BRANDYWINE MANAGERS, LLC

Brandywine Managers, LLC (“BML”) and Brandywine Group Advisors, Inc. (“BGA”) conduct a single advisory business. BML is primarily engaged in a fund-of-funds business, providing investment supervisory services to privately offered pooled investment vehicles (Funds) for which BML serves as General Partner, Manager, or Managing Member. These services include advice on asset allocation, manager selection, retention, and termination. The Funds invest in private investment funds and managed accounts, carrying a high risk of loss but offering capital appreciation potential. The Adviser's clients are the Funds and its affiliate, Brandywine Trust Company, LLC (“BTC”). BGA provides investment recommendations to BTC on an as-needed basis. As of December 31, 2024, the Adviser had approximately $12,914,606,000 in client assets under management, with $12,894,436,903 managed on a discretionary basis and $20,169,097 on a non-discretionary basis. The Adviser is paid performance-based compensation by the Funds.

The Proprietary Funds generally engage in three strategies. The first is a global strategy, where they participate in the real growth of the global economy by taking ownership positions in individual public companies, either directly or through Portfolio Managers. The aim is to provide a source of public equity returns that can, over the long term, outperform diversified, easily available public market alternatives, net of fees and taxes. The second strategy is a multi-strategy approach, where they invest with Portfolio Managers who pursue strategies other than long-only equity investing, seeking equity-like returns over the long-term with lower volatility than that of equities and a reduced correlation. The third strategy, Special Assets, involves investing in market dislocations and/ or assets with relatively low correlation to equity markets across a broad range of illiquid strategies, including equity or debt of private companies, potentially structured as drawdown vehicles with multi-year lock-ups.

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