For standardized performance, please click on the "Performance" page in the sidebar.

Past performance does not guarantee future results.

The Brandes Institutional International Equity Fund invests in foreign securities, which involve risks such as currency fluctuation and political instability.

Investment by the Brandes Separately Managed Account Reserve Trust Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund may also use options and future contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. The investment in options is not suitable for all investors.

Please refer to the Brandes Institutional International Equity Fund Prospectus and the SMART Prospectus for important information about the investment company including investment objectives, risks, charges and expenses. To obtain a hard copy Prospectus, please call the Mutual Fund Group at 1-800-331-2979.

The Brandes Institutional International Equity Fund is closed to new investors as of 09/30/98 and to new deposits as of 06/30/02. Please refer to the prospectus for exceptions to this policy.

Shares of the Brandes Separately Managed Account Reserve Trust Fund may be purchased by or on behalf of clients of "wrap account" programs sponsored by broker-dealers which have an agreement with the Advisor. The Board of Trustees may from time to time allow other persons or entities to purchase shares of the Fund, including employee benefit plans and Trustees and employees of the Advisor.

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

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