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DISCLOSURE DOCUMENT OF

BRANDYWINE ASSET MANAGEMENT, INC.

BRANDYWINE ASSET MANAGEMENT, INC.

The Mill381 Brinton Lake Road

Thornton, Pennsylvania 19373

Telephone: (610) 361-1000

Facsimile: (610) 361-1001

e-mail address: [email protected]

THE DATE OF THIS DISCLOSURE DOCUMENT IS

January 1, 2017

BRANDYWINES INVESTMENT PROGRAMS IS ONLY AVAILABLE TO INVESTORS THAT

QUALIFY AS QUALIFIED ELIGIBLE PARTICAPANTS AS THAT TERM IS DEFINED IN CFTC

REG. SECTION 4.7(a)(2) PROMULGATED UNDER THE CE ACT, WHICH ARE QUALIFIED TO

INVEST IN THE PROGRAMS BY (a) THEIR KNOWLEDGE AND ACCEPTANCE OF THE RISKS

ASSOCIATED WITH HIGHLY LEVERAGED SECURITIES AND FUTURES TRADING AND (b)THEIR FINACIAL ABILITY TO ACCEPT SUCH RISK.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS

OF PARTICIPATING IN THIS TRADING PROGRAM NOR HAS THE COMMISSION PASSED ON

THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.

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RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. YOU

SHOULD, THEREFORE, CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE

FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO

TRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD BE AWARE

OF THE FOLLOWING:

IF YOU PURCHASE A COMMODITY OPTION, YOU MAY SUSTAIN A TOTAL LOSS OF THE

PREMIUM AND OF ALL TRANSACTION COSTS.

IF YOU PURCHASE OR SELL A COMMODITY FUTURE OR SELL A COMMODITY OPTION, YOU

MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN FUNDS AND ANY ADDITIONAL FUNDS THAT

YOU DEPOSIT WITH YOUR BROKER TO ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET

MOVES AGAINST YOUR POSITION, YOU MAY BE CALLED UPON BY YOUR BROKER TO DEPOSIT A

SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN FUNDS, ON SHORT NOTICE, IN ORDER TO

MAINTAIN YOUR POSITION. IF YOU DO NOT PROVIDE THE REQUESTED FUNDS WITHIN THE

PRESCRIBED TIME, YOUR POSITION MAY BE LIQUIDATED AT A LOSS, AND YOU WILL BE LIABLE FOR

ANY RESULTING DEFICIT IN YOUR ACCOUNT.

UNDER CERTAIN MARKET CONDITIONS, YOU MAY FIND IT DIFFICULT OR IMPOSSIBLE TO

LIQUIDATE A POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHEN THE MARKET MAKES A LIMIT

MOVE.

THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR YOUR TRADING ADVISOR, SUCH AS A

STOP-LOSS OR STOP-LIMIT ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED

AMOUNTS, SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS.

A SPREAD POSITION MAY NOT BE LESS RISKY THAN A SIMPLE LONG OR SHORT

POSITION.

THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING

CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE

LOSSES AS WELL AS GAINS.

IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL

CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS

THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID

DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS, AT PAGE

13, A COMPLETE DESCRIPTION OF EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE

COMMODITY TRADING ADVISOR.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT

ASPECTS OF THE COMMODITY MARKETS. YOU SHOULD THEREFORE CAREFULLY STUDY THIS

DISCLOSURE DOCUMENT AND COMMODITY TRADING BEFORE YOU TRADE, INCLUDING THEDESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGE 13.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE

IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED

OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES

MARKET MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED

PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO

COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-

UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE EFFECTED. BEFORE YOU

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TRADE YOU SHOULD INQUIRE ABOUT ANY RULES RELEVANT TO YOUR PARTICULAR

CONTEMPLATED TRANSACTIONS AND ASK THE FIRM WITH WHICH YOU INTEND TO TRADE FOR

DETAILS ABOUT THE TYPES OF REDRESS AVAILABLE IN BOTH YOUR LOCAL AND OTHER

RELEVANT JURISDICTIONS.

THIS COMMODITY TRADING ADVISOR IS PROHIBITED BY LAW FROM ACCEPTING FUNDS IN

THE TRADING ADVISORS NAME FROM A CLIENT FOR TRADING COMMODITY INTERESTS. YOUMUST PLACE ALL FUNDS FOR TRADING IN THIS TRADING PROGRAM DIRECTLY WITH A FUTURES

COMMISSION MERCHANT OR RETAIL FOREIGN EXCHANGE DEALER, AS APPLIABLE.

The date of this Disclosure Document is January 1, 2017. Delivery of this Disclosure Document at any time doesnot imply that the information contained herein is correct as of any time subsequent to the date shown above.Further, the Disclosure Document shall not be used or relied on by any investor opening an account withBrandywine Asset Management, Inc. (Brandywine) more than nine (9) months past the date above stated.Trading in futures contracts, options on futures contracts, forward contracts, cash currencies and othercommodity interests (collectively, futures) is speculative in nature, involves a high degree of risk, and is notsuitable for all investors. An investor should consult his or her financial advisor before opening a managedfutures account. No person is authorized by Brandywine to give any information or to make any representationnot contained herein.

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TABLE OF CONTENTS

RISK DISCLOSURE STATEMENT.................................... .................................... ..................................... ........ 2

TABLE OF CONTENTS................................ .................................... .................................... ................................ 4

ABOUT BRANDYWINE....................................................................................................................................... 5

DESCRIPTION OF BRANDYWINES INVESTMENT PROGRAMS............................................... ............... 7

FEES AND EXPENSES......................................................................................................................................... 8

PAST PERFORMANCE........................................................................................................................................ 9

NOTES AND DISCLAIMERS RELATED TO PRIOR PERFORMANCE TABLES ................................ ...... 13

NOTIONAL FUNDING OF AN ACCOUNT...................................................................................................... 14

SELECTION OF COMMODITY BROKER...................................................................................................... 16

POTENTIAL CONFLICTS OF INTEREST...................................................................................................... 16

RISK FACTORS.................................................................................................................................................. 17

PRIVACY NOTICE............................................................................................................................................. 21

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST................................................................. 21

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ABOUT BRANDYWINE

Introduction

Brandywine Asset Management, Inc. (Brandywine), a Pennsylvania corporation, is an investmentresearch and trading firm that manages accounts for clients (Clients) in a broad range of liquid international

financial and commodity markets. Brandywines principal business address where its books and records are keptis at The Mill, 381 Brinton Lake Road, Thornton, Pennsylvania 19373. Brandywine's telephone number is (610)361-1000, its facsimile number is (610) 361-1001 and its e-mail address is [email protected]. Brandywineis registered with the Commodity Futures Trading Commission (CFTC)(initial registration date 9/2/1982) andis a member of the National Futures Association (NFA)(initial membership date 9/23/1982).

Brandywine was founded by Michael P. Dever in 1982 and has a long history of researching andtrading in a broad variety of investment instruments and strategies, including futures, forwards, options, stocksand commodities using both fully automated and discretionary strategies. The Brandywine trading programswere conceived of during the 1980s, a decade of extensive discretionary trading by Mr. Dever. During thatperiod he developed and cataloged hundreds of trading ideas and research techniques derived from hisimmersion in the markets. In 1987 Mr. Dever began a massive research project in order to combine all of hisconcepts together into a systematic trading model. The project entailed combining Mr. Dever's trading

experience with specialized scientific, statistical and mathematical research skills.

The initial phase of the project took four years and combined the talents of Brandywine's own in-houseresearchers and programmers with the specialized skills of more than one dozen academic researchers from threedifferent Universities. The resultant top-performing Brandywine Benchmark Program was one of the mostbroadly diversified managed futures programs in existence, trading in more than 100 futures markets using morethan three dozen strategies. Brandywine managed hundreds of millions of dollars in client capital in the Program,which ran from 1991 through 1998. The result was performance uncorrelated to traditional investments andCTAs, and most importantly, performance that in actual trading tracked the Programs prior simulatedperformance.

Brandywines Investment Programs, launched in 2011, are built on this 30-year legacy of research andtrading and benefit from Brandywines cumulative research and trading experience. As a testament to

Brandywines research methodology, many of the trading strategies developed in the late 1980s and early 1990sand utilized in the Brandywine Benchmark Program in the 1990s continue to remain valid and are incorporatedin Brandywines Investment Programstoday.

A description of Brandywines Investment Programs isincluded under the heading DESCRIPTION OFBRANDYWINES INVESTMENT PROGRAMS and their performances are set forth in the PASTPERFORMANCEsection of this disclosure document.

There have been no material administrative, civil or criminal actions, whether pending or concluded,against Brandywine or its principals.

The background of the principals of Brandywine are as follows:

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MICHAEL P. DEVER is the founder, CEO and Director of Research of Brandywine AssetManagement. Mr. Dever founded Brandywine in 1982. After nearly a decade of extensive discretionary trading,Mr. Dever began the 4-year research project that led to the launch of the highly successful BrandywineBenchmark program in 1991. Mr. Dever became an Internet pioneer when he founded Spree.com in 1996.Spree.com pioneered the use of "viral" and affiliate marketing to grow into the 7th most trafficked ecommercesite by the fall of 1998. Subsequent to raising a $13 million venture round, Mr. Dever left spree in 1999 andfounded Mind Drivers, a venture development firm focused on creating and building highly scalable Internetbusinesses. In that role he co-founded InternetSeer.com and led the company through to its successful sale toLandmark Communications in July 2007. After a decade of success in operating Mind Drivers, Mr. Deverhanded over its day-to-day operation to his long-time partners in 2010 in order to refocus his attention andenergy on Brandywine

Mr. Dever is the author of Exploiting the Myths: Profiting from Wall Streets misguided beliefs(whichbecame an Amazon best-seller under the popular titleJackass Investing: Dont do it. Profit from it.), which waspublished in 2011. The book espouses Mr. Devers belief in true investment diversification and statistically

rebuts many of the common myths of investing, such as you cant time the market, its bad to chase performanceand there is no free lunch. (This last myth promotes Mr. Devers firm belief that there is a free lunch. It is trueand balanced portfolio diversification, the basis of Brandywines Investment Programs).

Mr. Dever is a member of the NFA CPO/CTA Advisory Board. He has been a featured subject of three

books and he and his businesses have been the subject of numerous interviews and articles in publicationsincluding: Bloomberg Television, The Wall Street Journal, Barrons, Computer World, Information Week, thePhiladelphia Inquirer, Philadelphia Business Journal, Wall Street & Technology, Futures Magazine, Futures &Options World, Forbes Magazine and Fox Television. Mr. Dever received a bachelors degree in Business fromWest Chester University in 1981.

JOHN A. UEBLER is a director and principal of Brandywine and heads up Brandywines Trading andOperations. From August 1991 to January 2010 Mr. Uebler served as a construction project engineer and projectmanager at Keating Building Corporation (August 1991 to February 1996), Fluor Daniel/ADP Marshall/MarshallContractors (March 1996 to March 2006) and L.F. Driscoll Co. (April 2006 to January 2010). Mr. Uebler wasresponsible for various project management activities, including preparation of scopes of work, purchasing,contract administration, cost and schedule control, subcontractor management, field supervision, accounting, andproject quality. Mr. Uebler began his investment industry experience in 2010 as a contract consultant for a

trading system development software firm. His experience includes development and review of trading systems,as well as trading system execution and support services. He left there to join Brandywine in March 2012. Mr.Uebler has a Bachelor of Science degree in Civil Engineering with High Honors from the University of NotreDame (May 1990) and a Master of Science in Civil Engineering from Stanford University (June 1991).

JOSEPH W. GABOR is a director and principal of Brandywine. He leads Brandywines client supportand sales and marketing efforts. Mr. Gabor began his financial career in 1992 and from 1992 to November 1997worked as an equity option clerk/market maker on the Philadelphia and American Stock Exchanges. He then wasat Cathay Financial from November 1997 through March 1998. He then moved to Nomura SecuritiesInternational from July 1998 to August 2000 where he launched an advisory business and used equity and indexoptions to both add alpha and hedge portfolios. Mr. Gabor joined Donaldson, Lufkin & Jenrette SecuritiesCorporation in August 2000 but left in October after a merger with Credit Suisse First Boston Corporation. FromOctober 2000 through March 2003 Mr. Gabor was vice president of special situations at Lehman Brothers,

where he co-managed an advisory group on market neutral strategies and hedging. He then advanced tobecoming Partner and Managing Director at Cantor Fitzgerald, where from March 2003 to December 2009 headvised hedge funds and family offices on market neutral and hedging strategies. From January 2010 toSeptember 2012 Mr. Gabor was head of equity capital markets at Miller Tabak & Company and immediatelyprior to taking his position at Brandywine was Managing Director of Equity Capital Markets at Direct AccessPartners from September 2012 to until the firm closed in June 2013. Mr. Gabor joined Brandywine in January2015. Mr. Gabor was a four year academic scholarship winner at University of Pennsylvania.

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DESCRIPTION OF BRANDYWINES INVESTMENT PROGRAMS

Brandywines Investment Philosophy

Brandywines investment philosophy is based on the belief that the most consistent, persistent andpredictable investment returns across a variety of market environments are best achieved by combining multiple

uncorrelated trading strategies each designed to profit from a logical, distinct return driver into a trulydiversified investment portfolio. As a result of this belief, Brandywines founder and CEO, Michael Dever, hasdeveloped and employed hundreds of unique futures trading strategies over the past thirty years. These strategiesincorporate a diverse range of variables, including: fundamental, seasonal, sentiment, arbitrage and technicalfactors.

Brandywine has created four investment programs from this collection of trading strategies. Each ofthese Programs trades pursuant to Brandywinesfully-systematic investment model and are differentiated fromeach other by the markets they trade and the strategies they employ. Brandywines Symphony Program began

trading in July 2011. The performances of the other programs are extracted from the actual performance oftrades executed within the Brandywine Symphony Program.

Diversified Portfolios

Brandywine Symphony

Brandywines most broadly diversified investment program:

Trades in all liquid global financial and commodity futures markets (well over 100 markets)

Trades pursuant to all Brandywines trading strategies

Minimum Account Size: $5 million (notional funding is accepted. $100,000 investments can also bemade into Brandywine Symphony Fund and Brandywine Symphony Preferred Fund (BSPF). BSPFtrades at 3x5x the standard risk of Brandywines Symphony Program

Brandywine Classic

Similar to Brandywine Symphony in that it:

Trades in all liquid global financial and commodity futures markets (well over 100 markets), but

Incorporates all Brandywine strategies with the exception of the fundamental value strategies

Minimum Account Size: $5 million (notional funding is accepted. $100,000 investments can also bemade into Brandywine Classic Fund 2x, which trades at 2x the standard risk of Brandywines ClassicProgram)

Specialized Portfolios

Brandywine Monetary

Trades financial markets only:

Trades in all liquid global currency, interest rate and stock index futures markets (over 60 markets)

Trades pursuant to all Brandywines trading strategies relevant to the financial markets

Minimum Account Size: $2 million (notional funding is accepted. $100,000 investments can also bemade into Brandywine Monetary Fund 2x, which trades at 2x the standard risk of BrandywinesMonetary Program)

Brandywine Alpha Hedge

Benchmark is indexes for diversified technical trend following CTAs

Trades in all liquid global financial and commodity futures markets (well over 100 markets)

Trades only pursuant to Brandywines alpha hedge trading strategies. These are designed to profit from market trends

Minimum Account Size: $2 million (notional funding is accepted. $100,000 investments can also bemade into Brandywine Alpha Hedge Fund 2x, which trades at 2x the standard risk of BrandywinesAlpha Hedge Program)

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FEES AND EXPENSES

Brandywine charges a participating Client a monthly management fee and quarterly incentive fee inaccordance with the following fee arrangement:

Management Fee. At the beginning of each month Client will pay to Brandywine a monthly management

fee equal to a percentage of the "Nominal Account Value" of the Client's account being managed. NominalAccount Value of a participating Client's account shall include all cash and cash equivalents, notional funds and anyunrealized profit or loss on securities and open commodity positions. The percentage management fee chargedvaries depending on the program selected by the client, as displayed in the table that follows.

Incentive Fee. Brandywine receives at the end of each calendar quarter an incentive fee equal to apercentage of all New Trading Profits in the Client's account. New Trading Profits (for purposes of calculatingBrandywine's incentive fees only) during a quarter shall mean the cumulative profits (over and above theaggregate of previous periods' profits) during the quarter. New Trading Profits shall include both realized andunrealized profits and, unless specifically authorized in the Advisory Agreement, shall not include interestincome earned on the account's assets. If New Trading Profits for a period are negative, it shall constitute a"Carryforward Loss" for the beginning of the next period. No incentive fee shall be payable to Brandywine untilfuture New Trading Profits exceed the Carryforward Loss. The Carryforward Loss will be reduced for anyredemptions made from the account in proportion to the size of the redemption relative to the account size at the

time of the redemption. An incentive fee shall also be payable if the advisory agreement with Brandywine isterminated and shall be based on New Trading Profits, if any, on the effective date of termination. Thepercentage management fee charged varies depending on the program selected by the client, as displayed in thetable that follows.

Program Management Fee Incentive Fee

Brandywine Symphony 1/6 of 1% monthly (approximately 2%/year) 20%

Brandywine Classic 1/6 of 1% monthly (approximately 2%/year) 20%

Brandywine Monetary 1/6 of 1% monthly (approximately 2%/year) 20%

Brandywine Alpha Hedge 1/12 of 1% monthly (approximately 1%/year) 10%

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PAST PERFORMANCE

BRANDYWINES SYMPHONY PROGRAM

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THERE IS THE

RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING IN THIS PROGRAM

ACTUAL PERFORMANCE OF

BRANDYWINES SYMPHONYPROGRAM

As of December 31, 2016

Name of CTA: Brandywine Asset Management, Inc.Program: Symphony

Start Date (Client Accounts): January 1982

Start Date (This Program): July 2011Number of Accounts in Program: 1Total Nominal Assets Under Management by CTA (1): $ 16,584,395Total Nominal Assets Under Management in this Program (1): $ 16,584,395Worst Monthly Percentage Draw-down (2): - 7.80%Worst Peak-to-Valley Drawdown (3): -25.57%

Number of Profitable Accounts that have Opened and Closed: 0Range of Returns Experienced by Profitable Accounts: N/ANumber of Unprofitable Accounts that have Opened and Closed: 2Range of Returns Experienced by Unprofitable Accounts: -15.9% to -19.2%

Percentage Rates of Return (4)

Month 2016 2015 2014 2013 2012 2011

January 1.07% -0.74% 0.10% 3.46% 0.41%February 0.18% 3.55% 5.68% -1.10% 2.17%

March 2.14% -0.60% 1.71% 2.55% -3.31%April 10.46% 3.20% 1.18% -0.08% 0.00%May -1.22% 0.01% 1.14% -3.03% -2.28%

June 1.88% -1.82% 0.05% -1.54% 0.79%July -1.06% -6.72% -1.71% -3.09% 3.85% 0.92%August -4.47% 0.33% 4.65% 0.16% -0.61% 2.47%September 0.04% -1.48% -6.46% 3.57% -0.48% 2.83%October -0.92% -0.30% -3.05% 2.95% -1.45% -0.45%November -0.27% -7.80% -2.26% 0.32% 0.11% 0.65%December 4.40% -2.18% -2.18% -0.16% 1.20% 1.27%

Compounded Period (5) 12.14% -14.16% -1.75% 3.77% 0.20% 7.90%

All footnotes and disclaimers related to the actual performance displayed for Brandywines Symphony Program

are provided on the page following these performance summaries

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PAST PERFORMANCE

BRANDYWINES CLASSIC PROGRAM



EXTRACTED PERFORMANCE (6)

OF BRANDYWINES CLASSICPROGRAM


Name of CTA: Brandywine Asset Management, Inc.Program: Classic


Start Date (This Program): July 20116Number of Accounts in Program: 0Total Nominal Assets Under Management by CTA (1): $ 16,584,395Total Nominal Assets Under Management in this Program (1): $ 0Worst Monthly Percentage Draw-down (2): - 5.15%Worst Peak-to-Valley Drawdown (3): -14.90%

Number of Profitable Accounts that have Opened and Closed: 0Range of Returns Experienced by Profitable Accounts: N/ANumber of Unprofitable Accounts that have Opened and Closed: 0Range of Returns Experienced by Unprofitable Accounts: N/A


Month 2016 2015 2014 2013 2012 2011

January 2.98% -1.14% 0.08% 4.63% 0.47%February 4.43% 3.77% 7.25% -1.56% 2.98%

March -2.44% 1.54% 2.25% 3.41% -3.41%April 1.07% 1.84% 1.54% -0.13% -0.12%May -0.46% 0.71% 1.49% -4.09% -3.38%

June -1.22% -3.35% 0.02% -2.11% 0.41%July -1.88% -1.58% -0.27% -4.20% 4.97% 1.21%August -2.61% -0.22% 5.78% 0.20% -0.80% 3.34%September -3.76% 2.10% -2.60% 4.80% -0.62% 3.82%October 0.07% -5.15% -4.90% 3.97% -1.94% -0.58%November 0.51% 0.05% 1.01% 0.42% 0.15% 0.84%December 3.91% -2.60% -0.89% -0.26% 1.53% 1.70%

Compounded Period (5) 0.23% -4.29% 10.64% 4.63% -0.08% 10.70%

(6) All footnotes and disclaimers related to the extracted performance displayed for Brandywines Classic

Program are provided on the page following these performance summaries

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PAST PERFORMANCE

BRANDYWINES MONETARY PROGRAM



EXTRACTED PERFORMANCE (6)

OF BRANDYWINES MONETARY PROGRAM


Name of CTA: Brandywine Asset Management, Inc.Program: Monetary


Start Date (This Program): July 20116Number of Accounts in Program: 0Total Nominal Assets Under Management by CTA (1): $ 16,584,395Total Nominal Assets Under Management in this Program (1): $ 0Worst Monthly Percentage Draw-down (2): - 7.20%Worst Peak-to-Valley Drawdown (3): -14.50%

Number of Profitable Accounts that have Opened and Closed: 0Range of Returns Experienced by Profitable Accounts: N/ANumber of Unprofitable Accounts that have Opened and Closed: 0Range of Returns Experienced by Unprofitable Accounts: N/A


Month 2016 2015 2014 2013 2012 2011

January 2.62% 3.58% -3.85% 4.65% 1.03%February 5.57% 1.51% 5.29% -0.07% 3.57%

March -0.09% 4.78% 1.04% 2.98% -2.65%April -0.46% -0.69% -0.11% 2.28% 1.41%May -1.86% -0.58% 4.74% -4.52% -1.86%

June 0.51% -3.32% 1.47% -3.28% 1.12%July 0.28% -2.05% -1.41% -2.50% 5.53% 1.68%August -1.87% -0.62% 6.58% 0.61% -0.67% 5.65%September 0.70% 1.39% -7.20% 6.31% -0.21% 5.15%October 0.91% -3.06% -3.81% 3.49% -1.39% 1.09%November -0.18% -0.41% 2.53% -0.66% 0.75% -0.16%December 2.22% -6.00% 1.87% -1.51% 1.48% 2.68%

Compounded Period (5) 8.42% -5.80% 6.38% 7.39% 8.12% 17.07%

(6) Allfootnotes and disclaimers related to the extracted performance displayed for Brandywines Monetary

Program are provided on the page following these performance summaries

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NOTES AND DISCLAIMERS RELATED TO PRIOR PERFORMANCE TABLES

(1) Nominal Account Size is the dollar amount that Brandywine and its customers have agreed inwriting will determine the level of trading in an account regardless of the amount of Actual Funds. Actual Funds is the

amount of margin-qualifying assets on deposit in a commodity interest account, generally cash and marketablesecurities. Actual Funds can include certain additional funds which are held in other accounts identified by thecustomer provided the conditions set forth in CFTC Division of Trading and Markets Advisory No. 87-2 are met.

(2) Draw-down means losses experienced by the trading program over a specified period.

(3) Worst Peak-to-Valley Draw-Down means the greatest cumulative percentage decline in month-end net asset value during the period represented due to losses sustained by the trading program/account during anyperiod in which the initial month-end net asset value is not equaled or exceeded by a subsequent month-end value.

(4) Rate of Return is calculated pursuant to the Compounded RORmethod approved by the CFTC.Performance is reduced for all trading-related expenses, including brokerage commissions, management and incentivefees. Performance is not reduced for non-trading-related expenses such as taxes or other costs charged byBrandywines clients or commodity pools managed by Brandywine.

(5) Compounded Period percentage rate of return represents monthly Rate of Returncompounded over the number of months in a given period, i.e. each months rate of return in hundredths is addedto one (1) and the result is multiplied by the previous months compounded rate of return similarly expressed.

One (1) is the subtracted from the product and the result is multiplied by one hundred (100).

* Material assumptions used in creating the extracted past performance of Brandywines Classic,

Monetary and Alpha Hedge Programs:

The performance of Brandywines Classic, Monetary and Alpha Hedge Programs are each derived

from actual trades made in Brandywines Symphony Program. Brandywines Symphony Program tradespursuant to a systematic trading model and every trade in every market is triggered by, and automaticallyallocated to, one of Brandywines specific trading strategies. Brandywine employs a third-party account

management program to calculate the number of contracts to be traded in each market and the resultantperformance for each market and trading strategy in the portfolio. Because of this automated process,Brandywine is able to create the extracted performance record for the Brandywine Classic, Monetary and AlphaHedge Programs, pursuant to the following steps:

The gross percentage return is calculated for each trade made in Brandywines Symphony Program and thesereturns are allocated to each Program pursuant to the strategies and markets relevant to each Program.

The percentage returns within Brandywines Symphony Program are then translated into each applicableProgram based on the percentage allocation of that Program within Brandywines Symphony Program, asdisclosed in Brandywines July 2011 disclosure document.

The performance is then reduced for the commissions charged on the trades.

The performance of each Program is charged a monthly management fee and quarterly incentive fee at thefollowing rates:o

Classic: 1/6 of 1% (approximately 2% annually) management fee & 20% incentive feeo Monetary: 1/6 of 1% (approximately 2% annually) management fee & 20% incentive feeo Alpha Hedge: 1/12 of 1% (approximately 1% annually) management fee & 10% incentive fee

Performance of Brandywines Alpha Hedge Program is then adjusted by multiplying the monthlyperformances by a percentage in order to represent the actual trading level employed in client accounts in thatProgram. The Brandywine Classic and Brandywine Monetary Programs require no further adjustment.

The past performance of Brandywines Classic, Monetary and Alpha Hedge Programs assumes the

reallocation of profits and losses.

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Because no single account traded pursuant to the extracted performance displayed for theBrandywine Classic, Monetary and Alpha Hedge Programs the following disclaimer is required and relevant tothe track records displayed for those Programs:

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 IMPACT OF

FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND

LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING

LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING

RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN

GENERAL OR TO THE IMPLEMENTATION 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.

NOTIONAL FUNDING OF AN ACCOUNT

Notional funds in a Clients account are funds not actually held in the account, but which have beencommitted by a Client to the trading activity of the account. Because notional funding involves credit risk to the

Clients futures commission merchant (FCM), any such trading must be agreed to by the FCM. Notionalfunding allows a Client to trade the account at a level higher than the cash actually held in the account.Generally, Brandywine will accept accounts that trade notional funds. The Nominal Account Value equals thetotal net assets in an account plus any notional funds.

The Clients monthly management fee and quarterly incentive fee are calculated based on the totalNominal Account Value, which includes notional funds in addition to actual net assets. As an example, a 2% feeis equivalent to 4% of actual net assets on an account that is 50% funded.

Notional equity creates additional leverage in an account relative to the cash in such account. Thisadditional leverage results in a proportionally greater risk of loss. While the possibility of losing all the cash inan account is present in all accounts, accounts that contain notional equity have a proportionally greater risk ofloss. For example, in an account which is funded with only 50% cash (and therefore has 50% notional equity), aloss of 10% of the accounts total value (based on both cash and notional equity)will equal a loss of 20% of thecash in the account. Additionally, a Client who funds his or her account with notional equity may receive morefrequent and larger margin calls. A notionally-funded account increases the fees and commissions as apercentage of actual funds but does not increase the dollar amount of those fees.

The Client should be aware that the notional portion of an account would be increased or reduced onlyupon prior written notification by the Client. Increases in the trading level may occur by (1) adding capital to theaccount, (2) increasing the accounts notional funds, or (3) positive net performance. Decreases in the trading

level may occur by (1) withdrawing capital from the account, (2) decreasing the accounts notional funds, or (3)negative net performance. For the purpose of calculating performance fees, any withdrawals of capital from theaccount (including reductions in the notional equity) at a time when the account has a carry-forward loss willresult in an adjustment to such carry-forward loss in a ratio equal to the withdrawal divided by the equity prior towithdrawal.

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Special Disclosure for Notionally Funded Accounts

A prospective Client should request Brandywine to advise it of the amount of cash or other assets (i.e.,actual funds) which should be deposited into its trading account in order for the account to be considered FullyFunded. This is the amount upon which Brandywine will determine the number of contracts traded in theClients account and should be an amountsufficient to make it unlikely that any further cash deposits would berequired from the Client over the course of its participation in Brandywines program.

The Nominal Account Value is not the maximum possible loss that a C lients account may experience.

A Client should consult the account statements received from its FCM in order to determine the actualactivity in its account, including profits, losses and current cash equity balance. To the extent that the equity inits account is at any time less than the nominal account size, a Client should be aware of the following:

1. Although the Clients gains and losses, fees and commissions measured on dollars will be the same,they will be greater when expressed as a percentage of account equity.

2. The Client may receive more frequent and larger margin calls.3. The following matrix allows a Client to take the actual rate of return for a given program at various

funding levels and determine the adjusted rate of return at those levels of funding.

Actual Rates ofReturn2

Rates of Return Based on Various Funding Levels1

20.00 20.00 40.00 50.00 66.6710.00 10.00 20.00 25.00 33.330.00 0.00 0.00 0.00 0.00

-10.00 -10.00 -20.00 -25.00 -33.33-20.00 -20.00 -40.00 -50.00 -66.67

Level of Funding 100% 50% 40% 30%

1 These columns represent the rates of return experienced by a customer at various levels of funding traded byBrandywine. The rates of return for accounts that are not fully funded are inversely proportional to the actualrates of return based on the percentage level of funding.

2 This column represents the range of actual rates of return for fully funded accounts.3This row represents the percentage of actual funds divided by the fully funded trading level or nominal account

size.

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SELECTION OF COMMODITY BROKER

Clients in Brandywines Investment Programs are free to maintain their accounts with such FCM asthey designate, subject to approval by Brandywine. This approval may be based on factors such as access to thevarious markets traded by Brandywine, NFA membership or previous disciplinary proceedings. A Client mayalso select an introducing broker (IB) to introduce the Clients account to an FCM.

In addition, it may be necessary for Clients to establish a cash and forward currency trading account with abank or broker approved by Brandywine. This approval may be based on factors such as the financial stability ofthe bank or broker and the ability of the bank or broker to transact trades in the currencies traded by Brandywine.

A participating Clients FCM or bank, and not Brandywine, will be solely responsible for holding andmaintaining the Clients funds, securities, commodities, and other property. A participating Client retains

ultimate control over the Clients account and may close out the account completely at any time upon notice inaccordance with the Clients agreement with the FCM, IB or Bank (also referred to as the Brokers, or,individually, the Broker).

A participating Client, and not Brandywine, is directly responsible for paying to the Clients Brokers all

margins, option premiums, brokerage commissions and fees, and other transaction costs and expenses charged orincurred in connection with transactions effected by Brandywine for the Clients account. Brandywine does not

share in any commissions or fees paid by Client to the FCM or IB.

In the advisory agreement, a participating Client authorizes Brandywine to manage and direct theClients account pursuant to a grant of a limited power of attorney. A Client grants Brandywine full discretionaryauthority to make all trading decisions fo r the Clients account, including the authority to place all buy and sellorders in futures and, if necessary, to initiate and maintain foreign currency hedges for non-dollar denominated

positions in the Clients account. Brandywine may also order the purchase and sale of certain interest bearing

securities for the Clients account.

POTENTIAL CONFLICTS OF INTEREST

Brandywine manages multiple investment programs and intends to continue to solicit and manage otherClient accounts. In conducting such activities, and such other business activities in which Brandywine may

become involved in the future, Brandywine will have conflicts of interest in allocating management and advisorytime, services, and other functions. In addition, Brandywine may have a conflict of interest in rendering advice toa participating Client because the financial benefit from managing some other Clients account(s) may begreater, which may provide an incentive to favor such other account(s).

The trading strategies utilized in managing the accounts of participating Clients are and will continue tobe utilized by Brandywine in managing the trading for other Client accounts. All Client accounts of Brandywinewill potentially compete for the same trades. However, all accounts within each investment program will betraded in as identical a fashion as possible. In the event that a uniform price with respect to any trade isunavailable for each account being traded by Brandywine, an allocation system will be utilized to allocateexecutions to the various Client accounts on an impartial basis.

In rendering trading advice to a participating Client, Brandywine will not knowingly or deliberately

favor any other account over the account of the Client. However, no assurance is given that the performance ofall accounts controlled and managed by Brandywine will be identical or even similar. Brandywine or itsprincipals generally invest in funds managed by Brandywine but may also trade for their own accounts. Therecords of such trades will not be made available for inspection.

Finally, the existence of an incentive fee arrangement between Brandywine and a Client may create theincentive for Brandywine to make trades that are more speculative or subject to a greater risk of loss than wouldbe the case if no incentive fee arrangement existed. Such risk-taking may place the interests of Brandywine inconflict with the interests of the Client.

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Principals and affiliates of Brandywine serve or may serve from time to time on various committees andboards of United States futures exchanges and the NFA, and assist in making rules and policies of thoseexchanges and the NFA. In such capacity they have a fiduciary duty to the exchanges on which they serve andthe NFA and are required to act in the best interests of such organizations, even if such action may be adverse tothe interests of Brandywines Clients.

RISK FACTORS

Among the risks of opening a futures trading account are the following:

General: The transactions in which Brandywine generally will engage involve significant risks.Growing competition may limit Brandywines ability to take advantage of trading opportunities in rapidlychanging markets. No assurance can be given that a Client will realize a profit on its account or that it will notlose some or all of its account equity. In addition, the Client will be subject to margin calls in the event that theassets of its account on deposit with an FCM are insufficient to satisfy margin requirements. Because of thenature of the trading activities, the results of Brandywines trading activities may fluctuate from month to monthand from period to period. Accordingly, investors should understand that the results of a particular period willnot necessarily be indicative of results in future periods.

Futures Trading Is Speculative and Volatile: Futures prices are highly volatile. Price movements forfutures are influenced by, among other things, government trade, fiscal, monetary and exchange controlprograms and policies; weather and climate conditions; changing supply and demand relationships; national andinternational political and economic events; changes in interest rates; and the psychological emotions of themarket place. In addition, governments from time to time intervene, directly and by regulation, in certainmarkets, often with the intent to influence prices directly. The effects of governmental intervention may beparticularly significant at certain times in the financial instrument and currency markets, and such intervention(as well as other factors) may cause these markets to move rapidly.

Futures Trading Can Be Highly Leveraged: The low margin deposits normally required in futurestrading permit an extremely high degree of leverage. Accordingly, a relatively small price movement in a futurescontract may result in immediate and substantial loss or gain to the Client. For example, if at the time ofpurchase 10% of the price of a futures contract is deposited as margin, a 10% decrease in the price of the futurescontract would, if the contract were then closed out, result in a total loss of the margin deposit before any

deduction for brokerage commissions. Thus, like other leveraged investments, any futures trade may result inlosses in excess of the amount invested. Any increase in the amount of leverage applied by Brandywine intrading an account will increase the risk of loss to the Client equal to the amount of additional leverage applied.

Futures Trading May Be Illiquid: Most United States exchanges limit fluctuations in most futures contractprices during a single day by regulations referred to as daily price fluctuation limits or daily limits. During asingle trading day, no trades may be executed at prices beyond the daily limit. Once the price of a particular futurescontract has increased or decreased to the limit point, positions in the futures contract neither can be taken norliquidated unless traders are willing to effect trades at or within the limit, which would be unlikely if underlyingmarket prices moved beyond the limit. Futures prices have occasionally moved the daily limit for severalconsecutive days with little or no trading. In addition, even if futures prices have not moved the daily limit,Brandywine may not be able to execute trades at favorable prices if little trading in the contracts it wishes to trade istaking place. It is also possible that an exchange or the CFTC may suspend trading, order the immediate settlement

of a particular contract or order that trading in a particular contract be conducted for liquidation purposes only.

Options on Futures are Speculative and Highly Leveraged: Options on futures and over-the-countercontracts may be used to generate premium income or capital gains. The buyer of an option risks losing theentire purchase price (the premium) of the option. The writer (seller) of an option risks losing the differencebetween the premium received for the option and the price of the commodity, futures or forward contractunderlying the option which the writer must purchase or deliver upon exercise of the option (which losses can beunlimited). Specific market movements of the commodity, futures or forward contracts underlying an optioncannot accurately be predicted. Successful options trading requires an accurate assessment of near-term volatilityin the underlying instruments, as that volatility is immediately reflected in the price of the option. Correct

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assessment of market volatility can therefore be of much greater significance in trading options than it is intrading futures and forwards, where volatility may not have as great an effect on price.

Possible Effects of Speculative Position Limits: The CFTC and certain exchanges have establishedspeculative position limits on the maximum net long or short futures and options positions which any person orgroup of persons acting in concert may hold or control in particular futures contracts. The CFTC has adopted arule requiring each domestic exchange to set speculative position limits, subject to CFTC approval, for allfutures contracts and options traded on such exchange which are not already subject to speculative positionlimits established by the CFTC or such exchange. The CFTC has jurisdiction to establish speculative positionlimits with respect to all futures contracts and options traded on exchanges located in the United States, and anyexchange may impose additional limits on positions on that exchange. Generally, no speculative position limitsare in effect with respect to the trading of forward contracts. All trading accounts owned or managed byBrandywine and its principals will be combined for speculative position limit purposes. With respect to tradingin futures subject to such limits, Brandywine may reduce the size of the positions which would otherwise betaken in such futures and not trade certain futures in order to avoid exceeding such limits. Such modification, ifrequired, could adversely affect the operations and profitability of the Clients account.

Forward Contract Trading: A portion of the accounts assets may be traded in forward contracts. Suchforward contracts are not traded on exchanges and are executed directly through forward contract dealers. Thereis no limitation on the daily price moves of forward contracts, and a dealer is not required to continue to make

markets in such contracts. There have been periods during which forward contract dealers have refused to quoteprices for forward contracts or have quoted prices with an unusually wide spread between the bid and askedprice. Arrangements to trade forward contracts may therefore experience liquidity problems. The Client, intrading forward contracts, will be subject to the risk of credit failure or the inability of or refusal of forwardcontract dealers to perform with respect to its forward contracts.

Security Futures Contracts. Brandywine may trade newly developed contracts, including withoutlimitation, security futures contracts. Traditionally, only those commodity interest contracts approved by theCFTC may be traded on U.S. futures exchanges. Likewise, foreign regulatory authorities are typically required toauthorize the trading of new commodity interest contracts on foreign exchanges. Periodically, the CFTC or otherforeign regulatory authorities may designate additional contracts as approved contracts. If Brandywinedetermines that it is appropriate to trade in a new contract, it may do so on behalf of an account. Because thesecontracts will be new, the trading strategies of Brandywine may not be applicable to, or advisable for, these

contracts. The markets in new contracts, moreover, have been historically both illiquid and highly volatile forsome period of time after the contract begins trading. These contracts therefore present significant risk potential.

The above risks are particularly applicable to the markets for security futures contracts. Security futurescontracts are a new class of financial instruments that allow, for the first time in the United States, the trading ofFutures on individual U.S. equity securities or on narrow-based stock indices, which are indices made up of asmall group of stocks that allow an investor to take a position in a concentrated area of the equities market.Security futures contracts have only been trading in the United States since November 2002, and the markets forthese contracts generally have been characterized by very limited volumes when compared to Futures marketsgenerally. As a result, Brandywine could at times find it difficult to buy or sell a security futures contract at afavorable price, which could result in losses to the applicable account.

Brandywine may purchase and sell single stock futures contracts and other security futures products. A

single stock future obligates the seller to deliver (and the purchaser to take delivery of) a specified equitysecurity to settle the futures transaction. Other security futures products include narrow-based stock index futurescontracts (in general, contracts based on the value of nine or fewer securities in a specific market or industrysector, such as energy, health care or banking) and futures contracts based on exchange-traded funds that aredesigned to track the value of broader stock market indices (such as the Dow Jones Industrial Average or theNASDAQ 100 Index). Single stock futures and other security futures products are relatively illiquid and trade ona limited number of exchanges. The margin required with respect to single stock futures (usually at least 20% ofthe face value of the contract) generally is higher than the margin required with respect to other types of Futures(in some cases as low as 2% of the face value of the contract). The resulting lower level of leverage available toBrandywine with respect to security futures products and the relative high commissions may adversely affect the

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performance of an account. Security futures products are typically traded on electronic trading platforms and aresubject to risks related to system access, varying response time, security and system or component failure. Inaddition, although the futures commission merchant employed on behalf of a client will be required to segregatesuch clients trades, positions and funds from those of such futures commission merchant itself as required by

CFTC Regulations, the insurance provided to securities customers by the Securities Investor ProtectionCorporation will not be applicable to the clients security futures positions because Securities Investor Protection

Corporation protection does not apply to Futures accounts.

Non-U.S. Exchanges and Markets: Brandywine may engage in trading on non-U.S. exchanges andmarkets. Trading on such exchanges and markets involves certain risks not applicable to trading on United Statesexchanges and is frequently less regulated. For example, certain of such exchanges may not provide the sameassurances of the integrity (financial and otherwise) of the marketplace and its participants as do United Statesexchanges. There also may be less regulatory oversight and supervision by the exchanges themselves overtransactions and participants in such transactions on such exchanges. Some non-U.S. exchanges, in contrast todomestic exchanges, are principals markets in which performance is the responsibility only of the individual

member with whom the trader has dealt and is not the responsibility of an exchange or clearing association.Furthermore, trading on certain non-U.S. exchanges may be conducted in such a manner that all participants arenot afforded an equal opportunity to execute certain trades and may also be subject to a variety of politicalinfluences and the possibility of direct government intervention. Certain markets and exchanges in non-U.S.countries have different clearance and settlement procedures than United States Markets for trades and

transactions and in certain markets, there have been times when settlement procedures have been unable to keeppace with the volume of transactions, thereby making it difficult to conduct such transactions. Any difficultywith clearance or settlement procedures may expose the Client to losses. Futures traded on non-U.S. marketswould also be subject to the risk of fluctuations in the exchange rate between the local currency and the UnitedStates dollar and to the possibility of exchange controls. Finally, futures contracts traded on non-U.S. exchanges(other than non-U.S. currency contracts) might not be considered to be regulated futures contracts for Federalincome tax purposes.

Absence of Regulation in OTC Transactions: Brandywine may engage in over-the-counter (OTC)transactions. In general, there is less governmental regulation and supervision in the OTC markets than oftransactions entered into on an organized exchange. In addition, many of the protections afforded to participantson some organized exchanges, such as the performance guarantee of an exchange clearinghouse, will not beavailable in connection with OTC transactions. The Client will therefore be exposed to greater risk of loss

through default than if Brandywine confined its trading to regulated exchanges.

Other Clients of Brandywine: Brandywine manages client accounts pursuant to various investmentprograms and intends to manage other trading accounts, and it will remain free to manage additional accounts,including its own account, in the future. Brandywine may vary the trading strategies applicable to the Clientsaccount from those used for its other managed accounts. No assurance is given that the results of the trading byBrandywine will be similar to that of other accounts concurrently managed by Brandywine unless otherwiseagreed to in the advisory agreement. It is possible that such accounts and any additional accounts managed byBrandywine in the future may compete with the Client for the same or similar positions in the futures markets.

Trades May be Executed at Different Prices for Different Accounts: The trading model used byBrandywine identifies the price and/or time of a particular derivative contract which corresponds to the entry orexit price for a trade. Once the entry or exit point has been reached, Brandywine attempts to execute the trade for

all applicable accounts at the best price possible. Trades may be executed at different times for differentaccounts. There is no guarantee that every Client account will receive a trade at the price or time identified bythe trading model or at the same price or time as other accounts.

Trading Systems Involve Proprietary Methods: Because specific elements of Brandywines tradingmodel are proprietary, a client will not be able to determine the full details of the model or whether the model isbeing followed.

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Changes in Strategy: Brandywine has the power to expand, revise or alter its trading strategies withoutprior approval by, or notice to, the Client unless otherwise agreed to in the advisory agreement. Any such changecould result in exposure of the Client accounts assets to additional risks which may be substantial.

Concentration of Positions: Brandywine generally will follow a policy of seeking to diversify anaccounts capital among a number of futures positions. Brandywine, however, may depart from such policy fromtime to time and may hold a few, relatively large positions in relation to a n accounts capital. Consequently, aloss in any such position could result in a proportionately higher reduction in an accounts capital than if suchcapital had been spread among a wider number of positions.

Decisions Based on Technical Analysis: Some of the trading strategies employed by Brandywine utilizemathematical analyses of technical factors relating to past market performance. The buy and sell signalsgenerated by a technical trading strategy are based upon a study of actual intraday, daily, weekly, and monthlyprice fluctuations, volume and open interest variations, and other market data and indicators. The profitability ofany trading strategy based on this type of historical analysis is determined by the relationship of future pricemovements to historical prices and indicator values, and the ability of the strategy to adapt to future marketconditions. For example, if Brandywine employs a particular strategy which has been successful in periods ofsustained price movement in one direction in various markets, the future performance of this strategy may bedetermined by the relative frequency in the future of these sustained movements. Brandywine attempts todevelop strategies which will be successful under many possible future scenarios. However, there can be no

guarantee that the strategies of Brandywine will be effective or applicable to future market conditions. Anyfactor which lessens or increases the frequency of various types of market movements can impact the futureperformance of Brandywines strategy, such as an increase or decrease in the number of other traders employingparticular strategies or increased government control of, or participation in, the markets.

Bankruptcy Rules: Bankruptcy law applicable to all U.S. futures brokers requires that, in the event ofthe bankruptcy of such a broker, all property held by the broker, including certain property specifically traceableto a customer, will be returned, transferred or distributed to the brokers customers only to the extent of each customers pro rata share of all property available for distribution to customers. If any futures broker retained bythe Client were to become bankrupt, it is possible that the Client would be able to recover none or only a portionof its assets held by such futures broker. In the event of an insolvency of an FCM or other counterparty retained

by the Client which is not regulated by the CFTC, the CFTCs segregation protections would not be available tothe Client.

Institutional Risks: Institutions, such as brokerage firms and banks, will have custody of the Clientsassets. These firms may encounter financial difficulties that impair the operating capabilities or the capitalposition of the Client or Brandywine.

Counterparty Risk: The Client will be subject to the risk of the inability of counterparties to performwith respect to transactions, whether due to insolvency, bankruptcy or other causes, which could subject theClient to substantial losses. In an effort to mitigate such risks, Brandywine will attempt to limit its transactions tocounterparties which are established, well-capitalized and creditworthy.

The foregoing does not purport to be a complete explanation of the risks involved in trading

futures. Potential Clients should carefully study the entire Disclosure Document and futures trading in

general before determining to open an account with Brandywine.

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PRIVACY NOTICE

The importance of protecting the investors privacy is recognized by Brandywine. Brandywine protects

personal information it collects about you by maintaining physical, electronic and procedural safeguards tomaintain the confidentiality and security of such information.

Categories Of Information Collected. In the normal course of business, Brandywine may collect thefollowing types of information concerning its clients:

(i) Information provided in the advisory agreement and other forms (including name, address, socialsecurity number, income and other financial-related information); and

(ii) Data about investor transactions (such as the types of investments the clients have made and theiraccount status).

How the Collected Information is Used. Any and all nonpublic personal information received byBrandywine with respect to the clients who are natural persons, including the information provided toBrandywine by such an investor in the advisory agreement, will not be shared with nonaffiliated third partieswhich are not service providers to Brandywine without prior notice to such clients. Such service providersinclude but are not limited to the administrators, auditors and the legal advisers of Brandywine. Additionally,Brandywine may disclose such nonpublic personal information as required by applicable laws, statutes, rules andregulations of any government, governmental agency or self-regulatory organization or a court order. The sameprivacy policy will also apply to the past clients.

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST

Any Client or prospective Client of Brandywine desiring further information concerning Brandywine orits principals may request such information by contacting Brandywine directly.

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