Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited)
The accompanying notes to financial
statements are an integral part of these Schedule of Investments.
1
Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
Shares | Value | |
SHORT-TERM INVESTMENTS – 0.78% | ||
Money Market Funds — 0.78% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%(d) | 3,755,255 | $3,755,255 |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,755,255) | $3,755,255 | |
Total Investments (Cost $666,788,017) – 99.68% | $478,137,403 | |
Other Assets in Excess of Liabilities – 0.32% | 1,514,687 | |
TOTAL NET ASSETS – 100.00% | $479,652,090 |
Percentages are stated as a percent of net assets. | ||
ADR American Depositary Receipt |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
2
Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. See Note 2 in the Notes to Financial Statements. |
(c) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(d) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The accompanying notes to
financial statements are an integral part of these Schedule of Investments.
3
Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
COMMON STOCKS | |
Aerospace & Defense | 1.16% |
Auto Components | 1.72% |
Automobiles | 3.99% |
Banks | 9.36% |
Beverages | 2.51% |
Building Products | 2.64% |
Capital Markets | 4.87% |
Chemicals | 1.98% |
Commercial Services & Supplies | 3.41% |
Communications Equipment | 0.78% |
Construction Materials | 4.75% |
Diversified Financial Services | 0.47% |
Diversified Telecommunication Services | 3.69% |
Electrical Equipment | 0.80% |
Equity Real Estate Investment Trusts | 2.17% |
Food & Staples Retailing | 7.82% |
Household Products | 0.66% |
Insurance | 4.03% |
Media | 4.57% |
Metals & Mining | 0.91% |
Multiline Retail | 1.04% |
Multi-Utilities | 2.37% |
Oil, Gas & Consumable Fuels | 9.01% |
Pharmaceuticals | 10.65% |
Semiconductors & Semiconductor Equipment | 0.76% |
Specialty Retail | 2.52% |
Technology Hardware, Storage & Peripherals | 1.48% |
Textiles, Apparel & Luxury Goods | 1.62% |
Tobacco | 2.51% |
Wireless Telecommunication Services | 1.51% |
TOTAL COMMON STOCKS | 95.76% |
PREFERRED STOCKS | |
Oil, Gas & Consumable Fuels | 3.05% |
TOTAL PREFERRED STOCKS | 3.05% |
RIGHTS | |
Oil, Gas & Consumable Fuels | 0.09% |
TOTAL RIGHTS | 0.09% |
SHORT-TERM INVESTMENTS | 0.78% |
TOTAL INVESTMENTS | 99.68% |
Other Assets in Excess of Liabilities | 0.32% |
TOTAL NET ASSETS | 100.00% |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
4
Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
The industry classifications
represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor
Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
5
Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited)
The accompanying notes to financial
statements are an integral part of these Schedule of Investments.
6
Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
Shares | Value | |
SHORT-TERM INVESTMENTS – 1.61% | ||
Money Market Funds — 1.61% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%(c) | 477,398 | $477,398 |
TOTAL SHORT-TERM INVESTMENTS (Cost $477,398) | $477,398 | |
Total Investments (Cost $31,162,291) – 100.44% | $29,779,728 | |
Liabilities in Excess of Other Assets – (0.44)% | (129,538) | |
TOTAL NET ASSETS – 100.00% | $29,650,190 |
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. |
(b) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(c) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
7
Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
— June 30, 2020
COMMON STOCKS | |
Aerospace & Defense | 1.83% |
Air Freight & Logistics | 1.68% |
Auto Components | 1.39% |
Automobiles | 3.80% |
Banks | 11.25% |
Capital Markets | 7.40% |
Chemicals | 0.98% |
Communications Equipment | 1.54% |
Construction Materials | 2.39% |
Electrical Equipment | 3.69% |
Energy Equipment & Services | 1.33% |
Equity Real Estate Investment Trusts | 1.31% |
Food & Staples Retailing | 5.40% |
Food Products | 1.00% |
Health Care Providers & Services | 11.44% |
Health Care Technology | 1.18% |
Hotels, Restaurants & Leisure | 1.28% |
Household Durables | 1.12% |
Insurance | 1.39% |
Media | 4.73% |
Multiline Retail | 0.44% |
Multi-Utilities | 2.56% |
Oil, Gas & Consumable Fuels | 6.17% |
Pharmaceuticals | 10.78% |
Semiconductors & Semiconductor Equipment | 1.89% |
Software | 0.83% |
Specialty Retail | 1.90% |
Technology Hardware, Storage & Peripherals | 1.77% |
Tobacco | 3.21% |
Wireless Telecommunication Services | 2.59% |
TOTAL COMMON STOCKS | 98.27% |
PREFERRED STOCKS | |
Technology Hardware, Storage & Peripherals | 0.51% |
TOTAL PREFERRED STOCKS | 0.51% |
RIGHTS | |
Oil, Gas & Consumable Fuels | 0.05% |
TOTAL RIGHTS | 0.05% |
SHORT-TERM INVESTMENTS | 1.61% |
TOTAL INVESTMENTS | 100.44% |
Liabilities in Excess of Other Assets | (0.44)% |
TOTAL NET ASSETS | 100.00% |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
8
Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
— June 30, 2020 (continued)
The industry classifications
represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor
Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
9
Brandes Global Equity Income Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited)
Shares | Value | |
SHORT-TERM INVESTMENTS – 100.00% | ||
Money Market Funds — 100.00% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%(a) | 391,583 | $391,583 |
TOTAL SHORT-TERM INVESTMENTS (Cost $391,583) | $391,583 | |
Total Investments (Cost $391,583) – 100.00% | $391,583 | |
Liabilities in Excess of Other Assets–(100.00)% | $(391,583) | |
TOTAL NET ASSETS | $- |
Percentages are stated as a percent of total investments. |
(a) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
10
Brandes Global Equity Income Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
— June 30, 2020
SHORT-TERM INVESTMENTS | 100.00% |
TOTAL INVESTMENTS | 100.00% |
Liabilities in Excess of Other Assets | (100.00)% |
TOTAL NET ASSETS | 0.00% |
The industry classifications
represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor
Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
11
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited)
The accompanying notes to financial
statements are an integral part of these Schedule of Investments.
12
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
The accompanying notes to financial
statements are an integral part of these Schedule of Investments.
13
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
Shares | Value | |
SHORT-TERM INVESTMENTS – 1.19% | ||
Money Market Funds — 1.19% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100% | 12,728,236 | $12,728,236 |
TOTAL SHORT-TERM INVESTMENTS (Cost $12,728,236) | $12,728,236 | |
Total Investments (Cost $1,430,044,829) – 97.55% | $1,044,918,635 | |
Other Assets in Excess of Liabilities – 2.45% | 26,243,026 | |
TOTAL NET ASSETS – 100.00% | $1,071,161,661 |
Percentages are stated as a percent of net assets. | ||
ADR American Depositary Receipt | ||
GDR Global Depositary Receipt | ||
NVDR Non-Voting Depositary Receipt |
(a) | Non-income producing security. |
(b) | Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $57,726,401 which represented 5.39% of the net assets of the Fund. |
(c) | Affiliated issuer. See Note 3 in the Notes to Financial Statements. |
(d) | The price for this security was derived from an estimate of fair market value using methods approved by the Fund’s Board of Trustees. This security represents $12,879,738 or 1.20% of the Fund’s net assets. |
(e) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
14
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
(f) | Represents the underlying security of a participatory note with HSBC Bank Plc. China South Publishing & Media Group Co. Ltd. has a maturity date of November 23, 2021. |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
15
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
— June 30, 2020
COMMON STOCKS | |
Aerospace & Defense | 1.86% |
Air Freight & Logistics | 1.04% |
Airlines | 1.63% |
Auto Components | 0.93% |
Automobiles | 1.52% |
Banks | 10.70% |
Commercial Services & Supplies | 1.68% |
Construction Materials | 2.70% |
Diversified Consumer Services | 0.71% |
Diversified Financial Services | 1.20% |
Diversified Telecommunication Services | 2.07% |
Electric Utilities | 2.58% |
Electronic Equipment, Instruments & Components | 1.64% |
Equity Real Estate Investment Trusts | 5.25% |
Food & Staples Retailing | 1.51% |
Food Products | 0.92% |
Health Care Providers & Services | 2.89% |
Hotels, Restaurants & Leisure | 5.53% |
Household Durables | 0.04% |
Insurance | 2.28% |
Interactive Media & Services | 2.11% |
Internet & Direct Marketing Retail | 2.40% |
IT Services | 2.90% |
Media | 2.03% |
Metals & Mining | 2.56% |
Multiline Retail | 0.81% |
Oil, Gas & Consumable Fuels | 3.26% |
Semiconductors & Semiconductor Equipment | 1.53% |
Specialty Retail | 2.16% |
Technology Hardware, Storage & Peripherals | 4.42% |
Tobacco | 4.39% |
Wireless Telecommunication Services | 11.96% |
TOTAL COMMON STOCKS | 89.21% |
PREFERRED STOCKS | |
Automobiles | 1.40% |
Banks | 0.50% |
Diversified Telecommunication Services | 0.93% |
Oil, Gas & Consumable Fuels | 3.39% |
TOTAL PREFERRED STOCKS | 6.22% |
PARTICIPATORY NOTES | |
Media | 0.93% |
TOTAL PARTICIPATORY NOTES | 0.93% |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
16
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
— June 30, 2020 (continued)
SHORT-TERM INVESTMENTS | 1.19% |
TOTAL INVESTMENTS | 97.55% |
Other Assets in Excess of Liabilities | 2.45% |
TOTAL NET ASSETS | 100.00% |
The industry classifications
represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor
Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
17
Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited)
The accompanying notes to financial
statements are an integral part of these Schedule of Investments.
18
Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
The accompanying notes to financial
statements are an integral part of these Schedule of Investments.
19
Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
Shares | Value | |
SHORT-TERM INVESTMENTS – 3.62% | ||
Money Market Funds — 3.62% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%(d) | 10,650,159 | $10,650,159 |
TOTAL SHORT-TERM INVESTMENTS (Cost $10,650,159) | $10,650,159 | |
Total Investments (Cost $406,797,264) – 98.69% | $290,682,871 | |
Other Assets in Excess of Liabilities – 1.31% | 3,857,013 | |
TOTAL NET ASSETS – 100.00% | $294,539,884 |
Percentages are stated as a percent of net assets. | ||
ADR American Depositary Receipt | ||
GDR Global Depositary Receipt |
(a) | Non-income producing security. |
(b) | Affiliated issuer. See Note 3 in the Notes to Financial Statements. |
(c) | Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,811,287 which represented 3.67% of the net assets of the Fund. |
(d) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
20
Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
— June 30, 2020
COMMON STOCKS | |
Aerospace & Defense | 2.58% |
Auto Components | 2.48% |
Banks | 10.35% |
Beverages | 5.02% |
Commercial Services & Supplies | 7.74% |
Communications Equipment | 3.13% |
Construction & Engineering | 1.45% |
Construction Materials | 1.95% |
Diversified Financial Services | 3.07% |
Diversified Telecommunication Services | 2.41% |
Electric Utilities | 0.70% |
Electrical Equipment | 0.51% |
Electronic Equipment, Instruments & Components | 2.57% |
Entertainment | 0.47% |
Equity Real Estate Investment Trusts | 6.36% |
Food & Staples Retailing | 7.43% |
Food Products | 6.30% |
Gas Utilities | 1.04% |
Health Care Equipment & Supplies | 1.81% |
Household Durables | 2.93% |
Leisure Products | 0.67% |
Machinery | 4.50% |
Media | 2.76% |
Metals & Mining | 1.14% |
Multiline Retail | 0.71% |
Oil, Gas & Consumable Fuels | 1.73% |
Personal Products | 0.82% |
Pharmaceuticals | 3.27% |
Real Estate Management & Development | 1.49% |
Specialty Retail | 2.93% |
Textiles, Apparel & Luxury Goods | 2.09% |
Trading Companies & Distributors | 0.52% |
TOTAL COMMON STOCKS | 92.93% |
PREFERRED STOCKS | |
Health Care Equipment & Supplies | 2.04% |
TOTAL PREFERRED STOCKS | 2.04% |
RIGHTS | |
Commercial Services & Supplies | 0.10% |
TOTAL RIGHTS | 0.10% |
SHORT-TERM INVESTMENTS | 3.62% |
TOTAL INVESTMENTS | 98.69% |
Other Assets in Excess of Liabilities | 1.31% |
TOTAL NET ASSETS | 100.00% |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
21
Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY
— June 30, 2020 (continued)
The industry classifications
represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor
Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
22
Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited)
The accompanying notes to financial
statements are an integral part of these Schedule of Investments.
23
Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
Principal Amount | Value | |
CORPORATE BONDS – 2.75% | ||
Oil, Gas & Consumable Fuels – 2.75% | ||
Chesapeake Energy Corp. 11.500%, 1/1/2025(b) | $129,000 | $14,732 |
SHORT-TERM INVESTMENTS – 1.78% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%, (c) | 9,526 | $9,526 |
TOTAL SHORT-TERM INVESTMENTS (Cost $9,526) | $9,526 | |
Total Investments (Cost $531,591) – 99.12% | $530,073 | |
Other Assets in Excess of Liabilities – 0.88% | 4,708 | |
TOTAL NET ASSETS – 100.00% | $534,781 |
Percentages are stated as a percent of net assets. | ||
ADR American Depositary Receipt |
(a) | Non-income producing security. |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
24
Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
(b) | Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $14,732 which represented 2.75% of the net assets of the Fund. |
(c) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
25
Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS BY COUNTRY
— June 30, 2020
COMMON STOCKS | |
Brazil | 1.48% |
Canada | 3.02% |
United States | 90.06% |
TOTAL COMMON STOCKS | 94.56% |
CORPORATE BONDS | |
United States | 2.75% |
TOTAL CORPORATE BONDS | 2.75% |
PREFERRED STOCKS | |
United States | 0.03% |
TOTAL PREFERRED STOCKS | 0.03% |
SHORT-TERM INVESTMENTS | 1.78% |
TOTAL INVESTMENTS | 99.12% |
Other Assets in Excess of Liabilities | 0.88% |
TOTAL NET ASSETS | 100.00% |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
26
Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited)
Shares | Value | |
COMMON STOCKS – 0.00% | ||
Household Durables – 0.00% | ||
Urbi Desarrollos Urbanos SAB de CV (a) | 1,564 | $ 1,170 |
TOTAL COMMON STOCKS (Cost $292,050) | $1,170 |
Principal Amount | Value | |
FEDERAL AND FEDERALLY SPONSORED CREDITS – 10.97% | ||
Federal Home Loan Mortgage Corporation – 3.62% | ||
Pool A9-3505 4.500%, 8/1/2040 | $ 90,362 | $ 100,419 |
Pool G0-6018 6.500%, 4/1/2039 | 20,362 | 23,702 |
Pool G1-8578 3.000%, 12/1/2030 | 1,167,750 | 1,230,483 |
Pool SD-8001 3.500%, 7/1/2049 | 812,557 | 853,920 |
Pool SD-8003 4.000%, 7/1/2049 | 838,925 | 888,541 |
3,097,065 | ||
Federal National Mortgage Association – 7.35% | ||
Pool 934124 5.500%, 7/1/2038 | 39,495 | 45,126 |
Pool AL9865 3.000%, 2/1/2047 | 1,549,113 | 1,638,353 |
Pool AS6201 3.500%, 11/1/2045 | 688,968 | 733,363 |
Pool BJ2553 3.500%, 12/1/2047 | 572,546 | 606,711 |
Pool BN6683 3.500%, 6/1/2049 | 1,344,165 | 1,412,312 |
Pool CA1624 3.000%, 4/1/2033 | 909,508 | 963,366 |
Pool MA0918 4.000%, 12/1/2041 | 211,477 | 232,183 |
Pool MA3687 4.000%, 6/1/2049 | 620,851 | 657,689 |
6,289,103 | ||
TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS (Cost $8,944,507) | $9,386,168 | |
OTHER MORTGAGE RELATED SECURITIES – 0.00% | ||
Collateralized Mortgage Obligations – 0.00% | ||
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14 4.511%, 10/25/2036(b) | $ 764 | $ 732 |
TOTAL OTHER MORTGAGE RELATED SECURITIES (Cost $752) | $732 | |
US GOVERNMENTS – 54.66% | ||
Sovereign – 54.66% | ||
United States Treasury Note | ||
2.375%, 8/15/2024 | $11,360,000 | $ 12,359,325 |
2.000%, 11/15/2021 | 211,000 | 216,275 |
2.000%, 2/15/2023 | 1,140,000 | 1,194,373 |
2.250%, 2/15/2027 | 15,825,000 | 17,677,638 |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
27
Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
Principal Amount | Value | |
2.375%, 5/15/2029 | $ 5,300,000 | $ 6,116,531 |
United States Treasury Bond 4.750%, 2/15/2037 | 5,775,000 | 9,209,997 |
TOTAL US GOVERNMENTS (Cost $41,519,392) | $46,774,139 | |
CORPORATE BONDS – 29.61% | ||
Automobiles – 0.48% | ||
Ford Motor Credit Co. LLC 5.875%, 8/2/2021 | $ 410,000 | $ 413,977 |
Banks – 4.43% | ||
Fifth Third Bancorp 8.250%, 3/1/2038 | 175,000 | 283,869 |
Goldman Sachs Group, Inc. 3.000%, 4/26/2022 | 780,000 | 795,104 |
JPMorgan Chase & Co. 4.230% (3M LIBOR + 3.470%), Perpetual(c) | 1,317,000 | 1,198,865 |
USB Capital IX 3.500% (3M LIBOR + 1.020%, minimum of 3.500%), Perpetual(c) | 1,830,000 | 1,511,580 |
3,789,418 | ||
Commercial Services & Supplies – 2.81% | ||
ADT Corp. 3.500%, 7/15/2022 | 915,000 | 909,510 |
Iron Mountain, Inc. 4.875%, 9/15/2027(d) | 645,000 | 628,353 |
Prime Security Services Borrower LLC 6.250%, 1/15/2028(d) | 915,000 | 862,387 |
2,400,250 | ||
Consumer Products – 2.41% | ||
Avon International Operations, Inc. 7.875%, 8/15/2022(d) | 1,415,000 | 1,417,122 |
Wyndham Destinations, Inc. 3.900%, 3/1/2023 | 690,000 | 644,150 |
2,061,272 | ||
Containers & Packaging – 0.50% | ||
Sealed Air Corp. 4.000%, 12/1/2027(d) | 430,000 | 430,000 |
Electric Utilities – 0.29% | ||
Commonwealth Edison Co. 5.900%, 3/15/2036 | 175,000 | 248,172 |
Equipment – 0.03% | ||
Continental Airlines Pass Through Trust Series 2007-1 5.983%, 4/19/2022 | 24,285 | 22,778 |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
28
Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
Principal Amount | Value | |
Food, Beverage & Tobacco – 0.97% | ||
Pilgrim's Pride Corp. 5.750%, 3/15/2025(d) | $ 835,000 | $ 832,562 |
Health Care Facilities & Services – 0.81% | ||
CVS Health Corp. 4.100%, 3/25/2025 | 240,000 | 271,426 |
Tenet Healthcare Corp. | ||
5.125%, 5/1/2025 | 270,000 | 260,607 |
4.875%, 1/1/2026(d) | 165,000 | 160,669 |
692,702 | ||
Homebuilders – 2.18% | ||
PulteGroup, Inc. 5.500%, 3/1/2026 | 980,000 | 1,068,788 |
Toll Brothers Finance Corp. 4.875%, 11/15/2025 | 745,000 | 794,513 |
1,863,301 | ||
Insurance – 0.96% | ||
American International Group, Inc. 6.400%, 12/15/2020 | 800,000 | 821,325 |
Media – 1.23% | ||
Charter Communications Operating LLC 4.908%, 7/23/2025 | 295,000 | 338,095 |
Netflix, Inc. 5.375%, 2/1/2021 | 695,000 | 710,637 |
1,048,732 | ||
Oil, Gas & Consumable Fuels – 7.65% | ||
BP Capital Markets Plc 3.506%, 3/17/2025 | 810,000 | 895,522 |
Chesapeake Energy Corp. 11.500%, 1/1/2025(e) | 3,616,000 | 412,947 |
Chevron Corp. 2.100%, 5/16/2021 | 1,150,000 | 1,165,805 |
Exxon Mobil Corp. 2.397%, 3/6/2022 | 945,000 | 974,207 |
Kinder Morgan, Inc. 4.300%, 6/1/2025 | 1,054,000 | 1,182,527 |
Occidental Petroleum Corp. 3.500%, 6/15/2025 | 555,000 | 468,975 |
Range Resources Corp. 5.000%, 3/15/2023 | 1,680,000 | 1,444,800 |
6,544,783 | ||
Technology – 2.71% | ||
Microsoft Corp. 2.400%, 2/6/2022 | 1,000,000 | 1,031,909 |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
29
Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
Principal Amount | Value | |
VMware, Inc. | ||
4.500%, 5/15/2025 | $ 215,000 | $ 235,230 |
3.900%, 8/21/2027 | 995,000 | 1,055,926 |
2,323,065 | ||
Telecommunications – 2.15% | ||
AT&T, Inc. 3.000%, 6/30/2022 | 1,630,000 | 1,702,231 |
Telefonica Emisiones SA 5.462%, 2/16/2021 | 135,000 | 138,984 |
1,841,215 | ||
TOTAL CORPORATE BONDS (Cost $24,338,326) | $25,333,552 | |
ASSET BACKED SECURITIES – 1.77% | ||
Student Loan – 1.77% | ||
SLM Private Credit Student Loan Trust Series 2007-A, 0.553% (3M LIBOR + 0.240%), 12/16/2041(c) | $ 263,967 | $ 250,089 |
SLM Private Credit Student Loan Trust Series 2004-B, 0.744% (3M LIBOR + 0.430%), 9/15/2033(c) | 300,000 | 282,256 |
SLM Private Credit Student Loan Trust Series 2005-A, 0.623% (3M LIBOR + 0.310%), 12/15/2038(c) | 400,000 | 377,527 |
SLM Private Credit Student Loan Trust Series 2006-A, 0.603% (3M LIBOR + 0.290%), 6/15/2039(c) | 652,381 | 605,014 |
TOTAL ASSET BACKED SECURITIES (Cost $1,486,788) | $1,514,886 |
Shares | Value | |
SHORT-TERM INVESTMENTS – 4.21% | ||
Money Market Funds – 4.21% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%(f) | $ 3,600,232 | $ 3,600,232 |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,600,232) | $3,600,232 | |
Total Investments (Cost $80,182,047) – 101.22% | $86,610,879 | |
Liabilities in Excess of Other Assets – (1.22)% | (1,045,804) | |
Total Net Assets – 100.00% | $85,565,075 |
Percentages are stated as a percent of net assets. | ||
LIBOR London Interbank Offered Rate |
(a) | Non-income producing security. |
(b) | Variable rate security. The coupon is based on an underlying pool of loans. |
(c) | Variable rate security. The coupon is based on a reference index and spread index. |
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
30
Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — June
30, 2020 (Unaudited) (continued)
(d) | Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $4,331,093 which represented 5.06% of the net assets of the Fund. |
(e) | Issuer has defaulted on terms of debt obligation. Income is not being accrued. |
(f) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The industry classifications
represented in the Schedule of Investments are in accordance with Bloomberg Industry Classification Standards (BICS) or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements
are an integral part of these Schedule of Investments.
31
Brandes Investment Trust
NOTES TO FINANCIAL
STATEMENTS
NOTE 1–ORGANIZATION
The Brandes
International Equity Fund (the “International Fund”), the Brandes Global Equity Fund (the “Global Fund”), the Brandes Global Equity Income Fund (the “Global Income Fund”), the
Brandes Emerging Markets Value Fund (the “Emerging Markets Fund”), the Brandes International Small Cap Equity Fund (the “International Small Cap Fund”), the Brandes Small Cap Value Fund (the
“Small Cap Value Fund”) and the Brandes Core Plus Fixed Income Fund (the “Core Plus Fund”) (each a “Fund” and collectively the “Funds”) are series of Brandes Investment
Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company.
The
International Fund, Global Fund, Global Income Fund, Emerging Markets Fund, International Small Cap Fund, Small Cap Value Fund and Core Plus Fund began operations on January 2, 1997, October 6, 2008, December 31,
2014, January 31, 2011, February 1, 2012, January 2, 2018 and December 28, 2007, respectively. Prior to January 31, 2011 for the Emerging Markets Fund, February 1, 2012 for the International Small Cap and January 2,
2018 for the Small Cap Value Fund, these Funds’ portfolios were managed as private investment funds with investment objectives, investment policies and strategies that were, in all material respects, equivalent
to those of the Emerging Markets Fund, International Small Cap Fund and Small Cap Value Fund, respectively.
The
International Fund, Emerging Markets Fund and International Small Cap Fund have four classes of shares: Class A, Class C, Class I and Class R6. The Global Fund and Global Income Fund have three classes of shares:
Class A, Class C and Class I. The Small Cap Value Fund and Core Plus Fund have three classes of shares: Class A, Class I and Class R6.
The
International Fund and Global Fund invest their assets primarily in equity securities of issuers with market capitalizations greater than $5 billion. The International, International Small Cap and Emerging Markets
Funds invest their assets in securities of foreign companies, while the Global Fund and Global Income Fund invest their assets in securities of foreign and domestic companies. The Small Cap Value Fund invests
primarily in U.S. equity securities of issuers with market capitalizations less than $5 billion. The Core Plus Fund invests predominantly in debt securities issued by U.S. and foreign companies and debt obligations
issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities.
NOTE 2–SIGNIFICANT ACCOUNTING POLICIES
Each Fund is
an investment company that applies the accounting and reporting guidance issued in Topic 946, “Financial Services-Investment Companies”, by the Financial Accounting Standards Board (“FASB”).
The following is a summary of
32
Brandes Investment Trust
NOTES TO FINANCIAL
STATEMENTS — (continued)
significant accounting policies consistently
followed by the Funds. These policies are in conformity with generally accepted accounting principles (“GAAP”) in the United States of America.
A. | Fair Value Measurements. The Trust has adopted GAAP accounting principles related to fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below: |
Level 1—Fair value measurement within Level 1 should be based on an unadjusted quoted price in an active market that the Funds have the ability to access for the asset or liability at the measurement date. Because a quoted price alone forms the basis for the measurement, the access requirement within Level 1 limits discretion in pricing the asset or liability, including in situations in which there are multiple markets for the asset or liability with different prices and no single market represents a principal market for the asset or liability. Importantly, the Financial Accounting Standards Board has indicated that when a quoted price in an active market for a security is available, that price should be used to measure fair value without regard to an entity’s intent to transact at that price. | |
Level 2—Fair value measurement within Level 2 should be based on all inputs other than unadjusted quoted prices included within Level 1 that are observable for the asset or liability. Other significant observable market inputs include quoted prices for similar instruments in active markets, quoted adjusted prices in active markets, quoted prices for identical or similar instruments in markets that are not active, and model derived valuations in which the majority of significant inputs and significant value drivers are observable in active markets. | |
Level 3—Fair value measurement within Level 3 should be based on unobservable inputs in such cases where markets do not exist or are illiquid. Significant unobservable inputs include model derived valuations in which the majority of significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information. | |
B. | Security Valuation. Common and preferred stocks, exchange-traded funds and financial derivative instruments, such as futures contracts and options contracts that are traded on a national securities or commodities exchange, are valued at the last reported sales price at the close of regular trading on |
33
Brandes Investment Trust
NOTES TO FINANCIAL
STATEMENTS — (continued)
each day the exchange is open for trading, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. Securities listed on the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. | |
Equity securities traded on an exchange for which there have been no sales on the valuation date are generally valued at the mean between last bid and ask price on such day and are categorized as Level 2 of the fair value hierarchy, or are fair valued by the Fair Valuation Committee. | |
Investments in registered open-end management investment companies are valued based upon the Net Asset Values (“NAVs”) of such investments and are categorized as Level 1 of the fair value hierarchy. | |
Valuation adjustments may be applied to certain common and preferred stocks that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the New York Stock Exchange (“NYSE”). These securities are generally valued using pricing service providers that consider the correlation of the trading patterns of the foreign securities to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. As of June 30, 2020, the International Fund, Global Fund, Emerging Markets Fund and International Small Cap Fund had securities with market values of $417,769,431, $15,518,142, $618,100,282 and $177,051,190 that represent 87.10%, 52.34%, 57.70%, and 60.11% of each Fund’s net assets, respectively, that were fair valued using these valuation adjustments. | |
Fixed income securities (other than repurchase agreements and demand notes) including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities, fixed income securities purchased on a delayed delivery basis and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services or sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers’ internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/ |
34
Brandes Investment Trust
NOTES TO FINANCIAL
STATEMENTS — (continued)
spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. | |
Rights that are traded on a national securities exchange are valued at the last reported sales price at the close of regular trading on each day the exchange is open. A right is a privilege offered by a corporation to its shareholders pro rata to subscribe to a certain security at a specified price, often for a short period. Rights may or may not be transferable. | |
The Funds may enter into mortgage dollar roll transactions in which the Funds sell a mortgage-backed security to a counterparty and simultaneously enter into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase a Fund’s portfolio turnover rate. | |
Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each package of underlying securities. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche level attributes, estimated cash flows and market based yield spreads for each tranche, and current market data and incorporate packaged collateral performance, as available. Mortgage and asset-backed securities that use such valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. | |
Repurchase agreements and demand notes, for which neither vendor pricing nor market maker prices are available, are valued at amortized cost on the day of valuation, unless Brandes Investment Partners, L.P. (the “Advisor”) determines that the use of amortized cost valuation on such day is not appropriate (in which case such instrument is fair valued in accordance with the fair value procedures of the Trust). | |
Certain securities may be fair valued in accordance with the fair valuation procedures approved by the Board of Trustees. The Fair Valuation Committee is generally responsible for overseeing the day-to-day valuation processes and reports periodically to the Board. The Fair Valuation Committee is authorized to make all necessary determinations of the fair value of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. The securities fair |
35
Brandes Investment Trust
NOTES TO FINANCIAL
STATEMENTS — (continued)
valued by the Fair Valuation Committee are indicated in the Schedules of Investments and are categorized as Level 2 or Level 3 of the fair value hierarchy. Certain vendor priced securities may also be considered Level 3 if significant unobservable inputs are used by the vendors. | |
In using fair value pricing, each Fund attempts to establish the price that it might reasonably have expected to receive upon a sale of the security at 4:00 p.m. Eastern time. Valuing securities at fair value involves greater reliance on judgment than valuation of securities based on readily available market quotations. A Fund using fair value to price securities may value those securities higher or lower than another fund using market quotations or fair value to price the same securities. Further, there can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its net asset value. |
The following
is a summary of the level inputs used, as of June 30, 2020, involving the Funds' assets carried at fair value. The inputs used for valuing securities may not be an indication of the risk associated with investing in
those securities.
Description | Level 1 | Level 2 | Level 3 | Total | ||||
Investments in Securities | ||||||||
International Fund | ||||||||
Common Stocks | ||||||||
Communication Services | $— | $46,874,827 | $— | $46,874,827 | ||||
Consumer Discretionary | — | 52,310,376 | — | 52,310,376 | ||||
Consumer Staples | 8,352,275 | 56,402,770 | — | 64,755,045 | ||||
Energy | 6,008,417 | 37,201,299 | — | 43,209,716 | ||||
Financials | — | 89,794,135 | — | 89,794,135 | ||||
Health Care | — | 51,075,722 | — | 51,075,722 | ||||
Industrials | 5,534,173 | 32,900,655 | — | 38,434,828 | ||||
Materials | 7,612,638 | 29,005,744 | — | 36,618,382 | ||||
Real Estate | 10,399,998 | — | — | 10,399,998 | ||||
Technology | 3,645,631 | 10,861,600 | — | 14,507,231 | ||||
Utilities | — | 11,342,303 | — | 11,342,303 | ||||
Total Common Stocks | 41,553,132 | 417,769,431 | — | 459,322,563 | ||||
Preferred Stocks | ||||||||
Energy | 14,643,001 | — | — | 14,643,001 | ||||
Rights | ||||||||
Energy | 416,584 | — | — | 416,584 | ||||
Short-Term Investments | 3,755,255 | — | — | 3,755,255 | ||||
Total Investments in Securities | $60,367,972 | $417,769,431 | $— | $478,137,403 |
36
Brandes Investment Trust
NOTES TO FINANCIAL
STATEMENTS — (continued)
Description | Level 1 | Level 2 | Level 3 | Total | ||||
Global Fund | ||||||||
Common Stocks | ||||||||
Communication Services | $442,735 | $1,729,667 | $— | $2,172,402 | ||||
Consumer Discretionary | 332,348 | 2,607,050 | — | 2,939,398 | ||||
Consumer Staples | 295,563 | 2,552,470 | — | 2,848,033 | ||||
Energy | 513,352 | 1,710,727 | — | 2,224,079 | ||||
Financials | 4,155,505 | 1,791,581 | — | 5,947,086 | ||||
Health Care | 5,003,725 | 1,934,059 | — | 6,937,784 | ||||
Industrials | 1,545,000 | 587,997 | — | 2,132,997 | ||||
Materials | 290,698 | 710,377 | — | 1,001,075 | ||||
Real Estate | 387,982 | — | — | 387,982 | ||||
Technology | 803,845 | 983,335 | — | 1,787,180 | ||||
Utilities | — | 758,490 | — | 758,490 | ||||
Total Common Stocks | 13,770,753 | 15,365,753 | — | 29,136,506 | ||||
Preferred Stocks | ||||||||
Technology | — | 152,389 | — | 152,389 | ||||
Rights | ||||||||
Energy | 13,435 | — | — | 13,435 | ||||
Short-Term Investments | 477,398 | — | — | 477,398 | ||||
Total Investments in Securities | $14,261,586 | $15,518,142 | $— | $29,779,728 | ||||
Global Income Fund | ||||||||
Short-Term Investments | $391,583 | $— | $— | $391,583 | ||||
Total Investments in Securities | $391,583 | $— | $— | $391,583 |
37
Brandes Investment Trust
NOTES TO FINANCIAL
STATEMENTS — (continued)
Description | Level 1 | Level 2 | Level 3 | Total | ||||
Emerging Markets Fund | ||||||||
Common Stocks | ||||||||
Communication Services | $64,113,938 | $106,255,018 | $— | $170,368,956 | ||||
Consumer Discretionary | 44,083,081 | 106,830,233 | — | 150,913,314 | ||||
Consumer Staples | 21,271,914 | 51,675,783 | — | 72,947,697 | ||||
Energy | 13,891,879 | 20,932,065 | — | 34,823,944 | ||||
Financials | 31,540,823 | 120,409,628 | — | 151,950,451 | ||||
Health Care | — | 30,918,075 | — | 30,918,075 | ||||
Industrials | 48,648,014 | 18,058,896 | — | 66,706,910 | ||||
Materials | 33,418,135 | 47,034,894 | — | 80,453,029 | ||||
Real Estate | 56,300,745 | — | — | 56,300,745 | ||||
Technology | 6,493,662 | 105,974,481 | — | 112,468,143 | ||||
Utilities | 10,210,306 | 17,477,312 | — | 27,687,618 | ||||
Total Common Stocks | 329,972,497 | 625,566,385 | — | 955,538,882 | ||||
Preferred Stocks | ||||||||
Communication Services | 9,988,591 | — | — | 9,988,591 | ||||
Consumer Discretionary | — | 14,995,137 | — | 14,995,137 | ||||
Energy | 35,291,949 | 1,012,115 | — | 36,304,064 | ||||
Financials | 5,400,365 | — | — | 5,400,365 | ||||
Total Preferred Stocks | 50,680,905 | 16,007,252 | — | 66,688,157 | ||||
Participatory Notes | ||||||||
Communication Services | 9,963,360 | — | — | 9,963,360 | ||||
Short-Term Investments | 12,728,236 | — | — | 12,728,236 | ||||
Total Investments in Securities | $403,344,998 | $641,573,637 | $— | $1,044,918,635 | ||||
International Small Cap Fund | ||||||||
Common Stocks | ||||||||
Communication Services | $5,463,050 | $11,169,049 | $— | $16,632,099 | ||||
Consumer Discretionary | 9,285,167 | 25,524,743 | — | 34,809,910 | ||||
Consumer Staples | 10,395,144 | 47,241,041 | — | 57,636,185 | ||||
Energy | 5,109,789 | — | — | 5,109,789 | ||||
Financials | 6,441,848 | 33,063,186 | — | 39,505,034 | ||||
Health Care | 6,308,120 | 8,667,831 | — | 14,975,951 | ||||
Industrials | 16,068,185 | 34,844,255 | — | 50,912,440 | ||||
Materials | 2,301,220 | 6,809,757 | — | 9,110,977 | ||||
Real Estate | 23,151,398 | — | — | 23,151,398 | ||||
Technology | 11,987,160 | 4,754,193 | — | 16,741,353 | ||||
Utilities | 2,075,201 | 3,070,206 | — | 5,145,407 | ||||
Total Common Stocks | 98,586,282 | 175,144,261 | — | 273,730,543 | ||||
Preferred Stocks | ||||||||
Health Care | — | 6,008,760 | — | 6,008,760 | ||||
Rights | ||||||||
Industrials | 293,409 | — | — | 293,409 | ||||
Short-Term Investments | 10,650,159 | — | — | 10,650,159 | ||||
Total Investments in Securities | $109,529,850 | $181,153,021 | $— | $290,682,871 |
38
Brandes Investment Trust
NOTES TO FINANCIAL
STATEMENTS — (continued)
Description | Level 1 | Level 2 | Level 3 | Total | ||||
Small Cap Value Fund | ||||||||
Common Stocks | ||||||||
Communication Services | $7,814 | $— | $— | $7,814 | ||||
Consumer Discretionary | 75,342 | — | — | 75,342 | ||||
Consumer Staples | 34,674 | — | — | 34,674 | ||||
Energy | 39,033 | — | — | 39,033 | ||||
Exchange Traded Funds | 7,921 | — | — | 7,921 | ||||
Financials | 53,803 | — | — | 53,803 | ||||
Health Care | 88,714 | — | — | 88,714 | ||||
Industrials | 102,448 | — | — | 102,448 | ||||
Materials | 11,892 | — | — | 11,892 | ||||
Real Estate | 9,671 | — | — | 9,671 | ||||
Technology | 69,112 | — | — | 69,112 | ||||
Utilities | 5,243 | — | — | 5,243 | ||||
Total Common Stocks | 505,667 | — | — | 505,667 | ||||
Corporate Bonds | — | 14,732 | — | 14,732 | ||||
Preferred Stocks | ||||||||
Energy | 148 | — | — | 148 | ||||
Short-Term Investments | 9,526 | — | — | 9,526 | ||||
Total Investments in Securities | $515,341 | $14,732 | $— | $530,073 | ||||
Core Plus Fund | ||||||||
Common Stocks | ||||||||
Consumer Discretionary | $1,170 | $— | $— | $1,170 | ||||
Asset Backed Securities | — | 1,514,886 | — | 1,514,886 | ||||
Corporate Bonds | — | 25,333,552 | — | 25,333,552 | ||||
Government Securities | — | 46,774,139 | — | 46,774,139 | ||||
Mortgage Backed Securities | — | 9,386,900 | — | 9,386,900 | ||||
Short-Term Investments | 3,600,232 | — | — | 3,600,232 | ||||
Total Investments in Securities | $3,601,402 | $83,009,477 | $— | $86,610,879 |
There were no
Level 3 securities in the International, Global, Global Income, Emerging Markets, International Small Cap, Small Cap Value and Core Plus Funds at the beginning or during the periods presented.
39
Brandes Investment Trust
NOTES TO FINANCIAL
STATEMENTS — (continued)
NOTE 3–TRANSACTIONS WITH AFFILIATES
The following
issuers were affiliated with the Emerging Markets Fund and International Small Cap Fund as defined in Section (2)(a)(3) of the 1940 Act, as these Funds held 5% or more of the outstanding voting securities of the
following issuers during the period from October 1, 2019 through June 30, 2020:
Emerging Markets Fund | ||||||||||||||||
Issuer Name | Share Balance At October 1, 2019 | Additions | Reductions | Share Balance At June 30, 2020 | Dividend Income | Unrealized Appreciation/(Depreciation) | Realized Gain/(Loss) | Value At June 30, 2020 | ||||||||
Urbi Desarrollos Urbanos SAB de CV | 10,242,449 | — | (9,730,327) | 512,122 | $— | $(395,187) | $(115) | $383,237 | ||||||||
$— | $(395,187) | $(115) | $383,237 |
International Small Cap Fund | ||||||||||||||||
Issuer Name | Share Balance At October 1, 2019 | Additions | Reductions | Share Balance At June 30, 2020 | Dividend Income | Unrealized Appreciation/(Depreciation) | Realized Gain/(Loss) | Value At June 30, 2020 | ||||||||
Desarrolladora Homex SAB de CV | 279,501,983 | — | — | 279,501,983 | $— | $(523,052) | $— | $595,862 | ||||||||
Urbi Desarrollos Urbanos SAB de CV | 16,033,402 | — | (15,231,732) | 801,670 | — | (1,818,628) | — | 599,914 | ||||||||
$— | $(2,341,680) | $— | $1,195,776 |
NOTE 4–SUBSEQUENT EVENTS
In preparing
these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Trust has concluded that
there are no subsequent events to note, other than the item noted below.
The Board of
Trustees, based on the recommendation of the Advisor, approved a plan of liquidation of the Global Equity Income Fund (the "Fund"). The liquidation of the Fund was completed on June 30, 2020.
40