Brown Capital Management

On the day that a fund distributes a dividend a distribution or capital gains to shareholders, the fund's net asset value per share (for each class of shares) drops by the amount of the dividend or distribution per share, to reflect that the distribution has been paid out.  The drop in the net asset value does not reflect a loss in the shareholder's overall investment value, but instead indicates that a portion of that value has been given to the shareholder as a capital gain or income divided.  Keep in mind that there may also be appreciation or depreciation in the fund value from the market activity on that day that will also be reflected in the NAV.

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.

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.