Bill D'Alonzo and Team
Friess Associates, LLC
115 E. Snow King Avenue
Jackson, WY 83001

Bill D'Alonzo is the lead portfolio manager for the segment of the Fund's assets managed by Friess Associates, LLC (“Friess”). D'Alonzo has been in the investment business for more than 20 years, has been Vice President of the Brandywine Funds since 1990 and is Chief Investment Officer of Friess. Friess has managed a portion of Masters’ Select Equity Fund assets since its inception in 1996 and a portion of Masters’ Select Smaller Companies Fund since its inception in 2003.

D'Alonzo manages approximately 10% of the Masters' Select Equity fund and 20% of the Masters' Select Smaller Companies fund. D'Alonzo invests in stocks of well-financed issuers that have proven records of profitability and strong earnings momentum. Emphasis is placed on companies with market capitalization of less than $5 billion, and at least half of the portfolio's assets must be invested in small companies with market capitalization under $1.4 billion. These companies are likely to be lesser-known companies moving from a lower to higher market share position within their industry groups, rather than the largest and best-known companies in these groups. D'Alonzo may, however, purchase common stocks of well-known, highly researched mid-sized companies if the team believes that those common stocks offer particular opportunity for long-term capital growth. In selecting investments, D'Alonzo considers financial characteristics of the issuer, including historical sales and net income, debt/equity and price/earnings ratios, and book value. D'Alonzo may also review research reports of broker-dealers and trade publications and, in appropriate situations, meet with management. Greater weight is given to internal factors, such as product or service development, than to external factors, such as interest rate changes, commodity price fluctuations, general stock market trends and foreign-currency exchange values.

References to other mutual funds should not be deemed an offer to sell or solicitation of an offer to buy shares of such funds.