The purpose of this communication is to pre-announce the close of the Brown Capital Management Small Company Strategy to new investors. This initiative will begin during the third quarter of this year and applies to both separately managed accounts and the mutual fund. Consistent with the firm’s guiding principles, our goal is to act in the best interest of our clients. Experience teaches us that proactive communication is imperative since closing a Strategy has many intended and unintended consequences. As a result, we seek to implement a close that, ultimately, protects the interests of long-term investors.

When the close date is announced, a “soft” close will be implemented, meaning “end users” of separately managed and mutual fund accounts will be largely unaffected by this initiative. Affected directly will be prospective, direct investors in separately managed accounts or the mutual fund and intermediaries seeking access to the Strategy for current or prospective clients.

While a close date has not been determined, we ask that prospective investors be mindful of this communication and plan accordingly. Additionally, we also ask that intermediaries using the Small Company Service or Small Company Fund in active searches promptly notify us at BCMsmallclose@browncapital.com allowing for a discussion about potentially “reserving” capacity for your assignment. For the time being, we will allow financial advisors to add new clients to the Fund, after the close, but predicate the longevity of this commitment on the Strategy’s overall capacity.

For those of you who are current investors in the Small Company Service or Fund, we express our sincere thanks and appreciation for your business. We are particularly thankful for those of you who are true long-term investors and know well the benefits, and challenges, of investing in “exceptional small companies with the wherewithal of becoming exceptional large companies.” Thank you for your confidence in Brown Capital Management and the Small Company Strategy.

This communication, as a whole, intended for both separately managed account and mutual fund investors. Therefore, current or potential mutual investors should be aware of the following required disclosure.

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 at the link below or by calling Shareholder Services at 1-877-892-4226. The prospectus should be read carefully before investing.

DISTRIBUTOR: Capital Investment Group, Inc. | Member FINRA/SIPC | 17 Glenwood Avenue, Raleigh, NC 27603 | 1-800-773-3863

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