Fact Sheet / June 30, 2024

Foundation Diversified Income
Globally-diversified fixed income investing
Investment Objective

BenchmarkFoundation Diversified Income wasdeveloped to provide investors withexposure to a broadly diversified
portfolio of global fixed income
securities

Bloomberg Global Aggregate Bond Total Return Index

The strategy seeks to produce returns
that may approximate or exceed thoseof the Bloomberg Global Aggregate
Bond Index.

As of 06/30/2024

Growth of $10,000 Investment: January 2013 - June 2024
(Includes hypothetical performance. See Footnotes and Disclaimers)

Benchmark$9,906

Investment Strategy
The strategy invests in a portfolio thatcontains a broad range of fixed income
securities, including government,corporate, foreign and high-yield bonds.
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 forthe cost of that protection by investing inan uncorrelated diversified portfolio.

Foundation Diversified Income vs.
Bloomberg Global Aggregate Bond TR
FDIBB GlobalYears

11 1/2

Annual RoR

3.1%

-0.2%

Max Drawdown-9.4%-24.2%

Sharpe Ratio

Negative

Negative

Information Ratio

Strategy (Shaded)$14,2160.76

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

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

2014

2015

2016

2017

2018

2019

2020

2021

20222023

Foundation
Diversified Income

7.13%-1.39%

5.95%

4.56%

2.43%

11.12%

6.96%

0.14%

-7.70%

6.34%

Benchmark0.59%-3.15%

2.09%

7.39%

-1.20%

6.84%

9.20%

-4.71% -16.25%

5.72%

11 1/2-R-Squared to Benchmark 0.67
Sharpe Ratio and Information Ratio are mostrecent 5 years

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

Foundation
Diversified Income

Year to date One year

Three years Five years

0.00%

0.10%

3.28%

-0.89%

Benchmark-1.10%-3.16%

0.93%-5.49%Ten years

Inception

1.70%

2.92%

3.11%

-2.02%-0.42%-0.18%

Inception starts January 2013.

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

The performance data shown represents hypothetical past performance, as it includes theperformance of the Foundation Diversified Income strategy both prior to and subsequent to thelaunch of any Fund. Investment returns and principal value will fluctuate, so investors' shares,
when sold, may be worth more or less than their original cost. Current performance may belower or higher than the performance data shown. Please read the Footnotes and Disclaimers
on the last page to more fully understand the assumptions used to produce these performance
numbers. Figures for periods of less than one year are cumulative returns. All other figures
represent average annual returns. All returns are net of expenses.

Risk Analysis 5-Year

Foundation Diversified Income

Investment
Foundation Diversified Income

Morningstar Benchmark
Morningstar Global Bond

Calculation Benchmark
Bloomberg Global Aggregate Bond TR

4.00%

Foundation Diversified Income

3.00%

Morningstar Global Bond

2.00%

Bloomberg Global Aggregate
Bond TR

Total Return

1.00%
0.00%
4.00%
-1.00%

5.00%

6.00%

7.00%

8.00%

-2.00%-3.00%

Standard Deviation
USD | Category: Morningstar Global Bond | Index: Bloomberg Global Aggregate Bond TR | Return and Standard Deviation asof June 30, 2024

Risk & Volatility Measures
Trailing

Foundation Diversified Income

Morningstar Global BondAlpha

1.37

0.53

Beta

0.45

0.98

279.18

95.82

Negative

Negative

4.29

7.54

R

Sharpe Ratio
Standard Deviation

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

Market Volatility Measures
Capture Ratios

Foundation Diversified Income

Morningstar Global BondUpside75114

Downside

32102

Drawdown

Foundation Diversified Income %Morningstar Global Bond %Maximum-9.40-21.75

Drawdown Peak Date

Drawdown Valley Date

Max Drawdown Duration

July 2021

September 2022

14 Months

USD | As of June 30, 2024 | Calculation Benchmark: Bloomberg Global 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 July 2023, plus the actual performance of the Foundation Diversified Incomestrategy as reported beginning in August 2023. “Inception” starts in January 2013. The performance prior to June 2023, although verified, isconsidered hypothetical. The strategy combines significant exposure to the Bloomberg Global Aggregate Bond index and related equityindexes, which may be obtained through the purchase of individual fixed income securities, mutual funds, ETFs or futures, withBrandywine’s Risk Replacement methodology. This includes the performance of the strategy’s put option protection, which assumes thequarterly purchase of one-year put options covering a portion 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. 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 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 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:
10532X855.