Fact Sheet / June 30, 2024

Foundation Core Bond
Broad based U.S. fixed income investing

Investment Objective

BenchmarkFoundation Core Bond was developed
to provide investors with exposure to abroadly diversified portfolio of U.S. fixedincome securities.

Bloomberg US Aggregate Bond Total Return Index

The strategy seeks to produce returns
that may approximate or exceed thoseof the Bloomberg U.S. Aggregate BondIndex.

Investment Strategy
The strategy invests in a diversified
portfolio of U.S. fixed income securities,or funds invested in a diversifiedportfolio of fixed income securities. It
then seeks to mitigate losses andpotentially enhance returns by its use of
Brandywine’s proprietary innovation of“Risk Replacement.” This approach uses
put options to protect a portion of thedownside risk and then seeks to pay for

Growth of $10,000 Investment: January 2013 - June 2024
(Includes hypothetical performance. See Footnotes and Disclaimers)
As of 06/30/2024
Strategy (Shaded)$13,356
Benchmark$11,639

Investment Philosophy and Strategy
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Hypothetical Annual Returns(Includes hypothetical performance. See Footnotes and Disclaimers)

Performance Comparison
Foundation Core Bond vs.
Bloomberg US Aggregate Bond TRFCBBBYears

11 1/2

11 1/2

Annual RoR

2.5%

1.3%

Max Drawdown-11.9%-17.2%

Sharpe Ratio

Negative

Negative

0.28-Information Ratio

R-Squared to Benchmark
0.67
Includes hypothetical performance. See
Footnotes and Disclaimers. Sharpe Ratio andInformation Ratio are most recent 5 years.

Portfolio Managers
Michael P. Dever
Professional Experience Since 1982
Robert B. Proctor
Professional Experience Since 1982

201420152016

20172018

2019

2020

20212022

2023

Foundation Core Bond

7.60%

-0.91%

3.23%

4.28%

2.71%

10.08%

8.86%-0.26%-7.73%-0.12%

Benchmark

5.97%

0.55%

2.65%

3.54%

0.01%

8.72%

7.51%

-1.54% -13.01%

5.53%

Total Returns(Includes hypothetical performance. See Footnotes and Disclaimers)
Periods ended June 30, 2024
Strategy

Quarter Year to date One year Three years Five years Ten years

Inception

Foundation Core Bond

0.60%

1.42%

-0.40%-2.65%

0.93%

2.30%

2.55%

Benchmark0.07%-0.71%

2.63%-3.02%-0.23%

1.35%

1.33%The performance data shown represents hypothetical past performance, as it includes
the performance of the Foundation Core Bond strategy both prior to and subsequent to
the launch of any Fund. Investment returns and principal value will fluctuate, soinvestors' shares, when sold, may be worth more or less than their original cost. Current
performance may be lower or higher than the performance data shown. Please read theFootnotes and Disclaimers on the last page to more fully understand the assumptions
used to produce these performance numbers. "Inception" starts January 2013. Figures forperiods of less than one year are cumulative returns. All other figures represent average annualreturns. All returns are net of expenses.

Risk Analysis 5-Year

Foundation Core Bond

Investment
Foundation Core Bond

Morningstar Benchmark
Calculation Benchmark
Morningstar Intermediate Core Bond Bloomberg US Aggregate Bond TR

1.50%

Foundation Core Bond

1.00%

Morningstar Intermediate CoreBondBloomberg US Aggregate BondTR

0.50%

Total Return

0.00%-0.50%-1.00%
3.50%

4.00%

4.50%

5.00%

5.50%

6.00%

6.50%

Standard Deviation
USD | Category: Morningstar Intermediate Core Bond | Index: Bloomberg US Aggregate Bond TR | Return and Standard
Deviation as of June 30, 2024

Risk & Volatility Measures
Trailing

Foundation Core BondMorningstar Intermediate Core BondAlpha(0.09)(0.16)

Beta

0.49

0.97

275.71

99.33

Negative

Negative

4.03

6.08

R

Sharpe Ratio
Standard Deviation

USD | All Measures as of June 30, 2024 | Calculation Benchmark: Bloomberg US Aggregate Bond TR

Market Volatility Measures
Capture Ratios

Foundation Core Bond

Morningstar Intermediate Core BondUpside

6795

Downside

4697

Drawdown

Foundation Core Bond % Morningstar Intermediate Core Bond %Maximum-11.92-17.16

Drawdown Peak Date

Drawdown Valley Date

Max Drawdown Duration

July 2021

October 2023

27 Months

USD | As of June 30, 2024 | Calculation Benchmark: Bloomberg US Aggregate Bond TR

Footnotes and Disclaimers
Strategy Performance Disclaimer
The Strategy Performance displayed in this Fact Sheet includes performance that has been independently verified by Alpha Performance
Verification Services for the period January 2013 through May 2023, plus the actual performance of the Foundation Core Bond strategy asreported beginning in June 2023. “Inception” starts in January 2013. The performance prior to June 2023, although verified, is consideredhypothetical. The strategy combines significant exposure to the Bloomberg Aggregate Bond index and related equity indexes, which may beobtained through the purchase of individual fixed income securities, mutual funds, ETFs or futures, with Brandywine’s Risk Replacement
methodology. This includes the performance of the strategy’s put option protection, which assumes the quarterly purchase of one-year put
options covering a portion of the account value, and an investment in Brandywine’s Return Driver Diversifier. Performance throughout theverified and actual period is reduced for the fees and expenses displayed in the table below.
The actual performance of Brandywine’s Return Driver Diversifier during the verified period is based on the actual trading performance ofBrandywine’s futures trading programs from January 2013 through June 2018 and June 2020 through February 2023, and actual trading
beginning in May 2023. The tested performance includes the periods July 2018 through May 2020, and March through April 2023. All
performance is based on the performance of an initial $10,000 investment, with dividends and other earnings reinvested and based onmonthly settlement prices for all investments in the strategy.
The effect of material market or economic conditions on the strategy’s performance may result in performance for the strategy that varies
from that of its benchmark index. For example, the use of put protection in the actual performance of the strategy may result in the strategy
losing less when the strategy’s benchmark index falls and in periods oi strong benchmark index performance the strategy may underperform
if the performance of the Return Driver Diversifier does not offset the losses incurred by the put protection.
Potential investors are encouraged to contact Brandywine with any questions related to the performance of the strategy, which is based on
Brandywine’s actual trading experience starting in 1991, in order to better understand how the risks and limitations of the strategy may affectany investment decisions to the extent they may not be reflected in the actual and backtested performance.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. THERE IS THE RISK OF LOSS AS WELL AS THE OPPORTUNITYFOR GAIN WHEN INVESTING IN THIS STRATEGY. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS,SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TOACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEENHYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADINGPROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITHTHE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICALTRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THEABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES AREMATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORSRELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BEFULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY
AFFECT ACTUAL TRADING RESULTS.
Annual Operating Expense
Annual Percentage Rate
Trustee/Management Expenses
0.40%
Estimated Acquired Fund Fees
0.00%
Estimated Administrative Expenses
0.05%
Total Annual Operating Expense
0.45%
Annual effect on the Fund's operating expense on $1,000 is $4.50
Prior year portfolio turnover: 1%

Contact Information
For investment related questions please contact Robert Proctor: 610.361.1000 x102 or rob@brandywine.com. Related fund CUSIP:10532X863.