Brown Capital Management, Inc.

Equity Fund Profile

Investment Objective

The investment objective of the Brown Capital Management, Inc. Equity Fund is capital appreciation, principally through investments in common and preferred stocks and convertible securities. This fund, which invests in medium-size and large growth companies, is designed especially for those who prefer a more moderate risk level.

NASDAQ Ticker Symbol

BCEIX

Inception Date

8/4/92

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.

Mutual Funds Overview | Balanced Fund Profile | Equity Fund Profile | Small Company Fund Profile