Investment Talent on Tap – Friess Associates

Friess Associates and the Brandywine Funds Friess Associates manages the Brandywine family of mutual funds. Friess believes that Companies enjoying positive earnings surprises and growth see stock prices rise In-depth, fundamental research and detective work isolate these opportunities with clear earnings visibility Bottom-up stock selection drives investment performance A Research-Driven Approach While most growth managers utilize a similar set of screening tools and end up with portfolios that own many of the same stocks, the 30-plus person Friess research team casts a wide net around a set of information sources to uncover knowledge about companies that others often tend to miss. Focus is on companies likely to top consensus earnings estimates as a result of a tangible catalyst Intensive contact is made with company managements, competitors, customers, and suppliers. Emphasis is on under-researched, lesser-known companies rather than industry leaders Utilizing this approach, Friess aims to achieve strong returns in both rising and falling markets and low correlations to other growth managers.

Mutual Funds Offered by Managers Brandywine Advisors Mid-Cap Growth Fund Brandywine Blue Fund Brandywine Fund Portfolio Manager   Bill D'Alonzo Chief Executive Officer Chief Investment Officer 26 Years Industry Experience Firm Highlights Founded in 1974 Affiliate of Affiliated Managers Group (AMG) since 2001 Focus is exclusively on growth equity 30-plus person research team hunts to find unique information to uncover growth catalysts others often miss. Invests in rapidly growing companies selling at reasonable P/E's. Provides strong returns in both up and down markets relative to benchmark. Don't Miss Conference Call Replay: Friess Associates' Review & Outlook — September 8, 2008 Morningstar Analyst Report: Brandywine Fund is Shining Bright (10/07)

Disclosure

Investors should carefully consider the fund's investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.

There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for a long-term, especially during periods of downturns in the market.

Brandywine Blue Fund is subject to risks associated with investing in a concentrated fund, and the value of the portfolio will be greatly affected by the fluctuations in the value of a single stock.

Brandywine Advisors Midcap Growth Fund is subject to risks associated with investments in mid-capitalization companies such as erratic earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products.

Brandywine Advisors Midcap Growth Fund and Brandywine Fund invest in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.

Brandywine Fund holds investments in foreign securities which, even though publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments.

Managers Distributors, Inc. provides support on a wholesale basis related to making the Brandywine Funds available through various intermediaries.

Friess Associates is an affiliate of AMG. AMG, through its affiliates, offers over 300 investment products across a wide range of investment styles and asset classes in the mutual fund, institutional and high net worth distribution channels.