STRATEGY FACT SHEETFOCUS INTERNATIONAL

Q2 // June 30. 2024

STRATEGY FACTSSTRATEGY PERFORMANCE - Includes verified hypothetical performance
Total Returns (Periods end June 2024)

About the Strategy• Long-term growth potential fromforeign stocks exposure• International diversification canbalance domestic investments• Downside protection using proprietary“Risk Replacement” approach
Investment Style
Foreign Large Blend
Investment Objective and Strategy
The strategy’s investment objective iscapital appreciation. The strategy normallyinvests to hold 100% exposure to theperformance of the MSCI EAFE index andthen uses put options to offset the risk ofthat exposure. The strategy then seeks to
pay for the cost of that protection by
investing in a portfolio that is broadly
diversified across both investment
strategies and markets.
This strategy is designed to limit downsiderisk and losses due to bear markets. As aresult, recoveries are able to start fromhigherlevels,increasing returns
Valueof apotentially$10,000 Investment
over time.
An example is the 2022 bear market. Whilethe MSCI EAFE index dropped by -26.9%,
the tested performance for Focus
International was a loss of just -18.1%. As aresult, while the MSCI EAFE index required
a +37% return just to get back to even, thatsame return would result in +12% new
profits for Focus International.

Contact Information
Rob Proctor: 610.361.1000 x102 orrob@brandywine.com

Focus International
MSCI EAFE

StrategyYTD

Focus International

5.58%-1.59%MSCI EAFE GR

5.75%

3 Month 1 Year

3 Year

5 Year10 Year

SI

9.08%

2.21%

7.99%

6.25%

8.22%

-0.17% 12.09%

3.43%

6.98%

4.84%

6.57%

Performance shown includes both actual fund performance starting May 2023 and prior verifiedperformance. Performance is net of all actual fees and expenses. Read footnotes and disclaimers.
Since Inception (SI) performance is from January 2013.

$28,000

Ending Value$23,000

Focus International$24,812MSCI EAFE$20,792$18,000$13,000$8,000Dec-12

Dec-14

Dec-16

Dec-18Dec-20

2023

2022

2021

Focus International

12.09

-7.57

8.52 13.38 24.19

MSCI EAFE GR

18.85 -14.01 11.78

2020

2019

2018

Dec-22

2017

2016

2015

-8.32 31.72

3.16

-4.24

1.08

8.28 22.66 -13.36 25.62

1.51

-0.39

-4.48

2014

KEY STATISTICS
Focus International vs. MSCI EAFE GR
Focus
International MSCI EAFE
Years
Annual RoR
Max Drawdown
Sharpe Ratio
Information Ratio
R-Squared to Benchmark

11 1/28.7%-18.7%
0.50
0.25
0.84

11 1/2
6.6%-26.9%
0.27-Data through June 2024. Sharpe Ratio and Information
Ratio are most recent 5-years

0%-5%-10%-15%-20%-25%-30%

2022 Bear Market
MSCI
EAFE TR

Focus Int'lRisk Analysis 5-Year

Focus International

Investment
Focus International

Morningstar Benchmark
Morningstar Foreign Large Blend

Calculation Benchmark
MSCI EAFE GR

8.50%

Focus International
8.00%

Morningstar Foreign Large Blend
7.50%

MSCI EAFE GR
7.00%

Total Return

6.50%
6.00%
5.50%
13.00%

14.00%

15.00%

16.00%

17.00%

18.00%

19.00%

Standard Deviation
USD | Category: Morningstar Foreign Large Blend | Index: MSCI EAFE GR | Return and Standard Deviation as of June 30, 2024

Risk & Volatility Measures
Trailing

Focus International

Morningstar Foreign Large Blend

Alpha

2.15

(0.89)

Beta

0.71

0.97

289.02

98.93

Sharpe Ratio

0.41

0.21

Standard Deviation

13.98

17.43

RUSD | All Measures as of June 30, 2024 | Calculation Benchmark: MSCI EAFE GR

Market Volatility Measures
Capture Ratios

Focus International

Morningstar Foreign Large BlendUpside

8198

Downside

65104

Drawdown

Focus International %Morningstar Foreign Large Blend %Maximum-18.09-28.16

Drawdown Peak Date

Drawdown Valley Date

Max Drawdown Duration

October 2021

September 2022

11 Months

USD | As of June 30, 2024 | Calculation Benchmark: MSCI EAFE GR | Drawdown as of June 30, 2024

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 April 2023, plus the actual performance of the Focus International strategy asreported beginning in May 2023. “Since Inception” starts in January 2013. The performance prior to May 2023, although verified, isconsidered hypothetical. The strategy combines significant exposure to the MSCI EAFE index and related equity indexes, which may beobtained through the purchase of individual equities, mutual funds, ETFs or futures, with Brandywine’s Risk Replacement methodology. Thisincludes the performance of the strategy’s put option protection, which assumes the quarterly purchase of one-year put options covering aportion of the account value, and an investment in Brandywine’s Return Driver Diversifier. Performance throughout the verified 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. Allperformance 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 strategylosing 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 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 mayaffectany 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
0.60%
Estimated Acquired Fund Fees
0.04%
Estimated Administrative Expenses
0.05%
Total Annual Operating Expense
0.69%
Annual effect on the Fund's operating expense on $1,000 is $6.85
Prior year portfolio turnover: 18%

How to Invest
Investors may participate in the strategy through individually managed accounts or funds. A related CUSIP is 10532X871. Contact
the Investment Manager at Robert Proctor: 610.361.1000 x102 or rob@brandywine.com.