Brandes Funds Quarterly Portfolio Reviews

Past performance is no guarantee of future results.

Mutual fund investing involves risk; principal loss is possible.

Diversification does not assure a profit or protect against a loss in a declining market.

The Brandes Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Please refer to the Brandes Core Plus Fixed Income Fund Prospectus, Brandes Emerging Markets Value Fund Prospectus, Brandes Global Equity Fund Prospectus, Brandes International Equity Fund Prospectus, Brandes International Small Cap Fund Prospectus, Brandes Small Cap Value Fund Prospectus and the Brandes Separately Managed Account Reserve Trust - SMART Prospectus for important information about the investment company including investment objectives, risks, charges and expenses. To obtain a hard copy Prospectus, please call the Mutual Fund Group at 800.395.3807.

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