Brown Capital Management Small Company Fund

The fund primarily directs at least 80% of its net assets, supplemented by any borrowed capital, into the stock of smaller companies. These are defined as businesses with total operating revenues of $500 million or less at the time of the initial investment. While generally investing in common shares, the investment manager endeavors to construct a portfolio of high-quality small enterprises believed to possess the capacity to develop into significant, large-cap companies. The portfolio typically maintains a focused collection of 40 to 65 securities, each selected by the advisor for its potential for future growth.