Summit Small Cap GrowthSecond Quarter 6/30/2024
STRATEGY INVESTMENT OBJECTIVE
Long-term capital appreciation with downside protection. Seeks to exceed the performance of theRussell 2000 Growth Index over a full market cycle.

INVESTMENT STRATEGY DESCRIPTIONThe Summit Small Cap Growth strategy follows a disciplined approach that seeks to maintain a highcorrelation to the Russell 2000 Growth Index over time while reducing the downside risk. The strategy
looks to achieve this performance by maintaining significant exposure to the Russell 2000 Growth Index
through ETFs, mutual funds and futures contracts, and then purchasing put options to partially protect
against downside loss. The strategy seeks to pay for the cost of the put option protection with a further“overlay” investment in a broadly diversified portfolio of financial and commodity instruments.

PERFORMANCE NUMBERS(1)The investment manager has experience in trading the relevant elements of the investment strategy inthe equity, options and futures markets, dating back to 1991.

The following hypothetical performance is derived from this trading experience per the footnotes anddisclaimers. This performance is shown to give potential investors additional information on how thestrategy may have performed over a long time horizon. The performance shown below does notnecessarily represent what investor returns will be in the strategy going forward.
Strategy & Benchmark

Year toDate

3 Mos

1 Yr

3 Yrs

5 Yrs

10 YrsSince
Inception

Summit Small Cap Growth

9.28%

0.90%

16.49%

0.97%

11.11%

10.84%

13.14%

Russell 2000 Growth TR

4.44%(2.92%)

9.14%(4.86%)

6.17%

7.39%

9.99%

Growth of Hypothetical $10,000 Investment$45,000$40,000

Summit Small Cap Growth$35,000

Russell 2000 Growth TR$30,000

Information Ratio: 0.73

$25,000

Ending Value$41,370$29,882-20%

SummitSmall Cap
GrowthSmaller bearmarket loss

Faster Recoveries May
Increase Returns
10%$10,000$5,000Russell
2000
Growth TR-30%$20,000$15,000

Downside Protection
May Reduce Risk

5%0%

AnnualReturns

Russell
2000
GrowthSummit
Small Cap
GrowthRisk Analysis 5-Year

Summit Small Cap Growth

Investment
Summit Small Cap GrowthMorningstar Category
Morningstar Small Growth

Calculation Benchmark
Russell 2000 Growth TR13.00%

Summit Small Cap Growth
12.00%

Morningstar Small Growth

11.00%

Russell 2000 Growth TR

10.00%

9.00%

Total Return

8.00%
7.00%
6.00%
5.00%
19.00%

20.00%

21.00%

22.00%

23.00%

24.00%

25.00%

Standard Deviation
USD | Category: Morningstar Small Growth | Index: Russell 2000 Growth TR | Return and Standard Deviation as of June 30,2024

Risk & Volatility Measures
Trailing

Summit Small Cap GrowthMorningstar Small Growth

Alpha

5.01

0.91

Beta

0.78

0.94

2R

97.42

99.10

Sharpe Ratio

0.46

0.21

Standard Deviation

19.30

22.77

USD | All Measures as of June 30, 2024 | Calculation Benchmark: Russell 2000 Growth TR

Market Volatility Measures
Summit Small Cap GrowthMorningstar Small GrowthUpside

94

99

Downside

6794

Drawdown

Summit Small Cap Growth %Morningstar Small Growth %Maximum-25.96-33.31

Capture Ratios

Drawdown Peak Date

Drawdown Valley Date

Max Drawdown Duration

October 2021

December 2022

14 Months

USD | As of June 30, 2024 | Calculation Benchmark: Russell 2000 Growth TR | Drawdown as of June 30, 2024

Summit Small Cap Growth Strategy
FOOTNOTES & DISCLAIMERS
This Strategy Fact Sheet describes the investment strategy utilized in the Summit Small Cap Growth strategy.
(1) “Performance Numbers” include 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 Summit Small
Cap Growth strategy as reported beginning in May 2023. “Since Inception” starts in January 2013. The performance prior
to May 2023, although verified, is considered hypothetical. The strategy combines significant exposure to the Russell
2000 Growth index and related equity indexes, which may be obtained through the purchase of individual equities,
mutual funds, ETFs or futures, with Brandywine’s Risk Replacement methodology. This includes the performance of thestrategy’s put option protection, which assumes the quarterly purchase of one-year put options covering a portion of theaccount value, and an investment in Brandywine’s Return Driver Diversifier. Performance throughout the verified andactual 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 tradingperformance of Brandywine’s futures trading programs from January 2013 through June 2018 and June 2020 throughFebruary 2023, and actual trading beginning in May 2023. The tested performance includes the periods July 2018 throughMay 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 on monthly 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 thestrategy that varies from that of its benchmark index. For example, the use of put protection in the actual performance ofthe strategy may result in the strategy losing less when the strategy’s benchmark index falls and in periods oi 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 andlimitations of the strategy may affect any investment decisions to the extent they may not be reflected in the actual andbacktested performance.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. THERE IS THE RISK OF LOSS AS WELL AS THE
OPPORTUNITY FOR GAIN WHEN INVESTING IN THIS STRATEGY. HYPOTHETICAL PERFORMANCE RESULTS HAVEMANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADETHAT 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 THEACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONSOF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OFHINDSIGHT. 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. FOREXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OFTRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THEREARE 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 OFHYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.
Annual Operating Expense
Annual Percentage Rate
Trustee/Management Expenses

0.70%Estimated Acquired Fund Fees

0.03%

Estimated Administrative Expenses

0.05%

Total Annual Operating Expense

0.78%

Annual effect on the Fund's operating expense on $1,000 is $7.80
Prior year portfolio turnover: 19%

CONTACT INFORMATION
For investment related questions please contact Robert Proctor: 610.361.1000 x102 or rob@brandywine.com.
Investors may participate in the strategy through individually managed accounts or funds. A related CUSIP is10532X806.