0000894189-13-001126.txt : 20130227 0000894189-13-001126.hdr.sgml : 20130227 20130227123219 ACCESSION NUMBER: 0000894189-13-001126 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130227 DATE AS OF CHANGE: 20130227 EFFECTIVENESS DATE: 20130227 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-81396 FILM NUMBER: 13645736 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 497 1 brandes_497c-xbrl.htm DEFINITIVE MATERIALS FOR XBRL brandes_497c-xbrl.htm

Filed Pursuant to Rule 497(c)
1933 Act File No. 033-81396
1940 Act File No. 811-08614
 
 
BRANDES INVESTMENT TRUST

On behalf of Brandes Investment Trust (the “Trust”) and pursuant to Rule 497(c) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the definitive form of Prospectus for Brandes Global Equity Fund, Brandes International Equity Fund, Brandes Emerging Markets Fund, Brandes International Small Cap Equity Fund, Brandes Core Plus Fixed Income Fund, Brandes Credit Focus Yield Fund, and Brandes Separately Managed Account Reserve Trust, which was filed pursuant to Rule 497(c) on February 5, 2013.  The purpose of this filing is to submit the 497(c) filing dated February 5, 2013 in XBRL for the Brandes Global Equity Fund, Brandes International Equity Fund, Brandes Emerging Markets Fund, Brandes International Small Cap Equity Fund, Brandes Core Plus Fixed Income Fund, Brandes Credit Focus Yield Fund, and Brandes Separately Managed Account Reserve Trust.
 
The XBRL exhibits attached hereto consist of the following:
 

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

 
 
 
 
 

EX-101.INS 2 ck0000926678-20130205.xml INSTANCE DOCUMENT 0000926678 2013-02-05 2013-02-05 0000926678 ck0000926678:S000035893_706Member ck0000926678:S000035893Member 2013-02-05 2013-02-05 0000926678 ck0000926678:S000035893_706Member ck0000926678:S000035893Member ck0000926678:C000110022Member 2013-02-05 2013-02-05 0000926678 ck0000926678:S000035893_706Member ck0000926678:S000035893Member ck0000926678:C000110023Member 2013-02-05 2013-02-05 0000926678 ck0000926678:S000035893_706Member ck0000926678:S000035893Member rr:AfterTaxesOnDistributionsMember ck0000926678:C000110022Member 2013-02-05 2013-02-05 0000926678 ck0000926678:S000035893_706Member ck0000926678:S000035893Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000926678:C000110022Member 2013-02-05 2013-02-05 0000926678 ck0000926678:S000035893_706Member ck0000926678:S000035893Member ck0000926678:index_Barclays_US_Intermediate_Credit_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-02-05 2013-02-05 0000926678 ck0000926678:S000006075_1263Member ck0000926678:S000006075Member 2013-02-05 2013-02-05 0000926678 ck0000926678:S000006075_1263Member ck0000926678:S000006075Member ck0000926678:C000016693Member 2013-02-05 2013-02-05 0000926678 ck0000926678:S000006075_1263Member ck0000926678:S000006075Member rr:AfterTaxesOnDistributionsMember ck0000926678:C000016693Member 2013-02-05 2013-02-05 0000926678 ck0000926678:S000006075_1263Member ck0000926678:S000006075Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000926678:C000016693Member 2013-02-05 2013-02-05 0000926678 ck0000926678:S000006075_1263Member ck0000926678:S000006075Member ck0000926678:index_Barclays_Capital_US_Aggregate_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-02-05 2013-02-05 0000926678 ck0000926678:S000006075_1263Member ck0000926678:S000006075Member ck0000926678:index_Barclays_Capital_US_Intermediate_Credit_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-02-05 2013-02-05 xbrli:pure iso4217:USD 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. 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. BRANDES INVESTMENT TRUST Other false 0000926678 2013-02-05 2013-02-05 2013-02-05 2013-01-31 Brandes Credit Focus Yield Fund BCFIX BCFAX 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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 Risks &#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-59" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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">Credit Focus Yield Fund</font> will fluctuate along with interest rates. 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-60" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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">Equity Market Risks &#8211;</font> The <font style="DISPLAY: inline; COLOR: #000080">Credit Focus Yield Fund</font> may invest in preferred stocks.&#160;&#160;The values of equity securities 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-61" width="100%" style="FONT-FAMILY: times new roman; 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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> 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 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> 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/20130205/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000926678_S000035893Member row primary compact * ~ ~ http://brandesfunds.com/20130205/role/ScheduleAnnualFundOperatingExpenses20002 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) 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/20130205/role/ScheduleExpenseExampleTransposed20003 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: 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/20130205/role/ScheduleAnnualTotalReturnsBarChart20004 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; 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="11%"> <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">17.43%</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="7%"> <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="11%"> <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">-13.78%</font> </div> </td> </tr> </table> 0.0579 0.0470 0.0643 0.0653 0.1037 0.0559 0.0689 0.0689 0.0911 0.0535 0.0676 0.0680 0.0677 0.0469 0.0601 0.0608 0.0810 0.0671 0.0559 0.0659 ~ http://brandesfunds.com/20130205/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0000926678_S000035893Member 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">Performance information shown for Class&#160;I shares prior to February&#160;1, 2012, is that of a private investment fund managed by the Advisor with policies, guidelines and restrictions that were, in all material respects, equivalent to those of the Fund.&#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;Performance shown prior to the inception of Class&#160;A shares on February&#160;1, 2012 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.&#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. Brandes Separately Managed Account Reserve Trust SMARX Principal Investment Risks <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">Because the values of the <font style="DISPLAY: inline; COLOR: #000080">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 Fund, 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-109" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <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-113" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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-114" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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-116" 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-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#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. 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> Portfolio Turnover <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> 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 <font style="DISPLAY: inline; COLOR: #000080">Fund&#8217;s</font> performance.&#160;&#160;During the most recent fiscal year, the <font style="DISPLAY: inline; COLOR: #000080">Fund&#8217;s</font> portfolio turnover rate was 27.44% of the average value of its portfolio.</font><br /> </div> 0.2744 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> 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/20130205/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0000926678_S000006075Member row primary compact * ~ ~ http://brandesfunds.com/20130205/role/ScheduleAnnualFundOperatingExpenses20009 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) 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; COLOR: #000080">Fund</font> 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 <font style="DISPLAY: inline; COLOR: #000080">Fund&#8217;s</font> operating expenses remain the same.</font></div> 89 278 482 1073 ~ http://brandesfunds.com/20130205/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0000926678_S000006075Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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/20130205/role/ScheduleAnnualTotalReturnsBarChart20011 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/20130205/role/ScheduleAverageAnnualReturnsTransposed20012 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="TAB1-11" 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 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. 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Brandes Separately Managed Account Reserve Trust | Brandes Separately Managed Account Reserve Trust
Brandes Separately Managed Account Reserve Trust
Investment Objective
The Separately Managed Account Reserve Trust (the “Fund”) seeks to maximize long-term total return.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (USD $)
Brandes Separately Managed Account Reserve Trust
Shareholder Fees (fees paid directly from your investment) none
Annual Fund Operating Expenses (fees paid from Fund assets)
Annual Fund Operating Expenses
Brandes Separately Managed Account Reserve Trust
Management Fees [1][2] 0.55%
Other Expenses [2][3] 0.32%
Total Annual Fund Operating Expenses [2] 0.87%
Less Fee Waiver and/or Expense Reimbursement [2] (0.87%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement none
[1] 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.
[2] 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."
[3] 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.
Example
This Example illustrates the amount of expenses you could incur if the Advisor charged the Fund for its services.  This Example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds.  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.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Brandes Separately Managed Account Reserve Trust
89 278 482 1,073
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  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.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 27.44% of the average value of its portfolio.
Principal Investment Strategies
The Fund 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.  The Fund may invest up to 60% of its total assets in non-U.S. dollar securities, and may engage in currency hedging.  Brandes Investment Partners, L.P., the investment advisor to the Fund (the “Advisor”), generally uses the principles of value investing to analyze and select debt securities for the Fund’s investment portfolio.  As part of this process, the Advisor reviews such measures as the issuer’s free cash flow, debt-to-equity ratio, earnings before interest, taxes, depreciation and amortization (“EBITDA”)-to-interest ratio, debt-to-EBITDA ratio, or other measures of credit worthiness in evaluating the securities of a particular issuer.

The Fund 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 “high-yield bonds” or “junk bonds”).  (Up to 60% of the Fund’s total debt securities may be in junk bonds.) The Fund invests in debt securities that can be purchased at prices or yield premiums over U.S. Treasury securities (or other relatively risk free securities) which the Advisor believes to be attractive based on the Advisor’s assessment of each security’s intrinsic value.  The Advisor will typically sell a security from the Fund’s portfolio when the Advisor’s research process identifies a significantly better investment opportunity.  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’s portfolio or to meet requirements for redemption of Fund shares.
Principal Investment Risks
Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund.  You could lose money on your investment in the Fund, or the Fund could underperform other investments.  Principal risks of the Fund are as follows:

·
Credit Risk – Fixed income securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.  The value of an issuer’s securities held by the Fund may decline in response to adverse developments with respect to the issuer.

·
Currency Risks – Because the Fund invests in securities denominated in foreign currencies, the U.S. dollar values of its investments fluctuate as a result of changes in foreign exchange rates.  Such changes will also affect the Fund’s income.

·
Interest Rate Risk – As with most fixed income funds, the income on and value of your shares in the Fund will fluctuate along with interest rates.  When interest rates rise, the market prices of the debt securities the Fund owns usually decline.  When interest rates fall, the prices of these securities usually increase.

·
Foreign and Emerging MarketsSecurities Risk – Investing in foreign securities poses additional risks.  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.  Emerging markets countries involve greater risk and volatility than more developed markets.  Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar.  Certain of these currencies may experience substantial fluctuations or steady devaluation relative to the U.S. dollar.

·
Liquidity Risk – Liquidity risk exists when particular investments are difficult to purchase or sell.  Illiquid securities may also be difficult to value.The Fund’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.

·
Mortgage- and Asset-Backed Securities Risk – 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.  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.

·
Non-Investment Grade (Junk Bond) Securities Risk – Below investment grade debt securities (commonly known as “high yield bonds” or “junk bonds”) are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness.  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.

·
Portfolio Turnover Risk – The Fund is actively managed, which means that the Advisor may frequently buy and sell securities.  Frequent trading increases a Fund’s portfolio turnover rate and may increase transaction costs, such as brokerage commissions and taxes.  Increased transaction costs could detract from the Fund’s performance.
Performance
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.  The bar chart shows changes in the yearly performance of the Fund since its inception.  The table below compares the Fund’s total return over time to broad-based indices.  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.  Updated performance information is available on the Fund’s website at www.brandesinstitutionalfunds.com.
Separately Managed Account Reserve Trust Year-by-Year Total Returns as of December 31, 2012
Bar Chart
Best Quarter
Q2
2009
20.91%
Worst Quarter
Q3
2008
-16.44%
Separately Managed Account Reserve Trust Average Annual Total Returns For periods ending December 31, 2012
Average Annual Returns
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Brandes Separately Managed Account Reserve Trust
14.88% 7.27% 6.54% Oct. 03, 2005
Brandes Separately Managed Account Reserve Trust After Taxes on Distributions
12.55% 4.43% 3.73%  
Brandes Separately Managed Account Reserve Trust After Taxes on Distributions and Sale of Fund Shares
9.59% 4.42% 3.84%  
Brandes Separately Managed Account Reserve Trust Barclays Capital U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
4.21% 5.95% 5.78% Oct. 03, 2005
Brandes Separately Managed Account Reserve Trust Barclays Capital U.S. Intermediate Credit Bond Index (reflects no deduction for fees, expenses or taxes)
8.10% 6.71% 6.10% Oct. 03, 2005
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.  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.
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