BROWN CAPITAL, LLC
PENSACOLA, FLORIDA

Small Company Fund, Investor Class Receives Lipper Fund Award 2016 Small Company Fund, Investor Class receives 2016 Thomson Reuters Lipper Fund Award Brown Capital Management is proud to announce that the Small Company Fund, Investor Class received the 2016 Thomson Reuters Lipper Fund Award Small Company Fund “We are honored to receive this important recognition – it is especially meaningful as the Small Company Service approaches its 25 About Brown Capital Management Brown Capital Management (BCM) is an independent investment management firm located in Baltimore, Maryland. BCM is focused on a growth approach, has deep investment experience in domestic and international markets, and is committed to meeting the investment needs of genuine long-term investors. Lipper designates award-winning funds in most individual classifications for the three-, five- and 10-year periods. The Small Company Fund, Investor Class (BCSIX) ranked 121 out of 303 funds in the 2016 United States Ten-year Small-Cap Growth category. Lipper, a Thomson Reuters company, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries, and media organizations. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. For a detailed explanation of the process, please review the Lipper Fund Awards methodology document at Standardized performance for the Small Company Fund can be found ALPS Distributors, Inc. is the distributor of the Brown Capital Management Mutual Funds, 1290 Broadway, Suite 1100, Denver, CO 80203 The Morningstar Rating for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed products monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five year rating/40%three-year rating for 60-119 months of total returns, and 50% 10 year rating/30%five-year rating/20%three year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. 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 12/31/2017: 609 of funds in the 3-year rating and for the Overall rating, 544 of funds in the last five years, and 406 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 five stars for the 3- year rating and five stars for 5- year rating, and five stars for ten-year rating periods, respectively. Thank you for your interest in Brown Capital Management. You now have secured access to the financial professionals’ section of the website. To visit the secured areas of the site, please log in.