The International Equity Portfolio is closed effective June 30, 2005.

Since 1974, Brandes Investment Partners® has used the value approach in seeking to generate strong returns in international equity markets.  Our International EquityPortfolio holds only the stocks of non-U.S. companies, thus providing important diversification to U.S. equity investors.

Today, over half of the world’s equity value is located outside the United States. This means that substantial investment opportunities are located in non-U.S. markets.

In any given year, a number of overseas markets generally outperform U.S. markets. However, investing internationally involves unique risks, including the potential for political, economic, and currency instability. Investors should carefully consider these risks in the context of their overall objective, time horizon, and asset allocation prior to investing.

The International Equity Portfolio Seeks to Offer:

• A disciplined approach to investing in non-U.S. companies
• Diversification when combined with U.S.-based portfolios
• Comparatively low risk for a non-U.S. stock portfolio
• Long-term capital appreciation

Features:

• Application of Graham & Dodd philosophy
• Companies with comparatively low price/earnings, price/cash flow, and price/book valuation ratios
• Undervalued non-U.S. stocks
• Companies with strong balance sheets
• Diversification across a wide range of countries and industries

For a more complete description and discussion of the risks of international investing, consult Brandes' Form ADV, Part II.