Brandywine Blue Fund

BLUEX Morningstar Risk-Adjusted Ratings as of September 30, 2008 Overall Rating 3 Years 5 Years 10 Years Category (of 1489 Funds) (of 1489 Funds) (of 1222 Funds) (of 590 Funds) Large Growth

Objective

Brandywine Blue Fund seeks capital appreciation by investing in large-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 Blue Fund may be appropriate for your overall investment allocation if you are:

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

Focus

Brandywine Blue 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 maintains a large-cap focus by uncovering stocks beyond $6 billion in market cap that meet its earnings-growth and valuation criteria. This mutual fund doesn’t often hold mega-cap companies like a lot of other large-cap funds, instead it focuses on the lower end of the large-cap range.

This mutual fund employs a true bottom-up approach, meaning sector weightings and other characteristics are byproducts of its company-by-company research.

Fund Facts (as of 9/30/2008)

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.

The 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.

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.

The S&P 500 Index is proprietary data of Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. All rights reserved.

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.

© 2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damamges or losses arising from any use of this information.

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