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 Retirement can maintain higher equity exposure across theentire 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
Brandywine Target
Retirement
S&P TD Income

Calendar Year Returns

3 MonthYTD

1 Year

3 Year

5 Year10 Year

SI

0.72%

5.33%

9.95%

2.22%

6.79%

6.56%

7.61%

1.13%

3.47%

8.23%

1.12%

3.91%

3.92%

4.31%

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$24,000

Ending Value$27,353
BrandywineTarget
TargetRetirement
2050
Brandywine$23,256$22,000$25,000$20,000

BenchmarkS&P
TD Income$18,000$20,000

Information
Ratio:
0.44 0.82
Information
Ratio:$22,028$16,245

2023
2022
2021
2020
2019
2018
2017
2016
2015
2014

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Brandywine
TargetRetirement

S&P TD
Income11.22%-9.95%
8.16%
14.40%
18.56%-0.26%
14.49%
6.28%-1.37%
9.26%

10.35%-11.17%
5.11%
8.81%
13.33%-2.53%
8.54%
5.01%-0.18%
4.87%$16,000$15,000$14,000$12,000$10,000$10,000
Dec-12

Dec-14

Dec-16

Dec-18Dec-20Dec-22

Reinventing the Glide Path with “Risk Replacement”
Brandywine Target Retirement employs
Brandywine’s innovation of “Risk Replacement.”
Risk Replacement:• Holds equity and fixed income positions,• offsets the high risk of those investmentswith the 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% exposure is maintained, while
the high risk of an underlying investment isreplaced by the lower risk of Brandywine’s
Return Driver Diversifier.

How this redefines the Glide Path
As a result, Brandywine Target
Retirement is able to maintainhigher equity exposure for longer
than all other target dateretirement and income funds while still seeking to maintain alower risk of loss.
The result is the potential for
substantially more money tospend in retirement.

About Brandywine
Brandywine Asset Management has a 40year legacy of investment research,trading and innovation. Brandywine’s
founder and CEO is a featured subject inthree books and wrote a best-selling bookdescribing Brandywine’s Return Driver
based investment approach. This is a key
element of Brandywine’s Risk
Replacement strategy, which powers theperformance of the Brandywine Target
Date Strategies.

Contact Information
For investment related questions please contact the investment manager: Robert Proctor: 610.361.1000 x102 orrob@brandywine.com. Related CUSIP: 10532X830.

Risk Analysis 5-Year

Brandywine Target Retirement

Investment
Brandywine Target RetirementMorningstar Benchmark
Morningstar Target-Date
Retirement

Calculation Benchmark
S&P TD Income

9.00%

Brandywine Target Retirement

8.00%

7.00%

Morningstar Target-DateRetirement

6.00%

S&P TD Income

Total Return

5.00%
4.00%
3.00%
2.00%
6.00%

6.50%

7.00%

7.50%

8.00%

8.50%

9.00%

9.50%

10.00%

Standard Deviation
USD | Category: Morningstar Target-Date Retirement | Index: S&P TD Income | Return and Standard Deviation as of June30, 2024

Risk & Volatility Measures
Trailing

Brandywine Target Retirement

Morningstar Target-Date RetirementAlpha

2.88(0.70)

Beta

0.94

1.05

2R

90.21

99.50

Sharpe Ratio

0.57

0.13

Standard Deviation

8.05

8.15

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

Market Volatility Measures
Capture Ratios

Brandywine Target Retirement

Morningstar Target-Date Retirement

1238798
109

UpsideDownside
Drawdown

Brandywine Target Retirement % Morningstar Target-Date Retirement %Maximum-12.56-16.19Drawdown 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 Income | Drawdown as of June 30, 2024

Footnotes and Disclaimers
Footnotes(1) The Strategy Performance displayed for the Brandywine Target Retirement 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 andhypothetical 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 Retirement, as the Brandywine Enhanced Strategies employ Brandywine’s
innovation 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 Retirement with
the S&P Target Date Retirement benchmark. The growth in value chart shows how a hypothetical initial $10,000 investment
would have grown 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 and backtested 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 hypothetical performance, 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 OF HYPOTHETICAL 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 COMPLETELY ACCOUNT FOR THE IMPACTOF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULARTRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADINGRESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANYSPECIFIC 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
0.53%
Estimated Administrative Expenses
0.05%
Total Annual Operating Expense
0.58%
Annual effect on the Fund's operating expense on $1,000 is $5.80
Estimated Portfolio turnover: 9%

Contact Information
For investment related questions please contact Robert Proctor: 610.361.1000 x102 or rob@brandywine.com. Related fund CUSIP:10532X798.