Brandes International Equity Fund Class I

The portfolio focuses its investments predominantly on shares issued by companies headquartered outside the United States. It generally targets overseas enterprises possessing a market capitalization exceeding $5 billion at the point of acquisition. To qualify as "foreign," a company's status is assessed by its legal residence, its primary business operations, its main stock exchange listing, and/or the geographic origin of its earnings. In typical market environments, the fund commits a minimum of 80% of its net assets, as determined at the time of purchase, to equity holdings in businesses situated across at least three distinct non-U.S. nations.