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Brown Capital Management Mutual Funds – ‘N-PX’ for 6/30/06

On: Thursday, 8/31/06, at 3:30pm ET · Effective: 8/31/06 · For: 6/30/06 · Accession #: 869351-6-9 · File #: 811-06199

  As Of                Filer                Filing    For·On·As Docs:Size

 8/31/06  Brown Capital Mgmt Mutual Funds   N-PX        6/30/06    1:171K
          → EARNEST Partners Fixed Income Trust ⇒ Institutional Class Shares (EPFTX)
          → The Brown Capital Management Balanced Fund ⇒ Institutional Shares (BCBIX)
          → The Brown Capital Management Equity Fund ⇒ Institutional Shares (BCEIX)
          → The Brown Capital Management International All Co. Fund ⇒ Investor Shares (BCIIX)
          → The Brown Capital Management Mid Co. Fund ⇒ Investor Shares (BCMSX) — Shares (BCMVX)
          → The Brown Capital Management Small Co. Fund ⇒ Investor Shares (BCSIX)

Proxy Voting Record Annual Report by a Management Investment Company — Form N-PX
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-PX        The Nottingham Investment Trust Ii                    87    518K

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Proxy Voting Records
1	1st Page - Filing Submission
2	Item 1. Proxy Voting Records

N-PX 1st Page of 87 TOC ↑Top Previous Next ↓Bottom Just 1st
 
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 FORM N-PX

 ANNUAL REPORT OF PROXY VOTING RECORD OF
REGISTERED MANAGEMENT INVESTMENT COMPANY

 Investment Company Act file number: 811-06199
                                     ---------

The Nottingham Investment Trust II
----------------------------------
(Exact name of registrant as specified in charter)

116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802
--------------------------------------------------------------------------------
 (Address of principal executive offices) (Zip code)

 Julian G. Winters
116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802
--------------------------------------------------------------------------------
 (Name and address of agent for service)

Registrant's telephone number, including area code: 252-972-9922
                                                    ------------

 Date of fiscal year end: March 31
                          --------

Date of reporting period: July 1, 2005 - June 30, 2006
                          ----------------------------

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ITEM 1.  PROXY VOTING RECORDS                                                   

EARNEST PARTNERS FIXED INCOME TRUST                                             
-----------------------------------                                             

There  were no  matters  relating  to a  portfolio  security  considered  at any
shareholder  meeting held during the period  covered by this report with respect
to which the registrant was entitled to vote.                                   

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                                                        [Enlarge/Download Table]
                                                                                                                                    
THE BROWN CAPITAL MANAGEMENT EQUITY FUND                                                                                            
----------------------------------------                                                                                            

                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

07/12/05 - S    The Procter & Gamble Company *PG*        742718109                                 05/19/05                  10,400 
                1       Approve Merger Agreement                      For           For                        Mgmt                 
                2       Adjourn Meeting                               For           For                        Mgmt                 

07/15/05 - A    Dell Inc. *DELL*                         24702R101                                 05/20/05                   8,100 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                4       Expense Stock Options                         Against       For                        ShrHoldr             

07/19/05 - A    Legg Mason, Inc. *LM*                    524901105                                 05/20/05                   4,050 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Executive Incentive Bonus Plan          For           For                        Mgmt                 
                3       Approve Non-Employee Director Omnibus Stock   For           Against                    Mgmt                 
                        Plan                                                                                                        

07/28/05 - A    Electronic Arts Inc. *ERTS*              285512109                                 06/06/05                   3,900 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director M. Richard Asher --- For                                                                     
                1.2     Elect Director Leonard S. Coleman --- For                                                                   
                1.3     Elect Director Gary M. Kusin --- For                                                                        
                1.4     Elect Director Gregory B. Maffei --- For                                                                    
                1.5     Elect Director Timothy Mott --- Withhold                                                                    
                1.6     Elect Director Vivek Paul --- For                                                                           
                1.7     Elect Director Robert W. Pittman --- For                                                                    
                1.8     Elect Director Lawrence F. Probst III --- For                                                               
                1.9     Elect Director Linda J. Srere --- For                                                                       
                2       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                3       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 

08/24/05 - S    Adobe Systems Inc. *ADBE*                00724F101                                 07/19/05                   2,000 
                1       Issue Shares in Connection with an            For           For                        Mgmt                 
                        Acquisition                                                                                                 
                2       Adjourn Meeting                               For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                                Page 1

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                                                        [Enlarge/Download Table]
                                                                                                                                    
                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

08/24/05 - A    CA Inc *CA*                              204912109                                 07/01/05                   4,700 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Change in Control of Severance Policy  For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 
                4       Amend Omnibus Stock Plan                      For           For                        Mgmt                 

08/31/05 - A    Network Appliance, Inc. *NTAP*           64120L104                                 07/05/05                   2,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Omnibus Stock Plan                      For           Against                    Mgmt                 
                3       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 

09/21/05 - A    Darden Restaurants, Inc. *DRI*           237194105                                 07/25/05                   4,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

10/11/05 - A    The Procter & Gamble Company *PG*        742718109                                 08/12/05                  10,400 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Amend Articles                                For           For                        Mgmt                 
                4       Declassify the Board of Directors             For           For                        Mgmt                 
                5       Report on Animal Welfare Policy               Against       Against                    ShrHoldr             
                6       Seek Sale of Company/Assets                   Against       Against                    ShrHoldr             
                7       Report on Political Contributions             Against       Against                    ShrHoldr             

10/12/05 - A    Paychex, Inc. *PAYX*                     704326107                                 08/15/05                   4,100 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                3       Require a Majority Vote for the Election of   Against       Against                    ShrHoldr             
                        Directors                                                                                                   

11/02/05 - A    Coach, Inc. *COH*                        189754104                                 09/14/05                   5,190 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Executive Incentive Bonus Plan          For           For                        Mgmt                 

11/09/05 - A    Microsoft Corp. *MSFT*                   594918104                                 09/09/05                  15,500 
                1       Elect Directors                               For           For                        Mgmt                 

____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 2 

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                                                        [Enlarge/Download Table]
                                                                                                                                    
                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                2       Ratify Auditors                               For           For                        Mgmt                 

11/10/05 - A    Maxim Integrated Products, Inc. *MXIM*   57772K101                                 09/28/05                   3,100 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director James R. Bergman --- Withhold                                                                
                1.2     Elect Director Michael J. Byrd --- For                                                                      
                1.3     Elect Director Peter de Roeth --- For                                                                       
                1.4     Elect Director John F. Gifford --- Withhold                                                                 
                1.5     Elect Director B. Kipling Hagopian --- For                                                                  
                1.6     Elect Director A.R. Frank Wazzan --- For                                                                    
                2       Amend Omnibus Stock Plan                      For           Against                    Mgmt                 
                3       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 

11/11/05 - A    SYSCO Corporation *SYY*                  871829107                                 09/13/05                   3,700 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                 
                4       Approve Stock/Cash Award to Executive         For           For                        Mgmt                 
                5       Approve Non-Employee Director Omnibus Stock   For           For                        Mgmt                 
                        Plan                                                                                                        

11/15/05 - A    Cisco Systems, Inc. *CSCO*               17275R102                                 09/16/05                  11,900 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Stock Option Plan                     For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 
                4       Review/Limit Executive Compensation           Against       For                        ShrHoldr             
                5       Report on Pay Disparity                       Against       Against                    ShrHoldr             
                6       Report on Human Rights Policy                 Against       Against                    ShrHoldr             

01/11/06 - A    Walgreen Co. *WAG*                       931422109                                 11/14/05                   4,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Amend Stock Option Plan                       For           Against                    Mgmt                 

____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 3 

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                                                        [Enlarge/Download Table]
                                                                                                                                    
                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

01/19/06 - A    Jabil Circuit, Inc. *JBL*                466313103                                 11/28/05                   8,800 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Laurence S. Grafstein --- For                                                                
                1.2     Elect Director Mel S. Lavitt --- For                                                                        
                1.3     Elect Director Timothy L. Main --- For                                                                      
                1.4     Elect Director William D. Morean --- For                                                                    
                1.5     Elect Director Lawrence J. Murphy --- For                                                                   
                1.6     Elect Director Frank A. Newman --- Withhold                                                                 
                1.7     Elect Director Steven A. Raymund --- For                                                                    
                1.8     Elect Director Thomas A. Sansone --- For                                                                    
                1.9     Elect Director Kathleen A. Walters --- For                                                                  
                2       Amend Omnibus Stock Plan                      For           Against                    Mgmt                 
                3       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                 
                4       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                5       Ratify Auditors                               For           For                        Mgmt                 
                6       Other Business                                For           Against                    Mgmt                 

01/26/06 - A    D.R. Horton, Inc. *DHI*                  23331A109                                 12/01/05                   2,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Omnibus Stock Plan                    For           For                        Mgmt                 
                3       Increase Authorized Common Stock              For           For                        Mgmt                 
                4       Report on Energy Efficiency                   Against       Against                    ShrHoldr             
                5       Other Business                                For           Against                    Mgmt                 

02/01/06 - A    ACCENTURE LTD BERMUDA *ACN*              G1150G111                                 12/05/05                   1,300 
                        Meeting for Holders of ADRs                                                                                 
                1       APPOINTMENT OF THE FOLLOWING NOMINEE TO THE   For           For                        Mgmt                 
                        BOARD OF DIRECTORS: DINA DUBLON                                                                             
                2       APPOINTMENT OF THE FOLLOWING NOMINEE TO THE   For           For                        Mgmt                 
                        BOARD OF DIRECTORS: WILLIAM D. GREEN                                                                        
                3       Ratify Auditors                               For           For                        Mgmt                 

02/08/06 - A    Starbucks Corp. *SBUX*                   855244109                                 12/01/05                   4,500 
                1       Elect Directors                               For           For                        Mgmt                 

____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 4 

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                                                        [Enlarge/Download Table]
                                                                                                                                    
                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Declassify the Board of Directors             For           For                        Mgmt                 

02/16/06 - S    Celgene Corp. *CELG*                     151020104                                 01/17/06                   2,900 
                1       Increase Authorized Common Stock              For           For                        Mgmt                 

02/23/06 - A    Joy Global, Inc. *JOYG*                  481165108                                 01/06/06                   1,950 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Steven L. Gerard --- Withhold                                                                
                1.2     Elect Director John Nils Hanson --- For                                                                     
                1.3     Elect Director Ken C. Johnsen --- For                                                                       
                1.4     Elect Director James R. Klauser --- For                                                                     
                1.5     Elect Director Richard B. Loynd --- For                                                                     
                1.6     Elect Director P. Eric Siegert --- For                                                                      
                1.7     Elect Director James H. Tate --- For                                                                        

03/22/06 - A    Applied Materials, Inc. *AMAT*           038222105                                 01/27/06                   9,500 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

03/28/06 - A    Adobe Systems Inc. *ADBE*                00724F101                                 02/13/06                   5,400 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                3       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 

04/12/06 - A    Schlumberger Ltd. *SLB*                  806857108                                 03/01/06                   2,000 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           For                        Mgmt                 
                2       ADOPTION AND APPROVAL OF FINANCIALS AND       For           For                        Mgmt                 
                        DIVIDENDS                                                                                                   
                3       ADOPTION OF AMENDMENT TO THE ARTICLES OF      For           For                        Mgmt                 
                        INCORPORATION                                                                                               
                4       APPROVAL OF AMENDMENT AND RESTATEMENT OF      For           For                        Mgmt                 
                        THE SCHLUMBERGER 2005 STOCK OPTION PLAN                                                                     
                5       APPROVAL OF INDEPENDENT REGISTERED PUBLIC     For           For                        Mgmt                 
                        ACCOUNTING FIRM                                                                                             
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 5 

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                                                        [Enlarge/Download Table]
                                                                                                                                    
                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

04/18/06 - A    Fastenal Co. *FAST*                      311900104                                 02/20/06                   5,128 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Robert A. Kierlin ---                                                                        
                        Withhold                                                                                                    
                1.2     Elect Director Stephen M. Slaggie ---                                                                       
                        Withhold                                                                                                    
                1.3     Elect Director Michael M. Gostomski --- For                                                                 
                1.4     Elect Director John D. Remick --- For                                                                       
                1.5     Elect Director Henry K. McConnon --- For                                                                    
                1.6     Elect Director Robert A. Hansen --- For                                                                     
                1.7     Elect Director Willard D. Oberton ---                                                                       
                        Withhold                                                                                                    
                1.8     Elect Director Michael J. Dolan --- For                                                                     
                1.9     Elect Director Reyne K. Wisecup --- Withhold                                                                
                2       Ratify Auditors                               For           For                        Mgmt                 

04/18/06 - A    Investors Financial Services Corp.       461915100                                 02/23/06                   4,400 
                *IFIN*                                                                                                              
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve/Amend Executive Incentive Bonus Plan  For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

04/20/06 - A    Carnival Corp. *CCL*                     143658300                                 02/21/06                   2,820 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       TO AUTHORIZE THE AUDIT COMMITTEE OF           For           For                        Mgmt                 
                        CARNIVAL PLC TO AGREE TO THE REMUNERATION                                                                   
                        OF THE INDEPENDENT AUDITORS.                                                                                
                4       TO RECEIVE THE ACCOUNTS AND REPORTS FOR       For           For                        Mgmt                 
                        CARNIVAL PLC FOR THE FINANCIAL YEAR ENDED                                                                   
                        NOVEMBER 30, 2005.                                                                                          
                5       TO APPROVE THE DIRECTORS REMUNERATION         For           For                        Mgmt                 
                        REPORT OF CARNIVAL PLC.                                                                                     
                6       TO APPROVE LIMITS ON THE AUTHORITY TO ALLOT   For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                                Page 6

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                                                        [Enlarge/Download Table]
                                                                                                                                    
                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        SHARES BY CARNIVAL PLC.                                                                                     
                7       TO APPROVE THE DISAPPLICATION OF              For           For                        Mgmt                 
                        PRE-EMPTION RIGHTS FOR CARNIVAL PLC.                                                                        
                8       TO APPROVE A GENERAL AUTHORITY FOR CARNIVAL   For           For                        Mgmt                 
                        PLC TO BUY BACK CARNIVAL PLC ORDINARY                                                                       
                        SHARES IN THE OPEN MARKET.                                                                                  

04/20/06 - A    Genentech, Inc. *DNA*                    368710406                                 02/22/06                     700 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Herbert W. Boyer --- Withhold                                                                
                1.2     Elect Director William M. Burns --- Withhold                                                                
                1.3     Elect Director Erich Hunziker --- Withhold                                                                  
                1.4     Elect Director Jonathan K.C. Knowles ---                                                                    
                        Withhold                                                                                                    
                1.5     Elect Director Arthur D. Levinson ---                                                                       
                        Withhold                                                                                                    
                1.6     Elect Director Debra L. Reed --- For                                                                        
                1.7     Elect Director Charles A. Sanders --- For                                                                   
                2       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

04/20/06 - A    Texas Instruments Inc. *TXN*             882508104                                 02/21/06                   5,500 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

04/24/06 - A    American Express Co. *AXP*               025816109                                 02/28/06                   4,400 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Limit/Prohibit Executive Stock-Based Awards   Against       Against                    ShrHoldr             
                4       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                5       Exclude Reference to Sexual Orientation       Against       Against                    ShrHoldr             
                        from the Company's EEO Statement                                                                            
                6       Company-Specific -- Reimbursement of          Against       Against                    ShrHoldr             
                        Expenses for Certain Shareholder-Nominated                                                                  
                        Director Candidates                                                                                         
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 7 

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                                                        [Enlarge/Download Table]
                                                                                                                                    
                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

04/24/06 - A    Eli Lilly and Co. *LLY*                  532457108                                 02/15/06                   3,400 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Report on Animal Welfare Policy               Against       Against                    ShrHoldr             
                4       Separate Chairman and CEO Positions           Against       For                        ShrHoldr             
                5       Declassify the Board of Directors             Against       For                        ShrHoldr             
                6       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   

04/25/06 - A    Fortune Brands, Inc. *FO*                349631101                                 02/24/06                   2,300 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Declassify the Board of Directors             Against       For                        ShrHoldr             
                4       Performance-Based and/or Time-Based Equity    Against       For                        ShrHoldr             
                        Awards                                                                                                      

04/26/06 - A    Ameriprise Financial, Inc. *AMP*         03076C106                                 02/28/06                   3,300 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

04/26/06 - A    Bank of America Corp. *BAC*              060505104                                 03/03/06                   7,500 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                4       Publish Political Contributions               Against       Against                    ShrHoldr             
                5       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                6       Provide for an Independent Chairman           Against       Against                    ShrHoldr             
                7       Exclude Reference to Sexual Orientation       Against       Against                    ShrHoldr             
                        from the Company's EEO Statement                                                                            

04/26/06 - A    General Electric Co. *GE*                369604103                                 02/27/06                   3,100 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director James I. Cash, Jr. --- For                                                                   
                1.2     Elect Director Sir William M. Castell ---                                                                   
                        For                                                                                                         
                1.3     Elect Director Ann M. Fudge --- For                                                                         
                1.4     Elect Director Claudio X. Gonzalez ---                                                                      
                        Withhold                                                                                                    
                1.5     Elect Director Jeffrey R. Immelt --- For                                                                    
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 8 

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                                                        [Enlarge/Download Table]
                                                                                                                                    
                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                1.6     Elect Director Andrea Jung --- For                                                                          
                1.7     Elect Director Alan G. Lafley --- For                                                                       
                1.8     Elect Director Robert W. Lane --- For                                                                       
                1.9     Elect Director Ralph S. Larsen --- For                                                                      
                1.10    Elect Director Rochelle B. Lazarus --- For                                                                  
                1.11    Elect Director Sam Nunn --- For                                                                             
                1.12    Elect Director Roger S. Penske --- For                                                                      
                1.13    Elect Director Robert J. Swieringa --- For                                                                  
                1.14    Elect Director Douglas A. Warner, III ---                                                                   
                        For                                                                                                         
                1.15    Elect Director Robert C. Wright --- For                                                                     
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Restore or Provide for Cumulative Voting      Against       Against                    ShrHoldr             
                4       Adopt Policy on Overboarded Directors         Against       For                        ShrHoldr             
                5       Company-Specific -- One Director from the     Against       Against                    ShrHoldr             
                        Ranks of the Retirees                                                                                       
                6       Separate Chairman and CEO Positions           Against       Against                    ShrHoldr             
                7       Require a Majority Vote for the Election of   Against       Against                    ShrHoldr             
                        Directors                                                                                                   
                8       Report on Environmental Policies              Against       Against                    ShrHoldr             

04/26/06 - A    Stryker Corp. *SYK*                      863667101                                 02/28/06                   3,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Omnibus Stock Plan                    For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

04/26/06 - A    T. Rowe Price Group, Inc. *TROW*         74144T108                                 02/24/06                   3,000 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Edward C. Bernard --- For                                                                    
                1.2     Elect Director James T. Brady --- For                                                                       
                1.3     Elect Director J. Alfred Broaddus, Jr. ---                                                                  
                        For                                                                                                         
                1.4     Elect Director Donald B. Hebb, Jr. ---                                                                      
                        Withhold                                                                                                    
                1.5     Elect Director James A.C. Kennedy --- For                                                                   
                1.6     Elect Director George A. Roche --- For                                                                      
                1.7     Elect Director Brian C. Rogers --- For                                                                      
                1.8     Elect Director Dr. Alfred Sommer --- For                                                                    
                1.9     Elect Director Dwight S. Taylor --- For                                                                     
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 9 

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                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                1.10    Elect Director Anne Marie Whittemore --- For                                                                
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Other Business                                For           For                        Mgmt                 

04/27/06 - A    Apple Computer, Inc. *AAPL*              037833100                                 02/28/06                   4,000 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Report on Computer Recycling Policy           Against       Against                    ShrHoldr             

04/27/06 - A    Arch Coal, Inc. *ACI*                    039380100                                 03/01/06                   1,600 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Increase Authorized Common Stock              For           For                        Mgmt                 

04/27/06 - A    Broadcom Corp. *BRCM*                    111320107                                 02/28/06                   4,350 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Articles/Bylaws/Charter-Non-Routine     For           For                        Mgmt                 
                3       Establish Range For Board Size                For           For                        Mgmt                 
                4       Amend Non-Employee Director Omnibus Stock     For           Against                    Mgmt                 
                        Plan                                                                                                        
                5       Ratify Auditors                               For           For                        Mgmt                 

04/27/06 - A    NOBLE CORP *NE*                          G65422100                                 03/02/06                   1,200 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       MEMBER (SHAREHOLDER) PROPOSAL TO SEPARATE     Against       For                        ShrHoldr             
                        THE POSITIONS OF CHAIRMAN/CHIEF EXECUTIVE                                                                   
                        OFFICER.                                                                                                    

04/28/06 - A    Marriott International Inc. *MAR*        571903202                                 03/07/06                   2,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Declassify the Board of Directors             For           For                        Mgmt                 
                4       Require a Majority Vote for the Election of   For           For                        ShrHoldr             
                        Directors                                                                                                   

05/02/06 - A    Danaher Corp. *DHR*                      235851102                                 03/06/06                   6,100 
                1       Elect Directors                               For           Split                      Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 10

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                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                1.1     Elect Director Mortimer M. Caplin --- For                                                                   
                1.2     Elect Director Donald J. Ehrlich --- For                                                                    
                1.3     Elect Director Linda P. Hefner --- For                                                                      
                1.4     Elect Director Walter G. Lohr, Jr. ---                                                                      
                        Withhold                                                                                                    
                2       Ratify Auditors                               For           For                        Mgmt                 

05/02/06 - A    UnitedHealth Group Incorporated *UNH*    91324P102                                 03/21/06                   3,600 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director James A. Johnson --- Withhold                                                                
                1.2     Elect Director Douglas W. Leatherdale ---                                                                   
                        For                                                                                                         
                1.3     Elect Director William W. McGuire, M.D. ---                                                                 
                        For                                                                                                         
                1.4     Elect Director Mary O. Mundinger, Ph.D. ---                                                                 
                        Withhold                                                                                                    
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   

05/03/06 - A    PepsiCo, Inc. *PEP*                      713448108                                 03/10/06                   3,600 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Publish Political Contributions               Against       Against                    ShrHoldr             
                4       Report on Charitable Contributions            Against       Against                    ShrHoldr             

05/04/06 - A    EMC Corp. *EMC*                          268648102                                 03/06/06                  17,000 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                4       Performance-Based and/or Time-Based Equity    Against       For                        ShrHoldr             
                        Awards                                                                                                      
                5       Declassify the Board of Directors             Against       For                        ShrHoldr             
                6       Limit Composition of Committee(s) to          Against       Against                    ShrHoldr             
                        Independent Directors                                                                                       

05/09/06 - A    Zebra Technologies Corp. *ZBRA*          989207105                                 03/14/06                   3,900 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Omnibus Stock Plan                    For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 11

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                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

05/10/06 - A    Amgen, Inc. *AMGN*                       031162100                                 03/13/06                   4,800 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Stock Retention                               Against       For                        ShrHoldr             
                4       Link Executive Compensation to Social Issues  Against       Against                    ShrHoldr             
                5       Submit Shareholder Rights Plan (Poison        Against       For                        ShrHoldr             
                        Pill) to Shareholder Vote                                                                                   
                6       Develop an Animal Welfare Policy              Against       Against                    ShrHoldr             
                7       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                8       Report on Political Contributions             For           For                        ShrHoldr             

05/10/06 - A    Caremark Rx, Inc. *CMX*                  141705103                                 03/31/06                   3,000 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Report Policies For Political Contributions   Against       For                        ShrHoldr             

05/10/06 - A    Covance Inc. *CVD*                       222816100                                 03/20/06                   1,200 
                1       Elect Directors                               For           For                        Mgmt                 

05/10/06 - A    Gilead Sciences, Inc. *GILD*             375558103                                 03/22/06                   2,600 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                4       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                 
                5       Increase Authorized Common Stock              For           For                        Mgmt                 
                6       Report on Impact of HIV/AIDS, TB, and         Against       For                        ShrHoldr             
                        Malaria Pandemics                                                                                           

05/10/06 - A    St. Jude Medical, Inc. *STJ*             790849103                                 03/13/06                   4,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Stock Option Plan                     For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

05/11/06 - A    Google Inc *GOOG*                        38259P508                                 03/17/06                     300 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Amend Omnibus Stock Plan                      For           Against                    Mgmt                 
                4       Company-Specific-Recapitalization Plan        Against       For                        ShrHoldr             
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 12

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                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

05/11/06 - A    Norfolk Southern Corp. *NSC*             655844108                                 03/06/06                   4,600 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

05/11/06 - A    Transocean Inc. *RIG*                    G90078109                                 03/20/06                   2,600 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           For                        Mgmt                 
                2       APPROVAL OF THE APPOINTMENT OF ERNST &        For           For                        Mgmt                 
                        YOUNG LLP TO SERVE AS OUR INDEPENDENT                                                                       
                        REGISTERED PUBLIC ACCOUNTING FIRM FOR 2006.                                                                 

05/16/06 - A    Wellpoint Inc *WLP*                      94973V107                                 03/24/06                   3,500 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Omnibus Stock Plan                    For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

05/16/06 - A    XTO Energy Inc *XTO*                     98385X106                                 03/31/06                   3,566 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Increase Authorized Common Stock              For           For                        Mgmt                 
                3       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 

05/17/06 - A    Advance Auto Parts Inc *AAP*             00751Y106                                 03/29/06                   3,300 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

05/17/06 - A    American International Group, Inc.       026874107                                 03/24/06                   6,500 
                *AIG*                                                                                                               
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                 

05/17/06 - A    Target Corporation *TGT*                 87612E106                                 03/20/06                   2,400 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 13

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                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                3       Report Political Contributions/Activities     Against       Against                    ShrHoldr             

05/18/06 - A    Juniper Networks, Inc. *JNPR*            48203R104                                 03/21/06                   2,700 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Scott Kriens --- For                                                                         
                1.2     Elect Director Stratton Sclavos --- Withhold                                                                
                1.3     Elect Director William R. Stensrud --- For                                                                  
                2       Approve Omnibus Stock Plan                    For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

05/23/06 - A    Diamond Offshore Drilling, Inc. *DO*     25271C102                                 03/27/06                   3,700 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director James S. Tisch --- Withhold                                                                  
                1.2     Elect Director Lawrence R. Dickerson ---                                                                    
                        Withhold                                                                                                    
                1.3     Elect Director Alan R. Batkin --- For                                                                       
                1.4     Elect Director Charles L. Fabrikant --- For                                                                 
                1.5     Elect Director Paul G. Gaffney, II --- For                                                                  
                1.6     Elect Director Herbert C. Hofmann ---                                                                       
                        Withhold                                                                                                    
                1.7     Elect Director Arthur L. Rebell --- Withhold                                                                
                1.8     Elect Director Raymond S. Troubh --- For                                                                    
                2       Ratify Auditors                               For           For                        Mgmt                 

05/23/06 - A    Nordstrom, Inc. *JWN*                    655664100                                 03/15/06                   4,900 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

05/24/06 - A    Express Scripts, Inc. *ESRX*             302182100                                 03/31/06                   1,700 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Increase Authorized Common Stock              For           For                        Mgmt                 
                3       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 14

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                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

05/25/06 - A    Genzyme Corp. *GENZ*                     372917104                                 03/31/06                   3,100 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                3       Amend Non-Employee Director Stock Option      For           For                        Mgmt                 
                        Plan                                                                                                        
                4       Declassify the Board of Directors             For           For                        Mgmt                 
                5       Ratify Auditors                               For           For                        Mgmt                 
                6       Submit Severance Agreement (Change in         Against       For                        ShrHoldr             
                        Control) to shareholder Vote                                                                                

05/25/06 - A    Home Depot, Inc. (The) *HD*              437076102                                 03/28/06                   3,200 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Gregory D. Brenneman ---                                                                     
                        Withhold                                                                                                    
                1.2     Elect Director John L. Clendenin ---                                                                        
                        Withhold                                                                                                    
                1.3     Elect Director Claudio X. Gonzalez ---                                                                      
                        Withhold                                                                                                    
                1.4     Elect Director Milledge A. Hart, III ---                                                                    
                        Withhold                                                                                                    
                1.5     Elect Director Bonnie G. Hill --- Withhold                                                                  
                1.6     Elect Director Laban P. Jackson, Jr. ---                                                                    
                        Withhold                                                                                                    
                1.7     Elect Director Lawrence R. Johnston ---                                                                     
                        Withhold                                                                                                    
                1.8     Elect Director Kenneth G. Langone ---                                                                       
                        Withhold                                                                                                    
                1.9     Elect Director Angelo R. Mozilo --- For                                                                     
                1.10    Elect Director Robert L. Nardelli ---                                                                       
                        Withhold                                                                                                    
                1.11    Elect Director Thomas J. Ridge --- Withhold                                                                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Increase Disclosure of Executive              Against       For                        ShrHoldr             
                        Compensation                                                                                                
                4       Report on EEOC-Related Activities             Against       For                        ShrHoldr             
                5       Separate Chairman and CEO Positions           Against       For                        ShrHoldr             
                6       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                7       Submit Supplemental Executive Retirement      Against       For                        ShrHoldr             
                        Plans to Shareholder vote                                                                                   
                8       Report on Political Contributions             Against       For                        ShrHoldr             
                9       Increase Disclosure of Executive              Against       For                        ShrHoldr             
                        Compensation                                                                                                
                10      Affirm Political Non-partisanship             Against       Against                    ShrHoldr             

____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 15

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                                                          Vote Summary Report                                                       
                                                       Jul 01, 2005 - Jun 30, 2006                                                  

Brown Capital Management Equity Fund - a217                                                                                         

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

05/25/06 - A    Yahoo!, Inc. *YHOO*                      984332106                                 03/29/06                   3,300 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Non-Employee Director Omnibus Stock     For           For                        Mgmt                 
                        Plan                                                                                                        
                3       Ratify Auditors                               For           For                        Mgmt                 

06/06/06 - A    Staples, Inc. *SPLS*                     855030102                                 04/10/06                   9,250 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Declassify the Board of Directors             For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 
                4       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   

06/07/06 - A    Dicks Sporting Goods Inc *DKS*           253393102                                 04/17/06                   4,800 
                1       Elect Directors                               For           For                        Mgmt                 

06/13/06 - A    eBay Inc. *EBAY*                         278642103                                 04/17/06                   2,600 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Stock Option Plan                       For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

06/14/06 - A    Celgene Corp. *CELG*                     151020104                                 04/27/06                   5,800 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

06/21/06 - A    Best Buy Co., Inc. *BBY*                 086516101                                 04/24/06                   5,150 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 16

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THE BROWN CAPITAL MANAGEMENT BALANCED FUND                                                                                          
------------------------------------------                                                                                          
                                                         Vote Summary Report                                                        
                                                     Jul 01, 2005 - Jun 30, 2006                                                    

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

07/12/05 - S    The Procter & Gamble Company *PG*        742718109                                 05/19/05                   7,200 
                1       Approve Merger Agreement                      For           For                        Mgmt                 
                2       Adjourn Meeting                               For           For                        Mgmt                 

07/15/05 - A    Dell Inc. *DELL*                         24702R101                                 05/20/05                   4,930 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                4       Expense Stock Options                         Against       For                        ShrHoldr             

07/19/05 - A    Legg Mason, Inc. *LM*                    524901105                                 05/20/05                   2,285 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Executive Incentive Bonus Plan          For           For                        Mgmt                 
                3       Approve Non-Employee Director Omnibus Stock   For           Against                    Mgmt                 
                        Plan                                                                                                        

07/28/05 - A    Electronic Arts Inc. *ERTS*              285512109                                 06/06/05                   3,700 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director M. Richard Asher --- For                                                                     
                1.2     Elect Director Leonard S. Coleman --- For                                                                   
                1.3     Elect Director Gary M. Kusin --- For                                                                        
                1.4     Elect Director Gregory B. Maffei --- For                                                                    
                1.5     Elect Director Timothy Mott --- Withhold                                                                    
                1.6     Elect Director Vivek Paul --- For                                                                           
                1.7     Elect Director Robert W. Pittman --- For                                                                    
                1.8     Elect Director Lawrence F. Probst III ---                                                                   
                        For                                                                                                         
                1.9     Elect Director Linda J. Srere --- For                                                                       
                2       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                3       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 

08/24/05 - S    Adobe Systems Inc. *ADBE*                00724F101                                 07/19/05                   1,300 
                1       Issue Shares in Connection with an            For           For                        Mgmt                 
                        Acquisition                                                                                                 
                2       Adjourn Meeting                               For           For                        Mgmt                 

____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 1 

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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

08/24/05 - A    CA Inc *CA*                              204912109                                 07/01/05                   3,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Change in Control of Severance Policy  For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 
                4       Amend Omnibus Stock Plan                      For           For                        Mgmt                 

08/31/05 - A    Network Appliance, Inc. *NTAP*           64120L104                                 07/05/05                   1,500 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Omnibus Stock Plan                      For           Against                    Mgmt                 
                3       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 

09/21/05 - A    Darden Restaurants, Inc. *DRI*           237194105                                 07/25/05                   2,900 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

10/11/05 - A    The Procter & Gamble Company *PG*        742718109                                 08/12/05                   7,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Amend Articles                                For           For                        Mgmt                 
                4       Declassify the Board of Directors             For           For                        Mgmt                 
                5       Report on Animal Welfare Policy               Against       Against                    ShrHoldr             
                6       Seek Sale of Company/Assets                   Against       Against                    ShrHoldr             
                7       Report on Political Contributions             Against       Against                    ShrHoldr             

10/12/05 - A    Paychex, Inc. *PAYX*                     704326107                                 08/15/05                   2,800 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                3       Require a Majority Vote for the Election of   Against       Against                    ShrHoldr             
                        Directors                                                                                                   

11/02/05 - A    Coach, Inc. *COH*                        189754104                                 09/14/05                   3,490 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Executive Incentive Bonus Plan          For           For                        Mgmt                 

11/09/05 - A    Microsoft Corp. *MSFT*                   594918104                                 09/09/05                  10,120 
                1       Elect Directors                               For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 2 


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                                                        [Enlarge/Download Table]
                                                                                                                                    
                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                2       Ratify Auditors                               For           For                        Mgmt                 

11/10/05 - A    Maxim Integrated Products, Inc. *MXIM*   57772K101                                 09/28/05                   2,200 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director James R. Bergman --- Withhold                                                                
                1.2     Elect Director Michael J. Byrd --- For                                                                      
                1.3     Elect Director Peter de Roeth --- For                                                                       
                1.4     Elect Director John F. Gifford --- Withhold                                                                 
                1.5     Elect Director B. Kipling Hagopian --- For                                                                  
                1.6     Elect Director A.R. Frank Wazzan --- For                                                                    
                2       Amend Omnibus Stock Plan                      For           Against                    Mgmt                 
                3       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 

11/11/05 - A    SYSCO Corporation *SYY*                  871829107                                 09/13/05                   2,280 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                 
                4       Approve Stock/Cash Award to Executive         For           For                        Mgmt                 
                5       Approve Non-Employee Director Omnibus Stock   For           For                        Mgmt                 
                        Plan                                                                                                        

11/15/05 - A    Cisco Systems, Inc. *CSCO*               17275R102                                 09/16/05                   8,340 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Stock Option Plan                     For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 
                4       Review/Limit Executive Compensation           Against       For                        ShrHoldr             
                5       Report on Pay Disparity                       Against       Against                    ShrHoldr             
                6       Report on Human Rights Policy                 Against       Against                    ShrHoldr             

01/11/06 - A    Walgreen Co. *WAG*                       931422109                                 11/14/05                   2,800 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Amend Stock Option Plan                       For           Against                    Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 3 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

01/19/06 - A    Jabil Circuit, Inc. *JBL*                466313103                                 11/28/05                   5,710 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Laurence S. Grafstein --- For                                                                
                1.2     Elect Director Mel S. Lavitt --- For                                                                        
                1.3     Elect Director Timothy L. Main --- For                                                                      
                1.4     Elect Director William D. Morean --- For                                                                    
                1.5     Elect Director Lawrence J. Murphy --- For                                                                   
                1.6     Elect Director Frank A. Newman --- Withhold                                                                 
                1.7     Elect Director Steven A. Raymund --- For                                                                    
                1.8     Elect Director Thomas A. Sansone --- For                                                                    
                1.9     Elect Director Kathleen A. Walters --- For                                                                  
                2       Amend Omnibus Stock Plan                      For           Against                    Mgmt                 
                3       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                 
                4       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                5       Ratify Auditors                               For           For                        Mgmt                 
                6       Other Business                                For           Against                    Mgmt                 

01/26/06 - A    D.R. Horton, Inc. *DHI*                  23331A109                                 12/01/05                   1,500 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Omnibus Stock Plan                    For           For                        Mgmt                 
                3       Increase Authorized Common Stock              For           For                        Mgmt                 
                4       Report on Energy Efficiency                   Against       Against                    ShrHoldr             
                5       Other Business                                For           Against                    Mgmt                 

02/01/06 - A    ACCENTURE LTD BERMUDA *ACN*              G1150G111                                 12/05/05                   1,000 
                        Meeting for Holders of ADRs                                                                                 
                1       APPOINTMENT OF THE FOLLOWING NOMINEE TO THE   For           For                        Mgmt                 
                        BOARD OF DIRECTORS: DINA DUBLON                                                                             
                2       APPOINTMENT OF THE FOLLOWING NOMINEE TO THE   For           For                        Mgmt                 
                        BOARD OF DIRECTORS: WILLIAM D. GREEN                                                                        
                3       Ratify Auditors                               For           For                        Mgmt                 

02/08/06 - A    Starbucks Corp. *SBUX*                   855244109                                 12/01/05                   3,200 
                1       Elect Directors                               For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 4 


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Declassify the Board of Directors             For           For                        Mgmt                 

02/16/06 - S    Celgene Corp. *CELG*                     151020104                                 01/17/06                   2,100 
                1       Increase Authorized Common Stock              For           For                        Mgmt                 

02/23/06 - A    Joy Global, Inc. *JOYG*                  481165108                                 01/06/06                   3,150 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Steven L. Gerard --- Withhold                                                                
                1.2     Elect Director John Nils Hanson --- For                                                                     
                1.3     Elect Director Ken C. Johnsen --- For                                                                       
                1.4     Elect Director James R. Klauser --- For                                                                     
                1.5     Elect Director Richard B. Loynd --- For                                                                     
                1.6     Elect Director P. Eric Siegert --- For                                                                      
                1.7     Elect Director James H. Tate --- For                                                                        

03/22/06 - A    Applied Materials, Inc. *AMAT*           038222105                                 01/27/06                   5,810 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

03/28/06 - A    Adobe Systems Inc. *ADBE*                00724F101                                 02/13/06                   2,700 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                3       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 

04/12/06 - A    Schlumberger Ltd. *SLB*                  806857108                                 03/01/06                   1,400 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           For                        Mgmt                 
                2       ADOPTION AND APPROVAL OF FINANCIALS AND       For           For                        Mgmt                 
                        DIVIDENDS                                                                                                   
                3       ADOPTION OF AMENDMENT TO THE ARTICLES OF      For           For                        Mgmt                 
                        INCORPORATION                                                                                               
                4       APPROVAL OF AMENDMENT AND RESTATEMENT OF      For           For                        Mgmt                 
                        THE SCHLUMBERGER 2005 STOCK OPTION PLAN                                                                     
                5       APPROVAL OF INDEPENDENT REGISTERED PUBLIC     For           For                        Mgmt                 
                        ACCOUNTING FIRM                                                                                             

____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 5 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

04/18/06 - A    Fastenal Co. *FAST*                      311900104                                 02/20/06                   3,516 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Robert A. Kierlin ---                                                                        
                        Withhold                                                                                                    
                1.2     Elect Director Stephen M. Slaggie ---                                                                       
                        Withhold                                                                                                    
                1.3     Elect Director Michael M. Gostomski --- For                                                                 
                1.4     Elect Director John D. Remick --- For                                                                       
                1.5     Elect Director Henry K. McConnon --- For                                                                    
                1.6     Elect Director Robert A. Hansen --- For                                                                     
                1.7     Elect Director Willard D. Oberton ---                                                                       
                        Withhold                                                                                                    
                1.8     Elect Director Michael J. Dolan --- For                                                                     
                1.9     Elect Director Reyne K. Wisecup --- Withhold                                                                
                2       Ratify Auditors                               For           For                        Mgmt                 

04/18/06 - A    Investors Financial Services Corp.       461915100                                 02/23/06                   3,000 
                *IFIN*                                                                                                              
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve/Amend Executive Incentive Bonus Plan  For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

04/20/06 - A    Carnival Corp. *CCL*                     143658300                                 02/21/06                   1,900 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       TO AUTHORIZE THE AUDIT COMMITTEE OF           For           For                        Mgmt                 
                        CARNIVAL PLC TO AGREE TO THE REMUNERATION                                                                   
                        OF THE INDEPENDENT AUDITORS.                                                                                
                4       TO RECEIVE THE ACCOUNTS AND REPORTS FOR       For           For                        Mgmt                 
                        CARNIVAL PLC FOR THE FINANCIAL YEAR ENDED                                                                   
                        NOVEMBER 30, 2005.                                                                                          
                5       TO APPROVE THE DIRECTORS REMUNERATION         For           For                        Mgmt                 
                        REPORT OF CARNIVAL PLC.                                                                                     
                6       TO APPROVE LIMITS ON THE AUTHORITY TO ALLOT   For           For                        Mgmt                 
                        SHARES BY CARNIVAL PLC.                                                                                     
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 6 


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                7       TO APPROVE THE DISAPPLICATION OF              For           For                        Mgmt                 
                        PRE-EMPTION RIGHTS FOR CARNIVAL PLC.                                                                        
                8       TO APPROVE A GENERAL AUTHORITY FOR CARNIVAL   For           For                        Mgmt                 
                        PLC TO BUY BACK CARNIVAL PLC ORDINARY                                                                       
                        SHARES IN THE OPEN MARKET.                                                                                  

04/20/06 - A    Genentech, Inc. *DNA*                    368710406                                 02/22/06                     500 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Herbert W. Boyer --- Withhold                                                                
                1.2     Elect Director William M. Burns --- Withhold                                                                
                1.3     Elect Director Erich Hunziker --- Withhold                                                                  
                1.4     Elect Director Jonathan K.C. Knowles ---                                                                    
                        Withhold                                                                                                    
                1.5     Elect Director Arthur D. Levinson ---                                                                       
                        Withhold                                                                                                    
                1.6     Elect Director Debra L. Reed --- For                                                                        
                1.7     Elect Director Charles A. Sanders --- For                                                                   
                2       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

04/20/06 - A    Texas Instruments Inc. *TXN*             882508104                                 02/21/06                   4,880 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

04/24/06 - A    American Express Co. *AXP*               025816109                                 02/28/06                   3,700 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Limit/Prohibit Executive Stock-Based Awards   Against       Against                    ShrHoldr             
                4       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                5       Exclude Reference to Sexual Orientation       Against       Against                    ShrHoldr             
                        from the Company's EEO Statement                                                                            
                6       Company-Specific -- Reimbursement of          Against       Against                    ShrHoldr             
                        Expenses for Certain Shareholder-Nominated                                                                  
                        Director Candidates                                                                                         
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 7 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

04/24/06 - A    Eli Lilly and Co. *LLY*                  532457108                                 02/15/06                   2,100 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Report on Animal Welfare Policy               Against       Against                    ShrHoldr             
                4       Separate Chairman and CEO Positions           Against       For                        ShrHoldr             
                5       Declassify the Board of Directors             Against       For                        ShrHoldr             
                6       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   

04/25/06 - A    Fortune Brands, Inc. *FO*                349631101                                 02/24/06                   1,500 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Declassify the Board of Directors             Against       For                        ShrHoldr             
                4       Performance-Based and/or Time-Based Equity    Against       For                        ShrHoldr             
                        Awards                                                                                                      

04/26/06 - A    Ameriprise Financial, Inc. *AMP*         03076C106                                 02/28/06                   2,340 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

04/26/06 - A    Bank of America Corp. *BAC*              060505104                                 03/03/06                   5,300 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                4       Publish Political Contributions               Against       Against                    ShrHoldr             
                5       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                6       Provide for an Independent Chairman           Against       Against                    ShrHoldr             
                7       Exclude Reference to Sexual Orientation       Against       Against                    ShrHoldr             
                        from the Company's EEO Statement                                                                            

04/26/06 - A    General Electric Co. *GE*                369604103                                 02/27/06                   2,100 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director James I. Cash, Jr. --- For                                                                   
                1.2     Elect Director Sir William M. Castell ---                                                                   
                        For                                                                                                         
                1.3     Elect Director Ann M. Fudge --- For                                                                         
                1.4     Elect Director Claudio X. Gonzalez ---                                                                      
                        Withhold                                                                                                    
                1.5     Elect Director Jeffrey R. Immelt --- For                                                                    
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 8 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                1.6     Elect Director Andrea Jung --- For                                                                          
                1.7     Elect Director Alan G. Lafley --- For                                                                       
                1.8     Elect Director Robert W. Lane --- For                                                                       
                1.9     Elect Director Ralph S. Larsen --- For                                                                      
                1.10    Elect Director Rochelle B. Lazarus --- For                                                                  
                1.11    Elect Director Sam Nunn --- For                                                                             
                1.12    Elect Director Roger S. Penske --- For                                                                      
                1.13    Elect Director Robert J. Swieringa --- For                                                                  
                1.14    Elect Director Douglas A. Warner, III ---                                                                   
                        For                                                                                                         
                1.15    Elect Director Robert C. Wright --- For                                                                     
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Restore or Provide for Cumulative Voting      Against       Against                    ShrHoldr             
                4       Adopt Policy on Overboarded Directors         Against       For                        ShrHoldr             
                5       Company-Specific -- One Director from the     Against       Against                    ShrHoldr             
                        Ranks of the Retirees                                                                                       
                6       Separate Chairman and CEO Positions           Against       Against                    ShrHoldr             
                7       Require a Majority Vote for the Election of   Against       Against                    ShrHoldr             
                        Directors                                                                                                   
                8       Report on Environmental Policies              Against       Against                    ShrHoldr             

04/26/06 - A    Stryker Corp. *SYK*                      863667101                                 02/28/06                   2,120 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Omnibus Stock Plan                    For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

04/26/06 - A    T. Rowe Price Group, Inc. *TROW*         74144T108                                 02/24/06                   1,795 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Edward C. Bernard --- For                                                                    
                1.2     Elect Director James T. Brady --- For                                                                       
                1.3     Elect Director J. Alfred Broaddus, Jr. ---                                                                  
                        For                                                                                                         
                1.4     Elect Director Donald B. Hebb, Jr. ---                                                                      
                        Withhold                                                                                                    
                1.5     Elect Director James A.C. Kennedy --- For                                                                   
                1.6     Elect Director George A. Roche --- For                                                                      
                1.7     Elect Director Brian C. Rogers --- For                                                                      
                1.8     Elect Director Dr. Alfred Sommer --- For                                                                    
                1.9     Elect Director Dwight S. Taylor --- For                                                                     
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 9 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                1.10    Elect Director Anne Marie Whittemore --- For                                                                
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Other Business                                For           For                        Mgmt                 

04/27/06 - A    Apple Computer, Inc. *AAPL*              037833100                                 02/28/06                   2,700 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Report on Computer Recycling Policy           Against       Against                    ShrHoldr             

04/27/06 - A    Arch Coal, Inc. *ACI*                    039380100                                 03/01/06                   1,100 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Increase Authorized Common Stock              For           For                        Mgmt                 

04/27/06 - A    Broadcom Corp. *BRCM*                    111320107                                 02/28/06                   3,000 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Articles/Bylaws/Charter-Non-Routine     For           For                        Mgmt                 
                3       Establish Range For Board Size                For           For                        Mgmt                 
                4       Amend Non-Employee Director Omnibus Stock     For           Against                    Mgmt                 
                        Plan                                                                                                        
                5       Ratify Auditors                               For           For                        Mgmt                 

04/27/06 - A    NOBLE CORP *NE*                          G65422100                                 03/02/06                     800 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       MEMBER (SHAREHOLDER) PROPOSAL TO SEPARATE     Against       For                        ShrHoldr             
                        THE POSITIONS OF CHAIRMAN/CHIEF EXECUTIVE                                                                   
                        OFFICER.                                                                                                    

04/28/06 - A    Marriott International Inc. *MAR*        571903202                                 03/07/06                   1,500 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Declassify the Board of Directors             For           For                        Mgmt                 
                4       Require a Majority Vote for the Election of   For           For                        ShrHoldr             
                        Directors                                                                                                   

05/02/06 - A    Danaher Corp. *DHR*                      235851102                                 03/06/06                   4,200 
                1       Elect Directors                               For           Split                      Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                              Page 10 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                1.1     Elect Director Mortimer M. Caplin --- For                                                                   
                1.2     Elect Director Donald J. Ehrlich --- For                                                                    
                1.3     Elect Director Linda P. Hefner --- For                                                                      
                1.4     Elect Director Walter G. Lohr, Jr. ---                                                                      
                        Withhold                                                                                                    
                2       Ratify Auditors                               For           For                        Mgmt                 

05/02/06 - A    UnitedHealth Group Incorporated *UNH*    91324P102                                 03/21/06                   2,500 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director James A. Johnson --- Withhold                                                                
                1.2     Elect Director Douglas W. Leatherdale ---                                                                   
                        For                                                                                                         
                1.3     Elect Director William W. McGuire, M.D. ---                                                                 
                        For                                                                                                         
                1.4     Elect Director Mary O. Mundinger, Ph.D. ---                                                                 
                        Withhold                                                                                                    
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   

05/03/06 - A    PepsiCo, Inc. *PEP*                      713448108                                 03/10/06                   2,300 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Publish Political Contributions               Against       Against                    ShrHoldr             
                4       Report on Charitable Contributions            Against       Against                    ShrHoldr             

05/04/06 - A    EMC Corp. *EMC*                          268648102                                 03/06/06                  11,170 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                4       Performance-Based and/or Time-Based Equity    Against       For                        ShrHoldr             
                        Awards                                                                                                      
                5       Declassify the Board of Directors             Against       For                        ShrHoldr             
                6       Limit Composition of Committee(s) to          Against       Against                    ShrHoldr             
                        Independent Directors                                                                                       

05/09/06 - A    Zebra Technologies Corp. *ZBRA*          989207105                                 03/14/06                   2,500 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Omnibus Stock Plan                    For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 11


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

05/10/06 - A    Amgen, Inc. *AMGN*                       031162100                                 03/13/06                   3,160 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Stock Retention                               Against       For                        ShrHoldr             
                4       Link Executive Compensation to Social Issues  Against       Against                    ShrHoldr             
                5       Submit Shareholder Rights Plan (Poison        Against       For                        ShrHoldr             
                        Pill) to Shareholder Vote                                                                                   
                6       Develop an Animal Welfare Policy              Against       Against                    ShrHoldr             
                7       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                8       Report on Political Contributions             For           For                        ShrHoldr             

05/10/06 - A    Caremark Rx, Inc. *CMX*                  141705103                                 03/31/06                   2,000 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Report Policies For Political Contributions   Against       For                        ShrHoldr             

05/10/06 - A    Covance Inc. *CVD*                       222816100                                 03/20/06                     800 
                1       Elect Directors                               For           For                        Mgmt                 

05/10/06 - A    Gilead Sciences, Inc. *GILD*             375558103                                 03/22/06                   1,800 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                4       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                 
                5       Increase Authorized Common Stock              For           For                        Mgmt                 
                6       Report on Impact of HIV/AIDS, TB, and         Against       For                        ShrHoldr             
                        Malaria Pandemics                                                                                           

05/10/06 - A    St. Jude Medical, Inc. *STJ*             790849103                                 03/13/06                   2,800 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Stock Option Plan                     For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

05/11/06 - A    Google Inc *GOOG*                        38259P508                                 03/17/06                     200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Amend Omnibus Stock Plan                      For           Against                    Mgmt                 
                4       Company-Specific-Recapitalization Plan        Against       For                        ShrHoldr             
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 12


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

05/11/06 - A    Norfolk Southern Corp. *NSC*             655844108                                 03/06/06                   3,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

05/11/06 - A    Transocean Inc. *RIG*                    G90078109                                 03/20/06                   1,800 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           For                        Mgmt                 
                2       APPROVAL OF THE APPOINTMENT OF ERNST &        For           For                        Mgmt                 
                        YOUNG LLP TO SERVE AS OUR INDEPENDENT                                                                       
                        REGISTERED PUBLIC ACCOUNTING FIRM FOR 2006.                                                                 

05/16/06 - A    Wellpoint Inc *WLP*                      94973V107                                 03/24/06                   2,500 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Approve Omnibus Stock Plan                    For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

05/16/06 - A    XTO Energy Inc *XTO*                     98385X106                                 03/31/06                   2,500 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Increase Authorized Common Stock              For           For                        Mgmt                 
                3       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 

05/17/06 - A    Advance Auto Parts Inc *AAP*             00751Y106                                 03/29/06                   2,250 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

05/17/06 - A    American International Group, Inc.       026874107                                 03/24/06                   4,500 
                *AIG*                                                                                                               
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                 

05/17/06 - A    Target Corporation *TGT*                 87612E106                                 03/20/06                   1,600 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 13


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                3       Report Political Contributions/Activities     Against       Against                    ShrHoldr             

05/18/06 - A    Juniper Networks, Inc. *JNPR*            48203R104                                 03/21/06                   4,300 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Scott Kriens --- For                                                                         
                1.2     Elect Director Stratton Sclavos --- Withhold                                                                
                1.3     Elect Director William R. Stensrud --- For                                                                  
                2       Approve Omnibus Stock Plan                    For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

05/23/06 - A    Diamond Offshore Drilling, Inc. *DO*     25271C102                                 03/27/06                   2,400 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director James S. Tisch --- Withhold                                                                  
                1.2     Elect Director Lawrence R. Dickerson ---                                                                    
                        Withhold                                                                                                    
                1.3     Elect Director Alan R. Batkin --- For                                                                       
                1.4     Elect Director Charles L. Fabrikant --- For                                                                 
                1.5     Elect Director Paul G. Gaffney, II --- For                                                                  
                1.6     Elect Director Herbert C. Hofmann ---                                                                       
                        Withhold                                                                                                    
                1.7     Elect Director Arthur L. Rebell --- Withhold                                                                
                1.8     Elect Director Raymond S. Troubh --- For                                                                    
                2       Ratify Auditors                               For           For                        Mgmt                 

05/23/06 - A    Nordstrom, Inc. *JWN*                    655664100                                 03/15/06                   3,300 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

05/24/06 - A    Express Scripts, Inc. *ESRX*             302182100                                 03/31/06                   1,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Increase Authorized Common Stock              For           For                        Mgmt                 
                3       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 14


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

05/25/06 - A    Genzyme Corp. *GENZ*                     372917104                                 03/31/06                   1,900 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                3       Amend Non-Employee Director Stock Option      For           For                        Mgmt                 
                        Plan                                                                                                        
                4       Declassify the Board of Directors             For           For                        Mgmt                 
                5       Ratify Auditors                               For           For                        Mgmt                 
                6       Submit Severance Agreement (Change in         Against       For                        ShrHoldr             
                        Control) to shareholder Vote                                                                                

05/25/06 - A    Home Depot, Inc. (The) *HD*              437076102                                 03/28/06                   2,100 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Gregory D. Brenneman ---                                                                     
                        Withhold                                                                                                    
                1.2     Elect Director John L. Clendenin ---                                                                        
                        Withhold                                                                                                    
                1.3     Elect Director Claudio X. Gonzalez ---                                                                      
                        Withhold                                                                                                    
                1.4     Elect Director Milledge A. Hart, III ---                                                                    
                        Withhold                                                                                                    
                1.5     Elect Director Bonnie G. Hill --- Withhold                                                                  
                1.6     Elect Director Laban P. Jackson, Jr. ---                                                                    
                        Withhold                                                                                                    
                1.7     Elect Director Lawrence R. Johnston ---                                                                     
                        Withhold                                                                                                    
                1.8     Elect Director Kenneth G. Langone ---                                                                       
                        Withhold                                                                                                    
                1.9     Elect Director Angelo R. Mozilo --- For                                                                     
                1.10    Elect Director Robert L. Nardelli ---                                                                       
                        Withhold                                                                                                    
                1.11    Elect Director Thomas J. Ridge --- Withhold                                                                 
                2       Ratify Auditors                               For           For                        Mgmt                 
                3       Increase Disclosure of Executive              Against       For                        ShrHoldr             
                        Compensation                                                                                                
                4       Report on EEOC-Related Activities             Against       For                        ShrHoldr             
                5       Separate Chairman and CEO Positions           Against       For                        ShrHoldr             
                6       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   
                7       Submit Supplemental Executive Retirement      Against       For                        ShrHoldr             
                        Plans to Shareholder vote                                                                                   
                8       Report on Political Contributions             Against       For                        ShrHoldr             
                9       Increase Disclosure of Executive              Against       For                        ShrHoldr             
                        Compensation                                                                                                
                10      Affirm Political Non-partisanship             Against       Against                    ShrHoldr             
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 15


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Balanced Fund - a218                                                                                       

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

05/25/06 - A    Sandisk Corp. *SNDK*                     80004C101                                 03/28/06                   1,000 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                3       Increase Authorized Common Stock              For           For                        Mgmt                 
                4       Ratify Auditors                               For           For                        Mgmt                 

05/25/06 - A    Yahoo!, Inc. *YHOO*                      984332106                                 03/29/06                     700 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Non-Employee Director Omnibus Stock     For           For                        Mgmt                 
                        Plan                                                                                                        
                3       Ratify Auditors                               For           For                        Mgmt                 

06/06/06 - A    Staples, Inc. *SPLS*                     855030102                                 04/10/06                   6,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Declassify the Board of Directors             For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 
                4       Require a Majority Vote for the Election of   Against       For                        ShrHoldr             
                        Directors                                                                                                   

06/07/06 - A    Dicks Sporting Goods Inc *DKS*           253393102                                 04/17/06                   3,300 
                1       Elect Directors                               For           For                        Mgmt                 

06/13/06 - A    eBay Inc. *EBAY*                         278642103                                 04/17/06                   2,400 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Stock Option Plan                       For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

06/14/06 - A    Celgene Corp. *CELG*                     151020104                                 04/27/06                   4,200 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Amend Omnibus Stock Plan                      For           For                        Mgmt                 
                3       Ratify Auditors                               For           For                        Mgmt                 

06/21/06 - A    Best Buy Co., Inc. *BBY*                 086516101                                 04/24/06                   3,650 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 16


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THE BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND                                                                                     
-----------------------------------------------                                                                                     
                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Small Company Fund - a219                                                                                  

Mtg             Company/                                              Mgmt         Vote            Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec          Cast            Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

08/02/05 - A    Accelrys Inc *ACCL*                      00430U103                                 06/10/05                 931,553 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Approve Qualified Employee Stock Purchase     For          For                         Mgmt                 
                        Plan                                                                                                        
                3       Approve Repricing of Options                  For          Against                     Mgmt                 
                4       Amend Omnibus Stock Plan                      For          For                         Mgmt                 
                5       Ratify Auditors                               For          For                         Mgmt                 

08/02/05 - S    Cuno Inc.                                126583103                                 07/08/05                  30,400 
                1       Approve Merger Agreement                      For          For                         Mgmt                 
                2       Adjourn Meeting                               For          For                         Mgmt                 
                3       Other Business                                For          Against                     Mgmt                 

08/03/05 - A    Acxiom Corp. *ACXM*                      005125109                                 06/15/05                 601,100 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Amend Omnibus Stock Plan                      For          For                         Mgmt                 
                3       Approve Qualified Employee Stock Purchase     For          For                         Mgmt                 
                        Plan                                                                                                        

08/09/05 - A    Catalina Marketing Corp. *POS*           148867104                                 06/20/05                 195,100 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Amend Non-Employee Director Restricted        For          For                         Mgmt                 
                        Stock Plan                                                                                                  
                3       Ratify Auditors                               For          For                         Mgmt                 

08/31/05 - S    Nuance Communications, Inc. *NUAN*       80603P107                                 07/27/05               1,220,824 
                1       Issue Shares in Connection with an            For          For                         Mgmt                 
                        Acquisition                                                                                                 
                2       Approve Stock Purchase Agreement              For          For                         Mgmt                 
                3       Approve the Assumption of Stock Options       For          For                         Mgmt                 

09/08/05 - A    Diagnostic Products Corp. *DP*           252450101                                 07/15/05                 168,000 
                1       Elect Directors                               For          For                         Mgmt                 

09/14/05 - A    Netscout Systems, Inc. *NTCT*            64115T104                                 07/18/05                 939,600 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                              Page  1 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Small Company Fund - a219                                                                                  

Mtg             Company/                                              Mgmt         Vote            Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec          Cast            Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

10/27/05 - A    Techne Corp. *TECH*                      878377100                                 09/16/05                 192,750 
                1       Fix Number of Directors                       For          For                         Mgmt                 
                2       Elect Directors                               For          For                         Mgmt                 

11/10/05 - A    Dionex Corp. *DNEX*                      254546104                                 09/12/05                 153,600 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

12/19/05 - A    Medicis Pharmaceutical Corp. *MRX*       584690309                                 11/04/05                 251,400 
                1       Issue Shares in Connection with an            For          DoNotVote                   Mgmt                 
                        Acquisition                                                                                                 
                2       Amend Articles to Increase Common Stock and   For          DoNotVote                   Mgmt                 
                        Change Company Name                                                                                         
                3       Elect Directors                               For          Withhold                    Mgmt                 
                4       Ratify Auditors                               For          For                         Mgmt                 
                5       Adjourn Meeting                               For          Against                     Mgmt                 

02/06/06 - A    Fair Isaac Corp. *FIC*                   303250104                                 12/09/05                 233,825 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

02/14/06 - A    Dolby Laboratories, Inc. *DLB*           25659T107                                 01/09/06                 619,200 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Amend Executive Incentive Bonus Plan          For          For                         Mgmt                 
                3       Ratify Auditors                               For          For                         Mgmt                 

03/07/06 - A    Transaction Systems Architects, Inc.     893416107                                 01/06/06                 351,900 
                *TSAI*                                                                                                              
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

03/08/06 - A    Concur Technologies, Inc. *CNQR*         206708109                                 01/24/06               1,039,215 
                1       Elect Directors                               For          For                         Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 2 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Small Company Fund - a219                                                                                  

Mtg             Company/                                              Mgmt         Vote            Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec          Cast            Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

03/16/06 - A    Green Mountain Coffee Roasters, Inc.     393122106                                 01/18/06                 311,597 
                *GMCR*                                                                                                              
                1       Approve Omnibus Stock Plan                    For          For                         Mgmt                 
                2       Elect Directors                               For          For                         Mgmt                 

03/28/06 - S    Datastream Systems, Inc.                 238124101                                 02/15/06                 438,500 
                1       Approve Merger Agreement                      For          For                         Mgmt                 
                2       Adjourn Meeting                               For          For                         Mgmt                 

03/31/06 - A    Nuance Communications, Inc. *NUAN*       67020Y100                                 02/03/06                 308,524 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Amend Omnibus Stock Plan                      For          For                         Mgmt                 
                3       Amend Non-Employee Director Restricted        For          For                         Mgmt                 
                        Stock Plan                                                                                                  
                4       Amend Qualified Employee Stock Purchase Plan  For          For                         Mgmt                 
                5       Ratify Auditors                               For          For                         Mgmt                 

04/19/06 - A    Dendrite International, Inc. *DRTE*      248239105                                 03/17/06                 660,360 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

04/25/06 - S    Cognex Corp. *CGNX*                      192422103                                 03/03/06                 437,400 
                1       Elect Directors                               For          For                         Mgmt                 

04/26/06 - A    FLIR Systems, Inc. *FLIR*                302445101                                 03/01/06                 482,994 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

04/26/06 - A    Human Genome Sciences, Inc. *HGSI*       444903108                                 02/28/06                 680,500 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

04/27/06 - A    Macrovision Corp. *MVSN*                 555904101                                 02/28/06                 742,245 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Amend Omnibus Stock Plan                      For          For                         Mgmt                 
                3       Ratify Auditors                               For          For                         Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 3 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Small Company Fund - a219                                                                                  

Mtg             Company/                                              Mgmt         Vote            Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec          Cast            Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

04/27/06 - A    SPSS Inc. *SPSS*                         78462K102                                 03/13/06                 454,400 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Amend Omnibus Stock Plan                      For          For                         Mgmt                 
                3       Ratify Auditors                               For          For                         Mgmt                 

05/04/06 - A    Pharmacopeia Drug Discovery, Inc         7171EP101                                 03/14/06                 452,276 
                *PCOP*                                                                                                              
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

05/09/06 - A    Diagnostic Products Corp. *DP*           252450101                                 03/21/06                 168,000 
                1       Elect Directors                               For          For                         Mgmt                 

05/09/06 - A    Tollgrade Communications, Inc. *TLGD*    889542106                                 03/06/06                 411,400 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Approve Omnibus Stock Plan                    For          For                         Mgmt                 
                3       Ratify Auditors                               For          For                         Mgmt                 
                4       Declassify the Board of Directors             Against      For                         ShrHoldr             

05/10/06 - A    Serologicals Corp. *SERO*                817523103                                 03/22/06                 708,400 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

05/11/06 - A    FEI Company *FEIC*                       30241L109                                 03/21/06                 733,700 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Amend Omnibus Stock Plan                      For          For                         Mgmt                 

05/11/06 - A    Molecular Devices Corp. *MDCC*           60851C107                                 03/30/06                 351,750 
                1       Elect Directors                               For          Split                       Mgmt                 
                1.1     Elect Director Joseph D. Keegan, Ph.D. ---                                                                  
                        For                                                                                                         
                1.2     Elect Director Moshe H. Alafi --- For                                                                       
                1.3     Elect Director David L. Anderson --- For                                                                    
                1.4     Elect Director A. Blaine Bowman --- For                                                                     
                1.5     Elect Director Alan Finkel, Ph.D. --- For                                                                   
                1.6     Elect Director Andre F. Marion --- Withhold                                                                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 4 


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                                                        [Enlarge/Download Table]
                                                                                                                                    

                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Small Company Fund - a219                                                                                  

Mtg             Company/                                              Mgmt         Vote            Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec          Cast            Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                1.7     Elect Director Harden M. Mcconnell Phd ---                                                                  
                        For                                                                                                         
                1.8     Elect Director J. Allan Waitz, Ph.D. --- For                                                                
                2       Ratify Auditors                               For          For                         Mgmt                 

05/11/06 - A    Ventana Medical Systems, Inc. *VMSI*     92276H106                                 03/13/06                  80,400 
                1       Ratify Auditors                               For          For                         Mgmt                 
                2       Elect Directors                               For          For                         Mgmt                 

05/16/06 - A    RadiSys Corp. *RSYS*                     750459109                                 03/21/06                 448,300 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

05/18/06 - A    DTS INC *DTSI*                           23335C101                                 04/01/06                 816,740 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

05/18/06 - A    Tyler Technologies Inc. *TYL*            902252105                                 03/31/06                 295,930 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Amend Stock Option Plan                       For          For                         Mgmt                 
                3       Ratify Auditors                               For          For                         Mgmt                 

05/19/06 - A    Manhattan Associates, Inc. *MANH*        562750109                                 03/31/06                 424,200 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

05/23/06 - A    Incyte Corp. *INCY*                      45337C102                                 04/10/06               1,140,900 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Amend Qualified Employee Stock Purchase Plan  For          For                         Mgmt                 
                3       Ratify Auditors                               For          For                         Mgmt                 

05/23/06 - A    Medicis Pharmaceutical Corp. *MRX*       584690309                                 03/30/06                 251,400 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Approve Omnibus Stock Plan                    For          For                         Mgmt                 
                3       Ratify Auditors                               For          For                         Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 5 


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                                                        [Enlarge/Download Table]
                                                                                                                                    

                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Small Company Fund - a219                                                                                  

Mtg             Company/                                              Mgmt         Vote            Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec          Cast            Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

05/25/06 - A    Panera Bread Company *PNRA*              69840W108                                 03/27/06                  12,900 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Approve Omnibus Stock Plan                    For          For                         Mgmt                 
                3       Ratify Auditors                               For          For                         Mgmt                 

05/25/06 - A    Symyx Technologies, Inc. *SMMX*          87155S108                                 03/27/06                 556,647 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

05/31/06 - A    The Cheesecake Factory, Inc. *CAKE*      163072101                                 04/11/06                 183,625 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

06/01/06 - A    Albany Molecular Research, Inc. *AMRI*   012423109                                 04/11/06                 251,250 
                1       Elect Directors                               For          For                         Mgmt                 

06/06/06 - A    PDI, Inc. *PDII*                         69329V100                                 04/28/06                 141,300 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Ratify Auditors                               For          For                         Mgmt                 

06/14/06 - A    Blackbaud Inc *BLKB*                     09227Q100                                 04/28/06                 431,679 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Amend Omnibus Stock Plan                      For          For                         Mgmt                 
                3       Ratify Auditors                               For          For                         Mgmt                 

06/15/06 - A    Affymetrix Inc. *AFFX*                   00826T108                                 04/20/06                 312,300 
                1       Elect Directors                               For          Split                       Mgmt                 
                1.1     Elect Director Stephen P.A. Fodor, Ph.D.                                                                    
                        --- For                                                                                                     
                1.2     Elect Director Paul Berg, Ph.D. --- For                                                                     
                1.3     Elect Director Susan D. Desmond-Hellmann,                                                                   
                        M.D. --- Withhold                                                                                           
                1.4     Elect Director John D. Diekman, Ph.D. ---                                                                   
                        For                                                                                                         
                1.5     Elect Director Vernon R. Loucks, Jr. --- For                                                                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 6 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Small Company Fund - a219                                                                                  

Mtg             Company/                                              Mgmt         Vote            Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec          Cast            Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                1.6     Elect Director David B. Singer --- For                                                                      
                1.7     Elect Director Robert H. Trice, Ph.D. ---                                                                   
                        For                                                                                                         
                1.8     Elect Director John A. Young --- For                                                                        
                2       Ratify Auditors                               For          For                         Mgmt                 

06/15/06 - A    Ansys, Inc. *ANSS*                       03662Q105                                 05/03/06                 294,900 
                1       Elect Directors                               For          For                         Mgmt                 
                2       Increase Authorized Common Stock              For          For                         Mgmt                 
                3       Amend Omnibus Stock Plan                      For          For                         Mgmt                 
                4       Ratify Auditors                               For          For                         Mgmt                 

06/22/06 - S    Kensey Nash Corp. *KNSY*                 490057106                                 05/01/06                 274,000 
                1       Amend Omnibus Stock Plan                      For          Against                     Mgmt                 

06/29/06 - A    Bruker Biosciences Corp. *BRKR*          116794108                                 05/08/06                 760,400 
                1       Issue Shares in Connection with an            For          For                         Mgmt                 
                        Acquisition                                                                                                 
                2       Increase Authorized Common Stock              For          For                         Mgmt                 
                3       Amend Stock Option Plan                       For          For                         Mgmt                 
                4       Elect Directors                               For          Split                       Mgmt                 
                4.1     Elect Director Richard D. Kniss --- For                                                                     
                4.2     Elect Director Jorg C. Laukien --- Withhold                                                                 
                4.3     Elect Director William A. Linton --- For                                                                    
                5       Ratify Auditors                               For          For                         Mgmt                 

____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 7 


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THE BROWN CAPITAL MANAGEMENT INTERNATIONAL EQUITY FUND                                                                              
------------------------------------------------------                                                                              
                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

07/22/05 - A    Satyam Computer Services                 804098101                                 06/17/05                   3,900 
                        Meeting for Holders of ADRs                                                                                 
                1       APPROVAL OF THE AUDITED BALANCE SHEET, THE    For           For                        Mgmt                 
                        AUDITED PROFIT AND LOSS ACCOUNT, THE AUDITORS REPORT                                                        
                        AND THE  DIRECTORS  REPORT AS OF MARCH 31, 2005,  AS                                                        
                        SET  FORTH  IN  THE  COMPANYS  NOTICE  OF  MEETING                                                          
                        ENCLOSED HEREWITH.                                                                                          
                2       APPROVAL TO DECLARE FINAL DIVIDEND ON         For           For                        Mgmt                 
                        EQUITY SHARES, AS SET FORTH IN THE COMPANYS                                                                 
                        NOTICE OF MEETING ENCLOSED HEREWITH.                                                                        
                3       APPROVAL TO RE-APPOINT PROF. KRISHNA G        For           For                        Mgmt                 
                        PALEPU,  AS DIRECTOR,  AS SET FORTH IN THE COMPANYS                                                         
                        NOTICE OF MEETING ENCLOSED HEREWITH.                                                                        
                4       Ratify Auditors                               For           For                        Mgmt                 

07/27/05 - S    Shire Plc (formerly Shire                GB0007998031                              None                      19,850 
                Pharmaceuticals Group Plc)                                                                                          
                1       Approve Acquisition of Transkaryotic          For           For                        Mgmt                 
                        Therapies, Inc.                                                                                             

07/27/05 - A    Teva Pharmaceutical Industries           881624209                                 06/20/05                   9,850 
                        Meeting for Holders of ADRs                                                                                 
                1       TO RECEIVE AND DISCUSS THE COMPANYS           For           For                        Mgmt                 
                        CONSOLIDATED BALANCE SHEET AND THE                                                                          
                        CONSOLIDATED STATEMENTS OF INCOME                                                                           
                2       TO APPROVE THE BOARD OF DIRECTORS             For           For                        Mgmt                 
                        RECOMMENDATION THAT THE CASH DIVIDEND FOR                                                                   
                        THE YEAR ENDED DECEMBER 31, 2004                                                                            
                3       TO APPOINT DR. LEORA (RUBIN) MERIDOR AS A     For           For                        Mgmt                 
                        STATUTORY INDEPENDENT DIRECTOR FOR AN                                                                       
                        ADDITIONAL TERM OF THREE YEARS                                                                              
                4       TO ELECT ELI HURVITZ TO SERVE FOR AN          For           For                        Mgmt                 
                        ADDITIONAL THREE-YEAR TERM                                                                                  
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 1 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                5       TO ELECT RUTH CHESHIN TO SERVE FOR AN         For           For                        Mgmt                 
                        ADDITIONAL THREE-YEAR TERM                                                                                  
                6       TO ELECT PROF. MICHAEL SELA TO SERVE FOR AN   For           For                        Mgmt                 
                        ADDITIONAL THREE-YEAR TERM                                                                                  
                7       TO ELECT HAROLD SNYDER TO SERVE FOR AN        For           For                        Mgmt                 
                        ADDITIONAL THREE-YEAR TERM                                                                                  
                8       TO APPROVE THE PURCHASE OF DIRECTORS AND      For           Against                    Mgmt                 
                        OFFICERS LIABILITY INSURANCE FOR THE                                                                        
                        DIRECTORS AND OFFICERS OF THE COMPANY                                                                       
                9       TO APPROVE THE COMPANYS 2005 OMNIBUS          For           Against                    Mgmt                 
                        LONG-TERM SHARE INCENTIVE PLAN                                                                              
                10      TO APPROVE AN AMENDMENT TO PROVISIONS OF      For           For                        Mgmt                 
                        THE COMPANYS ARTICLES RELATING TO THE                                                                       
                        INDEMNIFICATION OF DIRECTORS AND OFFICERS                                                                   
                11      TO APPROVE AN AMENDMENT TO THE COMPANYS       For           For                        Mgmt                 
                        ARTICLES THAT WOULD INCREASE THE REGISTERED                                                                 
                        SHARE CAPITAL OF THE COMPANY                                                                                
                12      TO APPOINT KESSELMAN & KESSELMAN, A MEMBER    For           For                        Mgmt                 
                        OF PRICEWATERHOUSECOOPERS INTERNATIONAL                                                                     
                        LTD., AS THE COMPANYS INDEPENDENT                                                                           
                        REGISTERED PUBLIC ACCOUNTING FIRM AND TO                                                                    
                        DETERMINE THEIR COMPENSATION                                                                                

07/28/05 - A    SABMILLER PLC (formerly South African    GB0004835483                              None                      13,200 
                Breweries Ltd.)                                                                                                     
                1       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Approve Remuneration Report                   For           For                        Mgmt                 
                3       Elect John Manzoni as Director                For           For                        Mgmt                 
                4       Re-elect Cyril Ramaphosa as Director          For           For                        Mgmt                 
                5       Re-elect Graham Mackay as Director            For           For                        Mgmt                 
                6       Approve Final Dividend of 26 US Cents Per     For           For                        Mgmt                 
                        Share                                                                                                       
                7       Reappoint PricewaterhouseCoopers LLP as       For           For                        Mgmt                 
                        Auditors of the Company                                                                                     
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 2 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                8       Authorise Board to Fix Remuneration of the    For           For                        Mgmt                 
                        Auditors                                                                                                    
                9       Authorise Issue of Equity or Equity-Linked    For           For                        Mgmt                 
                        Securities with Pre-emptive Rights up to                                                                    
                        Aggregate Nominal Amount of USD 5,509,290                                                                   
                10      Authorise Issue of Equity or Equity-Linked    For           For                        Mgmt                 
                        Securities without Pre-emptive Rights up to                                                                 
                        Aggregate Nominal Amount of USD 5,509,290                                                                   
                11      Authorise 110,185,798 Ordinary Shares for     For           For                        Mgmt                 
                        Market Purchase                                                                                             
                12      Authorise up to 77,368,338 Non-voting         For           For                        Mgmt                 
                        Convertible Ordinary Shares for Share                                                                       
                        Repurchase Program in Conjunction with                                                                      
                        Contingent Purchase Contract between the                                                                    
                        Company and SABMiller Jersey Ltd.                                                                           

07/28/05 - A    Singapore Airlines Limited               SG1H95001506                              None                      18,650 
                1       Adopt Financial Statements and Directors'     For           For                        Mgmt                 
                        and Auditors' Reports                                                                                       
                2       Declare Final Dividend of SGD 0.30 per SGD    For           For                        Mgmt                 
                        0.50 Ordinary Share                                                                                         
                3       Reelect Brian Pitman as Director              For           For                        Mgmt                 
                4a      Reelect Fock Siew Wah as Director             For           Against                    Mgmt                 
                4b      Reelect Charles B Goode as Director           For           For                        Mgmt                 
                4c      Reelect Chew Choon Seng as Director           For           For                        Mgmt                 
                5       Approve Directors' Fees of SGD 962,000        For           For                        Mgmt                 
                        (FY2003/2004: SGD 629,000)                                                                                  
                6       Reappoint Ernst & Young as Auditors and       For           For                        Mgmt                 
                        Authorize Board to Fix Their Remuneration                                                                   
                7a      Approve Issuance of Shares without            For           For                        Mgmt                 
                        Preemptive Rights                                                                                           
                7b      Approve Issuance of Shares and Grant of       For           Against                    Mgmt                 
                        Options Pursuant to the SIA Employee Share                                                                  
                        Option Plan                                                                                                 
                8       Other Business (Voting)                       For           Against                    Mgmt                 

07/28/05 - S    Singapore Airlines Limited               SG1H95001506                              None                      18,650 
                1       Authorize Share Repurchase Program            For           For                        Mgmt                 
                2       Approve Mandate for Transactions with         For           For                        Mgmt                 
                        Related Parties                                                                                             
                3       Amend Articles of Association                 For           Against                    Mgmt                 
                4       Approve SIA Restricted Share Plan             For           Against                    Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 3 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                5       Approve SIA Performance Share Plan            For           Against                    Mgmt                 

07/28/05 - S    Unicredito Italiano SpA (Form .Credito   IT0000064854                              07/26/05                  45,200 
                Italiano)                                                                                                           
                        Special Meeting Agenda - Ordinary Business                                                                  
                1       Approve Remuneration of Audit Committee       For           For                        Mgmt                 
                        Members; Approve Remuneration of Chairman                                                                   
                        of New Controlling Board Constituted                                                                        
                        Consequent to Implementation of Law n.                                                                      
                        231/2001                                                                                                    

08/08/05 - S    Global Bio-Chem Technology Group Co.     KYG3919S1057                              None                     255,700 
                Ltd.                                                                                                                
                1       Approve Acquisition by Global Corn Bio-chem   For           For                        Mgmt                 
                        Technology Co. Ltd. of the Entire Equity                                                                    
                        Interest in Changchun Dacheng Industrial                                                                    
                        Group Co., Ltd. and All Related Transactions                                                                

08/22/05 - S    Dsm Nv                                   NL0000009769                              08/16/05                   2,900 
                1       Open Meeting                                  None          None                       Mgmt                 
                2       Amend Articles Re: Two-For-One Stock Split    For           For                        Mgmt                 
                3       Close Meeting                                 None          None                       Mgmt                 

08/23/05 - S    Travelsky Technology Limited             CN0006030588                              07/22/05                 200,900 
                1       Approve Resignation of Zhang Xueren as        For           For                        Mgmt                 
                        Non-Executive Director and Elect Gong                                                                       
                        Guokui as Non-Executive Director                                                                            
                2       Approve Resignation of Lee Kwok Ming, Don     For           For                        Mgmt                 
                        as Independent Non-Executive Director and                                                                   
                        Elect Yick Wing Fat, Simon as Independent                                                                   
                        Non-Executive Director                                                                                      
                3       Amend Articles of Association                 For           For                        Mgmt                 

09/20/05 - A    Flextronics International Ltd. *FLEX*    Y2573F102                                 07/29/05                   9,000 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           For                        Mgmt                 
                2       RE-APPOINTMENT OF MR. PATRICK FOLEY AS A      For           For                        Mgmt                 
                        DIRECTOR OF THE COMPANY.                                                                                    
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 4 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                3       Ratify Auditors                               For           For                        Mgmt                 
                4       TO APPROVE THE AUTHORIZATION FOR THE          For           For                        Mgmt                 
                        DIRECTORS OF THE COMPANY TO ALLOT AND ISSUE                                                                 
                        ORDINARY SHARES.                                                                                            
                5       TO APPROVE THE DIRECTOR CASH COMPENSATION     For           For                        Mgmt                 
                        AND ADDITIONAL CASH COMPENSATION FOR THE CHAIRMAN OF                                                        
                        THE AUDIT COMMITTEE (IF APPOINTED) AND FOR COMMITTEE                                                        
                        PARTICIPATION.                                                                                              
                6       TO APPROVE THE PROPOSED RENEWAL OF THE        For           For                        Mgmt                 
                        SHARE PURCHASE  MANDATE  RELATING TO ACQUISITIONS BY                                                        
                        THE COMPANY OF ITS OWN ISSUED ORDINARY SHARES.                                                              

09/27/05 - A    Check Point Software Technologies Inc    M22465104                                 08/19/05                   4,500 
                *CHKP*                                                                                                              
                        Meeting for Holders of ADRs                                                                                 
                1       ELECTION OF DIRECTORS (OTHER THAN OUTSIDE     For           For                        Mgmt                 
                        DIRECTORS): GIL SHWED, MARIUS NACHT, JERRY                                                                  
                        UNGERMAN, DAVID RUBNER, TAL SHAVIT.                                                                         
                2       TO RATIFY THE APPOINTMENT AND COMPENSATION    For           For                        Mgmt                 
                        OF CHECK POINTS INDEPENDENT PUBLIC                                                                          
                        ACCOUNTANTS.                                                                                                
                3       TO RATIFY AND APPROVE CHECK POINTS NEW        For           Against                    Mgmt                 
                        EQUITY INCENTIVE PLANS.                                                                                     
                4       TO RATIFY AND APPROVE AN EXTENSION OF CHECK   For           For                        Mgmt                 
                        POINTS 1996 EMPLOYEE STOCK PURCHASE PLAN.                                                                   
                5       TO AMEND CHECK POINTS ARTICLES OF             For           For                        Mgmt                 
                        ASSOCIATION REGARDING INSURANCE,                                                                            
                        INDEMNIFICATION AND EXCULPATION.                                                                            
                6       TO APPROVE CORRESPONDING AMENDMENTS TO THE    For           For                        Mgmt                 
                        INDEMNIFICATION AGREEMENTS WITH EACH OF                                                                     
                        CHECK POINTS DIRECTORS.                                                                                     
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 5 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                7       TO AMEND CHECK POINTS ARTICLES OF             For           For                        Mgmt                 
                        ASSOCIATION REGARDING DISTRIBUTION OF                                                                       
                        ANNUAL FINANCIAL STATEMENTS.                                                                                
                8       TO APPROVE COMPENSATION TO CERTAIN            For           Against                    Mgmt                 
                        EXECUTIVE OFFICERS WHO ARE ALSO BOARD                                                                       
                        MEMBERS.                                                                                                    
                9       TO APPROVE CASH COMPENSATION OF CHECK POINTs  For           For                        Mgmt                 
                        DIRECTORS WHO ARE NOT EMPLOYEES.                                                                            
                10      I HAVE A PERSONAL INTEREST IN ITEM 5 PLEASE   None          Against                    Mgmt                 
                        MARK FOR IF YOU HAVE A PERSONAL INTEREST                                                                    
                11      I HAVE A PERSONAL INTEREST IN ITEM 6 PLEASE   None          Against                    Mgmt                 
                        MARK FOR IF YOU HAVE A PERSONAL INTEREST                                                                    
                12      I HAVE A PERSONAL INTEREST IN ITEM 8 PLEASE   None          Against                    Mgmt                 
                        MARK FOR IF YOU HAVE A PERSONAL INTEREST                                                                    

10/07/05 - S    SABMILLER PLC (formerly South African    GB0004835483                              None                      13,900 
                Breweries Ltd.)                                                                                                     
                1       Conditional Upon the the Completion of the    For           For                        Mgmt                 
                        Merger of BevCo Sub LLC with and into                                                                       
                        Racetrack LLC, Amend the Relationship                                                                       
                        Agreement Between Altria Group, Inc. and                                                                    
                        the Company                                                                                                 
                2       Approve Merger Agreement with BevCo Sub       For           For                        Mgmt                 
                        LLC; Approve Increase in Capital from GBP                                                                   
                        50,000 and USD 1,007,736,833.80 to GBP                                                                      
                        50,000 and USD 1,030,236,833.80; and                                                                        
                        Approve Issue of Equity with Pre-emp.                                                                       
                        Rights up to USD 22,500,000 in Connection                                                                   
                        with the Merger                                                                                             
                3       Conditional Upon the the Completion of the    For           For                        Mgmt                 
                        Merger, Authorise Issue of Equity with                                                                      
                        Pre-emp. Rights up to USD 7,475,194.50 and                                                                  
                        without Pre-emp. Rights up to USD                                                                           
                        7,475,194.50                                                                                                
                4       Conditional Upon the Passing of Item 1,       For           For                        Mgmt                 
                        Approve Conversion of Each of the                                                                           
                        167,411,024 Convertible Low Voting                                                                          
                        Participating Shares of USD 0.10 Each into                                                                  
                        One Ordinary Share of USD 0.10 Each; and                                                                    
                        Amend Articles of Association                                                                               
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 6 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                5       Conditional Upon the the Completion of the    For           Against                    Mgmt                 
                        Merger,  Increase  Capital  from GBP  50,000 and USD                                                        
                        1,030,236,833.80    to   GBP    50,000    and    USD                                                        
                        1,130,236,833.80;  Issue  Equity  with  and  without                                                        
                        Pre-emp.  Rights  up  to  USD  100,000,000  for  the                                                        
                        Purposes of Satisfying Claims                                                                               

10/24/05 - S    Global Bio-Chem Technology Group Co.     KYG3919S1057                              None                     373,700 
                Ltd.                                                                                                                
                1       Approve Establishment of Global Corn          For           For                        Mgmt                 
                        Chemical Investment Ltd. (New SPV) and                                                                      
                        Changchun Dacheng Bio-Chemical Devt. Co.,                                                                   
                        Ltd. and All Related Transactions Including                                                                 
                        the Grant of a Call Option for the Purchase                                                                 
                        of 3,025 Shares in the New SPV                                                                              

10/25/05 - A    Kaba Holding AG                          CH0011795959                              None                         600 
                1       Share Re-registration Consent                 For           For                        Mgmt                 

10/25/05 - A    Kaba Holding AG                          CH0011795959                              None                         600 
                1       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Approve Allocation of Income and Dividends    For           Against                    Mgmt                 
                        of CHF 4.80 per Share, Subject to Approval                                                                  
                        of Item 8                                                                                                   
                3       Approve Discharge of Board and Senior         For           For                        Mgmt                 
                        Management                                                                                                  
                4       Elect Directors                               For           For                        Mgmt                 
                5       Ratify PricewaterhouseCoopers AG as Auditors  For           For                        Mgmt                 
                6       Approve Stock Option Plan for Key             For           Against                    Mgmt                 
                        Employees; Approve Creation of CHF 1.124                                                                    
                        Pool of Conditional Capital to Guarantee                                                                    
                        Conversion Rights                                                                                           
                7       Approve Creation of CHF 3.5 Million Pool of   For           For                        Mgmt                 
                        Conditional Capital with Preemptive Rights                                                                  
                8       Approve CHF 17.16 Million Reduction in        For           For                        Mgmt                 
                        Share Capital via Reduction in Par Value                                                                    
                        and Repayment of CHF 4.80 to Shareholders                                                                   
                9       Amend Articles to Reduce Threshold for        For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 7 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        Submitting Shareholder Proposals from CHF 1                                                                 
                        Million to 0.5 Percent of Issued Capital                                                                    

10/26/05 - S    ENDURANCE SPECIALTY HOLDINGS *ENH*       G30397106                                 09/08/05                   2,925 
                        Meeting for Holders of ADRs                                                                                 
                1       TO ADOPT THE COMPANYS EMPLOYEE SHARE          For           For                        Mgmt                 
                        PURCHASE PLAN.                                                                                              
                2       TO ESTABLISH THE COMPANYS 2005 SHARESAVE      For           For                        Mgmt                 
                        SCHEME  AND  AUTHORIZE  THE BOARD TO DO ALL ACTS AND                                                        
                        THINGS   WHICH  THEY  MAY   CONSIDER   NECESSARY  OR                                                        
                        DESIRABLE  TO BRING THE 2005  SHARESAVE  SCHEME INTO                                                        
                        EFFECT AND TO MAKE SUCH MODIFICATIONS WHICH THEY MAY                                                        
                        CONSIDER NECESS                                                                                             

10/27/05 - S    Teva Pharmaceutical Industries           881624209                                 09/22/05                  10,350 
                        Meeting for Holders of ADRs                                                                                 
                1       TO APPROVE THE ISSUANCE OF ORDINARY SHARES    For           For                        Mgmt                 
                        OF TEVA, PURSUANT TO THE AGREEMENT AND PLAN                                                                 
                        OF MERGER, DATED JULY 25, 2005, BY AND                                                                      
                        AMONG IVAX CORPORATION, TEVA AND TWO WHOLLY                                                                 
                        OWNED SUBSIDIARIES OF TEVA, IVORY                                                                           
                        ACQUISITION SUB, INC. AND IVORY ACQUISITION                                                                 
                        SUB II                                                                                                      

10/28/05 - C    Shire Plc (formerly Shire                GB0007998031                              None                      20,950 
                Pharmaceuticals Group Plc)                                                                                          
                        Court Meeting                                                                                               
                1       Approve Scheme of Arrangement                 For           For                        Mgmt                 

10/28/05 - S    Shire Plc (formerly Shire                GB0007998031                              None                      20,950 
                Pharmaceuticals Group Plc)                                                                                          
                1       Approve Scheme of Arrangement; Reduction in   For           For                        Mgmt                 
                        Cap. by Cancelling the Ord. Shares and                                                                      
                        Subsequent Increase in Cap. by Creating the                                                                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 8 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        New SPG Ord. Shares; Issue of Equity with                                                                   
                        Pre-emp.  Rights  up to  750,000,000  New  SPG  Ord.                                                        
                        Shares; Amend Articles of Assoc.                                                                            
                2       Approve Part A of the Shire Pharmaceuticals   For           For                        Mgmt                 
                        Group plc Portfolio Share Plan                                                                              
                3       Approve Part B of the Shire Pharmaceuticals   For           For                        Mgmt                 
                        Group plc Portfolio Share Plan                                                                              
                4       Approve Adoption by Shire plc of the Shire    For           For                        Mgmt                 
                        plc Sharesave Scheme                                                                                        
                5       Approve Adoption by Shire plc of Part A of    For           For                        Mgmt                 
                        the Shire plc Portfolio Share Plan                                                                          
                6       Approve Adoption by Shire plc of Part B of    For           For                        Mgmt                 
                        the Shire plc Portfolio Share Plan                                                                          
                7       Approve Assumption by Shire plc of the        For           For                        Mgmt                 
                        Shire Pharmaceuticals Group plc Employee                                                                    
                        Stock Purchase Plan                                                                                         

11/04/05 - A    British Sky Broadcasting Group Plc       GB0001411924                              None                      22,200 
                1       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Approve Final Dividend of 5 Pence Per Share   For           For                        Mgmt                 
                3       Re-elect David Evans as Director              For           For                        Mgmt                 
                4       Re-elect Allan Leighton as Director           For           For                        Mgmt                 
                5       Re-elect Lord Wilson of Dinton as Director    For           For                        Mgmt                 
                6       Re-elect Rupert Murdoch as Director           For           For                        Mgmt                 
                7       Re-elect David DeVoe as Director              For           For                        Mgmt                 
                8       Re-elect Arthur Siskind as Director           For           For                        Mgmt                 
                9       Reappoint Deloitte & Touche LLP as Auditors   For           For                        Mgmt                 
                        and Authorise the Board to Determine Their                                                                  
                        Remuneration                                                                                                
                10      Approve Remuneration Report                   For           For                        Mgmt                 
                11      Authorise the Company to Make EU Political    For           For                        Mgmt                 
                        Organisation Donations up to GBP 100,000                                                                    
                        and Incur EU Political Expenditure up to                                                                    
                        GBP 100,000                                                                                                 
                12      Authorise Issue of Equity or Equity-Linked    For           For                        Mgmt                 
                        Securities with Pre-emptive Rights up to                                                                    
                        Aggregate Nominal Amount of GBP 304,000,000                                                                 
                13      Authorise Issue of Equity or Equity-Linked    For           For                        Mgmt                 
                        Securities without Pre-emptive Rights up to                                                                 
                        Aggregate Nominal Amount of GBP 46,000,000                                                                  
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 9 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                14      Authorise 92,000,000 Ordinary Shares for      For           Against                    Mgmt                 
                        Market Purchase                                                                                             
                15      Approve Waiver on Tender-Bid Requirement      For           Against                    Mgmt                 
                16      Amend Articles of Association Re:             For           For                        Mgmt                 
                        Indemnification                                                                                             
                17      Amend Memorandum of Association; and Amend    For           For                        Mgmt                 
                        Articles of Association Re: Broadcasting                                                                    
                        Legislation                                                                                                 

12/02/05 - A    Esprit Holdings                          BMG3122U1291                              11/29/05                  56,200 
                1       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Approve Final Dividend of HK$0.66 Per Share   For           For                        Mgmt                 
                3       Approve Special Dividend of HK$0.84 Per       For           For                        Mgmt                 
                        Share                                                                                                       
                4a      Reelect Michael Ying Lee Yuen as Director     For           For                        Mgmt                 
                        and Authorize Board to Fix His Remuneration                                                                 
                4b      Reelect Thomas Johannes Grote as Director     For           For                        Mgmt                 
                        and Authorize Board to Fix His Remuneration                                                                 
                4c      Reelect Raymond Or Ching Fai as Director      For           For                        Mgmt                 
                        and Authorize Board to Fix His Remuneration                                                                 
                5       Reappoint PricewaterhouseCoopers as           For           For                        Mgmt                 
                        Auditors and Authorize Board to Fix Their                                                                   
                        Remuneration                                                                                                
                6       Approve Repurchase of Up to 10 Percent of     For           For                        Mgmt                 
                        Issued Capital                                                                                              
                7       Approve Issuance of Equity or Equity-Linked   For           Against                    Mgmt                 
                        Securities without Preemptive Rights                                                                        
                8       Authorize Reissuance of Repurchased Shares    For           For                        Mgmt                 
                9       Approve Issuance of Shares Pursuant to the    For           For                        Mgmt                 
                        2001 Share Option Scheme                                                                                    
                10      Amend Bylaws Re: Voting By Poll and           For           For                        Mgmt                 
                        Appointment and Retirement by Rotation of                                                                   
                        Directors                                                                                                   

12/15/05 - S    Unicredito Italiano SpA (Form .Credito   IT0000064854                              12/13/05                  47,800 
                Italiano)                                                                                                           
                        Ordinary Business                                                                                           
                1       Fix Number of Directors on the Board; Elect   For           Against                    Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 10


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        Directors for 2006-2008 Period                                                                              
                2       Determine Remuneration of Directors,          For           For                        Mgmt                 
                        Members of Executive Committee, Members of                                                                  
                        the Audit Committee, and Chairman of the                                                                    
                        Supervisory Committee                                                                                       
                3       Authorization to Sell Treasury Shares         For           For                        Mgmt                 

12/15/05 - A    Westpac Banking Corp. (Wbc) *WBC*        AU000000WBC1                              12/13/05                  15,800 
                1       Receive Financial Statements and Statutory    None          None                       Mgmt                 
                        Reports                                                                                                     
                2a      Elect Leonard Andrew Davis as Director        For           For                        Mgmt                 
                2b      Elect David Alexander Crawford as Director    For           For                        Mgmt                 
                3       Amend Constitution Re: Minimum Number of      For           For                        Mgmt                 
                        Directors                                                                                                   
                4       Adopt Remuneration Report                     For           For                        Mgmt                 

12/16/05 - S    Axa (Formerly Axa-Uap)                   FR0000120628                              None                       7,400 
                        Special Business                                                                                            
                1       Approve Merger by Absorption of Finaxa and    For           For                        Mgmt                 
                        Capital Increase in Connection with the                                                                     
                        Merger                                                                                                      
                2       Approve Accounting Treatment of Merger        For           For                        Mgmt                 
                3       Approve Reduction in Share Capital            For           For                        Mgmt                 
                4       Assume Obligations of 2.75% 1997/2006         For           For                        Mgmt                 
                        Convertible Bonds Issued by Finaxa                                                                          
                5       Assume Obligations of Stock Options Granted   For           For                        Mgmt                 
                        by Finaxa                                                                                                   
                6       Approve Dissolution of Finaxa without         For           For                        Mgmt                 
                        Liquidation                                                                                                 
                7       Amend Articles to Reflect Changes in Capital  For           For                        Mgmt                 
                8       Authorize Issuance of Convertible Bonds to    None          None                       Mgmt                 
                        Holders of Finaxa 3% 1998/2007 Bonds                                                                        
                        Convertible Into Axa Shares                                                                                 
                9       Reserve Convertible Bonds Issuance to         None          None                       Mgmt                 
                        Holders of Finaxa 3% 1998/2007 Bonds                                                                        
                10      Approve Capital Increase Reserved for         Against       Against                    Mgmt                 
                        Employees Participating in Savings-Related                                                                  
                        Share Purchase Plan                                                                                         
                11      Authorize Filing of Required                  For           For                        Mgmt                 
                        Documents/Other Formalities                                                                                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 11


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

02/28/06 - A    Wal-Mart de Mexico S.A. de C.V.          MXP810081010                              None                      96,200 
                (frmrly. Cifra S.A.)                                                                                                
                        Ordinary Business - Only V Shares Can Vote                                                                  
                1       Accept Chairman's Report                      For           For                        Mgmt                 
                2       Accept Audit Committe's Report                For           For                        Mgmt                 
                3       Accept Supervisory Board Report               For           For                        Mgmt                 
                4       Accept Financial Statements for Fiscal Year   For           For                        Mgmt                 
                        Ended December 2005                                                                                         
                5       Present Report on the Share Repurchase        For           For                        Mgmt                 
                        Reserves                                                                                                    
                        Special Business                                                                                            
                6       Approve Cancellation of 201.5 Million         For           For                        Mgmt                 
                        Company Treasury Shares                                                                                     
                7       Approve Modifications to Article 5 in the     For           For                        Mgmt                 
                        Bylaws Re: Changes in Variable and Fixed                                                                    
                        Capital                                                                                                     
                        Ordinary Business                                                                                           
                8       Approve Allocation of Income                  For           For                        Mgmt                 
                9       Approve Dividend of MXN 0.38 per Share or     For           For                        Mgmt                 
                        Stock Calculated as of March 22, 2006                                                                       
                10      Approve MXN 3.28 Million Variable Capital     For           For                        Mgmt                 
                        Increase Through Issuance of 164.3 Million                                                                  
                        Common Shares To Be Paid Back as Dividends                                                                  
                        at MXN 20 per Share                                                                                         
                11      Accept Report Re: Employee Stock Purchase     For           For                        Mgmt                 
                        Plan                                                                                                        
                12      Accept Report Re: Wal-Mart de Mexico          For           For                        Mgmt                 
                        Foundation                                                                                                  
                13      Approve Discharge of the Board of Directors   For           For                        Mgmt                 
                14      Elect or Ratify Members of the Board of       For           For                        Mgmt                 
                        Directors and Supervisory Board                                                                             
                15      Approve Minutes of Meeting                    For           For                        Mgmt                 

03/03/06 - A/S  Royal Bank Of Canada *RY.*               780087102                                 01/12/06                   4,050 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Deloitte & Touche LLP as Auditors      For           For                        Mgmt                 
                3       Amend Bylaw Two Re: Aggregate Remuneration    For           For                        Mgmt                 
                        Payable to Directors                                                                                        
                4       Amend Bylaw Three Re: Aggregate               For           For                        Mgmt                 
                        Consideration Limit for First Preferred                                                                     
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 12


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        Shares                                                                                                      
                5       Include Financial Statements of Bank          Against       Against                    ShrHoldr             
                        Subsidiaries in Tax Havens in Annual Report                                                                 
                6       Submit Any Increase in Executive              Against       Against                    ShrHoldr             
                        Compensation to a Shareholder Vote                                                                          
                7       Persons Tainted by Judicial Findings of       Against       Against                    ShrHoldr             
                        Unethical Behaviour are Not Eligible to                                                                     
                        Serve as Directors                                                                                          

03/09/06 - A    Patheon Inc. *PTI.*                      70319W108                                 02/07/06                  13,800 
                1       Elect Directors Nick A. DiPietro, Peter       For           For                        Mgmt                 
                        A.W.  Green,  George L. Ploder,  Robert C.  Tedford,                                                        
                        Joaquin B. Viso,  Derek J.  Watchorn  and Gregory C.                                                        
                        Wilkins                                                                                                     
                2       Approve Ernst & Young LLP as Auditors and     For           For                        Mgmt                 
                        Authorize Board to Fix Remuneration of                                                                      
                        Auditors                                                                                                    

03/09/06 - A    Patheon Inc. *PTI.*                      CA70319W1086                              02/07/06                  13,800 
                1       Elect Directors Nick A. DiPietro, Peter       For           For                        Mgmt                 
                        A.W.  Green,  George L. Ploder,  Robert C.  Tedford,                                                        
                        Joaquin B. Viso,  Derek J.  Watchorn  and Gregory C.                                                        
                        Wilkins                                                                                                     
                2       Approve Ernst & Young LLP as Auditors and     For           For                        Mgmt                 
                        Authorize Board to Fix Remuneration of                                                                      
                        Auditors                                                                                                    

03/10/06 - A    Fomento Economico Mexicano S.A.          344419106                                 02/08/06                   3,250 
                (Femsa)                                                                                                             
                        Meeting for Holders of ADRs                                                                                 
                1       REPORT OF THE BOARD OF DIRECTORS;             For           For                        Mgmt                 
                        PRESENTATION OF THE FINANCIAL STATEMENTS OF                                                                 
                        FOMENTO ECONOMICO MEXICANO, S.A. DE C.V.,                                                                   
                        FOR THE 2005 FISCAL YEAR, AND THE REPORT OF                                                                 
                        THE EXAMINER PURSUANT TO ARTICLE 172 OF THE                                                                 
                        GENERAL LAW OF COMMERCIAL COMPANIES ( LEY                                                                   
                        GENE                                                                                                        
                2       APPLICATION OF THE RESULTS FOR THE 2005       For           For                        Mgmt                 
                        FISCAL YEAR, INCLUDING THE PAYMENT OF A                                                                     
                        CASH DIVIDEND, IN MEXICAN PESOS.                                                                            
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 13


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                3       PROPOSAL TO DETERMINE THE MAXIMUM AMOUNT TO   For           For                        Mgmt                 
                        BE USED IN THE SHARE REPURCHASE PROGRAM.                                                                    
                4       ELECTION OF MEMBERS OF THE BOARD OF           For           For                        Mgmt                 
                        DIRECTORS AND EXAMINERS, AND RESOLUTION                                                                     
                        WITH RESPECT TO THEIR REMUNERATION.                                                                         
                5       APPOINTMENT OF COMMITTEES.                    For           For                        Mgmt                 
                6       APPOINTMENT OF DELEGATES FOR THE              For           For                        Mgmt                 
                        SHAREHOLDERS MEETING.                                                                                       
                7       MINUTES OF THE SHAREHOLDERS MEETING.          For           For                        Mgmt                 

03/14/06 - A    Danske Bank AS (Formerly Den Danske      DK0010274414                              02/15/06                   8,450 
                Bank)                                                                                                               
                1       Approve Financial Statements; Approve         For           For                        Mgmt                 
                        Discharge of Management and Board; Approve                                                                  
                        Allocation of Income and Dividends of DKK                                                                   
                        10 Per Share                                                                                                
                2       Amend Articles Re: Reduce Board Term of       For           For                        Mgmt                 
                        Directors From Four to Two Years; Reduce                                                                    
                        Range of Shareholder-Elected Board Members                                                                  
                        (6-10); Removal of Article Concerning                                                                       
                        Director Election                                                                                           
                3       Reelect Sten Scheibye, Birgit                 For           For                        Mgmt                 
                        Aagaard-Svendsen, Alf Duch-Pedersen,                                                                        
                        Henning Christophersen, and Claus Vastrup                                                                   
                        to the Supervisory Board                                                                                    
                4       Reappoint Grant Thornton and KPMG C.          For           For                        Mgmt                 
                        Jespersen as Auditors                                                                                       
                5       Authorize Repurchase of Up to Ten Percent     For           For                        Mgmt                 
                        of Issued Share Capital                                                                                     
                6       Amend Articles Re: Delete Secondary Name;     For           Against                    Mgmt                 
                        Extend Authorisations to Increase Share                                                                     
                        Capital to March 1, 2011; Allow Electronic                                                                  
                        Publishing of Meeting Notice; Remove Clause                                                                 
                        Concerning Discharge of Directors                                                                           
                        Shareholder Proposal                                                                                        
                7       Shareholder Proposal Re: Danske Bank As       None          Against                    ShrHoldr             
                        Place of Depository                                                                                         

03/23/06 - A    Tandberg ASA                             NO0005620856                              None                      30,300 
                1       Open Meeting and Presentation of List of      None          None                       Mgmt                 
                        Shareholders                                                                                                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 14


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                2       Elect Chairman of Meeting; Designate          For           For                        Mgmt                 
                        Inspector or Shareholder Representative(s)                                                                  
                        of Minutes of Meeting                                                                                       
                3       Approve Notice of Meeting and Agenda          For           For                        Mgmt                 
                4       Receive Report of Management                  None          None                       Mgmt                 
                5       Approve Financial Statements, Allocation of   For           For                        Mgmt                 
                        Income and Dividends of NOK 0.65 per Share                                                                  
                6       Approve Remuneration of Directors For Board   For           For                        Mgmt                 
                        and Committee Work; Approve Remuneration of                                                                 
                        Auditors                                                                                                    
                7       Reelect Jan Chr. Opsahl, Amund Skarholt,      For           For                        Mgmt                 
                        and Joergen Haslestad as Directors; Elect                                                                   
                        Barbara Thoralfsson as New Director; Elect                                                                  
                        Halvor Loeken, Aage Korsvold, and Jan Chr.                                                                  
                        Opsahl as Members of Nominating Committee                                                                   
                8       Approve NOK 13.4 Million Reduction in Share   For           For                        Mgmt                 
                        Capital via Share Cancellation                                                                              
                9       Authorize Repurchase of Up to Ten Percent     For           For                        Mgmt                 
                        of Issued Share Capital                                                                                     
                10      Approve Issuance of Convertible Bonds         For           For                        Mgmt                 
                        without Preemptive Rights up to Aggregate                                                                   
                        Nominal Amount of NOK 1.5 Billion; Approve                                                                  
                        Creation of NOK 12.1 Million Pool of                                                                        
                        Capital to Guarantee Conversion Rights                                                                      
                11      Approve Creation of NOK 12.1 Million Pool     For           For                        Mgmt                 
                        of Capital without Preemptive Rights                                                                        
                12      Approve NOK 500 Million Transfer from Share   For           For                        Mgmt                 
                        Premium Account to Unrestricted                                                                             
                        Shareholders' Equity                                                                                        

03/29/06 - A    Dsm Nv                                   NL0000009819                              03/23/06                   5,600 
                1       Open Meeting                                  None          None                       Mgmt                 
                2       Receive Report of Management Board            None          None                       Mgmt                 
                3A      Approve Financial Statements and Statutory    For           For                        Mgmt                 
                        Reports                                                                                                     
                3B      Approve Total Dividends of EUR 1 Per Share    For           For                        Mgmt                 
                3C      Approve Discharge of Management Board         For           For                        Mgmt                 
                3D      Approve Discharge of Supervisory Board        For           For                        Mgmt                 
                4       Receive Explanation of Company's Reserves     None          None                       Mgmt                 
                        and Dividend Policy (Non-Voting)                                                                            
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 15


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                5A      Reappoint C. van Woudenberg to Supervisory    For           For                        Mgmt                 
                        Board                                                                                                       
                5B      Appoint T. de Swaan to Supervisory Board      For           For                        Mgmt                 
                6       Appoint N. Gerardu to Management Board        For           For                        Mgmt                 
                7A      Grant Board Authority to Issue Ordinary       For           Against                    Mgmt                 
                        Shares and Cumulative Preference Shares                                                                     
                7B      Authorize Board to Exclude Preemptive         For           For                        Mgmt                 
                        Rights from Issuance Under Item 7A                                                                          
                8       Authorize Repurchase of Up to Ten Percent     For           For                        Mgmt                 
                        of Issued Share Capital                                                                                     
                9       Approve Reduction in Share Capital via        For           For                        Mgmt                 
                        Cancellation of Shares                                                                                      
                10      Amend Articles Re: Dematerialization of       For           For                        Mgmt                 
                        Shares (Conversion of Ordinary Shares into                                                                  
                        Registered Shares); Introduce                                                                               
                        Indemnification Clause for Directors and                                                                    
                        Officers                                                                                                    
                11      Other Business (Non-Voting)                   None          None                       Mgmt                 
                12      Close Meeting                                 None          None                       Mgmt                 

03/30/06 - A    Asatsu-DK Inc. *9747*                    JP3109800007                              12/31/05                   5,600 
                1       Approve Allocation of Income, Including the   For           For                        Mgmt                 
                        Following Dividends: Interim JY 10, Final                                                                   
                        JY 21, Special JY 5                                                                                         
                2       Amend Articles to: Authorize Board to         For           Against                    Mgmt                 
                        Determine Income Allocation - Delete                                                                        
                        Requirement to Reduce Authorized Capital in                                                                 
                        Proportion to Share Cancellation -                                                                          
                        Authorize Public Announcements in                                                                           
                        Electronic Format                                                                                           
                3       Elect Directors                               For           For                        Mgmt                 
                4       Appoint Internal Statutory Auditor            For           For                        Mgmt                 
                5       Approve Retirement Bonus for Statutory        For           Against                    Mgmt                 
                        Auditor                                                                                                     

03/30/06 - A    Philips Electronics Nv                   NL0000009538                              03/23/06                   5,176 
                1       Speech President                              None          None                       Mgmt                 
                2a      Approve Financial Statements and Statutory    For           For                        Mgmt                 
                        Reports                                                                                                     
                2b      Explanation of Policy on Additions To         None          None                       Mgmt                 
                        Reserves and Dividends                                                                                      
                2c      Approve Dividend of EUR 0.44 ($0.52)per       For           For                        Mgmt                 
                        Share                                                                                                       
                2d      Approve Discharge of Management Board         For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 16


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                2e      Approve Discharge of Supervisory Board        For           For                        Mgmt                 
                3a      Elect T.W.H. van Deursen to Management Board  For           For                        Mgmt                 
                3b      Elect F.A. van Houten to Management Board     For           For                        Mgmt                 
                3c      Elect J.A. Karvinen to Management Board       For           For                        Mgmt                 
                3d      Elect R.S. Provoost to Management Board       For           For                        Mgmt                 
                3e      Elect A. Ragnetti to Management Board         For           For                        Mgmt                 
                4a      Reelect W. de Kleuver to Supervisory Board    For           For                        Mgmt                 
                4b      Reelect Richard Greenbury to Supervisory      For           For                        Mgmt                 
                        Board                                                                                                       
                5a      Proposal to Amend the Remuneration Policy     For           For                        Mgmt                 
                        for Management Board                                                                                        
                5b      Proposal to Amend the Maximum Percentage of   For           For                        Mgmt                 
                        The Annual LTIP Pool-size To Be Allocated                                                                   
                        To Members of Management Board                                                                              
                6a      Cancellation of Shares Held by the Company    For           For                        Mgmt                 
                6b      Amend Articles to Reflect Changes in Capital  For           For                        Mgmt                 
                7       Grant Board Authority to Issue Shares Up To   For           For                        Mgmt                 
                        10 Percent of Issued Capital Plus                                                                           
                        Additional 10 Percent in Case of                                                                            
                        Takeover/Merger Restricting/Excluding                                                                       
                        Preemptive Rights                                                                                           
                8       Authorize Repurchase of Up to Ten Percent     For           For                        Mgmt                 
                        of Issued Share Capital                                                                                     
                9       Other Business (Non-Voting)                   None          None                       Mgmt                 

04/19/06 - A    Schering AG                              DE0007172009                              03/29/06                   2,510 
                1       Receive Financial Statements and Statutory    None          None                       Mgmt                 
                        Reports                                                                                                     
                2       Approve Allocation of Income and Dividends    For           For                        Mgmt                 
                        of EUR 1.20 per Share                                                                                       
                3       Approve Discharge of Management Board for     For           For                        Mgmt                 
                        Fiscal 2005                                                                                                 
                4       Approve Discharge of Supervisory Board for    For           For                        Mgmt                 
                        Fiscal 2005                                                                                                 
                5       Elect Dieter Hinzen to the Supervisory Board  For           For                        Mgmt                 
                6       Ratify BDO Deutsche Warentreuhand AG as       For           For                        Mgmt                 
                        Auditors for Fiscal 2006                                                                                    
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 17


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                7       Amend Articles Re: Conducting of              For           For                        Mgmt                 
                        Shareholder Meetings due to New German                                                                      
                        Legislation (Law on Company Integrity and                                                                   
                        Modernization of the Right of Avoidance)                                                                    
                8       Authorize Share Repurchase Program and        For           For                        Mgmt                 
                        Reissuance or Cancellation of Repurchased                                                                   
                        Shares                                                                                                      

04/25/06 - A/S  L'Oreal                                  FR0000120321                              None                       2,455 
                        Ordinary Business                                                                                           
                1       Approve Financial Statements and Statutory    For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Accept Consolidated Financial Statements      For           For                        Mgmt                 
                        and Statutory Reports                                                                                       
                3       Approve Allocation of Income and Dividends    For           For                        Mgmt                 
                        of EUR 1 per Share                                                                                          
                4       Approve Accounting Transfer from Special      For           For                        Mgmt                 
                        Long-Term Capital Gains Reserve Account to                                                                  
                        Other Reserves Account                                                                                      
                5       Approve Special Auditors' Report Regarding    For           For                        Mgmt                 
                        Related-Party Transactions                                                                                  
                6       Reelect Lindsay Owen-Jones as Director        For           For                        Mgmt                 
                7       Reelect Francisco Castaner Basco as Director  For           Against                    Mgmt                 
                8       Reelect Xavier Fontanet as Director           For           For                        Mgmt                 
                9       Reelect Marc Ladreit de Lacharriere as        For           Against                    Mgmt                 
                        Director                                                                                                    
                10      Reelect Frank Riboud as Director              For           For                        Mgmt                 
                11      Reelect Jean-Paul Agon as Director            For           For                        Mgmt                 
                12      Authorize Repurchase of Up to Ten Percent     For           For                        Mgmt                 
                        of Issued Share Capital                                                                                     
                        Special Business                                                                                            
                13      Approve Stock Option Plans Grants             For           For                        Mgmt                 
                14      Approve Employee Savings-Related Share        For           For                        Mgmt                 
                        Purchase Plan                                                                                               
                15      Approve Reduction in Share Capital via        For           For                        Mgmt                 
                        Cancellation of Repurchased Shares                                                                          
                16      Amend Articles of Association Re: Attend      For           For                        Mgmt                 
                        Board Meetings by Way of Videoconference                                                                    
                        and of Telecommunication                                                                                    
                17      Authorize Filling of Required                 For           For                        Mgmt                 
                        Documents/Other Formalities                                                                                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 18


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

04/26/06 - A    WILLIS GROUP HOLDINGS LTD *WSH*          G96655108                                 02/28/06                   6,700 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           For                        Mgmt                 
                2       Ratify Auditors                               For           For                        Mgmt                 

04/27/06 - A    Abn Amro Holding Nv                      NL0000301109                              04/20/06                   6,683 
                1       Approve Minutes of Previous Meeting           None          None                       Mgmt                 
                2       Receive Report of Management Board            None          None                       Mgmt                 
                3a      Approve Financial Statements and Statutory    For           For                        Mgmt                 
                        Reports                                                                                                     
                3b      Approve Dividends of EUR 1.10 Per Share       For           For                        Mgmt                 
                3c      Approve Discharge of Management Board         For           For                        Mgmt                 
                3d      Approve Discharge of Supervisory Board        For           For                        Mgmt                 
                4       Approve Remuneration Report Containing        For           For                        Mgmt                 
                        Remuneration Policy for Management Board                                                                    
                        Members                                                                                                     
                5       Approve Amendments to Remuneration of         For           For                        Mgmt                 
                        Supervisory Board                                                                                           
                6       Approve Company's Corporate Governance        For           For                        Mgmt                 
                        Structure                                                                                                   
                7a      Elect G.J. Kramer to Supervisory Board        For           For                        Mgmt                 
                7b      Elect G. Randa to Supervisory Board           For           For                        Mgmt                 
                7c      Reelect A.C. Martinez to Supervisory Board    For           For                        Mgmt                 
                8       Authorize Repurchase of Up to Ten Percent     For           For                        Mgmt                 
                        of Issued Share Capital                                                                                     
                9a      Grant Board Authority to Issue Ordinary       For           For                        Mgmt                 
                        Shares, Convertible Preference Shares and                                                                   
                        Preference Financing Shares Up To 20                                                                        
                        Percent of Issued Capital                                                                                   
                9b      Authorize Board to Exclude Preemptive         For           For                        Mgmt                 
                        Rights from Issuance Under Item 9a                                                                          
                10      Any Other Business (Non-Voting)               None          None                       Mgmt                 

04/27/06 - A/S  AMPLIFON                                 IT0003101059                              04/24/06                   4,695 
                        Special Business                                                                                            
                1       Approve Stock Split; Amend Bylaws             For           For                        Mgmt                 
                        Accordingly                                                                                                 
                2       Approve Increase in Capital Up to EUR         For           For                        Mgmt                 
                        150,000 Through the Issuance of Shares,                                                                     
 ___________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 19


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        implemented within Five Years, without                                                                      
                        Preemptive Rights; Amend Bylaws Accordingly                                                                 
                        Ordinary Business                                                                                           
                1       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Accept Consolidated Financial Statements      For           For                        Mgmt                 
                3       Approve Allocation of Income                  For           For                        Mgmt                 
                4       Appoint Internal Statutory Auditors           For           For                        Mgmt                 
                5       Approve Remuneration of Internal Statutory    For           For                        Mgmt                 
                        Auditors                                                                                                    
                6       Approve Remuneration of Directors             For           For                        Mgmt                 
                7       Authorize Share Repurchase Program and        For           For                        Mgmt                 
                        Reissuance of Repurchased Shares                                                                            

04/28/06 - A    Royal Bank Of Scotland Group Plc (The)   GB0007547838                              None                       6,168 
                1       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Approve Remuneration Report                   For           For                        Mgmt                 
                3       Approve Final Dividend of 53.1 Pence Per      For           For                        Mgmt                 
                        Ordinary Share                                                                                              
                4       Re-elect Bob Scott as Director                For           For                        Mgmt                 
                5       Re-elect Peter Sutherland as Director         For           For                        Mgmt                 
                6       Re-elect Colin Buchan as Director             For           For                        Mgmt                 
                7       Elect Sir Tom McKillop as Director            For           For                        Mgmt                 
                8       Elect Janis Kong as Director                  For           For                        Mgmt                 
                9       Elect Guy Whittaker as Director               For           For                        Mgmt                 
                10      Elect Johnny Cameron as Director              For           For                        Mgmt                 
                11      Elect Mark Fisher as Director                 For           For                        Mgmt                 
                12      Elect Bill Friedrich as Director              For           For                        Mgmt                 
                13      Reappoint Deloitte & Touche LLP as Auditors   For           For                        Mgmt                 
                        of the Company                                                                                              
                14      Authorise Board to Fix Remuneration of        For           For                        Mgmt                 
                        Auditors                                                                                                    
                15      Authorise Issue of Equity or Equity-Linked    For           For                        Mgmt                 
                        Securities with Pre-emptive Rights up to                                                                    
                        Aggregate Nominal Amount of GBP 266,482,100                                                                 
                16      Authorise Issue of Equity or Equity-Linked    For           For                        Mgmt                 
                        Securities without Pre-emptive Rights up to                                                                 
                        Aggregate Nominal Amount of GBP 39,972,315                                                                  
                17      Authorise 319,778,520 Ordinary Shares for     For           For                        Mgmt                 
                        Market Purchase                                                                                             
                18      Approve EU Political Donations up to GBP      For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 20


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        250,000 and Incur EU Political Expenditure                                                                  
                        up to GBP 250,000                                                                                           

04/28/06 - A    Tod's SPA                                IT0003007728                              04/26/06                   1,740 
                        Annual Meeting Agenda                                                                                       
                1       Approve Financial Statements at Dec. 31,      For           For                        Mgmt                 
                        2005, Statutory Reports, and Allocation of                                                                  
                        Income                                                                                                      
                2       Receive Annual Report Concerning the          For           For                        Mgmt                 
                        Company's Corporate Governance Practices                                                                    
                3       Fix Number of Directors on the Board for      For           For                        Mgmt                 
                        the Three-Year Term 2006-2008; Elect                                                                        
                        Directors; Determine Directors' Remuneration                                                                
                4       Elect External Auditors for the Six-Year      For           For                        Mgmt                 
                        Term 2006-2011; Fix Auditors' Remuneration                                                                  
                5       Authorize Share Repurchase Program and        For           For                        Mgmt                 
                        Reissuance of Repurchased Shares; Revoke                                                                    
                        Previously Granted Authorization to                                                                         
                        Repurchase and Reissue Shares                                                                               

05/03/06 - A    ENDURANCE SPECIALTY HOLDINGS *ENH*       G30397106                                 03/03/06                   2,825 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Steven W. Carlsen ---                                                                        
                        Withhold                                                                                                    
                1.2     Elect Director Kenneth J. Lestrange --- For                                                                 
                1.3     Elect Director Therese M. Vaughan --- For                                                                   
                1.4     Elect Director R. Max Williamson --- For                                                                    
                1.5     Elect Director John T. Baily --- For                                                                        
                1.6     Elect Director Norman Barham --- For                                                                        
                1.7     Elect Director Galen R. Barnes --- For                                                                      
                1.8     Elect Director William H. Bolinder --- For                                                                  
                1.9     Elect Director Steven W. Carlsen --- For                                                                    
                1.10    Elect Director Kenneth J. Lestrange --- For                                                                 
                1.11    Elect Director Brendan R. O'Neill --- For                                                                   
                1.12    Elect Director Richard C. Perry --- For                                                                     
                1.13    Elect Director Robert A. Spass --- For                                                                      
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 21


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                1.14    Elect Director Therese M. Vaughan --- For                                                                   
                1.15    Elect Director R. Max Williamson --- For                                                                    
                1.16    Elect Director William H. Bolinder --- For                                                                  
                1.17    Elect Director Mark W. Boucher --- For                                                                      
                1.18    Elect Director Kenneth J. Lestrange --- For                                                                 
                1.19    Elect Director Simon Minshall --- For                                                                       
                1.20    Elect Director Brendan R. O'Neill --- For                                                                   
                1.21    Elect Director William H. Bolinder --- For                                                                  
                1.22    Elect Director Mark W. Boucher --- For                                                                      
                1.23    Elect Director Kenneth J. Lestrange --- For                                                                 
                1.24    Elect Director Simon Minshall --- For                                                                       
                1.25    Elect Director Brendan R. O'Neill --- For                                                                   
                2       Ratify Auditors                               For           For                        Mgmt                 

05/03/06 - A    Nobel Biocare Holding AG                 CH0014030040                              None                       1,025 
                1       Accept Consolidated Financial Statements      For           For                        Mgmt                 
                        and Statutory Reports                                                                                       
                2       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                3       Approve Allocation of Income and Dividends    For           For                        Mgmt                 
                        of CHF 3.50 per Share                                                                                       
                4       Approve Discharge of Board and Senior         For           For                        Mgmt                 
                        Management                                                                                                  
                5       Authorize Repurchase of up to Ten Percent     For           For                        Mgmt                 
                        of Issued Share Capital; Authorize CHF 600                                                                  
                        Million Transfer from General Reserves to                                                                   
                        Free Reserves to Finance Share Repurchases                                                                  
                6       Elect Directors                               For           For                        Mgmt                 
                6.3     Ratify KPMG Fides Peat as Auditors            For           For                        Mgmt                 

05/04/06 - A/S  Axa (Formerly Axa-Uap)                   FR0000120628                              None                       7,260 
                        Ordinary Business                                                                                           
                1       Approve Financial Statements and Statutory    For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Accept Consolidated Financial Statements      For           For                        Mgmt                 
                        and Statutory Reports                                                                                       
                3       Approve Allocation of Income and Dividends    For           For                        Mgmt                 
                        of EUR 0.88 per Share                                                                                       
                4       Approve Special Auditors' Report Regarding    For           For                        Mgmt                 
                        Related-Party Transactions                                                                                  
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 13


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                5       Election of Norbert Dentressangle as          For           For                        Mgmt                 
                        Supervisory Board Member                                                                                    
                6       Ratify PricewaterhouseCoopers Audit as        For           For                        Mgmt                 
                        Auditor                                                                                                     
                7       Ratify Patrick Frotiee as Alternate Auditor   For           For                        Mgmt                 
                8       Authorize Repurchase of Up to Ten Percent     For           For                        Mgmt                 
                        of Issued Share Capital                                                                                     
                        Special Business                                                                                            
                9       Approve Reduction in Share Capital via        For           For                        Mgmt                 
                        Cancellation of Repurchased Shares                                                                          
                10      Authorize Filling of Required                 For           For                        Mgmt                 
                        Documents/Other Formalities                                                                                 

05/04/06 - A    Teva Pharmaceutical Industries           881624209                                 03/27/06                   7,950 
                        Meeting for Holders of ADRs                                                                                 
                1       TO RECEIVE AND DISCUSS THE COMPANY S          For           For                        Mgmt                 
                        CONSOLIDATED  BALANCE  SHEET AS OF DECEMBER 31, 2005                                                        
                        AND THE  CONSOLIDATED  STATEMENTS  OF INCOME FOR THE                                                        
                        YEAR THEN ENDED.                                                                                            
                2       TO APPROVE THE BOARD OF DIRECTORS             For           For                        Mgmt                 
                        RECOMMENDATION  THAT THE CASH  DIVIDEND FOR THE YEAR                                                        
                        ENDED DECEMBER 31, 2005 BE DECLARED FINAL.                                                                  
                3       TO APPOINT PROF. GABRIELA SHALEV AS A         For           For                        Mgmt                 
                        STATUTORY INDEPENDENT DIRECTOR FOR AN                                                                       
                        ADDITIONAL TERM OF THREE YEARS.                                                                             
                4       TO ELECT THE FOLLOWING DIRECTOR TO SERVE      For           For                        Mgmt                 
                        FOR A THREE-YEAR TERM: DR. PHILLIP FROST                                                                    
                5       TO ELECT THE FOLLOWING DIRECTOR TO SERVE      For           For                        Mgmt                 
                        FOR A THREE-YEAR TERM: CARLO SALVI                                                                          
                6       TO ELECT THE FOLLOWING DIRECTOR TO SERVE      For           For                        Mgmt                 
                        FOR A THREE-YEAR TERM: DAVID SHAMIR                                                                         
                7       TO APPROVE THE PURCHASE OF DIRECTOR S AND     For           Against                    Mgmt                 
                        OFFICER S LIABILITY INSURANCE FOR THE                                                                       
                        DIRECTORS AND OFFICERS OF THE COMPANY.                                                                      
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 23


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                8       TO APPROVE AN AMENDMENT TO SECTION 60(E) OF   For           For                        Mgmt                 
                        THE COMPANY S ARTICLES OF ASSOCIATION.                                                                      
                9       TO APPROVE AN INCREASE IN THE REMUNERATION    For           For                        Mgmt                 
                        PAID TO THE DIRECTORS OF THE COMPANY (OTHER                                                                 
                        THAN THE CHAIRMAN OF THE BOARD).                                                                            
                10      TO APPOINT KESSELMAN & KESSELMAN, AS THE      For           For                        Mgmt                 
                        INDEPENDENT REGISTERED PUBLIC ACCOUNTING                                                                    
                        FIRM AND DETERMINE THEIR COMPENSATION.                                                                      

05/04/06 - A    United Business Media Plc (Fm. United    GB00B0B2LQ71                              None                      14,352 
                News & Media Plc)                                                                                                   
                1       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Approve Remuneration Report                   For           For                        Mgmt                 
                3       Approve Final Dividend of 11 Pence Per Share  For           For                        Mgmt                 
                4       Re-elect Geoff Unwin as Director              For           For                        Mgmt                 
                5       Re-elect Adair Turner as Director             For           For                        Mgmt                 
                6       Reappoint Ernst & Young LLP as Auditors and   For           For                        Mgmt                 
                        Authorise the Board to Determine Their                                                                      
                        Remuneration                                                                                                
                7       Authorise 27,951,956 Ordinary Shares for      For           For                        Mgmt                 
                        Market Purchase                                                                                             
                8       Authorise 4,830,923 B Shares for Market       For           For                        Mgmt                 
                        Purchase                                                                                                    
                9       Authorise Issue of Equity or Equity-Linked    For           For                        Mgmt                 
                        Securities with Pre-emptive Rights up to                                                                    
                        Aggregate Nominal Amount of GBP 28,284,584                                                                  
                10      Authorise Issue of Equity or Equity-Linked    For           For                        Mgmt                 
                        Securities without Pre-emptive Rights up to                                                                 
                        Aggregate Nominal Amount of GBP 4,242,687                                                                   
                11      Approve EU Political Organisations            For           For                        Mgmt                 
                        Donations and Incur EU Political                                                                            
                        Expenditure up to GBP 50,000                                                                                

05/10/06 - A    Dexia                                    BE0003796134                              None                      10,090 
                1       Accept Financial Statements                   For           For                        Mgmt                 
                2       Approve Allocation of Income and Dividends    For           For                        Mgmt                 
                        of EUR 0.71 per Share                                                                                       
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 24


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                3       Approve Discharge of Directors                For           For                        Mgmt                 
                4       Approve Discharge of Auditors                 For           For                        Mgmt                 
                5       Elect Dominique Marcel as Director            For           Against                    Mgmt                 
                6       Elect Serge Kubla as Director                 For           Against                    Mgmt                 
                7       Elect Bernard Lux as Director                 For           Against                    Mgmt                 
                8       Elect Axel Miller as Director                 For           For                        Mgmt                 
                9       Elect Fabio Innocenzi as Director             For           For                        Mgmt                 
                10      Elect Pierre Richard as Director              For           Against                    Mgmt                 
                11      Elect Gilles Benoist as Director              For           For                        Mgmt                 
                12      Elect Rik Branson as Director                 For           Against                    Mgmt                 
                13      Elect Denis Kessler as Director               For           For                        Mgmt                 
                14      Elect Andre Levy-Lang as Director             For           For                        Mgmt                 
                15      Elect Gaston Schwertzer as Director           For           For                        Mgmt                 
                16      Elect Marc Tinant as Director                 For           Against                    Mgmt                 
                17      Elect Brian Unwin as Director                 For           For                        Mgmt                 
                18      Confirmation of Independence of Board         For           For                        Mgmt                 
                        Members                                                                                                     
                19      Ratify Mazars & Guerard SCCRL as Auditors     For           For                        Mgmt                 
                20      Approve Remuneration of Directors             For           For                        Mgmt                 
                21      Approvale Allocation of Shares to the         For           For                        Mgmt                 
                        Employees of the Company                                                                                    

05/10/06 - S    Dexia                                    BE0003796134                              None                      10,090 
                1       Authorize Repurchase of Up to Ten Percent     For           For                        Mgmt                 
                        of Issued Share Capital                                                                                     
                2       Cancel Company Treasury Shares                For           For                        Mgmt                 
                3       Issue Subscription Rights for Company         For           For                        Mgmt                 
                        Personnel                                                                                                   
                4       Approve Issuance of Equity or Equity-Linked   For           Against                    Mgmt                 
                        Securities without Preemptive Rights                                                                        
                5       Approve the Possibility for the Company to    For           For                        Mgmt                 
                        Keep an Electronic Registry for Registered                                                                  
                        Shareholders                                                                                                
                6       Authorize Implementation of Approved          For           For                        Mgmt                 
                        Resolutions and Filing of Required                                                                          
                        Documents/Formalities at Trade Registry                                                                     

05/12/06 - A    AXIS CAPITAL HOLDINGS LTD *AXS*          G0692U109                                 03/10/06                   3,910 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Michael A. Butt as Director --- For                                                                   
                1.2     Elect John R. Charman as Director --- For                                                                   
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 25


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                1.3     Elect Charles A. Davis as Director ---                                                                      
                        Withhold                                                                                                    
                2       Ratify Deloitte Touche LLP as Auditor and     For           For                        Mgmt                 
                        Authorize the Board to Fix their                                                                            
                        Remuneration                                                                                                

05/12/06 - A/S  Unicredito Italiano SpA (Form .Credito   IT0000064854                              05/10/06                  44,985 
                Italiano)                                                                                                           
                        Ordinary Business                                                                                           
                1       Accept Financial Statements, Consolidated     For           For                        Mgmt                 
                        Financial Statements, and Statutory Reports                                                                 
                        at Dec. 31, 2005; Presentation of the                                                                       
                        Social and Environmental Report                                                                             
                2       Approve Allocation of Income                  For           For                        Mgmt                 
                3       Approve Group Personnel Long-Term Incentive   For           For                        Mgmt                 
                        Plan 2006                                                                                                   
                        Special Business                                                                                            
                1       Authorize Board of Directors to Increase      For           For                        Mgmt                 
                        Capital up to EUR 21 Million Through the                                                                    
                        Issuance of up to 42 Million Shares Without                                                                 
                        Preemptive Rights, to Be Reserved to                                                                        
                        Managers and Directors of the Group                                                                         
                        Unicredito; Amend Bylaws Accordingly                                                                        
                2       Authorize Board of Directors to Increase      For           For                        Mgmt                 
                        Capital up to EUR 6.5 Million                                                                               
                        (Corresponding to 13 Million Shares)                                                                        
                        Through the Issuance of New Class of Shares                                                                 
                        to Be Reserved to Managers and Directors of                                                                 
                        the Group Unicredito; Amend Bylaws                                                                          
                        Accordingly                                                                                                 

05/16/06 - A    Paddy Power (frmrly. POWER LEISURE)      IE0002588105                              None                       9,100 
                1       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Approve Dividend of EUR 0.13 Per Share        For           For                        Mgmt                 
                3a      Elect Tom Grace as a Director                 For           For                        Mgmt                 
                3b      Elect Jack Massey as a Director               For           For                        Mgmt                 
                4       To Re-elect Fintan Drury as a Director        For           For                        Mgmt                 
                5       Approve Auditors and Authorize Board to Fix   For           For                        Mgmt                 
                        Their Remuneration                                                                                          
                6       Authorize Issuance of Equity or               For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 26


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        Equity-Linked Securities without Preemptive                                                                 
                        Rights Equivalent to 5 percent                                                                              
                7       Authorize Share Repurchase                    For           For                        Mgmt                 

05/17/06 - A    SunOpta Inc. *SOY*                       8676EP108                                 03/28/06                  19,200 
                1       Elect Directors                               For           Split                      Mgmt                 
                1.1     Elect Director Stephen Bronfman --- Withhold                                                                
                1.2     Elect Director Robert Fetherstonhaugh ---                                                                   
                        For                                                                                                         
                1.3     Elect Director Katrina Houde-Lovas --- For                                                                  
                1.4     Elect Director Cyril Ing --- For                                                                            
                1.5     Elect Director Jeremy Kendall --- For                                                                       
                1.6     Elect Director James Rifenbergh --- For                                                                     
                1.7     Elect Director Joseph Riz --- For                                                                           
                1.8     Elect Director Allan Routh --- For                                                                          
                1.9     Elect Director Steven Townsend --- For                                                                      
                2       Approve PricewaterhouseCoopers as Auditors    For           For                        Mgmt                 
                        and Authorize Board to Fix Remuneration of                                                                  
                        Auditors                                                                                                    

05/22/06 - A    Global Bio-Chem Technology Group Co.     KYG3919S1057                              05/18/06                 436,300 
                Ltd.                                                                                                                
                1       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Approve Final Dividend                        For           For                        Mgmt                 
                3a      Reelect Liu Xiaoming as Director              For           For                        Mgmt                 
                3b      Reelect Xu Zhouwen as Director                For           For                        Mgmt                 
                3c      Reelect Lee Yuen Kwong as Director            For           For                        Mgmt                 
                3d      Reelect Chan Man Hon, Eric as Director        For           For                        Mgmt                 
                3e      Authorize Board to Fix the Remuneration of    For           For                        Mgmt                 
                        Directors                                                                                                   
                4       Reappoint Auditors and Authorize Board to     For           For                        Mgmt                 
                        Fix Their Remuneration                                                                                      
                5       Amend Articles of Association                 For           For                        Mgmt                 
                6       Approve Issuance of Equity or Equity-Linked   For           Against                    Mgmt                 
                        Securities without Preemptive Rights                                                                        
                7       Authorize Repurchase of Up to 10 Percent of   For           For                        Mgmt                 
                        Issued Share Capital                                                                                        
                8       Authorize Reissuance of Repurchased Shares    For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 27


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

05/25/06 - S    Travelsky Technology Limited             CN0006030588                              None                     199,500 
                1       Approve Promoter Services Agreements and      For           For                        Mgmt                 
                        Annual Caps                                                                                                 
                2       Approve Ongoing Connected Transactions        For           For                        Mgmt                 

05/25/06 - A    Travelsky Technology Limited             CN0006030588                              04/25/06                 191,100 
                1       Accept Report of the Board of Directors       For           For                        Mgmt                 
                2       Accept Report of the Supervisory Committee    For           For                        Mgmt                 
                3       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                4       Approve Profit Distribution and Final         For           For                        Mgmt                 
                        Dividend                                                                                                    
                5       Approve PricewaterhouseCoopers and            For           For                        Mgmt                 
                        PricewaterhouseCoopers Zhong Tian CPAs                                                                      
                        Limited as International and PRC Auditors                                                                   
                        Respectively, and Authorize Board to Fix                                                                    
                        Their Remuneration                                                                                          
                6       Amend Articles Re: Scope of Business          For           For                        Mgmt                 
                7       Other Business (Voting)                       For           Against                    Mgmt                 

06/06/06 - A    Hermes International                     FR0000052292                              None                         785 
                        Ordinary Business                                                                                           
                1       Approve Financial Statements and Statutory    For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Approve Discharge of Directors                For           For                        Mgmt                 
                3       Approve Allocation of Income and Dividends    For           For                        Mgmt                 
                        of EUR 2.5 per Share                                                                                        
                4       Accept Consolidated Financial Statements      For           For                        Mgmt                 
                        and Statutory Reports                                                                                       
                5       Approve Special Auditors' Report Regarding    For           For                        Mgmt                 
                        Related-Party Transactions                                                                                  
                6       Authorize Repurchase of Up to Ten Percent     For           For                        Mgmt                 
                        of Issued Share Capital                                                                                     
                7       Authorize Filing of Required                  For           For                        Mgmt                 
                        Documents/Other Formalities                                                                                 
                        Special Business                                                                                            
                8       Approve Reduction in Share Capital via        For           For                        Mgmt                 
                        Cancellation of Repurchased Shares                                                                          
                9       Approve Stock Option Plans Grants             For           Against                    Mgmt                 
                10      Authorize up to 2 Percent of Issued Capital   For           Against                    Mgmt                 
                        for Use in Restricted Stock Plan                                                                            
                11      Allow Board to Grant Free Warrants in the     For           Against                    Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 28


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        Event of a Public Tender Offer or Share                                                                     
                        Exchange Offer                                                                                              
                12      Approve/Amend Employee Savings-Related        For           For                        Mgmt                 
                        Share Purchase Plan                                                                                         
                13      Approve 1 for 3 Stock Split                   For           For                        Mgmt                 
                14      Adopt New Articles of Association             For           Against                    Mgmt                 
                15      Authorize Filing of Required                  For           For                        Mgmt                 
                        Documents/Other Formalities                                                                                 

06/09/06 - A    Nam Tai Electronics, Inc.                629865205                                 04/21/06                   8,845 
                        Meeting for Holders of ADRs                                                                                 
                1       Elect Directors                               For           For                        Mgmt                 
                2       APPROVAL OF THE APPOINTMENT OF DELOITTE       For           For                        Mgmt                 
                        TOUCHE TOHMATSU AS INDEPENDENT PUBLIC ACCOUNTANTS OF                                                        
                        THE COMPANY FOR THE YEAR ENDING DECEMBER 31, 2006.                                                          
                3       APPROVAL OF THE ADOPTION OF A NEW STOCK       For           For                        Mgmt                 
                        OPTION PLAN OF THE COMPANY (THE 2006 PLAN )                                                                 
                        COVERING OPTIONS TO PURCHASE UP TO                                                                          
                        2,000,000 COMMON SHARES OF THE COMPANY. A                                                                   
                        COPY OF THE 2006 PLAN IS ATTACHED AS                                                                        
                        EXHIBIT A TO THE PROXY STATEMENT                                                                            
                        ACCOMPANYING THE NOTIC                                                                                      

06/21/06 - A    Shire Plc (formerly Shire                GB00B0KQX869                              None                      21,500 
                Pharmaceuticals Group Plc)                                                                                          
                1       Accept Financial Statements and Statutory     For           For                        Mgmt                 
                        Reports                                                                                                     
                2       Re-elect James Cavanaugh as Director          For           For                        Mgmt                 
                3       Re-elect Robin Buchanan as Director           For           For                        Mgmt                 
                4       Re-elect Matthew Emmens as Director           For           For                        Mgmt                 
                5       Re-elect James Grant as Director              For           For                        Mgmt                 
                6       Re-elect David Kappler as Director            For           For                        Mgmt                 
                7       Elect Patrick Langlois as Director            For           For                        Mgmt                 
                8       Re-elect Ronald Nordmann as Director          For           For                        Mgmt                 
                9       Re-elect Barry Price as Director              For           For                        Mgmt                 
                10      Re-elect Angus Russell as Director            For           For                        Mgmt                 
                11      Reappoint Deloitte & Touche LLP as Auditors   For           For                        Mgmt                 
                        of the Company                                                                                              
                12      Authorise Audit Committee to Fix              For           For                        Mgmt                 
                        Remuneration of Auditors                                                                                    
                13      Approve Remuneration Report                   For           For                        Mgmt                 
                14      Authorise Issue of Equity or Equity-Linked    For           For                        Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 29


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        Securities with Pre-emptive Rights up to                                                                    
                        Aggregate Nominal Amount of GBP 8,311,281                                                                   
                15      Authorise Issue of Equity or Equity-Linked    For           For                        Mgmt                 
                        Securities without Pre-emptive Rights up to                                                                 
                        Aggregate Nominal Amount of GBP 1,246,816                                                                   
                16      Authorise 49,872,676 Ordinary Shares for      For           For                        Mgmt                 
                        Market Purchase                                                                                             
                17      Authorise the Company to Make EU Political    For           For                        Mgmt                 
                        Organisation Donations up to GBP 25,000 and                                                                 
                        Incur EU Political Expenditure up to GBP                                                                    
                        25,000                                                                                                      

06/23/06 - A    Japan Tobacco Inc *2914*                 JP3726800000                              03/31/06                      21 
                1       Approve Allocation of Income, Including the   For           For                        Mgmt                 
                        Following Dividends: Interim JY 7000, Final                                                                 
                        JY 9000, Special JY 0                                                                                       
                2       Amend Articles to: Authorize Public           For           For                        Mgmt                 
                        Announcements in Electronic Format - Update                                                                 
                        Terminology to Match that of New Corporate                                                                  
                        Law                                                                                                         
                3       Elect Directors                               For           For                        Mgmt                 
                4       Approve Retirement Bonuses for Directors      For           For                        Mgmt                 

06/27/06 - A    Sky Perfect Communications Inc. *4795*   JP3395900008                              03/31/06                      99 
                1       Approve Allocation of Income, Including the   For           For                        Mgmt                 
                        Following Dividends: Interim JY 0, Final JY                                                                 
                        750, Special JY 0                                                                                           
                2       Amend Articles to: Lower Quorum Requirement   For           Against                    Mgmt                 
                        for Special Business - Update Terminology                                                                   
                        to Match that of New Corporate Law - Limit                                                                  
                        Liability of Non-executive Statutory                                                                        
                        Auditors                                                                                                    
                3       Elect Directors                               For           For                        Mgmt                 
                4       Appoint Alternate Internal Statutory Auditor  For           For                        Mgmt                 
                5       Approve Retirement Bonus for Director         For           For                        Mgmt                 
                6       Approve Stock Option Plan for Directors       For           For                        Mgmt                 

06/28/06 - A    Daito Trust Construction Co. Ltd.        JP3486800000                              03/31/06                   6,600 
                *1878*                                                                                                              
                1       Approve Allocation of Income, Including the   For           For                        Mgmt                 
                        Following Dividends: Interim JY 39, Final                                                                   
 ___________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 30


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        JY 48, Special JY 0                                                                                         
                2       Amend Articles to: Amend Business Lines -     For           For                        Mgmt                 
                        Decrease Authorized Capital to Reflect                                                                      
                        Share Repurchase - Limit Outside Statutory                                                                  
                        Auditors' Legal Liability - Limit Rights of                                                                 
                        Odd-Lot Holders - Update Terminology to                                                                     
                        Match that of New Corporate Law                                                                             
                3       Elect Director                                For           For                        Mgmt                 
                4       Approve Retirement Bonuses for Directors      For           For                        Mgmt                 

06/29/06 - A    HAKUHODO DY HOLDINGS INC. *2433*         JP3766550002                              03/31/06                   1,600 
                1       Approve Allocation of Income, Including the   For           For                        Mgmt                 
                        Following Dividends: Interim JY 25, Final                                                                   
                        JY 30, Special JY 0                                                                                         
                2       Amend Articles to: Expand Business Lines -    For           For                        Mgmt                 
                        Authorize Public Announcements in                                                                           
                        Electronic Format - Update Terminology to                                                                   
                        Match that of New Corporate Law                                                                             
                3       Elect Directors                               For           For                        Mgmt                 
                4       Approve Retirement Bonus for Director         For           For                        Mgmt                 

06/29/06 - A    Nissin Food Products Co. Ltd. *2897*     JP3675600005                              03/31/06                   4,100 
                1       Approve Allocation of Income, Including the   For           For                        Mgmt                 
                        Following Dividends: Interim JY 15, Final                                                                   
                        JY 15, Special JY 0                                                                                         
                2       Amend Articles to: Require Supermajority      For           Against                    Mgmt                 
                        Vote to Remove Director - Limit Directors'                                                                  
                        Legal Liability - Limit Rights of Odd-lot                                                                   
                        Holders - Update Terminology to Match that                                                                  
                        of New Corporate Law - Limit Liability of                                                                   
                        Statutory Auditors                                                                                          
                3       Appoint Alternate Internal Statutory Auditor  For           For                        Mgmt                 
                4       Approve Retirement Bonus for Director         For           For                        Mgmt                 

06/29/06 - A    Uni-Charm Corp. *8113*                   JP3951600000                              03/31/06                   4,200 
                1       Approve Allocation of Income, Including the   For           For                        Mgmt                 
                        Following Dividends: Interim JY 16, Final                                                                   
                        JY 16, Special JY 0                                                                                         
                2       Amend Articles to: Authorize Board to         For           Against                    Mgmt                 
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 31


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management International Equity Fund - i500                                                                           

Mtg             Company/                                              Mgmt          Vote           Record                    Shares 
Date/Type       Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted 
------------------------------------------------------------------------------------------------------------------------------------

                        Determine Income Allocation - Limit                                                                         
                        Directors' Legal Liability - Limit Rights                                                                   
                        of Odd-lot Holders - Update Terminology to                                                                  
                        Match that of New Corporate Law - Limit                                                                     
                        Liability of Statutory Auditors                                                                             
                3       Elect Directors                               For           For                        Mgmt                 

____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 32


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THE BROWN CAPITAL MANAGEMENT MID-CAP FUND                                                                                           
-----------------------------------------                                                                                           
                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

07/19/05 - A     Legg Mason, Inc. *LM*                    524901105                                 05/20/05                   1,570
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Executive Incentive Bonus Plan          For           For                        Mgmt                
                 3       Approve Non-Employee Director Omnibus Stock   For           Against                    Mgmt                
                         Plan                                                                                                       

07/28/05 - A     Electronic Arts Inc. *ERTS*              285512109                                 06/06/05                   2,400
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director M. Richard Asher --- For                                                                    
                 1.2     Elect Director Leonard S. Coleman --- For                                                                  
                 1.3     Elect Director Gary M. Kusin --- For                                                                       
                 1.4     Elect Director Gregory B. Maffei --- For                                                                   
                 1.5     Elect Director Timothy Mott --- Withhold                                                                   
                 1.6     Elect Director Vivek Paul --- For                                                                          
                 1.7     Elect Director Robert W. Pittman --- For                                                                   
                 1.8     Elect Director Lawrence F. Probst III ---                                                                  
                         For                                                                                                        
                 1.9     Elect Director Linda J. Srere --- For                                                                      
                 2       Amend Omnibus Stock Plan                      For           For                        Mgmt                
                 3       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                
                 4       Ratify Auditors                               For           For                        Mgmt                

08/24/05 - S     Adobe Systems Inc. *ADBE*                00724F101                                 07/19/05                   3,390
                 1       Issue Shares in Connection with an            For           For                        Mgmt                
                         Acquisition                                                                                                
                 2       Adjourn Meeting                               For           For                        Mgmt                

08/31/05 - A     Network Appliance, Inc. *NTAP*           64120L104                                 07/05/05                     965
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Omnibus Stock Plan                      For           Against                    Mgmt                
                 3       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                
                 4       Ratify Auditors                               For           For                        Mgmt                

09/21/05 - A     Darden Restaurants, Inc. *DRI*           237194105                                 07/25/05                   3,600
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 1 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

09/23/05 - A     Biomet, Inc. *BMET*                      090613100                                 07/26/05                   2,295
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Stock Option Plan                       For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

10/12/05 - A     Paychex, Inc. *PAYX*                     704326107                                 08/15/05                   3,650
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Omnibus Stock Plan                      For           For                        Mgmt                
                 3       Require a Majority Vote for the Election of   Against       Against                    ShrHoldr            
                         Directors                                                                                                  

10/24/05 - S     Nextel Partners, Inc.                    65333F107                                 09/09/05                   5,740
                 1       Approve Exercise of Put Right                 For           For                        Mgmt                
                 2       Adjourn Meeting                               For           For                        Mgmt                

11/02/05 - A     CheckFree Corp. *CKFR*                   162813109                                 09/16/05                   2,750
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director William P. Boardman ---                                                                     
                         Withhold                                                                                                   
                 1.2     Elect Director James D. Dixon --- For                                                                      

11/02/05 - A     Coach, Inc. *COH*                        189754104                                 09/14/05                   2,680
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Executive Incentive Bonus Plan          For           For                        Mgmt                

11/02/05 - A     Linear Technology Corp. *LLTC*           535678106                                 09/06/05                   1,500
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director Robert H. Swanson, Jr. ---                                                                  
                         For                                                                                                        
                 1.2     Elect Director David S. Lee --- Withhold                                                                   
                 1.3     Elect Director Lothar Maier --- For                                                                        
                 1.4     Elect Director Leo T. McCarthy --- For                                                                     
                 1.5     Elect Director Richard M. Moley --- For                                                                    
                 1.6     Elect Director Thomas S. Volpe --- For                                                                     
                 2       Approve Omnibus Stock Plan                    For           For                        Mgmt                
                 3       Approve Qualified Employee Stock Purchase     For           For                        Mgmt                
                         Plan                                                                                                       
                 4       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                
                 5       Ratify Auditors                               For           For                        Mgmt                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 2 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

11/03/05 - A     Lam Research Corp. *LRCX*                512807108                                 09/09/05                   2,635
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Executive Incentive Bonus Plan          For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

11/10/05 - A     Maxim Integrated Products, Inc. *MXIM*   57772K101                                 09/28/05                   1,300
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director James R. Bergman --- Withhold                                                               
                 1.2     Elect Director Michael J. Byrd --- For                                                                     
                 1.3     Elect Director Peter de Roeth --- For                                                                      
                 1.4     Elect Director John F. Gifford --- Withhold                                                                
                 1.5     Elect Director B. Kipling Hagopian --- For                                                                 
                 1.6     Elect Director A.R. Frank Wazzan --- For                                                                   
                 2       Amend Omnibus Stock Plan                      For           Against                    Mgmt                
                 3       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                
                 4       Ratify Auditors                               For           For                        Mgmt                

11/15/05 - A     Respironics, Inc. *RESP*                 761230101                                 10/03/05                   1,700
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                
                 3       Approve Omnibus Stock Plan                    For           For                        Mgmt                

11/18/05 - A     Resmed, Inc. *RMD*                       761152107                                 09/22/05                     800
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Increase Authorized Common Stock              For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

12/06/05 - A     Copart, Inc. *CPRT*                      217204106                                 10/17/05                   3,600
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

01/03/06 - A     MSC Industrial Direct Co., Inc. *MSM*    553530106                                 11/25/05                   1,700
                 1       Elect Directors                               For           Split                      Mgmt                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 3 


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

                 1.1     Elect Director Mitchell Jacobson --- For                                                                   
                 1.2     Elect Director David Sandler --- For                                                                       
                 1.3     Elect Director Charles Boehlke --- For                                                                     
                 1.4     Elect Director Roger Fradin --- Withhold                                                                   
                 1.5     Elect Director Denis Kelly --- For                                                                         
                 1.6     Elect Director Raymond Langton --- For                                                                     
                 1.7     Elect Director Philip Peller --- For                                                                       
                 2       Approve Omnibus Stock Plan                    For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                
                 4       Other Business                                For           Against                    Mgmt                

01/19/06 - A     Jabil Circuit, Inc. *JBL*                466313103                                 11/28/05                   3,635
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director Laurence S. Grafstein --- For                                                               
                 1.2     Elect Director Mel S. Lavitt --- For                                                                       
                 1.3     Elect Director Timothy L. Main --- For                                                                     
                 1.4     Elect Director William D. Morean --- For                                                                   
                 1.5     Elect Director Lawrence J. Murphy --- For                                                                  
                 1.6     Elect Director Frank A. Newman --- Withhold                                                                
                 1.7     Elect Director Steven A. Raymund --- For                                                                   
                 1.8     Elect Director Thomas A. Sansone --- For                                                                   
                 1.9     Elect Director Kathleen A. Walters --- For                                                                 
                 2       Amend Omnibus Stock Plan                      For           Against                    Mgmt                
                 3       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                
                 4       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                
                 5       Ratify Auditors                               For           For                        Mgmt                
                 6       Other Business                                For           Against                    Mgmt                

01/26/06 - A     D.R. Horton, Inc. *DHI*                  23331A109                                 12/01/05                   1,700
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Approve Omnibus Stock Plan                    For           For                        Mgmt                
                 3       Increase Authorized Common Stock              For           For                        Mgmt                
                 4       Report on Energy Efficiency                   Against       Against                    ShrHoldr            
                 5       Other Business                                For           Against                    Mgmt                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 4 


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

01/31/06 - A     BJ Services Company *BJS*                055482103                                 12/06/05                   2,500
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Increase Authorized Common Stock              For           For                        Mgmt                
                 3       Adjourn Meeting                               For           Against                    Mgmt                

02/16/06 - S     Celgene Corp. *CELG*                     151020104                                 01/17/06                   1,600
                 1       Increase Authorized Common Stock              For           For                        Mgmt                

02/23/06 - A     Joy Global, Inc. *JOYG*                  481165108                                 01/06/06                   2,850
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director Steven L. Gerard --- Withhold                                                               
                 1.2     Elect Director John Nils Hanson --- For                                                                    
                 1.3     Elect Director Ken C. Johnsen --- For                                                                      
                 1.4     Elect Director James R. Klauser --- For                                                                    
                 1.5     Elect Director Richard B. Loynd --- For                                                                    
                 1.6     Elect Director P. Eric Siegert --- For                                                                     
                 1.7     Elect Director James H. Tate --- For                                                                       

03/28/06 - A     Adobe Systems Inc. *ADBE*                00724F101                                 02/13/06                   3,990
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Omnibus Stock Plan                      For           For                        Mgmt                
                 3       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                
                 4       Ratify Auditors                               For           For                        Mgmt                

04/18/06 - A     Fastenal Co. *FAST*                      311900104                                 02/20/06                   2,492
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director Robert A. Kierlin ---                                                                       
                         Withhold                                                                                                   
                 1.2     Elect Director Stephen M. Slaggie ---                                                                      
                         Withhold                                                                                                   
                 1.3     Elect Director Michael M. Gostomski --- For                                                                
                 1.4     Elect Director John D. Remick --- For                                                                      
                 1.5     Elect Director Henry K. McConnon --- For                                                                   
                 1.6     Elect Director Robert A. Hansen --- For                                                                    
                 1.7     Elect Director Willard D. Oberton ---                                                                      
                         Withhold                                                                                                   
                 1.8     Elect Director Michael J. Dolan --- For                                                                    
                 1.9     Elect Director Reyne K. Wisecup --- Withhold                                                               
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 5 


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                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

                 2       Ratify Auditors                               For           For                        Mgmt                

04/18/06 - A     Investors Financial Services Corp.       461915100                                 02/23/06                   2,600
                 *IFIN*                                                                                                             
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Approve/Amend Executive Incentive Bonus Plan  For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

04/20/06 - A     J. B. Hunt Transport Services, Inc.      445658107                                 01/31/06                   4,000
                 *JBHT*                                                                                                             
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                

04/25/06 - A     Fortune Brands, Inc. *FO*                349631101                                 02/24/06                   1,900
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                
                 3       Declassify the Board of Directors             Against       For                        ShrHoldr            
                 4       Performance-Based and/or Time-Based Equity    Against       For                        ShrHoldr            
                         Awards                                                                                                     

04/25/06 - A     Smith International, Inc. *SII*          832110100                                 03/01/06                   2,400
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

04/26/06 - A     Ameriprise Financial, Inc. *AMP*         03076C106                                 02/28/06                   2,300
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                

04/26/06 - A     T. Rowe Price Group, Inc. *TROW*         74144T108                                 02/24/06                   1,850
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director Edward C. Bernard --- For                                                                   
                 1.2     Elect Director James T. Brady --- For                                                                      
                 1.3     Elect Director J. Alfred Broaddus, Jr. ---                                                                 
                         For                                                                                                        
                 1.4     Elect Director Donald B. Hebb, Jr. ---                                                                     
                         Withhold                                                                                                   
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 6 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

                 1.5     Elect Director James A.C. Kennedy --- For                                                                  
                 1.6     Elect Director George A. Roche --- For                                                                     
                 1.7     Elect Director Brian C. Rogers --- For                                                                     
                 1.8     Elect Director Dr. Alfred Sommer --- For                                                                   
                 1.9     Elect Director Dwight S. Taylor --- For                                                                    
                 1.10    Elect Director Anne Marie Whittemore --- For                                                               
                 2       Ratify Auditors                               For           For                        Mgmt                
                 3       Other Business                                For           For                        Mgmt                

04/26/06 - A     WILLIS GROUP HOLDINGS LTD *WSH*          G96655108                                 02/28/06                   2,570
                         Meeting for Holders of ADRs                                                                                
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                

04/27/06 - A     Arch Coal, Inc. *ACI*                    039380100                                 03/01/06                   1,000
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Increase Authorized Common Stock              For           For                        Mgmt                

04/27/06 - A     Broadcom Corp. *BRCM*                    111320107                                 02/28/06                   2,400
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Articles/Bylaws/Charter-Non-Routine     For           For                        Mgmt                
                 3       Establish Range For Board Size                For           For                        Mgmt                
                 4       Amend Non-Employee Director Omnibus Stock     For           Against                    Mgmt                
                         Plan                                                                                                       
                 5       Ratify Auditors                               For           For                        Mgmt                

04/27/06 - A     NOBLE CORP *NE*                          G65422100                                 03/02/06                   1,750
                         Meeting for Holders of ADRs                                                                                
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                
                 3       MEMBER (SHAREHOLDER) PROPOSAL TO SEPARATE     Against       For                        ShrHoldr            
                         THE POSITIONS OF CHAIRMAN/CHIEF EXECUTIVE                                                                  
                         OFFICER.                                                                                                   

04/28/06 - A     Guitar Center, Inc. *GTRC*               402040109                                 03/10/06                   1,950
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Omnibus Stock Plan                      For           For                        Mgmt                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 7 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

                 3       Increase Authorized Common Stock              For           For                        Mgmt                
                 4       Ratify Auditors                               For           For                        Mgmt                

04/28/06 - A     Marriott International Inc. *MAR*        571903202                                 03/07/06                     900
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                
                 3       Declassify the Board of Directors             For           For                        Mgmt                
                 4       Require a Majority Vote for the Election of   For           For                        ShrHoldr            
                         Directors                                                                                                  

05/02/06 - A     Danaher Corp. *DHR*                      235851102                                 03/06/06                   2,760
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director Mortimer M. Caplin --- For                                                                  
                 1.2     Elect Director Donald J. Ehrlich --- For                                                                   
                 1.3     Elect Director Linda P. Hefner --- For                                                                     
                 1.4     Elect Director Walter G. Lohr, Jr. ---                                                                     
                         Withhold                                                                                                   
                 2       Ratify Auditors                               For           For                        Mgmt                

05/03/06 - A     Strayer Education, Inc. *STRA*           863236105                                 03/17/06                     400
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                
                 3       Approve Repricing of Options                  For           For                        Mgmt                
                 4       Amend Omnibus Stock Plan                      For           For                        Mgmt                

05/04/06 - A     Tractor Supply Co. *TSCO*                892356106                                 03/15/06                   2,500
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Approve Omnibus Stock Plan                    For           Against                    Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

05/09/06 - A     Altera Corp. *ALTR*                      021441100                                 03/13/06                   2,830
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Omnibus Stock Plan                      For           For                        Mgmt                
                 3       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                
                 4       Ratify Auditors                               For           For                        Mgmt                

05/09/06 - A     O'Reilly Automotive, Inc. *ORLY*         686091109                                 02/28/06                   3,300
                 1       Elect Directors                               For           Split                      Mgmt                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 8 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

                 1.1     Elect Director Charles H. O'Reilly, Jr ---                                                                 
                         Withhold                                                                                                   
                 1.2     Elect Director John Murphy --- For                                                                         
                 1.3     Elect Director Ronald Rashkow --- For                                                                      
                 2       Ratify Auditors                               For           For                        Mgmt                

05/09/06 - A     Zebra Technologies Corp. *ZBRA*          989207105                                 03/14/06                   2,100
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Approve Omnibus Stock Plan                    For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

05/10/06 - A     Covance Inc. *CVD*                       222816100                                 03/20/06                   3,010
                 1       Elect Directors                               For           For                        Mgmt                

05/10/06 - A     St. Jude Medical, Inc. *STJ*             790849103                                 03/13/06                   3,720
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Approve Stock Option Plan                     For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

05/11/06 - A     Norfolk Southern Corp. *NSC*             655844108                                 03/06/06                   3,000
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                

05/11/06 - A     Waters Corporation *WAT*                 941848103                                 03/15/06                   1,700
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                
                 3       Other Business                                For           Against                    Mgmt                

05/16/06 - A     XTO Energy Inc *XTO*                     98385X106                                 03/31/06                   1,500
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Increase Authorized Common Stock              For           For                        Mgmt                
                 3       Amend Omnibus Stock Plan                      For           For                        Mgmt                
                 4       Ratify Auditors                               For           For                        Mgmt                

05/17/06 - A     Advance Auto Parts Inc *AAP*             00751Y106                                 03/29/06                   1,550
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 9 


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

05/17/06 - A     Labor Ready, Inc. *LRW*                  505401208                                 03/29/06                   2,700
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                

05/17/06 - A     Novellus Systems, Inc. *NVLS*            670008101                                 03/31/06                   3,200
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                
                 3       Performance-Based and/or Time-Based Equity    Against       For                        ShrHoldr            
                         Awards                                                                                                     

05/18/06 - A     Juniper Networks, Inc. *JNPR*            48203R104                                 03/21/06                   8,200
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director Scott Kriens --- For                                                                        
                 1.2     Elect Director Stratton Sclavos --- Withhold                                                               
                 1.3     Elect Director William R. Stensrud --- For                                                                 
                 2       Approve Omnibus Stock Plan                    For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

05/23/06 - A     Diamond Offshore Drilling, Inc. *DO*     25271C102                                 03/27/06                   2,500
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director James S. Tisch --- Withhold                                                                 
                 1.2     Elect Director Lawrence R. Dickerson ---                                                                   
                         Withhold                                                                                                   
                 1.3     Elect Director Alan R. Batkin --- For                                                                      
                 1.4     Elect Director Charles L. Fabrikant --- For                                                                
                 1.5     Elect Director Paul G. Gaffney, II --- For                                                                 
                 1.6     Elect Director Herbert C. Hofmann ---                                                                      
                         Withhold                                                                                                   
                 1.7     Elect Director Arthur L. Rebell --- Withhold                                                               
                 1.8     Elect Director Raymond S. Troubh --- For                                                                   
                 2       Ratify Auditors                               For           For                        Mgmt                

05/23/06 - A     Nordstrom, Inc. *JWN*                    655664100                                 03/15/06                   3,800
                 1       Elect Directors                               For           For                        Mgmt                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 10


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                                                        [Enlarge/Download Table]
                                                                                                                                    
                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

                 2       Amend Qualified Employee Stock Purchase Plan  For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

05/24/06 - A     Avid Technology, Inc. *AVID*             05367P100                                 03/28/06                   2,100
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                
                 3       Other Business                                For           Against                    Mgmt                

05/24/06 - A     Express Scripts, Inc. *ESRX*             302182100                                 03/31/06                     800
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Increase Authorized Common Stock              For           For                        Mgmt                
                 3       Amend Omnibus Stock Plan                      For           For                        Mgmt                
                 4       Ratify Auditors                               For           For                        Mgmt                

05/25/06 - A     Panera Bread Company *PNRA*              69840W108                                 03/27/06                   1,070
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Approve Omnibus Stock Plan                    For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

05/25/06 - A     RSA Security Inc. *RSAS*                 749719100                                 04/05/06                   5,100
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                

05/25/06 - A     Sandisk Corp. *SNDK*                     80004C101                                 03/28/06                   1,600
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Omnibus Stock Plan                      For           For                        Mgmt                
                 3       Increase Authorized Common Stock              For           For                        Mgmt                
                 4       Ratify Auditors                               For           For                        Mgmt                

05/30/06 - A     Allscripts Healthcare Solutions, Inc.    01988P108                                 04/12/06                   8,000
                 *MDRX*                                                                                                             
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Approve Qualified Employee Stock Purchase     For           For                        Mgmt                
                         Plan                                                                                                       
                 3       Ratify Auditors                               For           For                        Mgmt                

05/31/06 - A     The Cheesecake Factory, Inc. *CAKE*      163072101                                 04/11/06                   3,372
                 1       Elect Directors                               For           For                        Mgmt                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 11


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                                                        [Enlarge/Download Table]
                                                                                                                                    
                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

                 2       Ratify Auditors                               For           For                        Mgmt                

06/06/06 - A     Staples, Inc. *SPLS*                     855030102                                 04/10/06                   4,450
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Declassify the Board of Directors             For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                
                 4       Require a Majority Vote for the Election of   Against       For                        ShrHoldr            
                         Directors                                                                                                  

06/07/06 - A     Dicks Sporting Goods Inc *DKS*           253393102                                 04/17/06                   4,340
                 1       Elect Directors                               For           For                        Mgmt                

06/14/06 - A     Celgene Corp. *CELG*                     151020104                                 04/27/06                   3,500
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Amend Omnibus Stock Plan                      For           For                        Mgmt                
                 3       Ratify Auditors                               For           For                        Mgmt                

06/15/06 - A     Affymetrix Inc. *AFFX*                   00826T108                                 04/20/06                   1,900
                 1       Elect Directors                               For           Split                      Mgmt                
                 1.1     Elect Director Stephen P.A. Fodor, Ph.D.                                                                   
                         --- For                                                                                                    
                 1.2     Elect Director Paul Berg, Ph.D. --- For                                                                    
                 1.3     Elect Director Susan D. Desmond-Hellmann,                                                                  
                         M.D. --- Withhold                                                                                          
                 1.4     Elect Director John D. Diekman, Ph.D. ---                                                                  
                         For                                                                                                        
                 1.5     Elect Director Vernon R. Loucks, Jr. --- For                                                               
                 1.6     Elect Director David B. Singer --- For                                                                     
                 1.7     Elect Director Robert H. Trice, Ph.D. ---                                                                  
                         For                                                                                                        
                 1.8     Elect Director John A. Young --- For                                                                       
                 2       Ratify Auditors                               For           For                        Mgmt                

06/20/06 - A     Chicos FAS Inc. *CHS*                    168615102                                 04/24/06                   1,950
                 1       Elect Directors                               For           For                        Mgmt                
                 2       Ratify Auditors                               For           For                        Mgmt                

06/28/06 - A     Laureate Education Inc. *LAUR*           518613104                                 04/28/06                   2,000
                 1       Elect Directors                               For           Split                      Mgmt                
____________________________________________________________________________________________________________________________________
Mgmt Rec - Company Management Recommended Vote                                                                               Page 12


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                                                          Vote Summary Report                                                       
                                                      Jul 01, 2005 - Jun 30, 2006                                                   

Brown Capital Management Mid-CAP Fund - 11021-23-L                                                                                  

Mtg              Company/                                              Mgmt          Vote           Record                    Shares
Date/Type        Ballot Issues                            Security     Rec           Cast           Date        Prpnent        Voted
------------------------------------------------------------------------------------------------------------------------------------

                 1.1     Elect Director Isabel Aguilera --- For                                                                     
                 1.2     Elect Director Wolf H. Hengst --- Withhold                                                                 
                 1.3     Elect Director R. William Pollock --- For                                                                  
                 2       Amend Omnibus Stock Plan                      For           For                        Mgmt                
                 3       Approve Executive Incentive Bonus Plan        For           For                        Mgmt                
                 4       Ratify Auditors                               For           For                        Mgmt                


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SIGNATURES

Pursuant  to the  requirements  of the  Investment  Company  Act  of  1940,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.                                         

The Nottingham Investment Trust II                                              

By: (Signature and Title)           /s/ Douglas S. Folk                         
                                  __________________________________________
       Douglas S. Folk
                                  President and Principal Executive Officer,
                           EARNEST Partners Fixed Income Trust

Date: August 21, 2006                                                           

By: (Signature and Title)           /s/ Keith A. Lee                            
                                  __________________________________________
    Keith A. Lee
                                   Trustee, The Nottingham Investment Trust II
                                    Vice   President  and  Principal   Executive
                                    Officer, The Brown Capital Management Equity
                                    Fund, The Brown Capital Management  Balanced
                                    Fund,  The Brown  Capital  Management  Small
                                    Company Fund,  The Brown Capital  Management
                                    International  Equity  Fund,  and The  Brown
                       Capital Management Mid-Cap Fund

Date: August 21, 2006

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-PX’ Filing	Date	First	Last	Other Filings

	3/1/11	55		N-Q
	12/31/06	70		N-Q
Filed on / Effective on:	8/31/06
	8/21/06	87
For Period End:	6/30/06	1		N-Q
	3/22/06	53
	12/31/05	64	67	N-Q
	11/30/05	8	24
	7/25/05	49
	7/1/05	1
	3/31/05	42		24F-2NT, N-CSR, NSAR-B
	12/31/04	42		N-Q
				List all Filings

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Filing Submission 0000869351-06-000009 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Brown Capital Management Mutual Funds – ‘N-PX’ for 6/30/06

On: Thursday, 8/31/06, at 3:30pm ET · Effective: 8/31/06 · For: 6/30/06 · Accession #: 869351-6-9 · File #: 811-06199

Previous ‘N-PX’: ‘N-PX’ on 8/31/05 for 6/30/05 · Next: ‘N-PX’ on 8/31/07 for 6/30/07 · Latest: ‘N-PX’ on 8/31/23 for 6/30/23

Proxy Voting Record Annual Report by a Management Investment Company — Form N-PXFiling Table of Contents

Document Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Proxy Voting Record Annual Report by a Management Investment Company — Form N-PX
Filing Table of Contents