investments insofar as such changes might otherwise affect the Fund's classification as a diversified company.

For purposes of the Funds' policies on investments in any one industry or group of industries (concentration), the Funds' utilize Global Industry Classification Standards ("GICS") although the Board has clarified the industry definitions with respect to the GICS "Software" industry by dividing that industry into three industries: "Business Services Software," "Information/Knowledge Management Software", and "Other Software." Shareholders should be aware that the Board may modify the industry classifications utilized by the Funds further in the future to provide more clarity and address ambiguities in the GICS.

**PORTFOLIO TRANSACTIONS**

Subject to the general supervision of the Trustees, the Advisor is responsible for, makes decisions with respect to, and places orders for all purchases and sales of portfolio securities for the Funds.

The annualized portfolio turnover rate for each Fund is calculated by dividing the lesser of purchases or sales of portfolio securities for the reporting period by the monthly average value of the portfolio securities owned during the reporting period. The calculation excludes all securities whose maturities or expiration dates at the time of acquisition are one year or less. Portfolio turnover of each Fund may vary greatly from year to year as well as within a particular year, and may be affected by cash requirements for redemption of shares and by requirements that enable the Fund to receive favorable tax treatment. Portfolio turnover will not be a limiting factor in making Fund decisions, and each Fund may engage in short-term trading to achieve its investment objectives. High rates of portfolio turnover could lower performance of the Fund due to increased transaction costs and may also result in the realization of short-term capital gains taxed at ordinary income tax rates.

Purchases of money market instruments by the Funds are made from dealers, underwriters and issuers. The Funds currently do not expect to incur any brokerage commission expense on such transactions because money market instruments are generally traded on a "net" basis by a dealer acting as principal for its own account without a stated commission. The price of the security, however, usually includes a profit to the dealer. Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred to as the underwriter's concession or discount. When securities are purchased directly from or sold directly to an issuer, no commissions or discounts are paid.

Transactions on U.S. stock exchanges involve the payment of negotiated brokerage commissions. On exchanges on which commissions are negotiated, the cost of transactions may vary among different brokers. Transactions in the over-the-counter market are generally on a net basis (i.e., without commission) through dealers, which may include a dealer mark-up, or otherwise involve transactions directly with the issuer of an instrument.

The Funds may participate, if and when practicable, in bidding for the purchase of Fund securities directly from an issuer in order to take advantage of the lower purchase price available to members of a bidding group. A Fund will engage in this practice, however, only when the Advisor, in its sole discretion, believes such practice to be otherwise in the Fund's interest.

The Funds have adopted, and the Trustees have approved, policies and procedures relating to the direction of mutual fund portfolio securities transactions to broker-dealers. In accordance with these policies and procedures in executing Fund transactions and selecting brokers or dealers, the Advisor will seek to obtain the best overall terms available for each Fund. In assessing the best overall terms available for any transaction, the Advisor shall consider factors it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. The Advisor may not give consideration to sales of Fund shares as a factor in selecting broker-dealers to execute portfolio securities transactions. The Advisor may, however, place portfolio transactions with broker-dealers that promote or sell Fund shares so long as such transactions are done in accordance with the policies and procedures established by the Trustees that are designed to ensure that the selection is based on the quality of the broker's execution and not on its sales efforts. The Advisor is authorized to cause the Funds to pay a broker-dealer which furnishes brokerage and research services a higher commission than that which might be charged by another broker-dealer for effecting the same transaction, provided that the Advisor determines in good faith that such commission is reasonable in relation to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either the particular transaction or the overall responsibilities of the Advisor to the Funds. Such brokerage and research services might consist of reports and statistics relating to specific companies or industries, general summaries of groups of stocks or bonds and their comparative earnings and yields, or broad overviews of the stock, bond and government securities markets and the economy. The Advisor directed a portion of the Funds' brokerage transactions to certain brokers because of those types of research services provided. The amounts of these transactions for the fiscal year ended March 31, 2025 for the Small Company Fund, the International All Company Fund and the International Small Company Fund were $1,566,636,418, $87,521,183 and $497,150,310 respectively, and the related commissions paid to these brokers were $1,322,293.57, $93,061.57 and $624,159.26 respectively, for that year.

Supplementary research information so received is in addition to, and not in lieu of, services required to be performed by the Advisor and does not reduce the advisory fees payable by the Funds. The Trustees will periodically review any commissions paid by the Funds to consider whether the commissions paid over representative periods of time appear to be reasonable in relation to the benefits inuring to the Funds. It is possible that certain of the supplementary research or other services received will primarily benefit one or more other investment companies or other accounts for which investment discretion is exercised by the Advisor. Conversely, the Funds may be the primary beneficiary of the research or services received as a result of securities transactions effected for such other account or investment company.

Investment decisions for the Funds will be made independently from those for any other Fund and any other series of the Trust and for any other investment companies and accounts advised or managed by the Advisor. Such other investment companies and accounts may also invest in the same securities as a Fund. To the extent permitted by law, the Advisor may aggregate the securities to be sold or purchased for a Fund with those to be sold or purchased for another Fund or other investment companies or accounts in executing transactions. When a purchase or sale of the same security is made at substantially the same time on behalf of a Fund and another investment company or account, the transaction will be averaged as to price and available investments allocated as to amount, in a manner which the Advisor believes to be equitable to the Funds and such other investment company or account. In some instances, this investment procedure may adversely affect the price paid or received by a Fund or the size of the position obtained or sold by a Fund.

The aggregate amount of brokerage commissions paid for the last three fiscal years ended March 31 for each Fund is shown below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Fund</u> | &nbsp;&nbsp;<u>Brokerage Commissions</u> | &nbsp;&nbsp;<u>Brokerage Commissions</u> | &nbsp;&nbsp;<u>Brokerage Commissions</u> |
|  | &nbsp;&nbsp;<u>2025<sup>+</sup></u> | &nbsp;&nbsp;<u>2024</u> | &nbsp;&nbsp;<u>2023</u> |
| &nbsp;&nbsp;Small Company Fund | &nbsp;&nbsp;$1326915 | &nbsp;&nbsp;$2209610 | &nbsp;&nbsp;$2395996 |
| &nbsp;&nbsp;International All Company Fund | &nbsp;&nbsp;$91714 | &nbsp;&nbsp;$27362 | &nbsp;&nbsp;$38936 |
| &nbsp;&nbsp;International Small Company Fund | &nbsp;&nbsp;$539169 | &nbsp;&nbsp;$1286630 | &nbsp;&nbsp;$1344899 |

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<sup>+</sup> The fluctuation in commissions was a function of varied turnover in the portfolio and cost of varied transactions.

**NET ASSET VALUE**

The net asset value per share of each class of each Fund is determined at the time normal trading closes on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time, Monday through Friday). The net asset value per share of each class of each Fund is not calculated on business holidays when the NYSE is closed.

The net asset value per share of each class of each Fund is calculated separately by adding the value of the Fund's securities and other assets belonging to the Fund and attributable to that class, subtracting the liabilities charged to the Fund and to that class, and dividing the result by the number of outstanding shares of such class. "Assets belonging to the Fund" consist of the consideration received upon the issuance of shares of the Fund together with all net investment income, realized gains/losses and proceeds derived from the investment thereof, including any proceeds from the sale of such investments, any funds or payments derived from any reinvestment of such proceeds, and a portion of any general assets of the Trust not belonging to a particular fund. Income, realized and unrealized capital gains and losses, and any expenses of a Fund not allocated to a particular class of such Fund will be allocated to each class of the Fund on the basis of the net asset value of that class in relation to the net asset value of the Fund. Assets belonging to a Fund are charged with the direct liabilities of the Fund and with a share of the general liabilities of the Trust, which are normally allocated in proportion to the number of or the relative net asset values of all of the Trust's series at the time of allocation or in accordance with other allocation methods approved by the Trustees. Certain expenses attributable to a particular class of shares will be charged against that class of shares. Certain other expenses attributable to a particular class of shares (such as registration fees, professional fees, and certain printing and postage expenses) may be charged against that class of shares if such expenses are actually incurred in a different amount by that class or if the class receives services of a different kind or to a different degree than other classes, and the Trustees approve such allocation. Subject to the provisions of the Amended and Restated Declaration of Trust, determinations by the Trustees as to the direct and allocable liabilities and the allocable portion of any general assets, with respect to a Fund and the classes of such Fund, are conclusive.

The pricing and valuation of portfolio securities is determined in good faith in accordance with procedures established by and under the direction of the Trustees. In valuing the Funds' total assets, portfolio securities are generally valued at their market value. Instruments with maturities of sixty days or less are valued at amortized costs, which approximate market value. Securities and assets for which representative market quotations are not readily available are valued at fair value as determined in good faith under policies approved by the Trustees.

**ADDITIONAL PURCHASE AND REDEMPTION INFORMATION**

**Purchases.** Shares of each Fund are offered and sold on a continuous basis and may be purchased through authorized investment dealers or directly by contacting the Funds or the Funds' distributor, ALPS Distributors, Inc. ("Distributor"). Selling dealers have the responsibility of transmitting orders promptly to the Funds. The public offering price of shares of each Fund equals net asset value. The net asset value is normally determined at the time regular trading closes on the NYSE on days the NYSE is open for regular trading, (currently 4:00 p.m., Eastern Time, Monday through Friday, except when the NYSE closes earlier), as described under "Net Asset Value" above. The fund's net asset value per share is not calculated on business holidays when the NYSE is closed. An order received prior to the time regular trading closes on the NYSE will be executed at the price calculated on the date of receipt, and an order received after the time regular trading closes on the NYSE will be executed at the price calculated as of that time on the next business day.

**Redemptions.** Under the 1940 Act, each Fund may suspend the right of redemption or postpone the date of payment for shares during any period when (a) trading on the NYSE is restricted by applicable rules and regulations of the SEC; (b) the NYSE is closed for other than customary weekend and holiday closings; (c) the SEC has by order permitted such suspension; or (d) an emergency exists as determined by the SEC. Each Fund may also suspend or postpone the recordation of the transfer of shares upon the occurrence of any of the foregoing conditions.

In addition to the situations described in the Prospectuses under "Investing in the Funds – Redeeming Your Shares," each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure of a shareholder to make full payment for shares purchased by the shareholder, to collect any charge relating to a transaction effected for the benefit of a shareholder which is applicable to Fund shares as provided in the Prospectuses from time to time, or to close a shareholder's account if the Fund is unable to verify the shareholder's identity.

No charge is made by the Funds for redemptions other than the possible charge for wiring redemption proceeds.

**ADDITIONAL INFORMATION CONCERNING TAXES**

The following discussion is a summary of certain U.S. federal income tax considerations affecting the Funds and their shareholders. The discussion reflects applicable U.S. federal income tax laws as of the date of this SAI, which tax laws may be changed or subject to new interpretations by the courts or the Internal Revenue Service (the "IRS"), possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. income, estate or gift tax, or foreign, state or local tax concerns affecting a Fund and its shareholders (including shareholders owning large positions in a Fund). The discussion set forth herein does not constitute tax advice. Investors are urged to consult their own tax advisors to determine the tax consequences to them of investing in a Fund.

In addition, no attempt is made to address tax concerns applicable to an investor with a special tax status such as a financial institution, real estate investment trust ("REIT"), insurance company, regulated investment company ("RIC"), individual retirement account, tax-exempt entity, or dealer in securities. Furthermore, this discussion does not reflect possible application of the alternative minimum tax ("AMT"). Unless otherwise noted, this discussion assumes shares of the Funds are held by U.S. shareholders (defined below) and that such shares are held as capital assets.

A U.S. shareholder is a beneficial owner of shares of the Funds that is for U.S. federal income tax purposes:

● a citizen or individual resident of the United States (including certain former citizens and former long-term residents);

● a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or a trust that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

A "Non-U.S. shareholder" is a beneficial owner of shares of the Funds that is an individual, corporation, trust or estate and is not a U.S. shareholder. If a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) holds shares of the Funds, the tax treatment of a partner in the partnership generally depends upon the status of the partner and the activities of the partnership. A partner of a partnership that will hold shares of a Fund should consult its tax advisors with respect to the purchase, ownership and disposition of shares of the Fund by the partnership.

**Taxation as a RIC.** Each Fund intends to qualify and remain qualified as a RIC under the Internal Revenue Code of 1986, as amended (the "Code"). There can be no assurance that any Fund will so qualify. A Fund will qualify as a RIC if, among other things, it meets the source-of-income and the asset-diversification requirements. With respect to the source-of-income requirement, a Fund must derive in each taxable year at least 90% of its gross income (including tax-exempt interest) from (i) dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies and (ii) net income derived from an interest in a "qualified publicly traded partnership" ("the Income Test") A "qualified publicly traded partnership" is generally defined as a publicly traded partnership under Code Section 7704. Income derived from a partnership (other than a qualified publicly traded partnership) or trust is qualifying income to the extent such income is attributable to items of income of the partnership or trust which would be qualifying income if realized by a Fund in the same manner as realized by the partnership or trust.

If a RIC fails the Income Test and such failure was due to reasonable cause and not willful neglect, generally it will not be subject to the U.S. federal income tax rate applicable to corporations. Instead, the amount of the penalty for non-compliance is the U.S. federal income tax on the amount by which the non-qualifying income exceeds one-ninth of the qualifying gross income.

With respect to the asset-diversification requirement, each Fund must diversify its holdings so that, at the end of each quarter of each taxable year (i) at least 50% of the value of the Fund's total assets are represented by cash and cash items, U.S. government securities, the securities of other RICs and other securities, if such other securities of any one issuer do not represent more than 5% of the value of the Fund's total assets or more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets are invested in securities other than U.S. government securities or the securities of other RICs of (a) one issuer, (b) two or more issuers that are controlled by the Fund and that are engaged in the same, similar or related trades or businesses, or (c) one or more qualified publicly traded partnerships (the "Asset Test").

If a RIC fails the Asset Test, such RIC has a 6-month period to correct any failure without incurring a penalty if such failure is "de minimis," meaning that the failure does not exceed the lesser of 1% of the RIC's assets or $10 million.

Similarly, if a RIC fails the Asset Test and the failure is not de minimis, a RIC can cure the failure if: (i) the RIC files with the U.S. Treasury Department a description of each asset that caused the RIC to fail the Asset Test; (ii) the failure is due to reasonable cause and not willful neglect; and (iii) the failure is cured within six months (or such other period specified by the U.S. Treasury Department). In such cases, a tax is imposed on the RIC equal to the greater of: (i) $50,000 or (ii) an amount determined by multiplying the highest corporate U.S. federal income tax rate (currently 21%) by the amount of net income generated during the period of the Asset Test failure from the assets that caused the RIC to fail the Asset Test.

If a Fund qualifies as a RIC and distributes to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" as that term is defined in the Code (which includes, among other things, dividends, taxable interest, the excess of any net short-term capital gains over net long-term capital losses and certain net foreign exchange gains as reduced by certain deductible expenses) without regard to the deduction for dividends paid, and (ii) the excess of its gross tax-exempt interest, if any, over certain deductions attributable to such interest that are otherwise disallowed (the "Distribution Test"), the Fund will be relieved of U.S. federal income tax on any income of the Fund, including long-term capital gains, distributed to shareholders. However, any ordinary income or capital gain retained by a Fund will be subject to regular corporate U.S. federal income tax rates (currently at a maximum rate of 21%). Each Fund intends to distribute at least annually all or substantially all of its investment company taxable income, net tax-exempt interest, and net capital gain.

Each Fund will generally be subject to a nondeductible 4% U.S. federal excise tax on the portion of its undistributed ordinary income with respect to each calendar year and undistributed capital gains if it fails to meet certain distribution requirements with respect to the one-year period ending on October 31 in that calendar year. To avoid the 4% U.S. federal excise tax, the required minimum distribution is generally equal to the sum of (i) 98% of a Fund's ordinary income (computed on a calendar year basis), (ii) 98.2% of the Fund's capital gain net income (generally computed for the one-year period ending on October 31) and (iii) any income realized, but not distributed, and on which the Fund paid no U.S. federal income tax in preceding years. The Funds generally intend to make distributions in a timely manner in an amount at least equal to the required minimum distribution and therefore, under normal market conditions, do not expect to be subject to this excise tax.

The Funds may be required to recognize taxable income in circumstances in which they do not receive cash. For example, if a Fund holds debt obligations that are treated under applicable U.S. federal income tax rules as having original issue discount ("OID"), such as debt instruments with payment of in kind interest or, in certain cases, with increasing interest rates or that are issued with warrants, the Fund must include in income each year a portion of the OID that accrues over the life of the obligation regardless of whether cash representing such income is received by the Fund in the same taxable year. Because any accrued OID will be included in a Fund's "investment company taxable income" (discussed above) for the year of accrual, the Fund may be required to make a distribution to its shareholders to satisfy the Distribution Test, even though it will not have received an amount of cash that corresponds with the accrued income.

A RIC is permitted to carry forward net capital losses indefinitely and may allow losses to retain their original character (as short or as long-term). These capital loss carryforwards may be utilized in future years to offset net realized capital gains of the Fund, if any, prior to distributing such gains to shareholders.

Gain or loss realized by the Funds from the sale or exchange of warrants acquired by the Funds as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term, depending on how long a Fund held a particular warrant. Upon the exercise of a warrant acquired by a Fund, the Fund's tax basis in the stock purchased under the warrant will equal the sum of the amount paid for the warrant plus the strike price paid on the exercise of the warrant.

Except as set forth below in "Failure to Qualify as a RIC," the remainder of this discussion assumes that the Funds will qualify as RICs for each taxable year.

**Failure to Qualify as a RIC.** If a Fund is unable to satisfy the Distribution Test or otherwise fails to qualify as a RIC in any year, it will be subject to corporate U.S. federal income tax on all of its income and gain, regardless of whether or not such income was distributed. Distributions to a Fund's shareholders of such income and gain will not be deductible by the Fund in computing its taxable income. In such event, a Fund's distributions, to the extent derived from the Fund's current or accumulated earnings and profits, would constitute ordinary dividends, which would generally be eligible for the dividends received deduction available to corporate U.S. shareholders, and non-corporate U.S. shareholders would generally be able to treat such distributions as "qualified dividend income" eligible for preferential rates of U.S. federal income taxation provided in each case that certain holding period and other requirements are satisfied.

Distributions in excess of a Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of a shareholder's tax basis in its shares of the Fund, and any remaining distributions would be treated as a capital gain. To qualify as a RIC in a subsequent taxable year, a Fund would be required to satisfy the Income Test, Asset Test, and Distribution Test for that year and distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. Subject to a limited exception applicable to RICs that qualified as such under the Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the nonqualifying year, a Fund would be subject to tax on any unrealized built-in gains in the assets held by it during the period in which the Fund failed to qualify for tax treatment as a RIC that are recognized within the subsequent 5 years, unless the Fund made a special election to pay corporate-level tax on such built-in gain at the time of its requalification as a RIC.

**Taxation of U.S. Shareholders.** Distributions paid to U.S. shareholders by the Funds from their investment company taxable income (which is, generally, the Fund's ordinary income plus net realized short-term capital gains in excess of net realized long-term capital losses) are generally taxable to U.S. shareholders as ordinary income to the extent of the Fund's earnings and profits, whether paid in cash or reinvested in additional shares of a Fund. Such distributions (if designated by the Fund) may qualify (i) for the dividends received deduction in the case of corporate U.S. shareholders to the extent that the Fund's income consists of dividend income from U.S. corporations, excluding distributions from tax-exempt organizations, exempt farmers' cooperatives or REITs or (ii) in the case of individual U.S. shareholders as qualified dividend income eligible to be taxed at preferential rates to the extent that the Fund receives qualified dividend income, and provided in each case certain holding period and other requirements are met. Qualified dividend income is, in general, dividend income from taxable U.S. corporations and qualified foreign corporations (which generally include, foreign corporations incorporated in a possession of the United States or in certain countries with a qualified comprehensive income tax treaty with the United States, or the stock with respect to which such dividend is paid is readily tradable on an established securities market in the United States). A qualified foreign corporation generally excludes any foreign corporation, which for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a passive foreign investment company (a "PFIC"). Distributions made to a U.S. shareholder from an excess of net long-term capital gains over net short-term capital losses ("Capital Gain Dividends"), including Capital Gain Dividends credited to such U.S. shareholder but retained by a Fund, are taxable to such U.S. shareholder as long-term capital gain if they have been properly designated by the Fund, regardless of the length of time such U.S. shareholder owned the shares of the Fund. The maximum tax rate on Capital Gain Dividends received by individuals is generally 20%. Distributions in excess of a Fund's earnings and profits will be treated by a U.S. shareholder first, as a tax-free return of capital, which is applied against and will reduce the adjusted tax basis of the U.S. shareholder's shares and, after such adjusted tax basis is reduced to zero, will constitute capital gain to the U.S. shareholder. The Funds are not required to provide written notice designating the amount of any qualified dividend income or Capital Gain Dividends and other distributions. The Forms 1099 sent to the U.S. shareholders will instead serve this notice purpose.

As RICs, each Fund will be subject to the AMT, but any items that are treated differently for AMT purposes must be apportioned between the Fund and the shareholders and this may affect the U.S. shareholders' AMT liabilities. The Funds intend in general to apportion these items in the same proportion that dividends paid to each shareholder bear to the Fund's taxable income, determined without regard to the dividends paid deduction.

For purpose of determining (i) whether the Distribution Test is satisfied for any year and (ii) the amount of Capital Gain Dividends paid for that year, a Fund may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the prior taxable year. If a Fund make such an election, a U.S. shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by the Funds in October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following year, will be treated as if it had been received by a U.S. shareholder on December 31 of the year in which the dividend was declared.

The Funds intend to distribute all realized capital gains, if any, at least annually. If, however, a Fund were to retain any net capital gain, the Fund may designate the retained amount as undistributed capital gains in a notice to shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income as long-term capital gain, their proportionate shares of such undistributed amount, and (ii) will be entitled to credit their proportionate shares of the U.S. federal income tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. If such an event occurs, the tax basis of shares owned by a shareholder will, for U.S. federal income tax purposes, generally be increased by the difference between the amount of undistributed net capital gain included in the U.S. shareholder's gross income and the tax deemed paid by the shareholders.

Sales and other dispositions, such as exchanges, of the shares of a Fund generally are taxable events. U.S. shareholders should consult their own tax advisors with reference to their individual circumstances to determine whether any particular transaction in the shares of a Fund is properly treated as a sale or exchange for U.S. federal income tax purposes, as the following discussion assumes, and the tax treatment of any gains or losses recognized in such transactions. The sale or other disposition of shares of a Fund will generally result in capital gain or loss to a U.S. shareholder equal to the difference between the amount realized and the adjusted tax basis in the shares sold or exchanged, and will be long-term capital gain or loss if the shares have been held for more than one year at the time of sale. Any loss upon the sale or exchange of shares held for six months or less will be treated as long-term capital loss to the extent of any Capital Gain Dividends received (including amounts credited as an undistributed Capital Gain Dividends) by such shareholder with respect to such shares. A loss realized on a sale or exchange of shares of a Fund generally will be disallowed if other substantially identical shares are acquired within a 61-day period beginning 30 days before and ending 30 days after the date that the shares are disposed of. In such case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Both long-term and short-term capital gain of U.S. corporations are taxed at the rates applicable to ordinary income of corporations. For non-corporate U.S. taxpayers, short-term capital gain will currently be taxed at the rate applicable to ordinary income, while long-term capital gain generally will be taxed at a maximum rate of 20%. Capital losses are subject to certain limitations.

Each Fund is required to report a shareholders' cost basis, gain/loss, and holding period of Fund shares to the IRS on the Fund's shareholders' Consolidated Form 1099s.

 ****

The Funds selected the Average Cost method as their standing (default) tax lot identification method for all shareholders. A tax lot identification method is the way the Funds will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Funds' standing tax lot identification method is the method covered shares will be reported on U.S. shareholder's Consolidated Form 1099 if the U.S. shareholder does not select a specific tax lot identification method. U.S. shareholders may choose a method different than the Funds' standing method and will be able to do so at the time of a U.S. shareholder's purchase or upon the sale of shares of a Fund. U.S. shareholders should consult their own tax advisors for more information.

The Funds are not responsible for the reliability or accuracy of the information for those securities that are not covered by these rules. The Fund and its service providers do not provide tax advice. U.S. shareholders should consult independent sources, which may include a tax professional, with respect to any decisions regarding choosing a tax lot identification method given a U.S. shareholder's particular situation.

Certain U.S. shareholders, including individuals, estates and trusts, will be subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Funds and net gains from the disposition of shares of the Funds. U.S. shareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment in the Funds.

**Payment-In-Kind Securities.** Payment-in-kind securities generally will give rise to income that is required to be distributed and is taxable even though a Fund receives no interest payment in cash on the security during the year.

If a Fund holds the foregoing kinds of securities, it may be required to pay out as an income distribution each year an amount that is greater than the total amount of cash interest the Fund actually receives. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). A Fund may realize gains or losses from such liquidations. In the event a Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution than they would in the absence of such transactions.

**Tax-Exempt Shareholders**. A tax-exempt U.S. shareholder could recognize unrelated business taxable income ("UBTI") by virtue of its investment in a Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt U.S. shareholder. Furthermore, a tax-exempt U.S. shareholder may recognize UBTI if a Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in taxable mortgage pools ("TMPs") if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. A CRT that realizes any UBTI for a taxable year, must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a Fund that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a Fund that recognizes "excess inclusion income," then the Fund will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders, at the highest corporate U.S. federal income tax rate. The extent to which this IRS guidance remains applicable is unclear. To the extent permitted under the 1940 Act, a Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. The Funds have not yet determined whether such an election will be made. CRTs and other tax-exempt investors are urged to consult their own tax advisors concerning the consequences of investing in the Funds.

**Passive Foreign Investment Companies**. A PFIC is any foreign corporation in which (i) 75% or more of the gross income of which for the taxable year is passive income, or (ii) the average percentage of the assets of which produce or are held for the production of passive income is at least 50%. Generally, passive income for this purpose means dividends, interest, royalties, rents, annuities, the excess of gains over losses from certain property transactions and commodities transactions, and foreign currency gains. Passive income for this purpose does not include rents and royalties received by the foreign corporation from an active business and certain income received from related persons.

Equity investments by a Fund in certain PFICs could potentially subject the Fund to a U.S. federal income tax or other charges (including interest charges) on the distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. This tax cannot be eliminated by making distributions to the Fund shareholders. However, a Fund may elect to avoid the imposition of that tax. For example, if a Fund is in a position to and elects to treat a PFIC as a "qualified electing fund" ("QEF"), the Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from the PFIC. Alternatively, a Fund may make an election to mark to market the gains (and to a limited extent losses) in its PFIC holdings as though it had sold and repurchased its holdings in that PFIC on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as qualified dividend income.

Because it is not always possible to identify a foreign corporation as a PFIC, a Fund may incur the tax and interest charges described above in some instances.

**Foreign Currency Transactions**. A Fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend be distributed by the Fund for the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by a Fund to offset income or gains earned in subsequent taxable years.

**Foreign Taxation**. Income received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. The Funds do not expect to be eligible to pass through to shareholders a credit or deduction for such taxes.

**Taxation of Non-U.S. Shareholders**. Capital Gain Dividends are generally not subject to withholding of U.S. federal income tax. Absent a specific statutory exemption, dividends other than Capital Gain Dividends paid by a Fund to a Non-U.S. shareholder are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate) even if they are funded by income or gains (such as portfolio interest, short-term capital gains, or foreign-source dividend and interest income) that, if paid to a foreign person directly, would not be subject to withholding.

A RIC generally is not required to withhold any amounts (i) with respect to distributions (other than distributions to a Non-U.S. shareholder (a) that does not provide a satisfactory statement that the beneficial owner is not a U.S. person, (b) to the extent that the dividend is attributable to certain interest on an obligation if the Non-U.S. shareholder is the issuer or is a 10% shareholder of the issuer, (c) that is within a foreign country that has inadequate information exchange with the United States, or (d) to the extent the dividend is attributable to interest paid by a person that is a related person of the Non-U.S. shareholder and the Non-U.S. shareholder is a controlled foreign corporation) from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by a Non-U.S. shareholder to the extent such distributions are properly reported as such by a Fund in a written notice to shareholders ("Interest Related Dividends"), and (ii) with respect to distributions (other than (a) distributions to an individual Non-U.S. shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (b) distributions subject to special rules regarding the disposition of U.S. real property interests ("USRPIs") as described below) of net short-term capital gains in excess of net long-term capital losses to the extent such distributions are properly reported by the RIC ("Short-Term Capital Gain Dividends"). If a Fund invests in an underlying fund that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to Non-U.S. shareholders.

A Fund is permitted to report such part of its dividends as Interest Related or Short-Term Capital Gain Dividends as are eligible, but is not required to do so. These exemptions from withholding will not be available to Non-U.S. shareholders if a Fund does not report its dividends as Interest Related or Short-Term Capital Gain Dividends.

In the case of shares held through an intermediary, the intermediary may withhold even if a Fund reports all or a portion of a payment as an Interest Related or Short-Term Capital Gain Dividends to shareholders. Non-U.S. shareholders should contact their intermediaries regarding the application of these rules to their accounts.

A Non-U.S. shareholder generally is not subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of a Fund or on Capital Gain Dividends unless (i) such gain or dividend is effectively connected with the conduct of a trade or business carried on by such shareholder within the United States, (ii) in the case of an individual shareholder, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale or the receipt of the Capital Gain Dividend and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the Non-U.S. shareholder's sale of shares of a Fund or to the Capital Gain Dividends received by the Non-U.S. shareholder.

Special rules would apply if a Fund were either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition thereof. Very generally, a USRPHC is a U.S. corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USPRIs, interests in real property located outside the United States, and other assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or former USRPHC.

If a Fund were a USRPHC or would be a USRPHC but for certain exceptions , any distributions by the Fund to a Non-U.S. shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable to gains realized by the Fund on the disposition of USRPIs or to distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands generally would be subject to U.S. federal income tax withholding. In addition, such distributions could result in a Non-U.S. shareholder being required to file a U.S. federal income tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a Non-U.S. shareholder, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the Non-U.S. shareholder's current and past ownership of the Fund. This "look-through" USRPI treatment for distributions by a Fund, if it were either a USRPHC or would be a USRPHC but for the operation of certain exceptions, to Non-U.S. shareholders applies only to those distributions that, in turn, are attributable to distributions received by a Fund from a lower-tier REIT.

In addition, if a Fund were a USRPHC or former USRPHC, it could be required to withhold U.S. federal income tax on the proceeds of a share redemption by a greater-than-5% Non-U.S. shareholder, in which case such Non-U.S. shareholder generally would also be required to file a U.S. federal income tax return and pay any additional taxes due in connection with the redemption.

Whether or not a Fund is characterized as a USRPHC will depend upon the nature and mix of the Fund's assets. The Funds do not expect to be a USRPHCs. Non-U.S. shareholders should consult their own tax advisors concerning the application of these rules to their investment in the Funds.

If a Non-U.S. shareholder has a trade or business in the United States, and the dividends from the Fund are effectively connected with the Non-U.S. shareholder's conduct of that trade or business, the dividend will be subject to net U.S. federal income taxation at regular income tax rates.

If a Non-U.S. shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by that Non-U.S. shareholder in the United States.

To qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a Non-U.S. shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an applicable IRS Form W-8). Non-U.S. shareholders should consult their own tax advisors in this regard.

A Non-U.S. shareholder may be subject to U.S. state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

**Backup Withholding**. A Fund generally is required to backup withhold and remit to the U.S. Treasury Department a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish a Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to properly certify to the Fund that he or she is not subject to such withholding. The backup withholding tax rate currently is 24%.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

**Foreign Account Tax Compliance Act**. Payments to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (i) income dividends paid by a Fund and (ii) possibly in the future, certain capital gain distributions and the proceeds arising from the sale of shares of the Fund. FATCA withholding tax generally can be avoided: (i) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (ii) by an NFFE, if it: (a) certifies that it has no substantial U.S. persons as owners or (b) if it does have such owners, reports information relating to them. A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA, generally on an applicable IRS Form W-8.

**Tax Shelter Reporting Regulations.**If a shareholder recognizes a loss with respect to shares of a Fund of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder generally must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholder should consult their own tax advisors to determine the applicability of these rules in light of their individual circumstances.

**Shares Purchased through Tax-Qualified Plans**. Special tax rules apply to investments purchased through defined contribution plans and other tax-qualified plans. Shareholders should consult their own tax advisors to determine the suitability of shares of a Fund as an investment through such plans, and the precise effect of an investment on their particular tax situation.

**Possible Tax Law Changes**. At the time that this SAI was being prepared, various administrative and legislative changes to the U.S. federal tax laws are under consideration, but it is not possible at this time to determine whether any of these changes will take place or what the changes might entail.

The foregoing is a general and abbreviated summary of the provisions of the Code and the Treasury regulations in effect as they directly govern the taxation of the Funds and their shareholders. These provisions are subject to change by legislative and administrative action, and any such change may be retroactive. Shareholders are urged to consult their own tax advisors regarding specific questions as to U.S. federal income, estate or gift taxes, or foreign, state, local taxes or other taxes.

**MANAGEMENT AND OTHER SERVICE PROVIDERS**

This section of the SAI provides information about the persons who serve as Trustees and officers to the Trust and Funds, respectively, as well as the entities that provide services to the Funds.

**Trustees and Officers**

The Trustees are responsible for the management and supervision of the Funds. The Trustees set broad policies for the Funds and choose the Funds' officers. The Trustees also approve all significant agreements between the Trust, on behalf of the Funds, and those companies that furnish services to the Funds; review performance of the Advisor and Funds; and oversee activities of the Funds. Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as their resignation, death, or otherwise as specified in the Trust's organizational documents. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Trust's organizational documents. The following chart shows information for each Trustee, including the Trustees who are not "interested persons" as defined in the 1940 Act ("Independent Trustees") and the Trustees who are "interested persons" as defined in the 1940 Act ("Interested Trustees"), as well as each officer of the Trust. The Chairman of the Board of Trustees is an Independent Trustee. The address of each Trustee and officer, unless otherwise indicated, is 1201 N. Calvert Street, Baltimore, Maryland 21202. In regard to each Trustee, the Board considered, among other factors, the experience and qualifications of the individuals as described below in reaching a conclusion to have the Trustees serve on the Board.

**Trustee Qualifications.** Generally, no one factor was decisive in the original selection of an individual to join the Board. Among the factors the Board considered when concluding that an individual should serve on the Board were the following (1) the individual's business and professional experience and accomplishments; (2) the individual's ability to work effectively with the other members of the Board; and (3) how the individual's skills, experience and attributes would contribute to an appropriate mix of relevant skills and experience on the Board. In respect of each Trustee, the individual's substantial professional accomplishments and prior experience, including, in some cases, in fields related to the operations of the Trust, were a significant factor in the determination that the individual should serve as a Trustee of the Trust. In addition to the information provided above, below is a summary of the specific experience, qualifications, attributes or skills of each Trustee and the reason why he was selected to serve as Trustee.

**James H. Speed, Jr. –** Mr. Speed also has experience as an investor, as trustee of several other investment companies, and business experience as President and CEO of an insurance company and as President of a company in the business of consulting and private investing.

**Louis G. Hutt, Jr. –** Mr. Hutt is a certified public accountant and an attorney with extensive experience in financial accounting, auditing, law and business management. His practice concentration areas include regulatory compliance, business compliance, business planning law, tax controversies and management advisory services. Mr. Hutt received an undergraduate degree in Business Administration from Washington University in St. Louis and a Juris Doctor from the University of Maryland School of Law.

**Claude Z. Demby –** Mr. Demby has extensive business experience as a President and CEO of an international group of manufacturing businesses. He also has a MBA and background in engineering and operations. Mr. Demby has experience with mergers, acquisitions and implementing strategy initiatives across diverse international holdings. He also has experience serving on the boards of a Federal Reserve Bank, international industrial companies, local hospitals, independent schools, and chamber of commerce.

**Robert L. Young, III –** Mr. Young has experience as a member of the Management Committee at BCM, which is the firm's managing body. He has served in various leadership roles at BCM over the past 20 years and has been in the financial services industry for more than 29 years. Mr. Young has extensive experience in marketing and sales related activities for investment related products and services. In addition, he has served as Vice President to the Trust since 2011.

**Amy Perez Jackson.** Ms. Perez Jackson has experience as a recently added member of the Management Committee at BCM, which is the firm's managing body. She has served in various leadership roles at BCM over the past 5 years as well as previous management roles prior to her time at BCM. She has been in the financial services industry for more than 25 years and has extensive experience in sales and distribution related activities for investment related products and services.

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| &nbsp;&nbsp;**Name and Year of Birth** | &nbsp;&nbsp;**Position(s) Held with Fund/Trust** | &nbsp;&nbsp;**Length of Time Served** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee** | &nbsp;&nbsp;**Other Directorships**<br> **Held by Trustee**<br>|
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp; James H. Speed, Jr., 1953<br>| &nbsp;&nbsp; Trustee,<br>Chairman<br>| &nbsp;&nbsp; Since September 2002<br>Since 2012<br>| &nbsp;&nbsp;Private investor since January 2016; President and CEO of NC Mutual Insurance Company (insurance company) from May 2003 to December 2015; President of Speed Financial Group, Inc. (consulting/private investments) from March 2000 to April 2003. | &nbsp;&nbsp;3 | &nbsp;&nbsp;Independent Trustee of the following: Starboard Investment Trust for its seven series; WST Investment Trust for its one series; Chesapeake Investment Trust for its one series; Centaur Mutual Funds for its two series (all registered investment companies). Member of Board of Directors of Investors Title Company (title insurance company) and M&F Bancorp, Inc. (banking). |
| &nbsp;&nbsp;Louis G. Hutt, Jr., 1954 | &nbsp;&nbsp; Trustee<br>| &nbsp;&nbsp;Since October 2014 | &nbsp;&nbsp;Managing Member of The Hutt Co., LLC (certified public accountants) from 1983 to present; Managing Member of The Hutt Law Firm from 1983 to present. | &nbsp;&nbsp;3 | &nbsp;&nbsp;Member of Board of Trustees and member (and former Chair) of Audit Committee of Washington University, St. Louis and Independent Trustee and Audit Committee Chairman of the Boston Trust Walden Funds for its ten series (registered investment company). |
| &nbsp;&nbsp;Claude Z. Demby, 1964 | &nbsp;&nbsp; Trustee<br>| &nbsp;&nbsp;Since October 2014 | &nbsp;&nbsp; President of Cree-LED Business a "Smart Global Holding Company" since March 2021; Senior Vice President and General Manager of LED Business for Cree from December of 2018 to March 2021; Senior Vice President and General Manager of LED Business for Cree since December 2018; Senior Vice President of Strategy and Business Development between 2017 and December 2018; Vice President and General Manager of Semi-Conductor Materials at Cree Inc. from 2014 to 2017; President and CEO of Noël Group (international group of manufacturing businesses) from 2008 to 2014.  | &nbsp;&nbsp;3 | &nbsp;&nbsp;Member of the Board, Federal Reserve Bank of Richmond-Charlotte Branch; Director, Valour Academy Schools; Chair-Elect Greater Raleigh Chamber of Commerce; and Board Member of EOS Energy Storage; and Board Member of Piedmont Lithium Incorporated. |

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| &nbsp;&nbsp;**Name and Year of Birth** | &nbsp;&nbsp;**Position(s) Held with Fund/Trust** | &nbsp;&nbsp;**Length of Time Served** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee** | &nbsp;&nbsp;**Other Directorships**<br> **Held by Trustee**<br>|
| &nbsp;&nbsp;**Interested Trustees\*** | &nbsp;&nbsp;**Interested Trustees\*** | &nbsp;&nbsp;**Interested Trustees\*** | &nbsp;&nbsp;**Interested Trustees\*** | &nbsp;&nbsp;**Interested Trustees\*** | &nbsp;&nbsp;**Interested Trustees\*** |
| &nbsp;&nbsp;Amy Perez Jackson, 1975 | &nbsp;&nbsp;Trustee, Vice President | &nbsp;&nbsp;Trustee and Vice President since July 2022 | &nbsp;&nbsp;Managing Director of Marketing/Client Services, Brown Capital Management, LLC, March 2017 to present. | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp; Robert L. Young, III, 1968<br>| &nbsp;&nbsp;Trustee, President and Principal Executive Officer | &nbsp;&nbsp;Trustee since October 2019; President and Principal Executive Officer since July 2022 | &nbsp;&nbsp;President, Brown Capital Management, LLC since January 2023; Managing Director/Head of Marketing and Sales/Client Services, Brown Capital Management, LLC, April 1999 to present. | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;**\* Basis of Interestedness:** Ms. Perez Jackson and Mr. Young are considered Interested Trustees because they are officers of Brown Capital Management, LLC, the advisor of the Funds. | &nbsp;&nbsp;**\* Basis of Interestedness:** Ms. Perez Jackson and Mr. Young are considered Interested Trustees because they are officers of Brown Capital Management, LLC, the advisor of the Funds. | &nbsp;&nbsp;**\* Basis of Interestedness:** Ms. Perez Jackson and Mr. Young are considered Interested Trustees because they are officers of Brown Capital Management, LLC, the advisor of the Funds. | &nbsp;&nbsp;**\* Basis of Interestedness:** Ms. Perez Jackson and Mr. Young are considered Interested Trustees because they are officers of Brown Capital Management, LLC, the advisor of the Funds. | &nbsp;&nbsp;**\* Basis of Interestedness:** Ms. Perez Jackson and Mr. Young are considered Interested Trustees because they are officers of Brown Capital Management, LLC, the advisor of the Funds. | &nbsp;&nbsp;**\* Basis of Interestedness:** Ms. Perez Jackson and Mr. Young are considered Interested Trustees because they are officers of Brown Capital Management, LLC, the advisor of the Funds. |
| &nbsp;&nbsp;**Other Officers** | &nbsp;&nbsp;**Other Officers** | &nbsp;&nbsp;**Other Officers** | &nbsp;&nbsp;**Other Officers** | &nbsp;&nbsp;**Other Officers** | &nbsp;&nbsp;**Other Officers** |
| &nbsp;&nbsp; John H. Lively, 1969 <br>| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Since 2011 | &nbsp;&nbsp;Attorney, Practus, LLP (law firm) May 2017 to present.<br>| &nbsp;&nbsp;n/a | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp; Michael L. Forster, 1967<br>| &nbsp;&nbsp;Treasurer, and Principal Financial Officer | &nbsp;&nbsp;Since 2020 | &nbsp;&nbsp;Chief Operating Officer and Chief Financial Officer, Brown Capital Management, LLC, January 2020 to present. | &nbsp;&nbsp;n/a | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp; Julian G. Winters, 1968<br>| &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since 2004 | &nbsp;&nbsp;Managing Member of Watermark Solutions, LLC (investment compliance and consulting firm) since March 2007. | &nbsp;&nbsp;n/a | &nbsp;&nbsp;n/a |

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**The Board's Role in Risk Oversight.** The Board of Trustees has considered the overall leadership structure of the Trust and has established committees designed to facilitate the governance of the Trust by the Trustees generally and the Board's role with respect to risk oversight specifically. The Trust's committees are responsible for certain aspects of risk oversight relating to financial statements, the valuation of the Trust's assets, and compliance matters. The Board of Trustees also has frequent interaction with the service providers and Chief Compliance Officer of the Trust (the "CCO") with respect to risk oversight matters. The Trust's CCO reports directly to the Board generally with respect to the CCO's role in managing the compliance risks of the Trust. The CCO may also report directly to a particular committee of the Board depending on the subject matter. The Trust's principal financial officer reports to the Audit, Risk and Compliance Committee of the Board on all financial matters affecting the Trust, including risks associated with financial reporting. Through the committee structure, the Trustees also interact with other officers and service providers of the Trust to monitor risks related to the Trust's operations. The Trust has determined that its leadership structure is appropriate based on the size of the Trust, the Board of Trustees' current responsibilities, each Trustee's ability to participate in the oversight of the Trust and committee transparency.

**Trustee Standing Committees.** The Trust's committees are responsible for certain aspects of risk oversight relating to financial statements, the valuation of the Trust's assets, and compliance and governance matters. The Board of Trustees currently has established the following standing committees:

**Audit, Risk and Compliance Committee:** The Independent Trustees are the current members of the Audit, Risk and Compliance Committee. The Audit, Risk and Compliance Committee oversees the Funds' accounting and financial reporting policies and practices, its internal controls, reviews the results of the annual audits of the Funds' financial statements, and appoints and interacts with the Funds' independent auditors on behalf of all the Trustees. In addition, the Audit, Risk and Compliance Committee provides oversight of the CCO, the Trust's compliance program (including Rule 17j-1 compliance) and evaluates compliance risk management and payments to third-party intermediaries. The Audit, Risk and Compliance Committee operates pursuant to an Audit, Risk and Compliance Committee Charter and meets periodically as necessary. The Audit, Risk and Compliance Committee met three times during the Funds' last fiscal year.

**Governance and Nominating Committee:** The Independent Trustees are the current members of the Governance and Nominating Committee. The Governance and Nominating Committee nominates, selects and appoints independent trustees to fill vacancies on the Board of Trustees and to stand for election at meetings of the shareholders of the Trust. The nomination of Independent Trustees is in the sole and exclusive discretion of the Governance and Nominating Committee and the Governance and Nominating Committee may consider nominees recommended by the Funds' shareholders. The Governance and Nominating Committee also assists the Board of Trustees in adopting fund governance practices and meeting certain fund governance standards. The Governance and Nominating Committee operates pursuant to a Charter attached hereto as Appendix B and meets on at least an annual basis. The Governance and Nominating Committee meets only as necessary. Information on shareholder submission of trustee candidates is included in the Charter contained in Appendix B. The Governance and Nominating Committee met once during the Funds' last fiscal year.

**Proxy Voting Committee:** The Independent Trustees are the current members of the Proxy Voting Committee. The Proxy Voting Committee will determine how a Fund should cast its vote, if called upon by the Board or the Advisor, when a matter with respect to which the Fund is entitled to vote presents a conflict between the interests of the Fund's shareholders, on the one hand, and those of the Fund's Advisor, principal underwriter, or an affiliated person of the Fund, its Advisor, or principal underwriter, on the other hand. The Proxy Voting Committee will review the Trust's Proxy Voting Policy and recommend any changes to the Board as it deems necessary or advisable. The Proxy Voting Committee will also decide if a Fund should participate in a class action settlement, if called upon by the Advisor, in cases where a class action settlement with respect to which a Fund is eligible to participate presents a conflict between the interests of the Fund's shareholders, on the one hand, and those of the Advisor, on the other hand. The Proxy Voting Committee meets only as necessary and did not meet during the Funds' last fiscal year.

**Qualified Legal Compliance Committee:** The Independent Trustees are the current members of the Qualified Legal Compliance Committee. The Qualified Legal Compliance Committee receives, investigates, and makes recommendations as to appropriate remedial action in connection with any report of evidence of a material violation of securities laws or breach of fiduciary duty or similar violation by the Trust, its officers, Trustees, or agents. The Qualified Legal Compliance Committee meets only as necessary and did not meet during the Funds' last fiscal year.

**Beneficial Equity Ownership Information.** The table below shows for each Trustee the amount of each Fund's equity securities beneficially owned by such Trustee and the aggregate value of all investments in equity securities of the Trust complex as of a valuation date of December 31, 2024. The values are stated using the following ranges: A = none; B = $1-$10,000; C = $10,001-$50,000; D = $50,001-$100,000 and; E = over $100,000.

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|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>**Name of Trustee**  | &nbsp;&nbsp;<br>**Funds**  | &nbsp;&nbsp;**Dollar Range of Equity Securities in the Fund** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity Securities in All Funds Overseen or to be Overseen by Trustee in Family of Investment Companies** |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;James H. Speed, Jr. | &nbsp;&nbsp;Small Company Fund | &nbsp;&nbsp;**C** | &nbsp;&nbsp;**D** |
| &nbsp;&nbsp;James H. Speed, Jr. | &nbsp;&nbsp;International All Company Fund | &nbsp;&nbsp;**A** |  |
| &nbsp;&nbsp;James H. Speed, Jr. | &nbsp;&nbsp;International Small Company Fund | &nbsp;&nbsp;**D** |  |
| &nbsp;&nbsp;Louis G. Hutt, Jr. | &nbsp;&nbsp;Small Company Fund | &nbsp;&nbsp;**C** | &nbsp;&nbsp;**D** |
| &nbsp;&nbsp;Louis G. Hutt, Jr. | &nbsp;&nbsp;International All Company Fund | &nbsp;&nbsp;**A** |  |
| &nbsp;&nbsp;Louis G. Hutt, Jr. | &nbsp;&nbsp;International Small Company Fund | &nbsp;&nbsp;**C** |  |
| &nbsp;&nbsp;Claude Z. Demby | &nbsp;&nbsp;Small Company Fund | &nbsp;&nbsp;**D** | &nbsp;&nbsp;**E** |
| &nbsp;&nbsp;Claude Z. Demby | &nbsp;&nbsp;International All Company Fund | &nbsp;&nbsp;**A** |  |
| &nbsp;&nbsp;Claude Z. Demby | &nbsp;&nbsp;International Small Company Fund | &nbsp;&nbsp;**C** |  |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>**Name of Trustee**  | &nbsp;&nbsp;<br>**Funds**  | &nbsp;&nbsp;**Dollar Range of Equity Securities in the Fund** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity Securities in All Funds Overseen or to be Overseen by Trustee in Family of Investment Companies** |
| &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;Amy Perez Jackson | &nbsp;&nbsp;Small Company Fund | &nbsp;&nbsp;**C** | &nbsp;&nbsp;**D** |
| &nbsp;&nbsp;Amy Perez Jackson | &nbsp;&nbsp;International All Company Fund | &nbsp;&nbsp;**A** |  |
| &nbsp;&nbsp;Amy Perez Jackson | &nbsp;&nbsp;International Small Company Fund | &nbsp;&nbsp;**C** |  |
| &nbsp;&nbsp;Robert L. Young, III | &nbsp;&nbsp;Small Company Fund | &nbsp;&nbsp;**E** | &nbsp;&nbsp;**E** |
| &nbsp;&nbsp;Robert L. Young, III | &nbsp;&nbsp;International All Company Fund | &nbsp;&nbsp;**B** |  |
| &nbsp;&nbsp;Robert L. Young, III | &nbsp;&nbsp;International Small Company Fund | &nbsp;&nbsp;**D** |  |

---

 ****

**Ownership of Securities of Advisor, Distributor, or Related Entities.** As of December 31, 2024, none of the Independent Trustees and/or their immediate family members own securities of the Advisor, Distributor, or any entity controlling, controlled by, or under common control with the Advisor or Distributor.

**Compensation.** 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 Trust. Prior to January 1, 2024, each Trustee who is not an "interested person" of the Trust received a $79,000 annual retainer and a $1,500 per meeting fee. Effective as of January 1, 2024, each Independent Trustee of the Trust receives a $87,400 annual retainer and board meeting fees of $27,600 annually. All Trustees and officers are reimbursed for any out-of-pocket expenses incurred in connection with attendance at meetings. The following compensation table for the Trustees is based on figures for the fiscal year ended March 31, 2025. Each of the Trustees currently serves as a Trustee to the three series portfolios of the Trust.

**Compensation Table**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Person, Position** | &nbsp;&nbsp;**Aggregate Compensation from each Fund** | &nbsp;&nbsp;**Pension or Retirement Benefits Accrued As Part of Fund Expenses** | &nbsp;&nbsp;**Estimated Annual Benefits Upon Retirement** | &nbsp;&nbsp;**Total Compensation from the Funds**<br> **and Trust** <br> **Paid to Trustees** |
| &nbsp;&nbsp;James H. Speed, Jr., Independent Trustee | &nbsp;&nbsp;$38333 |  |  | &nbsp;&nbsp;$115000 |
| &nbsp;&nbsp;Louis G. Hutt, Jr. Independent Trustee | &nbsp;&nbsp;$38333 |  |  | &nbsp;&nbsp;$115000 |
| &nbsp;&nbsp;Claude Z. Demby, Independent Trustee | &nbsp;&nbsp;$38333 |  |  | &nbsp;&nbsp;$115000 |
| &nbsp;&nbsp;Amy Perez Jackson, Interested Trustee |  |  |  |  |
| &nbsp;&nbsp;Robert L. Young, III, Interested Trustee |  |  |  |  |

---

**Codes of Ethics.** The Trust, the Advisor and the Distributor each have adopted a code of ethics, as required by applicable law, which is designed to prevent affiliated persons of the Trust, Advisor and Distributor engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Funds of the Trust (which may also be held by persons subject to a code). The codes permit personnel subject to the codes to invest in securities, including securities that may be purchased or held by the Funds. There can be no assurance that the codes will be effective in preventing such activities.

**Anti-Money Laundering Program.** The Trust has adopted an anti-money laundering program, as required by applicable law, that is designed to prevent the Funds from being used for money laundering or the financing of terrorist activities. The Trust's Chief Compliance Officer is responsible for implementing and monitoring the operations and internal controls of the program. Compliance officers at certain of the Funds' service providers are also responsible for monitoring the program. The anti-money laundering program is subject to the continuing oversight of the Trustees.

**Proxy Voting Policies.** To the extent that the Funds invest in voting securities, the Trust has adopted a proxy voting and disclosure policy that delegates to the Advisor the authority to vote proxies for the Funds, subject to oversight of the Trustees. A copy of the Trust's Proxy Voting and Disclosure Policy and the Advisor's Proxy Voting Policy are included as Appendix A to the SAI.

No later than August 31 of each year, the Funds must file Form N-PX with the SEC. Form N-PX states how an investment company voted proxies for the prior twelve-month period ended June 30. The Funds' proxy voting records, as set forth in the most recent Form N-PX filing, are available upon request, without charge, by calling the Funds at 1-800-773-3863; on or through the Funds' website at <u>www.browncapital.com</u>; and on the SEC's website at <u>https://www.sec.gov</u>.

**Principal Holders of Voting Securities.** As of June 30, 2025, the Trustees and officers of the Trust as a group owned beneficially (i.e., directly or indirectly had voting and/or investment power) less than 1% of the Investor Shares of the Small Company Fund, less than 1% of the Investor Shares of the International All Company Fund, and less than 1% of the Investor Shares of the International Small Company Fund. On the same date, the Trustees and officers of the Trust as a group owned beneficially (i.e., directly or indirectly had voting and/or investment power) less than 1% of the Institutional Shares of the Small Company Fund, less than 1% of the Institutional Shares of the International All Company Fund, and less than 1% of the Institutional Shares of the International Small Company Fund.

Additionally, as of June 30, 2025, the following shareholders owned of record more than 5% of the outstanding Investor Shares and Institutional Shares of the Funds. Except as provided below, no person is known by the Trust to be the beneficial owner of more than 5% of the outstanding Investor Shares or Institutional Shares of the Funds as of June 30, 2025.

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| | | |
|:---|:---|:---|
|  | **SMALL COMPANY FUND**<br> **Investor Class Shares** |  |
| Name and Address of<br> <u>Beneficial Owner</u> | Amount and Nature of<br> <u>Beneficial Ownership</u> | <u>Percent</u> |
| Charles Schwab & Co. Inc.<br> Attn: Mutual Funds Dept<br> SF215FMT-05<br> 211 Main St<br> San Francisco, CA 94105<br>| 1986957 | 28.90%<sup>1</sup> |
| Consolidated Ret Sys FBO State of Tennessee 401k<br> C/O Fascore LLC<br> 8515 E Orchard Rd 2T2<br> Greenwood Village, CO 80111 | 1741630 | 25.33%<sup>1</sup> |

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| | | |
|:---|:---|:---|
|  | **SMALL COMPANY FUND**<br> **Institutional Class Shares** |  |
| Name and Address of<br> <u>Beneficial Owner</u> | Amount and Nature of<br> <u>Beneficial Ownership</u> | <u><br> Percent</u> |
| Charles Schwab & Co., Inc.<br> Attn: Mutual Funds Dept.<br> SF215FMT-05<br> 211 Main St<br> San Francisco, CA 94105<br>| 1011268 | 9.85% |
| Edward Jones & Co<br> 12555 Manchester Rd<br> St. Louis, MO 63131-3710  | 2648494 | 25.80%<sup>1</sup> |

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| | | |
|:---|:---|:---|
|  | **INTERNATIONAL ALL COMPANY FUND**<br> **Investor Class Shares**<br>|  |
| Name and Address of<br> <u>Beneficial Owner</u> | Amount and Nature of<br> <u>Beneficial Ownership</u> | <u><br> Percent</u>  |
| Charles Schwab & Co., Inc.<br> Attn: Mutual Funds Dept.<br> SF215FMT-05<br> 211 Main St<br> San Francisco, CA 94105<br>| 45052 | 42.92%<sup>1</sup> |
| Vanguard Brokerage Services<br> PO Box 1170<br> Valley Forge, PA 19482-1170<br>| 5368 | 5.11% |
| National Financial Services, LLC<br> 494 Washington Blvd.<br> Jersey City, NJ 07310 | 6113 | 5.82% |

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| | | |
|:---|:---|:---|
|  | **INTERNATIONAL ALL COMPANY FUND**<br> **Institutional Class Shares** | <br>|
| Name and Address of<br> <u>Beneficial Owner</u> | Amount and Nature of<br> <u>Beneficial Ownership</u> | <u>Percent</u> |
| Charles Schwab & Co., Inc.<br> Attn: Mutual Funds Dept.<br> SF215FMT-05<br> 211 Main St<br> San Francisco, CA 94105<br>| 531450 | 12.71% |
| Saxon & CO<br> PO Box 94597<br> Cleveland, OH 44101<br>| 458082 | 10.95% |
| Raymond James & Associates<br> 880 Carillon Parkway<br> St. Petersburg, FL 33716<br>| 360402 | 8.62% |
| Brown Capital Management LLC<br> ATTN: Damon Hall<br> 1201 N. Calver T St.<br> Baltimore, MD 21202-3908 | 1980362 | 47.35%<sup>1</sup> |

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| | | |
|:---|:---|:---|
|  | **INTERNATIONAL SMALL COMPANY FUND**<br> **Investor Class Shares**<br>|  |
| Name and Address of<br> <u>Beneficial Owner</u> | Amount and Nature of<br> <u>Beneficial Ownership</u> | <br> <u>Percent</u> |
| Charles Schwab & Co., Inc.<br> Attn: Mutual Funds Dept.<br> SF215FMT-05<br> 211 Main St<br> San Francisco, CA 94105 | 2113615 | 30.07%<sup>1</sup> |

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| | | |
|:---|:---|:---|
|  | **INTERNATIONAL SMALL COMPANY FUND**<br> **Investor Class Shares**<br>|  |
| Name and Address of<br> <u>Beneficial Owner</u> | Amount and Nature of<br> <u>Beneficial Ownership</u> | <br> <u>Percent</u> |
| Reliance Trust Co<br> PO Box 78446<br> Atlanta, GA 30357 | 405111 | 5.76% |
| Nationwide Life Insurance Company/NACO<br> C/O IPO Portfolio Accounting | 846436 | 12.07% |
| Nationwide Life Insurance Company/DCVA<br> C/O IPO Portfolio Accounting | 1102203 | 15.68% |

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---

| | | |
|:---|:---|:---|
|  | **INTERNATIONAL SMALL COMPANY FUND**<br> **Institutional Class Shares** |  |
| <br> Name and Address of<br> <u>Beneficial Owner</u>  | &nbsp;&nbsp; <br> Amount and Nature of<br> <u>Beneficial Ownership</u> | <br> <u>Percent</u> |
| Charles Schwab & Co., Inc.<br> Attn: Mutual Funds Dept.<br> SF215FMT-05<br> 211 Main St<br> San Francisco, CA 94105<br>| &nbsp;&nbsp;8385867 | 10.70% |
| Capinco C/O US Bank NA<br> 1555 N. River Center Dr.<br> Suite 302<br> Milwaukee WI 53212-3958<br>| &nbsp;&nbsp;5151361 | 6.57% |
| ATTN Mutual Funds<br> C/O ID 866<br> SEI Privat Trust Company<br> One Freedom Valley Dr.<br> Oaks, PA 19456-9989 | &nbsp;&nbsp;3930630 | 5.01% |

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| | |
|:---|:---|
| *<sup>1.</sup>* | *Deemed a "control person" of the Fund as defined by applicable SEC regulations. Such control may affect the voting rights of other shareholders. For example, persons exercising control will have more ability to influence the outcome of matters submitted to shareholders to be voted upon.* |

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**Investment Advisor and Other Service Providers**

**Investment Advisor.** 

Brown Capital Management, LLC, Baltimore, Maryland, is a wholly-owned subsidiary of Brown Capital Management, Inc. The Advisor was originally organized in 1983 and converted to a Maryland limited liability company in 2011. In 2016, the principals of the Advisor put in place an employee stock option plan ("ESOP") pursuant to which the interest of the Advisor were transferred from the principal owners of the Advisor to the ESOP.

Additional information about the Advisor's duties and compensation is contained in the Prospectuses. The Advisor supervises the Funds' investments pursuant to an investment advisory agreement (the "Advisory Agreement"). The Advisory Agreement is currently effective for a two-year period and will be renewed annually thereafter only so long as such renewal and continuance is specifically approved at least annually by the Trustees or by vote of a majority of the respective Fund's outstanding voting securities, provided the continuance is also approved by a majority of the Trustees who are not parties to the Advisory Agreement or interested persons of any such party. The Advisory Agreement is terminable without penalty on 60-days' notice by a Fund (by the Trustees or by vote of a majority of the outstanding voting securities of the Fund) or by the Advisor. The Advisory Agreement provides that it will terminate automatically in the event of its assignment.

The Advisor manages each Fund's investments in accordance with the stated policies of the particular Fund, subject to the approval of the Trustees. The Advisor is responsible for investment decisions, and provides the Funds with portfolio managers who are authorized by the Trustees to execute purchases and sales of securities. The portfolio management teams for the Funds are listed in the Prospectus along with descriptions of their work experience.

Under the Advisory Agreement, the Advisor is not liable for any error of judgment or mistake of law or for any loss suffered by the Funds in connection with the performance of such agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Advisor in the performance of its duties or from its reckless disregard of its duties and obligations under the Advisory Agreement.

The Advisor retains the right to use the name "Brown Capital Management" and "Brown Capital" in connection with another investment company or business enterprise with which the Advisor is or may become associated.

Compensation of the Advisor with regards to the Small Company Fund, based upon the Fund's average daily net assets, is at the annual rate of 1.00%, subject to an annual expense limitation equal to 1.25% of the average daily net assets of the Fund. For the fiscal years ended March 31, 2023, 2024 and 2025 the Advisor received its entire fee in the amounts of $38,731,471, $32,413,371 and $14,885,238 respectively. The current expense limitation is effective through July 31, 2026.

Compensation of the Advisor with regards to the International All Company Fund, based upon the Fund's average daily net assets, is at the annual rate of 0.90% of the first $100 million of net assets and 0.75% of all net assets over $100 million, subject to an annual expense limitation equal to 1.00% of the average daily net assets of the Fund. For the fiscal year ended March 31, 2023, the Advisor received $150,197 of its fee after waiving $368,923 of its fee and reimbursing $0 of the Fund's operating expenses for that fiscal year. For the fiscal year ended March 31, 2024, the Advisor received $175,031 of its fee after waiving $436,788 of its fee and reimbursing $0 of the Fund's operating expenses for that fiscal year. For the fiscal year ended March 31, 2025, the Advisor received $156,902 of its fee after waiving $510,495 of its fee and reimbursing $0 of the Fund's operating expenses for that fiscal year. The current expense limitation is effective through July 31, 2026.

Compensation of the Advisor with regards to the International Small Company Fund, based upon the Fund's average daily net assets, is at the annual rate of 1.00%, subject to an annual expense limitation equal to 1.15% of the average daily net assets of the Fund. For the fiscal years ended March 31, 2023, 2024 and 2025 the Advisor received its entire fee in the amounts of $22,942,108, $22,531,030 and $21,810,946 respectively. The current expense limitation is effective through July 31, 2026.

**Compensation of Portfolio Managers.** The Advisor's compensation program is structured to provide incentives for the retention of its investment talent, the development of the firm's future leadership and the facilitation of equity transfer. The compensation package for portfolio managers is structured as a combination of base salary and bonus. Bonuses are typically based on the Advisor's overall profitability, client outcomes, individual achievement and contribution to the firm. In considering individual achievement, the Advisor may, on a subjective basis, take into consideration the performance of the Fund to which the team is assigned relative to such Fund's benchmark and peer group. Generally, such assessment would primarily consider the 3-5 year performance of such Fund – this factor is not mandatory criteria to be taken into consideration in determining whether a particular team/portfolio manager is eligible for a bonus. Future firm leaders also earn "member interest" in the Advisor enabling them to participate in the firm's overall profitability and growth. Lastly, team members continue to participate in the Advisor's employer directed and contributory Profit Sharing Plan which usually contributes the maximum allowed by the IRS. The Profit Sharing Plan assets are invested along-side client portfolios in the Advisor's investment services. The Advisor feels that this mixture of factors that are taken into account in determining overall compensation encourages a long-term horizon for managing client assets.

**Ownership of Fund Shares by Portfolio Managers and Interested Trustees.** The table below shows the amount of Fund equity securities beneficially owned by each portfolio manager as of the end of the Fund's fiscal year ended March 31, 2025 stated as one of the following ranges: A = None; B = $1-$10,000; C = $10,001-$50,000; D = $50,001-$100,000; E = $100,001-$500,000; F = $500,001-$1,000,000 and; G = over $1,000,000.

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Name of Portfolio Manager** | <br> **Name of Portfolio Manager** | **Fund** | **Fund** | **Dollar Range of Equity** <br> **Securities in the Fund**  |
| Kayode O. Aje, CFA  | International All Company Fund<br> International Small Company Fund | International All Company Fund<br> International Small Company Fund | **C**<br> **C** | **C**<br> **C** |
| Daman C. Blakeney | Small Company Fund | Small Company Fund | **E** | **E** |
| Damien L. Davis, CFA | Small Company Fund | Small Company Fund | **E** | **E** |
| Duncan J. Evered | International All Company Fund<br> International Small Company Fund | International All Company Fund<br> International Small Company Fund | **E**<br> **G** | **E**<br> **G** |
| Maurice L. Haywood, CFA | International All Company Fund <br> International Small Company Fund  | International All Company Fund <br> International Small Company Fund  | **E**<br> **G**  | **E**<br> **G**  |
| Kempton M. Ingersol | Small Company Fund | Small Company Fund | **G** | **G** |
| Keith A. Lee | Small Company Fund | Small Company Fund | **G** | **G** |
| Kwame C. Webb, CFA | International All Company Fund<br> International Small Company Fund | International All Company Fund<br> International Small Company Fund | **E**<br> **D** | **E**<br> **D** |
| Fujun Wu, CFA | Small Company Fund | Small Company Fund | **A** | **A** |
| Chaitanya Yaramada, CFA | Small Company Fund | Small Company Fund | **D** | **D** |
| Edward J. Zane | International All Company Fund<br> International Small Company Fund | International All Company Fund<br> International Small Company Fund | **B**<br> **E** | **B**<br> **E** |
| Niuzhuo (Zoey) Zuo | International All Company Fund<br> International Small Company Fund | International All Company Fund<br> International Small Company Fund | **D**<br> **D** | **D**<br> **D** |

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| | | |
|:---|:---|:---|
| <br> **Name of Interested Trustee** | **Fund** | **Dollar Range of Equity** <br> **Securities in the Fund**  |
| Amy Perez Jackson | International All Company Fund<br> International Small Company Fund<br> Small Company Fund | **A**<br> **C**<br> **C** |
| Robert L. Young, III | International All Company Fund<br> International Small Company Fund<br> Small Company Fund | **B**<br> **D**<br> **E** |

---

**Other Accounts Managed by Portfolio Managers.** In addition to the Funds, the portfolio managers are responsible for the day-to-day management of certain other accounts. The following table shows the number of, and total assets in, such other accounts as of the end of each Fund's fiscal year ended March 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio** <br> **Management Team** | **Registered Investment<br> <u>ompanies</u>** | **Registered Investment<br> <u>ompanies</u>** | **Other Pooled Investment<br> <u>ehicles</u>** | **Other Pooled Investment<br> <u>ehicles</u>** | **<u>Other Accounts</u>** | **<u>Other Accounts</u>** |
| &nbsp;&nbsp;**Portfolio** <br> **Management Team** | **Number of Accounts** | **Total Assets\*\*** | **Number of Accounts** | **Total Assets** | **Number of Accounts** | **Total Assets\*** **\*** |
| &nbsp;&nbsp; <u>Small Company Team</u>\*<br> Keith A. Lee<br> Kempton M. Ingersol<br> Damien L. Davis, CFA<br> Daman C. Blakeney<br> Chaitanya Yaramada, CFA<br> Fujun Wu, CFA | 1 | $92 | 0 | 0 | 27 | $2085 |
| &nbsp;&nbsp;Accounts where advisory fee is based upon account performance | 0 | 0 | 0 | 0 | 2 | $115 |
| &nbsp;&nbsp; <u>International All Company Team</u>\*<br> Maurice L. Haywood, CFA<br> Duncan J. Evered<br> Niuzhuo (Zoey) Zuo<br> Kayode O. Aje, CFA<br> Kwame C. Webb, CFA<br> Edward J. Zane | 0 | 0 | 0 | 0 | 8 | $1123 |
| &nbsp;&nbsp;Accounts where advisory fee is based upon account performance | 0 | 0 | 0 | 0 | 1 | $606 |
| &nbsp;&nbsp; <u>International Small Company Team</u>\*<br> Maurice L. Haywood, CFA<br> Duncan J. Evered<br> Niuzhuo (Zoey) Zuo<br> Kayode O. Aje, CFA<br> Kwame C. Webb, CFA<br> Edward J. Zane | 0 | 0 | 0 | 0 | 12 | $834 |
| &nbsp;&nbsp;Accounts where advisory fee is based upon account performance | 0 | 0 | 0 | 0 | 0 | 0 |

---

*\* The information listed regarding these portfolio management teams applies jointly to all the portfolio managers on the team.*

*\*\* In millions of dollars.*

**Portfolio Managers' Conflicts of Interests.** The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Funds' investments, on the one hand, and the investments of the other accounts, on the other. The other accounts include, for example, foundations, endowments, corporate pensions, and sub-advisory accounts ("Other Accounts"). The Other Accounts might have similar investment objectives as the Funds, be compared to the same index the Funds use for performance comparison or otherwise hold, purchase, or sell securities that are eligible to be held, purchased, or sold by the Funds. While the portfolio managers' management of Other Accounts may give rise to potential conflicts of interest, the Advisor does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, the Advisor believes that it has designed policies and procedures that are designed to manage those conflicts in an appropriate way.

**Knowledge of the Timing and Size of Fund Trades:** A potential conflict of interest may arise as a result of the portfolio managers' day-to-day management of the Funds. The portfolio managers know the size and timing of trades for the Funds and the Other Accounts, and may be able to predict the market impact of Fund trades. It is theoretically possible that the portfolio managers could use this information to the advantage of Other Accounts they manage and to the possible detriment of the Funds, or vice versa. The Advisor has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

**Investment Opportunities:** The Advisor provides investment supervisory services for a number of investment products that have varying investment guidelines. The same portfolio management team works across all investment products. For some of these investment strategies, the Advisor may be compensated based on the performance of the account. These incentive compensation structures may create a conflict of interest for the Advisor with regard to other client accounts where the Advisor is paid based on a percentage of assets in that the Advisor may have an incentive to allocate the investment ideas opportunities that it believes might be the most profitable to the client accounts where they might share in investment gains. The Advisor has implemented policies and procedures in an attempt to ensure that investment opportunities are allocated in a manner that is fair and appropriate to the various investment strategies based on the firm's investment strategy guidelines and individual client investment guidelines. When an investment opportunity is deemed appropriate for more than one strategy, allocations are generally made on a pro-rata basis.

**Transfer Agent and Administrator.** Commonwealth Funds Services, Inc. ("CFS"), whose principal business address is 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, acts as the Funds' administrator, transfer agent and dividend disbursing agent pursuant to a Transfer Agency and Services Agreement and an Administrative Agreement. The Agreement has an initial term of three years and automatically renews for successive one-year terms. As Administrator, CFS performs corporate secretarial, treasury, and blue-sky services and acts as fund accounting agent for each Fund. Prior to April 4, 2022, SS&C ALPS Fund Services, Inc. (hereinafter "AFS"), whose principal business address is 1290 Broadway, Suite 1000, Denver, Colorado 80203, acted as the Funds' administrator, transfer agent and dividend disbursing agent. For the fiscal year ended March 31, 2023, CFS received $137,400 from the Small Company Fund, $137,400 from the International All Company Fund, and $137,400 from the International Small Company Fund. For the fiscal year ended March 31, 2024, CFS received $137,000 from the Small Company Fund, $137,000 from the International All Company Fund, and $137,000 from the International Small Company Fund. For the fiscal year ended March 31, 2025, CFS received $157,833 from the Small Company Fund, $157,833 from the International All Company Fund, and $157,833 from the International Small Company Fund.

For its services as transfer agent, the Trust paid CFS an annual base fee per portfolio plus open account fees and out-of-pocket expenses. For the fiscal year ended March 31, 2023, CFS received $1,520,375, $3,423 and $119,530, respectively from the Small Company Fund, International All Company Fund, and International Small Company Fund. For the fiscal year ended March 31, 2024, CFS received $1,840,156, $9,966 and $140,147, respectively from the Small Company Fund, International All Company Fund, and International Small Company Fund. For the fiscal year ended March 31, 2025, CFS received $906,676, $9,890 and $142,674, respectively from the Small Company Fund, International All Company Fund, and International Small Company Fund.

**Distributor.** ALPS Distributors, Inc. (the "Distributor") serves as the distributor to the Funds. Shares of the Funds are distributed pursuant to a Distribution Agreement, dated April 16, 2018, as amended (the "Distribution Agreement"), between the Trust and the Distributor, located at 1290 Broadway, Suite 1000, Denver, Colorado 80203. The Distribution Agreement grants the Distributor the right to solicit orders for the sale of shares and to undertake such advertising and promotion as the Distributor believes reasonable in connection with such solicitation. The Trust and the Distributor have agreed to indemnify each other against certain liabilities. The Trust pays no fee to the Distributor under the Distribution Agreement. The Distribution Agreement will remain in effect for two years and from year to year thereafter only if its continuance is approved annually by a majority of the Board of Trustees who are not parties to such agreement or "interested persons" of any such party and must be approved either by votes of a majority of the Trustees or a majority of the outstanding voting securities of the Funds. The Distribution Agreement may be terminated by either party on at least 60 days' written notice and will terminate automatically in the event of its assignment (as defined in the 1940 Act).

**Custodian.** U.S. Bank, N.A.("Custodian"), acquired the right to serves as the Funds' custodian as of March 15, 2021 from MUFG Union Bank, N.A. On or about July 31, 2021, the Funds' assets transitioned to Custodian. Custodian is located at 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212. The Custodian acts as the depository for each Fund, safekeeps its portfolio securities, collects all income and other payments with respect to portfolio securities, disburses monies at a Fund's request, and maintains records in connection with its duties as custodian. For its services, the Custodian is entitled to receive a monthly fee based on the average net assets of each Fund plus additional out-of-pocket and transaction expenses as incurred by each Fund. The Custodian's compensation is subject to a minimum annual amount per fund of $5,000 for the Small Company Fund and $10,000 for the International All Company Fund and International Small Company Fund. The Custodian also serves as foreign custody manager for the International All Company Fund and the International Small Company Fund. In this role the bank selects and monitors foreign sub-custodian banks, selects and evaluates non-compulsory foreign depositaries, and furnishes information relevant to the selection of compulsory depositaries.

 **Independent Registered Public Accounting Firm.** The Trustees have selected the firm Cohen & Company, Ltd. ("Cohen & Co") located at 1835 Market Street, Suite 310, Philadelphia, Pennsylvania 19103, to serve as the independent registered public accounting firm for the Funds. Cohen & Co will perform an annual audit of the Fund's financial statements. Cohen & Company Advisory, LLC, an affiliate of Cohen & Company, Ltd., will prepare the Funds' federal and state tax returns. A copy of the most recent annual report of each of the Funds will accompany this SAI whenever it is requested by a shareholder or prospective investor.

**Legal Counsel.** Practus, LLP, 11300 Tomahawk Creek Parkway, Ste. 310, Leawood, Kansas 66211, serves as legal counsel to the Trust and the Funds.

**Independent Legal Counsel.** The Law Offices of Morris N. Simkin, 535 Fifth Ave, Suite 2500, New York, New York 10017, serves as independent legal counsel to the Independent Trustees of the Trust.

**DISTRIBUTION PLAN**

The Funds have adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 of the 1940 Act with respect to the Investor Shares of the Funds. As required by Rule 12b-1, the Plan (together with the Distribution Agreement) have been approved by the Trustees and separately by a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plans and the Distribution Agreement. Potential benefits of the Plan to the Funds include improved shareholder services, savings to the Funds in transfer agency costs, savings to the Funds in advisory fees and other expenses, benefits to the investment process through growth and stability of assets, and maintenance of a financially healthy management organization. The continuation of the Plan must be considered by the Trustees annually.

Under the Plan, the International All Company Fund, International Small Company Fund, and Small Company Fund may expend up to 0.25%, 0.25% and 0.20%, respectively, of the Investor Shares of each of the Funds average daily net assets annually to finance any activity primarily intended to result in the sale of shares of the Funds and the servicing of shareholder accounts, provided the Trustees have approved the category of expenses for which payment is being made. Such expenditures, paid as service fees to any person who sells the Funds' shares, may not exceed 0.25%, 0.25% and 0.20%, respectively, of the Funds' average annual net asset value. Institutional Shares are sold without the imposition of a 12b-1 fee.

The Plan is a type of plan known as a "compensation" plan because payments are made for services rendered to the Fund with respect to Fund shares regardless of the level of expenditures made by each Fund's distributor. The Trustees will, however, take into account such expenditures for purposes of reviewing operations under the Plan and considering the annual renewal of the Plan. Subject to the supervision of the Trustees of the Trust, the Trust may, directly or indirectly, engage in any activities primarily intended to result in the sale of Shares of the Funds, which activities may include, but are not limited to, the following:

(a)&nbsp;&nbsp;&nbsp;&nbsp; payments to the Distributor and to securities dealers and others in respect of the sale of Shares of the Funds;

(b)&nbsp;&nbsp;&nbsp;&nbsp; payment of compensation to and expenses of personnel (including personnel of organizations with which the Trust has entered into agreements related to this Plan) who engage in or support distribution of Shares of the Funds or who render shareholder support services not otherwise provided by the Trust's transfer agent, administrator, or custodian, including but not limited to, answering inquiries regarding the Trust, processing shareholder transactions, providing personal services and/or the maintenance of shareholder accounts, providing other shareholder liaison services, responding to shareholder inquiries, providing information on shareholder investments in the Shares of the Funds, and providing such other shareholder services as the Trust may reasonably request;

(c)&nbsp;&nbsp;&nbsp;&nbsp; formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine and other mass media advertising.

(d)&nbsp;&nbsp;&nbsp;&nbsp; preparation, printing and distribution of sales literature;

(e)&nbsp;&nbsp;&nbsp;&nbsp; preparation, printing and distribution of prospectuses and statements of additional information and reports of the Trust for recipients other than existing shareholders of the Trust;

(f)&nbsp;&nbsp;&nbsp;&nbsp; holding seminars and sales meetings designed to promote the distribution of Shares;

(g)&nbsp;&nbsp;&nbsp;&nbsp; obtaining information and providing explanations to wholesale and retail distributors of contracts regarding Fund investment objectives and policies and other information about the Funds, including the performance of the Funds;

(h)&nbsp;&nbsp;&nbsp;&nbsp; training sales personnel regarding the Shares; and

(i)&nbsp;&nbsp;&nbsp;&nbsp; obtaining such information, analyses and reports with respect to marketing and promotional activities as the Trust may, from time to time, deem advisable.

The Trust is authorized to engage in the activities listed above, and in any other activities primarily intended to result in the sale of Shares of the Fund, either directly or through other persons with which the Trust has entered into agreements related to this Plan.

For the fiscal year ended March 31, 2025, the following Rule 12b-1 payments were made under the Plan:

---

| | | | |
|:---|:---|:---|:---|
| | Small Company<br> Fund | International All<br> Company Fund | International<br> Small Company<br> Fund |
| Advertising | $0 | $0 | $0 |
| Printing and Mailing of Prospectuses to other than current shareholders | $0 | $0 | $0 |
| Compensation to Underwriters | $0 | $0 | $0 |
| Compensation to Broker-Dealers | $977253 | $4588 | $351636 |
| Other | $0 | $0 | $0 |
| Total | $977253 | $4588 | $351636 |

---

**SPECIAL SHAREHOLDER SERVICES**

Each Fund offers the following shareholder services:

**Regular Account.** The regular account allows for voluntary investments to be made at any time. Available to individuals, custodians, corporations, trusts, estates, corporate retirement plans and others, investors are free to make additions and withdrawals to or from their account. When an investor makes an initial investment in the Fund, a shareholder account is opened in accordance with the investor's registration instructions. Each time there is a transaction in a shareholder account, such as an additional investment or the reinvestment of a dividend or distribution, the shareholder will receive a confirmation statement showing the current transaction and all prior transactions in the shareholder account during the calendar year-to-date, along with a summary of the status of the account as of the transaction date. As stated in the Prospectuses, share certificates normally are generally not issued.

**Automatic Investment Plan.** The automatic investment plan enables shareholders to make regular monthly or quarterly investment in shares through automatic charges to their checking account. With shareholder authorization and bank approval, the Funds will automatically charge the checking account for the amount specified ($100 minimum) which will be automatically invested in shares at the public offering price on or about the 21st day of the month. The shareholder may change the amount of the investment or discontinue the plan at any time by writing to the Funds.

**Systematic Withdrawal Plan.** Shareholders owning shares with a value of $10,000 or more may establish a systematic withdrawal plan. A shareholder may receive monthly or quarterly payments, in amounts of not less than $100 per payment, by authorizing the Funds to redeem the necessary number of shares periodically (each month, or quarterly in the months of March, June, September and December) in order to make the payments requested. Each Fund has the capacity of electronically depositing the proceeds of the systematic withdrawal directly to the shareholder's personal bank account ($5,000 minimum per bank wire). Instructions for establishing this service are included in the Fund Shares Application, enclosed in the Prospectuses, or available by calling the Funds. If the shareholder prefers to receive his systematic withdrawal proceeds in cash, or if such proceeds are less than the $5,000 minimum for a bank wire, checks will be made payable to the designated recipient and mailed within 7 days of the valuation date. If the designated recipient is other than the registered shareholder, the signature of each shareholder must be guaranteed on the application (see "Redeeming Your Shares – Signature Guarantees" in the Prospectuses). A corporation (or partnership) must also submit a "Corporate Resolution" (or "Certification of Partnership") indicating the names, titles and required number of signatures authorized to act on its behalf. The application must be signed by (a) duly authorized officer(s) and the corporate seal affixed. No redemption fees are charged to shareholders under this plan. Costs in conjunction with the administration of the plan are borne by the Funds. Shareholders should be aware that such systematic withdrawals may deplete or use up entirely their initial investment and may result in realized long-term or short-term capital gains or losses. The systematic withdrawal plan may be terminated at any time by the Funds upon sixty days written notice or by a shareholder upon written notice to the Funds. Applications and further details may be obtained by calling the Funds at 1-877-892-4BCM (1-877-892-4226)**,** or by writing to:

**Brown Capital Management Mutual Funds**

[Name of fund and share class]

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

**Purchases in Kind.** Each Fund may accept securities in lieu of cash in payment for the purchase of shares in that fund. The acceptance of such securities is at the sole discretion of the Advisor based upon the suitability of the securities accepted for inclusion as a long term investment of the Fund, the marketability of such securities, and other factors which the Advisor may deem appropriate. If accepted, the securities will be valued using the same criteria and methods as described in "Investing In The Funds – Purchase And Redemption Price" in the Prospectuses.

**Redemptions in Kind.** The Funds do not intend, under normal circumstances, to redeem their securities by payment in kind. It is possible, however, that conditions may arise in the future, which would make it undesirable for the Funds to pay for all redemptions in cash. In such case, the Funds may make payment in readily marketable portfolio securities of the particular fund. Securities delivered in payment of redemptions would be valued at the same value assigned to them in computing the Funds' net asset value per share. Shareholders receiving them bear the market risks associated with the securities until they have been converted into cash and would incur brokerage costs when these securities are sold. An irrevocable election has been filed under Rule 18f-1 of the 1940 Act, wherein each of the Funds committed itself to pay redemptions in cash, rather than in kind, to any shareholder of record of that particular fund who redeems during any ninety-day period, the lesser of (a) $250,000 or (b) one percent (1%) of that fund's net asset value at the beginning of such period.

**Transfer of Registration.** To transfer shares to another owner, send a written request to the applicable Fund at the address shown herein. Your request should include the following: (i) the Fund name and existing account registration; (ii) signature(s) of the registered owner(s) exactly as the signature(s) appear(s) on the account registration; (iii) the new account registration, address, social security or taxpayer identification number and how dividends and capital gains are to be distributed; (iv) signature guarantees (See the Prospectuses under the heading "Investing In The Funds – Signature Guarantees"); and (v) any additional documents which are required for transfer by corporations, administrators, executors, trustees, guardians, etc. If you have any questions about transferring shares, call or write the Funds.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust maintains written policies and procedures regarding the disclosure of its portfolio holdings to ensure that disclosure of information about portfolio securities is in the best interests of the Funds' shareholders and to avoid possible conflicts of interest. The Board reviews these policies and procedures as necessary and compliance will be periodically assessed by the Board in connection with a report from the Trust's Chief Compliance Officer. In addition, the Board has reviewed and approved the list of entities described below that may receive portfolio holdings information prior to and more frequently than the public disclosure of such information (i.e., "non- standard disclosure"). The Board has also delegated authority to the officers of the Trust and Advisor to provide such information in certain circumstances as is described more fully below.

The Trust is required by the SEC to file its complete portfolio holdings schedule with the SEC on a quarterly basis. This schedule is filed with the Trust's Form N-CSR for the second and fourth fiscal quarters and as part of Form N-PORT for the first and third fiscal quarters. Certain portfolio information is also included on Form N-PORT that is filed for the second and fourth fiscal quarters. The portfolio holdings information provided in these reports is as of the end of the respective quarter. Form N-CSR must be filed with the SEC no later than ten (10) calendar days after the Trust transmits its annual or semi-annual report to its shareholders. Form N-PORT must be filed with the SEC and will be made publicly available no later than sixty (60) calendar days after the end of the applicable quarter. These portfolio holdings schedules filed on Form N-CSR and form N-PORT are posted to the Funds' website no later than sixty (60) days following the fiscal quarters. You may also obtain a copy of these quarterly portfolio holdings reports by calling the Funds at 1-877-892-4BCM (1-877-892-4226). These reports are also available on the EDGAR Database on the Commission's internet site at https://www.sec.gov.

The officers of the Trust or the Advisor may, from time to time, provide additional portfolio holdings information, including lists of the ten largest holdings and the Funds' complete portfolio holdings as of the end of each quarter. The Funds will generally make this information available to the public at <u>www.browncapital.com</u> within three business days of the end of each calendar quarter and such information will remain available until new information for the next calendar quarter is posted. The Funds may also send this information to shareholders of the Funds and to mutual fund analysts and rating and trading entities; provided that the Funds will not send this information to shareholders of the Funds or analysts and rating and trading entities until one day after such information has been publicly disclosed on the Funds' website or as described below.

The Trust's service providers which have contracted to provide services to the Trust and the Funds, including, for example, the custodian and the Administrator, and which require portfolio holdings information in order to perform those services, may receive non-standard disclosure. Non-standard disclosure of portfolio holdings information may also be provided to a third-party when the Trust has a legitimate business purpose for doing so. The Trust or Advisor has the following ongoing arrangements with certain third parties to provide the Funds' portfolio holdings information:

1.&nbsp;&nbsp;&nbsp;&nbsp; to the Trust's auditors within sixty (60) days after the applicable fiscal period or other periods as necessary for use in providing audit opinions and other advice related to financial, regulatory, or tax reporting;

2.&nbsp;&nbsp;&nbsp;&nbsp; to financial printers (which may include Quality Edgar Services, V.G. Reed & Sons, PrintGrafix-a division of Sunbelt Graphic Systems, Inc., PrinterLink Communications Group, Inc., and Riverside Printing, Inc.) within sixty (60) days after the applicable fiscal period for the purpose of preparing Trust regulatory filings and mailings to Fund shareholders; and

3.&nbsp;&nbsp;&nbsp;&nbsp; to the Administrator, Transfer Agent, Distributor, custodian, and legal counsel as identified in the Funds' Prospectus and SAI, on a daily basis or as needed in connection with their providing services and oversight to the Trust.

The Trust's service providers may also disclose non-public portfolio holdings information if such disclosure is required by applicable laws, rules, or regulations, or by regulatory authorities.

Additionally, the Advisor may establish ongoing arrangements with certain third parties to provide the Funds' portfolio holdings information for which the Advisor determines that the Funds have a legitimate business purpose for doing so and the recipient is subject to a duty of confidentiality. These third parties may include:

1.&nbsp;&nbsp;&nbsp;&nbsp; financial data processing companies that provide automated data scanning and monitoring services for the Funds;

2.&nbsp;&nbsp;&nbsp;&nbsp; research companies that allow the Advisor to perform attribution analysis for the Funds; and

3.&nbsp;&nbsp;&nbsp;&nbsp; the Advisor's proxy voting agent to assess and vote proxies on behalf of the Funds.

From time to time, employees of the Advisor may express their views orally or in writing on the Funds' portfolio securities or may state that the Funds haves recently purchased or sold, or continues to own, one or more securities. The securities subject to these views and statements may be ones that were purchased or sold since a Funds' most recent quarter-end and therefore may not be reflected on the list of the Funds' most recent quarter-end portfolio holdings. These views and statements may be made to various persons, including members of the press, brokers and other financial intermediaries that sell shares of the Funds, shareholders in the Funds, persons considering investing in the Funds or representatives of such shareholders or potential shareholders, such as fiduciaries of a 401(k) plan or a trust and their advisers, and other entities for which the Advisor determines that the Funds have a legitimate business purpose for doing so. The nature and content of the views and statements provided to each of these persons may differ. From time to time, employees of the Advisor also may provide oral or written information ("portfolio commentary") about the Funds, including, but not limited to, how the Funds' investments are divided among various sectors, industries, countries, investment styles, and capitalization sizes, and among stocks, bonds, currencies and cash, security types, bond maturities, bond coupons, and bond credit quality ratings. This portfolio commentary may also include information on how these various weightings and factors contributed to Fund performance. The Advisor may also provide oral or written information ("statistical information") about various financial characteristics of the Funds or their underlying portfolio securities including, but not limited to, alpha, beta, R-squared, coefficient of determination, duration, maturity, information ratio, Sharpe ratio, earnings growth, payout ratio, price/book value, projected earnings growth, return on equity, standard deviation, tracking error, weighted average quality, market capitalization, percent debt to equity, price to cash flow, potential dividends, dividend yield or growth, default rate, portfolio turnover, and risk and style characteristics. This portfolio commentary and statistical information about the Funds may be based on the Funds' portfolios as of the most recent quarter-end. The portfolio commentary and statistical information may be provided to various persons, including those described in the preceding paragraph. The nature and content of the information provided to each of these persons may differ.

Additionally, employees of the Advisor may disclose one or more of the portfolio securities of the Funds when purchasing and selling securities through broker-dealers, requesting bids on securities, obtaining price quotations on securities, or in connection with litigation involving the Funds' portfolio securities. The Advisor does not always enter into formal non-disclosure or confidentiality agreements in connection with these situations; however, the Funds would not continue to conduct business with a person who the Advisor believed was misusing the disclosed information.

The Advisor may manage products sponsored by companies other than itself, including investment companies, offshore funds, and separate accounts. In many cases, these other products are managed in a similar fashion to the Funds and thus have similar portfolio holdings. The sponsors of these other products may disclose the portfolio holdings of their products at different times than the Advisor discloses portfolio holdings for the Funds.

The Trust and the Advisor currently have no other arrangements for the provision of non-standard disclosure to any party or shareholder. Other than the non-standard disclosure discussed above, if a third-party requests specific, current information regarding the Funds' portfolio holdings, the Trust will refer the third-party to the latest regulatory filing.

All of the arrangements above are subject to the policies and procedures adopted by the Board to ensure such disclosure is for a legitimate business purpose and is in the best interests of the Trust and its shareholders. There may be instances where the interests of the Trust's shareholders respecting the disclosure of information about portfolio holdings may conflict or appear to conflict with the interests of the Advisor, any principal underwriter for the Trust or an affiliated person of the Trust (including such affiliated person's investment adviser or principal underwriter). In such situations, the conflict must be disclosed to the Board.

Affiliated persons of the Trust who receive non-standard disclosure are subject to restrictions and limitations on the use and handling of such information, including requirements to maintain the confidentiality of such information, pre-clear securities trades, and report securities transactions activity, as applicable.

Neither the Trust nor the Advisor or any affiliate thereof receives compensation or other consideration in connection with the non-standard disclosure of information about portfolio securities other than benefits that may result to the Funds and their shareholders from providing such information.

Adopted this 22nd day of September, 2008.

Last Amended: March 19, 2025

**FINANCIAL STATEMENTS**

The audited financial statements of each of the Funds for the fiscal year ended March 31, 2025, including the financial highlights appearing in the Annual Reports to shareholders, are incorporated by reference and made a part of this document.

**APPENDIX A – PROXY VOTING POLICIES**

The following proxy voting policies are provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trust's Proxy Voting and Disclosure Policy and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Advisor's Proxy Voting Policy.

**Brown Capital Management Mutual Funds** 

**AMENDED AND RESTATED**

**PROXY VOTING POLICY AND PROCEDURES**

The Brown Capital Management Mutual Funds (the "Trust") is registered as an open-end management investment company under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust offers multiple series (each a "Fund" and, collectively, the "Funds"). Consistent with its fiduciary duties and pursuant to Rule 30b1-4 under the 1940 Act (the "Proxy Rule"), the Board of Trustees of the Trust (the "Board") has adopted this proxy voting policy on behalf of the Trust (the "Policy") to reflect its commitment to ensure that proxies are voted in a manner consistent with the best interests of the Funds' shareholders.

**<u>Delegation of Proxy Voting Authority to Fund Advisor</u>**

The Board believes that the investment advisor of each Fund, Brown Capital Management, LLC (the "Advisor"), as the entity that selects the individual securities that comprise its Fund's portfolio, is the most knowledgeable and best-suited to make decisions on how to vote proxies of portfolio companies held by that Fund. The Trust shall therefore defer to, and rely on, the Advisor of each Fund to make decisions on how to cast proxy votes on behalf of such Fund.

The Trust hereby designates the Advisor of each Fund as the entity responsible for exercising proxy voting authority with regard to securities held in the Fund's investment portfolio. Consistent with its duties under this Policy, the Advisor shall monitor and review corporate transactions of corporations in which the Fund has invested, obtain all information sufficient to allow an informed vote on all proxy solicitations, ensure that all proxy votes are cast in a timely fashion, and maintain all records required to be maintained by the Fund under the Proxy Rule and the 1940 Act. The Advisor shall perform these duties in accordance with the Advisor's proxy voting policy, a copy of which shall be presented to this Board for its review. The Advisor shall promptly provide to the Board updates to its proxy voting policy as they are adopted and implemented.

**<u>Conflict of Interest Transactions</u>**

In cases where a matter with respect to which a Fund is entitled to vote presents a conflict between the interest of the Fund's shareholders, on the one hand, and those of the Fund's Advisor, principal underwriter, or an affiliated person of the Fund, its Advisor or principal underwriter, on the other hand, the Fund shall always vote in the best interest of the Fund's shareholders. For purposes of this Policy, a vote shall be considered in the best interest of the Fund's shareholders (i) when a vote is cast consistent with a specific voting policy as set forth in the Fund's Advisor's Voting Policy, provided such specific voting policy was approved by the Board or (ii) when a vote is cast consistent with the decision of the Trust's Proxy Voting Committee (as defined below). In addition, provided the Fund's Advisor is not affiliated with the Fund's principal underwriter or an affiliated person of the principal underwriter and neither the Fund's principal underwriter nor an affiliated person of the principal underwriter has influenced the Advisor with respect to a matter to which the Fund is entitled to vote, a vote by the Advisor shall not be considered a conflict between the Fund's shareholders and the Fund's principal underwriter or affiliated person of the principal underwriter.

**Proxy Voting Committee.** The Proxy Voting Committee of the Trust shall be composed entirely of independent trustees of the Board and may be comprised of one or more such independent trustees as the Board may, from time to time, decide. The purpose of the Proxy Voting Committee shall be to determine how a Fund should cast its vote, if called upon by the Board or the Advisor, when a matter with respect to which the Fund is entitled to vote presents a conflict between the interest of the Fund's shareholders, on the one hand, and those of the Fund's Advisor, principal underwriter, or an affiliated person of the Fund, its Advisor or principal underwriter, on the other hand.

The Proxy Voting Committee shall have all the powers necessary to fulfill its purpose as set forth above and shall have such other powers and perform such other duties as the Board may, from time to time, grant and/or assign the Proxy Voting Committee. The Proxy Voting Committee shall meet at such times and places as the Proxy Voting Committee or the Board may, from time to time, determine. The act of a majority of the members of the Proxy Voting Committee in person, by telephone conference or by consent in writing without a meeting shall be the act of the Proxy Voting Committee. The Proxy Voting Committee shall have the authority to utilize Trust counsel at the expense of the Trust if necessary. The Proxy Voting Committee shall prepare minutes of each meeting if so determined and keep such minutes with the Trust's records. The Proxy Voting Committee shall review this Policy and recommend any changes to the Board as it deems necessary or advisable.

**<u>Availability of Proxy Voting Policy and Records Available to Fund Shareholders</u>**

If a Fund has a website, the Fund may post a copy of its Advisor's proxy voting policy and this Policy on such website. Effective July 1, 2024, a Fund shall make publicly available its most recently filed report on Form N-PX on or through its website as soon as reasonably practicable after filing the report with the U.S. Securities and Exchange Commission ("Commission"). The information disclosed on Form N-PX shall be in a readable format. In addition, a copy of such policies and of each Fund's proxy voting record shall also be made available, without charge, upon request of any shareholder of the Fund, by calling the applicable Fund's toll-free telephone number as printed in the Fund's prospectus. The Trust's administrator shall reply to any Fund shareholder request within three business days of receipt of the request, by first-class mail or other means designed to ensure equally prompt delivery.

The Advisor shall provide a complete voting record, as required by the Proxy Rule, for each series of the Trust for which it acts as advisor, to the Trust's administrator within 30 days following the end of each 12-month period ending June 30. The Trust's administrator will file a report based on such record on Form N-PX on an annual basis with the Commission no later than August 31<sup>st</sup> of each year.

Amended and Restated: March 19, 2025

**Brown Capital Management** 

**<u>PROXY VOTING POLICY</u>**

**<u>12/31/2020</u>**

<u>Policy</u>

Where contractually obligated, Brown Capital Management, LLC, (BCM) as a matter of policy and as a fiduciary to our clients, has responsibility for voting proxies for portfolio securities consistent with the best economic interests of the clients. Proxies are voted on a best efforts basis. Our firm maintains written policies and procedures for the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our firm's proxy policies and practices. Our policy and practice includes the responsibility to monitor corporate actions, receive and vote client proxies and disclose any potential conflicts of interest as well as making information available to clients about the voting of proxies for their portfolio securities and maintaining relevant and required records.

In order to facilitate this proxy voting process, BCM utilizes Glass Lewis & Co. a recognized leader in proxy voting and corporate governance areas to assist in the due diligence process related to making appropriate proxy voting decisions related to client accounts. The BCM operations team monitors corporate actions and investment staff through information received from Advent's corporate actions module or custodian banks. Clients with separately managed accounts may request a copy of this policy or how proxies relating to their securities were voted by contacting BCM directly. Investors in the Brown Capital Management Family of Funds (individually "Fund" or collectively "Funds") may request a copy of this policy or the Fund's proxy voting record upon request, without charge, by calling Alps Fund Services at 1-800-773-3863, by reviewing the Fund's website, if applicable, or by reviewing filings available on the SEC's website at <u>www.sec.gov</u>.

**Glass Lewis & Co.**

Glass Lewis & Co. is a leading research and professional services firm assisting institutions globally that have investment, financial or reputational exposure to public companies. The firm provides research and analysis that specializes in providing a variety of fiduciary level proxy related services to institutional investment managers, plan sponsors, custodians, consultants, and other institutional investors. BCM subscribes to the Glass Lewis Standard Voting Policy. The services provided to BCM include, in-depth research, analysis, and voting recommendations. Members of BCM's investment staff individually determine how each proxy ballot is voted. Glass Lewis's research, analysis, and voting recommendations are utilized as a guideline only. When specifically directed by a client with a separately managed account, BCM will vote as requested.

<u>Background</u>

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) to disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) to describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

<u>Responsibility</u>

The Chief Compliance Officer (CCO), in consultation with MRSA and the Proxy Committee have the responsibility for creating, and amending our proxy voting policy. The CCO is responsible for implementing, monitoring, and keeping record of the proxy procedures.

<u>Procedure</u>

BCM has adopted procedures to implement the firm's policy and reviews to monitor and ensure the firm's policy is observed, implemented properly and amended or updated, as appropriate, which are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Voting Procedures

The BCM administrative staff coordinates the physical voting process and recordkeeping of votes at both the broader company and individual account levels through the Glass Lewis & Co.'s View Point system.

The Manager Reporting & Systems Administrator (MRSA) or designee follows the following process in voting proxies on a daily basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Sends holdings to Glass Lewis for all accounts in the proxy group,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Obtains and prints pending proxy ballots from Glass Lewis website,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Performs a reconciliation of Glass Lewis ballots against BCM accounting records to ensure a ballot exists
for each eligible client,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Contacts Glass Lewis to research missing ballots and/or the custodian bank,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Ungroups any terminated clients from ballot to insure accurate voting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Distributes pending ballots to designated Portfolio Managers (PMs) for voting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Votes ballots on-line according to designated PMs instructions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Generates voted ballot report along with all backup materials, reviews and scans to the System,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Maintains a current list of active accounts for proxy voting based on email notification from portfolio
administrators of new and terminated clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Notifies Glass Lewis and the custodian bank of all client changes and new clients to ensure accuracy
of client lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Completes the Missing Ballot Form for proxies that are not voted for clients, submits
for approval to CCO or designee, and maintains in a missing ballot folder. Submits copy to the CCO or designee.

Portfolio Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. PMs vote the proxy, sign the ballot and make any notes that would reflect votes
against management/Glass Lewis and returns to CCO or designee Proxy review form for specific clients should be checked and signed by Portfolio
Manager.

Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Glass Lewis provides quarterly detailed voted ballots. These reports are sent to
clients as requested or upon contractual agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Manager Reporting & Systems Administrator (MRSA) or designee shall distribute
appropriate proxy voting reports to portfolio administrators upon request.

<u>Monitoring</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Manager Reporting & Systems Administrator (MRSA) or designee reviews all
ballots to ensure proper voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The CCO or designee reviews a representative sample of ballots on a periodic basis
to confirm proper voting and documentation of any votes against management recommendations.

<u>Policies Prohibiting Voting of Proxies</u>

BCM attempts to vote all proxies for clients where voting authority has been granted BCM by the client. However, in some circumstances BCM may not vote some proxies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Shares in a stock loan program,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Proxies for securities held in an unsupervised portion of a client's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Proxies that are subject to blocking restrictions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Proxies that require BCM to travel overseas in order to vote,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Proxies that are written in a language other than English.

Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. BCM provides information in its disclosure document summarizing this proxy voting
policy and procedures, including a statement that clients may request information regarding how BCM voted clients' proxies, and
that clients may request a copy of these policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. When BCM is contractually obligated to vote proxies for a new client, the MRSA ensures
that each new client receives the current proxy policy.

Client Requests for Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All client requests for information regarding proxy votes, or policies and procedures,
received by any employee should be forwarded to the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The CCO or designee retains client proxy reports on BCM's computer system.
Requested documents are sent via e-mail to the appropriate portfolio administrator, who forwards to the client.

Voting Guidelines

While BCM's policy is to review each proxy proposal on its individual merits, BCM has adopted guidelines for certain types of matters to assist the investment staff in the review and voting of proxies. These guidelines are:

Corporate Governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Election of Directors and Similar Matters</u> 

In an uncontested election, BCM will generally vote in favor of management's proposed directors. In a contested election, BCM will evaluate proposed directors on a case-by-case basis. With respect to proposals regarding the structure of a company's board of directors, BCM will review any contested proposal on its merits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Audit Committee Approvals</u> 

BCM generally supports proposals that help ensure that a company's auditors are independent and capable of delivering a fair and accurate opinion of a company's finances. BCM will generally vote to ratify management's recommendation and selection of auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Shareholder Rights</u> 

BCM may consider all proposals that will have a material effect on shareholder rights on a case- by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Anti-Takeover Measures, Corporate Restructuring's and Similar Matters</u> 

BCM may review any proposal to adopt an anti-takeover measure, to undergo a corporate restructuring (e.g., change of entity form or state of incorporation, mergers or acquisitions) or to take similar action by reviewing the potential short and long-term effects of the proposal on the company. These effects may include, without limitation, the economic and financial impact the proposal may have on the company, and the market impact that the proposal may have on the company stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Capital Structure Proposals</u> 

BCM will seek to evaluate capital structure proposals on their own merits on a case-by-case basis.

Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>General</u> 

BCM generally supports proposals that encourage the disclosure of a company's compensation policies. In addition, BCM generally supports proposals that fairly compensate executives, particularly those proposals that link executive compensation to performance. BCM may consider any contested proposal related to a company's compensation policies on a case-by- case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Stock Option Plans</u> 

BCM evaluates proposed stock option plans and issuances on a case-by-case basis. In reviewing proposals regarding stock option plans and issuances, BCM may consider, without limitation, the potential dilutive effect on shareholders' shares, the potential short and long-term economic effects on the company and shareholders and the actual terms of the proposed options.

Corporate Responsibility and Social Issues

The investment staff's review is intended to determine if a material conflict of interest exists that should be considered in the vote decision. The investment staff examines business, personal and familial relationships with the subject company and/or interested parties. If a conflict of interest is believed to exist, the investment staff will direct that the proxy issue BCM may vote against corporate responsibility and social issue proposals that BCM believes will have substantial adverse economic or other effects on a company, and BCM may vote for corporate responsibility and social issue proposals that BCM believes will have substantial positive economic or other effects on a company. BCM reserves the right to amend and revise this policy without notice at any time.

Conflicts of Interest

The investment staff's review is intended to determine if a material conflict of interest exists that should be considered in the vote decision. The investment staff examines business, personal and familial relationships with the subject company and/or interested parties. If a conflict of interest is believed to exist, the investment staff will direct that the proxy issue must be voted in accordance with Glass Lewis recommendations. In the event Glass Lewis is unable to make a recommendation on a proxy vote regarding an investment held by a Fund, the investment staff will defer the decision to the fund's proxy voting committee, which is made up of independent trustees. Decisions made by the fund's proxy voting committee will be used to vote proxies for the fund. For securities not held by a fund, or Glass Lewis is unable to make a recommendation then BCM will either disclose the conflict to the client and obtain its consent before voting or suggest that the client engage another party to determine how the proxies should be voted.

Another conflict of interest could occur should BCM consider either Ontario Teachers' Pension Plan or Alberta Investment Management Corp. as a client as both entities have an ownership interest in Glass Lewis. If you become aware of this situation, contact the CCO immediately.

Recordkeeping

The CCO or designee retains the following proxy records in accordance with the SEC's five-year retention requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Proxy voting policies and procedures,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Proxy statements received for client securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Records of votes cast on behalf of clients,

Records of client requests for proxy voting information and written responses by BCM are maintained in the client's correspondence folder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Documents prepared by BCM that were material to making a proxy voting decision or memorialize the basis
for the decisions.

All such records are maintained as required by applicable laws and regulations.

**APPENDIX B – GOVERNANCE AND NOMINATING COMMITTEE CHARTER**

**Brown Capital Management Mutual Funds**

**Governance AND NOMINATION Committee Charter**

**Composition**

The Governance and Nomination Committee (the "GN Committee") shall be composed entirely of Trustees who are not "interested persons" of the Trust as such term is defined under the Investment Company Act of 1940, as amended ("Independent Trustees") of the Board of Trustees and may be comprised of one or more such Independent Trustees. The GN Committee shall designate one member as chairperson or delegate authority to designate a chairperson to the GN Committee. Members of the GN Committee shall be appointed by the Board of Trustees upon the recommendation of a majority of the Independent Trustees.

**Purpose**

The purposes of the GN Committee shall be to:

(i) Assist the Board of Trustees in adopting fund governance practices and meeting certain "fund governance
standards."

(ii) Represent and assist the Board of Trustees in discharging its responsibility to oversee the composition
of the Board;

(iii) Assess whether it is in the best interest of the Funds' shareholders to increase or decrease the
number of trustees;

(iv) Determine and assess the qualification of potential candidates, when it is determined that additional
trustees are warranted, and when there is a vacancy of one or more trustees;

(v) Evaluate potential candidates and recommend to the Board of Trustees or shareholders a nominee to fill
any such additional or vacant trustee positions *(See Appendix A for procedures with respect to nominees to the Board)*;

(vi) Review "best practices" in corporate governance and rule changes and developments regarding
fund governance;

(vii) Insure that any changes in trustee composition complies with any and all laws governing qualifications
and number of independent trustees and the proportionality thereof to the board as a whole, through the assistance of legal counsel; and

(viii) Review board compensation annually vis-à-vis best practices in the fund community.

**Powers and Duties** 

To carry out its purpose, the GN Committee shall have the following duties and powers:

(i) Reviewing workload, size, and composition of the Board of Trustees and recommending changes, as necessary;

(ii) Monitoring regulatory developments and recommending modifications to the GN Committee's responsibilities;

(iii) Considering and recommending the creation of additional committees or changes to Trustee policies and
procedures based on rule changes and industry best practices in fund governance;

(iv) Meet on at least an annual basis to review current needs, undertake board self-assessments and other activities
as required;

(v) Establish policies and procedures, as needed, for the engagement of outside search firms, if required
to provide potential trustee candidates;

(vi) Evaluate compensation of each Trustee taking into consideration the duties, responsibilities and risks
associated with serving as a Trustee;

(vii) Review and discuss with management succession plans and strategies for the board composition;

(viii) Monitor issues of "best practices" regarding fund governance;

(ix) To report its activities to the full Board of Trustees on a regular basis and to make such recommendations
with respect to the above and other matters as the GN Committee may deem necessary or appropriate; and

(x) All the powers necessary for the Trust to comply with applicable securities laws and regulations and such
other powers and duties as the Board of Trustees may, from time to time, grant or assign to the GN Committee.

**Outside Advisors** 

The GN Committee shall have the authority to retain such outside counsel, experts and other advisors as it determines appropriate to assist it in the performance of its functions and shall receive appropriate funding, as determined by the GN Committee, from the Funds for payment of compensation to any such advisors.

**Responsibilities and Methods of Operation**

The GN Committee shall meet at such times and places as the GN Committee or Board of Trustees may, from time to time, determine. The GN Committee shall normally meet on at least an annual basis or as often as necessary to carry out its purpose (in each case, as practicable, prior to the meeting of the full Board of Trustees), and is empowered to hold special meetings as circumstances require. The majority of the members of the GN Committee shall constitute a quorum for the conduct of business. The vote of a majority of the members of the GN Committee in person, by telephone conference or by consent in writing without a meeting shall be the act of the GN Committee.

The GN Committee shall have the resources and authority appropriate to discharge its responsibilities, including authority to utilize Trust outside legal counsel and to retain experts at the expense of the Trust.

The GN Committee shall prepare minutes of each meeting and keep such minutes with the Trust's records.

The GN Committee shall review this Charter as needed and recommend any changes to the full Board of Trustees.

 **Adoption**

This Charter was adopted on March 30, 2009. This Charter was amended on December 19, 2013.

**<u>Appendix A</u>**

PROCEDURES WITH RESPECT TO NOMINEES TO THE BOARD

<u>Identification of Candidates</u>. When a vacancy on the Board of Trustees exists or is anticipated, or it is determined that an additional Trustee be added to the Board, and such vacancy or addition is to be filled by an Independent Trustee, the GN Committee shall identify candidates by obtaining referrals from such sources as it may deem appropriate, which may include current Trustees, management of the Trust, counsel and other advisors to the Trustees, and shareholders of the Trust who submit recommendations in accordance with these procedures. In no event shall the GN Committee consider as a candidate to fill any such vacancy an individual recommended by any investment adviser of any series portfolio of the Trust, unless the GN has invited management to make such a recommendation.

<u>Shareholder Candidates</u>. The GN Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder if such recommendation contains: (i) sufficient background information concerning the candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position; and (ii) is received in a sufficiently timely manner as determined by the GN Committee in its discretion. Shareholders shall be directed to address any such recommendations in writing to the attention of the GN Committee, c/o the Secretary of the Trust. The Secretary shall retain copies of any shareholder recommendations which meet the foregoing requirements for a period of not more than 12 months following receipt. The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations.

<u>Evaluation of Candidates</u>. In evaluating a candidate for a position on the Board of Trustees, including any candidate recommended by shareholders of the Trust, the GN Committee shall consider the following: (i) the candidate's knowledge in matters relating to the mutual fund industry; (ii) any experience possessed by the candidate as a director or senior officer of public companies; (iii) the candidate's educational background; (iv) the candidate's reputation for high ethical standards and professional integrity; (v) any specific financial, technical or other expertise possessed by the candidate, and the extent to which such expertise would complement the Board's existing mix of skills, core competencies and qualifications; (vi) the candidate's perceived ability to contribute to the ongoing functions of the Board, including the candidate's ability and commitment to attend meetings regularly and work collaboratively with other members of the Board; (vii) the candidate's ability to qualify as an Independent Trustee and any other actual or potential conflicts of interest involving the candidate and the Trust; and (viii) such other factors as the GN Committee determines to be relevant in light of the existing composition of the Board and any anticipated vacancies. Prior to making a final recommendation to the Board, the GN Committee shall conduct personal interviews with those candidates it concludes are the most qualified candidates.

**PART C**

FORM N-1A

OTHER INFORMATION

ITEM 28. Exhibits

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| | |
|:---|:---|
| (a)(1) | [Certificate of Trust is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 63 on Form N-1A filed on July 30, 2012](https://www.sec.gov/Archives/edgar/data/869351/000120928611000894/e1127_exa1.htm). |

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| | |
|:---|:---|
| (a)(2) | [Agreement and Declaration of Trust is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 61 on Form N-1A filed on December 1, 2011](https://www.sec.gov/Archives/edgar/data/869351/000120928611000894/e1127_exa2.htm). |

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(b) [By-laws is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 61 on Form N-1A filed on December 1, 2011.](https://www.sec.gov/Archives/edgar/data/869351/000120928611000894/e1127_exb.htm)

(c) Agreement
 and certificates for shares are not issued. Provisions of the Declaration of Trust define
 the rights of holders of shares of the Registrant.

(d) [Amended Investment Advisory Agreement between Brown Capital Management Mutual Funds and Brown Capital Management, LLC, as Advisor to The Brown Capital Management Small Company Fund, The Brown Capital Management International All Company Fund, and The Brown Capital Management International Small Company Fund. (Filed herewith)](ex99-d.htm)

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| | |
|:---|:---|
| (e)(1) | [Distribution Agreement with ALPS Distributors, Inc. and the Trust is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 89 on Form N-1A filed on July 30, 2018*.***](https://www.sec.gov/Archives/edgar/data/869351/000120928618000430/e2396_exe1.htm) |

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(e)(2) [Amendment No. 1 to the Distribution Agreement with ALPS Distributors, Inc. (Filed herewith)](ex99-e2.htm)

(f) Not
 Applicable.

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| | |
|:---|:---|
| (g)(1) | [Custodian Agreement between Brown Capital Management Mutual Funds and MUFG Union Bank, N.A. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 63 on Form N-1A filed on July 30, 2012.](https://www.sec.gov/Archives/edgar/data/869351/000120928612000358/e1182_exg1.htm) |

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| | |
|:---|:---|
| (g)(2) | [Amended Schedule I to the Custody Agreement relating to The Brown Capital Management International Small Company Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 78 on Form N-1A filed on July 29, 2015.](https://www.sec.gov/Archives/edgar/data/869351/000120928615000433/e1696_exg2.htm) |

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| | |
|:---|:---|
| (g)(3) | [Amendment of Fee Schedule to the Custodian Agreement is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 89 on Form N-1A filed on July 30, 2018.](https://www.sec.gov/Archives/edgar/data/869351/000120928618000430/e2396_exg3.htm) |

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| | |
|:---|:---|
| (h)(1) | [Amended Expense Limitation Agreement between Brown Capital Management Mutual Funds and Brown Capital Management, LLC with respect to The Brown Capital Management Small Company Fund, The Brown Capital Management International All Company Fund, and The Brown Capital Management International Small Company Fund. (Filed herewith)](ex99-h1.htm) |

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| | |
|:---|:---|
| (h)(2) | [Accounting, Administration and Transfer Agency Agreement between the Trust and Commonwealth Fund Services, Inc. dated April 1, 2022 is herein incoporated by reference from the Registrant's Post-Effective Amendment No. 96 on Form N-1A filed on May 31, 2022](https://www.sec.gov/Archives/edgar/data/869351/000138713122006622/ex99-h2.htm). |

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| | |
|:---|:---|
| (h)(3) | [Amended Accounting, Administration and Transfer Agency Service Agreement between the Trust and Commonwealth Fund Services, Inc. dated May 1, 2022 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 96 on Form N-1A filed on May 31, 2022](https://www.sec.gov/Archives/edgar/data/869351/000138713122006622/ex99-h2.htm). |

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| | |
|:---|:---|
| (i)(1) | [Opinion of Counsel, regarding the legality of the securities being registered with respect to The Brown Capital Management International Equity Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 35 on Form N-1A filed on February 24, 1999.](https://www.sec.gov/Archives/edgar/data/869351/0000869351-99-000001.txt) |

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| | |
|:---|:---|
| (i)(2) | [Opinion of Counsel, regarding the legality of the securities being registered with respect to The Brown Capital Management Mid - Company Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 46 on Form N-1A filed on July 29, 2003.](https://www.sec.gov/Archives/edgar/data/869351/000086935103000004/opinionpp.txt) |

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| | |
|:---|:---|
| (i)(3) | [Opinion of Counsel, regarding the legality of the securities being registered with respect to The Brown Capital Management Small Company Fund is herein incorporated by reference from the Registrant's Form 24f-2 filed on May 29, 1977.](https://www.sec.gov/Archives/edgar/data/869351/0000869351-97-000007.txt) |

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| | |
|:---|:---|
| (i)(4) | [Opinion of Counsel, regarding the legality of the securities being registered with respect to The Brown Capital Management International Small Company Fund is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 78 on Form N-1A filed on July 29, 2015.](https://www.sec.gov/Archives/edgar/data/869351/000120928615000433/e1696_exi4.htm) |

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| | |
|:---|:---|
| (i)(5) | [Opinion and Consent of The Law Offices of John H. Lively & Associates, Inc., Counsel is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 61 on Form N-1A filed on December 1, 2011.](https://www.sec.gov/Archives/edgar/data/869351/000120928611000894/e1127_exi.htm) |

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(i)(6) [Consent of Practus, LLP, Counsel. (Filed herewith)](ex99-i6.htm)

(j) [Consent of Cohen & Company, Ltd., Independent Public Accountants. (Filed herewith)](ex99-j.htm)

(k) Not
 applicable.

(l) Initial
 Capital Agreement is herein incorporated by reference from the Registrant's Post-Effective
 Amendment on Form N-1A filed on October 29, 1990.

(m) [Amended Plan of Distribution Pursuant to Rule 12b-1 is herein incorporated by reference form the Registrant's Post-Effective Amendment No. 98 on Form N-1A on July 28, 2023](https://www.sec.gov/Archives/edgar/data/869351/000138713123009038/ex99-m.htm) .

(n) [Multiple Class Plan Pursuant to Rule 18f-3 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 74 on Form N-1A filed on May 22, 2015.](https://www.sec.gov/Archives/edgar/data/869351/000120928615000292/e1637_exm.htm)

(o) Reserved.

(p)(1) [Amended and Restated Code of Ethics of the Registrant (Filed herewith)](ex99-p1.htm)

(p)(2) [Amended and Restated Code of Ethics for Brown Capital Management, LLC (Filed herewith)](ex99-p2.htm)

---

| | |
|:---|:---|
| (q)(1) | [Power of Attorney for Amy Perez Jackson is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 98 on Form N-1A filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/869351/000138713123009038/ex99-q1.htm) |

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| | |
|:---|:---|
| (q)(2) | [Power of Attorney for James H. Speed, Jr. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 98 on Form N-1A filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/869351/000138713123009038/ex99-q2.htm) |

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---

| | |
|:---|:---|
| (q)(3) | [Power of Attorney for Louis G. Hutt, Jr. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 98 on Form N-1A filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/869351/000138713123009038/ex99-q3.htm) |

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| | |
|:---|:---|
| (q)(4) | [Power of Attorney for Claude Z. Demby is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 98 on Form N-1A filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/869351/000138713123009038/ex99-q4.htm) |

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| | |
|:---|:---|
| (q)(5) | [Power of Attorney for Robert L. Young III. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 98 on Form N-1A filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/869351/000138713123009038/ex99-q5.htm) |

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ITEM 29. Persons Controlled by or Under Common Control with the Registrant

No person is controlled by or under common control with Brown Capital Management Mutual Funds ("Registrant").

ITEM 30. Indemnification

Reference is made to the Registrant's Declaration of Trust. The application of these provisions is limited by the following undertaking set forth in the rules promulgated by the Securities and Exchange Commission.

A person who is or was a Trustee, officer, employee or agent of the Registrant, or is or was serving at the request of the Trustees as a director, trustee, partner, officer, employee or agent of a corporation, trust, partnership, joint venture or other enterprise shall be indemnified by the Trust to the fullest extent permitted by the Delaware Statutory Trust Act, as such may be amended from time to time, the Registrant's Bylaws and other applicable law. In case any shareholder or former shareholder of the Registrant shall be held to be personally liable solely by reason of his being or having been a shareholder of the Registrant or any series or class of the Registrant and not because of his acts or omissions or for some other reason, the shareholder or former shareholder (or his heirs, executors, administrators or other legal representatives, or, in the case of a corporation or other entity, its corporate or general successor) shall be entitled, out of the assets belonging to the applicable series (or allocable to the applicable class), to be held harmless from and indemnified against all loss and expense arising from such liability in accordance with the Registrant's Bylaws and applicable law.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "1933 Act") may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defenses of any action, suite or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of counsel the matter has been settled by controlling precedent, submit to court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

ITEM 31. Business and other Connections of the Investment Advisor

See the Prospectus section entitled "Management of the Funds – The Investment Advisor" and the Statements of Additional Information section entitled "Management and Other Service Providers" for the activities and affiliations of the officers and directors of the investment advisor. Except as so provided, to the knowledge of Registrant, none of the directors or executive officers of the advisor is or has been at any time during the past two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature. The Registrant's advisor currently serves as advisor to numerous institutional and individual clients.

ITEM 32. Principal Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ALPS
 Distributors, Inc. acts as the distributor for the Registrant and the following investment
 companies:

1290 Funds

1WS Credit Income Fund

Aberdeen Income Credit Strategies Fund

abrdn ETFs

abrdn Funds

abrdn Global Premier Properties Fund

Accordant ODCE Index Fund

Alpha Alternative Assets Fund

ALPS Series Trust

Alternative Credit Income Fund

Apollo Diversified Credit Fund

Apollo Diversified Real Estate Fund

AQR Funds

Axonic Alternative Income Fund

Axonic Funds

BBH Trust

Bluerock High Income Institutional Credit Fund

Bluerock Total Income+ Real Estate Fund

Bridge Builder Trust

Cambria ETF Trust

CION Ares Diversified Credit Fund

CION Grosvenor Infrastructure Fund

Columbia ETF Trust

Columbia ETF Trust I

Columbia ETF Trust II

Columbia Seligman Premium Technology Growth Fund, Inc.

CRM Mutual Fund Trust

DBX ETF Trust

Eagle Point Defensive Income Trust

Eagle Point Enhanced Income Trust

EA Series Trust (Cambria Series)

ETF Series Solutions (Vident Series)

Financial Investors Trust

Firsthand Funds

FS Credit Income Fund

FS Credit Opportunities Corp.

FS MVP Private Markets Fund

Gemcorp Commodities Alternative Products Fund

Goehring & Rozencwajg Investment Funds

Goldman Sachs ETF Trust

Goldman Sachs ETF Trust II

Graniteshares ETF Trust

Hartford Funds Exchange-Traded Trust

Heartland Group, Inc.

Investment Managers Series Trust II (AXS-Advised Funds)

Investment Managers Series Trust II (Alternative Access-Advised Fund)

Janus Detroit Street Trust

Lattice Strategies Trust

Litman Gregory Funds Trust

Longleaf Partners Funds Trust

Manager Directed Portfolios (Spyglass Growth Fund)

Meridian Fund, Inc.

Natixis ETF Trust

Natixis ETF Trust II

New York Life Investments Active ETF Trust

New York Life Investments ETF Trust

Opportunistic Credit Interval Fund

PRIMECAP Odyssey Funds

Principal Exchange-Traded Funds

RiverNorth Funds

RiverNorth Opportunities Fund, Inc.

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.

RiverNorth Opportunistic Municipal Income Fund, Inc.

RiverNorth Managed Duration Municipal Income Fund, Inc.

RiverNorth Flexible Municipal Income Fund, Inc.

RiverNorth Capital and Income Fund, Inc.

RiverNorth Flexible Municipal Income Fund II, Inc.

RiverNorth Managed Duration Municipal Income Fund II, Inc.

SPDR Dow Jones Industrial Average ETF Trust

SPDR S&P 500 ETF Trust

SPDR S&P MidCap 400 ETF Trust

Sphinx Opportunity Fund II

Sprott Funds Trust

The Arbitrage Funds

The Pop Venture Fund

Themes ETF Trust

Tidal Trust II (Cambria Series)

Thornburg ETF Trust

Thrivent ETF Trust

Trust for Professional Managers (PT Asset Management Series)

USCF ETF Trust

Valkyrie ETF Trust II

Wasatch Funds

Wilmington Funds

X-Square Balanced Fund

X-Square Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the best of Registrant's knowledge, the directors and executive officers of ALPS Distributors, Inc., are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name\*** | &nbsp;&nbsp;**Position with Underwriter** | &nbsp;&nbsp;**Positions with Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen J. Kyllo | &nbsp;&nbsp;President, Chief Operating Officer, Director, Chief Compliance Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brian Schell \*\* | &nbsp;&nbsp;Vice President & Treasurer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eric Parsons | &nbsp;&nbsp;Vice President, Controller and Assistant Treasurer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jason White\*\*\* | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard C. Noyes | &nbsp;&nbsp;Senior Vice President, General Counsel, Assistant Secretary | &nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eric Theroff^ | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adam Girard^^ | &nbsp;&nbsp;Tax Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liza Price | &nbsp;&nbsp;Vice President, Managing Counsel | &nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jed Stahl | &nbsp;&nbsp;Vice President, Managing Counsel | &nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terence Digan | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James Stegall | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;None |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilary Quinn | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;None |

---

\* Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1290 Broadway, Suite 1000, Denver, Colorado 80203.

\*\* The principal business address for Mr. Schell is 100 South Wacker Drive, 19th Floor, Chicago, IL 60606.

\*\*\* The principal business address for Mr. White is 4 Times Square, New York, NY 10036.

^ The principal business address for Mr. Theroff is 1055 Broadway Boulevard, Kansas City, MO 64105

^^ The principal business address for Mr. Girard is 80 Lamberton Road, Windsor, CT 06095

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

ITEM 33. Location of Accounts and Records

Certain accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained as follows: (i) records relating to the duties of the Registrant's distributor, are maintained by ALPS, 1290 Broadway, Suite 1100, Denver, CO 80203; (ii) records relating to the duties of the Registrant's Administrator, Transfer Agent and Fund Accounting Agent are maintained by Commonwealth Fund Services, Inc., 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235 and (iii) records relating to the Registrant's custodian are maintained by U.S. Bank, N.A. at 1 California Street, San Francisco, CA 94111. Certain other books and records are maintained at the offices of the Registrant at 1201 N. Calvert Street, Baltimore, Maryland 21202.

ITEM 34. Management Services

None.

ITEM 35. Undertakings

None.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended ("Securities Act"), and the Investment Company Act of 1940, as amended ("Investment Company Act"), Registrant certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) of the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 100 to Registrant's Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Baltimore, and the State of Maryland on this 29<sup>th</sup> day of July, 2025.

BROWN CAPITAL MANAGEMENT MUTUAL FUNDS

---

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

---

Pursuant to the requirements of the Securities Act this Post-Effective Amendment No. 100 to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| /s/ Robert L. Young, III | July 29, 2025 | &nbsp;&nbsp;Trustee, President, and Principal Executive Officer |
| Robert L. Young, III | Date |  |
| \* | July 29, 2025 | &nbsp;&nbsp;Trustee and Vice President |
| Amy Perez Jackson | Date |  |
| \* | July 29, 2025 | &nbsp;&nbsp;Trustee, Chairman |
| James H. Speed, Jr. | Date |  |
| \* | July 29, 2025 | &nbsp;&nbsp;Trustee |
| Louis G. Hutt, Jr. | Date |  |
| \* | July 29, 2025 | &nbsp;&nbsp;Trustee |
| Claude Z. Demby | Date |  |
| /s/ Michael L. Forster | July 29, 2025 | &nbsp;&nbsp;Treasurer and Principal Financial Officer |
| Michael L. Forster | Date |  |

---

---

| | | | |
|:---|:---|:---|:---|
| \* By: | /s/ Robert L. Young, III | Dated: | July 29, 2025 |
|  | Robert L. Young, III |  |  |
|  | President and Attorney-in-Fact |  |  |

---

**EXHIBITS**

[(d)](ex99-d.htm) [Amended Investment Advisory Agreement between Brown Capital Management Mutual Funds and Brown Capital Management, LLC, as Advisor to The Brown Capital Management Small Company Fund, The Brown Capital Management International All Company Fund, and The Brown Capital Management International Small Company Fund.](ex99-d.htm)

[(e)(2)](ex99-e2.htm) [Amendment No. 1 to the Distribution Agreement with ALPS Distributors, Inc.](ex99-e2.htm)

---

| | |
|:---|:---|
| [(h)(1)](ex99-h1.htm) | [Amended Expense Limitation Agreement between Brown Capital Management Mutual Funds and Brown Capital Management, LLC with respect to The Brown Capital Management Small Company Fund, The Brown Capital Management International All Company Fund, and The Brown Capital Management International Small Company Fund.](ex99-h1.htm) |

---

[(i)(6)](ex99-i6.htm) [Consent of Practus, LLP, Counsel](ex99-i6.htm)

[(j)](ex99-j.htm) [Consent of Cohen & Company, Ltd., Independent Public Accountants](ex99-j.htm)

[(p)(1)](ex99-p1.htm) [Amended and Restated Code of Ethics of the Registrant](ex99-p1.htm)

[(p)(2)](ex99-p2.htm) [Amended and Restated Code of Ethics for Brown Capital Management, LLC](ex99-p2.htm)

## Ex-99.(D)

[Brown Capital Management Mutual Funds 485BPOS](bcm-485bpos_072925.htm)

**Exhibit 99(d)**

**AMENDED INVESTMENT ADVISORY AGREEMENT**

THIS AMENDED INVESTMENT ADVISORY AGREEMENT (the "Agreement"), which was made as of this 31<sup>st</sup> day of July, 2022, and is hereby amended as of the 19<sup>th</sup> day of March, 2025, by and between Brown Capital Management Mutual Funds (the "Trust"), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and Brown Capital Management, LLC (the "Advisor"), a Maryland limited liability company with its principal place of business in Baltimore, Maryland.

WITNESSETH

WHEREAS, the Board of Trustees (the "Board") of the Trust has selected the Advisor to act as investment adviser to the series portfolios of the Trust set forth on <u>Schedule A</u> to this Agreement (each, a "Fund"), as such schedule may be amended from time to time upon mutual agreement of the parties, and to provide certain related services, as more fully set forth below, and to perform such services under the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual covenants and benefits set forth herein, the Trust and the Advisor do hereby agree as follows:

1. <u>The AdvisOr's Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Discretionary Investment Management Services</u>. The Advisor shall act as investment adviser with
 respect to each Fund. In such capacity, the Advisor shall, subject to the supervision
 of the Board, regularly provide each Fund with investment research, advice and supervision
 and shall furnish continuously an investment program for each Fund, consistent with the
 respective investment objectives and policies of each Fund. The Advisor shall determine,
 from time to time, what securities shall be purchased for each Fund, what securities
 shall be held or sold by each Fund and what portion of each Fund's assets shall
 be held uninvested in cash, subject always to the provisions of the Trust's Agreement
 and Declaration of Trust ("Declaration of Trust"), as amended and supplemented
 (the "Declaration of Trust"), Bylaws and its registration statement on Form
 N-1A (the "Registration Statement") under the 1940 Act, and under the Securities
 Act of 1933, as amended (the "1933 Act"), as filed with the Securities and
 Exchange Commission (the "Commission"), and with the investment objectives,
 policies and restrictions of each Fund, as each of the same shall be from time to time
 in effect. To carry out such obligations, and to the extent not prohibited by any of
 the foregoing, the Advisor shall exercise full discretion and act for each Fund in the
 same manner and with the same force and effect as each Fund itself might or could do
 with respect to purchases, sales or other transactions, as well as with respect to all
 other such things necessary or incidental to the furtherance or conduct of such purchases,
 sales or other transactions. No reference in this Agreement to the Advisor having full
 discretionary authority over each Fund's investments shall in any way limit the
 right of the Board, in its sole discretion, to establish or revise policies in connection
 with the management of a Fund's assets or to otherwise exercise its right to control
 the overall management of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance</u>.
 The Advisor agrees to comply with the requirements of the 1940 Act, the Investment Advisers
 Act of 1940, as amended (the "Advisers Act"), the 1933 Act, the Securities
 Exchange Act of 1934, as amended (the "1934 Act"), and the respective rules
 and regulations thereunder, as applicable, as well as with all other applicable federal
 and state laws, rules and regulations that relate to the services and relationships described
 hereunder and to the conduct of its business as a registered investment adviser. The
 Advisor also agrees to comply with the objectives, policies and restrictions set forth
 in the Registration Statement, as amended or supplemented, of each Fund, and with any
 policies, guidelines, instructions and procedures approved by the Board and provided
 to the Advisor. In selecting each Fund's portfolio securities and performing the
 Advisor's obligations hereunder, the Advisor shall cause the Fund to comply with
 the diversification and source of income requirements of Subchapter M of the Internal
 Revenue Code of 1986, as amended (the "Code"), for qualification as a regulated
 investment company. The Advisor shall maintain compliance procedures that it reasonably
 believes are adequate to ensure its compliance with the foregoing. No supervisory activity
 undertaken by the Board shall limit the Advisor's full responsibility for any of
 the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Recordkeeping</u>.
 The Advisor agrees to preserve any Trust records that it creates or possesses that are
 required to be maintained under the 1940 Act and the rules thereunder ("Fund Books
 and Records") for the periods prescribed by Rule 31a-2 under the 1940 Act. In compliance
 with the requirements of Rule 31a-3 under the 1940 Act, the Advisor agrees that all such
 records are the property of the Trust and will surrender promptly to the Trust any of
 such records upon the Trust's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Holdings Information and Pricing</u>. The Advisor shall provide regular reports regarding Fund
 holdings, and shall, on its own initiative, furnish the Trust and its Board from time
 to time with whatever information the Advisor believes is appropriate for this purpose,
 and at the request of the Board, such information and reports requested by the Board.
 The Advisor agrees to notify the Trust as soon as practicable if the Advisor reasonably
 believes that the value of any security held by a Fund may not reflect fair value. The
 Advisor agrees to provide any pricing information of which the Advisor is aware to the
 Trust, its Board and/or any Fund pricing agent to assist in the determination of the
 fair value of any Fund holdings for which market quotations are not readily available
 or as otherwise required in accordance with the 1940 Act or the Trust's valuation
 procedures for the purpose of calculating the Fund net asset value in accordance with
 procedures and methods established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cooperation with Agents of the Trust</u>. The Advisor agrees to cooperate with and provide reasonable
 assistance to the Trust, any Trust custodian or foreign sub-custodians, any Trust pricing
 agents and all other agents and representatives of the Trust with respect to such information
 regarding each Fund as such entities may reasonably request from time to time in the
 performance of their obligations, provide prompt responses to reasonable requests made
 by such persons and establish appropriate interfaces with each so as to promote the efficient
 exchange of information and compliance with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Delegation of Authority</u>. Any of the duties, responsibilities and obligations of the Advisor
 specified in this Section 1 and throughout the remainder of this Agreement with respect
 to one or more Funds may be delegated by the Advisor, at the Advisor's expense,
 to an appropriate party (a "Sub-Advisor"), subject to such approval by the
 Board and shareholders of the applicable Funds to the extent required by the 1940 Act.
 The Advisor shall oversee the performance of delegated duties by any Sub-Advisor and
 shall furnish the Board with periodic reports concerning the performance of delegated
 responsibilities by such Sub-Advisor. The retention of a Sub-Advisor by the Advisor pursuant
 to this Paragraph 1(f) shall in no way reduce the responsibilities and obligations of
 the Advisor under this Agreement and the Advisor shall be responsible to the Trust for
 all acts or omissions of any Sub-Adviser party in connection with the performance of
 the Advisor's duties under this Agreement. Insofar as the provisions of this Agreement
 impose any restrictions, conditions, limitations or requirements on the Advisor, the
 Advisor shall take measures through its contract with, or its oversight of, the Sub-Advisor
 that attempt to impose similar (insofar as the circumstances may require) restrictions,
 conditions, limitations or requirements on the Sub-Advisor.

2. <u>Code of Ethics</u>.
 The Advisor has adopted a written code of ethics ("Advisor's Code of Ethics")
 that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940
 Act, which it has provided to the Trust. The Advisor shall ensure that its Access Persons
 (as defined in the Advisor's Code of Ethics) comply in all material respects with
 the Advisor's Code of Ethics, as in effect from time to time. Upon request, the
 Advisor shall provide the Trust with a (i) copy of the Advisor's Code of Ethics,
 as in effect from time to time, and any proposed amendments thereto that the Chief Compliance
 Officer ("CCO") of the Trust determines should be presented to the Board,
 and (ii) certification that it has adopted procedures reasonably necessary to prevent
 Access Persons from engaging in any conduct prohibited by the Advisor's Code of
 Ethics. Annually, the Advisor shall furnish a written report to the Board, which complies
 with the requirements of Rule 17j-1, concerning the Advisor's Code of Ethics. The
 Advisor shall respond to requests for information from the Trust as to violations of
 the Advisor's Code of Ethics by Access Persons and the sanctions imposed by the
 Advisor. The Advisor shall notify the Trust as soon as practicable after it becomes aware
 of any material violation of the Advisor's Code of Ethics, whether or not such
 violation relates to a security held by any Fund.

3. <u>Information and Reporting</u>.
 The Advisor shall provide the Trust and its respective officers with such periodic reports
 concerning the obligations the Advisor has assumed under this Agreement as the Trust
 may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notification of Breach / Compliance Reports</u>. The Advisor shall notify the Trust's CCO immediately
 upon detection of (i) any material failure to manage any Fund in accordance with its
 investment objectives and policies or any applicable law, or (ii) any material breach
 of any of each Fund's or the Advisor's policies, guidelines or procedures
 with respect to the Fund. In addition, the Advisor shall respond to quarterly requests
 for information concerning the Fund's compliance with its investment objectives
 and policies, applicable law, including, but not limited to the 1940 Act and Subchapter
 M of the Code, and the Fund's policies, guidelines or procedures as applicable
 to the Advisor's obligations under this Agreement. The Advisor agrees to correct
 any such failure promptly and to take any action that the Board may reasonably request
 in connection with any such breach. Upon request, the Advisor shall also provide the
 officers of the Trust with supporting certifications in connection with such certifications
 of Fund financial statements and disclosure controls pursuant to the Sarbanes-Oxley Act.
 The Advisor will promptly notify the Trust in the event (x) the Advisor is served or
 otherwise receives notice of any action, suit, proceeding, inquiry or investigation,
 at law or in equity, before or by any court, public board, or body, involving the affairs
 of the Trust (excluding class action suits in which a Fund is a member of the plaintiff
 class by reason of the Fund's ownership of shares in the defendant) or the compliance
 by the Advisor with the federal or state securities laws, or (y) of an actual change
 in control of the Advisor resulting in an "assignment" (as defined in Section
 14) that has occurred or is otherwise proposed to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Board and Filings Information</u>. The Advisor will also provide the Trust with any information
 reasonably requested regarding its management of each Fund required for any meeting of
 the Board, or for any shareholder report on Form N-CSR, Form N-Q, Form N-PX, Form N-SAR,
 Registration Statement or any amendment thereto, proxy statement, prospectus supplement,
 or other form or document to be filed by the Trust with the Commission. The Advisor will
 make its officers and employees available to meet with the Board from time to time on
 a reasonable basis on due notice to review its investment management services to each
 Fund in light of current and prospective economic and market conditions and shall furnish
 to the Board such information as may reasonably be necessary in order for the Board to
 evaluate this Agreement or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Transaction Information</u>. The Advisor shall furnish to the Trust such information concerning portfolio
 transactions as may be necessary to enable the Trust or its designated agent to perform
 such compliance testing on each Fund and the Advisor's services as the Trust may,
 in its sole discretion, determine to be appropriate. The provision of such information
 by the Advisor to the Trust or its designated agent in no way relieves the Advisor of
 its own responsibilities under this Agreement.

4. <u>Brokerage</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Principal Transactions</u>. In connection with purchases or sales of securities for the account
 of a Fund, neither the Advisor nor any of its directors, officers or employees will act
 as a principal or agent or receive any commission except as permitted by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Placement of Orders</u>. The Advisor shall place all orders for the purchase and sale of portfolio
 securities for each Fund's account with brokers or dealers selected by the Advisor.
 The Advisor will not execute transactions with a broker dealer which is an "affiliated
 person" of the Trust except in accordance with procedures adopted by the Board.
 The Advisor shall use its best efforts to seek to execute portfolio transactions at prices
 which are advantageous to each Fund and at commission rates which are reasonable in relation
 to the benefits received. In selecting brokers or dealers qualified to execute a particular
 transaction, brokers or dealers may be selected who also provide brokerage and research
 services (as those terms are defined in Section 28(e) of the 1934 Act) to each Fund and/or
 the other accounts over which the Advisor or its affiliates exercise investment discretion.
 The Advisor is authorized to pay a broker or dealer who provides such brokerage and research
 services a commission for executing a portfolio transaction for each Fund which is in
 excess of the amount of commission another broker or dealer would have charged for effecting
 that transaction if the Advisor determines in good faith that such amount of commission
 is reasonable in relation to the value of the brokerage and research services provided
 by such broker or dealer. This determination may be viewed in terms of either that particular
 transaction or the overall responsibilities which the Advisor and its affiliates have
 with respect to accounts over which they exercise investment discretion. The Board shall
 periodically review the commissions paid by each Fund to determine if the commissions
 paid over representative periods of time were reasonable in relation to the benefits
 received by each Fund.

5. <u>Custody</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Physical Possession</u>. Nothing in this Agreement shall permit the Advisor to take or receive
 physical possession of cash, securities or other investments of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Allocation of Charges and Expenses</u>. The Advisor will bear its own costs of providing services
 hereunder. Other than as herein specifically indicated or otherwise agreed to in a separate
 signed writing, the Advisor shall not be responsible for a Fund's expenses, including
 brokerage and other expenses incurred in placing orders for the purchase and sale of
 securities and other investment instruments.

6. <u>Representations, Warranties and Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Properly Registered</u>. The Advisor is registered with the Commission as an investment adviser
 under the Advisers Act, and will remain so registered for the duration of this Agreement.
 The Advisor is not prohibited by the Advisers Act or the 1940 Act from performing the
 services contemplated by this Agreement, and to the best knowledge of the Advisor, there
 is no proceeding or investigation that is reasonably likely to result in the Advisor
 being prohibited from performing the services contemplated by this Agreement. The Advisor
 agrees to promptly notify the Trust of the occurrence of any event that would disqualify
 the Advisor from serving as an investment adviser to an investment company. The Advisor
 is in compliance in all material respects with all applicable federal and state law in
 connection with its investment management operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>ADV Disclosure</u>. The Advisor has provided the Board with a copy of its Form ADV and will,
 promptly after amending its Form ADV, furnish a copy of such amendments to the Trust.
 The information contained in the Advisor's Form ADV is accurate and complete in
 all material respects and does not omit to state any material fact necessary in order
 to make the statements made, in light of the circumstances under which they were made,
 not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fund Disclosure Documents</u>. The Advisor has reviewed and will in the future review the
 Registration Statement and any amendments or supplements thereto, the annual or semi-annual
 reports to shareholders, other reports filed with the Commission and any marketing material
 of a Fund (collectively the "Disclosure Documents") and represents and warrants
 that with respect to disclosure about the Advisor, the manner in which the Advisor manages
 the Fund or information relating directly or indirectly to the Advisor, such Disclosure
 Documents contain or will contain, as of the date thereof, no untrue statement of any
 material fact and does not and will not omit any statement of material fact which was
 required to be stated therein or necessary to make the statements contained therein not
 misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Use of the Name "Brown Capital Management, LLC"</u>. The Advisor has the right
 to use the names "Brown Capital Management, LLC," "Brown Capital Management,"
 "Brown Capital" and derivations thereof in connection with its services to
 the Trust and, subject to the terms set forth in Section 7 of this Agreement, the Trust
 shall have the right to use the names "Brown Capital Management, LLC," "Brown
 Capital Management," "Brown Capital" and derivations thereof in connection
 with the management and operation of each Fund. The Advisor is not aware of any threatened
 or existing actions, claims, litigation or proceedings that would adversely affect or
 prejudice the rights of the Advisor or the Trust to use the names "Brown Capital
 Management, LLC," "Brown Capital Management," "Brown Capital"
 and derivations thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>.
 The Advisor maintains errors and omissions insurance coverage in an appropriate amount
 and shall provide prior written notice to the Trust (i) of any material changes in its
 insurance policies or insurance coverage, or (ii) if any material claims will be made
 on its insurance policies. Furthermore, the Advisor shall, upon reasonable request, provide
 the Trust with any information it may reasonably require concerning the amount of or
 scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Detrimental Agreement</u>. The Advisor represents and warrants that it has no arrangement
 or understanding with any party, other than the Trust, that would influence the decision
 of the Advisor with respect to its selection of securities for a Fund and its management
 of the assets of the Fund, and that all selections shall be done in accordance with what
 is in the best interest of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Conflicts</u>.
 The Advisor shall act honestly, in good faith and in the best interests of its clients
 and the Fund. The Advisor maintains a Code of Ethics which defines the standards by which
 the Advisor conducts its operations consistent with its fiduciary duties and other obligations
 under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Representations</u>.
 The representations and warranties in this Section 6 shall be deemed to be made on the
 date this Agreement is executed and at the time of delivery of the quarterly compliance
 report required by Section 3(a), whether or not specifically referenced in such report.

7. <u>LICENSE TO USE The Name</u>. The Advisor grants
 to the Trust a license to use the name "Brown Capital Management," "Brown
 Capital" and any reasonable derivations thereof (collectively, the "Name")
 as part of the name of any Fund. The foregoing authorization by the Advisor to the Trust
 to use the Name as part of the name of any Fund is not exclusive of the right of the
 Advisor itself to use, or to authorize others to use, the Name; the Trust acknowledges
 and agrees that, as between the Trust and the Advisor, the Advisor has the right to use,
 or authorize others to use, the Name. The Trust shall: (i) only use the Name in a manner
 consistent with uses approved by the Advisor; (ii) use its best efforts to maintain the
 quality of the services offered using the Name; and (iii) adhere to such other specific
 quality control standards as the Advisor may from time to time promulgate. At the request
 of the Advisor, the Trust will (i) submit to the Advisor representative samples of any
 promotional materials using the Name, and (ii) change the name of any Fund within three
 months of its receipt of the Advisor's request, or such other shorter time period
 as may be required under the terms of a settlement agreement or court order, so as to
 eliminate all reference to the Name and will not thereafter transact any business using
 the Name in the name of any Fund; provided, however, that the Trust may continue to use
 beyond such date any supplies of prospectuses, marketing materials and similar documents
 that the Trust had on the date of such name change in quantities not exceeding those
 historically produced and used in connection with such Fund.

8. <u>AdvisOr's Compensation</u>. Each
 Fund shall pay to the Advisor, as compensation for the Advisor's services hereunder,
 a fee, determined as described in <u>Schedule A</u> that is attached hereto and made
 a part hereof. Such fee shall be computed daily and paid not less than monthly in arrears
 by each Fund. The method for determining net assets of a Fund for purposes hereof shall
 be the same as the method for determining net assets for purposes of establishing the
 offering and redemption prices of Fund shares as described in the Fund's Registration
 Statement. In the event of termination of this Agreement, the fee provided in this Section
 shall be computed on the basis of the period ending on the last business day on which
 this Agreement is in effect subject to a pro rata adjustment based on the number of days
 elapsed in the current month as a percentage of the total number of days in such month.

9. <u>Independent Contractor</u>.
 In the performance of its duties hereunder, the Advisor is and shall be an independent
 contractor and, unless otherwise expressly provided herein or otherwise authorized in
 writing, shall have no authority to act for or represent the Trust or any Fund in any
 way or otherwise be deemed to be an agent of the Trust or any Fund. If any occasion should
 arise in which the Advisor gives any advice to its clients concerning the shares of a
 Fund, the Advisor will act solely as investment counsel for such clients and not in any
 way on behalf of the Fund.

10. <u>Assignment and Amendments</u>.
 This Agreement shall automatically terminate, without the payment of any penalty, in
 the event of its "assignment" (as defined in Section 14). This Agreement
 may not be added to or changed orally and may not be modified or rescinded except by
 a writing signed by the parties hereto and in accordance with the requirements of the
 1940 Act, when applicable.

11. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement shall become effective as of the date executed and shall remain in full force
 and effect continually thereafter, subject to renewal as provided in Section 11(a)(ii)
 hereof and unless terminated automatically as set forth in Section 10 hereof or until
 terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Either
 party hereto may, at any time on sixty (60) days' prior written notice to the other,
 terminate this Agreement, without payment of any penalty. With respect to a Fund, termination
 may be authorized by action of the Board or by an "affirmative vote of a majority
 of the outstanding voting securities of the Fund" (as defined in Section 14); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This
 Agreement shall automatically terminate two years from the date of its execution unless
 the terms of such contract and any renewal thereof is specifically approved at least
 annually thereafter by (i) a majority vote of the Trustees, including a majority vote
 of such Trustees who are not parties to the Agreement or "interested persons"
 (as defined in Section 14) of the Trust or the Advisor, at an in-person meeting called
 for the purpose of voting on such approval, or (ii) the vote of a majority of the outstanding
 voting securities of each Fund; provided, however, that if the continuance of this Agreement
 is submitted to the shareholders of each Fund for their approval and such shareholders
 fail to approve such continuance of this Agreement as provided herein, the Advisor may
 continue to serve hereunder as to each Fund in a manner consistent with the 1940 Act
 and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event of termination of this Agreement for any reason, the Advisor shall, immediately
 upon notice of termination or on such later date as may be specified in such notice,
 cease all activity on behalf of the Fund and with respect to any of its assets, except
 as otherwise required by any fiduciary duties of the Advisor under applicable law. In
 addition, the Advisor shall deliver the Fund Books and Records to the Trust by such means
 and in accordance with such schedule as the Trust shall direct and shall otherwise cooperate,
 as reasonably directed by the Trust, in the transition of portfolio asset management
 to any successor of the Advisor.

12. <u>Notice</u>.
 Any notice or other communication required by or permitted to be given in connection
 with this Agreement shall be in writing, and shall be delivered in person or sent by
 first-class mail, postage prepaid, to the respective parties at their last known address,
 or by e-mail or fax to a designated contact of the other party. Oral instructions may
 be given if authorized by the Board and preceded by a certificate from the Trust's
 Secretary so attesting. Notices to the Trust shall be directed to 1201 North Calvert
 Street, Baltimore, Maryland 21202; and notices to the Advisor shall be directed to 1201
 North Calvert Street, Baltimore, Maryland 21202.

13. <u>Confidentiality</u>.
 The Advisor agrees on behalf of itself and its employees to treat confidentially all
 records and other information relative to the Trust and its shareholders received by
 the Advisor in connection with this Agreement, including any non-public personal information
 as defined in Regulation S-P, and that it shall not use or disclose any such information
 except for the purpose of carrying out the terms of this Agreement; provided, however,
 that the Advisor may disclose such information as required by law or in connection with
 any requested disclosure to a regulatory authority with appropriate jurisdiction after
 prior notification to the Trust.

14. <u>Certain Definitions</u>. For
 the purpose of this Agreement, the terms "affirmative vote of a majority of the
 outstanding voting securities of the Fund," "assignment" and "interested
 person" shall have their respective meanings as defined in the 1940 Act and rules
 and regulations thereunder, subject, however, to such exemptions as may be granted by
 the Commission under the 1940 Act or any interpretations of the Commission staff.

15. <u>Liability of the AdvisOr</u>.
 Neither the Advisor nor its officers, directors, employees, agents, affiliated persons
 or controlling persons or assigns shall be liable for any error of judgment or mistake
 of law or for any loss arising out of any investment or for any act or omission in the
 execution of securities transactions of a Fund; provided that nothing in this Agreement
 shall be deemed to protect the Advisor against any liability to a Fund or its shareholders
 to which the Advisor would otherwise be subject by reason of willful misfeasance, bad
 faith or gross negligence in the performance of its duties or obligations hereunder or
 by reason of its reckless disregard of its duties or obligations hereunder.

16. <u>Relations with the Trust</u>.
 It is understood that the Trustees, officers and shareholders of the Trust are or may
 be or become interested persons of the Advisor as directors, officers or otherwise and
 that directors, officers and stockholders of the Advisor are or may be or become interested
 persons of the Fund, and that the Advisor may be or become interested persons of the
 Fund as a shareholder or otherwise.

17. <u>Enforceability</u>.
 If any part, term or provision of this Agreement is held to be illegal, in conflict with
 any law or otherwise invalid, the remaining portion or portions shall be considered severable
 and not be affected, and the rights and obligations of the parties shall be construed
 and enforced as if the Agreement did not contain the particular part, term or provision
 held to be illegal or invalid. This Agreement shall be severable as to each Fund.

18. <u>Limitation of Liability</u>.
 The Advisor is expressly put on notice of the limitation of liability as set forth in
 the Declaration of Trust or other Trust organizational documents and agrees that the
 obligations assumed with respect to each Fund pursuant to this Agreement shall be limited
 in all cases to each Fund and each Fund's respective assets, and the Advisor shall
 not seek satisfaction of any such obligation from shareholders or any shareholder of
 each Fund. In addition, the Advisor shall not seek satisfaction of any such obligations
 from the Trustees of the Trust or any individual Trustee. The Advisor understands that
 the rights and obligations of any Fund under the Declaration of Trust or other organizational
 document are separate and distinct from those of any of and all other Funds.

19. <u>Non-Exclusive Services</u>.
 The services of the Advisor to the Trust are not deemed exclusive, and the Advisor shall
 be free to render similar services to others, to the extent that such service does not
 affect the Advisor's ability to perform its duties and obligations hereunder.

20. <u>Governing Law</u>.
 This Agreement shall be governed by and construed to be in accordance with the laws of
 the State of Delaware, without preference to choice of law principles thereof, and in
 accordance with the applicable provisions of the 1940 Act. To the extent that the applicable
 laws of the State of Delaware, or any of the provisions herein, conflict with the applicable
 provisions of the 1940 Act, the latter shall control. Any question of interpretation
 of any term or provision of this Agreement having a counterpart in or otherwise derived
 from a term or provision of the 1940 Act shall be resolved by reference to such term
 or provision of the 1940 Act and to any interpretations thereof, if any, by the United
 States courts or in the absence of any controlling decision of any such court, by the
 Commission or its staff. In addition, where the effect of a requirement of the 1940 Act,
 reflected in any provision of this Agreement, is revised by rule, regulation, order or
 interpretation of the Commission or its staff, such provision shall be deemed to incorporate
 the effect of such revised rule, regulation, order or interpretation.

21. <u>Paragraph Headings; Syntax</u>.
 All Section headings contained in this Agreement are for convenience of reference only,
 do not form a part of this Agreement and will not affect in any way the meaning or interpretation
 of this Agreement. Words used herein, regardless of the number and gender specifically
 used, will be deemed and construed to include any other number, singular or plural, and
 any other gender, masculine, feminine, or neuter, as the contract requires.

22. <u>Counterparts</u>.
 This Agreement may be executed in two or more counterparts, each of which, when so executed,
 shall be deemed to be an original, but such counterparts shall together constitute but
 one and the same instrument.

Signature Page to Follow

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be signed on their behalf by their duly authorized officers as of the date first above written.

---

| | | |
|:---|:---|:---|
| BROWN CAPITAL MANAGEMENT MUTUAL FUNDS | BROWN CAPITAL MANAGEMENT MUTUAL FUNDS | BROWN CAPITAL MANAGEMENT MUTUAL FUNDS |
| By: | /s/ Robert L. Young, III | Signature |
|  | Robert L. Young, III |  |
| Title: | Trustee, President and Principal Executive Officer | Trustee, President and Principal Executive Officer |
| BROWN CAPITAL MANAGEMENT, LLC | BROWN CAPITAL MANAGEMENT, LLC |  |
| By: | /s/ Keith A. Lee | Signature |
|  | Keith A. Lee |  |
| Title: | Chief Executive Officer |  |

---

**Schedule A**

**Investment Advisory Agreement**

**between**

**Brown Capital Management Mutual Funds (the "Trust")**

**and**

**Brown Capital Management, LLC (the "Advisor")**

**Dated as of March 19, 2025** 

The Trust will pay to the Advisor as compensation for the Advisor's services rendered, a fee, computed daily at an annual rate based on the average daily net assets of the respective Fund in accordance with the following fee schedule:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Fees as % of Net Assets** |
| &nbsp;&nbsp;Small Company Fund<br>| &nbsp;&nbsp;1.00% on all assets<br>|
| &nbsp;&nbsp;International All Company Fund<br>| &nbsp;&nbsp;0.90% on first $100 million;<br>0.75% on assets over $100 million<br>|
| &nbsp;&nbsp;International Small Company Fund<br>| &nbsp;&nbsp;1.00% on all assets<br>|

---

## Ex-99.(E)(2)

[Brown Capital Management Mutual Funds 485BPOS](bcm-485bpos_072925.htm)

**Exhibit 99(e)(2)**

**AMENDMENT NO. 1**

This amendment (the "<u>Amendment</u>") between the parties signing below ("<u>Parties</u>") amends the Existing Agreement as of August 12, 2024 (the "<u>Effective Date</u>"):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Means** |
| &nbsp;&nbsp;"Existing Agreement" | &nbsp;&nbsp;The Distribution Agreement between ALPS and the Trust dated April 16, 2018 |
| &nbsp;&nbsp;"ALPS" | &nbsp;&nbsp;ALPS Distributors, Inc. |
| &nbsp;&nbsp;"Trust" | &nbsp;&nbsp;Brown Capital Management Mutual Funds |

---

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment includes the amendments in Schedule A and general terms in Schedule B.

**IN WITNESS WHEREOF,** the Parties have caused this Amendment to be executed by their duly authorized representatives.

---

| | | | |
|:---|:---|:---|:---|
| **ALPS DISTRIBUTORS, INC.** | **ALPS DISTRIBUTORS, INC.** | **BROWN CAPITAL MANAGEMENT MUTUAL FUNDS** | **BROWN CAPITAL MANAGEMENT MUTUAL FUNDS** |
| By: | ![](ex99e2001.jpg) | By: | ![](ex99e2002.jpg) |
| Name: | Stephen Kyllo | Name: | Robert L. Young, III |
| Title: | Senior Vice President & Director | Title: | Principal Executive Officer |

---

Distribution Agreement Amendment 1

**Schedule A to this Amendment <br> Amendments**

As of the Effective Date, the Existing Agreement is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Appendix A</u>** to  **<u>Exhibit 1</u>** of the Existing Agreement shall be deleted in its
 entirety and replaced with the following:

**<u>APPENDIX A <br> LIST OF PORTFOLIOS</u>**

**THE BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND**

**THE BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND <br> THE BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND**

&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Appendix B</u>** to  **<u>Exhibit 1</u>** of the Existing Agreement shall be amended by adding
 the following bullet point:

● Perform financial intermediary payments & reporting on behalf of Fund and Fund's Investment adviser

Page 2 of 3

**Schedule B to this Amendment <br> General Terms**

1. Capitalized
 terms not defined herein shall have the meanings given to them in the Existing Agreement.

2. The
 Parties' duties and obligations are governed by and limited to the express terms
 and conditions of this Amendment and the Existing Agreement, and shall not be modified,
 supplemented, amended or interpreted in accordance with, any industry custom or practice,
 or any internal policies or procedures of any Party. This Amendment (including any attachments,
 schedules and addenda hereto), along with the Existing Agreement, as amended, contains
 the entire agreement of the Parties with respect to the subject matter hereof and supersedes
 all previous communications, representations, understandings and agreements, either oral
 or written, between the Parties with respect thereto.

3. This
 Amendment may be executed in counterparts, each of which when so executed will be deemed
 to be an original. Such counterparts together will constitute one agreement. Signatures
 may be exchanged via facsimile or electronic mail and signatures so exchanged shall be
 binding to the same extent as if original signatures were exchanged.

4. This
 Amendment and any dispute or claim arising out of or in connection with it, its subject
 matter or its formation shall be governed by and construed in accordance with the laws
 of the same jurisdiction as the Existing Agreement.

Page 3 of 3

## Ex-99.(H)(1)

[Brown Capital Management Mutual Funds 485BPOS](bcm-485bpos_072925.htm)

**Exhibit 99(h)(1)**

**AMENDED EXPENSE LIMITATION AGREEMENT**

BROWN CAPITAL MANAGEMENT MUTUAL FUNDS

THIS AMENDED EXPENSE LIMITATION AGREEMENT ("Expense Limitation Agreement"), is entered into effective as of August 1, 2023 by and between Brown Capital Management, LLC (the "Advisor") and Brown Capital Management Mutual Funds (the "Trust"), on behalf of each series of the Trust set forth in *Schedule A* attached hereto (each a "Fund," and collectively, the "Funds").

WHEREAS, the Trust is a Delaware statutory trust organized under the Agreement and Declaration of Trust ("Declaration of Trust"), and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and each Fund is a series of the Trust; and

WHEREAS, the Trust and the Advisor have entered into an Investment Advisory Agreement relating to the Funds (the "Advisory Agreement") pursuant to which the Advisor provides investment advisory services to each Fund listed in *Schedule A*, which may be amended from time to time, for compensation based on the value of the average daily net assets of each such Fund; and

WHEREAS, the Trust and the Advisor have determined that it is appropriate and in the best interests of each Fund and its shareholders to maintain the expenses of each Fund, and, therefore, have entered into this Expense Limitation Agreement, in order to maintain each Fund's expense ratios at the levels specified *Schedule A* attached hereto; and

NOW THEREFORE, the parties hereto agree that the Expense Limitation Agreement provides as follows:

1. <u>Expense Limitation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Applicable Expense Limit</u>. To the extent that the aggregate expenses of every character incurred by a Fund in any fiscal year, including but not limited to investment advisory fees of the Advisor (but excluding 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 such Fund's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act) ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Advisor. Additionally, in determining the Fund Operating Expenses, expenses that a Fund would have incurred but did not actually pay because of expense offset or brokerage/services arrangements shall be added to the aggregate expenses so as not to benefit the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Operating Expense Limit</u>. The maximum Operating Expense Limit in any year with respect to each Fund shall be the amount specified in *Schedule A* based on a percentage of the average daily net assets of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Method of Computation</u>. To determine the Advisor's liability with respect to the Excess Amount, each month the Fund Operating Expenses for each Fund shall be annualized as of the last day of the month. If the annualized Fund Operating Expenses for any month of a Fund exceed the Operating Expense Limit of such Fund, the Advisor shall first waive or reduce its investment advisory fee for such month by an amount sufficient to reduce the annualized Fund Operating Expenses to an amount no higher than the Operating Expense Limit. If the amount of the waived or reduced investment advisory fee for any such month is insufficient to pay the Excess Amount, the Advisor may also remit to the appropriate Fund or Funds an amount that, together with the waived or reduced investment advisory fee, is sufficient to pay such Excess Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Year-End Adjustment</u>. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the amount of the investment advisory fees waived or reduced and other payments remitted by the Advisor to the Fund or Funds with respect to the previous fiscal year shall equal the Excess Amount.

2. <u>Reimbursement of Fee Waivers and Expense Reimbursements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Reimbursement</u>. If in any year during which the total assets of a Fund are greater than the "Threshold" set forth in Schedule A, and in which the Advisory Agreement is still in effect, the estimated aggregate Fund Operating Expenses of such Fund for the fiscal year are less than the Operating Expense Limit for that year, subject to quarterly approval by the Trust's Board of Trustees as provided in Section 2.2 below, the Advisor shall be entitled to reimbursement by such Fund, in whole or in part as provided below, of the investment advisory fees waived or reduced and other payments remitted by the Advisor to such Fund pursuant to Section 1 hereof. The total amount of reimbursement to which the Advisor may be entitled (the "Reimbursement Amount") shall equal, at any time, the sum of all investment advisory fees previously waived or reduced by the Advisor and all other payments remitted by the Advisor to the Fund, pursuant to Section 1 hereof, during any of the previous three (3) fiscal years, less any reimbursement previously paid by such Fund to the Advisor, pursuant to Sections 2.2 or 2.3 hereof, with respect to such waivers, reductions, and payments. The Reimbursement Amount shall not include any additional charges or fees whatsoever, including, *e.g.*, interest accruable on the Reimbursement Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Board Approval</u>. No reimbursement shall be paid to the Advisor with respect to any Fund pursuant to this provision in any fiscal quarter, unless the Trust's Board of Trustees has determined that the payment of such reimbursement is in the best interests of such Fund and its shareholders. The Trust's Board of Trustees shall determine quarterly in advance whether any reimbursement may be paid to the Advisor with respect to any Fund in such quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Method of Computation</u>. To determine each Fund's payments, if any, to reimburse the Advisor for the Reimbursement Amount, each month the Fund Operating Expenses of each Fund shall be annualized as of the last day of the month. If the annualized Fund Operating Expenses of a Fund for any month are less than the Operating Expense Limit of such Fund, such Fund, only with the prior approval of the Trust's Board of Trustees, shall pay to the Advisor an amount sufficient to increase the annualized Fund Operating Expenses of that Fund to an amount no greater than the Operating Expense Limit of that Fund, provided that such amount paid to the Advisor will in no event exceed the total Reimbursement Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Year-End Adjustment</u>. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

3. <u>Term and Termination of Agreement</u>.

This Agreement with respect to each of the Funds shall commence on December 1, 2011 and continue in effect until the last day of July 2015, and shall continue from year to year thereafter provided each such continuance is specifically approved by a majority of the Trustees of the Trust who (i) are not "interested persons" of the Trust or any other party to this Agreement, as defined in the 1940 Act, and (ii) have no direct or indirect financial interest in the operation of this Agreement ("Non-Interested Trustees").

4. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Interpretation</u>. Nothing herein contained shall be deemed to require the Trust or the Funds to take any action contrary to the Trust's Declaration of Trust or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Trust's Board of Trustees of its responsibility for and control of the conduct of the affairs of the Trust or the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.

---

| | |
|:---|:---|
| BROWN CAPITAL MANAGEMENT MUTUAL FUNDS ON BEHALF OF EACH OF ITS SERIES LISTED IN SCHEDULE A | BROWN CAPITAL MANAGEMENT MUTUAL FUNDS ON BEHALF OF EACH OF ITS SERIES LISTED IN SCHEDULE A |
| By: | /s/ Robert L. Young, III |
| Trustee and President | Trustee and President |
| Date: | June 10, 2025 |
| BROWN CAPITAL MANAGEMENT, LLC. | BROWN CAPITAL MANAGEMENT, LLC. |
| By: | /s/ Keith A. Lee |
| Chief Executive Officer | Chief Executive Officer |
| Date: | June 10, 2025 |

---

**SCHEDULE A**

**OPERATING EXPENSE LIMITS**

This Agreement relates to the following Funds of the Trust:

---

| | | | |
|:---|:---|:---|:---|
| <u>Name of Fund</u> | Maximum<br> Operating<u> </u><br> <u>Expense Limit</u> | <u>Threshold</u><br>| <u>Effective</u><br> <u>Through</u>  |
| The Brown Capital Management Small Company Fund | 1.25% | $20 Million | July 31, 2026 |
| The Brown Capital Management International All Company Fund | 1.00% | $20 Million | July 31, 2026 |
| The Brown Capital Management International Small Company Fund | 1.15% | $20 Million | July 31, 2026 |

---

## Ex-99.(I)(6)

[Brown Capital Management Mutual Funds 485BPOS](bcm-485bpos_072925.htm)

**Exhibit 99(i)(6)**

![](ex99i6001.jpg)

JOHN H. LIVELY, Managing Partner

john.lively@practus.com

11300 Tomahawk Creek Pkwy., Suite 310

Leawood, KS 66211

(913) 660-0778

July 29, 2025

Brown Capital Management Mutual Funds

1201 N. Calvert Street

Baltimore, Maryland 21202

Ladies and Gentlemen:

We hereby consent to the use of our name and to the reference to our firm under the caption "Investment Advisor and Other Service Providers" in the Statement of Additional Information for The Brown Capital Management Small Company Fund, The Brown Capital Management International All Company Fund, and The Brown Capital Management International Small Company Fund, each a series portfolio of Brown Capital Management Mutual Funds (the "Trust"), which is included in Post-Effective Amendment No. 100 to the Registration Statement under the Securities Act of 1933, as amended (No. 033-37458), and Amendment No. 101 to Registration Statement under the Investment Company Act of 1940, as amended (No. 811-06199), on Form N-1A of the Trust.

If you have any questions concerning the foregoing, please contact the undersigned at (913) 660-0778 or John.Lively@Practus.com.

---

| |
|:---|
| Very truly yours, |
| /s/ John H. Lively |

---

![](ex99i6002.jpg)

## Ex-99.(J)

[Brown Capital Management Mutual Funds 485BPOS](bcm-485bpos_072925.htm)

**Exhibit 99(j)**

![](ex99j001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated May 29, 2025, relating to the financial statements and financial highlights of The Brown Capital Management Small Company Fund, The Brown Capital Management International All Company Fund, and The Brown Capital Management International Small Company Fund, each a series of Brown Capital Management Mutual Funds, which are included in Form N-CSR for the year ended March 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus, and "Management and Other Service Providers" and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

![](ex99j002.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 28, 2025

![](ex99j003.jpg)

## Ex-99.(P)(1)

[Brown Capital Management Mutual Funds 485BPOS](bcm-485bpos_072925.htm)

**Exhibit 99(p)(1)**

**AMENDED AND RESTATED**

**CODE OF ETHICS**

**of** 

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**(Dated April 16, 2007)**

**(Amended October 16, 2012 and December 20, 2012)**

WHEREAS, the Brown Capital Management Mutual Funds, ("Trust"), formerly The Nottingham Investment Trust II prior to December 1, 2011, is a registered investment company under the Investment Company Act of 1940, as amended ("1940 Act"), which is authorized to issue its shares of beneficial interest in separate series representing the interests in separate funds of securities and other assets (each a "Fund" and collectively, the "Funds");

WHEREAS, the Trust, as of the date first written above, consists of those series described on Schedule 1 and which are served by those investment advisers (individually and collectively, "Adviser") shown on Schedule 1;

WHEREAS, Rule 17j-1 under the 1940 Act makes it unlawful for certain persons, including trustees, officers, and other investment personnel of the Trust and any Fund of the Trust, to engage in fraudulent, manipulative, or deceptive conduct in connection with their personal trading of securities "held or to be acquired" by any Fund of the Trust;

WHEREAS, Rule 17j-1 under the 1940 Act requires the Trust, the Adviser and in certain cases the Distributor, as defined herein, to adopt a code of ethics and to establish procedures reasonably designed to: (i) govern the personal securities activities of Access Persons, as defined herein; (ii) with respect to those personal securities transactions, prevent the employment of any device, scheme, artifice, practice, or course of business that operates or would operate as a fraud or deceit on the Trust or any Fund; and (iii) otherwise prevent personal trading prohibited by the Rule;

WHEREAS, the policies, restrictions, and procedures included in this Code of Ethics are designed to prevent violations of Rule 17j-1 under the 1940 Act; and

WHEREAS, the Trust desires to amend and restate its Code of Ethics;

NOW, THEREFORE, the Trust hereby adopts this Code of Ethics ("Code") for the Trust and each Fund of the Trust to read in its entirety as follows:

**A. <u>Statement of Fiduciary Principles</u>**

This Code is based on three underlying fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. our duty at all times to place the interests of
our shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the requirement that all our personal securities
transactions be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflicts of interest or
any abuse of an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the fundamental standard that our investment personnel
should not take inappropriate advantage of their positions.

**B.**  **<u>Unlawful Actions</u>** 

Rule 17j-1(b) under the 1940 Act makes it unlawful for any trustee, officer or other Access Person of the Trust, in connection with the purchase or sale by such person of a "security held or to be acquired" by the Trust or any Fund of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme, or artifice to defraud the Trust or a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to the Trust or a Fund any untrue statement of a material fact or omit to state to the Trust or
a Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Trust or a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Trust or a Fund.

**C. <u>Definitions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. " <u>Access Person</u> " shall mean: (a) any trustee,
director, officer, general partner, or Advisory Person (as defined below) of the Trust or any Fund of the Trust or the Adviser thereof;
or (b) any director, officer, or general partner of a Distributor who, in the ordinary course of his or her business, makes, participates
in, or obtains information regarding the purchase or sale of securities for any Fund of the Trust for which the principal underwriter
so acts or whose functions or duties as part of the ordinary course of his or her business relate to the making of any recommendation
to any Fund of the Trust regarding the purchase and sale of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An " <u>Advisory Person</u> " shall mean any employee of the Trust or any Fund of the Trust
or of the Adviser (or of any company in a control relationship thereto) who, in connection with his or her regular functions or duties,
makes, participates in, or obtains information regarding the purchase or sale of securities for any Fund of the Trust or whose functions
relate to the making of any recommendations with respect to such purchases or sales, and any natural person in a control relationship
with the Trust or any Fund of the Trust or the Adviser who obtains information concerning recommendations made to any Fund of the Trust
regarding the purchase or sale of Covered Securities by the Fund and such term includes any Portfolio Manager or Investment Personnel
(as described below). A person is not an Advisory Person (or an Access Person) simply by virtue of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) normally assisting in the preparation of public
reports, or receiving public reports, but not receiving information about <u>current</u> recommendations or trading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a single instance of obtaining knowledge of current
recommendations or trading activity, or infrequently and inadvertently obtaining such knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. " <u>Beneficial Ownership</u> "
for the purposes of this Code shall be interpreted in a manner that is consistent with Section 16 of the Securities Exchange Act of 1934,
as amended ("1934 Act"), and Rule 16a-1(a)(2) thereunder, which generally speaking, encompasses those situations in which
the beneficial owner has the right to enjoy some direct or indirect "pecuniary interest" (i.e., some economic benefit) from
the ownership of a security. It also includes securities held by members of a person's immediate family sharing the same household;
provided, however, this presumption may be rebutted. The term immediate family means any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and includes
adoptive relationships . Any report of beneficial ownership
required thereunder shall not be construed as an admission that the person making the report has any direct or indirect beneficial ownership
in the Covered Securities to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. " <u>Board of Trustees</u> " shall mean the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. " <u>Code</u> " shall mean this Code of Ethics of the
Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. " <u>Control</u> " shall have the meaning set forth in
Section 2(a)(9) of the 1940 Act. Control means the power to exercise a controlling influence over the management or polices of a company,
unless such power is solely the result of an official position with such company. Any person who owns beneficially, either directly or
through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such
company. Any person who does not so own more than 25 percent of the voting securities of any company shall be presumed not to control
such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. " <u>Covered Security</u> " means a "security"
as set forth in Section 2(a)(36) of the 1940 Act, and generally includes all securities, whether publicly or privately traded, and any
option, future, forward contract or other obligation involving a security or index thereof, including an instrument whose value is derived
or based on any of the above (i.e., a derivative). The term Covered Security also includes any separate security, which is convertible
into or exchangeable for, or which confers a right to purchase such security. A Covered Security does not include: (a) direct obligations
of the U.S. Government; (b) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements; and (c) shares of registered open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. " <u>Disinterested Trustee</u> " of the Trust means a
Trustee of the Trust who is not an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act.
An "interested person" of the Trust includes any person who is a trustee, director, officer, employee, or owner of 5% or more
of the outstanding stock of the Adviser or principal underwriter for any Fund of the Trust. Affiliates of brokers or dealers are also
"interested persons" of the Trust, except as provided in Rule 2a19-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. " <u>Distributor</u> " means the principal underwriter of the Trust or the Funds of the Trust
that is an affiliated person of the Trust, any Fund of the Trust or the Adviser or an officer, director or general partner of such the
principal underwriter serves as an officer, director, trustee or general partner of the Trust, any Fund of the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. " <u>Initial Public Offering</u> " means an offering of securities registered under the Securities
Act of 1933, as amended ("1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting
requirements of Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. " <u>Investment Personnel</u> " of a Fund or the Adviser means:
(a) any employee of the Trust or any Fund or the Adviser (or any company in a control relationship to the Trust, Fund or the Adviser)
who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase
or sale of securities by any Fund and such term includes any Portfolio Manager; or (b) any natural person who controls the Trust, Fund
or the Adviser and who obtains information concerning recommendations made to any Fund regarding the purchase or sale of securities by
any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. " <u>Limited Offering</u> " means an offering that is exempt from
registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rules 504, 505 or 506 under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. " <u>Non-Covered Security</u> " shall mean those securities not included
in the definition of Covered Securities, such as: (a) direct obligations of the Government of the
United States, (b) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments,
including repurchase agreements, (c) shares of registered open-end investment companies, or (d) other securities as may be excepted under
the provisions of Rule 17j-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. " <u>Portfolio Manager</u> " means the person (or the persons) primarily responsible for the
day-to-day management of a Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. " <u>Purchase or sale of a Covered Security</u> "
includes, among other things, the writing of an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. " <u>Review Officer</u> " means, with
respect to the Trust, the Secretary of the Trust or such other person(s) as may be designated by the Board of Trustees. The Review Officer
of the Trust shall: (a) approve transactions, receive reports and otherwise monitor compliance with this Code with respect to all Access
Persons not otherwise associated with the Adviser or the Distributor; (b) receive reports from any Compliance Officer (defined below)
designated hereunder; (c) report at least quarterly to the Board of Trustees all material violations of this Code and any Related Code
(defined below) that occurred during the past calendar quarter; and (d) report at least annually to the Board of Trustees the information
listed in Section E.7.(b.) below. The Review Officer shall initial each report required by Section
E.1(a)-(c) at the time the Review Officer reviews such report to confirm that the report was reviewed. In the event the Review Officer
is considered an Access Person under this Code, the Trust's Vice President, or such other person as may be designated by the Board
of Trustees, shall approve transactions, receive reports and otherwise monitor compliance with this Code with respect to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. " <u>Compliance Officer</u> " In this
regard, the Adviser and the Distributor each shall appoint a compliance officer, which person shall be designated by the Board of Trustees
as a "Compliance Officer" with respect to the Adviser or the Distributor, as applicable. The purpose of this arrangement is
for each such compliance officer of the Adviser or Distributor to monitor compliance with this Code with respect to all Access Persons
covered hereunder who are associated with the Adviser or Distributor, as applicable, including: approving personal securities transactions
and receiving reports for all Access Persons hereunder who are associated with the Adviser or Distributor, as applicable. In turn, the
Compliance Officer of the Adviser and the Distributor shall report at least quarterly to the Review Officer all material violations of
this Code, or any other code of ethics to which an Access Person may be subject and which covers that Access Person's duties and
responsibilities with respect to the Funds ("Related Code"), that occurred during the past quarter to the extent that such
violations relate to the Trust. For purposes of this Code, when "Applicable Review Officer"
is referenced, it shall mean the applicable Compliance Officer as it relates to Access Persons covered hereunder who are associated with
the Advisor or Distributor and shall mean the Review Officer with respect to the Trust as it relates to all other Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. A Covered Security is for purposes of this Code being " <u>held or to be acquired</u> " by any Fund if, within the most recent 7 days, the Covered Security: (a) is or has been held by a Fund; (b)
is being or has been considered by a Fund or the Adviser for purchase by the Fund; or (c) any option to purchase or sell, any Covered
Security convertible into or exchangeable for, a Covered Security described in (a) or (b) of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. A Covered Security is " <u>being considered for purchase or sale</u> " when, among other things, a recommendation to purchase or sell a security for a Fund has been made and communicated and,
with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

**D. <u>Statement of General Principles on Personal Investment Activities</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>No Violations of Rule 17j-1</u>. It is the policy of the Trust that no Access Person of the Trust or
of a Fund shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) or this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Blackout Periods</u>. The price paid or received by the Fund for any investment should not be affected
by a buying or selling interest on the part of an Access Person, or otherwise result in an inappropriate advantage to the Access Person.
To that end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Access Person shall enter an order for the purchase or sale of a security on the day during which any
Fund within the Trust's family of investment companies has a pending buy or sell order in that same security until after the Fund's
order is executed or withdrawn; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment Personnel may not buy or sell a security within 7 days before and after the Fund trades in
the security, unless the transaction has been approved by the Applicable Review Officer.

Provided, however, that the above prohibitions shall not apply to Disinterested Trustees except if they have actual knowledge of trading by any Fund. The above prohibition shall also not apply to Access Persons of a particular Fund who do not, in the ordinary course of fulfilling their official duties, have access to current information regarding the purchase and sale of securities for that Fund; provided that securities investments effected by such Access Persons during the prescribed periods are not effected with knowledge of the purchase or sale of the same or equivalent securities by that Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Disclosure of Interested Transactions.</u> No Access Person shall recommend any transactions with respect to a Covered Security by any Fund of the Trust without first disclosing
his or her interest, if any, in such Covered Securities or the issuer thereof, to the applicable Review Officer or the appropriate investment
team members (as described in the appropriate Related Code). The investment team members shall then conduct an independent review
of the recommendation to purchase the security for clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Initial Public Offerings ("IPOs")</u>.
No Investment Personnel shall acquire, directly or indirectly, any Beneficial Ownership in any IPO with respect to any security without
first obtaining prior approval of the Applicable Review Officer for that Investment Personnel, which Applicable Review Officer: (a) has
been provided by such Investment Personnel with full details of the proposed transaction; and (b) has concluded, after consultation with
other Investment Personnel of the Trust or the relevant Fund (who have no personal interest in the issuer involved in the private placement),
that the Trust or the relevant Fund has not purchased or sold the security in the previous 5 trading days. Records of such approvals
by the Applicable Review Officer and the reasons supporting those decisions must be kept as required in Section G.1.f.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Limited Offerings</u>. No Investment Personnel shall acquire, directly or indirectly, Beneficial Ownership
of any security in a Limited Offering without first obtaining the prior written approval of the Applicable Review Officer, which Applicable
Review Officer: (a) has been provided by such Investment Personnel with full details of the proposed transaction; and (b) has concluded,
after consultation with other Investment Personnel of the Trust or the relevant Fund (who have no personal interest in the issuer involved
in the private placement), that the Trust or the relevant Fund not purchased or sold the security in the previous 5 trading days. Records
of such approvals by the Applicable Review Officer and the reasons supporting those decisions must be kept as required in Section G.1.f.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Acceptance of Gifts</u>. Investment Personnel must not accept gifts of more than a
de minimus value (currently $100 or less per year) from any entity doing business with or on behalf of the Fund or the Advisor, unless
pre-approved by the Applicable Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Service on Boards</u>. Investment Personnel shall not serve on the boards
of directors of publicly traded companies, or in any similar capacity, absent the prior approval of such service by the Applicable Review
Officer following the receipt of a written request for such approval. In the event such a request is approved, procedures shall be developed
to avoid potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>[Omitted]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Exempt Transactions</u>. The prohibited activities set forth in this Section D shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchases, sales or other transactions effected in any account over which
such person has no direct or indirect influence or control or other Beneficial Ownership Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchases that are part of an automatic dividend
reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) tender offer transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the acquisition of securities by gift or inheritance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) purchases effected upon the exercise of rights
issued by an issuer *pro rata* to all holders of a class of its securities, to the extent such rights were acquired from such issuer,
and sales of such rights so acquired; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) daily purchases/sales of securities
of $50,000 or less with a market cap of $1 billion or more, but daily purchases/sales of securities greater than $50,000 or a market cap
below $1 billion requires the prior written approval of the Applicable Review Officer.

**E.**  **<u>Reporting Procedures</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reporting by Access Persons</u>. In order to provide the Trust with information to enable it to determine
with reasonable assurance whether the provisions of Rule 17j-1 and this Code are being observed by its Access Persons, each Access Person
of the Trust shall submit the following reports in the forms or substantially similar to the forms attached hereto as Exhibits A-D to
the Applicable Review Officer (or his or her delegate) showing all transactions in securities in which the person has, or by reason of
such transaction acquires, any direct or indirect Beneficial Ownership, except for exempt transactions listed under Section D.9(a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Holdings Report.</u> On the form provided in Exhibit A (or similar form) every Access Person
must report to the Applicable Review Officer no later than 10 days after that person becomes an Access Person, the following information
(which information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, number of shares and principal amount of each Covered Security in which the Access Person had
any direct or indirect Beneficial Ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Access Person maintained an account in which any
securities, including Covered Securities, were held for the direct or indirect benefit of the Access Person as of the date the person
became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Report.</u> Quarterly securities transaction reports, on each of the forms provided in Exhibits
B and C (or similar forms) shall be made by every Access Person no later than 30 days after the end of each calendar quarter. No such
periodic report needs to be made if the report would duplicate information required to be recorded under Rule 204-2(a)(12) or Rule 204-2(a)(13)
under the Investment Advisers Act of 1940, or information contained in broker trade confirmations or account statements received by the
Applicable Review Officer no later than 30 days after the end of each calendar quarter. The forms shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any transaction during the quarter in a Covered Security in which the Access Person has
a direct or indirect Beneficial Ownership, the following information is required to be provided on the form in Exhibit B (or similar form):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the date of the transaction, the title, the interest rate and maturity date (if applicable), the number
of shares, and the principal amount of each Covered Security in which the Access
Person had any direct or indirect Beneficial Ownership ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the nature of the transaction (<u>i</u>. <u>e</u>., purchase, sale or any other type of acquisition or
disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the name of the broker, dealer, or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the date that the report is submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to any new account established by the Access Person in which securities were held during
the quarter for the direct or indirect benefit of the Access Person, the following information is required to be provided on the form
in Exhibit C (or similar form):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Annual Reports.</u> Every Access Person must annually report to the Applicable Review
Officer on the form provided in Exhibit D (or similar form), no later than 45 days after the end of each calendar year, the following
information (which information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, number of shares and principal amount of each Covered Security in which the Access Person had
any direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities,
including Covered Securities, are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duplicate Copies of Trade Confirmations and Periodic Statements</u>. Each Access Person, with respect
to each brokerage account in which such Access Person has any beneficial interest, shall arrange that the broker shall mail directly to
the Applicable Review Officer at the same time they are mailed or furnished to such Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duplicate copies of the broker's trade confirmation covering each transaction in securities in such account;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of periodic statements with respect to the account;

provided, however, that such duplicate copies need not be filed for transaction involving Non-Covered Securities. This requirement also may be waived by the Applicable Review Officer in situations when the Applicable Review Officer determines that duplicate copies are unnecessary.

A Form of Brokerage Letter is attached to this Code as Exhibit E. In order to help ensure that duplicate brokerage confirmations are received for all accounts pertaining to an Access Person, such Access Person is required to complete and send a brokerage letter similar to Exhibit E annually to each broker maintaining an account on behalf of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Notification; Annual Certification</u>. The Applicable Review Officer (or his or her delegate) shall
notify each Access Person of the Trust who may be required to make reports pursuant to this Code, that such person is subject to reporting
requirements and shall deliver a copy of this Code to each such person. The Applicable Review Officer shall annually obtain written assurances
in the form attached hereto as Exhibit F from each Access Person that he or she is aware of his or her obligations under this Code and
has complied with the Code and with its reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Disclaimer of Beneficial Ownership</u>. Any report under this section may contain a statement that
the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial
ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Exemptions</u>. The requirements of Sections E.1-E.3 above shall not
apply in the following situations unless the Applicable Review Officer determines that such requirements are needed to comply with Section
D.1. of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Access Person is covered by a Related Code of Ethics, then the reports required under this Code
may be submitted in the form required by the Related Code of Ethics, provided the report contains the information required herein. Notwithstanding
the forgoing, all Access Persons must submit the annual certification required in Section E.3 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Disinterested Trustee need make a report with respect to his initial holdings, as required by Section
E.1.(a) above, or an annual report, as required by Section E.1.(c) above solely by reason of being a Trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Disinterested Trustee need make any quarterly transaction reports with respect to any Covered Security,
as required by Section E.1.(b) above, unless the Disinterested Trustee knew at the time of the transaction, or in the ordinary course
of fulfilling his official duties as a Trustee, or should have known, that during the 15-day period immediately preceding or following
the date of the transaction (or such period prescribed by applicable law) such Covered Security was purchased or sold, or was being considered
for purchase or sale, by any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Disinterested Trustee need provide duplicate copies of trade confirmations and periodic statement as
required by Section E.2. above, if exempted from making reports under Sections E.5.(b) and (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Access Person to the Adviser need make a quarterly transaction report to the Adviser under this Code
if all the information in the report would duplicate information required to be recorded under Rule 204-2(a)(12) or Rule 204-2(a)(13)
under the Investment Advisers Act of 1940. No Access Person need make a quarterly transaction report under this Code if the quarterly
transaction report would duplicate information contained in broker trade confirmations or account statements received by the Trust, any
Fund, or the Adviser with respect to the Access Person in the time period required by this Code, if all of the information required by
this Code is contained in the broker trade confirmations or account statements, or in the records of the Trust, any Fund, or Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Access Person to the Distributor need make the reports under this Code as required by this Section
E if the Distributor is not an affiliated person of the Trust, any Fund of the Trust or Adviser and the Distributor has no officer, director
or general partner who serves as an officer, director, trustee or general partner of the Trust, any Fund of the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Reporting to the Review Officer</u>. At least quarterly, each Adviser's and Distributor's
Compliance Officer (or his or her delegate) shall furnish the Review Officer with a report with respect to any material violations of
this Code by Assess Persons who are associated with the Advisor or Distributor, as applicable, and any procedures or sanctions imposed
in response to the violations and such other information as may be reasonably requested by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Review by the Board of Trustees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Quarterly Reports.</u> At least quarterly, the Review Officer shall prepare and provide a written report
to the Board of Trustees with respect to all issues, under the Code, that have occurred since the last quarterly report to the Board,
including, but not limited to, information about material violations of
the Code or the procedures and sanctions imposed in response to those violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Reports.</u> At least annually, the Review Officer and
the Compliance Officers of the Adviser and the Distributor shall each prepare and provide a written report to the Board of Trustees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provides a summary of any material violations
that occurred during the past year requiring significant remedial action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) describes any material procedural changes made
during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) describes any recommended material changes
to this Code or any related code or procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) certifies to the Board,
in the form provided in Exhibit G (or a similar form), that the Trust
or Adviser or Distributor has adopted procedures reasonably necessary to prevent Access Persons
from violating their respective codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Approval of Related Codes of Ethics</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Approval of Codes of Ethics of Any Investment Adviser</u>. The Board of Trustees, including a majority
of the Disinterested Trustees, must approve (a) the code of ethics of the Adviser and any new investment adviser or sub-adviser to a Fund
and (b) any material changes to those codes. Prior to approving a code of ethics for the Adviser or any new investment adviser or sub-adviser,
or any material change thereto, the Board of Trustees must receive a certification from such entity that it has adopted procedures reasonably
necessary to prevent Access Persons from violating its code of ethics. The Board of Trustees must approve the code of ethics of the Adviser
and any new adviser *before* initially retaining the services of such party. The Board of Trustees must approve a material change
to a code of ethics no later than six (6) months after adoption of the material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Approval of Codes of Ethics for any Distributor</u>. The Board of Trustees, including a majority of
the Disinterested Trustees, must approve (a) the code of ethics of the Distributor and any new principal underwriter for the Trust or
any Fund of the Trust and (b) any material changes to those codes. Prior to approving a code of ethics for the Distributor or any new
principal underwriter for the Trust or any Fund of the Trust, or any material change thereto, the Board of Trustees must receive a certification
from such entity that it has adopted procedures reasonably necessary to prevent Access Persons from violating its code of ethics. The
Board of Trustees must approve the code of ethics of the Distributor and any new principal underwriter for the Trust or any Fund of the
Trust *before* initially retaining the services of such party. The Board of Trustees must approve a material change to a code of
ethics no later than six (6) months after adoption of the material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices by Applicable Review Officer</u>. The Applicable Review Officer shall notify each Access Person
and Investment Personnel who may be required to preclear transactions and/or make reports pursuant to the Code that such person is subject
to the Code and shall deliver a copy of this Code to each such person. Any amendments to the Code shall be similarly furnished to each
such person

**F.**  **<u>Review and Sanctions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Review by Applicable Review Officer</u>. The Applicable Review Officer (or his or her delegate) shall from time to time review the reported securities transactions
of Access Persons for compliance with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Sanctions for Violations by Trustees, Executive Officers, and Other Access Persons (Other than Disinterested Trustees</u>). If any violation of this Code is determined to have occurred, the
Applicable Review Officer (or, with respect to material violations, the Board of Trustees, if they so choose) may impose sanctions and
take such other actions as he or she deems appropriate, including, among other things, requiring that the trades in question be reversed,
requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, issuing a suspension of personal trading rights
or suspension of employment (with or without compensation), imposing a fine, making a civil referral to the SEC, making a criminal referral,
and/or terminating employment for cause. All sanctions and other actions taken shall be in accordance with applicable employment laws
and regulations. Any profits or gifts forfeited shall be paid to the applicable Fund for the benefit of its shareholders or given to a
charity, as the Applicable Review Officer (or Board of Trustees) shall determine is appropriate. If
the Compliance Officer of the Advisor or the Distributor determines that a material violation of this Code has occurred, he or she shall
promptly report the violation to the Review Officer or the Chairman of the Board of Trustees. If the Review Officer determines that a
material violation of this Code has occurred, he or she shall promptly report the violation to the Chairman of the Board of Trustees.
All material violations of the Code and any sanctions imposed as a result thereto shall be reported at the next regularly scheduled meeting
to the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Sanctions for Violations by Disinterested Trustees</u>. If the
Review Officer determines that any Disinterested Trustee has violated, or apparently violated, this Code he or she shall so advise the
Disinterested Trustees (other than the person whose transaction is at issue) and shall provide such persons with the report, the record
of pertinent actual or contemplated portfolio transactions of any affected Fund and any additional information supplied by such person.
If a violation is determined to have occurred, the Disinterested Trustees (other than the person whose transaction is at issue), at their
option, shall either impose such sanctions as they deem appropriate or refer the matter to the full Board of Trustees, which shall impose
such sanctions as it deems appropriate.

**G.**  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Records</u>. The Trust, the Adviser and the Distributor shall
maintain records at their principal place of business in the manner and to the extent set forth below, which records may be maintained
electronically under the conditions described in Rule 31a-2(f) under the 1940 Act, and shall be available for examination by representatives
of the Securities and Exchange Commission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of this Code and any other code that is, or at any time within
the past five years has been, in effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a record of any violation of this Code, and of any action taken
as a result of such violation, shall be preserved in an easily accessible place for a period of not less than five years following the
end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy of each report made pursuant to this Code shall be preserved
for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a list of all persons who are required, or within the past five
years have been required, to make reports pursuant to this Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of each report to the Board of Trustees shall be preserved by the Trust for at least five years
after the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) maintain a record of any decision, and the reasons supporting the decision to approve the acquisition
by any Investment Personnel of shares in any IPO or Limited Offering for at least five years after the end of the fiscal year in which
the approval is granted, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other information as may be required by Rule 17j-1(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Confidentiality</u>. All reports of securities transactions and
any other information filed pursuant to this Code shall be treated as confidential, except that the same may be disclosed to the Board
of Trustees, to any regulatory or selfregulatory authority or agency upon its request, or as required by law or court or administrative
order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Amendment; Interpretation of Provisions</u>. The Board of Trustees
may from time to time amend this Code or adopt such interpretations of this Code, as it deems appropriate.

**<u>EXHIBIT A</u>**

**CODE OF ETHICS**

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**Initial Holdings Report**

As of the below date, I held the following position in these securities in which I may be deemed to have a direct or indirect Beneficial Ownership, and which are required to be reported pursuant to the Trust's Code of Ethics:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Security or Account name\*</u>** | &nbsp;&nbsp;**No. of<br> <u>Shares</u>** | &nbsp;&nbsp; **Principal**<br> **<u>Amount</u>** | &nbsp;&nbsp; **Broker/Dealer or<br> Bank Where** <br> **<u>Account is Held</u>** |

---

*\* All accounts must be listed (including Non-Covered Securities).*

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transaction not required to be reported because such securities are exclude form the definition of "Covered Security" under the Trust's Code of Ethics, and (iii) is not an admission that I have or had any direct or indirect Beneficial Ownership in the securities listed above.

---

| | |
|:---|:---|
| Date: | Signature: |
|  | Print Name: |
|  | Reviewed By: |

---

**<u>EXHIBIT B</u>**

**CODE OF ETHICS**

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**Securities Transaction Report**

For the Calendar Quarter Ended: ______________________________

(mo./day/yr.)

During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transaction acquired, direct or indirect Beneficial Ownership, and which are required to be reported pursuant to the Trust's Code of Ethics.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>**<u>Security</u>** | &nbsp;&nbsp; <br>**Price of the<br> <u>Transaction</u>** | &nbsp;&nbsp; <br>**Date of the <br> <u>Transaction</u>** | &nbsp;&nbsp;**No. of<br> Shares and<br> Principal<br> Amount of <br> <u>the Security</u>** | &nbsp;&nbsp; <br> **Nature of<br> Transaction<br> (Purchase, <br> <u>Sale, Other)</u>** | &nbsp;&nbsp; <br> **Broker-Dealer or<br> Bank Through Whom <br> <u>Effected</u>** |

---

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transaction not required to be reported because such securities are excluded from the definition of "Covered Security" under the Trust's Code of Ethics, and (iii) is not an admission that I have or had any direct or indirect Beneficial Ownership in the securities listed above.

---

| | |
|:---|:---|
| Date: | Signature: |
|  | Print Name: |
|  | Reviewed By: |

---

**<u>EXHIBIT C</u>**

**CODE OF ETHICS**

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**Account Establishment Report**

For the Calendar Quarter Ended: _____________________

(mo./day/yr.)

During the quarter referred to above, the following accounts were established for securities in which I may be deemed to have a direct or indirect Beneficial Ownership, and is required to be reported pursuant to the Trust's Code of Ethics:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Broker/Dealer or**<br> **Bank Where**<br> **Account Was**<br> **<u>Established</u>** | &nbsp;&nbsp; **Date** <br> **Account Was**<br> **<u>Established</u>** |

---

---

| | |
|:---|:---|
| Date: | Signature: |
|  | Print Name: |
|  | Reviewed By: |

---

**<u>EXHIBIT D</u>**

**CODE OF ETHICS**

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**Annual Holdings Report**

As of December 31, ___, I held the following positions in securities in which I may be deemed to have a direct or indirect Beneficial Ownership, and which are required to be reported pursuant to the Trust's Code of Ethics:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Security or Account name\*</u>** | &nbsp;&nbsp;**No. of<br> <u>Shares</u>** | &nbsp;&nbsp; **Principal**<br> **<u>Amount</u>** | &nbsp;&nbsp; **Broker/Dealer or<br> Bank Where**<br> **<u>Account is Held</u>** |

---

*\* All accounts must be listed (including Non-Covered Securities).*

This report is not an admission that I have or had any direct or indirect Beneficial Ownership in the securities listed above.

---

| | |
|:---|:---|
| Date: | Signature: |
|  | Print Name: |
|  | Reviewed By: |

---

**<u>Exhibit E</u>**

**FORM OF BROKERAGE LETTER**

[Date]

[Broker Name]

[Address]

**RE: Account No. __________________________ Account Name _____________________**

Dear [Name]

As of [Date], please send to [ ], a duplicate confirmation of each transaction in the above-named account and the monthly brokerage account statement for the above-named account.

Please mail the confirmations and account statements to:

[ ]

[ ]

[ ]

Attention: Compliance Officer/Review Officer

Thank you for your prompt attention to this matter.

Sincerely,

[Name]

cc: Compliance Officer/Review Officer

**<u>EXHIBIT F</u>**

**CODE OF ETHICS**

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**Annual Certificate Of Compliance**

For the Calendar Year Ended: _________________________

(mo./day/yr.)

As an Access Person as defined in the Brown Capital Management Mutual Funds' Code of Ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code"), I hereby certify that I have read and understand the Code, recognize that I am subject to the Code, and intend to comply with the Code. I further certify that, during the calendar year specified above, and since my last Certificate of Compliance under the Code, I have complied with the requirements of the Code and have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code.

______________________________

Signature

______________________________

Name (Please Print)

______________________________

Date

**<u>Exhibit G</u>**

**BROWN CAPITAL MANAGEMENT MUTUAL FUNDS**

**ADOPTION OF PROCEDURES PURSUANT TO RULE 17j-1 OF**

**THE INVESTMENT COMPANY ACT OF 1940**

Pursuant to Rule 17j-1(c) under the Investment Company Act of 1940, as amended, ____________________________ does hereby certify that it has adopted procedures reasonably necessary to prevent "Access Persons" from violating its Code of Ethics.

IN WITNESS WHEREOF, of the undersigned Compliance Officer has executed this certificate as of _______________, ______.

__________________________

[Name]

__________________________

[Title]

**<u>SCHEDULE 1</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>FUNDS</u>** | &nbsp;&nbsp;**<u>ADVISER/S</u>** |
|  | &nbsp;&nbsp;Brown Capital Management, LLC |
| &nbsp;&nbsp;Brown Capital Management Small Company Fund |  |
| &nbsp;&nbsp;Brown Capital Management International Equity Fund |  |
| &nbsp;&nbsp;Brown Capital Management International Small Company Fund |  |

---

## Ex-99.(P)(2)

[Brown Capital Management Mutual Funds 485BPOS](bcm-485bpos_072925.htm)

**Exhibit 99(p)(2)**

![](ex99p1001.jpg)

THE CODE OF ETHICS

For

Brown Capital Management, LLC

INCLUDING:

**STATEMENT OF CONDUCT OF BROWN CAPITAL MANAGEMENT, LLC**

**STATEMENT OF POLICY ON SECURITIES TRANSACTIONS**

**STATEMENT OF POLICY ON INSIDER TRADING**

**AND**

**STATEMENT OF POLICY ON POLITICAL CONTRIBUTIONS**

![](ex99p1002.jpg)

EXECUTIVE SUMMARY OF CHANGES TO THE CODE OF ETHICS

The Ethics Committee of Brown Capital Management, LLC approved the following changes to the Code of Ethics:

1. The
 addition of the term "disclosable" to clarify the meaning of reportable in
 the context of personal trading securities accounts. Disclosable means something can
 be made known or public. In the context of this Code of Ethics, all securities accounts
 must be disclosed in Star Compliance, including accounts that are deemed not "reportable"
 for the purpose of providing duplicate statements or trade confirmations. (Page 5)

2. The
 addition of a certification to confirm compliance with BCM's policy on Electronic
 Communications. (Page 9)

3. A
 progressive discipline policy to address the timely completion of periodic certifications.
 (Page 10)

4. Language
 pertaining to trades not subject to pre-clearance was changed:

From:

Daily purchases/sales of securities of $50,000 or less with a market cap of $1 billion or more, are not subject to the pre-clearance rules or any other rules as stated in this section of the Code of Ethics. Purchases/sales of securities greater than $50,000 or a market cap below $1 billion requires the pre-clearance approval process. While approval for these securities is not required, please submit a listing of trades to Fairview on trade date for monitoring purposes unless trades were entered into the StarCompliance System."

To:

Only purchases or sales of securities less than $50,000 in principal and with a market cap of $1 billion or more, are not subject to the pre-clearance rules or any other rules as stated in this section of the Code of Ethics. However, for securities not subject to pre-clearance requirements, employees must submit the details of the trade into the StarCompliance System within a reasonable time post-trade. (Section IV, B.2.f; Page 21)

5. The
 requirement to pre-clear trading in BCM mutual funds was terminated. For historical context,
 pre- clearance for BCM funds was instituted to monitor employee trades in BCM funds,
 which can now be accomplished within StarCompliance. (Page 23)

6. Express
 language was added to make clear that securities which don't require pre-clearance
 count towards the ten (10) trades per month limit. For historical context, the spirit
 of this policy is to prevent employees from spending excessive amounts of time trading
 instead of their BCM responsibilities. (Page 23)

7. The
 expiration of pre-clearance approvals for personal trading requests was changed from
 ONE (1) business day to THREE (3) business days to include the date of approval. (Page
 23)

8. Express
 language was added to make clear that securities not held in client accounts are not
 exempt from pre-clearance requirements. (Page 26)

Updated 4/1/2025 2

![](ex99p1002.jpg)

**TABLE OF CONTENTS**

I. DEFINITIONS 4

II. GENERAL
 POLICY STATEMENT 7

&nbsp;&nbsp;&nbsp;&nbsp;A. PURPOSE
 AND SCOPE OF THE CODE OF ETHICS 7

&nbsp;&nbsp;&nbsp;&nbsp;B. APPLICABILITY 7

&nbsp;&nbsp;&nbsp;&nbsp;C. FIDUCIARY
 REPSONSIBILITIES 7

&nbsp;&nbsp;&nbsp;&nbsp;D. LIMITED
 SCOPE 7

&nbsp;&nbsp;&nbsp;&nbsp;E. RESPONSIBILITIES 7

&nbsp;&nbsp;&nbsp;&nbsp;F. PERIODIC
 CERTIFICATIONS 8

&nbsp;&nbsp;&nbsp;&nbsp;G. FAILURE
 TO COMPLETE CERTIFICATIONS 10

III. STATEMENT
 OF CONDUCT OF BROWN CAPITAL MANAGEMENT 11

&nbsp;&nbsp;&nbsp;&nbsp;A. COMPLIANCE
 WITH LAWS AND REGULATIONS 11

&nbsp;&nbsp;&nbsp;&nbsp;B. CONFLICTS
 OF INTEREST 11

&nbsp;&nbsp;&nbsp;&nbsp;C. OUTSIDE
 BUSINESS ACTIVITIES 12

&nbsp;&nbsp;&nbsp;&nbsp;D. CONFIDENTIALITY 13

&nbsp;&nbsp;&nbsp;&nbsp;E. ANNUAL
 REPORTS AND RECORDS RETENTION 15

&nbsp;&nbsp;&nbsp;&nbsp;F. MISCELLANEOUS
 POLICIES, PROCEDURES AND PROHIBITIONS 16

&nbsp;&nbsp;&nbsp;&nbsp;G. PENALTY
 GUIDELINES 18

IV. STATEMENT
 OF POLICY ON SECURITIES TRANSACTIONS 20

&nbsp;&nbsp;&nbsp;&nbsp;A. BACKGROUND
 INFORMATION 20

&nbsp;&nbsp;&nbsp;&nbsp;B. OVERVIEW 20

&nbsp;&nbsp;&nbsp;&nbsp;C. DISCLOSURE
 OF CONFLICTS 22

&nbsp;&nbsp;&nbsp;&nbsp;D. TRADING
 ACTIVITY 22

&nbsp;&nbsp;&nbsp;&nbsp;E. PRE-CLEARANCE 22

&nbsp;&nbsp;&nbsp;&nbsp;F. OTHER
 TRADING RULES 24

&nbsp;&nbsp;&nbsp;&nbsp;G. REPORTING
 REQUIREMENTS 25

&nbsp;&nbsp;&nbsp;&nbsp;H. MISCELLANEOUS
 RULES REGARDING PERSONAL 29

V. STATEMENT
 OF POLICY ON INSIDER TRADING 31

&nbsp;&nbsp;&nbsp;&nbsp;A. BACKGROUND
 INFORMATION 31

&nbsp;&nbsp;&nbsp;&nbsp;B. BASIC
 CONCEPTS OF INSIDER TRADING 31

&nbsp;&nbsp;&nbsp;&nbsp;C. BCM
 POLICY ON INSIDER TRADING 34

&nbsp;&nbsp;&nbsp;&nbsp;D. PROCEDURES
 TO BE FOLLOWED WHEN RECEIVING MATERIAL, NON-PUBLIC INFORMATION 35

&nbsp;&nbsp;&nbsp;&nbsp;E. PENALTIES 35

&nbsp;&nbsp;&nbsp;&nbsp;F. EDUCATION
 PROGRAM 36

VI. STATEMENT
 OF POLICY ON POLITICAL CONTRIBUTIONS 37

&nbsp;&nbsp;&nbsp;&nbsp;A. BACKGROUND
 INFORMATION 37

&nbsp;&nbsp;&nbsp;&nbsp;B. POLICY 37

&nbsp;&nbsp;&nbsp;&nbsp;C. SOLICITATION
 AND IN-KIND DONATIONS 38

&nbsp;&nbsp;&nbsp;&nbsp;D. RECORDKEEPING
 REQUIREMENT 39

&nbsp;&nbsp;&nbsp;&nbsp;E. RESPONSIBILITY 39

&nbsp;&nbsp;&nbsp;&nbsp;F. PROCEDURE 39

Updated 4/1/2025 3

![](ex99p1002.jpg)

I. DEFINITIONS

The following definitions are used throughout this document. Covered Persons are responsible for reading and being familiar with each definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "Access Person" is defined as a "supervised person" who: a) has access to non- public information regarding any clients' purchase or sale of securities; or b) is involved in making recommendations; or c) has access to recommendations that are non-public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Advisory
 Person" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any employee of Brown Capital Management (or of any company in a control relationship to Brown Capital Management) who in connection with his or her regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of securities by Funds, or whose functions relate to the making of any recommendations with respect to such purchases and sales, or who is a registered Investment Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any natural person in a control relationship to the Funds or Brown Capital Management who obtains information concerning recommendations made to the Funds or for the account of clients regarding the purchase or sale of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "BCM"
 is Brown Capital Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "Beneficial Ownership" shall be interpreted in the same manner as it would be under Rule 16a- 1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act") in determining whether a person is subject to the provisions of Section 16, except that the determination of direct or indirect Beneficial Ownership shall apply to all securities which an Access Person has or acquires. For example, in addition to a person's own accounts, the term "Beneficial Ownership" encompasses securities held in the name of a spouse or equivalent domestic partner, minor children, a relative sharing the home of that person, or certain trusts under which that person or a related party is a beneficiary, or held under other arrangements indicating a sharing of financial interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "Board
 of Directors" means the Board of Directors of BCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "Chief Compliance Officer" (CCO) means an individual designated by the Board of Directors to review and evaluate regulatory and ethical issues for the Company and ensure compliance with this Code of Ethics and the applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "Company"
 shall mean Brown Capital Management (BCM)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act of 1940 (the "'40 Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "Covered Persons" are all officers, and full-time, part-time or temporary employees of BCM, or employees of BCM on a "leave of absence" and persons working at BCM on a contract basis. Immediate family members living in the employee's household may also be considered Covered Persons with respect to personal securities reporting requirements.

Updated 4/1/2025 4

![](ex99p1002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "Covered Securities" are securities the Access Person has, or acquires, any direct or indirect beneficial ownership which would generally include all securities such as any stock, bond, future, investment contract or any other obligation involving a security or index thereof, including an instrument whose value is derived or based on any of the above (a "derivative"). The term "covered security" is very broad and includes items you might not ordinarily think of as "securities," such as: Options on securities, on indexes, and on currencies; All kinds of limited partnerships; closed-end funds, ETFs, Foreign unit trusts and foreign mutual funds; and Private investment funds, hedge funds, and investment clubs. The term Covered Security includes any separate security, which is convertible into or exchangeable for, or which confers a right to purchase such security.

The following investments are not Covered Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Shares
 issued by any open-end mutual fund including BCM Mutual funds. BCM funds purchases/sales
 are no longer required to be submitted to the CCO for pre-approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Direct
 obligations of the U.S. government (e.g., Treasury securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Banker's
 acceptances, bank certificates of deposit, commercial paper, short term debt instruments
 including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Shares
 issued by money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Transactions
 in units of unit investment trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. "Disclosable" means something can be made known or public. In the context of this Code of Ethics, all securities accounts must be disclosed in Star Compliance, including accounts that are deemed not "reportable" for the purpose of providing duplicate statements or trade confirmations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. "Ethics Committee" means a committee of persons designated by the Management Committee, which shall meet to evaluate certain ethical issues referred to the committee by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. "FINRA"
 is the Financial Industry Regulatory Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. "FINRA Rule 5130" – replaces the free-riding and withholding interpretation. The rule is designed to protect the integrity of the offering process by ensuring that broker/dealers make a bona fide offering of securities at the public offering price, do not withhold securities in a public offering for their own benefit or use the securities to reward persons who could otherwise direct business to them and that other industry insiders do not take advantage of their "insider" position to purchase new issues for their own benefit at the expense of public customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. "Funds" are the BCM Small Company Fund, BCM Mid Company Fund, and BCM International Equity Fund, and the International Small Company Fund and any other funds for which BCM acts as an investment adviser.

Updated 4/1/2025 5

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. "Inside Directors" are members of the Board of Directors who are also employed by BCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. "Investment Personnel" shall mean (i) a person who makes decisions regarding the purchase or sale of securities by or on behalf of BCM clients and any person such as an analyst or trader who directly assists in the process, and (ii) any natural person who controls BCM and who obtains information concerning recommendations made to Funds regarding the purchase or sale of securities by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. "Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933 (the "Securities Act") pursuant to section 4(2) or section 4(6) or pursuant to rule 504, rule 505 or rule 506 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. "Non-Access Person" is any person that is not an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. "Outside Directors" are members of BCM's Board of Directors who are not employed by BCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. "Reportable" means something that should be reported officially. In the context of this Code of Ethics, securities accounts that are not mutual fund only accounts or not accounts in which the Covered Person has given discretionary trading authority to an account manager must report holdings and transactions to BCM through StarCompliance by either regularly scheduled paper statements or electronic feed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. "SEC" is the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. "Security Held or to be Acquired" means any Covered Security which, within the most recent 15 days (i) is or has been held by the Funds; or (ii) is being or has been considered by the Funds for purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y. "Short Sales" – the sale of a stock you do not own. Investors, who sell short, believe the price of the stock will go down. If the price drops, you can buy the stock at the lower price and make a profit. If the price of the stock rises and you buy it back later at the higher price, you incur a loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z. "Supervised Person" is defined as: a) Brown Capital Management's officers; b) employees; and c) any other person who provides advice on behalf of Brown Capital Management and is subject to Brown Capital Management's supervision and control.

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II. GENERAL
 POLICY STATEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Purpose and Scope of The Code of Ethics** 

The purpose of The Code of Ethics is to help preserve the Company's most valuable asset - the reputation of Brown Capital Management and its employees.

In recognition of Brown Capital Management's commitment to maintain the highest standards of professional conduct and ethics, the firm's Board of Directors has adopted this Code of Ethics, which is composed of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Statement
 of Conduct of Brown Capital Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Statement
 of Policy on Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Statement
 of Policy on Insider Trading and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Statement
 of Policy on Political Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Applicability** 

All Covered Persons are subject to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Fiduciary Responsibilities** 

Simply stated, the primary responsibility of Brown Capital Management as an investment adviser is to render clients, on a professional basis, unbiased and continuous advice regarding their investments. As an investment adviser, Brown Capital Management has a fiduciary relationship with all clients, which means that the Company and its employees have an absolute duty of undivided loyalty, fairness and good faith toward clients and Fund shareholders. It has a corresponding obligation to refrain from taking any action or seeking any benefit which would, or which would appear to, prejudice the rights of any client or shareholder or conflict with a client's or shareholder's best interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Limited
 Scope

This Code of Ethics does not cover all policies, Codes of Ethics and regulations to which Covered Persons may be subject. Covered Persons, as members of various securities or other professional associations, may be subject to other Codes of Ethics in addition to this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Responsibilities

Covered Persons are required to read and retain this Code of Ethics and to certify receipt to the Chief Compliance Officer using StarCompliance, Brown Capital Management's web-based compliance solutions platform, upon commencement of employment or other services. All Covered Persons will receive all amendments to this Code of Ethics. At such time, each Covered Person must certify receipt to the Chief Compliance Officer through StarCompliance.

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Strict compliance with the Code of Ethics is considered a basic condition of employment with the firm. Breach of the Code of Ethics may result in the surrender of all profits realized on a personal securities transaction. In addition, any breach of the Code of Ethics may constitute grounds for disciplinary action, including dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Periodic
 Certifications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Quarterly</u> 

All Covered Persons must complete a certification within StarCompliance no later than thirty (30) days following the end of each calendar quarter. The quarterly certification consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Brokerage
 Account Attestation- confirms whether all brokerage accounts are disclosed correctly,
 whether any accounts were opened or closed within the quarter, and whether any accounts
 are classified as "discretionary accounts".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Private
 Investments Attestation- confirms that all private investments have been vetted and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Code
 of Ethics Attestation- confirms the Covered Person has complied with and will continue
 to comply with the requirements of the Code of Ethics and has disclosed or reported all
 personal securities transactions required to be disclosed or reported pursuant to the
 Code of Ethics. Moreover, the Covered Person agrees to promptly report to the Chief Compliance
 Officer or designee any violation or possible violation of the Code of Ethics of which
 they become aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Annual</u> 

All Covered Persons must complete a certification within StarCompliance no later than thirty (30) days following the end of each calendar year. The quarterly certification consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Code
 of Ethics Receipt- acknowledges receipt of the current Code and any applicable amendments.
 It also requires the Covered Person to attest to having read/re-read, to understanding,
 and being subject to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Compliance
 Manual Receipt- acknowledges receipt of the current Compliance Manual and any applicable
 amendments. It also requires the Covered Person to attest to having read/re-read, to
 understanding, and being subject to the Compliance Manual.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Annual
 Custody Certification Form- confirms the Covered Person has read the rules relating to
 the custody of client assets and certifies compliance with each rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Annual
 Holdings/Broker Accounts Report – confirms all brokerage accounts held for the
 direct or indirect benefit of the Covered Person or an immediate family member have been
 reported to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Annual
 Holdings/Broker Accounts Attestation- confirms whether all brokerage accounts are disclosed
 correctly, whether any accounts were opened or closed within the quarter, and whether
 any accounts are classified as "discretionary accounts".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Private
 Investments Attestation- confirms that all private investments have been vetted and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Political
 Activity Report and Attestation- confirms whether all legitimate political activities
 and contributions have been disclosed and approved by the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Outside
 Business Activity Report and Attestation- confirms whether Any employment or other outside
 activity has been reviewed and approved by the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Social
 Media Attestation- indicates whether the Covered Person uses Social Media on behalf of
 the Adviser and certifies they have complied with and will continue to comply with the
 Social Media policies and procedures set forth in the Compliance Manual

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Privacy
 Policy Attestation- certifies the Covered Person has read and understands the Privacy
 Policy in its entirety and will comply with its requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Annual
 Receipt of the Security and Confidentiality Policies- certifies the Covered Person understands
 and has adhered to these policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Insider
 Trading Attestation- certifies the Covered Person has received, read and understands
 the policies and procedures set forth in the current Compliance Manual regarding Insider
 Trading and the handling of material, non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Affiliate
 Questionnaire- confirms whether the Covered Person has been subject to legal or
 regulatory disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Business
 Communications Certification- Certifies that the Covered Person did not conduct business
 through non-firm systems, such as personal emails or text messaging that are not captured
 by the Adviser

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Failure
 to Complete Certifications

The Code of Ethics (COE) is a representation of the culture of compliance within our firm. Any violation of the COE is subject to disciplinary action as deemed appropriate by the Ethics Committee. Periodic certifications of compliance with the COE must be taken seriously and completed on time by all covered persons. Failure to complete certifications in a timely manner may be addressed according the following schedule of discipline:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon
 the first violation, in which a certification is not completed by the due date, the employee
 shall be subject to a management discussion to include counseling/coaching on the importance
 of timely completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon
 the second violation, in which a certification is not completed by the due date, the
 employee shall be subject to a formal Verbal and/or Written Warning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon
 the third violation, in which a certification is not completed by the due date, the employee
 shall be subject to a permanent written memo to their personnel file and a monetary fine
 to be determined by the Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For
 any subsequent violation, the Ethics Committee will consider further disciplinary actions,
 including recommendations up to and including termination, based upon the facts and circumstances
 of the situation.

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III. STATEMENT
 OF CONDUCT OF BROWN CAPITAL MANAGEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. COMPLIANCE
 WITH LAWS AND REGULATIONS

All Covered Persons must comply with applicable federal securities laws.

In connection with the purchase or sale of a security held or to be purchased by a client, either directly or indirectly, Covered Persons are not permitted to defraud, mislead, omit material facts, engage in any act, practice or conduct which operates as a fraud, engage in any manipulative practice with respect to client or securities, including price manipulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. CONFLICTS
 OF INTEREST

BCM has a fiduciary relationship with all clients, which means that the Company has an absolute duty of undivided loyalty, fairness and good faith towards all clients and Fund shareholders. This duty imposes an obligation on all BCM personnel to refrain from taking any action or seeking any benefit which would, or which would appear to, prejudice the rights of any client or shareholder or conflict with the client's or shareholder's best interests. Covered Persons under this Code of Ethics are expected to conduct their affairs in a manner which serves to promote and enhance the reputation of BCM. While achieving this result usually involves nothing more than the exercise of good judgment, set forth below is a discussion of guidelines BCM expects Covered Persons to follow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Relationships
 with Profit-making Enterprises, Including Investment Clubs

A conflict may occur when Covered Persons: are employed by another financial services firm, directly or as a consultant; have a direct financial interest in another firm; have an immediate family financial interest in another firm; or are directors, officers or partners of another firm.

Covered Persons sometimes serve as directors, officers, partners, or in other capacities with profit-making enterprises not related to BCM or the Funds. Covered Persons are generally prohibited from serving as officers or directors of publically traded corporations. Covered Persons, prior to accepting an appointment to a Board, must request permission to serve in this capacity from the Ethics Committee and/or CCO. If approval is obtained, the employee may then serve in this capacity.

A Covered Person who is contemplating obtaining an interest that might conflict or appear to conflict with the interests of BCM, such as accepting an appointment as a director, officer or partner of an outside profit-making enterprise or forming or participating in a stock or investment club, must receive the prior approval of the CCO. Upon review by the CCO, the Covered Person will be advised of the decision. In addition, transactions through investment clubs are subject to the firm's Securities Transactions Policy. Decisions by the CCO regarding outside directorships in profit-making enterprises will be reviewed by the Ethics Committee before becoming final.

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Covered Persons may serve as directors or as members of committees or the board of directors or in similar positions for non-public, for-profit entities in connection with their professional activities at BCM. Covered Persons must obtain the permission of the CCO before accepting such a position and must relinquish the position if the entity becomes publicly held, unless otherwise determined by the CCO or Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. OUTSIDE
 BUSINESS ACTIVITIES ("OBA")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reporting Requirements</u> 

Outside activities, which must be reviewed and approved, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Being
 employed or compensated by any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Engaging
 in any other business including part-time, evening or weekend employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Serving
 as an officer, director, partner, etc., in any other entity, other than non-profit enterprises
 (see below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Ownership
 interest in any non-publicly traded company or other private investments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any
 public speaking or writing activities.

Covered Persons must obtain approval for any of the above activities <u>before</u> undertaking any such activity to confirm the activities do not interfere with any of the employee's responsibilities at the firm and any conflicts of interests in such activities may be addressed. An employee seeking approval should provide sufficient information to BCM's CCO for presentation to the management committee to determine whether the activity should be allowed. Employees should submit an OBA approval request form in StarCompliance. The information needed for the approval process would generally include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 name and address of the outside business organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A
 description of the business of the organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A
 description of the activities to be performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 amount of time per month that will be spent on the outside activity.

Records of requests for approval along with the reasons such requests were granted or denied are maintained by the CCO. Where a BCM employee has been granted permission to engage in outside activities within the investment management industry, that employee must still:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Treat
 as proprietary and confidential any information learned as a result of his or her BCM
 duties, and;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comply
 in all respects with BCM's compliance procedures and applicable codes of ethics,
 including, without limitation, providing to BCM all necessary transactions and holdings
 reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Service
 with non-profit-making enterprises

BCM encourages Covered Persons to become involved in community programs and civic affairs. However, Covered Persons should not permit such activities to affect the performance of their job responsibilities. A Covered Person's service as a member of the Board of a non-profit- making enterprise will preclude BCM from entering into an adviser relationship with such enterprise. Any exceptions must be approved by the BCM Management Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Relationships
 with Financial Service Firms

To avoid any actual or apparent conflicts of interest, Covered Persons are generally prohibited from investing in or entering into any relationship, either directly or indirectly, with corporations, partnerships, or other entities which are engaged in business as a broker, a dealer, an underwriter, and/or an investment adviser. This, however, is not meant to prevent Covered Persons from purchasing publicly traded securities of broker/dealers, investment advisers or other companies engaged in the mutual fund industry. Of course, all such purchases are subject to normal prior clearance and reporting procedures, set forth elsewhere in this Code of Ethics. This policy does not preclude a Covered Person from engaging an outside investment adviser to manage his or her assets.

If any member of a Covered Person's immediate family is employed by, has a partnership interest in, or has an equity interest of 0.5% or more in a broker/dealer, investment adviser or other company engaged in the mutual fund industry, such relationship must be reported to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. CONFIDENTIALITY

The exercise of confidentiality extends to four major areas of Company operations: internal operating procedures and planning; clients and mutual fund shareholders; investment advice; and investment research.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Internal Operating Procedures and Planning</u> 

During the years BCM has been in business, a great deal of creative talent has been used to develop specialized and unique methods of operations and portfolio management. In many cases, the Company believes these methods give BCM an advantage over competitors, and the Company does not want these ideas disseminated outside the firm. Accordingly, Covered Persons should be guarded in discussing BCM business practices with outsiders. Any requests from outsiders for specific information of this type should be cleared by a supervisor before it is released.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Clients and Brown Capital Management Mutual Fund Shareholders</u> 

In many instances, when clients subscribe to Company services, they are asked to disclose fully their financial status and needs. This is done only after assurances have been provided that every member of BCM will hold this information in the strictest of confidences. It is essential that all Covered Persons respect and honor this trust. A simple rule for Covered Persons to follow is that the names of clients or Fund shareholders or any information pertaining to client investments must never be divulged to anyone outside the firm, not even to immediate family members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Investment Advice</u> 

Because of the fine reputation BCM enjoys, there is a great deal of public interest in what the Company is doing in the market. There are two major considerations that dictate why Covered Persons must not provide investment "tips":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. From
 the point of view of BCM clients, it is not fair to give other people information which
 clients must purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. From
 the point of view of BCM, it is not desirable to create an outside demand for a stock
 when that stock is being purchased for clients. This will only serve to push the price
 of the stock up. The reverse is true if the Company is selling the stock.

The practice of giving investment advice informally to family members should be restricted to very close relatives. Any transactions resulting from such advice are subject to the prior approval and reporting requirements of the Securities Transactions Policy. Under no circumstances should a Covered Person receive compensation directly or indirectly (other than from BCM) for rendering advice to either clients or non-clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Investment Research</u> 

Any report circulated by a research analyst with the word "confidential" stamped on the first page is confidential in its entirety and should not be reproduced or shown to anyone outside of BCM, except for clients where appropriate.

Covered Persons must use care in disposing of any confidential records or correspondence.

Confidential material that is to be discarded must be shredded.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. ANNUAL
 REPORTS AND RECORDS RETENTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reports to the Funds</u> 

The CCO shall prepare a written report to the Board of Directors of the Funds at least annually. The written report shall include any certification required by Rule 17j-1 of the '40 Act. This report shall set forth the following information, and shall be confidential:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Copies
 of the Code of Ethics, as revised, including a summary of any changes made since the
 last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Identification
 of any material issues arising under the Code of Ethics including material violations
 requiring significant remedial action since the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Identification
 of any material conflicts that arose since the last report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Recommendations,
 if any, regarding changes in existing restrictions or procedures based upon BCM's experience
 under the Code of Ethics, evolving industry practices, or developments in applicable
 laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Record Retention</u> 

The CCO shall maintain the following records on behalf of BCM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A
 copy of this Code of Ethics and any amendment thereof which is or at any time within
 the past five years has been in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A
 record of any violation of this Code of Ethics, or any amendment thereof, and of any
 action taken because of such violation, for the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Files
 for personal securities transaction confirmations and account statements, all reports
 and other forms submitted by Covered Persons pursuant to this Code of Ethics and any
 other pertinent information, for the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A
 list of all persons who are, or have been, required to submit reports pursuant to this
 Code of Ethics for the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. A
 list of persons who are, or within the last five years have been responsible for, reviewing
 transaction and holdings reports. A copy of each report made to the Funds pursuant to
 this Code of Ethics for the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. A
 record of any decision, and the reasons supporting that decision, to approve the acquisition,
 by Investment Persons, of securities through an Initial Public Offering or Limited Offering
 for the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Inspection</u> 

The records and reports maintained by the CCO pursuant to the Code of Ethics shall always be available for inspection, without prior notice, by any member of the Board of Directors. These records and reports will also be made available to the SEC for reasonable, periodic, special or other examination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Confidentiality</u> 

All procedures, reports and records monitored, prepared or maintained pursuant to these Code of Ethics shall be considered confidential and proprietary to BCM and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than to members of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. MISCELLANEOUS
 POLICIES, PROCEDURES AND PROHIBITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Illegal Payments</u> 

State, federal and foreign laws prohibit the payment of bribes, kickbacks or other illegal gratuities or payments by or on behalf of BCM. BCM, through its policies and practices, is committed to comply fully with these laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Protection of Corporate Assets</u> 

Covered Persons are responsible for taking measures to ensure that BCM's assets are properly protected. This responsibility not only applies to Company business facilities, equipment and supplies, but also to intangible assets such as: proprietary, research or marketing information; corporate trademarks and service marks; and copyrights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Quality of Services</u> 

It is a continuing policy of BCM to provide investment products and services which: (1) meet applicable laws, regulations and industry standards; (2) are offered to the public in a manner which ensures that each client/shareholder understands the objectives of each investment product selected; and (3) are properly advertised and sold in accordance with all applicable SEC, state and FINRA rules and regulations.

The quality of BCM's investment products and services and operations enhances the firm's reputation, productivity, profitability and market position. BCM's goal is to be a quality leader and to create conditions that allow and encourage all Covered Persons to perform their duties in an efficient, effective manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Record Retention</u> 

Under various federal and state laws and regulations, BCM is required to produce, maintain and retain various records, documents and other written communications. All Covered Persons shall comply with the reporting requirements set forth in the Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Responsibility to Report Violations</u> 

Every Covered Person who becomes aware of a violation of this Code of Ethics is encouraged to report, on a confidential basis, the violation to the CCO. It is BCM's policy that no adverse action will be taken against any Covered Person who reports a violation in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Service as Trustee, Executor or Personal Representative</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Speaking Engagements and Publications</u> 

Covered Persons are often asked to accept speaking engagements about investments, finance, or their own specialty within BCM. This is encouraged by the firm, as it enhances firm public relations, but Covered Persons should obtain approval from their supervisor before accepting such requests.

Before making any commitment to write or publish any article or book on a subject related to investments or work at BCM, a Covered Person should obtain approval from their supervisor and submit a draft to Compliance for review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Trading in Securities with Material, Non-Public Information</u> 

The purchase or sale of securities while in possession of material, non- public information is strictly prohibited by state and federal laws. Information is considered inside and material if it has not been publicly disclosed and is sufficiently important so that it may be reasonably expected to affect the decision of a reasonable person to buy, sell or hold stock in a company. Under no circumstances may a Covered Person transmit such information to any other person, except to other Covered Persons who are required to be kept informed on the subject. All Covered Persons should read carefully and understand fully the Insider Trading Policy included elsewhere in this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Understanding as to Clients' Accounts and Company Records at Time of Covered Person's Termination</u> 

The accounts of clients and Fund shareholders are the sole property of BCM. This applies to all clients for whom BCM acts as investment adviser, regardless of how or through whom the client relationship originated and regardless of who may be the counselor for a particular client. At the time of termination of employment with BCM, a Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Surrender
 to BCM in good condition all materials, reports or records (including all copies in possession
 or subject to the control of the Covered Person) developed by the Covered Person or any
 other person which are considered confidential information of BCM (except copies of any
 research material in the production of which the Covered Person participated to a material
 extent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Refrain
 from communicating, transmitting or making known to any person or firm any information
 relating to any materials or matters whatsoever which are considered by BCM to be confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Internal Use</u> 

This Code of Ethics is intended solely for internal use by BCM and does not constitute admission, by or on behalf of the Company, its controlling persons or persons they control, as to any fact, circumstance or legal conclusion. This Code of Ethics is not intended to evidence, describe or define any relationship of control between or among any persons. Further, this Code of Ethics is not intended to form the basis for describing or defining any conduct by a person that should result in such person being liable to any other person. However, the conduct of such person in violation of the Code of Ethics may constitute sufficient cause for BCM to terminate or otherwise adversely affect such person's relationship with BCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Questions Regarding the Code of Ethics</u> 

All questions regarding the Code of Ethics should be directed to BCM's CCO. In situations requiring interpretation of this Code of Ethics, the CCO will consult with, or refer the matter to, the Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. PENALTY
 GUIDELINES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Overview</u> 

Covered Persons who violate any of the requirements, restrictions, or prohibitions of the Code of Ethics may be subject to sanctions imposed by the Ethics Committee.

Upon learning of a potential deviation from, or violation of the Code of Ethics, the CCO will review and investigate the matter. The CCO, at his or her discretion, may present the matter to the Ethics Committee for further review, investigation and evaluation. The CCO and/or Ethics Committee, upon review and investigation, will either conclude that there was no violation or deviation from the Code of Ethics, or will impose, at their discretion, sanctions commensurate with the infraction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Penalty Guidelines</u> 

The penalties imposed by the Ethics Committee will vary depending on the seriousness of the violation and the intent of the party involved. The Ethics Committee may impose any or all the sanctions below, or any other sanctions they deem appropriate, including termination, immediately and without notice, if it is determined that the severity of any violation or violations warrants such action. All sanctions imposed will be documented in the Ethics Committee's minutes maintained by BCM and will be reported to the Board of Directors. In addition, the CCO or the Ethics Committee may determine that the circumstances surrounding a violation may warrant the waiving of stated penalties and that a warning may be sufficient.

The following is a list of sanctions that may be imposed on persons who fail to comply with the Code of Ethics. This list is not intended to be an exhaustive or exclusive list of penalties; any sanctions imposed will depend on the nature of the violation. Some of the penalties which may be imposed are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Memo
 of reprimand which outlines the violation of the Code of Ethics and sets forth the importance
 of the Code of Ethics and responsibilities of all Covered Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A
 personal meeting with a BCM officer to discuss any violations of the Code of Ethics in
 detail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Disgorgement
 of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Letter
 of censure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Fines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Withholding
 of bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Termination
 of employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Notification
 to appropriate governmental, regulatory and/or legal authorities.

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IV. STATEMENT OF POLICY ON SECURITIES TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BACKGROUND INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Legal Requirement</u> 

In accordance with the requirements of The Securities and Exchange Act of 1933, the Investment Company Act of 1940 (the "'40 Act"), the Investment Advisers Act of 1940 (the "Advisers Act"), and the Insider Trading and Securities Fraud Enforcement Act of 1988 (the "Enforcement Act"), BCM has adopted this Securities Transactions Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Brown Capital Management's Fiduciary Position</u> 

As an investment adviser, BCM is in a fiduciary position, which requires the firm to act with an eye only to the benefit of its clients, avoiding those situations which might place, or appear to place, the interests of BCM or its employees in conflict with the interests of clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Purpose of Securities Transactions Policy</u> 

The Securities Transactions Policy was developed to help guide BCM and Covered Persons in the conduct of their personal investments in order to: (i) prevent, as well as detect, the misuse of material, non-public information; (ii) eliminate the possibility of a transaction occurring that the SEC or other regulatory bodies would view as illegal; and (iii) avoid situations where it might appear that BCM or any of its officers, directors or employees had personally benefited at the expense of a client or fund shareholder.

All persons are urged to consider the reasons for the adoption of this Securities Transactions Policy. BCM's reputation could be adversely affected as the result of even a single transaction considered questionable considering the fiduciary duty BCM owes to its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. OVERVIEW

In general, it is unlawful for persons affiliated with investment companies, their principal underwriters or their investment advisers to engage in personal transactions in securities held or to be acquired by a registered investment company, if such personal transactions are made using fraudulent, deceptive and manipulative practices. Each registered investment adviser must adopt its own written Code of Ethics containing provisions reasonably necessary to prevent its employees from engaging in such conduct, and to maintain records, use reasonable diligence, and institute such procedures as are reasonably necessary to prevent violations of its Code of Ethics. This Securities Transactions Policy and information reported hereunder, along with the other sections of the Code of Ethics, will enable BCM to fulfill these requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Applicability</u> 

The following activities are prohibited for applicable Covered Persons (remember, if a person works at BCM full-time, part-time, temporarily or on a contract basis, they are a Covered Person). Persons who violate any prohibition may be required to disgorge any profits realized in connection with such violation to a charitable organization selected by the Ethics Committee and may be subject to other sanctions imposed by the Company, as outlined in the Penalty Guidelines in the Statement of Conduct section of the Code of Ethics.

This Securities Transactions Policy applies to all direct or indirect acquisitions or dispositions of Covered Securities, whether by purchase, sale, tender offers, stock purchase plan, gift, inheritance, or otherwise. Unless otherwise noted, the following trading restrictions also are applicable to any transaction in a Covered Security that is Beneficially Owned by a Covered Person. Outside Directors are not required to comply with the Code of Ethics because of their limited access to current information regarding client investments. Any disgorgement of profits required under any of the following provisions should be donated to a charitable organization selected by the Ethics Committee. However, if disgorgement is required as a result of trades by Investment Persons that conflicted with their own clients, disgorgement proceeds shall be paid directly to such clients. If disgorgement is required under more than one provision, the Ethics Committee shall determine which provision shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Excluded Transactions</u> 

Some or all the trading restrictions listed below do not apply to the following transactions; however, these transactions must still be reported to the CCO (see Reporting Requirements):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Tender offer transactions are exempt from all trading restrictions except preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The acquisition of securities through automatic stock purchase plans are exempt from all trading
restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. No reporting requirements are required with respect to securities held
in accounts over which the Access Person had no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The acquisition of securities through stock dividends, automatic
 dividend reinvestment plans, stock splits, reverse stock splits, mergers, consolidations, spin-offs, or other similar
 corporate reorganizations or distributions generally applicable to all holders of the same class of such securities are
 exempt from all trading restrictions. The acquisition
of securities through the exercise of rights by an issuer pro-rata to all holders of a class of securities, to the extent the rights
were acquired in the issue, is exempt from all trading restrictions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The acquisition of securities by gift or inheritance is exempt from all
trading restrictions. However, the **sales** of securities acquired by gift or inheritance **ARE** subject to all trading
restrictions of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Only purchases or sales of securities less than $50,000 in principal and with a market cap of
$1 billion or more, are not subject to the pre-clearance rules or any other rules as stated in this section of the Code of Ethics.
However, for securities not subject to pre-clearance requirements, employees must submit the details of the trade into the StarCompliance
System within a reasonable time post-trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. DISCLOSURE OF CONFLICTS

If an Investment Person is planning to invest or make a recommendation to invest in a security for a client, and such person has beneficial ownership in the security, such person must first disclose such interest to his investment team members. The investment team members shall conduct an independent review of the recommendation to purchase the security for clients. The supervisor or the CCO may review the recommendation only if he or she has no beneficial ownership in the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. TRADING ACTIVITY

A Covered Person is limited to no more than ten (10) personal trades per month in their personal accounts, including securities that do not require pre-clearance. This restriction applies regardless of how many accounts a Covered Person may have. Trades are not cumulative; therefore, you must use them each month or lose them. Any trades approved, but not executed will not be counted toward your 10 trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. PRE-CLEARANCE

Access Persons must obtain pre-clearance prior to engaging in any personal transaction in Covered Securities except on purchases/sales as noted in Section IV, B.2.f of Excluded Transactions (page 21).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Pre-clearance Procedures</u> 

Access Persons must obtain preclearance for all applicable transactions in Covered Securities in which such person has a Beneficial Ownership interest. Pre-clearance Security Trading Requests must be submitted to the CCO or designee through StarCompliance except for purchases/sales as noted in Section IV, B.2.f of Excluded Transactions (page 21). Preclearance is not required for purchases or sales of ETFs or open-end mutual funds, including BCM funds. The CCO or designee shall notify the person of approval or denial of the transaction through StarCompliance as soon as all necessary checks have been completed. When pre-clearance has been approved, the person then has three business days, including the date of approval, to execute the trade. There is a limit of ten (10) transactions per month in total, regardless of the number of brokerage accounts maintained. This limit of ten (10) transactions per month pertains to all purchases and sales of securities, including those that are excluded from the pre-approval process by Section IV, B.2.f of Excluded Transactions (page 21).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Reasons for Denying Requested Transactions</u> 

A securities transaction request will be denied if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Purchases and Sales Within Seven (7) Days: The security has been purchased or sold by any client
of BCM within seven (7) days immediately prior to the date of the proposed transaction. Except for purchases/sales as noted in
Section IV, B.2.f of Excluded Transactions (page 21).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Purchases and/or Sales Being Considered: The security is being actively considered for purchase
or sale for the account of a client of BCM even though no order has been placed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Securities Subject to Internal Trading Restrictions: The security is limited or restricted by
BCM as to purchase or sale for client accounts.

A securities transaction may also be denied by the CCO based on any other reasonable justification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Pre-clearance of Tender Offers and Stock Purchase Plans</u> 

Access Persons who wish to participate in a tender offer or stock purchase plan must pre- clear such trades with the CCO prior to submitting notice to participate in such tender offer or notice of participation in such stock purchase plan to the applicable company. To pre-clear the trade, the CCO shall consider all material factors relevant to a potential conflict of interest between the Access Person and clients. In addition, any increase of $100 or more to a pre-existing stock purchase plan must be pre-cleared.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. OTHER TRADING RULES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>IPOs and Hot Issues and Limited Offerings</u> 

Access Persons must obtain the approval of the CCO before directly or indirectly acquiring Beneficial Ownership in any securities in an Initial Public Offering or Limited Offering. In making this decision, the CCO will determine whether the proposed transaction presents a conflict of interest with any of the firm's clients or otherwise violates the Code of Ethics. The CCO will also determine whether the following conditions have been met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The purchase is made through the Access Person's regular broker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The number of shares to be purchased is commensurate with the normal size and activity of the
Access Person's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The transaction otherwise meets the requirement of FINRA's rule 5130.

A Covered person will not be permitted to purchase an underwritten new or secondary issue or in the after-market for the first five (5) trading days following that issue if the issue has been purchased or sold by any client of BCM in an Initial Public Offering or Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Blackout Period</u> 

No Access Person may engage in a transaction in a Covered Security when such person knows or should have known at the time there to be pending, on behalf of any client, a "buy" or "sell" order in that same security. The CCO or designee will confirm the existence of pending orders during the Pre- clearance process. <u>This rule does not apply to trades entered via the Exception Transaction described in Section IV, B.2.f except to the extent that employees must be cognizant of front running and not buy/sell a security for themselves that they know is being considered for client accounts.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Seven Day Rule</u> 

Any Access Person who purchases or sells a Covered Security on his or her own behalf within seven (7) calendar days of the purchase or sale of that Covered Security by a BCM client shall disgorge any profits realized on such purchase or sale. No disgorgement of profits is required for an Access Person who precleared the purchase/sale and is not a member of the portfolio team that traded the security. This rule is also exempt from purchases/sales as noted in Section IV, B.2.f of Excluded Transactions (page 21).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Waiver of Seven Day Rule</u> 

The Ethics Committee has the authority, by unanimous action, to exempt (via a waiver) any Access Person from the seven (7) day rule if such person is selling the Covered Security to raise capital to fund a significant life event. For example, purchasing a home or automobile, or paying medical, education expenses, estate planning or retirement. For the Ethics Committee to consider such waiver, the life event must be pre-approved by the Ethics Committee, the life event must occur within thirty (30) calendar days of the security transaction, and the person must provide written confirmation of the event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Short Sales</u> 

**Short selling of any securities is strictly prohibited.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Hedge Funds, Investment Clubs and Other Investments</u> 

Apart from BCM's Investment Partnership, no Access Person may participate in hedge funds, partnerships, investment clubs, or similar investment vehicles, unless such person does not have any direct or indirect influence or control over the trading. Covered Persons wishing to rely upon this provision must submit a Private Transaction Request to the CCO for approval using StarCompliance. (See the Non-Influence and Non-Control Accounts section below.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Caution Regarding Personal Trading Activities</u> 

Certain personal trading activities may be risky not only because of the nature of the transactions, but also because action necessary to close out a position may become prohibited for some Covered Persons while the position remains open. For example, if BCM becomes aware of material non- public information, or if a client is active in a given security, some Covered Persons may find themselves "frozen" in a position. BCM will not bear any losses in personal accounts resulting from the application of this Code of Ethics. All Covered Persons who engage in personal trading activity, by certifying receipt of BCM's Code of Ethics, are acknowledging that they understand these risks.

If a trade violates the trade limit rule or there is evidence of front running, the employee may be subject to various penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. REPORTING REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Account Reports</u> 

Covered Persons must disclose to the CCO, through StarComplaince, all brokerage accounts in which they have a Beneficial Ownership interest. Covered Persons should arrange for their brokers or financial institutions to provide monthly (or at least quarterly) account statement(s) to the CCO or designee, on a timely basis, either via electronic feed into StarCompliance or paper statement. Statements should contain all confirmations and transactions in all brokerage or commodities accounts in which the Covered Person has a Beneficial Ownership interest. Any cost for duplicate statements must be paid by employee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Access Persons Trading and Holdings</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Holdings/Broker Accounts Attestation - Access Persons must submit notice in StarCompliance
immediately upon opening a brokerage account, and attest annually thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Holdings Report - Access Persons must, within ten (10) calendar days after becoming an Access
Person, provide the CCO with a Holdings Report which lists the title, number of shares, type of security and principal amount of
each Covered Security in which the Access person has any direct or indirect Beneficial Ownership and the name of any broker, dealer
or bank with whom the Access Person maintains an account in which any securities were held for the direct or indirect benefit of
the Access Person. Brokerage statements containing all required information may be substituted for the Holdings Report if submitted
timely. To the extent that a brokerage statement or confirmation lacks some of the information otherwise required to be reported,
you may submit a holdings report containing the missing information as a supplement to the statement or confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Pre-clearance Security Trade Requests - Access Persons must obtain preclearance for all applicable
transactions in Covered Securities in which such person has a Beneficial Ownership interest. Securities not held in any client
portfolio are **not** exempt from and still require pre-clearance. A Pre-clearance Trade Request must be submitted to the CCO
or designee through StarCompliance. The CCO or designee shall notify the person of approval or denial of the transaction as soon
as all necessary checks have been completed. When pre-clearance has been approved, the person then has three business days to execute
the trade, including the date of approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Trading Execution – For any brokerage accounts that are not able to provide electronic
transaction/holdings feeds to StarCompliance, Access Persons should instruct the Broker to have confirmations of all trades automatically
sent to the CCO or designee. If for any reason, brokerage confirmations are not received, CCO or designee has the authority to
request the employee to immediately provide such information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Annual Holdings Report - Access Persons must ensure BCM receives a report of holdings in all
investment accounts on at least an annual basis. If the report is provided in paper copy, rather than electronic feed through StarCompliance,
then it must be submitted to the CCO or designee within forty- five (45) days after the end of the year. This Report must include:
(i) the title and exchange ticker symbol or CUSIP number, type of security, number of shares and principal amount of each reportable
security in which the access person has any direct or indirect beneficial ownership; (ii) the name of any broker, dealer or bank
with which the access person maintains an account in which any securities are held for the access person's direct or indirect
benefit; and (iii) the date the report is submitted. Brokerage statements containing all required information may be substituted
for the Holdings Report Form if submitted timely. To the extent that a brokerage statement or confirmation lacks some of the information
otherwise required to be reported, you may submit a holdings report containing the missing information as a supplement to the statement
or confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Quarterly Transactions - Access Persons must ensure BCM receives a report of transactions
in all investment accounts on at least a quarterly basis. If the report is provided in paper copy, rather than electronic feed
through StarCompliance, then it must be submitted to the CCO or designee within 30 days after the end of each calendar quarter.
On a quarterly basis, the CCO or designee will send a request to provide a list of reportable trades from the previous quarter,
if the transactions were not received electronically through StarCompliance. The list shall include all reportable securities for
all reportable accounts, and it should be provided the employee will certify that all transactions and accounts are included on
the quarterly transaction report. Alternatively, Access Persons may satisfy this requirement by ensuring that brokerage statements
are delivered within 30 days after quarter end to the CCO or designee, and by executing a quarterly report through StarCompliance
certifying that statements have been provided for all reportable accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Non-Influence and Non-Control Accounts</u> 

According to Rule 204A-1(b)(3)(i) of the Advisers Act, account statements are not required for accounts over which an Access Person does not have "direct or indirect influence or control". If the Access Person gains direct or indirect influence or control of the account, then the Access Person must promptly report the event to the CCO and begin providing quarterly account statements.

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An Access Person will generally be deemed to have "direct or indirect influence or control" over any account in which he or she:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Directs the purchases and/or sales of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Suggests purchases and/or sales of investments to the trustee or third-party discretionary manager;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Consults with a trustee or third-party discretionary manager as to the allocation of investments
to be made in the account.

Please note that granting a third-party discretionary investment authority over an account does not, in itself, exempt an account from the reporting requirements. Similarly, a trust over which an Access Person is the grantor or beneficiary may also be subject to the reporting requirements, regardless of whether a trustee has management authority. BCM will conduct additional due diligence to determine whether the Access Person may have any direct or indirect influence or control over the investment decisions of such accounts, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Evaluating the relationship between the Access Person and the person managing the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Requesting completion of periodic certifications by the Access Person or third-party managers
regarding the Access Person's influence over the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Requesting periodic completion of holdings or transaction reports to identify
transactions that would have been prohibited pursuant to this Code, absent reliance on the reporting exemption; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Periodically requesting statements for accounts managed by third-parties where there is no identified
direct or indirect influence or control over the investment decisions in the accounts.

If an Access Person is unsure as to whether an account is qualified for the exemption, he or she should consult with the CCO. In the event it is determined that the Access Person may have direct or indirect influence or control over investment decisions, the Access Person will be required to provide account statements as required with any reportable account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Other Required Reporting</u> 

In addition to the Pre-clearance Security Trade Requests, Initial Holdings/Broker Accounts Attestation and Annual Holdings Report, the following forms must be completed if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Receipt of Code of Ethics - Each Covered Person must acknowledge receipt of BCM's Code
of Ethics using StarCompliance within ten (10) calendar days of commencement of employment or other services certifying that he
or she has received a current copy of the Code of Ethics and acknowledges, as a condition of employment, that he or she will comply
with the Code of Ethics in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Acknowledgment of Amendment - Each Covered Person must provide Compliance with an Acknowledgment
of Amendment certification within a reasonably prompt time after the amendments have been distributed. This certification acknowledges
your receipt and understanding of the changes to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Quarterly and Annual Certification - Each Covered Person must certify Compliance within
a reasonably prompt time after the end of each period that he or she has:

1) Received, read and understands the Code of Ethics;

2) Complied with the requirements of the Code of Ethics;

3) Complied with BCM's policy regarding Electronic Communications; and

4) Disclosed or reported all open brokerage and commodities accounts, personal holdings and personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Review of Records, Forms and Reports</u> 

The CCO or designee will review all transactions and holdings reports to detect conflicts of interest, abusive practices or breaches of the BCM Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. MISCELLANEOUS RULES REGARDING PERSONAL SECURITIES TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Dealing with Clients</u> 

Covered Persons may not, directly or indirectly, sell to or purchase from a client any Covered Security. This prohibition does not preclude Covered Persons from purchasing and redeeming shares from any Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Margin Accounts</u> 

While brokerage margin accounts are discouraged, Access Persons may open and maintain margin accounts for the purchase of securities, provided such accounts are with brokerage firms with which such person maintains a regular brokerage account, and all account activities are reported to BCM as required in this Securities Transactions Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Ownership Reporting Requirements – 0.5% Ownership</u> 

If an Access Person owns more than 1/2 of 1% of the total outstanding shares of a public company (or any company anticipating a public offering of an equity security), he or she must immediately report, in writing, such fact to the CCO, providing the name of the publicly owned company and the total number of such company's shares beneficially owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Confidentiality of Records</u> 

BCM makes every effort to protect the privacy interests of all persons in connection with all reports, records and forms submitted to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Questions about Securities Transactions Policy</u> 

All Covered Persons are urged to seek the advice of the CCO when they have questions as to the application of this Securities Transactions Policy to their individual circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Sanctions</u> 

Strict compliance with the provisions of this Securities Transactions Policy is considered a basic provision of association with BCM. The CCO is responsible for administering this Securities Transactions Policy. In fulfilling this function, the CCO will institute written procedures as he or she deems reasonably necessary to monitor compliance with this Securities Transactions Policy and to otherwise prevent or detect violations. Upon discovering a material violation of this Securities Transactions Policy, the CCO may impose sanctions under the Penalty Guidelines set forth in the Statement of Conduct, or such other sanctions as the CCO deems appropriate. In addition, a violation of this Securities Transactions Policy may require the surrender of any profit realized from any transaction, as set forth above. All material violations of this Securities Transactions Policy and any sanctions imposed with respect thereto shall be reported to the Board of Directors of BCM and to the Board of Directors of any Funds with respect to whose securities any such violations may have been involved.

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V. STATEMENT OF POLICY ON INSIDER TRADING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BACKGROUND INFORMATION

Insider Trading and Securities Fraud remain key concerns for the SEC. Both issues are primarily enforced under Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. However, in 1988, the Insider Trading and Securities Fraud Enforcement Act (the "Enforcement Act") was signed into law. Designed to enhance the penalties that deter misconduct. It has far-reaching impact on all public companies and especially those engaged in the securities brokerage or investment advisory industries, including directors, executive officers and other controlling persons of such companies. Specifically, the Enforcement Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Written Procedures: Adds new sections to federal securities laws to require SEC-registered brokers,
dealers and investment advisers to establish, maintain and enforce written policies and procedures reasonably designed to prevent
the misuse of material, non-public information by such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Private Right of Action: Establishes a new statutory private right of action on behalf of contemporaneous
traders against insider traders and their controlling persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. BASIC CONCEPTS OF INSIDER TRADING

The four critical concepts in insider trading cases are: (1) whether a duty to refrain from such trading exists, based either upon a pre-existing fiduciary duty or a misappropriation theory; (2) the "materiality" of the information involved; (3) whether the information involved is "insider information," that is, non-public; and (4) whether the person involved is deemed to have possession of the involved information. Each concept is discussed briefly below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Fiduciary Duty/Misappropriation</u> 

The United States Supreme Court has ruled that insider trading and tipping violates the federal securities law if the trading or tipping of the information results in a breach of duty of trust or confidence.

A typical breach of duty arises when an insider, such as a corporate officer, purchases securities of his or her corporation on the basis of material, non- public information. Such conduct breaches a duty owed to the corporation's shareholders. The duty breached, however, need not be to shareholders to support liability for insider trading; it could also involve a breach of duty to a client, an employer, employees, or even a personal acquaintance.

The concept of who constitutes an "insider" is broad; it includes officers, directors and employees of a company. In addition, a person can be a "temporary insider" if he or she enters a confidential relationship in the conduct of a company's affairs and, as a result, is given access to information solely for the company's purpose. Any person may become a temporary insider of a company if he or she advises the company or provides other services, provided the company expects such person to keep any material, non-public information disclosed confidentially.

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Apart from the breach of a duty discussed above, other court decisions now hold that under a "misappropriation" theory, an outsider (such as an investment analyst) may be liable if he or she breaches a duty to anyone by: (1) obtaining information improperly; or (2) using information that was obtained properly for an improper purpose. For example, if information is given to an analyst on a confidential basis and the analyst uses that information for trading purposes, liability could arise under the misappropriation theory. Similarly, an analyst who trades in breach of a duty owed either to his or her employer or client may be liable under the misappropriation theory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Materiality</u> 

Insider trading restrictions arise only when the information that is used for trading, tipping or recommendations is "material". The information need not be so important that it would have actually changed an investor's decision to buy or sell; rather, it is enough if a reasonable investor would consider it important in reaching his or her investment decision - that is, the investor would attach actual significance to the information in the total mix of data considered when making his or her investment decision. It is impossible to make a complete catalog of all "material" information, but the following recurring types of events are illustrative of what is considered material: significant mergers or acquisitions, stock splits, adoption of a dividend policy or changes in dividends, major increases or decreases in revenues or profits not previously announced, changes in key senior executives, and important new contracts, products or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Resolving Closed Cases: The Supreme Court has held that, in closed cases, doubts about whether
information is material should be resolved in favor of a finding of materiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Effect on Market Price: Any information that, upon disclosure, is likely to have a significant
impact on the market price of a security should be considered material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Future Events: The materiality of facts relating to the possible occurrence of future events
depends on the likelihood that the event will occur and the significance of the event if it does occur.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Non-Public vs. Public Information</u> 

Any information which is not "public" is deemed to be "non-public." Just as an investor is permitted to trade based on information that is not material, he or she may also trade based on information that is public. Information is considered public if it has been disseminated in a manner making it available to investors generally. An example of non-public information would include material information provided to a select group of analysts but not made available to the investment community at large. Set forth below are several ways in which non-public information may be made public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Disclosure to News Services and National Papers: The U.S. stock exchanges require exchange-traded
issuers to disseminate material, non-public information about their companies to: (1) the national business and financial newswire
services (Dow Jones and Reuters); (2) the national service (Associated Press); and (3) The New York Times and The Wall Street Journal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Local disclosure: An announcement by an issuer in a local newspaper might be sufficient for
a company that is only locally traded but might not be sufficient for a company that has a national market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Information in SEC Reports: Information contained in reports filed with the SEC will be deemed
to be public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Information in Brokerage Reports: Information published in bulletins and research reports disseminated
by brokerage firms will, as a general matter, be deemed to be public.

If BCM itself is in possession of material, non-public information with respect to a security before such information is disseminated to the public (i.e., such as being disclosed in one of the public media described above), BCM and all Covered Persons must wait a sufficient period of time after the information is first publicly released before trading or initiating transactions to allow the information to be fully disseminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Concept of Possession</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Tender Offers</u> 

Tender offers are subject to particularly strict regulation under the securities laws. Specifically, trading in securities which are the subject of an actual or impending tender offer by a person who is in possession of material, non- public information relating to the offer is illegal, regardless of whether there was a breach of fiduciary duty. Under no circumstances should any Covered Person trade in securities while in possession of material, non-public information regarding a potential tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. BCM POLICY ON INSIDER TRADING

It is the policy of BCM to forbid Covered Persons, while in possession of material, non-public information, from trading securities or recommending transactions, either personally or in their proprietary accounts or on behalf of others (including mutual funds and private accounts), or communicating material, non-public information to others in violation of federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purpose of Insider Trading Policy</u> 

The purpose of this Insider Trading Policy is to comply with the Enforcement Act's requirement to establish, maintain, and enforce written procedures designed to prevent insider trading. This Insider Trading Policy explains: (i) the general legal prohibitions and sanctions regarding insider trading; (ii) the meaning of the key concepts underlying the prohibitions; (iii) the obligations of each Covered Person in the event he or she comes into possession of material, non- public information; and (iv) the firm's educational program regarding insider trading. BCM has separately adopted a Securities Transactions Policy which generally requires all Access Persons to obtain prior clearance with respect to all their personal securities transactions and to report such transactions on a timely basis to management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>The Basic Insider Trading Prohibition</u> 

The "insider trading" doctrine under federal securities laws generally prohibits any person whatsoever from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Trading in a security while in possession of material, non-public information regarding the security;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Tipping such information to others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Recommending the purchase or sale of securities while in possession of such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Assisting someone who is engaged in any of the above activities.

Thus, "insider trading" is not limited to insiders of the company whose securities are being traded. It applies to anyone in possession of such information and can include non-insiders, such as investment analysts, portfolio managers and stockbrokers. In addition, it is not limited to people who trade. It also covers persons who "tip" material, non-public information or recommend transactions in securities to others while in possession of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. PROCEDURES WHEN RECEIVING MATERIAL, NON-PUBLIC INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Whenever a Covered Person comes into possession of material, non-public information regarding
a public company, he or she should immediately contact the CCO and refrain from disclosing the information to anyone else, including
other people within BCM, unless specifically advised to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO must determine whether the information is material and non-public and whether to place
the security in BCM's Trade Order Management System (MOXY) as a restricted security to prohibit trading in the security by
clients and Covered Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All information regarding planned, prospective or ongoing securities transactions by BCM must
be treated as confidential or "Need to Know". Such information must be confined, even within the firm, to only those
individuals who must have such information for BCM to carry out its engagement properly and effectively. Ordinarily, these prohibitions
will restrict information to only those people who are involved in the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. PENALTIES

Severe penalties for trading on material, non-public information exist, both for the individuals involved and their employers. A Covered Person who violates the insider trading laws can be subject to some or all the penalties described below, even if he or she does not personally benefit from the violation. In addition, any violation of this Insider Trading Policy can be expected to result in serious sanctions being imposed by BCM, including dismissal of the person(s) involved, as described in the Penalty Guidelines of the Statement of Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Civil Penalties: Imposes severe civil penalties on brokerage firms, investment advisers, their
management and advisory personnel and other "controlling persons" who fail to take adequate steps to prevent insider
trading and illegal tipping by employees and other "controlled persons." Persons who directly or indirectly control violators,
including entities such as BCM and their officers and directors, now face penalties up to the greater of $1,000,000 or three times
the amount of profit gained, or loss avoided because of the violation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Criminal Penalties: Increases the penalties for criminal securities law violations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Maximum jail term -- from 10 years to 20 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Maximum criminal fine for individuals – increased to $5 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Maximum criminal fine for entities -- increased to $25 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. EDUCATION PROGRAM

While the probability of research analysts and portfolio managers being exposed to material, non-public information with respect to companies considered for investment by clients is greater for some Covered Persons, it is imperative that all Covered Persons have a full understanding of this Insider Trading Policy.

The situations in which a person can trade while in possession of material, non- public information without breaching a duty are so complex and uncertain that BCM has adopted a policy that the only safe course of action is not to trade, tip or recommend securities while in possession of material, non-public information. You legitimately may be uncertain about the application of this Insider Trading Policy in particular circumstances. If you have any questions regarding the application of the Insider Trading Policy or have any reason to believe that a violation of the Insider Trading Policy has occurred or is about to occur, you should contact the CCO or a supervisor immediately.

To ensure that all Covered Persons are properly informed of and understand BCM's policy with respect to insider trading, the following program has been adopted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Review for New Covered Persons: All new Covered Persons will be given a copy of this
Insider Trading Policy at the time of their employment and will be required to certify that they have read it by completing the
Certification of Receipt of Insider Trading Policies and Procedures in StarCompliance. The CCO will review the Insider Trading
Policy with each new research analyst, counselor and trader at the time of his/her employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Distribution of Revised Insider Trading Policy: Any time this Insider Trader Policy is revised,
copies will be distributed to all Covered Persons.

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VI. STATEMENT OF POLICY ON POLITICAL CONTRIBUTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BACKGROUND INFORMATION

SEC Rule 206(4)-5 governs political contributions made by investment advisory firms registered under the Investment Advisers Act, as well as their associated persons. The rule states that it is unlawful for any investment advisor to provide investment advisory services for compensation to a government entity within two years after a contribution to an official of the government entity is made by the investment adviser or any covered associate of the investment adviser, including a person who becomes a covered associate within two years after the contribution is made.

A "contribution" is defined as any gift, subscription, loan, advance or deposit of money or anything of value made for the purpose of influencing any election for federal, state or local office; the payment of debt incurred in connection with any such election, and; transition or inaugural expenses incurred by a successful candidate for state or local office.

The rule defines "Covered Associate" of an investment adviser as any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. General partner, managing member, executive officer or other individual with a similar status
or function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employee who solicits government entity for the investment adviser (and any person who supervises,
directly or indirectly, such an employee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Political Action Committee ("PAC") controlled by the investment adviser or by any
of its covered associates. A PAC is a private group organized to elect political candidates or to advance the outcome of a political
issue or legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. POLICY

BCM may not use its corporate funds to contribute directly or indirectly, to any political candidate or party, or to any other organization that might use the contribution for a political candidate or party, or use of corporate property, services or other assets. These prohibitions cover not only direct contributions but also indirect assistance and/or support of candidates or political parties through the purchase of tickets to special dinners or other fund-raising events, or the furnishing of any other goods, services or equipment to political parties or committees.

Covered Persons are permitted to pursue legitimate political activities and to make political contributions to the extent permitted under U.S. law. However, Covered Persons are prohibited from making contributions to U.S. federal, state or local officials or candidates for federal, state or local office if those contributions are intended to influence the award or retention of municipal finance business or any other business.

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While BCM does not require spouses, significant others, and immediate family members to seek approval for their political contributions, Covered Persons may not circumvent this policy, or the guidelines below, by having them contribute on your behalf. Violation of this policy will result in disciplinary action, which may include termination of employment.

*Exceptions to the "time-out" provision*

De minimis exception – a covered associate of an adviser that is a natural person, is permitted to contribute (i) up to $350 to an official per election (with primary and general elections counting separately) if the covered associate was entitled to vote for the official at the time of the contribution, and; (ii) up to $150 to an official per election (with primary and general elections counting separately), if the covered associate was *not* entitled to vote for the official at the time of the contribution. The CCO will determine whether to enforce these contribution limits for federal elections on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. SOLICITATION AND IN-KIND DONATIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Solicitation</u> 

BCM and its Covered Persons are prohibited from soliciting any political contributions for any local or state political candidate and political parties where the adviser provides or is seeking to provide advisory services. A solicitation encompasses written and oral communications that, construed as reasonably understood in the context in which they are made, contain a clear message asking, requesting, or recommending, explicitly or implicitly, that another person make a contribution, donation, transfer of funds, or otherwise provide something of value. **A solicitation is equivalent to a political contribution greater than $350 and may result in BCM forfeiting compensation from a client that is a government entity for a period of 2 years. It starts a 2-year time-out for being able to receive compensation from the municipality as a client.**

Example: You receive an email from the candidate running for Governor of MD soliciting a donation. You seek approval to donate, but then you also forward the email to your family and friends. The last step taken violated the Political Contributions rule, because the employee is soliciting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>In-kind Donations</u> 

The following transactions are prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Paying a candidate's fundraising costs

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Coordinating communications with a candidate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Physical Resources

1) Office Space

2) Printing facilities

3) Catering facilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Intangible resources

1) Employee working time

2) Customer/client list

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Volunteering for a candidate

1) Email, internet, phone usage, working time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. RECORDKEEPING REQUIREMENT

The records of contributions and payments must be kept in chronological order, identifying each contributor and recipient, the amounts and dates of each contribution or payment, and whether the contribution or payment was subject to the exemption for certain returned contributions pursuant to the Rule. The following records must be maintained for six (6) years with the most recent two (2) years in an easily accessible location:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A list of the names, titles and business and residential addresses of all covered associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A list of all government entities to which Brown Capital Management provides or has provided
investment advisory services, or which are, or were, investors in any covered investment pool to which BCM provides or has provided
investment advisory services, as applicable, in the past five years (but not prior to January 1, 2020);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All direct or indirect contributions made by BCM or any covered associates to an official of
a government entity, or direct or indirect payments to a political party of a state or political subdivision thereof, or to a political
action committee, and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The name and business address of each regulated person to whom Brown Capital Management provides
or agrees to provide, directly or indirectly, payment to solicit a government entity for investment advisory services, on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. RESPONSIBILITY

The CCO has the responsibility for implementing and monitoring our policies and insuring consistency with regulatory requirements. The CCO or designee has the responsibility for reviewing and approving any political contributions. The CCO is also responsible for maintaining, as part of the Brown Capital Management's books and records, with a record of reviews and approvals in accordance with applicable recordkeeping requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. PROCEDURE

BCM has determined that it will treat all Covered Persons as Covered Associates with respect to compliance with SEC Rule 206(4)-5. You are therefore required to pre-clear through StarCompliance any political contribution, or participation in any solicitation activity on behalf of a U.S. federal, state, local or U.S. territorial political candidate, official, party committee, organization or ballot measure committee, except for the current sitting U.S. President.

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You will not be reimbursed for the political contributions that you make. Violations of this policy can impair our ability to do business in certain jurisdictions.

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