Brown Capital Management, Inc.

Balanced Fund Profile

Investment Objective

The investment objective of the Brown Capital Management, Inc. Balanced Fund is a combination of capital appreciation -- both realized and unrealized -- and income. This fund, which invests in equities and investment-grade fixed-income securities, is for investors seeking steady growth with minimum risk.

NASDAQ Ticker Symbol

BCBIX

Inception Date

8/11/92

Minimum Investment

Initial:	$10,000	Initial IRA:	$2,000
Subsequent:	$ 500	Subsequent IRA:	$ 500

Fees and Expense Ratio

	Institutional Class Shares	Investor Class Shares
Sales Load	None	None
12b-1	None	0.25%
Total Operating Expense Ratio*	1.20%	1.45%

* Brown Capital Management, Inc. is currently voluntarily waiving all or a portion of its fee, reimbursing expenses of the Fund to limit the total Fund operating expense ratio to the competitive rates above. The total operating expense ratio is measured as a percentage of the average daily net assets of the Fund. The expense ratio includes the following fees and expenses: management fees, administrative fees, legal fees, and accounting fees, among others.

NOTE: Read the prospectus carefully before investing.

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