Brandes International Equity Fund

The fund primarily allocates its capital to the stocks of companies based outside the United States. It typically targets large-cap international firms, focusing on those with a market valuation exceeding $5 billion at the time of initial acquisition. A company is deemed "foreign" based on several criteria, which may include its legal domicile, its primary operational base, where its shares are principally listed, or the geographical source of its revenue. Under standard market conditions, a minimum of 80% of the fund's net assets—as measured at the time of purchase—will be invested in the equity securities of businesses domiciled in at least three different non-U.S. countries.