Strategy. The Emerging Markets Value Fund invests primarily in equity securities of companies located or active mainly in emerging markets (including frontier markets). The Fund typically invests in companies that have market capitalizations (market value of publicly traded equity securities) greater than $3 billion at the time of purchase. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) measured at the time of purchase in equity securities of companies located or active mainly in emerging markets. The Advisor defines a company as active mainly in emerging markets if the company has greater than 80% of revenues, profits, assets, or business activity derived from emerging market countries. Equity securities include common … Show more… The Emerging Markets Value Fund invests primarily in equity securities of companies located or active mainly in emerging markets (including frontier markets). The Fund typically invests in companies that have market capitalizations (market value of publicly traded equity securities) greater than $3 billion at the time of purchase. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) measured at the time of purchase in equity securities of companies located or active mainly in emerging markets. The Advisor defines a company as active mainly in emerging markets if the company has greater than 80% of revenues, profits, assets, or business activity derived from emerging market countries. Equity securities include common and preferred stocks, real estate investment trusts (REITs), warrants and rights. The Fund will generally limit its investments in any one issuer to no more than 5% of the Funds total assets, measured at the time of purchase, but may, from time to time, invest more than 5% of the Funds total assets in one or more issuers. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the financial sector or information technology sector. Emerging markets include some or all of the countries located in each of the following regions: Asia, Europe, Central and South America, Africa and the Middle East. The Advisor considers an emerging market country to be any country which is in the MSCI EM Index and the MSCI Frontier Markets Index or that, in the opinion of the Advisor, is generally considered to be an emerging market country by the international financial community. With respect to Fund investments in any particular country, the Fund may invest up to the greater of either (a) 20% of its total assets measured at the time of purchase or (b) 150% of the weighting of such country as represented in the MSCI EM Index, measured at the time of purchase. As a result, the Fund may have significant exposure to any particular country. The Emerging Markets Value Fund may invest from time to time in cash or short-term cash equivalent securities either as part of its overall investment strategy or for temporary defensive purposes in response to adverse market, economic, political or other conditions. The amount of such holdings will vary and will depend on the Advisors assessment of the quantity and quality of investment opportunities that exist at any given time, and may at times be relatively high. Brandes Investment Partners, L.P., the investment advisor (the Advisor), uses the principles of value investing to analyze and select equity securities for the Emerging Markets Value Funds investment portfolio. When buying equity securities, the Advisor assesses the estimated intrinsic value of a company based on data such as a companys earnings, cash flow generation, and/or asset value of the underlying business. By choosing securities that are selling at a discount to the Advisors estimates of the underlying companys intrinsic value, the Advisor seeks to establish an opportunity for long-term capital appreciation. The Advisor may sell a security when its price reaches the Advisors estimate of the underlying companys intrinsic value, the Advisor believes that other investments are more attractive, or for other reasons. Show less