Cove Street Capital Small Cap Value Fund
(the “Fund”)
Supplement dated August 20, 2024, to the
Summary Prospectus and Prospectus,
each dated January 28, 2024, as amended
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The purpose of this supplement is to provide notice that the Fund’s broad-based index benchmark is hereby changed from the Russell 2000® Index to the Bloomberg US Aggregate Equity Total Return Index. This change is being made so that the Fund’s performance can be evaluated against a benchmark that represents the overall U.S. equity market. The Bloomberg US Aggregate Equity Total Return Index is a float market-cap-weighted benchmark representing approximately 99% of the U.S. equity market by capitalization.
Accordingly, the Average Annual Total Returns table on page 4 of the summary prospectus and page 4 of the prospectus is hereby deleted and replaced with the following:
Average Annual Total Returns for the periods ended December 31, 2023(1) | ||||||||||||||
| One Year | Five Years | Ten Years | Since Inception (9/30/1998) | |||||||||||
| Institutional Class | ||||||||||||||
| Return Before Taxes | 18.33% | 7.90% | 4.33% | 9.10% | ||||||||||
| Return After Taxes on Distributions | 16.06% | 6.04% | 2.75% | 8.00% | ||||||||||
| Return After Taxes on Distributions and Sale of Fund Shares | 12.11% | 5.93% | 3.04% | 7.63% | ||||||||||
Bloomberg US Aggregate Equity Total Return Index (reflects no deduction for fees, expenses or taxes)(2) | 26.07% | 15.15% | 11.45% | 8.49% | ||||||||||
Russell 2000® Index (reflects no deduction for fees, expenses or taxes)(2) | 16.93% | 9.97% | 7.16% | 8.48% | ||||||||||
Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) | 14.65% | 10.00% | 6.76% | 8.87% | ||||||||||
(1)The CSC Small Cap Value Fund, a series of CNI Charter Funds, (the “Predecessor Fund”) transferred its assets into the Fund in a tax-free reorganization on January 23, 2012. Performance information shown includes the performance of the Predecessor Fund for periods prior to January 23, 2012.
(2)Effective August 20, 2024, the Fund’s broad-based index benchmark was changed from the Russell 2000® Index to the Bloomberg US Aggregate Equity Total Return Index. This change was made so that the Fund’s performance can be evaluated against a benchmark that represents the overall U.S. equity market. The Bloomberg US Aggregate Equity Total Return Index is a float market-cap-weighted benchmark representing approximately 99% of the U.S. equity market by capitalization.
This supplement should be retained with your Summary Prospectus and Prospectus.