International Equity Fund Investment Team

The International Team has 60 years of cumulative experience, and more than 25 years of industry experience each. Each team member is both an analyst and a portfolio manager. As analysts, they are each charged with conducting painstaking fundamental analysis, scrutinizing every facet of a potential investment in order to uncover the international companies we believe have exceptional long-term growth potential. As portfolio managers, their goal is to leverage their own research as well as the other teams’ in order to build a benchmark-agnostic, diversified portfolio that grows client capital over the long term. As a team, they have navigated the International Equity, Global and International Small Company Services and the International Equity Fund through multiple market cycles.

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 International Equity Fund Investor Class was rated against the following numbers of U.S.-domiciled Foreign Large Blend funds over the following time periods as of 12/31/2016: 606 of funds in the 3-year rating and for the Overall rating, 542 of funds in the last five years, and 329 of funds in the last ten years. With respect to these Foreign Large Blend funds, Brown Capital Management International Equity Fund Investor Class received a Morningstar Rating™ of four stars for the 3- year rating and five stars for 5- year rating, and three 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, without limitation, market risk, investment style risk, investment advisor risk, market sector risk, equity securities risk, portfolio turnover risk, foreign securities risk, and other risks as set forth in the Fund’s prospectus. Foreign investing involves special risks such as risk of loss from currency fluctuation or political or economic uncertainty.

*“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 International Equity Fund under which it has agreed to reduce the amount of the investment advisory fees to be paid to the Advisor by the International Equity Fund and to assume other expenses of the International Equity Fund, if necessary, in an amount that limits the International Equity 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 International Equity Fund’s business, and amounts, if any, payable under a Rule 12b-1 distribution plan) to not more than 1.00% 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 International Equity Fund being less than the operating expense limit for the International Equity Fund, the Mid- 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.

EAFE-The MCSI EAFE Index (Europe, Australia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets excluding the U.S. and Canada. Annualized Total Return

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.