DEF 14A 1 proxy.txt THE NOTTINGHAM INVESTMENT TRUST II SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __) Filed by the Registrant (X) Filed by a Party other than the Registrant ( ) Check the appropriate box: ( ) Preliminary Proxy Statement ( ) Confidential, for Use of the Commission (X) Definitive Proxy Statement Only (as permitted by Rule 14c-6(e)(2)) ( ) Definitive Additional Materials ( ) Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 ________________________________________________________________________________ The Nottingham Investment Trust II ________________________________________________________________________________ (Name of Registrant as Specified in Its Charter) ________________________________________________________________________ (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of filing fee (Check the appropriate box): (X) No fee required. ( ) Fee computed on table below per Exchange Act Rules 14a-6(i)(4)and 0-11. (1) Title of each class of securities to which transaction applies: ________________________________________________________________________________ (2) Aggregate number of securities to which transaction applies: ________________________________________________________________________________ (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined.): ________________________________________________________________________________ (4) Proposed maximum aggregate value of transaction: ________________________________________________________________________________ (5) Total fee paid: ________________________________________________________________________________ ( ) Fee paid with preliminary materials. ( ) Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: ________________________________________________________________________________ (2) Form, Schedule or Registration Statement No.: ________________________________________________________________________________ (3) Filing Party: ________________________________________________________________________________ (4) Date Filed: ________________________________________________________________________________ THE NOTTINGHAM INVESTMENT TRUST II Capital Value Fund EARNEST Partners Fixed Income Trust 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 WST Growth Fund 116 South Franklin Street Post Office Box 4365 Rocky Mount, North Carolina 27803-0365 August 5, 2002 Dear Shareholder: You are cordially invited to attend a Special Meeting of Shareholders of The Nottingham Investment Trust II ("Trust") and funds listed above, each a series of the Trust, to be held at the offices of NC Shareholder Services, LLC, 116 South Franklin Street, Rocky Mount, North Carolina 27803-0365, on Wednesday, September 4, 2002 at 3:00 p.m. At this meeting, you will be asked to elect three (3) Trustees for the Trust and to discuss other matters of interest to you as a shareholder. The Board of Trustees of the Trust believes that the election of the nominated Trustees is in the Trust's and your best interests. The accompanying formal Notice of Meeting and Proxy Statement describe in detail the proposal on which action will be taken at this meeting. After carefully considering the proposal, the Board of Trustees recommends that you vote "FOR ALL" the nominated trustees. If you, like most people, lead a busy life and are tempted to put this proxy aside for another day, please do not. When shareholders do not return their proxies, their fund may incur the additional expense of follow-up solicitations. Therefore, please take a few minutes and review this proxy statement and vote your shares today. Whether or not you plan to attend the meeting on Wednesday, September 4, 2002 it is important that your shares be represented. To ensure that your vote is received and counted, please sign, date and return the enclosed proxy at your earliest convenience. Your vote is important regardless of the number of shares you own. We appreciate your participation and prompt response in this matter and thank you for your continued support. Sincerely, Jack E. Brinson Chairman of the Board of Trustees The Nottingham Investment Trust II (This page was intentionally left blank.) THE NOTTINGHAM INVESTMENT TRUST II Capital Value Fund EARNEST Partners Fixed Income Trust 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 WST Growth Fund NOTICE OF SPECIAL MEETING OF SHAREHOLDERS To be held on September 4, 2002 To the Shareholders of each series ("Funds" and, individually "Fund") of The Nottingham Investment Trust II ("Trust"): A Special Meeting of the Shareholders ("Meeting") of the Trust will be held at the offices of NC Shareholder Services, LLC (the Trust's Dividend Disbursing and Transfer Agent), 116 South Franklin Street, Rocky Mount, North Carolina, on Wednesday, September 4, 2002, at 3:00 p.m. for the following purposes: 1. To vote on the election of three (3) trustees of the Trust; and 2. To transact such other business as may properly come before the Meeting and any adjournments thereof. The matters referred to above may be acted upon at said Meeting and any adjournments thereof. This is a notice and proxy statement for the Trust and each Fund. If you own shares in more than one of the Funds (or more than one class of a Fund), you should receive a separate notice and proxy for each Fund and class. Shareholders of record at the close of business on June 7, 2002 are entitled to vote at the Meeting. YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDING IN A FUND. WHETHER OR NOT YOU EXPECT TO BE PRESENT AT THE MEETING, PLEASE COMPLETE AND SIGN THE ENCLOSED PROXY FORM AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE. IF YOU DESIRE TO VOTE IN PERSON AT THE MEETING, YOU MAY REVOKE YOUR PROXY. By Order of Board of Trustees, C. Frank Watson, III Secretary August 5, 2002 Date of Notice (This page was intentionally left blank.) * * * YOUR VOTE IS IMPORTANT * * * PLEASE SIGN AND MAIL THE ENCLOSED PROXY CARD PROXY STATEMENT The Board of Trustees of The Nottingham Investment Trust II ("Trust") is soliciting proxies from the shareholders of each series of the Trust for use at a special meeting of shareholders to be held on Wednesday, September 4, 2002, and at any adjournment of that meeting. The Trust has the following series: Capital Value Fund, EARNEST Partners Fixed Income Trust, 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 WST Growth Fund (collectively "Funds" and individually "Fund"). The Trust's principal executive offices are located at 116 South Franklin Street, Rocky Mount, North Carolina 27803. A proxy may be revoked at any time before it is voted, either in person or by written notice to the Trust or by delivery of a later-dated proxy. Shareholders of record of the Funds at the close of business on June 7, 2002 ("Record Date") are entitled to participate in the meeting and to cast one vote for each share held. As of the Record Date, the Trust had a total of 20,307,499.694 shares of beneficial interest outstanding. The following table shows the number of shares of beneficial interest of each class of each Fund outstanding as of the Record Date: -------------------------------------------------------- ------------------ NUMBER OF SHARES FUND OUTSTANDING OUTSTANDING -------------------------------------------------------- ------------------ -------------------------------------------------------- ------------------ WST Growth Fund -------------------------------------------------------- ------------------ Institutional Class Shares 1,233,442.372 -------------------------------------------------------- ------------------ Investor Class Shares 166,076.210 -------------------------------------------------------- ------------------ Class C Shares 38,927.866 -------------------------------------------------------- ------------------ Capital Value Fund -------------------------------------------------------- ------------------ Investor Class Shares 894,212.717 -------------------------------------------------------- ------------------ Class T Shares 0 -------------------------------------------------------- ------------------ EARNEST Partners Fixed Income Trust 582,012.786 -------------------------------------------------------- ------------------ The Brown Capital Management Equity Fund 821,633.740 -------------------------------------------------------- ------------------ The Brown Capital Management Balanced Fund 897,074.029 -------------------------------------------------------- ------------------ The Brown Capital Management Small Company Fund 14,987,614.516 -------------------------------------------------------- ------------------ The Brown Capital Management International Equity Fund 686,505.458 -------------------------------------------------------- ------------------ The Funds are the entire series of the Trust. This proxy statement and accompanying materials are first being mailed to shareholders on or about August 5, 2002. Any shareholder who desires a copy of the previously mailed Annual Report and the most recent Semi-annual Report succeeding the Annual Report relating to a Fund, if any, may obtain them upon request, without charge, by writing or calling the Trust as indicated below: The Nottingham Investment Trust II c/o NC Shareholder Services 116 South Franklin Street Post Office Box 4365 Rocky Mount, North Carolina 27803-0365 Toll-Free Telephone: 1-800-773-3863 When writing or calling, please specify the name of the Fund or Funds for which you are requesting information. INTRODUCTION This proxy statement is furnished in connection with the solicitation by the Board of Trustees ("Board") of the Trust with respect to the Funds, each a series of the Trust, of proxies to be voted at the Special Meeting of Shareholders ("Meeting") of the Trust to be held at the offices of NC Shareholder Services, LLC on Wednesday, September 4, 2002 at 3:00 p.m., and at any adjournments thereof, for the purposes set forth in the accompanying Notice of Special Meeting of Shareholders. Any such adjournment will require the affirmative vote of a majority of the shares present in person or by proxy at the Meeting. The persons named as proxies will vote in favor of any such adjournment those proxies that instruct them to vote in favor of the proposal. Conversely, they will vote against any such adjournment any proxies that instruct them to vote against the proposal. The Meeting is called for the following purposes: 1. To vote on the election of three (3) trustees of the Trust; and 2. To transact such other business as may properly come before the meeting. The investment advisors and certain other service providers to the Funds and their addresses are as follows: o Capital Investment Counsel, Inc., 17 Glenwood Avenue, Raleigh, North Carolina 27622 is the investment advisor for the Capital Value Fund. o EARNEST Partners Limited, LLC, 75 Fourteenth Street, Suite 2300, Atlanta, Georgia 30309 is the investment advisor for the EARNEST Partners Fixed Income Trust. o Brown Capital Management, Inc., 1201 N. Calvert Street, Baltimore, Maryland 21202 is the investment advisor for The Brown Capital Management Equity Fund, The Brown Capital Management Balanced Fund, The Brown Capital Management Small Company Fund and The Brown Capital Management International Equity Fund (collectively "Brown Capital Management Funds"). o Wilbanks, Smith & Thomas Asset Management, LLC, 150 West Main Street, Suite 1700, Norfolk, Virginia 23510 is the investment advisor for the WST Growth Fund. o Capital Investment Group, Inc., Post Office Box 32249, Raleigh, North Carolina 27622, is the distributor for the Funds. o The Nottingham Company, 116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802-0069, is the administrator for the Funds. o NC Shareholder Services, LLC, 116 South Franklin Street, Post Office Box 4365, Rocky Mount, North Carolina 27803-0365, is the dividend disbursing and transfer agent for the Funds. PROPOSALS --------- 1. ELECTION OF THREE (3) TRUSTEES OF THE TRUST Three nominees ("Nominees") are standing for election to the Board of Trustees of the Trust: James H. Speed, Jr., Richard K. Bryant and Keith A. Lee. Mr. Speed is nominated to serve as a Trustee who is not an "interested person" ("Independent Trustee") as defined in the Investment Company Act of 1940, as amended ("1940 Act"). Messrs. Bryant and Lee are nominated to serve as Trustees who are "interested persons" as defined in the 1940 Act ("Interested Trustees"). The Board has designated the number of Trustees of the Trust as five. If all the nominees are elected, the Board will consist of three Independent Trustees, Messrs. Jack E. Brinson, J. Buckley Strandberg and Speed and two interested trustees, Messrs. Bryant and Lee. Messrs. Brinson and Strandberg currently serve on the Board and were previously elected by the shareholders in 1990 and 1992, respectively. Messrs. Brinson and Strandberg are not standing for election at the Meeting. Mr. Lee currently serves on the Board, having been appointed by the other Board members in June 2002 to fill a previous vacancy on the Board, and is presently standing for election at the Meeting. Messrs. Bryant and Speed are standing for election at the Meeting but currently do not serve on the Board. 2 Under Securities and Exchange Commission ("SEC") rules that became effective on July 1, 2002, Independent Trustees must constitute at least a majority of the Board of Trustees ("Majority of Independent Trustees Rule"). If all Nominees are elected to the Board of Trustees at the Meeting, three out of the five Trustees will be Independent Trustees and the Trust will remain in compliance with the Majority of Independent Trustees Rule. If the shareholders fail to elect Mr. Speed, the Independent Trustee Nominee, to the Board at the Meeting and both Interested Trustees are elected, then only one of the Interested Trustees will be able to serve on the Board of Trustees under the Majority of Independent Trustees Rule. In that case, one of the Interested Trustees will resign and the Board of Trustees will consider alternative nominations. If elected, each Nominee will hold office as a Trustee of the Trust without limit in time except that (a) any Trustee may resign by written instrument signed by the Trustee and delivered to the other Trustees, (b) any Trustee may be removed by written instruction, signed by at least two-thirds of the number of Trustees prior to removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) a Trustee may be removed at any meeting of shareholders by a two-thirds vote of the outstanding voting securities of the Trust or by a written designation signed by shareholders of the Trust holding at least two thirds of the outstanding shares. In case a vacancy shall for any reason exist, the remaining Trustees will fill such vacancy by appointing another Trustee, so long as, immediately after such appointment, at least two-thirds of the Trustees have been elected by the shareholders. If, at any time, less than a majority of the Trustees holding office have been elected by the shareholders, the Trustees will promptly call a shareholders' meeting for the purpose of electing Trustees. Otherwise, there will normally be no meeting of shareholders for the purpose of electing Trustees. All of the Nominees have consented to serve as Trustees. However, if any Nominee is not available for election at the time of the Meeting, the proxies may be voted for such other person(s) as shall be determined by the persons acting under the proxies in their discretion. The enclosed Proxy will be voted "FOR ALL" three Nominees to be elected, unless such authority has been withheld in the Proxy. Information regarding the Trustees and Nominees is set forth below. Independent Trustee Nominee Mr. Speed was nominated and selected by the Trust's Nominating Committee to serve as an Independent Trustee. Under SEC regulations, an Independent Trustee must be nominated and selected by the Trust's other Independent Trustees. The Nominating Committee is composed of the Trust's Independent Trustees, Messrs. Brinson and Strandberg. A description of the Trust's Nominating Committee can be found in the Trust Information section of this Proxy Statement under "Trustee Standing Committees". Mr. Speed's age, address, proposed position with the Trust, his principal occupation(s) during the past five years and other directorships he held are shown in the following table. ------------------------ -------------- --------- ------------------------------------- --------------- ------------------------- The Proposed Number of Proposed Portfolios in Position(s) to Length Fund Complex Name, Age, be held with Of Time Principal Occupation(s) to be Overseen Other Directorships and Address Fund/Trust Served During Past 5 Years by Nominee Held by Nominee ------------------------ -------------- --------- ------------------------------------- --------------- ------------------------- James H. Speed, Jr., 49 Trustee n/a President of Speed Financial Group, 7 Independent Trustee of 11032 Brass Kettle Road Inc. (consulting/private RBC Funds, Inc. for its Raleigh, North Carolina investments) since March 2000; six portfolios (mutual 27614 Senior Vice President, Chief funds). Financial Officer & Treasurer of Hardee's Food Systems, Inc. (food service retailer) from July 1997 to March 2000; Senior Vice President Controller of Hardee's Food Systems, Inc. from January 1995 to July 1997. ------------------------ -------------- --------- ------------------------------------- --------------- -------------------------
3 Interested Trustee Nominees Messrs. Bryant and Lee were nominated and selected by the Board to serve as Interested Trustees. Mr. Bryant is considered an Interested Trustee because he is an officer and principal owner of Capital Investment Group, Inc., the Funds' distributor, and of Capital Investment Counsel, Inc., the advisor of the Capital Value Fund. Mr. Lee is considered an Interested Trustee because he is an officer of Brown Capital Management, Inc., the advisor of The Brown Capital Management Funds. Messrs. Bryant's and Lee's age, address, proposed position with the Trust, length of time served, principal occupation(s) during the past five years and other directorships each held are shown in the following table. -------------------------- -------------- ---------- ----------------------------------- --------------- ------------------------- Proposed Number of Proposed Portfolios in Position(s) to Length Fund Complex Name, Age, be held with Of Time Principal Occupation(s) to be Overseen Other Directorships And Address Fund/Trust Served During Past 5 Years by Nominee Held by Nominee -------------------------- -------------- ---------- ----------------------------------- --------------- ------------------------- Richard K. Bryant, 42 Trustee and President President of Capital Investment 7 None Post Office Box 32249 President since Group, Inc. (distributor of the Raleigh, North Carolina of Capital 1990 Funds); Vice President of Capital 27622 Value Fund Investment Counsel, Inc. (advisor of the Capital Value Fund); President of Capital Investment Brokerage, Inc. (broker/dealer firm); and President of Capital Value Fund; previously, Trustee of the Trust from 1990 until June 2002. -------------------------- -------------- ---------- ----------------------------------- --------------- ------------------------- Keith A. Lee, 42 Trustee and Vice Senior Vice President of Brown 7 None 1201 N. Calvert Street Vice President Capital Management, Inc. (advisor Baltimore, Maryland 21202 President since of The Brown Capital Management of The 1992 Funds) and Vice President of The Brown Brown Capital Management Funds. Capital Trustee of the Trust since June Management 2002. Funds -------------------------- -------------- ---------- ----------------------------------- --------------- -------------------------
In evaluating the Nominees, the Board and Nominating Committee took into account each Nominee's background and experience, including their familiarity with the mutual fund industry as well as their careers in business, finance, and other areas. THE BOARD OF TRUSTEES OF THE TRUST, INCLUDING A MAJORITY OF THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR ALL" OF THE NOMINEES AT THE MEETING. 2. OTHER MATTERS Management is not aware of any other matters that will come before the Meeting. If any other business should come before the Meeting, however, your proxy, if signed and returned, will give discretionary authority to the persons designated in it to vote according to their best judgment. 4 TRUST INFORMATION The Board of Trustees The Board of Trustees is responsible for the management and supervision of the Trust and Funds. The Trustees set broad policies for the Funds and choose the Funds' officers. The Trustees also approve all significant agreements between the Trust, on behalf of the Funds, and those companies that furnish services to the Funds; review performance of the Funds; and oversee activities of the Funds. During the last fiscal year, there were four (4) meetings of the Board of Trustees, with all incumbent Trustees attending at least 75% of all such meetings of the Board (and, as applicable, committees thereof). Current Independent Trustees -------------------------- -------------- ------- ----------------------------------- -------------- ------------------------------- Proposed Number of Proposed Portfolios in Position(s) to Length Fund Complex Name, Age, be held with Of Time Principal Occupation(s) to be Overseen Other Directorships And Address Fund/Trust Served During Past 5 Years by Nominee Held by Trustee -------------------------- -------------- ------- ----------------------------------- -------------- ------------------------------- Jack E. Brinson, 69 Trustee, Since Retired; Previously, President of 7 Independent Trustee of the 116 South Franklin Street Chairman 1990 Brinson Investment Co. (personal following: Gardner Lewis Rocky Mount, North investments) and President of Investment Trust for the three Carolina 27802 Brinson Chevrolet, Inc. (auto series of that trust; New dealership) Providence Investment Trust for the one series of that trust; Hillman Capital Management Investment Trust for the two series of that trust; and de Leon Funds Trust for the one series of that trust (all registered investment companies) -------------------------- -------------- ------- ----------------------------------- -------------- ------------------------------- J. Buckley Strandberg, 42 Trustee Since President of Standard Insurance 7 None 116 South Franklin Street 1991 and Realty (insurance and property Rocky Mount, North management) Carolina 27802 -------------------------- -------------- ------- ----------------------------------- -------------- -------------------------------
Current Interested Trustees -------------------------- -------------- --------- --------------------------------- -------------- ------------------------------- Proposed Number of Proposed Portfolios in Position(s) to Length Fund Complex Name, Age, be held with Of Time Principal Occupation(s) to be Overseen Other Directorships And Address Fund/Trust Served During Past 5 Years by Nominee Held by Trustee -------------------------- -------------- --------- --------------------------------- -------------- ------------------------------- Keith A. Lee, 42 Trustee and Trustee Senior Vice President of Brown 7 None 1201 N. Calvert Street Vice President since Capital Management, Inc. (advisor Baltimore, Maryland 21202 of The June of The Brown Capital Management Brown 2002; Funds) Capital Vice Management President Funds since 1992 -------------------------- -------------- --------- --------------------------------- -------------- -------------------------------
Basis of Interestedness. Mr. Lee is an Interested Trustee because he is an officer of Brown Capital Management, Inc., the advisor of The Brown Capital Management Funds. 5 OTHER OFFICERS ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------ Number of Portfolios in Fund Position(s) Length Complex Name, Age, held with of Time Principal Occupation(s) Overseen by Other Directorships and Address Fund/Trust Served During Past 5 Years Trustee Held by Trustee ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------ Eddie C. Brown, 61 President, Since President of Brown Capital n/a n/a 1201 N. Calvert Street Brown 1992 Management, Inc. (advisor of the Baltimore, Maryland 21202 Capital Brown Capital Management Funds), Management Trustee of the Trust from 1992 Funds until June 2002 ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------ Richard K. Bryant, 42 President, Since President of Capital Investment n/a n/a Post Office Box 32249 Capital 1990 Group, Inc. (distributor of the Raleigh, North Carolina Value Fund Funds); Vice President of Capital 27622 Investment Counsel, Inc. (advisor of the Capital Value Fund); President of Capital Investment Brokerage, Inc. (broker/dealer firm); President of Capital Value Fund; previously, Trustee of the Trust from 1990 until June 2002 ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------ Elmer O. Edgerton, Jr., 59 Vice Since President of Capital Investment n/a n/a Post Office Box 32249 President, 1990 Counsel, Inc., Raleigh, Raleigh, North Carolina Capital North Carolina; Vice President of 27622 Value Fund Capital Investment Group, Inc., Raleigh, North Carolina; Vice President of Capital Investment Brokerage, Inc. ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------ R. Mark Fields, 49 Vice Since Partner of EARNEST Partners Limited, n/a n/a 119 S. President Street President, 1992 LLC, (advisor of the EARNEST 2nd Floor EARNEST Partners Fixed Income Trust), since Jackson, MS 39201 Partners 1999; previously, Vice President of Fixed Investek Capital Management, Inc., Income Trust Jackson, Mississippi (former advisor of the EARNEST Partners Fixed Income Trust) ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------ Douglas S. Folk, 41 Vice Since Partner and Portfolio Manager of n/a n/a 75 Fourteenth Street President, 1998 EARNEST Partners Limited, LLC, since Suite 2300 EARNEST 1999; Vice President of Investek Atlanta, GA 30309 Partners Capital Investment, Inc., Jackson, Fixed Mississippi, 1996 to 1999 Income Trust ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------ John M. Friedman, 58 Vice Since Partner and Portfolio Manager of n/a n/a 75 Fourteenth Street President, 1992 EARNEST Partners Limited, LLC, since Suite 2300 EARNEST 1999; previously, Vice President of Atlanta, GA 30309 Partners Investek Capital Management, Inc., Fixed Jackson, Mississippi Income Trust ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------ Michael T. McRee, 58 President, Since Partner and Manager of EARNEST n/a n/a 119 S. President Street EARNEST 1992 Partners Limited, LLC since 1999; 2nd Floor Partners previously, President of Investek Jackson, Mississippi 39201 Fixed Capital Management, Inc., Jackson, Income Trust Mississippi; President of Investek Timber Management (timber management and marketing) ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------ Wayne F. Wilbanks, 41 President, Since President of Wilbanks, Smith & Thomas n/a n/a 150 West Main Street WST 1997 Asset Management, LLC (advisor for Suite 1700 Growth Fund WST Growth Fund), Norfolk, Virginia Norfolk, Virginia 23510 ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------ C. Frank Watson, III, 31 Secretary Since President and Chief Operating n/a n/a 116 South Franklin Street 1994 Officer (since 1999) of The Rocky Mount, North Nottingham Company Carolina 27802 (administrator to the Funds); previously, Chief Operating Officer of The Nottingham Company ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------ Julian G. Winters, 33 Treasurer Since Vice President-Compliance n/a n/a 116 South Franklin Street 1998 Administration (since 1998) of The Rocky Mount, North Nottingham Company; previously, Carolina 27802 Fund Accountant of The Nottingham Company ---------------------------- ------------- --------- -------------------------------------- -------------- ------------------------
6 Trustee Standing Committees. The Board of Trustees has established the following standing committees: Audit Committee: All of the Independent Trustees are members of the Audit Committee. The Audit Committee oversees the Funds' accounting and financial reporting policies and practices, reviews the results of the annual audits of the Funds' financial statements, and interacts with the Funds' independent auditors on behalf of all the Trustees. The Audit Committee operates pursuant to an Audit Committee Charter and meets periodically as necessary. Messrs. Brinson and Strandberg are the current members of the Audit Committee. The Audit Committee met once during the Funds' last fiscal year. Nominating Committee: All of the Independent Trustees are members of the Nominating Committee. The Nominating Committee nominates, selects and appoints independent trustees to fill vacancies on the Board of Trustees and to stand for election at meetings of the shareholders of the Trust. The nomination of Independent Trustees is in the sole and exclusive discretion of the Nominating Committee. The Nominating Committee meets only as necessary and did not meet during the Funds' last fiscal year. Messrs. Brinson and Strandberg are the current members of the Nominating Committee. The Nominating Committee met on April 30, 2002 to nominate Mr. Speed as a Nominee. Selection of Independent Auditors The 1940 Act requires that the Funds' independent auditors be selected by a majority of the Independent Trustees. One of the purposes of the Audit Committee is to recommend to the Board the selection, retention or termination of independent auditors for the Funds. At a meeting held on March 19, 2002, the Audit Committee recommended, and the Board, including a majority of the Independent Trustees, approved the selection of Deloitte & Touche LLP ("Deloitte & Touche") as the independent auditor for each Fund of the Trust for the fiscal year to end March 31, 2003. The Board also approved of Deloitte & Touche providing tax-related services to the Funds. Deloitte & Touche has acted as auditor of the Funds since December 1996. Representatives of Deloitte & Touche are not expected to be present at the Meeting, but have been given the opportunity to make a statement if they so desire and will be available should any matter arise requiring their presence. Audit Fees. For the fiscal year ended March 31, 2002, the aggregate fees paid to Deloitte & Touche for professional services rendered for the audit of each Fund's annual financial statements were as indicated below. Fund: Fee Paid ---- -------- Capital Value Fund $10,400 EARNEST Partners Fixed Income Trust $10,200 The Brown Capital Management Equity Fund $ 9,000 The Brown Capital Management Balanced Fund $ 9,000 The Brown Capital Management Small Company Fund $ 9,000 The Brown Capital Management International Equity Fund $13,100 WST Growth Fund $11,300 Financial Information Systems Design and Implementation Fees. There were no fees billed by Deloitte & Touche for the most recent fiscal year for professional services rendered for financial information systems design and implementation services provided to the Funds, the Funds' advisers or entities that control, are controlled by or are under common control with the Funds' advisers that provide services to the Funds. 7 All Other Fees. For the fiscal year ended March 31, 2002, the aggregate fees paid to Deloitte & Touche for tax-related services rendered for each Fund were as indicated below. No other fees were paid to Deloitte & Touche by the Funds or Trust. Fund: Fee Paid ----- -------- Capital Value Fund $ 4,550 EARNEST Partners Fixed Income Trust $ 4,550 The Brown Capital Management Equity Fund $ 4,550 The Brown Capital Management Balanced Fund $ 4,550 The Brown Capital Management Small Company Fund $ 4,550 The Brown Capital Management International Equity Fund $ 4,550 WST Growth Fund $ 4,550 The Audit Committee considered whether the non-audit services provided by Deloitte & Touche were compatible with maintaining Deloitte & Touche's audit independence and believes that such services and related fees have not impaired Deloitte & Touche's independence. Beneficial Equity Ownership Information. The table below shows for each Trustee and Nominee the amount of each Fund's equity securities beneficially owned by such Trustee or Nominee and the aggregate value of all investments in equity securities of the Trust complex as of June 7, 2002. The values are stated using the following ranges: A = none; B = $1-$10,000; C = $10,001-$50,000; D = $50,001-$100,000; and E = over $100,000. ----------------------------- ----------------------- ------------ --------------------------- Aggregate Dollar Range of Dollar Equity Securities in All Range of Funds Overseen or to be Name of Trustee Equity Overseen by Director or Or Nominee Funds Securities Nominee in Family of in the Fund Investment Companies ----------------------------- ----------------------- ------------ --------------------------- INDEPENDENT TRUSTEES ----------------------------- ----------------------- ------------ --------------------------- Jack E. Brinson Capital Value Fund A ----------------------------- ----------------------- ------------ --------------------------- EARNEST Partners Fixed A Income Trust ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Equity Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Balanced Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Small Company Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management International Equity Fund ----------------------------- ----------------------- ------------ --------------------------- WST Growth Fund A ----------------------------- ----------------------- ------------ --------------------------- A ----------------------------- ----------------------- ------------ --------------------------- J. Buckley Strandberg Capital Value Fund B ----------------------------- ----------------------- ------------ --------------------------- EARNEST Partners A Fixed Income Trust ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Equity Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Balanced Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital B Management Small Company Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management International Equity Fund ----------------------------- ----------------------- ------------ --------------------------- WST Growth Fund A ----------------------------- ----------------------- ------------ --------------------------- B ----------------------------- ----------------------- ------------ ---------------------------
8 ----------------------------- ----------------------- ------------ --------------------------- Aggregate Dollar Range of Dollar Equity Securities in All Range of Funds Overseen or to be Name of Trustee Equity Overseen by Director or Or Nominee Funds Securities Nominee in Family of in the Fund Investment Companies ----------------------------- ----------------------- ------------ --------------------------- INDEPENDENT TRUSTEE NOMINEES ---------------------------------------------------------------------------------------------- James H. Speed, Jr. Capital Value Fund A ----------------------------- ----------------------- ------------ --------------------------- EARNEST Partners A Fixed Income Trust ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Equity Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Balanced Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Small Company Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management International Equity Fund ----------------------------- ----------------------- ------------ --------------------------- WST Growth Fund A ----------------------------- ----------------------- ------------ --------------------------- A ----------------------------- ----------------------- ------------ --------------------------- INTERESTED TRUSTEE NOMINEES ----------------------------- ----------------------- ------------ --------------------------- Richard K. Bryant Capital Value Fund C ----------------------------- ----------------------- ------------ --------------------------- EARNEST Partners A Fixed Income Trust ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Equity Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Balanced Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Small Company Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management International Equity Fund ----------------------------- ----------------------- ------------ --------------------------- WST Growth Fund A ----------------------------- ----------------------- ------------ --------------------------- C ----------------------------- ----------------------- ------------ --------------------------- 9 ----------------------------- ----------------------- ------------ --------------------------- Keith A. Lee* Capital Value Fund A ----------------------------- ----------------------- ------------ --------------------------- EARNEST Partners A Fixed Income Trust ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Equity Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital E Management Balanced Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management Small Company Fund ----------------------------- ----------------------- ------------ --------------------------- The Brown Capital A Management International Equity Fund ----------------------------- ----------------------- ------------ --------------------------- WST Growth Fund A ----------------------------- ----------------------- ------------ --------------------------- E ----------------------------- ----------------------- ------------ ---------------------------
*Mr. Lee is also an officer of Brown Capital Management, Inc., the advisor ("Advisor") for the Brown Capital Management Funds. He indirectly beneficially owns shares of The Brown Capital Management Balanced Fund through the Advisor. As of June 7, 2002, the following Trustees, Nominees and officers of the Trust were known by the Trust to beneficially own shares of the Funds as indicated in the tables below, as determined in accordance with Rule 13d-3 of the Exchange Act: CAPITAL VALUE FUND (Investor Class) ------------------------------------------ ------------------------ -------------------- ------------------- Percent of Percent of Name and Position of Amount and Nature of Fund Shares Trust Shares Beneficial Owner Beneficial Ownership Outstanding Outstanding ------------------------------------------ ------------------------ -------------------- ------------------- Jack E. Brinson, Trustee 0 0 0 ------------------------------------------ ------------------------ -------------------- ------------------- J. Buckley Strandberg, Trustee 737.008 less than 1% less than 1% ------------------------------------------ ------------------------ -------------------- ------------------- Richard K. Bryant, Trustee Nominee and President 4,859.281* less than 1% less than 1% ------------------------------------------ ------------------------ -------------------- ------------------- Keith A. Lee, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------ -------------------- ------------------- James H. Speed, Jr., Trustee Nominee 0 0 0 ------------------------------------------ ------------------------ -------------------- ------------------- Trustees and Executive Officers of the Trust as a Group 5,596.289 less than 1% less than 1% ------------------------------------------ ------------------------ -------------------- -------------------
*Includes 1,428.34 shares owned by Mr. Bryant's minor children. 10 EARNEST PARTNERS FIXED INCOME TRUST ------------------------------------------ ------------------------ -------------------- ------------------- Percent of Percent of Name and Position of Amount and Nature of Fund Shares Trust Shares Beneficial Owner Beneficial Ownership Outstanding Outstanding ------------------------------------------ ------------------------ -------------------- ------------------- Jack E. Brinson, Trustee 0 0 0 ------------------------------------------ ------------------------ -------------------- ------------------- J. Buckley Strandberg, Trustee 0 0 0 ------------------------------------------ ------------------------ -------------------- ------------------- Richard K. Bryant, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------ -------------------- ------------------- Keith A. Lee, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------ -------------------- ------------------- James H. Speed, Jr., Trustee Nominee 0 0 0 ------------------------------------------ ------------------------ -------------------- ------------------- Michael T. McRee, President 0 0 0 ------------------------------------------ ------------------------ -------------------- ------------------- Trustees and Executive Officers of the Trust as a Group 0 0 0 ------------------------------------------ ------------------------ -------------------- -------------------
THE BROWN CAPITAL MANAGEMENT EQUITY FUND ------------------------------------------ ------------------------- ------------------- ------------------- Percent of Percent of Name and Position of Amount and Nature of Fund Shares Trust Shares Beneficial Owner Beneficial Ownership Outstanding Outstanding ------------------------------------------ ------------------------- ------------------- ------------------- Jack E. Brinson, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- J. Buckley Strandberg, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Richard K. Bryant, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Keith A. Lee, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- James H. Speed, Jr., Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Eddie C. Brown, President 427,062.376* 51.98% 2.10% ------------------------------------------ ------------------------- ------------------- ------------------- Trustees and Executive Officers of the Trust as a Group 427,062.396 51.98% 2.10% ------------------------------------------ ------------------------- ------------------- -------------------
*Includes 399,235.983 shares owned by Brown Family Limited Partnership of which Mr. Brown is partial beneficial owner; 17,758.146 shares owned by Irrevocable Trust of Eddie Brown dated 12/98 of which Mr. Brown is a partial beneficial owner; 2,012.355 shares owned by Eddie Brown IRS R/O of which Mr. Brown is a partial beneficial owner; 3,038.332 shares owned jointly with Mr. Brown's wife, Carmen S. Brown; 3,533.384 shares owned directly by Carmen S. Brown; and 1,484.176 shares owned by Carmen S. Brown IRS R/O of which Mr. Brown is a partial beneficial owner. THE BROWN CAPITAL MANAGEMENT BALANCED FUND ------------------------------------------ ------------------------- ------------------- ------------------- Percent of Percent of Name and Position of Amount and Nature of Fund Shares Trust Shares Beneficial Owner Beneficial Ownership Outstanding Outstanding ------------------------------------------ ------------------------- ------------------- ------------------- Jack E. Brinson, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- J. Buckley Strandberg, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Richard K. Bryant, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Keith A. Lee, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- James H. Speed, Jr., Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Eddie C. Brown, President 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Trustees and Executive Officers of the Trust as a Group 0 0 0 ------------------------------------------ ------------------------- ------------------- -------------------
11 THE BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND ------------------------------------------ ------------------------- ------------------- ------------------- Percent of Percent of Name and Position of Amount and Nature of Fund Shares Trust Shares Beneficial Owner Beneficial Ownership Outstanding Outstanding ------------------------------------------ ------------------------- ------------------- ------------------- Jack E. Brinson, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- J. Buckley Strandberg, Trustee 13.097* less than 1% less than 1% ------------------------------------------ ------------------------- ------------------- ------------------- Richard K. Bryant, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Keith A. Lee, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- James H. Speed, Jr., Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Eddie C. Brown, President 69,640.262** less than 1% less than 1% ------------------------------------------ ------------------------- ------------------- ------------------- Trustees and Executive Officers of the Trust as a Group 69,653.359 less than 1% less than 1% ------------------------------------------ ------------------------- ------------------- -------------------
*Shares owned by Mr. Strandberg's minor child. **Includes 57,371.653 shares owned by Brown Family Limited Partnership of which Mr. Brown is a partial beneficial owner; 6,122.620 shares owned by Irrevocable Trust of Eddie Brown dated 12/98 of which Mr. Brown is a partial beneficial owner; 462.379 shares owned by Eddie Brown IRA R/O of which Mr. Brown is a partial beneficial owner; 837.065 shares owned jointly with Mr. Brown's wife, Carmen S. Brown; 466.512 shares owned by Carmen S. Brown IRA R/O of which Mr. Brown is a partial beneficial owner, and 4,380.03 shares owned by Eddie C. Brown IRR Trust FBO Elias C. Ramos of which Mr. Brown has a partial beneficial interest. THE BROWN CAPITAL MANAGEMENT INTERNATIONAL EQUITY FUND ------------------------------------------ ------------------------- ------------------- ------------------- Percent of Percent of Name and Position of Amount and Nature of Fund Shares Trust Shares Beneficial Owner Beneficial Ownership Outstanding Outstanding ------------------------------------------ ------------------------- ------------------- ------------------- Jack E. Brinson, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- J. Buckley Strandberg, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Richard K. Bryant, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Keith A. Lee, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- James H. Speed, Jr., Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Eddie C. Brown, President 95,768.190* 13.95% less than 1% ------------------------------------------ ------------------------- ------------------- ------------------- Trustees and Executive Officers of the Trust as a Group 95,768.190 13.95% less than 1% ------------------------------------------ ------------------------- ------------------- -------------------
* Includes 20,225.919 shares owned by Brown Family Limited Partnership of which Mr. Brown is a partial beneficial owner; 910.661 shares owned by Irrevocable Trust of Eddie Brown dated 12/98 of which Mr. Brown is a partial beneficial owner; 72,414.630 shares owned jointly with Mr. Brown's wife, Carmen S. Brown; 1,034.495 shares owned directly by Carmen S. Brown of which Mr. Brown is a partial beneficial owner; and 1,182.485 shares owned by Eddie C. Brown IRR Trust FBO Elias C. Ramos of which Mr. Brown has a partial beneficial interest. 12 WST GROWTH FUND (Institutional Class) ------------------------------------------ ------------------------- ------------------- ------------------- Percent of Percent of Name and Position of Amount and Nature of Fund Shares Trust Shares Beneficial Owner Beneficial Ownership Outstanding Outstanding ------------------------------------------ ------------------------- ------------------- ------------------- Jack E. Brinson, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- J. Buckley Strandberg, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Richard K. Bryant, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Keith A. Lee, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- James H. Speed, Jr., Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Wayne F. Wilbanks, President 109,868.730* 8.91% less than 1% ------------------------------------------ ------------------------- ------------------- ------------------- Trustees and Executive Officers of the Trust as a Group 109,868.730 8.91% less than 1% ------------------------------------------ ------------------------- ------------------- -------------------
*Includes 10,381.805 shares owned by W&A Partnership of which Mr. Wilbanks is a partial beneficial owner; 3,635.321 shares owned jointly with Mr. Wilbanks' wife, Ashlin Wilbanks; 40,382.699 shares owned by Mr. Wilbanks' minor children; 2,138.471 shares owned directly by Ashlin Wilbanks; 5,346.377 shares owned by Wayne F. Wilbanks IRA of which Mr. Wilbanks is a partial beneficial owner; 28,100.191 shares owned by George Wilbanks Educational Trust of which Mr. Wilbanks is trustee and has voting and investment power; and 19,883.861 shares owned by Elizabeth Wilbanks Educational Trust of which Mr. Wilbanks is trustee and has voting and investment power. WST GROWTH FUND (Investor Class) ------------------------------------------ ------------------------- ------------------- ------------------- Percent of Percent of Name and Position of Amount and Nature of Fund Shares Trust Shares Beneficial Owner Beneficial Ownership Outstanding Outstanding ------------------------------------------ ------------------------- ------------------- ------------------- Jack E. Brinson, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- J. Buckley Strandberg, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Richard K. Bryant, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Keith A. Lee, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- James H. Speed, Jr., Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Wayne F. Wilbanks, President 9.815* less than 1% less than 1% ------------------------------------------ ------------------------- ------------------- ------------------- Trustees and Executive Officers of the Trust as a Group 9.815 less than 1% less than 1% ------------------------------------------ ------------------------- ------------------- -------------------
*Shares owned jointly with Mr. Wilbanks' wife. 13 WST GROWTH FUND (Class C) ------------------------------------------ ------------------------- ------------------- ------------------- Percent of Percent of Name and Position of Amount and Nature of Fund Shares Trust Shares Beneficial Owner Beneficial Ownership Outstanding Outstanding ------------------------------------------ ------------------------- ------------------- ------------------- Jack E. Brinson, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- J. Buckley Strandberg, Trustee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Richard K. Bryant, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Keith A. Lee, Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- James H. Speed, Jr., Trustee Nominee 0 0 0 ------------------------------------------ ------------------------- ------------------- ------------------- Wayne F. Wilbanks, President 7.663* less than 1% less than 1% ------------------------------------------ ------------------------- ------------------- ------------------- Trustees and Executive Officers of the Trust as a Group 7.663 less than 1% less than 1% ------------------------------------------ ------------------------- ------------------- -------------------
* Shares owned by Wilbanks, Smith & Thomas, LLC of which Mr. Wilbanks is an officer and a partial beneficial owner. THE NOTTINGHAM INVESTMENT TRUST II ------------------------------------------ ---------------------- ------------------- Percent of Name and Position of Amount and Nature of Trust Shares Beneficial Owner Beneficial Ownership Outstanding ------------------------------------------ ---------------------- ------------------- Jack E. Brinson, Trustee 0 0 ------------------------------------------ ---------------------- ------------------- J. Buckley Strandberg, Trustee 750.105 less than 1% ------------------------------------------ ---------------------- ------------------- Richard K. Bryant, Trustee Nominee & President of Capital Value Fund 4,859.281 less than 1% ------------------------------------------ ---------------------- ------------------- Keith A. Lee, Trustee Nominee 0 0 ------------------------------------------ ---------------------- ------------------- James H. Speed, Jr., Trustee Nominee 0 0 ------------------------------------------ ---------------------- ------------------- Michael T. McRee, President, EARNEST Partners Fixed Income Trust 0 0 ------------------------------------------ ---------------------- ------------------- Eddie C. Brown, President, Brown Capital Management Funds 592,470.828 2.92% ------------------------------------------ ---------------------- ------------------- Wayne F. Wilbanks, President, WST Growth Fund 109,886.208 less than 1% ------------------------------------------ ---------------------- ------------------- Trustees and Executive Officers of the Trust as a Group 707,966.422 3.49% ------------------------------------------ ---------------------- -------------------
14 As of June 7, 2002, to the best knowledge of the Trust, the following persons were known by the Trust to own beneficially five percent (5%) or more of a class of outstanding shares of the Funds, as determined in accordance with Rule 13d-3 under the Securities Act of 1934, as amended ("Exchange Act"): CAPITAL VALUE FUND Name and Address of Amount and Nature of Beneficial Owner Beneficial Ownership Percent ---------------- -------------------- ------- INVESTOR CLASS SHARES Sterne Agee & Leach, Inc. 235,486.171 shares 26.334%* A/C 1909-6469 813 Shades Creek Parkway, Suite 100B Birmingham, AL 35209 Sterne Agee & Leach, Inc.** 175,685.714 shares 19.647% A/C 1946-6501 813 Shades Creek Parkway, Suite 100B Birmingham, AL 35209 Sterne Agee & Leach, Inc.*** 47,719.297 shares 5.336% A/C 1936-5905 813 Shades Creek Parkway, Suite 100B Birmingham, AL 35209 * Deemed a "control person" of the Fund as defined by applicable SEC regulations. ** These shares are held for Olcoba Company which holds such shares as trustee for Bryant Electric Supply, Inc. 401(k)/Profit Sharing Trust, Bryant Supply Company, Inc. 401(k)/Profit Sharing Trust, and MidSouth Electric Corp. 401(k)/Profit Sharing Trust, all of Post Office Box 1000, Lowell, North Carolina 28098-1000. ***These shares are held for Harry M. Bryant, Post Office Box 940, Lowell, North Carolina 28098. EARNEST PARTNERS FIXED INCOME TRUST Name and Address of Amount and Nature of Beneficial Owner Beneficial Ownership Percent ---------------- -------------------- ------- Laurie H. McRee 113,956.562 shares 19.580% 1611 Devine Street Jackson, MS 39202 Wells Fargo Bank 79,210.696 shares 13.610% fbo MBHS Foundation P.O. Box 1533 Minneapolis, MN 55480-1533 Nancy S. Speed 66,096.662 shares 11.357% 1220 Luse Road Benton, MS 39039 Field Co-operative Association, Inc. 35,748.390 shares 6.142% Attn: Betty May P.O. Box 5054 Jackson, MS 39296-5054 15 THE BROWN CAPITAL MANAGEMENT EQUITY FUND Name and Address of Amount and Nature of Beneficial Owner Beneficial Ownership Percent ---------------- -------------------- ------ Brown Family Limited Partnership, 399,235.983 shares 48.591%** A Maryland Limited Partnership * 11102 Old Carriage Road Glen Arm, Maryland 21057 Chris E. Dishman 67,137.496 shares 8.171% Karen T. Dishman 5019 Mariposa Circle Fresno, Texas 77545 George B. Delaplaine, III 51,751.997 shares 6.299% 16151 Elliott Parkway Williamsport, MD 21795 *Controlled by Eddie C. Brown, a former Trustee and a present control person of the advisor of The Fund, and C. Sylvia Brown. **Deemed a "control person" of the Fund as defined by applicable SEC regulations. THE BROWN CAPITAL MANAGEMENT BALANCED FUND Name and Address of Amount and Nature of Beneficial Owner Beneficial Ownership Percent ---------------- -------------------- ------- Brown Capital Management, Inc. Money 204,316.534 shares 22.776% Purchase Pension & Profit Sharing Trust 1201 North Calvert Street Baltimore, Maryland 21202 Great West Life & Annuity 132,830.715 shares 14.807% 401(k) Plan 8515 E. Orchard Road Englewood, Colorado 80111 Trustlynx & Co. 106,073.436 shares 11.824% ID# T28 Post Office Box 173736 Denver, Colorado 80217-3736 Charles S. Thurston IRA 84,697.825 shares 9.442% 701 North St. Mary's St. #35 San Antonio, Texas 78205 Raymond Haysbert IRA 50,273.907 shares 5.604% 3300 Hillen Road Baltimore, Maryland 21218 16 THE BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND Name and Address of Amount and Nature of Beneficial Owner Beneficial Ownership Percent ---------------- -------------------- ------- Charles Schwab Omnibus Account 3,280,317.524 shares 21.890% 101 Montgomery Street San Francisco, California 94104 Coors Retirement Plan 1,424,341.272 shares 9.504% Coors Brewing Company Post Office Box 4030 Golden, Colorado 80401 Nationwide Insurance Company 1,363,198.279 shares 9.095% NACO Post Office Box 182029 Columbus, Ohio 43218-2029 Nationwide Insurance Company 1,301,710.921 shares 8.690% c/o IPO Portfolio Accounting Post Office Box 182029 Columbus, Ohio 43218 American Express Trust 1,145,022.920 shares 7.640% Retirement Service Plans 50534 AXP Financial Center Minneapolis, MN 55474 THE BROWN CAPITAL MANAGEMENT INTERNATIONAL EQUITY FUND Name and Address of Amount and Nature of Beneficial Owner Beneficial Ownership Percent ---------------- -------------------- ------- Delaplaine B. Trust, 175,913.791 shares 25.625%* A Maryland Trust c/o Allfirst Trust Company Post Office Box 1596 Baltimore, Maryland 21203 Carmen & Eddie Brown, JTWROS 72,414.630 shares 10.548% 11102 Old Carriage Road Glen Arm, Maryland 21057 Brown Capital Management, Inc. Investment 71,387.692 shares 10.399% Option Plan 1201 North Calvert Street Baltimore, Maryland 21202 Delaplaine 1989 Family Trust 70,586.430 shares 10.282% c/o Allfirst Trust Company Post Office Box 1596 Baltimore, Maryland 21203 Delaplaine D Trust 55,984.950 shares 8.155% c/o Allfirst Trust Company Post Office Box 1596 Baltimore, Maryland 21203 Suntrust 41,942.595 shares 6.110% fbo Energetics Inc. PSPT Post Office Box 105870 Center 3144 Atlanta, Georgia 30348-5870 *Deemed a "control person" of the Fund as defined by applicable SEC regulations. 17 WST GROWTH FUND Name and Address of Amount and Nature of Beneficial Owner Beneficial Ownership Percent ---------------- -------------------- ------- INSTITUTIONAL CLASS SHARES Charles Schwab & Co., Inc., 501,194.160 shares 40.634%* a Delaware Corporation fbo Our Customers Attn: Mutual Funds 101 Montgomery St. San Francisco, California 94104 Post & Co. # 016009 185,692.007 shares 15.055% c/o The Bank of New York Mutual Fund Department Post Office Box 1066 Wall Street Station New York, New York 10268 *Deemed a "control person" of the Fund as defined by applicable SEC regulations. The Fund believes that such entity does not have beneficial ownership of such shares. INVESTOR CLASS SHARES Sterne Agee & Leach, Inc. 11,907.813 shares 7.170% 813 Shades Creek Parkway, Suite 100B Birmingham, AL 35209 Wachovia Securities, Inc. 10,850.019 shares 6.533% P.O. Box 1220 Charlotte, NC 28201-1220 Scott & Stringfellow, Inc. 10,516.575 shares 6.332% FBO DFH Properties, LLC 2726 Croasdaile Drive, Suite 101 Durham, NC 27705 Wachovia Securities, Inc 10,471.204 shares 6.305% FBO Carolyn S. Thomas P.O. Box 1220 Charlotte, NC 28201-1220 CLASS C SHARES Wachovia Securities, Inc. 8,669.843 shares 22.270% fbo WMW Realty, Inc. Post Office Box 1220 Charlotte, North Carolina 28201 Matthew Bartucci 5,559.391 shares 14.281% c/o Mesirow Financial Inc. 350 North Clark Street Chicago, Illinois 60610-4796 18 Kristen Bartucci 5,173.869 shares 13.291% c/o Mesirow Financial Inc. 350 North Clark Street Chicago, Illinois 60610-4796 Carolyn Bartucci 5,173.869 shares 13.291% c/o Mesirow Financial Inc. 350 North Clark Street Chicago, Illinois 60610-4796 Legg Mason Wood Walker 4,212.951 shares 10.823% Account #435-70473-17 Post Office Box 1476 Baltimore, Maryland 21202 Legg Mason Wood Walker 3,040.990 shares 7.812% Account #435-70465-17 Post Office Box 1476 Baltimore, Maryland 21202 Wachovia Securities, Inc. 2,528.736 shares 6.500% fbo 549-00625-19 Post Office Box 1220 Charlotte, North Carolina 28201-1220 Trustee and Officer Compensation. The officers of the Trust do not receive compensation from the Trust for performing the duties of their offices. Each Trustee who is not an "interested person" of the Trust receives a fee of $2,000 each year, plus $250 per series of the Trust per meeting attended in person or $100 per series of the Trust per meeting attended by telephone. All Trustees are reimbursed for out-of-pocket expenses incurred in connection with attendance at meetings. The following compensation table for the Trustees is based on figures for the last fiscal year ended March 31, 2002. Each Trustee serves as a Trustee for each of the Funds of the Trust. Pension Or Retirement Total Aggregate Benefits Accrued Estimated Compensation As Annual Compensation from Name of Person, from each Part of Fund Benefits Upon the Fund and Trust Position Fund Expenses Retirement Paid to Trustees -------- ---- -------- ---------- ---------------- Independent Trustees Jack E. Brinson, Trustee $1,286 None None $9,000 J. Buckley Strandberg, Trustee $1,136 None None $7,950 Interested Trustees Richard K. Bryant* None None None None Eddie C. Brown* None None None None
*Messrs. Bryant and Brown resigned as Trustees effective June 18, 2002. Solicitation of Proxies. Proxies will be solicited by mail by the Board, and the cost of solicitation will be paid by the Trust. Additional solicitation may be made by mail, personal interview, telephone, and telegraph by personnel of the Trust, the Funds' advisors or distributor who will not receive any additional compensation for such activities. 19 Shareholder Proposals. The Trust does not hold regular or annual meetings of its shareholders. Proposals of shareholders that are intended to be presented at a future shareholders' meeting must be received by the Trust by a reasonable time prior to the Trust's solicitation of proxies relating to such future meeting. Shareholder proposals must meet the requirements of Rule 14a-8 under the Exchange Act and the Trust's Amended and Restated Declaration of Trust and Bylaws and there is no guarantee that any proposal will be presented at a shareholders' meeting. The Trust has no process by which shareholders may suggest nominees for Trustee elections. Annual Report. The Trust's Annual Reports to shareholders of the Funds for the fiscal year ended March 31, 2002 were mailed to shareholders between the 28th and 30th of May 2002. Any shareholder who desires an additional copy of an Annual Report may obtain it upon request (without charge) by contacting NC Shareholder Services, LLC, 116 South Franklin Street, Post Office Box 4365, Rocky Mount, North Carolina, 27803-0365, or by calling 1-800-773-3863. Quorum Voting. With respect to each item to be voted on, the holders of a majority of the shares issued and outstanding and entitled to vote concerning each item, present in person or represented by proxy, shall be required to constitute a quorum of the Meeting for the transaction of business. If such quorum is not present or represented by proxy at the Meeting, the shareholders entitled to vote, present in person or represented by proxy, may adjourn the Meeting from time to time without notice other than announcement at the meeting, until a quorum is present or represented. At such adjourned meeting at which a quorum is present or represented, any business may be transacted which might have been transacted at the Meeting as originally notified. The persons named as proxies will vote in favor of any such adjournment to the extent they hold proxies voting in favor of the proposals submitted to a vote at the Meeting and if they determine that such adjournment and additional solicitation are reasonable and in the interest of the shareholders of the Trust. Each valid proxy will be voted in accordance with the instructions on the proxy and as the persons named in the proxy determine on such other business as may come before the Meeting. If no instructions are given on the proxy (but the proxy is executed), it will be voted "FOR ALL" on the proposal. Any shareholder may revoke his or her proxy at any time prior to exercise thereof by giving written notice to the Secretary of the Trust at the offices of The Nottingham Company at 116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802-0069, or by signing another proxy of a later date and submitting the later proxy before the Meeting or by personally casting his or her vote at the Meeting. Required Vote. Approval of Proposal No. 1 requires the affirmative vote of a plurality of all votes cast at the Meeting, provided that a majority of the shares entitled to vote are present in person or by proxy at the Meeting. Abstentions and "broker non-votes" will not be counted as cast for or against the proposal but will be counted for purposes of determining whether a quorum is present. The Trust believes that brokers who hold shares as record owners for beneficial owners have the authority under the rules of the various stock exchanges to vote those shares with respect to the proposal when they have not received instructions from beneficial owners. PLEASE COMPLETE, SIGN AND RETURN THE ENCLOSED PROXY PROMPTLY. 20 INSTRUCTIONS FOR SIGNING PROXY CARDS The following general rules for signing proxy cards may be of assistance to you and may help avoid the time and expense involved in validating your vote if you fail to sign your proxy card properly. 1. INDIVIDUAL ACCOUNTS: sign your name exactly as it appears in the registration on the proxy card. 2. JOINT ACCOUNTS: either party may sign, but the name of the party signing should conform exactly to the name shown in the registration on the proxy card. 3. ALL OTHER ACCOUNTS: the capacity of the individual signing the proxy card should be indicated unless it is reflected in the form of registration. For example: Registration Valid Signature CORPORATE ACCOUNTS (1) ABC Corp........................................ ABC Corp. John Doe, Treasurer (2) ABC Corp........................................ John Doe, Treasurer (3) ABC Corp. c/o John Doe.......................... John Doe, Treasurer (4) ABC Corp. Profit Sharing Plan................... John Doe, Trustee PARTNERSHIP ACCOUNTS (1) The ABC Partnership............................. Jane B. Smith, Partner (2) Smith and Jones, Limited Partnership............ Jane B. Smith, General Partner TRUST ACCOUNTS (1) ABC Trust....................................... Jane B. Doe, Trustee (2) Jane B. Doe, Trustee u/t/d 12/28/78............. Jane B. Doe, Trustee CUSTODIAL OR ESTATE ACCOUNTS (1) John B. Smith, Cust. f/b/o John B. Smith, Jr. UGMA/UTMA.................................... John B. Smith (2) Estate of John B. Smith......................... John B. Smith, Jr., Executor
21 THE NOTTINGHAM INVESTMENT TRUST II Capital Value Fund EARNEST Partners Fixed Income Trust 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 WST Growth Fund SPECIAL MEETING OF SHAREHOLDERS ON SEPTEMBER 4, 2002 PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES The undersigned hereby appoints C. Frank Watson, III and Julian G. Winters, and each of them, as proxies with full power of substitution to act for and vote on behalf of the undersigned all shares of the above referenced funds, which the undersigned would be entitled to vote if personally present at the Special Meeting of Shareholders to be held at the offices of N.C. Shareholder Services, LLC, the Trust's dividend and transfer agent, 116 South Franklin Street, Rocky Mount, North Carolina 27803, at 3:00 p.m. on September 4, 2002, or at any adjournment thereof, on the items described below, as set forth in the Notice of Special Meeting of Shareholders and the accompanying Proxy Statement dated August 5, 2002, receipt of which is acknowledged by the undersigned. PLEASE INDICATE ANY CHANGE OF ADDRESS BELOW. This proxy may be revoked at any time prior to the exercise of the powers conferred thereby. The Board of Trustees recommends voting "FOR ALL" in proposal 1. 1. For election as Trustees, the nominees are: o James H. Speed, Jr. o Richard K. Bryant o Keith A. Lee To vote for all nominees, mark an "X" in the "FOR ALL" box. To withhold authority for a specific nominee, mark an "X" in the box marked "FOR ALL EXCEPT", and write the nominee's name for whom you wish to withhold authority on the blank line provided below. To withhold authority on all nominees, mark an "X" in the "WITHHOLD ALL" box. ( ) FOR ALL ( ) FOR ALL EXCEPT: ( ) WITHHOLD ALL _________________ _________________ THE PROXIES ARE AUTHORIZED IN THEIR DISCRETION TO VOTE UPON SUCH OTHER MATTERS AS MAY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF. [name /address here] In order to vote your shares, please sign and date this card and return it in the envelope provided. By returning this card, you authorize the proxies to vote on the proposal as marked, or, if not marked, as indicated in the Proxy Statement. x ___________________________________ x ___________________________________ Dated__________________, 2002 Please sign your name or names as they appear above to authorize the voting of your shares as indicated. Where shares are registered with joint owners, all joint owners should sign. Persons signing as executors, administrators, trustees, etc., should so indicate. 22