Brandes European Value Fund A USD/  IE0031574530  /

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 MSCI Europe Index (the "Index"). Certain of the Sub-Fund's securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Manager may use its discretion to invest in countries or industries not included in the Index. In addition, the Sub-Fund is considered to be actively managed in reference to the MSCI Europe Value Index by virtue of the fact that it uses the MSCI Europe Value Index for performance comparison purposes. However, the MSCI Europe Value 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 MSCI Europe Value 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 Sub-Fund primarily invests in equity and equity related securities of issuers carrying out their activities predominantly in Europe. At least two thirds of the investments of the European Value Fund (in terms of total assets) will be in equity securities of issuers located or active mainly in Europe ("European Equities").

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 MSCI Europe Index (the "Index"). Certain of the Sub-Fund's securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Manager may use its discretion to invest in countries or industries not included in the Index. In addition, the Sub-Fund is considered to be actively managed in reference to the MSCI Europe Value Index by virtue of the fact that it uses the MSCI Europe Value Index for performance comparison purposes. However, the MSCI Europe Value 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 MSCI Europe Value Index.