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Announcements

February 2, 2010

2009 Tax Information

The link below provides information on any applicable 2009 distributions and proceeds from redemptions. Please note that all information contained in this Statement has been provided to the Internal Revenue Service. In addition to the tax information provided on your enclosed Tax Form, below is supplemental information to assist you with the preparation of your 2009 income tax returns. Please consult your tax advisor for the specific application of any items below relating to the preparation of your tax returns.

2009 Tax Form for the Brandes Funds

August 20, 2009

Notice to Shareholders of Brandes Institutional Global Equity Fund

Please note that the Brandes Institutional Global Equity Fund (the "Fund") had a restatement of its Net Asset Value ("NAV") that affects shareholders who purchased or redeemed shares between October 8, 2008 and July 28, 2009. Approximately $79,847 was reimbursed to the Fund by U.S. Bancorp Fund Services, LLC ("USBFS"), the service provider to the Fund, as a result of two trades booked to the Fund's portfolio in error.

Based on the impact to the Fund's NAV, reprocessing of shareholder activity is required. USBFS, the Fund's administrator, has been designated with adjusting the Fund's NAV and reimbursing Shareholders who owned the Fund during the applicable period. If you have any operational questions regarding the reprocessing of your account, please contact the Financial Intermediary Department of USBFS at (800) 236-4424.

We apologize for any inconvenience this error may cause our shareholders and the Broker-Dealer community.

December 22, 2008

Brandes Investment Partners, L.P. ("Brandes") announced today the availability of two mutual funds, the Brandes Institutional International Equity Fund (NASDAQ: BIIEX) and the Brandes Institutional Global Equity Fund (NASDAQ: BGVIX). The Brandes Institutional Global Equity Fund is a new fund, and the Brandes Institutional International Equity Fund is an existing fund that has reopened since being closed to new investors on September 30, 1998.

"For over 30 years, we have had a Global Equity strategy in the form of separate accounts. We are now happy to report that our Global Equity strategy is available via a new investment vehicle as a mutual fund," said Ed Blodgett, Director – Private Client Group. "The public can access the new fund through designated brokerage firms at minimums as low as $2,500."

The International Equity Fund reopened for the first time in more than 10 years.

"In the wake of significant equity market declines over the past year, we believe the number of extremely undervalued investment opportunities around the world is higher than it's ever been in our firm’s nearly 35-year history," Blodgett said. "It's an exciting time to be a long-term investor, and we see this as an exceptional opportunity for existing and new clients to pursue competitive future returns."

Brandes Investment Partners has earned a reputation as a leading investment manager for its global perspective and value-driven, bottom-up approach to stock selection. Investments for these equity funds will be based on the decisions of Brandes' investment committees.

"Brandes uses a team approach to investment management, reflecting knowledge shared among seasoned investment professionals, rather than the reliance on a single individual," Blodgett added.

Mutual fund investing involves risk. Principal loss is possible. International and emerging markets investing is subject to certain risks such as currency fluctuation and social and political changes; such risks may result in greater share price volatility. Stocks of small companies usually experience more volatility than mid and large sized companies.

The Brandes funds are distributed by Quasar Distributors, LLC.

Please refer to the Brandes Institutional International Equity Fund Prospectus, Institutional Global Equity Fund Prospectus, Separately Managed Account Reserve Trust - SMART Prospectus and the Institutional Core Plus Fixed Income 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 800.395.3807.