# EDGAR Filing Document

**Accession Number:** 0001806095
**File Stem:** 0001398344-25-013989
**Filing Date:** 2025-7
**Character Count:** 31714
**Document Hash:** bbe7c5fe1b00f15ef59d9cad464b903c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-013989.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001398344-25-013989

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Datum One Series Trust
- **CENTRAL INDEX KEY:** 0001806095

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-237048
- **FILM NUMBER:** 251158666

**BUSINESS ADDRESS:**
- **STREET 1:** 333 SOUTH WABASH AVE.
- **STREET 2:** 43RD FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60604
- **BUSINESS PHONE:** 866-494-4270

**MAIL ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### BRANDES SMALL CAP VALUE FUND (Series ID: S000084888)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000249535 | Class A      | BSCAX           |
| C000249536 | Class R6     | BSCRX           |
| C000249537 | Class I      | BSCMX           |

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Summary Prospectus** | **Summary Prospectus** | July 29, 2025 | July 29, 2025 |  |  | ![](fp0093993-14_bscmx1.jpg) |
| **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** |
| **Class**/Ticker | **Class I** | BSCMX | **Class A** | BSCAX | **Class R6** | BSCRX |

---

*Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Reports to Shareholders, Statement of Additional Information and other information about the Fund online at https://www.brandes.com/funds/resources. You may also obtain this information at no cost by calling 1-800-395-3807 or by e-mail at info@brandes.com. The Fund's Prospectus and Statement of Additional Information, both dated July 29, 2025, are incorporated by reference into this Summary Prospectus.* 

**Investment Objective** 

The **Brandes Small Cap Value Fund** (the "Small Cap Value Fund" or "Fund") seeks long term capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the **Small Cap Value Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $25,000 in the Brandes International Equity Fund, Brandes Global Equity Fund, Brandes Emerging Markets Value Fund, Brandes International Small Cap Equity Fund, Brandes Small Cap Value Fund, and Brandes Core Plus Fixed Income Fund (the "Brandes Funds"). More information about these and other discounts is available from your financial professional and in the section titled, "Shareholder Information" on page 53 of the Prospectus and "Additional Purchase and Redemption Information" on page 65 of the Fund's Statement of Additional Information.

**Shareholder Fees (Fees paid directly from your investment)** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class I** | **Class R6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 5.75%  |  |  |
| Maximum Deferred Sales Charge (Load) | None\* |  |  |

---

**Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class I** | **Class R6** |
| Management Fees  | 0.70%  | 0.70%  | 0.70%  |
| Distribution (12b-1) Fees  | 0.25%  |  |  |
| Other Expenses<sup>(1)</sup> | 0.25% | 0.28% | 0.34% |
| Acquired Fund Fees and Expenses | 0.01% | 0.01% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Expenses | 0.26% | 0.29% | 0.35% |
| Total Annual Fund Operating Expenses<sup>(2)</sup> | 1.21% | 0.99% | 1.05% |
| &nbsp;&nbsp;&nbsp;Less: Fee Waiver and/or Expense Reimbursement | (0.05%) | (0.08%) | (0.32%) |
| **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement**<sup>(2),(3)</sup> | 1.16% | 0.91% | 0.73% |

---

\* A contingent deferred sales charge ("CDSC") of 1.00% on amounts of less than $4 million, 0.50% on amounts of at least $4 million but less than $10 million and 0.25% on amounts of at least $10 million may apply to certain investments in Class A shares of $1 million or more that are redeemed within 12 months of the date of purchase. 

<sup>(1)</sup> "Other Expenses" for Class I shares includes 0.05% of class-specific sub-transfer agency fees. 

<sup>(2)</sup> Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not correlate to the ratios of expenses (and net expenses) to average net assets provided in the financial highlights, which reflect only the operating expenses of the Fund and do not include acquired fund fees and expenses. 

<sup>(3)</sup> Brandes Investment Partners, L.P. (the "Adviser") has contractually agreed to limit the Small Cap Value Fund's Class A, Class I and Class R6 annual operating expenses (exclusive of acquired fund feeds and expenses, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation), including repayment of previous waivers, to 1.15% for Class A, 0.90% for Class I and 0.72% for Class R6, as percentages of the respective Fund classes' average daily net assets through July 29, 2026 (the "Expense Caps"). The Expense Caps may be terminated at any time by the Board of Trustees upon 60 days' written notice to the Adviser. The Adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior 36 months following the waiver or reimbursement with respect to any Class of the Fund. The Adviser may request reimbursement if the aggregate amount paid by the Fund toward operating expenses for the Class for such period (taking into account any reimbursement) does not exceed the lesser of the Expense Cap in effect at the time of waiver or at the time of reimbursement. 

---

| | |
|:---|:---|
| **Summary Prospectus** July 29, 2025 | 1 of 8 |

---

**Example**<br>

This example is intended to help you compare the costs of investing in the **Small Cap Value Fund** with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example reflects the Expense Caps described above through the expiration date of the Expense Caps and total annual fund operating expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A**  | $686 | $932 | $1197 | $1952 |
| **Class I**  | $93 | $307 | $539 | $1206 |
| **Class R6**  | $75 | $302 | $548 | $1254 |

---

**Portfolio Turnover**<br>

The **Small Cap Value Fund** pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During its most recent fiscal period (October 1, 2024 through March 31, 2025), the Fund's portfolio turnover rate was 22.02% of the average value of its portfolio.

**Principal Investment Strategies** 

The **Small Cap Value Fund** invests primarily in equity securities of U.S. companies with small market capitalizations (market value of publicly traded equity securities). Equity securities include common and preferred stocks, warrants and rights. Under normal market conditions, the Fund will invest at least 80% of its net assets measured at the time of purchase in securities of companies with small market capitalizations. The Fund considers a company to be a small capitalization company if it has a market capitalization of $7.5 billion or less at the time of purchase. The Fund may invest up to 10% of its total assets, measured at the time of purchase, in corporate fixed-income securities. The Fund may invest up to 10% of its total assets, measured at the time of purchase, in securities of companies located outside of the United States. However, the combined total assets invested in fixed-income securities and in securities of companies located outside of the United States may not exceed 15%, measured at the time of purchase. The Fund may invest up to 5% of its total assets, measured at the time of purchase, in any one company. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the industrials sector or health care sector.

The **Small Cap Value Fund** may invest from time to time in cash or short-term cash equivalent securities either as part of its overall investment strategy or for temporary defensive purposes in response to adverse market, economic, political or other conditions. The amount of such holdings will vary and will depend on the Adviser's assessment of the quantity and quality of investment opportunities that exist at any given time, and may at times be relatively high.

Brandes Investment Partners, L.P., the investment adviser (the "Adviser"), uses the principles of value investing to analyze and select securities for the **Small Cap Value Fund's** investment portfolio. When buying securities, the Adviser assesses the estimated "intrinsic" value of a company based on data such as a company's earnings, cash flow generation, and/or asset value of the underlying business. By choosing securities that are selling at a discount to the Adviser's estimates of the underlying company's intrinsic value, the Adviser seeks to establish an opportunity for long-term capital appreciation. The Adviser may sell a security when its price reaches the Adviser's estimate of the underlying company's intrinsic value, the Adviser believes that other investments are more attractive, or for other reasons.

**Principal Investment Risks** 

Because the values of the **Small Cap Value Fund's** investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The principal risks of investing in the Fund (in alphabetical order after the first six risks) are:

**Equity Securities Risk.** Equity securities may fluctuate in value, sometimes rapidly and unpredictably, more than other asset classes, such as fixed income securities, and may fluctuate in price based on actual or perceived changes in a company's financial condition and overall market and economic conditions and perceptions. If the market prices of the fund's investments fall, the value of your investment in the fund will go down.

**Mid and Small-Capitalization Company Risk.** Securities of mid-capitalization and small-capitalization companies may have comparatively greater price volatility and less liquidity than the securities of companies that have larger market capitalizations and/or that are traded on major stock exchanges. These securities may also be more difficult to value.

**Value Securities Risk.** The **Small Cap Value Fund** invests in value securities, which are securities the Adviser believes are undervalued for various reasons, including but not limited to as a result of adverse business, industry or other developments, or are subject to special risks, or limited market understanding of the issuer's business, that have caused the securities to be out of favor. The value style of investing utilized by the Adviser may cause the Fund's performance to deviate from the performance of broad market benchmarks and other managers for substantial periods of time. It may take longer than expected for the prices of value securities to increase to the anticipated value, or they may never increase to that value or may decline. There have been extended periods of time when value securities have not performed as well as growth securities or the stock market in general and have been out of favor with investors.

**Issuer Risk.** The market price of a security can go up or down more than the market, or perform differently from the market, due to factors specifically relating to the security's issuer, such as disappointing earnings reports, reduced demand for the issuer's goods or services, poor management performance, major litigation relating to the issuer, changes in government regulation affecting the issuer or the competitive environment.

---

| | |
|:---|:---|
| **Summary Prospectus** July 29, 2025 | 2 of 8 |

---

The Fund may experience a substantial or complete loss on any investment. An individual security may also be affected by factors related to the industry or sector of the issuer.

**Focused Investing Risk.** The Fund may, from time to time, invest a substantial portion of the total value of its assets in securities of issuers located in a particular industry, sector, country or geographic region and may, from time to time, concentrate its investment in a particular issuer or issuers. During such periods, the Fund may be more susceptible to risks associated with that industry, sector, country or region.

**Liquidity Risk.** Liquidity risk exists when particular investments are or become difficult or impossible to purchase or sell. Markets may become illiquid when, for example, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. Securities of small-cap and mid-cap companies may be thinly traded. As a general matter, dealers recently have been less willing to make markets for fixed income securities. During times of market turmoil, there have been, and may be, no buyers for entire asset classes. The **Small Cap Value Fund**'s investments in illiquid securities may reduce the return of the Fund because it may be unable to sell such illiquid securities at an advantageous time or price. Illiquid securities may also be difficult to value.

**Active Management Risk.** The Adviser is an active manager, and the Fund's investments may differ from the benchmark. The value of your investment may go down if the Adviser's judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools or data used by the Adviser.

**Credit Risk.** Fixed income securities are subject to varying degrees of credit risk, which are often reflected in credit ratings. The value of an issuer's securities held by the **Small Cap Value Fund** may decline in response to adverse developments with respect to the issuer or if the issuer or any guarantor is, or is perceived to be, unwilling or unable to pay or perform in a timely fashion.

**Currency Risk.** Because the **Small Cap Value Fund** invests in securities denominated in foreign currencies, the U.S. dollar values of its investments fluctuate as a result of changes in foreign exchange rates. Such changes will also affect the Fund's income.

**Foreign Securities Risk.** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, wars, tariffs and trade disruptions, political or financial instability, social unrest or other adverse economic or political developments. Changes in currency rates and exchange control regulations, and the imposition of sanctions, confiscations, trade restrictions, and other government restrictions by the United States and/or other governments may adversely affect the value of the **Small Cap Value Fund**'s investments in foreign securities.

**Health Care Sector Risk.** Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

**Industrials Sector Risk.** Companies in the industrials sector may be adversely affected by, among other things, supply and demand for raw materials and for products and services. In addition, government regulation, world events, exchange rates and economic conditions, technological developments and product obsolescence, fuel prices, labor agreements, insurance costs, and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

**Interest Rate Risk.** To the extent the Fund invests in fixed income securities, the income on and value of your shares in the **Small Cap Value Fund** will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. During periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates than would typically be the case. Recent and potential future changes in government policy may affect interest rates.

**Large Transactions Risk.** To the extent a large proportion of the shares of the Fund are highly concentrated or held by a small number of shareholders (or a single shareholder), including funds or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem Fund shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. In addition, a large number of shareholders collectively may purchase or redeem Fund shares in large amounts rapidly or unexpectedly (collectively, such transactions are referred to as "large shareholder transactions"). Large shareholder transactions could adversely affect the ability of the Fund to conduct its investment program. For example, they could require the Fund to sell portfolio securities or purchase portfolio securities unexpectedly and incur substantial transaction costs and/or accelerate the realization of taxable income and/or gains to shareholders. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly

---

| | |
|:---|:---|
| **Summary Prospectus** July 29, 2025 | 3 of 8 |

---

impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains, such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a taxable account. In addition, the Fund may be required to sell its more liquid portfolio investments to meet a large redemption, in which case the Fund's remaining assets may be less liquid, more volatile, and more difficult to price. The Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. A number of circumstances may cause the Fund to experience large redemptions, such as changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel.

**Market Risk.** The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas.

**Redemption Risk.** The Fund may experience significant redemptions that could cause the Fund to liquidate its assets at inopportune times or unfavorable prices, or increase or accelerate taxable gains or transaction costs, and may negatively affect the Fund's net asset value ("NAV"), performance, or ability to satisfy redemptions in a timely manner, which could cause the value of your investment to decline. See "Large Transactions Risk" above for more information.

**Performance** 

The Brandes Small Cap Value Fund, a series of Brandes Investment Trust, was the predecessor to the Fund (the "Predecessor Fund"). The Predecessor Fund reorganized into the Fund on August 5, 2024, following shareholder approval. The Fund commenced operations as of this date and assumed the financial and performance history of the Predecessor Fund. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The Fund performance shown below is the performance of the Predecessor Fund until August 5, 2024, after which performance shown is that of the Fund. The Predecessor Fund was managed using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. Prior to the reorganization, the Fund had not yet commenced operations. The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund's performance varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad-based securities market index, as required by relevant disclosure rules, and an additional index that the Fund believes better aligns with the Fund's investment objective and strategies. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.brandesfunds.com or by calling 1-800-395-3807 (toll free).

**Year-by-Year Total Returns as of December 31, for Class I Shares** 

---

| | | |
|:---|:---|:---|
| Best Quarter | 4Q 2020 | 27.10% |
| Worst Quarter | 1Q 2020 | -23.30% |

---

The Fund's fiscal year end is March 31. The Fund's most recent quarterly return (since the end of the calendar year) through March 31, 2025 was -6.48%.

**Average Annual Total Returns for periods ended December 31, 2024** 

(Returns reflect applicable sales charges)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A Shares** – Return Before Taxes  | 17.29%  | 15.07%  | 10.57%  |
| **Class R6 Shares** – Return Before Taxes  | 25.06%  | 17.09%  | 10.93%  |
| **Class I Shares** – Return Before Taxes  | 24.76%  | 16.72%  | 11.52%  |
| &nbsp;&nbsp;&nbsp;**Return After Taxes on Distributions**  | 24.09%  | 15.75%  | 10.71%  |
| &nbsp;&nbsp;&nbsp;**Return After Taxes on Distributions and Sale of Fund Shares**  | 15.14%  | 13.23%  | 9.23%  |
| **Russell 3000 Index (reflects no deduction for fees, expenses or taxes)**<sup>(1)</sup>  | 23.81%  | 13.86%  | 12.55%  |
| **Russell 2000 Index (reflects no deduction for fees, expenses or taxes)**<sup>(1)</sup>  | 11.54%  | 7.40%  | 7.82%  |
| **Russell 2000 Value Index (reflects no deduction for fees, expenses or taxes)**  | 8.05%  | 7.29%  | 7.14%  |

---

<sup>(1)</sup> Effective August 27, 2024, the Fund changed its broad-based securities market index from the Russell 2000 Index to the Russell 3000 Index in connection with recent changes to regulatory disclosure requirements.

---

| | |
|:---|:---|
| **Summary Prospectus** July 29, 2025 | 4 of 8 |

---

The performance information shown for periods before January 2, 2018 is that of a private investment fund managed by the Adviser (the "Private Investment Fund") with policies, guidelines and restrictions that were, in all material respects, equivalent to those of the Predecessor Fund. The Predecessor Fund acquired the assets and assumed the liabilities of the Private Investment Fund on January 2, 2018, and investors in the Private Investment Fund received Class I shares of the Predecessor Fund as part of the reorganization. Class A shares reflect the gross expenses of the Private Investment Fund restated to reflect the Class A sales load and Rule 12b-1 fees.

The Private Investment Fund was not a registered mutual fund and so was not subject to the same operating expenses or investment and tax restrictions as the Predecessor Fund; therefore the Predecessor Fund would have had different performance results. The performance of the Private Investment Fund prior to January 2, 2018 is based on calculations that are different than the standardized method of calculations specified by the United States Securities and Exchange Commission (the "SEC"). If the Private Investment Fund's performance had been readjusted to reflect the Predecessor Fund's expenses, the performance would have differed. The Private Investment Fund was not registered under the Investment Company Act of 1940 ("1940 Act") and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code, which, if applicable, may have adversely affected its performance.

**Management** 

*Investment Adviser.* Brandes Investment Partners, L.P.

---

| | | |
|:---|:---|:---|
| **Portfolio Managers** | **Position with Adviser** | **Managed this <br> Fund Since\*:** |
| Luiz G. Sauerbronn  | Director, Investments Group, Small Cap Investment Committee Voting Member and International Large Cap Investment Committee Voting Member  | 2024  |
| Yingbin Chen, CFA  | Director, Investments Group, All Cap Investment Committee Voting Member and Small Cap Investment Committee Voting Member  | 2024  |
| Mark Costa, CFA  | Director, Investments Group and Small Cap Investment Committee Voting Member  | 2024  |
| Bryan Barrett, CFA  | Director, Investments Group and Small Cap Investment Committee Voting Member  | 2024  |

---

\* Each Portfolio Manager served as portfolio manager of the Predecessor Fund, which reorganized into the Fund on August 5, 2024.

**Purchase and Sale of Fund Shares** 

You may purchase, redeem, or exchange Fund shares on any business day by written request via mail (**Brandes Funds**, c/o The Northern Trust Company, P.O. Box 4766, Chicago, IL 60680-4766), by wire transfer, by telephone at 1-800-395-3807, or through a financial intermediary. Class A and Class C shares may be purchased only through financial intermediaries.

---

| | | |
|:---|:---|:---|
| **Class and Type of Account** | **Minimum <br> Initial <br> Investment** | **Subsequent <br> Minimum <br> Investment** |
| **Class A** | | |
| &nbsp;&nbsp;&nbsp;Regular Accounts | $2500 | $500 |
| &nbsp;&nbsp;&nbsp;Traditional and Roth IRA Accounts | $1000 | $500 |
| &nbsp;&nbsp;&nbsp;Automatic Investment Plans | $500 | $500 |
| **Class I** | $100000 | $500 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp;Class R6 Eligible Plans<sup>(1)</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp;Other R6 Eligible Investors<sup>(2)</sup> | $1000000 | $0 |

---

<sup>(1)</sup> Class R6 shares are generally available to employer sponsored retirement plans, including profit sharing and money purchase pension plans, defined benefit plans and nonqualified deferred compensation plans, and plans described in Sections 401(k), 403(b) and 457 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). Class R6 shares are generally available only if plan level or omnibus accounts are held on the books of the Fund. 

<sup>(2)</sup> Certain other institutional or other investors, (*e.g.*, endowments, foundations, states, counties, cities or their instrumentalities, insurance companies, trust companies, bank trust departments, etc.) may be eligible to purchase Class R6 shares.

**Tax Information** 

The **Small Cap Value Fund's** distributions are taxed as ordinary income, capital gains, or in certain cases qualified dividend income, unless you are investing through a tax-advantaged account, such as a 401(k) plan or an individual retirement account. Distributions on investments made through tax-advantaged accounts, such as 401(k) plans or IRAs, may be taxed later upon withdrawal of assets from those accounts.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the **Small Cap Value Fund** through a broker-dealer or other financial intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

---

| | |
|:---|:---|
| **Summary Prospectus** July 29, 2025 | 5 of 8 |

---

This page intentionally left blank.

This page intentionally left blank.

![](fp0093993-14_bscmx8.jpg)