Fact Sheet 2024 Q2

Brandywine Asset Management
Enhanced Target Date Strategies
The Brandywine Target Date Strategies are the only target date strategies that employ
downside protection against significant market losses. Because risk is reduced:• Brandywine Target 2030 can maintain higher equity exposure across the entire
glide path, and• With bear markets mitigated, recoveries can start from higher levels.
The result: Potentially greater returns and more money in retirement.

Portfolio Managers
Michael P. Dever
Professional Experience Since 1982
Robert B. Proctor
Professional Experience Since 1982Strategy Performance—Hypothetical(1)Average Annual Total Returns
Strategy & Benchmark

3 MonthYTD

1 Year

3 Year

5 Year10 YearCalendar Year Returns
SIBrandywine Target 2030

0.86%

7.33% 14.47%

4.20%

9.82%

8.96% 10.88%

S&P TD 2030

1.43%

5.75% 11.85%

2.78%

7.04%

6.46%

7.72%

Performance shown contains both actual and tested performance and is net of fees and expenses.
Please read all footnotes and disclaimers on the following page.
Since Inception (SI) performance is from the start of the verified performance period in January 2013.

Value of a $10,000 Investment(2)$30,000$35,000

Ending Value
Brandywine
Target2050
Brandywine
Target2030 $27,353$32,779$30,000$25,000$25,000$20,000$22,028$23,526

BenchmarkS&P TD 2030

Brandywine
Target 2030 S&P TD 2030
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014

…............
…............
…............
…............
…............
…............
…............
…............
…............
…............

16.22%-11.50%12.95%
17.97%
24.34%-2.40%
22.49%
8.16%-1.86%
11.09%

14.80%-13.96%
12.61%
11.91%
20.38%-5.99%
16.19%
8.35%-0.30%
5.64%

InformationRatio:
0.44 0.66
Information
Ratio:$20,000$15,000$15,000$10,000$10,000
Dec-12

Dec-14

Dec-16

Dec-18Dec-20Dec-22

Brandywine’s Innovation of “Risk Replacement”
Brandywine’s Risk Replacement approach:• Holds equity and fixed income positions,• offsets the high risk of those investments withthe purchase of put options, then• seeks to pay for the cost of the option
protection by investing in a lower risk
proprietary Return Driver Diversifier.(3)That’s it. 100% investment exposure ismaintained, while the high risk of an underlying
investment is replaced by the lower risk ofBrandywine’s Return Driver Diversifier.

About Brandywine
Improvement fromRisk Replacement
10,0009,000
8,000

Max Loss

7,000
Brandywine Target 2030
BenchmarkBrandywine Asset Management has a 40
year legacy of investment research, trading
and innovation. Brandywine’s founder and
CEO is a featured subject in three books andwrote a best-selling book describing
Brandywine’s Return Driver based
investment approach. This is a key elementof Brandywine’s Risk Replacement strategy,
which powers the performance of theBrandywine Target Date Strategies.

For illustrative purposes only

Contact Information
For investment related questions please contact the investment manager: Robert Proctor: 610.361.1000 x102 orrob@brandywine.com. Related CUSIP: 10532X848.

Risk Analysis 5-Year

Brandywine Target 2030

Investment
Brandywine Target 2030

Morningstar Benchmark
Morningstar Target-Date 2030

Calculation Benchmark
S&P TD 2030

10.00%

Brandywine Target 2030
9.00%

Morningstar Target-Date 2030
S&P TD 2030

8.00%

Total Return

7.00%

6.00%

5.00%
11.00%

11.50%

12.00%

12.50%

13.00%

Standard Deviation
USD | Category: Morningstar Target-Date 2030 | Index: S&P TD 2030 | Return and Standard Deviation as of June 30, 2024

Risk & Volatility Measures
Trailing

Brandywine Target 2030

Morningstar Target-Date 2030

Alpha

3.23

(0.94)

Beta

0.85

0.99

2R

94.22

99.71

Sharpe Ratio

0.67

0.30

Standard Deviation

11.30

12.50

USD | All Measures as of June 30, 2024 | Calculation Benchmark: S&P TD 2030

Market Volatility Measures
Brandywine Target 2030

Morningstar Target-Date 2030

Upside103

95

Downside76

103

Drawdown

Brandywine Target 2030 %Morningstar Target-Date 2030 %Maximum-14.93-21.22

Capture Ratios

Drawdown Peak Date

Drawdown Valley Date

Max Drawdown Duration

October 2021

September 2022

11 Months

USD | As of June 30, 2024 | Calculation Benchmark: S&P TD 2030 | Drawdown as of June 30, 2024

Footnotes and Disclaimers
Footnotes(1) The Strategy Performance displayed for the Brandywine Target 2030 strategy has been independently verified by Alpha Performance
Verification Services for the period January 2013 through September 2023 and is based on a combination of actual and hypothetical
performance, net of all expenses. All performance starting October 2023 is actual performance. Performance throughout the verified
and actual period is reduced for the fees and expenses displayed in the table below.
The assumptions used to derive the tested performance are as follows:
Glide path followed by the Strategy is similar to the glide path used by the most aggressive target date funds offered by theinvestment industry.
 Actual sub-strategies used to capture the returns for each asset class are the Brandywine Enhanced Strategies. This is the key
differentiator of the performance of Brandywine Target 2030, as the Brandywine Enhanced Strategies employ Brandywine’sinnovation of Risk Replacement to potentially increase returns by reducing risk, therefore enabling recoveries from losses to begin
at higher levels.
(2) The charts and tables compare the combined hypothetical and actual performance of Brandywine Target 2030 with the S&P
Target Date 2030 benchmark. The growth in value chart shows how a hypothetical initial $10,000 investment would havegrown in each over the periods shown.
(3) A “Return Driver” is the primary underlying condition that drives the price of a market.
Performance Disclaimers
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. THERE IS THE RISK OF LOSS AS WELL AS THE OPPORTUNITYFOR GAIN WHEN INVESTING IN THE BRANDYWINE TARGET DATE STRATEGIES.
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 sub-strategies invested into by the strategy may result in thestrategy losing less when the strategy’s benchmark index falls and in periods of strong benchmark index performance the strategy may
underperform if the performance of the underlying strategies do not offset the losses incurred by their put protection.
Potential investors are encouraged to contact Brandywine with any questions related to the actual or backtested performance of the strategy
in order to better understand how the risks and limitations of the strategy, to the extent they may not be reflected in the actual andbacktested performance, may affect any investment decisions.
Performance prior to the start of actual trading is considered hypothetical and is derived from a combination of actual and hypotheticalperformance, net of the fees being charged to the Strategy. As a result, the following disclaimer applies.
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 TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE
SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE
ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OFHYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELYACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TOADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELYAFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THEIMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY 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
0.00%
Estimated Acquired Fund Fees
0.51%
Estimated Administrative Expenses
0.05%
Total Annual Operating Expense
0.56%
Annual effect on the Fund's operating expense on $1,000 is $5.60Estimated Portfolio turnover: 9%

Contact Information
For investment related questions please contact Robert Proctor: 610.361.1000 x102 or rob@brandywine.com. Related fund CUSIP:10532X848.