Brandywine Blue Fund

BLUEX Morningstar Risk-Adjusted Ratings as of May 31, 2008 Overall Rating 3 Years 5 Years 10 Years Category (of 1495 Funds) (of 1495 Funds) (of 1230 Funds) (of 585 Funds) Large Growth

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

Fund Objective

Brandywine Blue Fund seeks capital appreciation by investing in large-cap, growth-equity securities. The Fund primarily invests in U.S. common stocks.

Fund Strategy

Brandywine Blue Fund’s investment strategy emphasizes each company’s ability to influence its share price through earnings growth. Friess Associates, the Fund’s manager, performs exhaustive, bottom-up research to identify companies with earnings-growth potential that has yet to be recognized by the broader investment community. To maximize upside potential and mitigate downside risk, Friess researchers focus on rapidly growing companies that also sell at reasonable multiples of earnings estimates.

Said simply, Brandywine Blue Fund invests in reasonably priced companies experiencing rapid earnings growth that show promise to exceed Wall Street earnings estimates. The Fund generally focuses on companies growing year-over-year earnings more than 20% while selling for less than 25 times earnings estimates for the next 12 months.

Brandywine Blue Fund targets larger companies with market capitalizations greater than $6 billion. The Fund's rapid earnings growth requirement often isolates companies in the large-cap category's low-to-mid range rather than the typically slower-growing, mega-cap companies that represent the category's upper extreme.

Fund Facts (as of 6/30/2008)

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.

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