BRANDES EMERGING MARKETS VALUE FUND (BEMAX, BEMCX, BEMIX, BEMRX) Portfolio Review 3Q16

BRANDES EMERGING MARKETS VALUE FUND (BEMAX, BEMCX, BEMIX, BEMRX) Portfolio Review 3Q16

Brandes Emerging Markets Value Fund Select Differentials vs. Benchmark FLEXIBILITY DISTINGUISHES Key Overweights Key Underweights 23.3% % of portfolio as of 9/30/2016 % of portfolio as of 9/30/2016 27.0% 18.5% 23.9% 10.6% 9.7% 12.1% 7.4% 6.5% 7.1% 7.4% 3.7% 0.0% 0.0% 0.0% 2.2% Consumer Discretionary Brazil Russia Hong Kong South Africa Taiwan Information Technology China Brandes Emerging Markets Value Fund MSCI Emerging Markets Index Fund holdings subject to change at anytime at the discretion of the investment manager. 2

1.8 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 16 14 12 10 8 6 4 2 0 Brandes Emerging Markets Value Fund Fundamental Characteristics 10 1.5x 13.6x 9 8.6x 8 9.9x 7 6 0.9x 5 4.6x 4 3 2 1 P/B P/E 0 P/CF Brandes Emerging Markets Value Fund MSCI Emerging Markets Index AS OF SEPTEMBER 30, 2016 Source: Bloomberg, MSCI. Fund holdings are subject to change at any time at the discretion of the investment manager. Price/Book, Price/Earnings, and Price/Cash Flow for each security provided by Bloomberg, L.P. Please note that Bloomberg does not provide negative numbers in the data feed. Index fundamentals are calculated from holdings data as provided by the relevant index or by Thomson Reuters Worldscope, excluding negative numbers for consistency. Thus, index fundamentals calculated by Brandes may differ from those computed and published by index providers. 3

Brandes Emerging Markets Value Fund Country Exposure % of Portfolio 30% 25% 20% 15% 10% 5% Brandes Emerging Markets Value Fund MSCI Emerging Markets Index Top 3 MSCI Emerging Markets Index Countries not in Portfolio Taiwan 12.1% South Africa 7.1% Philippines 1.3% 0% Regional Weightings 09/30/2016 09/30/2015 Change Latin America 35.7% 32.5% +3.2% Europe 25.8% 27.3% -1.5% Asia 35.9% 38.0% -2.2% Market Weightings 09/30/2016 09/30/2015 Change Developed Markets 12.4% 13.9% -1.5% Emerging Markets 85.0% 83.9% +1.1% Cash 2.6% 2.2% +0.4% AS OF SEPTEMBER 30, 2016 Source: Brandes, MSCI. Fund holdings are subject to change at any time at the discretion of the investment manager. 4

Brandes Emerging Markets Value Fund Sector Exposure Brandes Emerging Markets Value Fund MSCI Emerging Markets Index 30% 25% % of Portfolio 20% 15% 10% 5% 0% Largest Sector Weighting Increases 09/30/2016 09/30/2015 Change Telecommunication Services 11.9% 8.2% +3.6% Financials 22.2% 19.0% +3.1% Industrials 7.7% 5.8% +2.0% Largest Sector Weighting Decreases 09/30/2016 09/30/2015 Change Utilities 5.0% 8.8% -3.8% Materials 5.7% 8.9% -3.2% Consumer Discretionary 23.4% 25.4% -2.1% AS OF SEPTEMBER 30, 2016 Source: Brandes, MSCI. Fund holdings are subject to change at any time at the discretion of the investment manager. 5

Brandes Emerging Markets Value Fund Top 25 Industry Exposure Brandes Emerging Markets Value Fund MSCI Emerging Markets Index % of Portfolio 25% 20% 15% 10% 5% Top 3 MSCI Emerging Markets Index Industries not in Portfolio Internet Software & Svcs. 9.2% Semiconductors & Equip. 5.1% Insurance 3.4% 0% Largest Industry Weighting Increases 09/30/2016 09/30/2015 Change Wireless Telecom Svcs. 8.3% 4.3% +4.0% Banks 20.6% 17.8% +2.8% Equity REITs 7.2% 5.4% +1.8% Largest Industry Weighting Decreases 09/30/2016 09/30/2015 Change Automobiles 5.4% 8.4% -3.0% Water Utilities 0.0% 2.5% -2.5% Chemicals 0.5% 2.6% -2.2% AS OF SEPTEMBER 30, 2016 Source: Brandes, MSCI. Fund holdings are subject to change at any time at the discretion of the investment manager. 6

Brandes Emerging Markets Value Fund Performance* vs. Benchmark (%) 29.70 17.21 7.71 9.15 3.63 3.39 5.43 4.28 7.48 6.06-1.85-0.21 3 Months 1 Year 3 Years 5 Years 10 Years Since Inception (08/20/1996) Emerging Markets Value Fund I Share MSCI Emerging Markets Index Calendar Year Total Returns 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Emerging Markets Value Fund I Share 18.89-47.80 113.82 18.24-18.68 18.98 5.04-8.68-20.34 26.46 MSCI Emerging Markets Index 39.78-53.18 79.02 19.20-18.17 18.64-2.27-1.82-14.60 16.36 Total Annual Operating Expenses Gross: 1.19% Net: 1.12% AS OF SEPTEMBER 30, 2016 Source: Brandes, MSCI. *Average Annual Total Returns. Performance data quoted, calculated in USD, represents past performance; past performance 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 fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800.395.3807. It is not possible to invest directly in an index. The Advisor has contractually agreed to limit operating expenses through January 31, 2017 (the "Expense Caps"). The Expense Cap 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. 7

Brandes Emerging Markets Value Fund (I Share) Historical Drawdown Periods & Subsequent Returns Period Drawdown Period Return Subsequent 3 Yr. Total Return (Start & End Date) BEMIX MSCI EM Index BEMIX MSCI EM Index 9/30/1997 to 8/31/1998-57.3% -50.9% 72.3% 32.2% 6/30/2001 to 10/31/2002-28.5% -9.7% 178.1% 138.6% 6/30/2007 to 10/31/2008-50.0% -44.3% 122.5% 88.8% 4/30/2011 to 9/30/2011-26.1% -25.6% 35.7% 24.4% 8/31/2014 to 1/31/2016-39.7% -29.3% -- -- Source: Brandes Investment Partners, L.P./US Bancorp Fund Services, LLC Drawdown represents peak-to-trough decline during a specific period. These periods are the 5 largest historical drawdowns for the Brandes Emerging Markets Equity Fund. Please see the accompanying Emerging Markets Equity composite performance pages. Past performance is not a guarantee of future results. 8

Performance Table Annualized Return for the full period (drawdown and subsequent 3 yr. return) Period Brandes Emerging Markets Equity MSCI Emerging Markets Index 9/30/1997 to 8/31/2001-7.5% -10.5% 6/30/2001 to 10/31/2005 17.2% 19.4% 6/30/2007 to 10/31/2011 2.5% 1.2% 4/30/2011 to 9/30/2014 0.1% -2.2% Sources: Brandes Investment Partners and MSCI. Past performance is not a guarantee of future results. 9

Disclosure Price/Book: Price per share divided by book value per share. Price/CF: Price per share divided by cash flow per share Price/Earn: Price per share divided by earnings per share. MSCI Emerging Markets Index - MSCIEMF: The MSCI Emerging Markets Index with gross dividends measures equity market performance of emerging markets. The MSCI information may only be used for your internal use, may not be reproduced or disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Foreign investing involves special risks such as currency fluctuations and political uncertainty. The Fund is designed for long-term investors who can accept the special risks associated with value investing. Because the values of the Fund's investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies. Mutual fund investing involves risk. Principal loss is possible. A mutual fund s investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contains this and other important information about the investment company, and may be obtained by calling 1.800.395.3807 or visiting www.brandesfunds.com. Read carefully before investing. The foregoing reflects the thoughts and opinions of Brandes Investment Partners exclusively and is subject to change without notice. Brandes Investment Partners is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada. The Brandes Funds are distributed by ALPS Distributors, Inc. BII000463 1/15/17 VALUE SPECIALISTS SINCE 1974 CALL 800.395.3807 BRANDESFUNDS.COM 10

BRANDES EMERGING MARKETS VALUE FUND (BEMAX, BEMCX, BEMIX, BEMRX) Key Performance Factors

KEY PERFORMANCE FACTORS* Emerging Markets Value Fund Third Quarter 2016 Positive Factors Holdings in the following industries: Airlines Banks Construction Materials Holdings in the following countries: Panama Austria Mexico South Korea Negative Factors Holdings in the following industries: Aerospace & Defense Wireless Telecom Services Automobiles Underweight allocation to companies in the Internet Software & Services industry Holdings in the following countries: Hong Kong Indonesia Chile Underweight allocation to companies in China *Relative to the benchmark. The MSCI Emerging Markets Index with gross dividends measures equity market performance of emerging markets. Holdings are subject to change without notice. 12

KEY PERFORMANCE FACTORS* Emerging Markets Value Fund Trailing 12 Months Ended September 30, 2016 Positive Factors Holdings in the following industries: Water Utilities Electric Utilities Airlines Metals & Mining Banks Holdings in the following countries: Brazil India Russia Negative Factors Holdings in the following industries: Aerospace & Defense Semiconductors & Semiconductor Equipment Automobiles Underweight allocation to companies in the Internet Software & Services industry Underweight allocation to companies in Taiwan *Relative to the index. The MSCI Emerging Markets Index with gross dividends measures equity market performance of emerging markets. Holdings are subject to change without notice. 13

Disclosure The MSCI information may only be used for your internal use, may not be reproduced or disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Foreign investing involves special risks such as currency fluctuations and political uncertainty. Mutual fund investing involves risk, principal loss is possible. The Fund is designed for long-term investors who can accept the special risks associated with value investing. Because the values of the Fund s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies. The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and may be obtained by calling 800.395.3807, or visiting www.brandesfunds.com. Read carefully before investing. The foregoing reflects the thoughts and opinions of Brandes Investment Partners exclusively and is subject to change without notice. Brandes Investment Partners is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada. The Brandes Funds are distributed by ALPS Distributors, Inc. BII000450 1/15/2017 14