Brandywine Advisors Midcap Growth Fund

BWAFX Morningstar Risk-Adjusted Ratings as of July 31, 2008 Overall Rating 3 Years 5 Years 10 Years Category (of 816 Funds) (of 816 Funds) (of 680 Funds) N/A Mid-Cap Growth

Objective

Brandywine Advisors Midcap Growth Fund seeks capital appreciation by investing in mid-cap, growth-equity securities. This mutual fund primarily invests in U.S. common stocks.

Where this mutual fund may fit as part of your asset allocation

The Brandywine Advisors Midcap Growth Fund may be appropriate for your overall investment allocation if you are:

• Looking to gain exposure to mid-sized, high-quality U.S. companies
• Seeking long-term growth of capital
• Willing to accept short-term volatility of returns

Focus

Brandywine Advisors Midcap Growth Fund employs Friess Associates’ research-driven investment process. This process capitalizes 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.

This mutual fund is also committed to staying fully invested, with cash typically targeted for below 10 percent.

Fund Facts (as of 6/30/2008)

To invest in Brandywine Funds, or for more information, please visit www.brandywinefunds.com, or call Managers Investment Group at 800.368.4410.

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.

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.

The 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.

Unlike the Fund, the Index is unmanaged, is not available for investment and does not incur expenses. Please see Index Definitions for all our funds' benchmarks.

Russell Midcap© Growth Index is a trademark of Russell Investments. Russell is a trademark of Russell Investments.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metric.

Morningstar Rating is for the share class indicated only (see ticker), other share classes may have different performance characteristics. The Ranking may reflect the waiver of all or a portion of the fund's fees. Without such waiver, the Rankings may have been lower.

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