Top 10 Holdings Details

All holdings information is provided for informational purposes only and should not be interpreted as a recommendation to purchase any of the securities/sectors represented. The “Significant Holdings” represent the ten largest holdings of total assets based on the Fund’s current market value.  

“Portfolio Composition” represents non-traditional industry classifications as determined by the Fund’s managers. This same objective, non-performance based criteria is consistently used to select portfolio holdings. 

An investor may obtain holdings data current to the most recent month-end by clicking here.

1The Morningstar Rating noted herein is the mutual fund’s overall Morningstar Rating as of 12/31/2016. The overall Morningstar Rating is based on the fund’s risk-adjusted returns and derived from a weighted average of the fund’s three-, five-, and 10-year metrics. The Morningstar Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar analysts’ current expectations about future events; risks and uncertainties unknown at the time may cause those expectations not to occur or to differ significantly from what was expected.  
 
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)  The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Brown Capital Management Small Company Fund were rated against the following numbers of U.S.-domiciled Small Growth funds over the following time periods as of 12/31/2016: 599 of funds in the 3-year rating and for the Overall rating, 531 of funds in the last five years, and 389 of funds in the last ten years. With respect to these Small Growth funds, Brown Capital Management Small Company Fund received a Morningstar Rating™ of four stars for the 3- year rating and five stars for 5- year rating, and five stars for ten-year rating periods, respectively. Past performance is no guarantee of future results.
 
Principal Risks of Investing in the Fund: As with all mutual funds, an investment in the Fund is subject to investment risks, including the possible loss of the principal amount invested. There can be no assurances that the Fund will be successful in meeting its objectives. Investment in the Fund is also subject to market risk, investment style risk, investment advisor risk, market sector risk, equity securities risk, portfolio turnover risk, small companies risk, and other risks as set forth in the Fund’s Prospectus. Fund’s that emphasize investments in smaller companies generally experience greater price volatility. 
 
*“Net Operating Expenses” are based upon actual expenses incurred by the Fund’s Investor Shares for the fiscal year ended March 31, 2016. The Advisor has entered into an Expense Limitation Agreement with the Small Company Fund under which it has agreed to reduce the amount of the investment advisory fees to be paid to the Advisor by the Small Company Fund and to assume other expenses of the Small Company Fund, if necessary, in an amount that limits the Small 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 Small Company Fund’s business, and amounts, if any, payable under a Rule 12b-1 distribution plan) to not more than 1.25% until July 31, 2017. 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 for the Small Company Fund being less than the operating expense limit for the Small Company Fund, the Small Company Fund may at a later date 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 three (3) fiscal years. See the “Management of the Funds-Expense Limitation Agreements” section in the prospectus for more detailed information.
 
The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher forecasted growth values.

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available on this site or by calling Shareholder Services at 1-877-892-4226. The prospectus should be read carefully before investing.