Brandywine Fund

BRWIX Morningstar Risk-Adjusted Ratings as of May 31, 2008 Overall Rating 3 Years 5 Years 10 Years Category (of 805 Funds) (of 805 Funds) (of 677 Funds) (of 323 Funds) Mid-Cap 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 Fund seeks capital appreciation by investing in growth-equity securities.  The Fund primarily invests in U.S. common stocks.

Fund Strategy

Brandywine 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 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 Fund maintains the flexibility to pursue opportunities regardless of market capitalization or industry affiliation.  While it is an all-cap Fund, Brandywine’s rapid earnings growth requirement often isolates small- and mid-cap companies with room to grow.

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 invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.

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 Russell 3000^® Growth Index is a trademark of Russell Investments. Russell^® is a trademark of Russell Investments. An investment cannot be made directly into an Index.

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.