Strategy. The U.S. Value Fund invests primarily in equity securities of U.S. companies. Equity securities include common and preferred stocks, warrants and rights. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes), measured at the time of purchase, in securities of companies located in the United States. The Fund may invest in securities of companies located outside of the United States. The Fund may invest up to 5% of its total assets, measured at the time of purchase, in any one company. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the financial sector or health care sector. … Show more… The U.S. Value Fund invests primarily in equity securities of U.S. companies. Equity securities include common and preferred stocks, warrants and rights. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes), measured at the time of purchase, in securities of companies located in the United States. The Fund may invest in securities of companies located outside of the United States. The Fund may invest up to 5% of its total assets, measured at the time of purchase, in any one company. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the financial sector or health care sector. Typically, the Fund invests in issuers with a market capitalization greater than $5 billion. The U.S. 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 U.S. Value Funds investment advisor (the Advisor), uses the principles of value investing to analyze and select equity securities for the U.S. Value Funds investment portfolio that, in its opinion, are undervalued. 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