0000894189-13-000763.txt : 20130208 0000894189-13-000763.hdr.sgml : 20130208 20130208132438 ACCESSION NUMBER: 0000894189-13-000763 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130208 DATE AS OF CHANGE: 20130208 EFFECTIVENESS DATE: 20130208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRANDYWINE BLUE FUND INC CENTRAL INDEX KEY: 0000869942 IRS NUMBER: 521712724 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-37959 FILM NUMBER: 13585967 BUSINESS ADDRESS: STREET 1: P.O. BOX 4166 CITY: GREENVILLE STATE: DE ZIP: 19807-0166 BUSINESS PHONE: 8006563017 MAIL ADDRESS: STREET 1: P.O. BOX 4166 CITY: GREENVILLE STATE: DE ZIP: 19807-0166 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRANDYWINE BLUE FUND INC CENTRAL INDEX KEY: 0000869942 IRS NUMBER: 521712724 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06221 FILM NUMBER: 13585968 BUSINESS ADDRESS: STREET 1: P.O. BOX 4166 CITY: GREENVILLE STATE: DE ZIP: 19807-0166 BUSINESS PHONE: 8006563017 MAIL ADDRESS: STREET 1: P.O. BOX 4166 CITY: GREENVILLE STATE: DE ZIP: 19807-0166 0000869942 S000000826 BRANDYWINE BLUE FUND C000002441 BRANDYWINE BLUE FUND BLUEX 0000869942 S000000827 BRANDYWINE ADVISORS MIDCAP GROWTH FUND C000002442 BRANDYWINE ADVISORS MIDCAP GROWTH FUND BWAFX 485BPOS 1 brandywineblue_485b-xbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL brandywineblue_485b-xbrl.htm

                                         As filed with the Securities and Exchange Commission on February 8, 2013
Registration No. 033-37959
 Investment Company Act Registration No. 811-06221


SECURITIES AND EXCHANGE COMMISSION
                    Washington D.C.  20549                
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933S
 
Pre-Effective Amendment No.        £
Post-Effective Amendment No.  30   S
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940S
 
Amendment No.  31   S
(Check appropriate box or boxes.)
 
          BRANDYWINE BLUE FUND, INC.         
(Exact Name of Registrant as Specified in Charter)
   
P.O. Box 4166
 
             Greenville, Delaware            
   19807  
(Address of Principal Executive Offices)
(Zip Code)
   
                            (302) 656-3017                           
(Registrant’s Telephone Number, including Area Code)
   
 
Copy to:
 
Richard L. Teigen
William F. D’Alonzo
Foley & Lardner LLP
P.O. Box 4166
777 East Wisconsin Avenue
           Greenville, Delaware  19807          
Milwaukee, Wisconsin 53202
(Name and Address of Agent for Service)
 

Approximate Date of Proposed Public Offering:  As soon as practicable after the Registration Statement becomes effective.

It is proposed that this filing become effective (check appropriate box):
 
T           immediately upon filing pursuant to paragraph (b)
 
£           on (date) pursuant to paragraph (b)
 
£           60 days after filing pursuant to paragraph (a) (1)
 
£           on (date) pursuant to paragraph (a) (1)
 
£           75 days after filing pursuant to paragraph (a) (2)
 
£           on (date) pursuant to paragraph (a) (2), of Rule 485
 
If appropriate, check the following box:

£  
this post-effective amendment designates a new effective date for a previously filed post-effective amendment.


This Post-Effective Amendment (“PEA”) No. 30 to the Registration Statement on Form N-1A of Brandywine Blue Fund, Inc. (the “Company”) hereby incorporates Parts A, B and C from the Company’s PEA No. 29 on Form N-1A filed January 31, 2013.  This PEA No. 30 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 29 to the Company’s Registration Statement.

 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amended Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Amended Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Wilmington and State of Delaware on the 8th day of February, 2013.
 
 
BRANDYWINE BLUE FUND, INC.
 
(Registrant)
   
   
 
By:  /s/ William F. D’Alonzo                                           
 
William F. D’Alonzo, President
 
Pursuant to the requirements of the Securities Act of 1933, this Amended Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
 
 
Name
 
Title
 
Date
         
/s/ William F. D’Alonzo                   
 
Principal Executive
   
William F. D’Alonzo
 
Officer and Director
 
February 8, 2013
         
         
/s/ J. Gordon Kaiser*                          
 
Principal Financial and
 
February 8, 2013
J. Gordon Kaiser
 
Accounting Officer
   
         
         
/s/ Charles Quentin Sweeting Jackson*  
 
Director
 
February 8, 2013
Charles Quentin Sweeting Jackson
       
         
         
/s/ Stuart A. McFarland*                                                          
 
Director
 
February 8, 2013
Stuart A. McFarland
       
         
         
/s/ Stephen M. Wynne*                 
 
Director
 
February 8, 2013
Stephen M. Wynne
       
         
         
/s/ Thomas D Wren*                        
 
Director
 
February 8, 2013
Thomas D Wren
       
         
         
/s/ James W. Zug*                                 
 
Director
 
February 8, 2013
James W. Zug
       
         
 *By:
/s/ William F. D’Alonzo                                                                        
       
William F. D’Alonzo
Attorney-In Fact pursuant to
Power of Attorney
       
         
 
 
 

 
 
EXHIBIT INDEX

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE

 
 
 

EX-101.INS 2 ck0000869942-20130131.xml INSTANCE DOCUMENT 0000869942 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000826Member ck0000869942:S000000826Member 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000826Member ck0000869942:S000000826Member ck0000869942:C000002441Member 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000826Member ck0000869942:S000000826Member rr:AfterTaxesOnDistributionsMember ck0000869942:C000002441Member 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000826Member ck0000869942:S000000826Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000869942:C000002441Member 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000826Member ck0000869942:S000000826Member ck0000869942:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000826Member ck0000869942:S000000826Member ck0000869942:index_Russell_1000_Index_reflects_no_deduction_for_fees_expenses_or_taxes_Member 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000826Member ck0000869942:S000000826Member ck0000869942:index_Russell_1000_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxes_Member 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000827Member ck0000869942:S000000827Member 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000827Member ck0000869942:S000000827Member ck0000869942:C000002442Member 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000827Member ck0000869942:S000000827Member rr:AfterTaxesOnDistributionsMember ck0000869942:C000002442Member 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000827Member ck0000869942:S000000827Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000869942:C000002442Member 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000827Member ck0000869942:S000000827Member ck0000869942:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000827Member ck0000869942:S000000827Member ck0000869942:index_Russell_Midcap_Index_reflects_no_deduction_for_fees_expenses_or_taxes_Member 2012-09-30 2012-09-30 0000869942 ck0000869942:S000000827Member ck0000869942:S000000827Member ck0000869942:index_Russell_Midcap_Growth_Index_reflects_no_deduction_for_fees_expenses_or_taxes_Member 2012-09-30 2012-09-30 xbrli:pure iso4217:USD BRANDYWINE BLUE FUND INC 485BPOS false 0000869942 2012-09-30 2013-01-31 2013-01-31 2013-01-31 BRANDYWINE BLUE FUND BLUEX Fees and Expenses of the Fund <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of Brandywine Blue Fund.</font> </div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0023 0.0123 ~ http://usbank.com/20130131/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000869942_S000000826Member row primary compact * ~ ~ http://usbank.com/20130131/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000869942_S000000826Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) transfer agent charge of $15 for each wire redemption Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Brandywine Blue Fund invests principally in common stocks of U.S. companies and, to a lesser extent, in equity securities of foreign issuers, usually those that are publicly traded in the United States either directly or through American Depositary Receipts (&#8220;ADRs&#8221;).&#160;&#160;The Fund is not subject to a percentage limit with regard to its investment in foreign issuers.&#160;&#160;In addition to common stocks and ADRs , equity securities in which the Fund may invest include preferred stocks, convertible securities and rights.&#160;&#160; The Fund utilizes a fundamentals-driven, company-by-company investment approach that is based on the belief that you should invest in individual businesses, not in the stock market.&#160;&#160; It will invest in companies in a broad range of industries and generally focuses on companies whose earnings under normal economic conditions are growing by at least 20% per year and whose stocks sell at reasonable price-to-earnings ratios.&#160;&#160;The Fund targets fundamentally sound mid-cap or larger companies that are experiencing positive change and that usually have market capitalizations of more than $6 billion.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund employs a firm sell discipline.&#160;&#160;The Fund will sell a stock:</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="display: inline; font-size: 10pt; font-family: Wingdings;">n</font>&#160;&#160;&#160;&#160;With deteriorating fundamentals such as contracting margins or reduced revenue growth</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="display: inline; font-size: 10pt; font-family: Wingdings;">n</font>&#160;&#160;&#160;&#160;When investor expectations have become unrealistically high</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="display: inline; font-size: 10pt; font-family: Wingdings;">n</font>&#160;&#160;&#160;&#160;When it finds a better investment</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">While this sell discipline is likely to cause the Fund to have an annual portfolio turnover rate that may exceed 200%, it also causes the Fund to keep seeking better investment alternatives.</font> </div> Performance <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The bar chart and table that follow provide some indication of the risks of investing in Brandywine Blue Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how its average annual returns over 1, 5 and 10 years compare with those of the S&amp;P 500<font style="DISPLAY: inline; 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(Total return per calendar year) 0.2939 0.1927 0.0839 0.1089 0.2346 -0.4384 0.0928 0.1876 -0.1034 0.0674 ~ http://usbank.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0000869942_S000000826Member row primary compact * ~ highest total return 0.1772 2010-12-31 lowest total return -0.2861 2008-09-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Note:&#160;&#160;During the 10-year period shown on the bar chart, the Fund&#8217;s highest total return for a quarter was 17.72% (quarter ended December 31, 2010) and the lowest total return for a quarter was -28.61% (quarter ended September 30, 2008).</font> </div> 0.0674 -0.0695 0.0480 0.0674 -0.0696 0.0434 0.0438 -0.0577 0.0406 0.1600 0.0166 0.0710 0.1642 0.0192 0.0752 0.1526 0.0312 0.0752 ~ http://usbank.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0000869942_S000000826Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="text-indent: 18pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;">The after-tax returns above were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown .&#160;&#160;After -tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.&#160;&#160;The Fund&#8217;s &#8220;Return after taxes on distributions and sale of Fund shares&#8221; may be higher</font></font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;">than its returns before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.</font> </div> The after-tax returns above were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in Brandywine Blue Fund by showing changes in the Fund's performance from year to year and by showing how its average annual returns over 1, 5 and 10 years compare with those of the S&P 500, Russell 1000 and Russell 1000 Growth Indexes. Please be aware that past performance (before and after taxes) is not necessarily an indication of future performance. (reflects no deduction for fees, expenses, or taxes) The Fund's "Return after taxes on distributions and sale of Fund shares" may be higher than its returns before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. www.brandywinefunds.com Average Annual Total Returns (for the periods ended December 31, 2012 ) Actual after-tax returns depend on an investor's tax situation and may differ from those shown . After -tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Investment Objective <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Brandywine Blue Fund seeks capital appreciation.</font> </div> Example <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 125 390 676 1489 ~ http://usbank.com/20130131/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000869942_S000000826Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Risks <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There is a risk that you could lose all or a portion of your money on your investment in Brandywine Blue Fund.&#160;&#160;This risk may increase during times of significant market volatility.&#160;&#160;The following additional risks could affect the value of your investment:</font> </div> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-4" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: right; WIDTH: 27pt"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="display: inline; font-size: 10pt; font-family: Wingdings;">n</font></font> </div> </td> <td style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Market Risk</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8211;</font> The prices of the stocks and ADRs in which the Fund invests may decline for a number of reasons.&#160;&#160;These reasons include factors that are specific to one or more stocks in which the Fund invests as well as factors that affect the equity securities markets generally.&#160;&#160;The price declines may be steep, sudden and/or prolonged.</font> </div> </td> </tr> </table> <br/><table id="hangingindent-5" style="font-size: 10pt; font-family: times new roman; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr valign="top"> <td style="text-align: right; width: 27pt;"> <div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <font style="display: inline; font-size: 10pt; font-family: Wingdings;">n</font> </div> </td> <td style="text-align: justify; text-indent: 9pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 9pt; margin-right: 0pt;"> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"><font style="display: inline; font-weight: bold;">Foreign Security Risk</font>&#8211; Investments in foreign securities, even though publicly traded in the United States, may involve risks in addition to</font></font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;">those inherent in domestic investments.&#160; Foreign companies may not be subject to regulatory requirements comparable to those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.&#160; Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies.</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-7" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: right; WIDTH: 27pt"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="display: inline; font-size: 10pt; font-family: Wingdings;">n</font></font> </div> </td> <td style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio Turnover Risk</font> &#8211; High portfolio turnover necessarily results in greater transaction costs, such as brokerage commissions, which the Fund must pay, and short-term capital gains (or losses) to investors.&#160;&#160;Greater transaction costs may reduce Fund performance.&#160;&#160;Distributions to shareholders of short-term capital gains are taxed as ordinary income under current federal income tax laws.</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-8" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: right; WIDTH: 27pt"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="display: inline; font-size: 10pt; font-family: Wingdings;">n</font></font> </div> </td> <td style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Mid- Cap Company Risk</font> &#8211; There is a risk that the securities of mid-capitalization companies may have limited liquidity and greater price volatility than securities of large- capitalization companies, which can negatively affect the Fund&#8217;s ability to sell these securities at quoted market prices.</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund is a suitable investment only for those investors who have long-term investment goals such as investing for retirement.&#160;&#160;If you may need to redeem your shares in a hurry, or if you are uncomfortable with an investment that will fluctuate in value, the Fund may not be the right choice for you.</font> </div> There is a risk that you could lose all or a portion of your money on your investment in Brandywine Blue Fund. Portfolio Turnover <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 243 % of the average value of its portfolio.</font> </div> 2.43 BRANDYWINE ADVISORS MIDCAP GROWTH FUND BWAFX Fees and Expenses of the Fund <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Brandywine Advisors Midcap Growth Fund.</font> </div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0100 0.0004 0.0018 0.0122 ~ http://usbank.com/20130131/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0000869942_S000000827Member row primary compact * ~ ~ http://usbank.com/20130131/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0000869942_S000000827Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) transfer agent charge of $15 for each wire redemption Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Brandywine Advisors Midcap Growth Fund, under normal circumstances, will invest at least 80% of its net assets in midcap companies (midcap companies are companies having market capitalizations between $2 billion and $15 billion).&#160;&#160;The Fund invests principally in common stocks of U.S. companies, and, to a lesser extent, in equity securities of foreign issuers usually those which are publicly traded in the United States either directly or through American Depositary Receipts (&#8220;ADRs&#8221;).&#160;&#160;The Fund is not subject to a percentage limit with regard to its investment in foreign issuers.&#160;&#160;In addition to common stocks and ADRs , equity securities in which the Fund may invest include preferred stocks, convertible securities, rights, and warrants.&#160;&#160;It utilizes a fundamentals-driven, company-by-company investment approach that is based on the belief that you should invest in individual businesses, not in the stock market.&#160;&#160;The Fund will invest in companies in a broad range of industries and generally focuses on companies whose earnings under normal economic conditions are growing by at least 20% per year and whose stocks sell at reasonable price-to-earnings ratios.&#160;&#160;It targets fundamentally sound companies that are experiencing a positive change.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund employs a firm sell discipline.&#160;&#160;The Fund will sell a stock:</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB2-18" style="LETTER-SPACING: 3pt; COLOR: black"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#9632;</font></font> With deteriorating fundamentals such as contracting margins or reduced revenue growth</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#9632;&#160;&#160;</font>When investor expectations have become unrealistically high</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#9632;&#160;</font> When it finds a better investment</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">While this sell discipline is likely to cause the Fund to have an annual portfolio turnover rate that may exceed 200%, it also causes the Fund to keep seeking better investment alternatives.</font> </div> Performance <div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The bar chart and table that follow provide some indication of the risks of investing in the Brandywine Advisors Midcap Growth Fund by showing changes in the Fund&#8217;s performance from year to year and by showing how the average annual returns over</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1, 5 and 10 years compare with those of the S&amp;P<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> 500, Russell Midcap<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> and Russell Midcap<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> Growth Indexes. For a description of the indexes, please see &#8220;Index Descriptions&#8221; on page 14 .&#160; Updated performance is available on the Fund&#8217;s website www.brandywinefunds.com. Please be aware that past performance (before and after taxes) is not necessarily an indication of future performance.</font> </div> Brandywine Advisors Midcap Growth Fund (Total return for the calendar year) 0.2881 0.0989 0.1680 0.0896 0.2553 -0.4572 0.1125 0.1924 -0.1519 0.0203 ~ http://usbank.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0000869942_S000000827Member row primary compact * ~ highest total return 0.1907 2010-12-31 lowest total return -0.2601 2008-12-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Note:&#160;&#160;During the 10-year period shown on the bar chart, the Fund&#8217;s highest total return for a quarter was 19.07% (quarter ended December 31, 2010) and the lowest total return for a quarter was -26.01% (quarter ended December 31, 2008).</font> </div> 0.0203 -0.0903 0.0349 0.0202 -0.0903 0.0276 0.0134 -0.0743 0.0291 0.1600 0.0166 0.0710 0.1728 0.0357 0.1065 0.1581 0.0323 0.1032 ~ http://usbank.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0000869942_S000000827Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The after-tax returns above were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown .&#160; A fter-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.&#160; The Fund's <font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8220;</font>Return after taxes on distributions and sale of Fund shares<font style="DISPLAY: inline; FONT-FAMILY: times new roman">&#8221;</font> may be higher than its returns before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.</font> </div> The after-tax returns above were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Brandywine Advisors Midcap Growth Fund by showing changes in the Fund's performance from year to year and by showing how the average annual returns over 1, 5 and 10 years compare with those of the S&P 500, Russell Midcap and Russell Midcap Growth Indexes. Please be aware that past performance (before and after taxes) is not necessarily an indication of future performance. (reflects no deduction for fees, expenses, or taxes) The Fund's "Return after taxes on distributions and sale of Fund shares" may be higher than its returns before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. www.brandywinefunds.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown . After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (for the periods ended December 31, 2012 ) Principal Investment Risks <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There is a risk that you could lose all or a portion of your money on your investment in the Brandywine Advisors Midcap Growth Fund.&#160;&#160;This risk may increase during times of significant market volatility.&#160;&#160;The following additional risks could affect the value of your investment:</font> </div> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-42" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#9632;</font></font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Market Risk</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8211;</font> The prices of the stocks and ADRs in which the Fund invests may decline for a number of reasons.&#160;&#160;These reasons include factors that may be specific to one or more stocks in which the Fund invests as well as factors that affect the equity securities markets generally.&#160;&#160;The price declines may be steep, sudden and/or prolonged.</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-43" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#9632;&#160;</font></font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Security Risk</font> &#8211; Investments in foreign securities, even though publicly traded in the United States, may involve risks in addition to those inherent in domestic investments.&#160;&#160;Foreign companies may not be subject to regulatory requirements comparable to those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.&#160;&#160;Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies.</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-44" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#9632;&#160;</font></font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio Turnover Risk</font> &#8211; High portfolio turnover necessarily results in greater transaction costs, such as brokerage commissions, which the Fund must pay, and short-term capital gains (or losses) to investors.&#160;&#160;Greater transaction costs may reduce Fund performance.&#160;&#160;Distributions to shareholders of short-term capital gains are taxed as ordinary income under current federal income tax laws.</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-45" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#9632;</font></font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Mid-Cap Company Risk</font> <font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8211; There is a risk that the securities of mid- capitalization companies may have limited liquidity and greater price volatility than securities of large</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">-capitalization companies, which can negatively affect the Fund&#8217;s ability to sell these securities at quoted market prices.</font></font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 18pt; 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Example <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font> </div> <br/><div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 124 387 670 1477 ~ http://usbank.com/20130131/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0000869942_S000000827Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Investment Objective <div style="TEXT-INDENT: 18pt; 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BRANDYWINE ADVISORS MIDCAP GROWTH FUND | BRANDYWINE ADVISORS MIDCAP GROWTH FUND
BRANDYWINE ADVISORS MIDCAP GROWTH FUND
Investment Objective
Brandywine Advisors Midcap Growth Fund seeks capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Brandywine Advisors Midcap Growth Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees
BRANDYWINE ADVISORS MIDCAP GROWTH FUND
Maximum Sales Charge (Load) Imposed on Purchases none
Maximum Deferred Sales Charge (Load) none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions none
Redemption Fee (transfer agent charge of $15 for each wire redemption) none
Exchange Fee none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
BRANDYWINE ADVISORS MIDCAP GROWTH FUND
Management Fees 1.00%
Distribution and/or Service (12b-1) Fees 0.04%
Other Expenses 0.18%
Total Annual Fund Operating Expenses 1.22%
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
BRANDYWINE ADVISORS MIDCAP GROWTH FUND
124 387 670 1,477
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 266 % of the average value of its portfolio.
Principal Investment Strategies
Brandywine Advisors Midcap Growth Fund, under normal circumstances, will invest at least 80% of its net assets in midcap companies (midcap companies are companies having market capitalizations between $2 billion and $15 billion).  The Fund invests principally in common stocks of U.S. companies, and, to a lesser extent, in equity securities of foreign issuers usually those which are publicly traded in the United States either directly or through American Depositary Receipts (“ADRs”).  The Fund is not subject to a percentage limit with regard to its investment in foreign issuers.  In addition to common stocks and ADRs , equity securities in which the Fund may invest include preferred stocks, convertible securities, rights, and warrants.  It utilizes a fundamentals-driven, company-by-company investment approach that is based on the belief that you should invest in individual businesses, not in the stock market.  The Fund will invest in companies in a broad range of industries and generally focuses on companies whose earnings under normal economic conditions are growing by at least 20% per year and whose stocks sell at reasonable price-to-earnings ratios.  It targets fundamentally sound companies that are experiencing a positive change.

The Fund employs a firm sell discipline.  The Fund will sell a stock:

With deteriorating fundamentals such as contracting margins or reduced revenue growth

■  When investor expectations have become unrealistically high

■  When it finds a better investment

While this sell discipline is likely to cause the Fund to have an annual portfolio turnover rate that may exceed 200%, it also causes the Fund to keep seeking better investment alternatives.
Principal Investment Risks
There is a risk that you could lose all or a portion of your money on your investment in the Brandywine Advisors Midcap Growth Fund.  This risk may increase during times of significant market volatility.  The following additional risks could affect the value of your investment:

 
Market Risk The prices of the stocks and ADRs in which the Fund invests may decline for a number of reasons.  These reasons include factors that may be specific to one or more stocks in which the Fund invests as well as factors that affect the equity securities markets generally.  The price declines may be steep, sudden and/or prolonged.

 
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Foreign Security Risk – Investments in foreign securities, even though publicly traded in the United States, may involve risks in addition to those inherent in domestic investments.  Foreign companies may not be subject to regulatory requirements comparable to those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.  Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies.

 
■ 
Portfolio Turnover Risk – High portfolio turnover necessarily results in greater transaction costs, such as brokerage commissions, which the Fund must pay, and short-term capital gains (or losses) to investors.  Greater transaction costs may reduce Fund performance.  Distributions to shareholders of short-term capital gains are taxed as ordinary income under current federal income tax laws.

 
Mid-Cap Company Risk – There is a risk that the securities of mid- capitalization companies may have limited liquidity and greater price volatility than securities of large-capitalization companies, which can negatively affect the Fund’s ability to sell these securities at quoted market prices.

The Fund is a suitable investment only for those investors who have long-term investment goals such as investing for retirement.  If you are uncomfortable with an investment that will fluctuate in value, the Fund may not be the right choice for you.
Performance
The bar chart and table that follow provide some indication of the risks of investing in the Brandywine Advisors Midcap Growth Fund by showing changes in the Fund’s performance from year to year and by showing how the average annual returns over 1, 5 and 10 years compare with those of the S&P® 500, Russell Midcap® and Russell Midcap® Growth Indexes. For a description of the indexes, please see “Index Descriptions” on page 14 .  Updated performance is available on the Fund’s website www.brandywinefunds.com. Please be aware that past performance (before and after taxes) is not necessarily an indication of future performance.
Brandywine Advisors Midcap Growth Fund (Total return for the calendar year)
Bar Chart
Note:  During the 10-year period shown on the bar chart, the Fund’s highest total return for a quarter was 19.07% (quarter ended December 31, 2010) and the lowest total return for a quarter was -26.01% (quarter ended December 31, 2008).
Average Annual Total Returns (for the periods ended December 31, 2012 )
Average Annual Returns
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
BRANDYWINE ADVISORS MIDCAP GROWTH FUND
2.03% (9.03%) 3.49%
BRANDYWINE ADVISORS MIDCAP GROWTH FUND After Taxes on Distributions
2.02% (9.03%) 2.76%
BRANDYWINE ADVISORS MIDCAP GROWTH FUND After Taxes on Distributions and Sales
1.34% (7.43%) 2.91%
BRANDYWINE ADVISORS MIDCAP GROWTH FUND S&P 500® Index (reflects no deduction for fees, expenses, or taxes)
16.00% 1.66% 7.10%
BRANDYWINE ADVISORS MIDCAP GROWTH FUND Russell Midcap® Index (reflects no deduction for fees, expenses, or taxes)
17.28% 3.57% 10.65%
BRANDYWINE ADVISORS MIDCAP GROWTH FUND Russell Midcap® Growth Index (reflects no deduction for fees, expenses, or taxes)
15.81% 3.23% 10.32%
The after-tax returns above were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown .  A fter-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.  The Fund's Return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.
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