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Brandywine Drops in March

Dear Edwin,

Brandywine's Symphony program lost 3.29% in March, turning the year-to-date return to a negative 0. just the second monthly loss since the start of trading in July 2011.

The aggressively-traded Brandywine Symphony Preferred Fund lost 11.71% in March, bringing its 2012 to -2.83%. This follows its strong 2011 performance of +37.89%. You can view the Brandywine monthly report here:http://www.brandywine.com/newsletters/march2012/performancesummary.htm As always, please call with any questions, comments or opportunities. Mike Dever mike@brandywine.com 610.361.4000 x111 Rob Proctor rob@brandywine.com 610.361.4000 x105

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THERE IS THE RISK OF L AS THE OPPORTUNITY FOR GAIN WHEN INVESTING WITH BRANDYWINE.

BRANDYWINE'S SYMPHONY PROGRAM IS ONLY AVAILABLE TO INVESTORS THAT QUALIFY AS "QUALIFI PARTICIPANTS" AS THAT TERM IS DEFINED IN CFTC REG. SECTION 4.7(a)(1)(ii) PROMULGATED UNDER WHICH ARE QUALIFIED TO INVEST IN THE PROGRAMS BY (a) THEIR KNOWLEDGE AND ACCEPTANCE O ASSOCIATED WITH HIGHLY LEVERAGED SECURITIES AND FUTURES TRADING AND (b) THEIR FINANCIA ACCEPT SUCH RISK.

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