0000894189-13-000988.txt : 20130222 0000894189-13-000988.hdr.sgml : 20130222 20130222121816 ACCESSION NUMBER: 0000894189-13-000988 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130222 DATE AS OF CHANGE: 20130222 EFFECTIVENESS DATE: 20130222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRANDES INVESTMENT TRUST CENTRAL INDEX KEY: 0000926678 IRS NUMBER: 330635360 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-81396 FILM NUMBER: 13633253 BUSINESS ADDRESS: STREET 1: C/O U.S. BANCORP FUND SERVICES, LLC STREET 2: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4142873967 MAIL ADDRESS: STREET 1: C/O U.S. BANCORP FUND SERVICES, LLC STREET 2: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: BRANDES INTERNATIONAL FUND DATE OF NAME CHANGE: 19940712 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRANDES INVESTMENT TRUST CENTRAL INDEX KEY: 0000926678 IRS NUMBER: 330635360 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08614 FILM NUMBER: 13633254 BUSINESS ADDRESS: STREET 1: C/O U.S. BANCORP FUND SERVICES, LLC STREET 2: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4142873967 MAIL ADDRESS: STREET 1: C/O U.S. BANCORP FUND SERVICES, LLC STREET 2: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: BRANDES INTERNATIONAL FUND DATE OF NAME CHANGE: 19940712 0000926678 S000005855 Brandes International Equity Fund C000016035 Class I BIIEX C000069595 Class E BIEEX C000096542 Class A BIEAX C000125574 Class C BIECX 0000926678 S000006075 Brandes Separately Managed Account Reserve Trust C000016693 Brandes Separately Managed Account Reserve Trust SMARX 0000926678 S000020707 Brandes Core Plus Fixed Income Fund C000057807 Class E BCPEX C000057808 Class I BCPIX C000057809 Class A BCPAX 0000926678 S000023589 Brandes Global Equity Fund C000069401 Class I BGVIX C000069402 Class E BGVEX C000096543 Class A BGEAX C000123169 Class C BCVCX 0000926678 S000031127 Brandes Emerging Markets Fund C000096540 Class I BEMIX C000096541 Class A BEMAX C000123170 Class C BEMCX 0000926678 S000035893 Brandes Credit Focus Yield Fund C000110022 Class I BCFIX C000110023 Class A BCFAX 0000926678 S000035894 Brandes International Small Cap Equity Fund C000110024 Class I BISMX C000110025 Class A BISAX C000123171 Class C BINCX 485BPOS 1 brandes_485b-xbrl.htm POST EFFECTIVE AMENDENT FOR XBRL brandes_485b-xbrl.htm

Filed with the U.S. Securities and Exchange Commission on February 22, 2013

1933 Act Registration File No.   033-81396
1940 Act File No. 811-08614
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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Pre-Effective Amendment No.
   
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Post-Effective Amendment No.
44
 
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and/or
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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X
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Amendment No.
45
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X
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(Check appropriate box or boxes)

BRANDES INVESTMENT TRUST
(Exact Name of Registrant as Specified in Charter)
 
11988 El Camino Real, Suite 500
San Diego, California 92130
(Address of Principal Executive Office)
 
Registrant’s Telephone Number, including Area Code:  (619) 755-0239
 
Michael Glazer.
c/o Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, California 90071
(Name and Address of Agent for Service)
 

 
It is proposed that this filing will become effective (check appropriate box)
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immediately upon filing pursuant to paragraph (b)
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On (date) pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:
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This post-effective amendment designates a new effective date for a previously filed post- effective amendment.

Explanatory Note:  This Post-Effective Amendment (“PEA”) No. 44 to the Registration Statement of Professionally Managed Portfolios (the “Trust”) on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 43 on Form N-1A filed on January 31, 2013.  This PEA No. 44 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 43 to the Trust’s Registration Statement.
 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 44 to its Registration Statement on Form N-1A to be signed below on its behalf by the undersigned, thereunto duly authorized, in the City of San Diego and State of California on the 22nd day of February, 2013.

 
BRANDES INVESTMENT TRUST
 
     
 
By:
 
 
/s/ Jeff Busby
 
 
Jeff Busby
 
 
President
 


This Amendment to the Registration Statement on Form N-1A of Brandes Investment Trust has been signed below by the following persons in the capacities and on the dates indicated.

Signature
 
Title
 
Date
         
/s/ J. Michael Gaffney*
 
Trustee
 
February 22, 2013
J. Michael Gaffney
       
         
/s/ Jeff Busby*
 
President and Trustee
 
February 22, 2013
Jeff Busby
       
         
/s/Jean Carter*
 
Trustee
 
February 22, 2013
Jean Carter
       
         
/s/Robert M. Fitzgerald*
 
Trustee
 
February 22, 2013
Robert M. Fitzgerald
       
         
/s/Gary Iwamura
 
Treasurer (Principal Financial
and Accounting Officer)
 
February 22, 2013
Gary Iwamura
       
         
         
         
         
*  By: /s/ Jeff Busby        
Jeff Busby
       
Attorney-in-fact as per Powers of Attorney filed November 9, 2007 and September 30, 2008.

 
1

 
 
INDEX TO EXHIBITS

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE

 
 
 
2
 

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A charge of 1.00% will be imposed on Class C shares redeemed within one year of purchase by any investor. The Advisor has contractually agreed to limit the Global Fund's Class A, Class C, Class E and Class I annual operating expenses (excluding acquired fund fees and expenses, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation), including repayment of previous waivers, to 1.25% for Class A and Class E, 2.00% for Class C, and 1.00% for Class I as percentages of the respective Fund classes' average daily net assets through January 31, 2014 (the "Expense Caps"). The Expense Caps may be terminated at any time by the Board of Trustees upon 60 days' notice to the Advisor, or by the Advisor with the consent of the Board. The Advisor is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years with respect to any Class of the Fund. The Advisor may request reimbursement if the aggregate amount paid by the Fund toward operating expenses for the Class for the fiscal year (taking into account the reimbursement) does not exceed the Expense Cap with respect to such Class or any lower expense cap for the Class in effect at the time of the reimbursement. The Advisor has contractually agreed to limit the International Equity Fund's Class A, Class C, Class E, and Class I annual operating expenses (excluding acquired fund fees and expenses, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation), including repayment of previous waivers, to 1.30% for Class A and Class E, 2.05% for Class C and 1.05% for Class I, as percentages of the respective Fund classes' average daily net assets through January 31, 2014 (the "Expense Caps"). The Expense Caps may be terminated at any time by the Board of Trustees upon 60 days' written notice to the Advisor, or by the Advisor with the consent of the Board. The Advisor is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years with respect to any Class of the Fund. The Advisor may request reimbursement if the aggregate amount paid by the Fund toward operating expenses for the Class for the fiscal year (taking into account the reimbursement) does not exceed the Expense Cap with respect to such Class or any lower expense cap for the Class in effect at the time of the reimbursement. The Advisor has contractually agreed to limit the Emerging Markets Fund's Class A, Class C and Class I annual operating expenses (excluding acquired fund fees and expenses, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation), including repayment of previous waivers, to 1.37% for Class A, 2.12% for Class C, and 1.12% for Class I as percentages of the respective Fund classes' average daily net assets through January 31, 2014 (the "Expense Caps"). The Expense Caps may be terminated at any time by the Board of Trustees upon 60 days' notice to the Advisor, or by the Advisor with the consent of the Board. The Advisor is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years with respect to any Class of the Fund. The Advisor may request reimbursement if the aggregate amount paid by the Fund toward operating expenses for the Class for the fiscal year (taking into account the reimbursement) does not exceed the Expense Cap with respect to such Class or any lower expense cap for the Class in effect at the time of the reimbursement. The Advisor has contractually agreed to limit the International Small Cap Fund's Class A, Class C and Class I annual operating expenses (excluding acquired fund fees and expenses, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation), including repayment of previous waivers, to 1.40% for Class A, 2.15% for Class C, and 1.15% for Class I as percentages of the respective Fund classes' average daily net assets through January 31, 2014 (the "Expense Caps"). The Expense Caps may be terminated at any time by the Board of Trustees upon 60 days notice to the Advisor, or by the Advisor with the consent of the Board. The Advisor is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years with respect to any Class of the Fund. The Advisor may request reimbursement if the aggregate amount paid by the Fund toward operating expenses for the Class for the fiscal year (taking into account the reimbursement) does not exceed the Expense Cap with respect to such Class or any lower expense cap for the Class in effect at the time of the reimbursement. The Advisor has contractually agreed to limit the Core Plus Fund's Class A, Class E and Class I annual operating expenses (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes and extraordinary expenses), including repayment of previous waivers, to the following percentages of the Fund's average daily net assets attributable to the specific classes through January 31, 2014: 0.70%, 0.70%, and 0.50%, respectively (the "Expense Caps"). The Expense Caps may be terminated at any time by the Board of Trustees upon 60 days notice to the Advisor, or by the Advisor with the consent of the Board. The Advisor is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years with respect to any Class of the Fund. The Advisor may request reimbursement if the aggregate amount paid by the Fund toward operating expenses for the Class for the fiscal year (taking into account the reimbursement) does not exceed the Expense Cap with respect to such Class or any lower expense cap for the Class in effect at the time of the reimbursement. The Advisor has contractually agreed to limit the Credit Focus Yield Fund's Class A and Class I annual operating expenses (excluding Acquired Fund Fees and Expenses, interest expense in connection with investment activities, taxes and extraordinary expenses), including repayment of previous waivers, to the following percentages of the Fund's average daily net assets attributable to the specific classes through January 31, 2014: 0.95% and 0.70%, respectively (the "Expense Caps"). The Expense Caps may be terminated at any time by the Board of Trustees upon 60 days notice to the Advisor, or by the Advisor with the consent of the Board. The Advisor is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years with respect to any Class of the Fund. The Advisor may request reimbursement if the aggregate amount paid by the Fund toward operating expenses for the Class for the fiscal year (taking into account the reimbursement) does not exceed the Expense Cap with respect to such Class or any lower expense cap for the Class in effect at the time of the reimbursement. The Fund does not pay any management fees, advisory fees or expenses to the Advisor or affiliates of the Advisor. The amount under "Management fees" reflects the estimated amount of fees that would be attributable to advisory services if the Advisor charged the Fund for its services. Investors in the Fund must be clients of "wrap account" programs sponsored by broker-dealers which have an agreement with the Advisor, or certain other persons or entities. The Advisor has agreed to pay or reimburse all expenses of the Fund other than extraordinary expenses. See "Shareholder Information." The Fund does not pay any other ordinary expenses. The amount under "Other expenses" reflects the estimated amount of operating expenses of the Fund which would be paid if the fees were not paid by the Advisor. 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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) A charge of 1.00% will be imposed on Class C shares redeemed within one year of purchase by any investor. 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COLOR: #000080">Global Fund</font> <font style="DISPLAY: inline">has performed and provides some indication of the risks of investing in the Fund by showing how its performance has varied from year to year.&#160;&#160;The bar chart shows changes in the yearly performance of the Fund&#8217;s Class&#160;I shares since its inception.&#160;&#160;The table below compares the Fund&#8217;s total return over time to a broad-based securities index.&#160;&#160;The chart and table assume reinvestment of dividends and distributions.&#160;&#160;Of course, past performance, before and after taxes, does not indicate how the</font> <font style="DISPLAY: inline; COLOR: #000080">Global Fund</font><font style="DISPLAY: inline">&#160;</font>will perform in the future.&#160;&#160;Updated performance is available on the Fund&#8217;s website <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">www.brandesfunds.com</font>.</font> </div> Brandes Global Equity Fund Year-by-Year Total Returns as of December 31, 2012 for Class I Shares 0.1964 0.1011 -0.0616 0.1160 ~ http://brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0000926678_S000023589Member row primary compact * ~ Best Quarter 0.1838 2009-06-30 Worst Quarter -0.1618 2011-09-30 <table cellpadding="1" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q2</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2009</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18.38%</font> </div> </td> </tr> <tr> <td valign="top" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q3</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2011</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-16.18%</font> </div> </td> </tr> </table> 0.0496 0.0375 0.1160 0.0539 0.1131 0.0521 0.1160 0.0539 0.1113 0.0478 0.0875 0.0475 0.1583 0.0772 2008-10-06 2008-10-06 2008-10-06 2008-10-06 2008-10-06 ~ http://brandesfunds.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0000926678_S000023589Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Class&#160;E and Class&#160;I shares commenced operations on October&#160;6, 2008.&#160;&#160;Class&#160;A shares commenced operations on January&#160;31, 2011, but prior to January&#160;31, 2013, Class&#160;A shares were known as Class&#160;S shares.&#160;&#160;(Class&#160;A shares have the same operating expenses as Class&#160;S shares.)&#160;&#160;Performance shown prior to January&#160;31, 2011 for Class&#160;A shares reflects the performance of Class&#160;I shares adjusted to reflect Class&#160;A expenses.&#160;&#160;Class&#160;C shares commenced operations on January&#160;31, 2013.&#160;&#160;Performance shown prior to the inception of Class&#160;C shares reflects the performance of Class&#160;I shares.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.&#160;&#160;After-tax returns are shown for Class&#160;I shares only.&#160;&#160;After-tax returns for other Classes will vary.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following performance information shows you how the Global Fund has performed and provides some indication of the risks of investing in the Fund by showing how its performance has varied from year to year. Of course, past performance, before and after taxes, does not indicate how the Global Fund will perform in the future. After-tax returns are shown for Class I shares only. After-tax returns for other Classes will vary. (reflects no deduction for fees, expenses or taxes) www.brandesfunds.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Brandes Global Equity Fund Average Annual Total Returns For periods ending December 31, 2012 Principal Investment Risks <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Because the values of the</font> <font style="DISPLAY: inline; COLOR: #000080">Global Fund&#8217;s</font> <font style="DISPLAY: inline">investments will fluctuate with market conditions, so will the value of your investment in the</font> <font style="DISPLAY: inline; COLOR: #000080">Global Fund</font><font style="DISPLAY: inline">.&#160;&#160;You could lose money on your investment in the</font> <font style="DISPLAY: inline; COLOR: #000080">Global Fund</font><font style="DISPLAY: inline">, or the</font> <font style="DISPLAY: inline; COLOR: #000080">Global Fund</font> <font style="DISPLAY: inline">could underperform other investments.&#160;&#160;Principal risks of the</font> <font style="DISPLAY: inline; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q2</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2003</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25.52%</font> </div> </td> </tr> <tr> <td valign="top" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q3</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2002</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-20.72%</font> </div> </td> </tr> </table> 0.0454 -0.0632 0.0717 0.0761 0.1125 -0.0504 0.0804 0.0825 0.1118 -0.0512 0.0786 0.0218 0.1125 -0.0504 0.0804 0.0825 0.1107 -0.0535 0.0723 0.0682 0.0849 -0.0393 0.0733 0.0696 0.1732 -0.0369 0.0821 0.0421 ~ http://brandesfunds.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_LegalEntityAxis compact ck0000926678_S000005855Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">International Equity Fund</font> commenced operations in 1997.&#160;&#160;Prior to October&#160;6, 2008, the <font style="DISPLAY: inline; COLOR: #000080">International Equity Fund</font> had only one class of shares (currently designated as Class&#160;I Shares).&#160;&#160;Class&#160;E shares commenced operations on October&#160;6, 2008.&#160;&#160;Performance shown prior to the inception of Class&#160;E shares reflects the performance of Class&#160;I shares adjusted to reflect Class&#160;E expenses.&#160;&#160;Class&#160;A shares commenced operations on January&#160;31, 2011, but prior to January&#160;31, 2013, Class&#160;A shares were known as Class&#160;S shares.&#160;&#160;(Class&#160;A shares have the same operating expenses as Class&#160;S shares.)&#160;&#160;Performance shown prior to January&#160;31, 2011 for Class&#160;A shares reflects the performance of Class&#160;I shares adjusted to reflect Class&#160;A expenses.&#160;&#160;Class&#160;C shares commenced operations on January&#160;31, 2013.&#160;&#160;Performance shown prior to the inception of Class&#160;C shares reflects the performance of Class&#160;I shares.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.&#160;&#160;After-tax returns are shown for Class&#160;I shares only.&#160;&#160;After-tax returns for other Classes will vary.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In certain cases, the &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be higher than the other return figures for the same period.&#160;&#160;This will occur when a capital loss is realized upon the sale of Fund shares and provides an assumed tax benefit that increases the return.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following performance information shows you how the International Equity Fund has performed and provides some indication of the risks of investing in the Fund by showing how its performance has varied from year to year. Of course, past performance, before and after taxes, does not indicate how the International Equity Fund will perform in the future. After-tax returns are shown for Class I shares only. After-tax returns for other Classes will vary. (reflects no deduction for fees, expenses or taxes) In certain cases, the "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period. www.brandesfunds.com Brandes International Equity Fund Average Annual Total Returns For periods ending December 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Brandes International Equity Fund</font> (the &#8220;<font style="DISPLAY: inline; COLOR: #000080">International Equity Fund</font>&#8221;)<font style="DISPLAY: inline; COLOR: #000080">,</font> formerly named the <font style="DISPLAY: inline; COLOR: #000080">Brandes Institutional International Equity Fund</font>, seeks long term capital appreciation.</font> </div> Example <div align="justify" style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the costs of investing in the <font style="DISPLAY: inline; COLOR: #000080">International Equity Fund</font> with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 700 993 1308 2198 308 674 1166 2522 132 444 778 1722 107 377 667 1494 208 674 1166 2522 ~ http://brandesfunds.com/20130131/role/ScheduleExpenseExampleTransposed20011 column dei_LegalEntityAxis compact ck0000926678_S000005855Member row primary compact * ~ ~ http://brandesfunds.com/20130131/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_LegalEntityAxis compact ck0000926678_S000005855Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your Class C shares: Principal Investment Risks <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Because the values of the <font style="DISPLAY: inline; COLOR: #000080">International Equity Fund&#8217;s</font> investments will fluctuate with market conditions, so will the value of your investment in the <font style="DISPLAY: inline; COLOR: #000080">International Equity Fund</font>.&#160;&#160;You could lose money on your investment in the <font style="DISPLAY: inline; COLOR: #000080">International Equity Fund</font>, or the <font style="DISPLAY: inline; COLOR: #000080">International Equity Fund</font> could underperform other investments.&#160;&#160;<font style="DISPLAY: inline">Principal risks of the</font> <font style="DISPLAY: inline; COLOR: #000080">International Equity Fund</font> are as follows:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-4" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; 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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 A charge of 1.00% will be imposed on Class C shares redeemed within one year of purchase by any investor. Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within one year from the date of purchase. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under normal market conditions, the <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund</font> invests at least 80% of its net assets (plus any borrowings for investment purposes) measured at the time of purchase in equity securities of companies located in emerging markets.&#160;&#160;These companies may have market capitalizations of any size.&#160;&#160;Equity securities include common and preferred stocks, warrants and rights.&#160;&#160;Emerging markets include some or all of the countries located in each of the following regions: Asia, Europe, Central and South America, Africa and the Middle East.&#160;&#160;The Advisor considers an emerging market country to be any country which is in the Morgan Stanley Capital International Emerging Markets Index (&#8220;MSCI EM Index&#8221;) or that, in the opinion of the Advisor, is generally considered to be an emerging market country by the international financial community.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brandes Investment Partners, L.P., the investment advisor (the &#8220;Advisor&#8221;), uses the principles of value investing to analyze and select equity securities for the <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund&#8217;s</font> investment portfolio.&#160;&#160;When buying equity securities, the Advisor assesses the estimated &#8220;intrinsic&#8221; value of a company based on data such as a company&#8217;s earnings power, cash flow generation, and/or asset value of the underlying business.&#160;&#160;By choosing securities that are selling at a discount to the Advisor&#8217;s estimates of their share of the company&#8217;s intrinsic business value, the Advisor seeks to establish an opportunity for long-term capital appreciation.&#160;&#160;The Advisor may sell a security when its price reaches a target set by the Advisor, if the Advisor believes that other investments are more attractive, or for other reasons.</font> </div> Performance <div style="TEXT-INDENT: 36pt; 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FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q2</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2009</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43.09%</font> </div> </td> </tr> <tr> <td valign="top" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q4</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2008</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-26.72%</font> </div> </td> </tr> </table> 0.1183 0.0355 0.1763 0.0884 0.1898 0.0501 0.1855 0.0950 0.1898 0.0501 0.1855 0.0950 0.1829 0.0484 0.1845 0.0945 0.1325 0.0432 0.1701 0.0868 0.1863 -0.0061 0.1688 0.0781 ~ http://brandesfunds.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact ck0000926678_S000031127Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Prior to January&#160;31, 2011, the Fund was a private investment fund</font> managed by the Advisor with policies, guidelines and restrictions that were, in all material respects, equivalent to those of the Fund<font style="DISPLAY: inline">.&#160;&#160;Class&#160;A and Class&#160;I shares commenced operations on January&#160;31, 2011, while</font> Class&#160;C shares commenced operations on January&#160;31, 2013.&#160;&#160;Prior to January&#160;31, 2013, Class&#160;A shares were known as Class&#160;S shares.&#160;&#160;(Class&#160;A shares have the same operating expenses as Class&#160;S shares.)&#160;&#160;<font style="DISPLAY: inline">The Class&#160;I performance information shown for periods prior to January&#160;31, 2011 is that of the private investment fund managed by the Advisor that is the predecessor of the Fund, not adjusted for Fund expenses.&#160;&#160;</font>Performance shown prior to January&#160;31, 2011 for Class&#160;A shares reflects the performance of the private investment fund shares adjusted to reflect Class&#160;A expenses.&#160;&#160;Performance shown prior to the inception of Class&#160;C shares reflects the performance of the private investment fund for periods prior to January&#160;31, 2011 and the performance of Class&#160;I shares for the period from February&#160;1, 2011 to January&#160;30, 2013.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.&#160;&#160;After-tax returns are shown for Class&#160;I shares only.&#160;&#160;After-tax returns for other Classes will vary.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following performance information provides some indication of the risks of investing in the Emerging Markets Fund. Of course, past performance, before and after taxes, does not indicate how the Emerging Markets Fund will perform in the future. After-tax returns are shown for Class I shares only. After-tax returns for other Classes will vary. (reflects no deduction for fees, expenses or taxes) www.brandesfunds.com Brandes Emerging Markets Fund Average Annual Total Returns For periods ending December 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Brandes Emerging Markets Fund</font> (the &#8220;<font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund</font>&#8221;), formerly named the <font style="DISPLAY: inline; COLOR: #000080">Brandes Institutional Emerging Markets Fund</font>, seeks long-term capital appreciation .</font> </div> Example <div align="justify" style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the costs of investing in the <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund</font> with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the contractual expense limitation for 1 year).</font></div> 706 1030 1375 2348 315 711 1235 2669 114 416 739 1656 215 711 1235 2669 ~ http://brandesfunds.com/20130131/role/ScheduleExpenseExampleTransposed20019 column dei_LegalEntityAxis compact ck0000926678_S000031127Member row primary compact * ~ ~ http://brandesfunds.com/20130131/role/ScheduleExpenseExampleNoRedemptionTransposed20020 column dei_LegalEntityAxis compact ck0000926678_S000031127Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your Class C shares: Principal Investment Risks <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Because the values of the <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund</font>&#8217;s investments will fluctuate with market conditions, so will the value of your investment in the <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund</font>.&#160;&#160;You could lose money on your investment in the <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund</font>, or the <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund</font> could underperform other investments.&#160;&#160;<font style="DISPLAY: inline">Principal risks of the</font> <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund</font> are as follows:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-9" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 66px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td width="1044"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Stock Risks</font> <font style="DISPLAY: inline">&#8211;</font> The values of the <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund</font>&#8217;s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-10" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 66px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 66px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td width="1044"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Currency Risks</font> <font style="DISPLAY: inline">&#8211; Because the</font> <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund</font> <font style="DISPLAY: inline">invests in securities denominated in foreign currencies, the U.S.&#160;dollar values of its investments fluctuate as a result of changes in foreign exchange rates.&#160;&#160;Such changes will also affect the Fund&#8217;s income.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-12" width="100%" style="FONT-FAMILY: times new roman; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 66px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td width="1044"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value Style Risks</font> <font style="DISPLAY: inline">&#8211; In managing the</font> <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund,</font> <font style="DISPLAY: inline">the Advisor applies the Graham and Dodd Value Investing approach, which selects investments based on the Advisor&#8217;s evaluation of the intrinsic long-term value of companies using measurable data.&#160;&#160;This style of investing has caused the Fund&#8217;s performance to deviate from the performance of market benchmarks and other managers for substantial periods of time and may do so in the future.</font></font> </div> </td> </tr> </table> You could lose money on your investment in the Emerging Markets Fund, or the Emerging Markets Fund could underperform other investments. Portfolio Turnover <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Emerging Markets Fund</font> pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 28.59% of the average value of its portfolio.</font> </div> 0.2859 Brandes International Small Cap Equity Fund BISMX BISAX BINCX Fees and Expenses of the Fund <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #000080">International Small Cap Fund</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman">.&#160;&#160;</font>You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $25,000 in the Brandes Funds.&#160;&#160;More information about these and other discounts is available from your financial professional and in the section titled &#8220;Shareholder Information&#8221; on page&#160;38 of the Prospectus and &#8220;Additional Purchase and Redemption Information&#8221; on page&#160;B-77 of the Fund&#8217;s Statement of Additional Information.</font> </div> 0.0575 0.0000 0.0000 0.0000 0.0100 0.0000 0.0095 0.0095 0.0095 0.0025 0.0075 0.0000 0.0000 0.0025 0.0000 0.0097 0.0097 0.0102 0.0097 0.0122 0.0102 0.0217 0.0292 0.0197 -0.0077 -0.0077 -0.0082 0.0140 0.0215 0.0115 ~ http://brandesfunds.com/20130131/role/ScheduleShareholderFees20025 column dei_LegalEntityAxis compact ck0000926678_S000035894Member row primary compact * ~ ~ http://brandesfunds.com/20130131/role/ScheduleAnnualFundOperatingExpenses20026 column dei_LegalEntityAxis compact ck0000926678_S000035894Member row primary compact * ~ 2014-01-31 You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $25,000 in the Brandes Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within one year from the date of purchase. A charge of 1.00% will be imposed on Class C shares redeemed within one year of purchase by any investor. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under normal market conditions, the <font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund</font> invests at least 80% of its net assets (plus any borrowings for investment purposes) measured at the time of purchase in equity securities issued by small capitalization companies located in at least three countries outside of the United States.&#160;&#160;The Fund considers a company to be a small capitalization company if it has a market capitalization (market value of publicly traded securities) of $5&#160;billion or less at the time of purchase.&#160;&#160;Equity securities include common and preferred stocks, warrants and rights.&#160;&#160;An issuer is determined to be located outside the United States on the basis of the issuer&#8217;s domicile, principal place of business, primary stock exchange listing, source of revenue or other factors.&#160;&#160;Up to 30% of the <font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund</font><font style="DISPLAY: inline">&#8217;s total assets, measured at the time of purchase, may be invested in securities of companies located in countries considered to have emerging securities markets.&#160;&#160;With respect to 20% of the Fund&#8217;s net assets, the Fund may invest in stocks of companies of any capitalization size.</font></font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brandes Investment Partners, L.P., the investment advisor (the &#8220;Advisor&#8221;), uses the principles of value investing to analyze and select equity securities for the <font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund&#8217;s</font> investment portfolio.&#160;&#160;When buying equity securities, the Advisor assesses the estimated &#8220;intrinsic&#8221; value of a company based on data such as a company&#8217;s earnings, cash flow generation, and/or asset value of the underlying business.&#160;&#160;By choosing securities that are selling at a discount to the Advisor&#8217;s estimates of their share of the company&#8217;s intrinsic business value, the Advisor seeks to establish an opportunity for long-term capital appreciation.&#160;&#160;The Advisor may sell a security when its price reaches a target set by the Advisor, the Advisor believes that other investments are more attractive, or for other reasons.</font> </div> Performance <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following performance information provides some indication of the risks of investing in the International Small Cap Fund.&#160;&#160;The bar chart below illustrates how the Fund&#8217;s total returns have varied from year to year.&#160;&#160;The table below compares the Fund&#8217;s total return over time to a broad-based securities index.&#160;&#160;The chart and table assume reinvestment of dividends and distributions.&#160;&#160;Of course, past performance, before and after taxes, does not indicate how the International Small Cap Fund will perform in the future.&#160;&#160;Updated performance is available on the Fund&#8217;s website <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">www.brandesfunds.com</font>.</font> </div> Brandes International Small Cap Equity Fund Year-by-Year Total Returns as of December 31, 2012 for Class I Shares 0.6948 0.2855 0.1323 0.1013 -0.0621 -0.4404 0.7322 0.3295 -0.1603 0.2646 ~ http://brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20029 column dei_LegalEntityAxis compact ck0000926678_S000035894Member row primary compact * ~ Best Quarter 0.4608 2009-06-30 Worst Quarter -0.2160 2008-12-31 <table cellpadding="1" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q4</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2008</font> </div> </td> <td valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-21.60%</font> </div> </td> </tr> </table> 0.1904 0.0519 0.1262 0.0981 0.2646 0.0647 0.1330 0.1021 0.2646 0.0647 0.1330 0.1021 0.2584 0.0637 0.1325 0.1018 0.1743 0.0555 0.1200 0.0934 0.1855 -0.0126 0.1216 0.0641 2012-02-01 2013-01-31 2012-02-01 2012-02-01 ~ http://brandesfunds.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20030 column dei_LegalEntityAxis compact ck0000926678_S000035894Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Prior to February&#160;1, 2012, the Fund was a private investment fund</font> managed by the Advisor with policies, guidelines and restrictions that were, in all material respects, equivalent to those of the Fund<font style="DISPLAY: inline">.&#160;&#160;Class&#160;A and Class&#160;I shares commenced operations on February&#160;1, 2012, while</font> Class&#160;C shares commenced operations on January&#160;31, 2013.&#160;&#160;Prior to January&#160;31, 2013, Class&#160;A shares were known as Class&#160;S shares.&#160;&#160;(Class&#160;A shares have the same operating expenses as Class&#160;S shares.)&#160;&#160;<font style="DISPLAY: inline">The Class&#160;I performance information shown for periods before February&#160;1, 2012 is that of the private investment fund managed by the Advisor that is the predecessor of the Fund, not adjusted for Fund expenses.&#160;&#160;</font>Performance shown prior to February&#160;1, 2012 for the Class&#160;A shares reflects the performance of the private investment fund shares adjusted to reflect Class&#160;A expenses.&#160;&#160;Performance shown prior to the inception of Class&#160;C shares reflects the performance <font style="DISPLAY: inline">of the private investment fund for periods prior to February&#160;1, 2012 and the performance of Class&#160;I shares for the period from February&#160;1, 2012 to January&#160;30, 2013.</font></font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.&#160;&#160;After-tax returns are shown for Class&#160;I shares only.&#160;&#160;After-tax returns for other Classes will vary.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following performance information provides some indication of the risks of investing in the International Small Cap Fund. Of course, past performance, before and after taxes, does not indicate how the International Small Cap Fund will perform in the future. After-tax returns are shown for Class I shares only. After-tax returns for other Classes will vary. (reflects no deduction for fees, expenses or taxes) www.brandesfunds.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Brandes International Small Cap Equity Fund Average Annual Total Returns For periods ending December 31, 2012 Principal Investment Risks <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Because the values of the <font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund&#8217;s</font> investments will fluctuate with market conditions, so will the value of your investment in the <font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund</font>.&#160;&#160;You could lose money on your investment in the <font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund</font>, or the <font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund</font> could underperform other investments.&#160;&#160;<font style="DISPLAY: inline">Principal risks of the</font> <font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund</font> are as follows:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-15" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 66px"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td width="1044"> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Stock Risks</font> <font style="DISPLAY: inline">&#8211;</font> The values of the <font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund&#8217;s</font> investments fluctuate in response to the activities of individual companies and general stock market and economic conditions.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-16" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; 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Example <div align="justify" style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the costs of investing in the <font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund</font> with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the contractual expense limitation for one year).</font></div> 709 1145 1606 2877 318 831 1470 3188 117 539 986 2230 218 831 1470 3188 ~ http://brandesfunds.com/20130131/role/ScheduleExpenseExampleTransposed20027 column dei_LegalEntityAxis compact ck0000926678_S000035894Member row primary compact * ~ ~ http://brandesfunds.com/20130131/role/ScheduleExpenseExampleNoRedemptionTransposed20028 column dei_LegalEntityAxis compact ck0000926678_S000035894Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your Class C shares: Investment Objective <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Brandes International Small Cap Equity Fund</font> (the &#8220;<font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund</font>&#8221;), seeks long term capital appreciation.</font><br /> </div> Portfolio Turnover <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">International Small Cap Fund</font> pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the period from February&#160;1, 2012 through September&#160;30, 2012, the Fund&#8217;s portfolio turnover rate was 13.55% of the average value of its portfolio.</font> </div> 0.1355 Brandes Core Plus Fixed Income Fund BCPEX BCPIX BCPAX Fees and Expenses of the Fund <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #000080">Core Plus Fund</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman">.&#160;&#160;</font>You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $25,000 in the Brandes Funds.&#160;&#160;More information about these and other discounts is available from your financial professional and in the section titled &#8220;Shareholder Information&#8221; on page&#160;22 of the Prospectus and &#8220;Additional Purchase and Redemption Information&#8221; on page&#160;B-77 of the Fund&#8217;s Statement of Additional Information.</font> </div> 0.0375 0.0000 0.0000 0.0000 0.0000 0.0000 0.0035 0.0035 0.0035 0.0025 0.0000 0.0000 0.0000 0.0025 0.0000 0.0086 0.0086 0.0091 0.0086 0.0111 0.0091 0.0146 0.0146 0.0126 -0.0076 -0.0076 -0.0076 0.0070 0.0070 0.0050 ~ http://brandesfunds.com/20130131/role/ScheduleShareholderFees20033 column dei_LegalEntityAxis compact ck0000926678_S000020707Member row primary compact * ~ ~ http://brandesfunds.com/20130131/role/ScheduleAnnualFundOperatingExpenses20034 column dei_LegalEntityAxis compact ck0000926678_S000020707Member row primary compact * ~ 2014-01-31 You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $25,000 in the Brandes Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within one year from the date of purchase. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Core Plus Fund</font> invests predominantly in U.S.&#160;dollar-denominated debt securities.&#160;&#160;These include, but are not limited to, debt securities issued by U.S. and foreign companies, debt obligations issued or guaranteed by the U.S.&#160;Government and foreign governments and their agencies and instrumentalities, and U.S. and foreign mortgage-backed securities, collateralized mortgage obligations and asset-backed debt securities.&#160;&#160;The <font style="DISPLAY: inline; COLOR: #000080">Core Plus Fund</font> may invest up to 25% of its total fixed income assets, measured at the time of purchase, in non-U.S.&#160;dollar securities and may engage in currency hedging.&#160;&#160;<font style="DISPLAY: inline">Brandes Investment Partners, L.P., the Fund&#8217;s investment advisor (the &#8220;Advisor&#8221;), uses the principles of value investing to analyze and select debt securities for the</font> <font style="DISPLAY: inline; COLOR: #000080">Core Plus Fund&#8217;s</font> <font style="DISPLAY: inline">investment portfolio.&#160;&#160;</font>As part of this process, the Advisor reviews such measures as the issuer&#8217;s free cash flow, debt-to-equity ratio, earnings before interest, taxes, depreciation and amortization (&#8220;EBITDA&#8221;)-to-interest ratio, debt-to-EBITDA ratio or other measures of credit worthiness in evaluating the securities of a particular issuer.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Core Plus Fund</font> may invest in debt instruments of any maturity or with no maturity and it may invest in both investment-grade securities and non-investment grade securities (also known as &#8220;high-yield bonds&#8221; or &#8220;junk bonds&#8221;).&#160;&#160;(Up to 25% of the Fund&#8217;s total debt securities may be in junk bonds.)&#160;&#160;The <font style="DISPLAY: inline; COLOR: #000080">Core Plus Fund</font> invests in debt securities that can be purchased at prices or yield premiums over U.S.&#160;Treasury securities (or other relatively risk free securities) which the Advisor believes to be attractive based on the Advisor&#8217;s assessment of each security&#8217;s intrinsic value.&#160;&#160;The Advisor will typically sell a security from the Fund&#8217;s portfolio when the Advisor&#8217;s research process identifies a significantly better investment opportunity.&#160;&#160;The Advisor may also sell certain portfolio securities from time to time in order to adjust the average maturity, duration or yield of the Fund&#8217;s portfolio or to meet requests for redemption of Fund shares.</font> </div> Performance <div style="TEXT-ALIGN: justify"> The following performance information shows you how the Core Plus Fund has performed and provides some indication of the risks of investing in the Fund by showing how its performance has varied from year to year.&#160;&#160;The bar chart shows changes in the yearly performance of the Fund&#8217;s Class&#160;I shares since its inception.&#160;&#160;The table that follows compares the Fund&#8217;s returns over time to broad-based securities indices.&#160;&#160;The bar chart and table assumes reinvestment of dividends and distributions.&#160;&#160;Of course, past performance, before and after taxes, does not indicate how the Funds will perform in the future.&#160;&#160;Updated performance is available on the Fund&#8217;s website www.brandesfunds.com. </div> Year-by-Year Total Returns as of December 31, 2012 for Class I Shares -0.1186 0.1549 0.1145 0.0489 0.0955 ~ http://brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20036 column dei_LegalEntityAxis compact ck0000926678_S000020707Member row primary compact * ~ Best Quarter 0.0755 2009-09-30 Worst Quarter -0.0897 2008-09-30 <table cellpadding="0" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter</font> </div> </td> <td valign="top" width="6%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q3</font> </div> </td> <td valign="top" width="7%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2009</font> </div> </td> <td valign="top" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.55%</font> </div> </td> </tr> <tr> <td valign="top" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="6%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q3</font> </div> </td> <td valign="top" width="7%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2008</font> </div> </td> <td valign="top" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-8.97%</font> </div> </td> </tr> </table> 0.0519 0.0443 0.0444 0.0943 0.0525 0.0534 0.0955 0.0544 0.0545 0.0752 0.0319 0.0320 0.0642 0.0333 0.0334 0.0421 0.0595 0.0600 0.0810 0.0671 0.0675 2007-12-28 2007-12-28 2007-12-28 2007-12-28 2007-12-28 ~ http://brandesfunds.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20037 column dei_LegalEntityAxis compact ck0000926678_S000020707Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Class&#160;I shares commenced operation on December&#160;28, 2007.&#160;&#160;Class&#160;E shares commenced operation on May&#160;28, 2008.&#160;&#160;&#8220;Since Inception&#8221; returns are provided since inception of Class&#160;I shares on December&#160;28,&#160;2007.&#160;&#160;Performance shown for the Class&#160;E shares prior to May&#160;28, 2008 reflects the performance of the Class&#160;I shares adjusted to reflect Class&#160;E expenses.&#160;&#160;Class&#160;S shares never commenced operations.&#160;&#160;They were redesignated as Class&#160;A shares and commenced operations on January&#160;31, 2013.&#160;&#160;Performance shown prior to the inception of Class&#160;A shares on January&#160;31, 2013, reflects the performance of Class&#160;I shares, adjusted to reflect Class&#160;A sales loads.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.&#160;&#160;After-tax returns are shown for Class&#160;I shares only and after-tax returns for other Classes will vary.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following performance information shows you how the Core Plus Fund has performed and provides some indication of the risks of investing in the Fund by showing how its performance has varied from year to year. Of course, past performance, before and after taxes, does not indicate how the Funds will perform in the future. After-tax returns are shown for Class I shares only and after-tax returns for other Classes will vary. (reflects no deduction for fees, expenses or taxes) www.brandesfunds.com Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Brandes Core Plus Fixed Income Fund Average Annual Total Returns For the period ending December 31, 2012 Principal Investment Risks <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Because the values of the <font style="DISPLAY: inline; COLOR: #000080">Core Plus Fund&#8217;s</font> investments will fluctuate with market conditions, so will the value of your investment in the Fund.&#160;&#160;You could lose money on your investment in the <font style="DISPLAY: inline; COLOR: #000080">Core Plus Fund</font>, or the Fund could underperform other investments.&#160;&#160;Principal risks of the Fund are as follows:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-50" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; 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font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Interest Rate Risks &#8211;</font> As with most fixed income funds, the income on and value of your shares in the <font style="DISPLAY: inline; COLOR: #000080">Core Plus Fund</font> will fluctuate along with interest rates.&#160;&#160;When interest rates rise, the market prices of the debt securities the Fund owns usually decline. <font style="DISPLAY: inline; COLOR: #000080">&#160;</font>When interest rates fall, the prices of these securities usually increase.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-52" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign and Emerging Markets Securities Risks &#8211;</font> Investing in foreign securities poses additional risks.&#160;&#160;The performance of foreign securities can be adversely affected by the different political, regulatory and economic environments and other overall economic conditions in the countries where the issuers of these securities are located.&#160;&#160;Emerging markets countries involve greater risk and volatility than more developed markets.&#160;&#160;Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S.&#160;dollar.&#160;&#160;Certain of these currencies may experience substantial fluctuations or steady devaluation relative to the U.S.&#160;dollar.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-53" width="100%" style="FONT-FAMILY: times new roman; 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FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Mortgage- and Asset-Backed Securities Risks &#8211;</font> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods of changing interest rates.&#160;&#160;When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest that money at lower prevailing interest rates, resulting in reduced returns.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-55" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Non-Investment Grade (Junk Bond) Securities Risks</font> &#8211; Below investment grade debt securities are speculative and involve a greater risk of default and price change due to changes in the issuer&#8217;s creditworthiness.&#160;&#160;The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-56" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio Turnover Risks &#8211;</font> The <font style="DISPLAY: inline; COLOR: #000080">Core Plus Fund</font> is actively managed, which means that the Advisor may frequently buy and sell securities.&#160;&#160;Frequent trading increases a Fund&#8217;s portfolio turnover rate and may increase transaction costs, such as brokerage commissions and taxes.&#160;&#160;Increased transaction costs could detract from the Fund&#8217;s performance.</font> </div> </td> </tr> </table> You could lose money on your investment in the Core Plus Fund, or the Fund could underperform other investments. Example <div align="justify" style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This Example is intended to help you compare the costs of investing in the <font style="DISPLAY: inline; COLOR: #000080">Core Plus Fund</font> with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the contractual expense limitation for 1 year).</font></div> 444 747 1073 1993 72 387 725 1681 51 324 619 1456 ~ http://brandesfunds.com/20130131/role/ScheduleExpenseExampleTransposed20035 column dei_LegalEntityAxis compact ck0000926678_S000020707Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment Objective <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Brandes Core Plus Fixed Income Fund</font> (the &#8220;<font style="DISPLAY: inline; COLOR: #000080">Core Plus</font> <font style="DISPLAY: inline; COLOR: #000080">Fund</font>&#8221;), formerly named the <font style="DISPLAY: inline; COLOR: #000080">Brandes Institutional Core Plus Fixed Income Fund</font>, seeks to maximize long-term total return, consisting of both current income and capital appreciation.</font> </div> Portfolio Turnover <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Core Plus</font> Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 31.59% of the average value of its portfolio.</font> </div> 0.3159 Brandes Credit Focus Yield Fund BCFIX BCFAX Fees and Expenses of the Fund <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #000080">Credit Focus Yield Fund</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman">.&#160;&#160;</font>You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $25,000 in the Brandes Funds.&#160;&#160;More information about these and other discounts is available from your financial professional and in the section titled &#8220;Shareholder Information&#8221; on page&#160;22 of the Prospectus and &#8220;Additional Purchase and Redemption Information&#8221; on page&#160;B-77 of the Fund&#8217;s Statement of Additional Information.</font> </div> 0.0375 0.0000 0.0000 0.0000 0.0050 0.0050 0.0025 0.0000 0.0185 0.0190 0.0260 0.0240 -0.0165 -0.0170 0.0095 0.0070 ~ http://brandesfunds.com/20130131/role/ScheduleShareholderFees20040 column dei_LegalEntityAxis compact ck0000926678_S000035893Member row primary compact * ~ ~ http://brandesfunds.com/20130131/role/ScheduleAnnualFundOperatingExpenses20041 column dei_LegalEntityAxis compact ck0000926678_S000035893Member row primary compact * ~ 2014-01-31 You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $25,000 in the Brandes Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within one year from the date of purchase. 25000 Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Under normal market conditions, the <font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund</font> invests primarily in debt securities issued by U.S. and foreign companies and debt obligations issued or guaranteed by the U.S.&#160;Government and foreign governments and their agencies and instrumentalities.&#160;&#160;The Fund may also make investments in U.S. and foreign mortgage-backed securities, collateralized mortgage obligations, asset-backed debt securities and other forms of debt obligations and income producing securities, including but not limited to preferred stock, and loan participations and assignments.&#160;&#160;The <font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund</font> may invest up to 30% of its total fixed income assets, measured at the time of purchase, in non-U.S. dollar securities and may engage in currency hedging.&#160;&#160;<font style="DISPLAY: inline">Brandes Investment Partners, L.P., the investment advisor (the &#8220;Advisor&#8221;), uses the principles of value investing to analyze and select debt Fund&#8217;s securities for the</font> <font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund&#8217;s</font> <font style="DISPLAY: inline">investment portfolio.&#160;&#160;</font>As part of this process, the Advisor reviews such measures as the issuer&#8217;s free cash flow, debt-to-equity ratio, earnings before interest, taxes, depreciation and amortization (&#8220;EBITDA&#8221;)-to-interest ratio, debt-to-EBITDA ratio or other measures of credit worthiness in evaluating the securities of a particular issuer.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund</font> may invest in instruments of any maturity or with no maturity and it may invest in both investment-grade securities and non-investment grade securities (also known as &#8220;high-yield bonds&#8221; or &#8220;junk bonds&#8221;).&#160;&#160;(Up to 50% of the Fund&#8217;s total debt securities may be in junk bonds.)&#160;&#160;The <font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund</font> invests in securities that can be purchased at prices or yield premiums over U.S.&#160;Treasury securities (or other relatively risk free securities) which the Advisor believes to be attractive based on the Advisor&#8217;s assessment of each security&#8217;s intrinsic value.&#160;&#160;The Advisor will typically sell a security from the Fund&#8217;s portfolio when the Advisor&#8217;s research process identifies a significantly better investment opportunity.&#160;&#160;The Advisor may also sell certain portfolio securities from time to time in order to adjust the average maturity, duration or yield of the Fund&#8217;s portfolio or to meet requests for redemption of Fund shares.</font> </div> Performance <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">The following performance information provides some indication of the risks of investing in the</font> <font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund</font><font style="DISPLAY: inline">.&#160;&#160;The bar chart below illustrates how the Fund&#8217;s total returns have varied from year to year.&#160;&#160;The table below compares the Fund&#8217;s total return over time to a broad-based securities index.&#160;&#160;The chart and table assume reinvestment of dividends and distributions.&#160;&#160;Of course, past performance, before and after taxes, does not indicate how the</font> <font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund</font> will perform in the future.&#160;&#160;Updated performance is available on the Fund&#8217;s website <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">www.brandesfunds.com</font>.</font> </div> Brandes Credit Focus Yield Fund Year-by-Year Total Returns as of December 31, 2012 for Class I Shares 0.1841 0.0859 0.0328 0.0936 0.0210 -0.2536 0.3426 0.1405 0.0406 0.1037 ~ http://brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20043 column dei_LegalEntityAxis compact ck0000926678_S000035893Member row primary compact * ~ Best Quarter 0.1743 2009-06-30 Worst Quarter -0.1378 2008-09-30 <table cellpadding="0" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="13%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter</font> </div> </td> <td valign="top" width="7%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.&#160;&#160;After-tax returns are shown for Class&#160;I shares only.&#160;&#160;After-tax returns for other Classes will vary.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following performance information provides some indication of the risks of investing in the Credit Focus Yield Fund. Of course, past performance, before and after taxes, does not indicate how the Credit Focus Yield Fund will perform in the future. After-tax returns are shown for Class I shares only. After-tax returns for other Classes will vary. (reflects no deduction for fees, expenses or taxes) www.brandesfunds.com Brandes Credit Focus Yield Fund Average Annual Total Returns For periods ending December 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Brandes Credit Focus Yield Fund</font> (the &#8220;<font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund</font>&#8221;), seeks total return, consisting of both current income and capital appreciation.</font> </div> Example <div align="justify" style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the costs of investing in the <font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund</font> with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same (taking into account the contractual expense limitation for 1 year).</font></div> 468 1002 1561 3081 72 585 1126 2606 ~ http://brandesfunds.com/20130131/role/ScheduleExpenseExampleTransposed20042 column dei_LegalEntityAxis compact ck0000926678_S000035893Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Risks <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Because the values of the</font> <font style="DISPLAY: inline; COLOR: #000080; FONT-SIZE: 10pt">Credit Focus Yield Fund&#8217;s</font> <font style="DISPLAY: inline; FONT-SIZE: 10pt">investments will fluctuate with market conditions, so will the value of your investment in the Fund.&#160;&#160;You could lose money on your investment in the</font> <font style="DISPLAY: inline; COLOR: #000080; FONT-SIZE: 10pt">Credit Focus Yield Fund</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">, or the Fund could underperform other investments.&#160;&#160;Principal risks of the Fund are as follows:</font></font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-57" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Bank Debt Risks &#8211;</font> Investments in bank debt involve credit risk, interest rate risk, liquidity risk and other risks, including the risk that any loan collateral may become impaired or that the Fund may obtain less than the full value for the loan interests when sold.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-58" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign and Emerging Markets Securities Risks &#8211;</font> Investing in foreign securities poses additional risks.&#160;&#160;The performance of foreign securities can be adversely affected by the different political, regulatory and economic environments and other overall economic conditions in the countries where the <font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund</font> invests.&#160;&#160;Emerging markets countries involve greater risk and volatility than more developed markets.&#160;&#160;Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S.&#160;dollar.&#160;&#160;Certain of these currencies may experience substantial fluctuations or steady devaluation relative to the U.S.&#160;dollar.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-62" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Liquidity Risks &#8211;</font> Liquidity risk exists when particular investments are difficult to purchase or sell.&#160;&#160;The Fund&#8217;s investments in illiquid securities may reduce the return of the Fund because it may be unable to sell such illiquid securities at an advantageous time or price.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-63" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Mortgage- and Asset-Backed Securities Risks &#8211;</font> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgage or assets occur and may exhibit additional volatility in periods of changing interest rates.&#160;&#160;When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest that money at lower prevailing interest rates, resulting in reduced returns.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-64" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Non-Investment Grade (Junk Bond) Securities Risks</font> &#8211; Below investment grade debt securities (also known as &#8220;junk bonds&#8221;) are speculative and involve a greater risk of default and price change due to changes in the issuer&#8217;s creditworthiness.&#160;&#160;The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-65" width="100%" style="FONT-FAMILY: times new roman; 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Portfolio Turnover <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund</font> pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160;&#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent period from February&#160;1, 2012 through September&#160;30, 2012, the Fund&#8217;s portfolio turnover rate was 162.73% of the average value of its portfolio.</font> </div> 1.6273 Brandes Separately Managed Account Reserve Trust SMARX Fees and Expenses of the Fund <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the <font style="DISPLAY: inline; COLOR: #000080">Fund</font>.</font><br /> </div> 0.00 0.0055 0.0032 0.0087 -0.0087 0.0000 ~ http://brandesfunds.com/20130131/role/ScheduleShareholderFees20047 column dei_LegalEntityAxis compact ck0000926678_S000006075Member row primary compact * ~ ~ http://brandesfunds.com/20130131/role/ScheduleAnnualFundOperatingExpenses20048 column dei_LegalEntityAxis compact ck0000926678_S000006075Member row primary compact * ~ Annual Fund Operating Expenses (fees paid from Fund assets) The Fund does not pay any other ordinary expenses. The amount under "Other expenses" reflects the estimated amount of operating expenses of the Fund which would be paid if the fees were not paid by the Advisor. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Fund</font> invests primarily in a diversified portfolio of debt securities. These include debt obligations issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities, debt securities issued by U.S. and foreign companies, collateralized mortgage obligations, and U.S. and foreign mortgage-backed and asset-backed debt securities.&#160;&#160;The Fund may invest up to 60% of its total assets in non-U.S. dollar securities, and may engage in currency hedging.&#160;&#160;Brandes Investment Partners, L.P., the investment advisor to the <font style="DISPLAY: inline; COLOR: #000080">Fund</font> (the &#8220;Advisor&#8221;), generally uses the principles of value investing to analyze and select debt securities for the <font style="DISPLAY: inline; COLOR: #000080">Fund&#8217;s</font> investment portfolio.&#160;&#160;As part of this process, the Advisor reviews such measures as the issuer&#8217;s free cash flow, debt-to-equity ratio, earnings before interest, taxes, depreciation and amortization (&#8220;EBITDA&#8221;)-to-interest ratio, debt-to-EBITDA ratio, or other measures of credit worthiness in evaluating the securities of a particular issuer.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Fund</font> may invest in debt instruments of any maturity or with no maturity and it may invest in both investment-grade securities and non-investment grade securities (also known as &#8220;high-yield bonds&#8221; or &#8220;junk bonds&#8221;).&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Up to 60% of the Fund&#8217;s total debt securities may be in junk bonds.)</font> The <font style="DISPLAY: inline; COLOR: #000080">Fund</font> invests in debt securities that can be purchased at prices or yield premiums over U.S.&#160;Treasury securities (or other relatively risk free securities) which the Advisor believes to be attractive based on the Advisor&#8217;s assessment of each security&#8217;s intrinsic value.&#160;&#160;The Advisor will typically sell a security from the Fund&#8217;s portfolio when the Advisor&#8217;s research process identifies a significantly better investment opportunity.&#160;&#160;The Advisor may also sell certain portfolio securities from time to time in order to adjust the average maturity, duration or yield of the Fund&#8217;s portfolio or to meet requirements for redemption of Fund shares.</font> </div> Performance <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following information shows you how the Fund has performed and provides some indication of the risks of investing in the Fund by showing how its performance has varied from year to year.&#160;&#160;The bar chart shows changes in the yearly performance of the Fund since its inception.&#160;&#160;The table below compares the Fund&#8217;s total return over time to broad-based indices.&#160;&#160;The chart and table assume reinvestment of dividends and distributions. Of course, past performance, before and after taxes, does not indicate how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.brandesinstitutionalfunds.com.</font> </div> Separately Managed Account Reserve Trust Year-by-Year Total Returns as of December 31, 2012 0.1100 0.0055 -0.3043 0.4259 0.1897 0.0475 0.1488 ~ http://brandesfunds.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20050 column dei_LegalEntityAxis compact ck0000926678_S000006075Member row primary compact * ~ Best Quarter 0.2091 2009-06-30 Worst Quarter -0.1644 2008-09-30 <table cellpadding="0" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter</font> </div> </td> <td valign="top" width="5%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q2</font> </div> </td> <td valign="top" width="9%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2009</font> </div> </td> <td valign="top" width="9%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.91%</font> </div> </td> </tr> <tr> <td valign="top" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="5%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q3</font> </div> </td> <td valign="top" width="9%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2008</font> </div> </td> <td valign="top" width="9%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-16.44%</font> </div> </td> </tr> </table> 0.1488 0.0727 0.0654 0.1255 0.0443 0.0373 0.0959 0.0442 0.0384 0.0421 0.0595 0.0578 0.0810 0.0671 0.0610 2005-10-03 2005-10-03 2005-10-03 ~ http://brandesfunds.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20051 column dei_LegalEntityAxis compact ck0000926678_S000006075Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1-12" style="MARGIN-LEFT: 18pt"></font>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following information shows you how the Fund has performed and provides some indication of the risks of investing in the Fund by showing how its performance has varied from year to year. Of course, past performance, before and after taxes, does not indicate how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) www.brandesinstitutionalfunds.com Separately Managed Account Reserve Trust Average Annual Total Returns For periods ending December 31, 2012 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from tax or hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Investment Objective <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The <font style="DISPLAY: inline; COLOR: #000080">Separately Managed Account Reserve Trust</font> (the &#8220;Fund&#8221;) seeks to maximize long-term total return.</font><br /> </div> Example <div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example illustrates the amount of expenses you could incur if the Advisor charged the <font style="DISPLAY: inline; COLOR: #000080">Fund</font> for its services.&#160;&#160;This Example is intended to help you compare the costs of investing in the <font style="DISPLAY: inline; COLOR: #000080">Fund</font> with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the <font style="DISPLAY: inline; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Credit Risk &#8211;</font> Fixed income securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.&#160;&#160;The value of an issuer&#8217;s securities held by the Fund may decline in response to adverse developments with respect to the issuer.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-110" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest Rate</font>&#160;Risk &#8211;</font> As with most fixed income funds, the income on and value of your shares in the Fund will fluctuate along with interest rates.&#160;&#160;When interest rates rise, the market prices of the debt securities the Fund owns usually decline.&#160;&#160;When interest rates fall, the prices of these securities usually increase.</font> </div> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-112" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">and Emerging Markets</font>Securities Risk &#8211;</font> Investing in foreign securities poses additional risks.&#160;&#160;The performance of foreign securities can be adversely affected by the different political, regulatory and economic environments and other overall economic conditions in the countries where the issuers of these securities are located.&#160; <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Emerging markets countries involve greater risk and volatility than more developed markets.&#160;&#160;Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar.&#160;&#160;Certain of these currencies may experience substantial fluctuations or steady devaluation relative to the U.S. dollar.</font></font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-113" width="100%" style="FONT-FAMILY: times new roman; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Mortgage- and Asset-Backed Securities Risk &#8211;</font> Mortgage- and asset-backed securities may decline in value when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods of changing interest rates.&#160;&#160;When interest rates decline, the prepayment of mortgages or assets underlying such securities may require the Fund to reinvest that money at lower prevailing interest rates, resulting in reduced returns.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-115" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Non-Investment Grade (Junk Bond) Securities Risk</font> &#8211; Below investment grade debt securities (commonly known as &#8220;high yield bonds&#8221; or &#8220;junk bonds&#8221;) are speculative and involve a greater risk of default and price change due to changes in the issuer&#8217;s creditworthiness.&#160;&#160;The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-116" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Portfolio Turnover Risk &#8211;</font> The <font style="DISPLAY: inline; COLOR: #000080">Fund</font> is actively managed, which means that the Advisor may frequently buy and sell securities.&#160;&#160;Frequent trading increases a Fund&#8217;s portfolio turnover rate and may increase transaction costs, such as brokerage commissions and taxes.&#160;&#160;Increased transaction costs could detract from the Fund&#8217;s performance.</font> </div> </td> </tr> </table> You could lose money on your investment in the Fund, or the Fund could underperform other investments. 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