Brandes Institutional Emerging Markets Fund - Performance

Monthly Returns as of: 2012-04-30
Fund Name	Ticker	Inception	Month	3-Month	YTD	1 year	3 year	5 year	10 year	Since Inception
Emerging Markets I Shares	BEMIX	08/20/1996	-2.56%	1.78%	14.25%	-12.20%	24.74%	5.83%	15.36%	9.65%
Emerging Markets S Shares	BEMSX	08/20/1996	-2.56%	1.67%	14.13%	-12.41%	24.47%	5.60%	15.15%	9.38%
MSCI EM Index¹			-1.17%	1.29%	12.79%	-12.34%	18.67%	3.77%	14.26%	7.81%

Average Annual Total Returns as of Quarter-End: 2012-03-31
Fund Name	Ticker	Inception	Month	3-Month	YTD	1 year	3 year	5 year	10 year	Since Inception
Emerging Markets I Shares	BEMIX	08/20/1996	-1.37%	17.25%	17.25%	-7.46%	34.70%	7.58%	15.62%	9.88%
Emerging Markets S Shares	BEMSX	08/20/1996	-1.37%	17.13%	17.13%	-7.68%	34.41%	7.35%	15.41%	9.61%
MSCI EM Index¹			-3.32%	14.14%	14.14%	-8.52%	25.42%	4.97%	14.47%	7.94%

	Class I	Class S
Total Annual Fund Operating Expenses²	1.36%	1.61%
Fee Waiver/Expense Reimbursement	-0.24%	-0.24%
Net Annual Fund Operating Expense	1.12%	1.37%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Funds may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 800.395.3807.

Prior to January 31, 2011, the Advisor managed a private investment fund with an investment objective, investment policies and strategies that were, in all material respects, equivalent to those of the Emerging Markets Fund. The performance information shown for periods before January 31, 2011 is that of the private investment fund and reflects the net expenses of the private investment fund, which were higher than the Emerging Markets Fund's Class I current net expenses. The performance of the private investment fund prior to January 31, 2011 is based on calculations that are different than the standardized method of calculations presented by the SEC. If the private investment fund's performance had been readjusted to reflect Class I expenses, the performance would have been higher. The private investment fund was not registered under the Investment Company Act of 1940 ("1940 Act") and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, which, if applicable, may have adversely affected its performance.

The Brandes Institutional Emerging Markets Fund invests in foreign securities, which involve greater volatility and political, economic, and currency risks and differences in accounting methods. Emerging country markets involve greater risk and volatility than more developed markets.

Please refer to the Brandes Institutional Emerging Markets Fund 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.

^1. MSCI Emerging Markets Index - The MSCI Emerging Markets Index with gross dividends is an unmanaged, free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of 21 emerging market country indices. This index includes dividends and distributions, but does not reflect fees, brokerage commissions, withholding taxes, or other expenses of investing. One cannot invest directly in an index.

^2.The Advisor has contractually agreed to limit the Emerging Markets Fund's Class I and Class S annual operating expenses, including repayment of previous waivers, to 1.12% for Class I and 1.37% for Class S as percentages of the Fund's average daily net assets through January 31, 2012 (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.

General Stock Market Risks. The Fund's principal risks are those of investing in the stock market. The values of the Fund's investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. That means they may experience sudden, unpredictable declines in value, as well as periods of poor performance. Because stock values fluctuate, when you sell your investment you may receive more or less money than you originally invested.

Foreign Securities. Foreign investments involve additional risks, including currency fluctuations, political instability, differences in financial reporting standards and less stringent regulation of securities markets. Emerging market countries involve greater risks, such as immature economic structures, national policies restricting investments by foreigners, and different legal systems.

Small and Medium-Cap Risk. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies.

ETF Risk. The fund may invest in ETFs which are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund's ability to sell its shares.

The Fund may be appropriate for investors who are willing to ride out short-term stock market fluctuations in pursuit of potentially above-average long-term returns. By itself, the Emerging Markets Fund does not constitute a complete investment plan.