Brandes U.S. Value Fund A USD/  IE0031575164  /

The investment objective of the Sub-Fund is to seek long-term capital appreciation. The Sub-Fund is considered to be actively managed in reference to the Russell 1000® Value Index. Certain of the Sub-Fund's securities may be components of and may have similar weightings to the Russell 1000® Value Index. However, the Sub-Fund may deviate significantly from the Russell 1000® Value Index and the Manager may use its discretion to invest in industries not included in the Russell 1000® Value Index. In addition, the Sub-Fund is considered to be actively managed in reference to the Russell 1000® Index (the "Index") by virtue of the fact that it uses the Index for performance comparison purposes. However, the Index is not used to define the portfolio composition of the Sub-Fund or as a performance target and the Sub-Fund may be wholly invested in securities which are not constituents of the Index. The Sub-Fund expects to be invested in approximately 35-85 issues. Typically, no more than 5% of the value of the Sub-Fund's total assets will be invested in any one security, at the time of purchase. With respect to the Sub-Fund's investments in any particular country or industry, the Sub-Fund may typically invest up to the greater of either (a) 20% of total assets in any particular country or industry at the time of purchase, or (b)150% of the weighting of such country or industry as represented in the Index, at the time of purchase.

The investment objective of the Sub-Fund is to seek long-term capital appreciation. The Sub-Fund is considered to be actively managed in reference to the Russell 1000® Value Index. Certain of the Sub-Fund's securities may be components of and may have similar weightings to the Russell 1000® Value Index. However, the Sub-Fund may deviate significantly from the Russell 1000® Value Index and the Manager may use its discretion to invest in industries not included in the Russell 1000® Value Index. In addition, the Sub-Fund is considered to be actively managed in reference to the Russell 1000® Index (the "Index") by virtue of the fact that it uses the Index for performance comparison purposes. However, the Index is not used to define the portfolio composition of the Sub-Fund or as a performance target and the Sub-Fund may be wholly invested in securities which are not constituents of the Index.