FRIESS ASSOCIATES : Time Tested

(as of 3/31/13)

Brandywine Advisors Midcap Growth Fund employs Friess Associates’ research-driven investment process, capitalizing on the relationship between earnings performance and stock prices by isolating companies experiencing rapid earnings growth that sell at reasonable multiples of earnings estimates and show promise to positively surprise Wall Street. The Fund specifically focuses on mid-sized companies, those with market caps between $2 billion and $15 billion.

The Fund was designed for people who invest through financial intermediaries and carries a 12b-1 fee of 25 basis points for distribution and shareholder services. Brandywine Advisors Midcap Growth is also committed to staying fully invested, with cash typically targeted for below 10 percent.

Market Cap
$ Weighted Median Market Cap (billions)	$7.51
Median Market Cap (billions)	$7.18
Average Market Cap (billions)	$7.55
Expected Earnings Growth 2013 vs 2012
Brandywine Advisors Midcap Growth	14%
Russell Midcap Growth Index	13%
Russell Midcap Index	11%
Projected P/E - 2013
Brandywine Advisors Midcap Growth	18
Russell Midcap Growth Index	19
Russell Midcap Index	17

(as of 3/31/13)

Investment Type: Growth-Equity
Wall Street Journal Symbol: Brandywine Funds / Advisors
Peer Group: Mid-Cap Growth
Ticker Symbol: BWAFX
Inception Date: 10/31/00

Minimum Investment: $2,000
Total Number of Holdings: 38
Portfolio Manager / Investment Advisor: Scott Gates and Team / Friess Associates
Total Expense Ratio (includes 12b-1 up to 0.25%): 1.22%
Distributor: Brandywine Advisors Midcap Growth Fund is distributed by Quasar Distributors, LLC.

Mutual fund investing involves risk. Principal loss is possible. The Fund invests in mid-cap companies, which involve additional risks such as limited liquidity and greater volatility. Investments in foreign securities, even though publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments.

Earnings Growth is a measure of growth in a company’s net income over a specific period, often one year. This is not a forecast of the Fund’s future performance. Earnings growth for a Fund holding does not guarantee a corresponding increase in the market value of the holding or the Fund.