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Brandes Investment Trust (BVNSC)

Filed: 7 Jun 19, 2:30pm
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORMN-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-08614

 

 

Brandes Investment Trust

(Exact name of registrant as specified in charter)

 

 

11988 El Camino Real, Suite 600

San Diego, CA 92130

(Address of principal executive offices) (Zip code)

 

 

Lea Anne Copenhefer

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

(Name and address of agent for service)

 

 

800-331-2979

Registrant’s telephone number, including area code

Date of fiscal year end: September 30, 2019

Date of reporting period: March 31, 2019

 

 

 


Table of Contents

Item 1. Reports to Stockholders.


Table of Contents

LOGO

SEMI-ANNUAL REPORT INTERNATIONAL EQUITY FUND GLOBAL EQUITY FUND GLOBAL EQUITY INCOME FUND GLOBAL OPPORTUNITIES VALUE FUND EMERGING MARKETS VALUE FUND INTERNATIONAL SMALL CAP EQUITY FUND SMALL CAP VALUE FUND CORE PLUS FIXED INCOME FUND For the six months ended March 31, 2019 Beginning in January 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (http://www.brandesfunds.com/literature.html), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or a bank) or, if you are a direct investor, by calling 1-800-395-3807, sending an e-mail request to info@brandesfunds.com, or by enrolling at http://www.brandesfunds.com/literature.html. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-800-395-3807 or send an email request to info@brandesfunds.com to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account with that intermediary if you invest through your financial intermediary or all Funds held with the fund complex if you invest directly with the Funds.


Table of Contents

LOGO

Table of Contents

 

 

Letter to Shareholders and Performance Graphs

   2 

Brandes International Equity Fund

   2 

Brandes Global Equity Fund

   6 

Brandes Global Equity Income Fund

   10 

Brandes Global Opportunities Value Fund

   14 

Brandes Emerging Markets Value Fund

   18 

Brandes International Small Cap Equity Fund

   22 

Brandes Small Cap Value Fund

   26 

Brandes Core Plus Fixed Income Fund

   30 

Expense Example

   34 

Schedule of Investments

   38 

Brandes International Equity Fund

   38 

Brandes Global Equity Fund

   41 

Brandes Global Equity Income Fund

   44 

Brandes Global Opportunities Value Fund

   47 

Brandes Emerging Markets Value Fund

   51 

Brandes International Small Cap Equity Fund

   57 

Brandes Small Cap Value Fund

   62 

Brandes Core Plus Fixed Income Fund

   66 

Statements of Assets and Liabilities

   72 

Statements of Operations

   74 

Statements of Changes in Net Assets

   76 

Financial Highlights

   80 

Notes to Financial Statements

   94 

Additional Information

   118 

Trustees and Officers Information

   123 

 

1


Table of Contents

Brandes International Equity Fund

 

Dear Fellow Investor,

The net asset value of the Brandes International Equity Fund (Class I Shares) declined 5.03% in the six months ending March 31, 2019. For the same period, the MSCI EAFE Index fell 3.81%.

Portfolio holdings in the Diversified Telecommunication Services, Equity Real Estate Investment Trusts and Oil, Gas & Consumable Fuels industries were contributors to performance, while holdings in Capital Markets, Banks and Food & Staples Retailing detracted from returns.

Holdings in Brazil, Russia and Finland contributed to performance, while results were hampered by holdings in the United Kingdom, Switzerland and Japan.

Three of the largest individual contributors to performance were Fibra Uno Administracion SA de CV (Mexico — Equity Real Estate Investment Trusts), Telefonica Brasil SA (Brazil — Diversified Telecommunication Services) and Petroleo Brasileiro SA (Brazil — Oil, Gas & Consumable Fuels). Conversely, WPP Plc (United Kingdom — Media), Cemex SAB de CV (Mexico — Construction Materials) and UBS Group AG (Switzerland — Capital Markets) were three of the largest detractors from performance.

At the close of the period, the Fund’s largest country weights were in the United Kingdom and France, and the Fund’s largest industry weights were in Pharmaceuticals and Oil, Gas & Consumable Fuels. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our country and industry weightings are aby-product ofbottom-up stock selection, not the result oftop-down observations.

For 45 years, Brandes Investment Partners has had the same goal: Seek better-than-market returns to help you pursue your long-term investment goals. We believe steadfast adherence to our value investing approach can help us achieve this aim because it compels us to invest in companies we view as strong yet appealingly priced. We thank you for your confidence and for investing with us.

Sincerely yours,

The Brandes InternationalLarge-Cap Investment Committee

Brandes Investment Trust

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

 

2


Table of Contents

Brandes International Equity Fund

 

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. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.

Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.

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.

Must be preceded or accompanied by a prospectus.

Index Guide

The MSCI EAFE Index with net dividends captures large and mid cap representation of developed market countries excluding the U.S. and Canada.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

One cannot invest directly in an index.

The Brandes International Equity Fund is distributed by ALPS Distributors, Inc.

 

3


Table of Contents

Brandes International Equity Fund

 

The following chart compares the value of a hypothetical $100,000 investment in the Brandes International Equity Fund – Class I from March 31, 2009 to March 31, 2019 with the value of such an investment in the MSCI EAFE (Europe, Australasia and Far East) Index for the same period.

Value of $100,000 Investment vs MSCI EAFE (Europe, Australasia and Far East) Index (Unaudited)

 

LOGO

 

   Average Annual Total Return
Periods Ended March 31, 2019
 
   One
Year
  Five
Years
  Ten
Years
  Since
Inception(1)
 

Brandes International Equity Fund

     

Class A*

   -6.31  1.65  7.50  7.32

Class A* (with maximum sales charge)

   -11.68  0.45  6.87  7.04

Class C*

   -7.04  0.88  6.66  6.50

Class C* (with maximum sales charge)

   -7.95  0.88  6.66  6.50

Class I

   -6.14  1.83  7.69  7.55

Class R6*

   -5.97  1.96  7.79  7.63

MSCI EAFE (Europe, Australasia, and Far East) Index

   -3.71  2.33  8.96  4.54

 

(1) 

The inception date is January 2, 1997.

 

*

Performance shown prior to January 31, 2011 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses. Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses. Performance shown prior to February 1, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.

Performance data quoted represents past performance; past performance does not indicate 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

 

4


Table of Contents

Brandes International Equity Fund

 

higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-331-2979.

The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

Sector Allocation as a Percentage of Total Investments as of

March 31, 2019 (Unaudited)

 

LOGO

The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.

 

5


Table of Contents

Brandes Global Equity Fund

 

Dear Fellow Investor,

The net asset value of the Brandes Global Equity Fund (Class I Shares) fell 5.20% in the six months ending March 31, 2019. For the same period, the MSCI World Index declined 2.61%.

Portfolio holdings in the Pharmaceuticals, Equity Real Estate Investment Trusts and Construction Materials industries were contributors to performance, while holdings in Capital Markets, Banks and Oil, Gas & Consumable Fuels detracted from returns.

Holdings in Mexico, Ireland and Netherlands contributed to performance, while results were hampered by holdings in the United States, Switzerland and the United Kingdom.

Three of the largest individual contributors to performance were Merck & Co., Inc. (United States — Pharmaceuticals), Fibra Uno Administracion SA de CV (Mexico — Equity Real Estate Investment Trusts) and GlaxoSmithKline Plc (United Kingdom — Pharmaceuticals). Conversely, UBS Group AG (Switzerland — Capital Markets), Credit Suisse Group AG (Switzerland — Capital Markets) and Cigna Corp. (United States — Health Care Providers & Services) were three of the largest detractors from performance.

At the close of the period, the Fund’s largest country weights were in the United States and the United Kingdom, and the Fund’s largest industry weights were in Pharmaceuticals and Banks. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our country and industry weightings are aby-product ofbottom-up stock selection, not the result oftop-down observations.

Brandes Investment Partners has had the same goal since we started 45 years ago: Realize above-market gains to help you pursue your long-term investment objectives. We aim to do so by staying true to our value approach, which seeks fundamentally sound but potentially undervalued companies for the Fund. Thank you for investing with us.

Sincerely yours,

The Brandes GlobalLarge-Cap Investment Committee

Brandes Investment Trust

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

 

6


Table of Contents

Brandes Global Equity Fund

 

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. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.

Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.

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.

Must be preceded or accompanied by a prospectus.

Index Guide

The MSCI World Index with net dividends captures large and mid cap representation of developed markets.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

One cannot invest directly in an index.

The Brandes Global Equity Fund is distributed by ALPS Distributors, Inc.

 

7


Table of Contents

Brandes Global Equity Fund

 

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Global Equity Fund – Class I from March 31, 2009 to March 31, 2019 with the value of such an investment in the MSCI World Index for the same period.

Value of $100,000 Investment vs MSCI World Index (Unaudited)

 

LOGO

 

   Average Annual Total Return
Periods Ended March 31, 2019
 
   One
Year
  Five
Years
  Ten
Years
  Since
Inception(1)
 

Brandes Global Equity Fund

     

Class A*

   -3.73  2.69  9.36  6.30

Class A* (with maximum sales charge)

   -9.26  1.48  8.72  5.70

Class C*

   -4.44  1.93  8.52  5.49

Class C* (with maximum sales charge)

   -5.34  1.93  8.52  5.49

Class I

   -3.48  2.95  9.61  6.54

MSCI World Index

   4.01  6.78  12.38  8.88

 

(1) 

The inception date is October 6, 2008.

 

*

Performance shown prior to January 31, 2011 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses. Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses.

Performance data quoted represents past performance; past performance does not indicate 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 800-331-2979.

 

8


Table of Contents

Brandes Global Equity Fund

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

Sector Allocation as a Percentage of Total Investments as of

March 31, 2019 (Unaudited)

 

LOGO

The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.

 

9


Table of Contents

Brandes Global Equity Income Fund

 

Dear Fellow Investor,

The net asset value of the Brandes Global Equity Income Fund (Class I Shares) declined 1.93% in the six months ending March 31, 2019. For the same period, the MSCI World Index fell 2.61%.

Portfolio holdings in the Electric Utilities, Diversified Telecommunication Services and Pharmaceuticals industries were contributors to performance, while holdings in Capital Markets, Banks and Oil, Gas & Consumable Fuels detracted from returns.

Holdings in Brazil, Mexico and Chile contributed to performance, while results were hampered by holdings in the United Kingdom, the United States and Switzerland.

Three of the largest individual contributors to performance were Companhia Paranaense de Energia (Brazil — Electric Utilities), Telefonica Brasil SA (Brazil — Diversified Telecommunication Services) and Merck & Co., Inc. (United States — Pharmaceuticals). WPP Plc (United Kingdom — Media), UBS Group AG (Switzerland — Capital Markets) and J Sainsbury Plc (United Kingdom — Food & Staples Retailing) were three of the largest detractors from performance.

At the close of the period, the Fund’s largest country weights were in the United States and the United Kingdom, and the Fund’s largest industry weights were in Pharmaceuticals and Capital Markets. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our country and industry weightings are aby-product ofbottom-up stock selection, not the result oftop-down observations.

After nearly a half-century of professional investing, Brandes Investment Partners remains fixed on its original goal. We pursue above-market returns to help you fulfill your long-term investment objectives. Our approach remains deeply rooted in the value philosophy and seeks to identify worthy but potentially underpriced companies. Thank you for your confidence in our approach.

Sincerely yours,

The Brandes GlobalLarge-Cap Investment Committee

Brandes Investment Trust

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

 

10


Table of Contents

Brandes Global Equity Income Fund

 

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. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.

Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.

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.

Must be preceded or accompanied by a prospectus.

Index Guide

The MSCI World Index with net dividends captures large and mid cap representation of developed markets.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

One cannot invest directly in an index.

The Brandes Global Equity Income Fund is distributed by ALPS Distributors, Inc.

 

11


Table of Contents

Brandes Global Equity Income Fund

 

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Global Equity Income Fund – Class I from its inception (December 31, 2014) to March 31, 2019 with the value of such an investment in the MSCI World Index for the same period.

Value of $100,000 Investment vs MSCI World Index (Unaudited)

 

LOGO

 

   Average Annual Total Return
Periods Ended March 31, 2019
 
   One
Year
  Three
Years
  Since
Inception(1)
 

Brandes Global Equity Income Fund

    

Class A

   -0.94  8.77  7.66

Class A (with maximum sales charge)

   -6.63  6.65  6.17

Class C

   -1.40  7.55  6.53

Class C (with maximum sales charge)

   -2.33  7.55  6.53

Class I

   -0.67  8.31  7.34

MSCI World Index

   4.01  10.68  7.12

 

(1) 

The inception date is December 31, 2014.

Performance data quoted represents past performance; past performance does not indicate 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 800-331-2979.

 

12


Table of Contents

Brandes Global Equity Income Fund

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

Sector Allocation as a Percentage of Total Investments as of March 31, 2019 (Unaudited)

 

LOGO

The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.

 

13


Table of Contents

Brandes Global Opportunities Value Fund

 

Dear Fellow Investor,

The net asset value of the Brandes Global Opportunities Value Fund (Class I Shares) fell 6.68% in the six months ending March 31, 2019. For the same period, the MSCI ACWI Index declined 2.13%.

Portfolio holdings in the Diversified Telecommunication Services, Oil, Gas & Consumable Fuels and Electric Utilities industries were contributors to performance, while holdings in Health Care Providers & Services, Capital Markets and Machinery detracted from returns.

Holdings in Brazil, Panama and Slovenia contributed to performance, while results were hampered by holdings in the United States, the United Kingdom and Mexico.

Three of the largest individual contributors to performance were Companhia Paranaense de Energia (Brazil — Electric Utilities), Telefonica Brasil SA (Brazil — Diversified Telecommunication Services) and Petroleo Brasileiro SA (Brazil —  Oil, Gas & Consumable Fuels). Conversely, Owens & Minor, Inc. (United States — Health Care Providers & Services), Briggs & Stratton Corp. (United States — Machinery) and Engie SA (France — Multi-Utilities) were three of the largest detractors from performance.

At the close of the period, the Fund’s largest country weights were in the United Kingdom and the United States, and the Fund’s largest industry weights were in Oil, Gas & Consumable Fuels and Banks. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our country and industry weightings are aby-product ofbottom-up stock selection, not the result oftop-down observations.

In the45-plus years since Brandes Investment Partners was founded, our goal has remained the same: pursue above-market gains to help you move closer to your long-term investment objectives. We believe that our unwavering commitment to value investing will lead us to attractively priced, fundamentally sound companies worthy of inclusion in the Fund. Thank you for your business and continued trust.

Sincerely yours,

The BrandesAll-Cap Investment Committee

Brandes Investment Trust

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

 

14


Table of Contents

Brandes Global Opportunities Value Fund

 

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 investments in larger capitalization companies. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.

Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.

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.

Must be preceded or accompanied by a prospectus.

Index Guide

The MSCI ACWI Index with net dividends captures large and mid cap representation of developed and emerging markets.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

One cannot invest directly in an index.

The Brandes Global Opportunities Value Fund is distributed by ALPS Distributors, Inc.

 

15


Table of Contents

Brandes Global Opportunities Value Fund

 

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Global Opportunities Value Fund – Class I from its inception (December 31, 2014) to March 31, 2019 with the value of such an investment in the MSCI All Country World Index for the same period.

Value of $100,000 Investment vs MSCI All Country World Index (Unaudited)

 

LOGO

 

   Average Annual Total Return
Periods Ended March 31, 2019
 
   One
Year
  Three
Years
  Since
Inception(1)
 

Brandes Global Opportunities Value Fund

    

Class A

   -10.83  3.65  2.49

Class A (with maximum sales charge)

   -15.99  1.64  1.07

Class C

   -11.54  2.85  1.70

Class C (with maximum sales charge)

   -12.36  2.85  1.70

Class I

   -10.73  3.88  2.62

MSCI All Country World Index

   2.60  10.67  6.88

 

(1) 

The inception date is December 31, 2014.

Performance data quoted represents past performance; past performance does not indicate 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 800-331-2979.

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

 

16


Table of Contents

Brandes Global Opportunities Value Fund

 

Sector Allocation as a Percentage of Total Investments as of March 31, 2019 (Unaudited)

 

LOGO

The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.

 

17


Table of Contents

Brandes Emerging Markets Value Fund

 

Dear Fellow Investor,

The net asset value of the Brandes Emerging Markets Value Fund (Class I Shares) increased 2.54% in the six months ending March 31, 2019. For the same period, the MSCI Emerging Markets Index gained 1.71%.

Portfolio holdings in the Banks, Electric Utilities and Textiles, Apparel & Luxury Goods industries were contributors to performance, while holdings in Construction Materials, Technology Hardware, Storage & Peripherals and Automobiles detracted from returns.

Holdings in Brazil, China and Indonesia contributed to performance, while results were hampered by holdings in Mexico, South Korea and Malaysia.

Three of the largest individual contributors to performance were Bank Rakyat Indonesia Persero Tbk PT (Indonesia — Banks), Companhia Paranaense de Energia (Brazil — Electric Utilities) and Petroleo Brasileiro SA (Brazil — Oil, Gas & Consumable Fuels). Conversely, Cemex SAB de CV (Mexico —  Construction Materials), Genting Berhad (Malaysia — Hotels, Restaurants & Leisure) and Asustek Computer, Inc. (Taiwan — Technology Hardware, Storage & Peripherals) were three of the largest detractors from performance.

At the close of the period, the Fund’s largest country weights were in South Korea and Brazil, and the Fund’s largest industry weights were in Banks and Wireless Telecommunication Services. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our country and industry weightings are aby-product ofbottom-up stock selection, not the result oftop-down observations.

For 45 years, Brandes Investment Partners has had the same goal: Seek better-than-market returns to help you pursue your long-term investment goals. We believe steadfast adherence to our value investing approach can help us achieve this aim because it compels us to invest in companies we view as strong yet appealingly priced. We thank you for your confidence and for investing with us.

Sincerely yours,

The Brandes Emerging Markets Investment Committee

Brandes Investment Trust

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

 

18


Table of Contents

Brandes Emerging Markets Value Fund

 

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 investments in larger capitalization companies. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.

Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.

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.

Must be preceded or accompanied by a prospectus.

Index Guide

The MSCI Emerging Markets Index with net dividends captures large and mid cap representation of emerging market countries.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

One cannot invest directly in an index.

The Brandes Emerging Markets Value Fund is distributed by ALPS Distributors, Inc.

 

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Brandes Emerging Markets Value Fund

 

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Emerging Markets Value Fund – Class I from March 31, 2009 to March 31, 2019 with the value of such an investment in the MSCI Emerging Markets Index for the same period.

Value of $100,000 Investment vs MSCI Emerging Markets Index (Unaudited)

 

LOGO

 

   Average Annual Total Return
Periods Ended March 31, 2019**
 
   One
Year
  Five
Years
  Ten
Years
  Since
Inception(1)
 

Brandes Emerging Markets Value Fund

     

Class A

   -9.64  0.71  10.30  6.98

Class A (with maximum sales charge)

   -14.84  -0.47  9.65  6.70

Class C*

   -10.34  -0.03  9.48  6.18

Class C* (with maximum sales charge)

   -11.23  -0.03  9.48  6.18

Class I

   -9.36  1.00  10.57  7.25

Class R6*

   -9.28  1.10  10.65  7.31

MSCI Emerging Markets Index

   -7.41  3.68  8.94  6.13

 

(1) 

The inception date is August 20, 1996.

 

*

Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses. Performance shown prior to July 11, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.

 

**

Prior to January 31, 2011, the Advisor managed a private investment fund with an investment objective, investment policies and strategies that were, in all material respects, equivalent to those of the Brandes Emerging Markets Value Fund. The performance information shown for the Class I shares for periods before January 31, 2011 is that of the private investment fund and reflects the net expenses of the private investment fund. The performance of the private investment fund prior to January 31, 2011 is based on a calculation method that is different from the standardized calculation method prescribed by the SEC. The performance information shown for the Class A shares has been adjusted to reflect the differences in the net expense ratios between the Class I and A shares. The private investment fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain

 

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Brandes Emerging Markets Value Fund

 

 investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, which, if applicable, may have adversely affected its performance.

Performance data quoted represents past performance; past performance does not indicate 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 800-331-2979.

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

Sector Allocation as a Percentage of Total Investments as of

March 31, 2019 (Unaudited)

 

LOGO

The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.

 

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Brandes International Small Cap Equity Fund

 

Dear Fellow Investor,

The net asset value of the Brandes International Small Cap Equity Fund (Class I Shares) fell 7.93% in the six months ending March 31, 2019. For the same period, the S&P DevelopedEx-U.S. SmallCap Index declined 8.04%.

Portfolio holdings in the Electric Utilities, Trading Companies & Distributors and Diversified Telecommunication Services industries were contributors to performance, while holdings in Household Durables, Food & Staples Retailing and Pharmaceuticals detracted from returns.

Holdings in Brazil, Hungary and Slovenia contributed to performance, while results were hampered by holdings in the United Kingdom, Canada and Japan.

Three of the largest individual contributors to performance were Companhia Paranaense de Energia (Brazil — Electric Utilities), Mills Estruturas e Servicos de Engenharia SA (Brazil — Trading Companies & Distributors) and Fibra Uno Administracion SA de CV (Brazil — Equity Real Estate Investment Trusts). Conversely, Dorel Industries, Inc. (Canada — Household Durables), J Sainsbury Plc (United Kingdom — Food & Staples Retailing) and Sierra Wireless, Inc. (Canada — Communications Equipment) were three of the largest detractors from performance.

At the close of the period, the Fund’s largest country weights were in Japan and the United Kingdom, and the Fund’s largest industry weights were in Food & Staples Retailing and Food Products. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our country and industry weightings are aby-product ofbottom-up stock selection, not the result oftop-down observations.

Brandes Investment Partners has had the same goal since we started 45 years ago: Realize above-market gains to help you pursue your long-term investment objectives. We aim to do so by staying true to our value approach, which seeks fundamentally sound but potentially undervalued companies for the Fund. Thank you for investing with us.

Sincerely yours,

The BrandesSmall-Cap Investment Committee

Brandes Investment Trust

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

 

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Brandes International Small Cap Equity Fund

 

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 investments in larger capitalization companies. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.

Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.

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.

Must be preceded or accompanied by a prospectus.

Index Guide

The S&P DevelopedEx-U.S. SmallCap Index with net dividends measures the equity performance of small-capitalization companies from developed markets excluding the United States.

One cannot invest directly in an index.

The Brandes International Equity Small Cap Equity Fund is distributed by ALPS Distributors, Inc.

 

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Brandes International Small Cap Equity Fund

 

The following chart compares the value of a hypothetical $100,000 investment in the Brandes International Small Cap Fund – Class I from March 31, 2009 to March 31, 2019 with the value of such an investment in the S&P DevelopedEx-U.S. SmallCap Index for the same period.

Value of $100,000 Investment vs S&P Developed

Ex-U.S. SmallCap Index (Unaudited)

 

LOGO

 

   Average Annual Total Return
Periods Ended March 31, 2019**
 
   One
Year
  Five
Years
  Ten
Years
  Since
Inception(1)
 

Brandes International Small Cap Fund

     

Class A

   -15.27  -0.26  13.94  8.44

Class A (with maximum sales charge)

   -20.14  -1.44  13.27  8.16

Class C*

   -15.87  -1.00  13.10  7.64

Class C* (with maximum sales charge)

   -16.68  -1.00  13.10  7.64

Class I

   -15.08  -0.05  14.20  8.70

Class R6*

   -14.94  0.03  14.27  8.77

S&P Developed Ex-U.S. SmallCap Index

   -9.55  3.65  11.89  6.45

 

(1) 

The inception date is August 19, 1996.

 

*

Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses. Performance shown prior to June 27, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.

 

**

Prior to February 1, 2012, the Advisor managed a private investment fund with an investment objective, investment policies and strategies that were, in all material respects, equivalent to those of the Brandes International Small Cap Fund. The performance information shown for the Class I shares for periods before February 1, 2012 is that of the private investment fund and reflects the net expenses of the private investment fund. The performance of the private investment fund prior to February 1, 2012 is based on a calculation method that is different from the standardized calculation method prescribed by the SEC. The performance information shown for the Class A shares has been adjusted to reflect the differences in the net expense ratios between the Class I and A shares. The private investment fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, which, if applicable, may have adversely affected its performance.

 

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Brandes International Small Cap Equity Fund

 

Performance data quoted represents past performance; past performance does not indicate 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 800-331-2979.

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

Sector Allocation as a Percentage of Total Investments as of

March 31, 2019 (Unaudited)

 

LOGO

The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.

 

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Brandes Small Cap Value Fund

 

Dear Fellow Investor,

The net asset value of the Brandes Small Cap Value Fund (Class I Shares) declined 8.13% in the six months ending March 31, 2019. For the same period, the Russell 2000 Index fell 8.56%.

Portfolio holdings in the Biotechnology, Specialty Retail and Capital Markets industries were contributors to performance, while holdings in Machinery, Household Durables and Construction & Engineering detracted from returns.

Three of the largest individual contributors to performance were PDL BioPharma, Inc. (Biotechnology),Rent-A-Center, Inc. (Specialty Retail) and Federated Investors, Inc. (Capital Markets). Conversely, Briggs & Stratton Corp. (Machinery), Owens & Minor, Inc. (Health Care Providers & Services) and Orion Group Holdings, Inc. (Construction & Engineering) were three of the largest detractors from performance.

At the close of the period, the Fund’s largest industry weights were in Household Durables and Biotechnology. Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our industry weightings are aby-product ofbottom-up stock selection, not the result oftop-down observations.

After nearly a half-century of professional investing, Brandes Investment Partners remains fixed on its original goal. We pursue above-market returns to help you fulfill your long-term investment objectives. Our approach remains deeply rooted in the value philosophy and seeks to identify worthy but potentially underpriced companies. Thank you for your confidence in our approach.

Sincerely yours,

The BrandesSmall-Cap Investment Committee

Brandes Investment Trust

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. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than investments in larger capitalization companies. Value stocks typically are less volatile than growth stocks; however, issues of value stocks typically have a lower expected growth rate in earnings and sales than issues of growth stocks.

 

 

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Brandes Small Cap Value Fund

 

Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.

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.

Must be preceded or accompanied by a prospectus.

Index Guide

The Russell 2000 Index with gross dividends measures the performance of the small cap segment of the U.S. equity universe.

One cannot invest directly in an index.

The Brandes Small Cap Value Fund is distributed by ALPS Distributors, Inc.

 

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Brandes Small Cap Value Fund

 

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Small Cap Value Fund – Class I from March 31, 2009 to March 31, 2019 with the value of such an investment in the Russell 2000 Total Return Index for the same period.

Value of $100,000 Investment vs Russell 2000 Total Return Index (Unaudited)

 

LOGO

 

   Average Annual Total Return
Periods Ended March 31, 2019*
 
   One
Year
  Five
Years
  Ten
Years
  Since
Inception(1)
 

Brandes Small Cap Value Fund

     

Class A

   -1.29  7.05  21.20  6.46

Class A (with maximum sales charge)

   -6.94  5.79  20.49  6.17

Class I

   -1.10  7.33  21.51  6.73

Class R6

   -0.85  7.45  21.58  6.76

Russell 2000 Total Return Index

   2.05  7.05  15.36  7.25

 

(1) 

The inception date is September 30, 1997.

 

*

Prior to January 2, 2018, the Advisor managed a private investment fund with an investment objective, investment policies and strategies that were, in all material respects, equivalent to those of the Brandes Small Cap Value Fund. The performance information shown for the Class I shares for periods before January 2, 2018 is that of the private investment fund and reflects the net expenses of the private investment fund. The performance of the private investment fund prior to January 2, 2018 is based on a calculation method that is different from the standardized calculation method prescribed by the SEC. The performance information shown for the Class A shares has been adjusted to reflect the differences in the net expense ratios between the Class I and A shares. Performance shown prior to January 2, 2018 for Class R6 shares reflects the performance of Class I shares. The private investment fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, which, if applicable, may have adversely affected its performance.

 

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Brandes Small Cap Value Fund

 

Performance data quoted represents past performance; past performance does not indicate 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 800-331-2979.

The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

Sector Allocation as a Percentage of Total Investments as of

March 31, 2019 (Unaudited)

 

LOGO

The sector classifications represented in the graph above are in accordance with Global Industry Classification Standard (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.

 

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Brandes Core Plus Fixed Income Fund

 

Dear Fellow Investor,

The net asset value of the Brandes Core Plus Fixed Income Fund (Class I Shares) gained 3.34% in the six months ending March 31, 2019. For the same period, the Bloomberg Barclays Aggregate Bond Index increased 4.63%.

Portfolio holdings in select corporate bonds detracted from performance.

Within corporate bonds holdings in Metals & Mining (Cloud Peak Energy), Telecommunications (Frontier Communications Corp.) and Banks & Thrifts (USB Capital IX) detracted from performance.

An underweight to U.S. agency mortgage-backed securities (MBS) was a positive performance factor, while duration positioning detracted from returns.

At the close of the period, the Fund continues to favor short maturity corporate bonds and those that we believe exhibit strong, tangible asset coverage. The Fund is underweight agency MBS. The duration is positioned toward the shorter end of our duration-controlled range. The Fund has a high allocation, relative to the benchmark, to U.S. Treasuries that we will look to redeploy thoughtfully and efficiently — if and when market uncertainty and volatility cause credit fundamentals to become mispriced from our estimates of intrinsic value.

In the45-plus years since Brandes Investment Partners was founded, our goal has remained the same: pursue above-market gains to help you move closer to your long-term investment objectives. We believe that our unwavering commitment to value investing will lead us to attractively priced, fundamentally sound companies worthy of inclusion in the fund.

Sincerely Yours,

The Brandes Fixed Income Investment Committee

Brandes Investment Trust

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. It is not possible to invest directly in an index.

 

 

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Brandes Core Plus Fixed Income Fund

 

As with most fixed income funds, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase. Generally, the longer the Fund’s average portfolio maturity and the lower the average quality of its portfolio, the greater the price fluctuation. The price of any security owned by the Fund may also fall in response to events affecting the issuer of the security, such as its ability to continue to make principal and interest payments or its credit rating. Below investment grade debt securities are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness. The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.

Asset coverage: Assets available to cover debt obligations after all other liabilities have been satisfied.

Duration: The weighted maturity of a fixed-income investment’s cash flows, used in the estimation of the price sensitivity of fixed-income securities for a given change in interest rates.

Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not a recommendation to buy or sell any security.

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.

Must be preceded or accompanied by a prospectus.

Index Guide

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. This index is a total return index which reflects the price changes and interest of each bond in the index.

The Brandes Core Plus Fixed Income Fund is distributed by ALPS Distributors, Inc.

 

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Brandes Core Plus Fixed Income Fund

 

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Core Plus Fixed Income Fund – Class I from March 31, 2009 to March 31, 2019 with the value of such an investment in the Bloomberg Barclays U.S. Aggregate Bond Index for the same period.

Value of $100,000 Investment vs Bloomberg Barclays U.S. Aggregate Bond Index (Unaudited)

 

LOGO

 

   Average Annual Total Return
Periods Ended March 31, 2019
 
   One
Year
  Five
Years
  Ten
Years
  Since
Inception(1)
 

Brandes Core Plus Fixed Income Fund

     

Class A*

   3.26  2.12  5.29  3.40

Class A* (with maximum sales charge)

   -0.62  1.34  4.88  3.04

Class I

   3.58  2.41  5.61  3.70

Class R6*

   4.40  2.71  5.79  3.86

Bloomberg Barclays U.S. Aggregate Bond Index

   4.48  2.74  3.77  3.85

 

(1) 

The inception date is December 28, 2007.

 

*

Performance shown prior to January 31, 2013 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses. Performance shown prior to October 10, 2017 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.

Performance data quoted represents past performance; past performance does not indicate 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 800-331-2979.

 

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Brandes Core Plus Fixed Income Fund

 

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

Asset Allocation as a Percentage of Total Investments as of

March 31, 2019 (Unaudited)

 

LOGO

 

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Brandes Investment Trust

 

Expense Example (Unaudited)

As a shareholder of a Fund, you incur ongoing costs, including investment advisory and administrative fees and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2018 to March 31, 2019 (the “Period”).

Actual Expenses

This section provides information about actual account values and actual expenses. The “Ending Account Value” shown is derived from each Fund’s actual return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

  Class A 

Fund

 Beginning
Account
Value
  Ending
Account
Value
  Annual
Expense
Ratio
  Expenses
Paid
During
the Period*
 

International Equity Fund

 $1,000.00  $949.00   1.16 $5.64 

Global Equity Fund

 $1,000.00  $946.50   1.25 $6.07 

Global Equity Income Fund

 $1,000.00  $979.70   1.25 $6.17 

Global Opportunities Value Fund

 $1,000.00  $932.10   1.40 $6.74 

Emerging Markets Value Fund

 $1,000.00  $1,023.30   1.36 $6.86 

International Small Cap Fund

 $1,000.00  $919.90   1.36 $6.51 

Small Cap Value Fund

 $1,000.00  $917.10   1.15 $5.50 

Core Plus Fixed Income Fund

 $1,000.00  $1,031.40   0.70 $3.55 

 

  Class C 

Fund

 Beginning
Account
Value
  Ending
Account
Value
  Annual
Expense
Ratio
  Expenses
Paid
During
the Period*
 

International Equity Fund

 $1,000.00  $944.90   1.91 $9.26 

Global Equity Fund

 $1,000.00  $943.20   2.00 $9.69 

Global Equity Income Fund

 $1,000.00  $976.30   2.00 $9.85 

Global Opportunities Value Fund

 $1,000.00  $928.60   2.15 $10.34 

Emerging Markets Value Fund

 $1,000.00  $1,018.90   2.10 $10.57 

International Small Cap Fund

 $1,000.00  $916.10   2.11 $10.08 

 

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Brandes Investment Trust

 

 

  Class I 

Fund

 Beginning
Account
Value
  Ending
Account
Value
  Annual
Expense
Ratio
  Expenses
Paid
During
the Period*
 

International Equity Fund

 $1,000.00  $949.70   0.96 $4.67 

Global Equity Fund

 $1,000.00  $948.00   1.00 $4.86 

Global Equity Income Fund

 $1,000.00  $980.70   1.00 $4.94 

Global Opportunities Value Fund

 $1,000.00  $933.20   1.15 $5.54 

Emerging Markets Value Fund

 $1,000.00  $1,025.40   1.12 $5.66 

International Small Cap Fund

 $1,000.00  $920.70   1.15 $5.51 

Small Cap Value Fund

 $1,000.00  $918.70   0.90 $4.31 

Core Plus Fixed Income Fund

 $1,000.00  $1,033.40   0.50 $2.53 

 

  Class R6 

Fund

 Beginning
Account
Value
  Ending
Account
Value
  Annual
Expense
Ratio
  Expenses
Paid
During
the Period*
 

International Equity Fund

 $1,000.00  $950.10   0.82 $3.99 

Emerging Markets Value Fund

 $1,000.00  $1,024.40   0.97 $4.90 

International Small Cap Fund

 $1,000.00  $921.70   1.00 $4.79 

Small Cap Value Fund

 $1,000.00  $919.30   0.72 $3.45 

Core Plus Fixed Income Fund

 $1,000.00  $1,036.40   0.35 $1.78 

 

*

Expenses are equal to the Fund’s expense ratio for the period, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Hypothetical Example for Comparison Purposes

This section provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on purchase and sales of Fund shares. Therefore, the last column of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

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  Class A 

Fund

 Beginning
Account
Value
  Ending
Account
Value
  Annual
Expense
Ratio
  Expenses
Paid
During
the Period*
 

International Equity Fund

 $1,000.00  $1,019.15   1.16%  $5.84 

Global Equity Fund

 $1,000.00  $1,018.70   1.25%  $6.29 

Global Equity Income Fund

 $1,000.00  $1,018.70   1.25%  $6.29 

Global Opportunities Value Fund

 $1,000.00  $1,017.95   1.40%  $7.04 

Emerging Markets Value Fund

 $1,000.00  $1,018.15   1.36%  $6.84 

International Small Cap Fund

 $1,000.00  $1,018.15   1.36%  $6.84 

Small Cap Value Fund

 $1,000.00  $1,019.20   1.15%  $5.79 

Core Plus Fixed Income Fund

 $1,000.00  $1,021.44   0.70%  $3.53 

 

  Class C 

Fund

 Beginning
Account
Value
  Ending
Account
Value
  Annual
Expense
Ratio
  Expenses
Paid
During
the Period*
 

International Equity Fund

 $1,000.00  $1,015.41   1.91%  $9.60 

Global Equity Fund

 $1,000.00  $1,014.96   2.00%  $10.05 

Global Equity Income Fund

 $1,000.00  $1,014.96   2.00%  $10.05 

Global Opportunities Value Fund

 $1,000.00  $1,014.21   2.15%  $10.80 

Emerging Markets Value Fund

 $1,000.00  $1,014.46   2.10%  $10.55 

International Small Cap Fund

 $1,000.00  $1,014.41   2.11%  $10.60 

 

  Class I 

Fund

 Beginning
Account
Value
  Ending
Account
Value
  Annual
Expense
Ratio
  Expenses
Paid
During
the
Period*
 

International Equity Fund

 $1,000.00  $1,020.14   0.96 $4.84 

Global Equity Fund

 $1,000.00  $1,019.95   1.00 $5.04 

Global Equity Income Fund

 $1,000.00  $1,019.95   1.00 $5.04 

Global Opportunities Value Fund

 $1,000.00  $1,019.20   1.15 $5.79 

Emerging Markets Value Fund

 $1,000.00  $1,019.35   1.12 $5.64 

International Small Cap Fund

 $1,000.00  $1,019.20   1.15 $5.79 

Small Cap Value Fund

 $1,000.00  $1,020.44   0.90 $4.53 

Core Plus Fixed Income Fund

 $1,000.00  $1,022.44   0.50 $2.52 

 

36


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Brandes Investment Trust

 

 

  Class R6 

Fund

 Beginning
Account
Value
  Ending
Account
Value
  Annual
Expense
Ratio
  Expenses
Paid
During
the Period*
 

International Equity Fund

 $1,000.00  $1,020.84   0.82%  $4.13 

Emerging Markets Value Fund

 $1,000.00  $1,020.09   0.97%  $4.89 

International Small Cap Fund

 $1,000.00  $1,019.95   1.00%  $5.04 

Small Cap Value Fund

 $1,000.00  $1,021.34   0.72%  $3.63 

Core Plus Fixed Income Fund

 $1,000.00  $1,023.19   0.35%  $1.77 

 

*

Expenses are equal to the Fund’s expense ratio for the period, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

 

37


Table of Contents

Brandes International Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited)

 

 

 

Shares     Value 
 COMMON STOCKS – 87.61% 
 Brazil – 1.78% 
 748,399  Embraer SA Sponsored – ADR $14,227,065 
  

 

 

 
 China – 1.58% 
 1,241,000  China Mobile Ltd.  12,663,576 
  

 

 

 
 Finland – 1.60% 
 2,255,736  Nokia OYJ  12,850,134 
  

 

 

 
 France – 16.69% 
 1,054,578  Carrefour SA  19,696,592 
 416,063  Compagnie de Saint-Gobain SA  15,086,088 
 1,220,263  Engie SA  18,197,684 
 878,202  Orange SA  14,317,439 
 254,592  Publicis Groupe SA  13,631,420 
 119,629  Renault SA  7,909,635 
 329,123  Sanofi  29,102,563 
 158,566  Schneider Electric SE  12,445,680 
 36,882  Societe BIC SA  3,287,971 
  

 

 

 
   133,675,072 
  

 

 

 
 Germany – 1.01% 
 109,498  BASF SE  8,075,167 
  

 

 

 
 Hong Kong – 0.54% 
 11,842,000  First Pacific Co. Ltd.  4,326,627 
  

 

 

 
 Ireland – 1.60% 
 412,717  CRH Plc  12,787,911 
  

 

 

 
 Italy – 6.16% 
 1,019,158  Eni SpA  18,007,110 
 5,328,543  Intesa Sanpaolo SpA  13,004,464 
 30,748,839  Telecom Italia Rsp  17,462,951 
 1,365,052  Telecom Italia SpA(a)  850,221 
  

 

 

 
   49,324,746 
  

 

 

 
 Japan – 13.66% 
 542,400  Dai Nippon Printing Co. Ltd.  12,992,039 
 107,002  Daiichi Sankyo
Co. Ltd.
  4,941,105 
 426,900  Honda Motor Co. Ltd.  11,594,936 
 1,042,900  Mitsubishi Tanabe Pharma Corp.  13,969,001 
 2,739,600  Mitsubishi UFJ Financial Group, Inc.  13,549,498 
Shares     Value 
 471,999  MS&AD Insurance Group Holdings, Inc. $14,381,139 
 760,700  Nissan Motor Co. Ltd.  6,246,981 
 364,800  Sumitomo Mitsui Trust Holdings, Inc.  13,110,588 
 45,500  Taisho Pharmaceutical Holdings Co. Ltd.  4,346,745 
 348,983  Takeda Pharmaceutical
Co. Ltd.
  14,291,637 
  

 

 

 
   109,423,669 
  

 

 

 
 Mexico – 4.10% 
 2,620,613  Cemex SAB de CV Sponsored – ADR(a)  12,159,644 
 14,973,608  

Fibra Uno Administracion SA

de CV

  20,635,696 
  

 

 

 
   32,795,340 
  

 

 

 
 Netherlands – 2.31% 
 2,056,796  Aegon NV  9,879,787 
 97,546  NXP Semiconductors NV  8,622,091 
  

 

 

 
   18,501,878 
  

 

 

 
 Russia – 1.25% 
 1,556,496  Mobile TeleSystems PJSC  5,988,531 
 1,780,571  Public Joint-Stock Co. Gazprom  4,059,914 
  

 

 

 
   10,048,445 
  

 

 

 
 South Korea – 4.74% 
 181,653  Hana Financial Group, Inc.  5,832,507 
 74,446  Hyundai Mobis
Co. Ltd.
  13,690,196 
 60,185  Hyundai Motor Co.  6,345,731 
 85,611  KT&G Corp.  7,806,599 
 19,278  POSCO  4,304,775 
  

 

 

 
   37,979,808 
  

 

 

 
 Spain – 1.73% 
 808,294  Repsol SA  13,828,584 
  

 

 

 
 Switzerland – 6.76% 
 1,430,909  Credit Suisse Group AG  16,679,277 
 20,996  Swatch Group Ltd. Bearer  6,013,291 
 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

38


Table of Contents

Brandes International Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

Shares     Value 
 79,685  Swatch Group Ltd. Registered $4,412,249 
 105,291  Swiss Resources AG  10,291,692 
 1,377,705  UBS Group AG  16,716,452 
  

 

 

 
   54,112,961 
  

 

 

 
 Taiwan – 1.30% 
 1,436,000  Asustek Computer, Inc.  10,405,742 
  

 

 

 
 United Kingdom – 20.80% 
 5,919,246  Barclays Plc  11,923,020 
 1,766,562  BP Plc  12,827,914 
 4,123,077  G4S Plc  9,866,402 
 1,400,888  GlaxoSmithKline Plc  29,104,717 
 959,386  HSBC Holdings Plc  7,795,873 
 273,504  Imperial Brands Plc  9,355,849 
 4,063,197  J Sainsbury Plc  12,468,630 
 4,889,136  Kingfisher Plc  14,993,667 
 4,179,971  Marks & Spencer Group Plc  15,170,347 
Shares     Value 
 4,544,469  Tesco Plc $13,753,894 
 3,807,408  Wm Morrison Supermarkets Plc  11,295,001 
 1,701,792  WPP Plc  17,977,917 
  

 

 

 
   166,533,231 
  

 

 

 
 

TOTAL COMMON STOCKS
(Cost $820,906,614)

 $701,559,956 
  

 

 

 
 PREFERRED STOCKS – 3.32% 
 Brazil – 1.83% 
 1,028,300  Petroleo Brasileiro SA $7,309,076 
 602,600  Telefonica Brasil SA  7,310,585 
  

 

 

 
   14,619,661 
  

 

 

 
 Russia – 1.49% 
 19,087,950  Surgutneftegas PJSC  11,921,417 
  

 

 

 
 

TOTAL PREFERRED STOCKS
(Cost $18,585,933)

 $26,541,078 
  

 

 

 
 
   Principal
Amount
  Value 
REPURCHASE AGREEMENTS – 7.78%  

State Street Bank and Trust Repurchase Agreement,
(Dated 03/29/19), due 04/01/19, 1.20% [Collateralized
by $57,650,000 US Treasury Notes TIPS, 0.125%, 01/15/22,
(Market Value $63,554,455)] (proceeds $62,310,829)

 $62,304,599  $62,304,599 
  

 

 

 

TOTAL REPURCHASE AGREEMENTS
(Cost $62,304,599)

  $62,304,599 
  

 

 

 

Total Investments (Cost $901,797,146) – 98.71%

  $790,405,633 

Other Assets in Excess of Liabilities – 1.29%

   10,338,130 
  

 

 

 

TOTAL NET ASSETS – 100.00%

  $800,743,763 
  

 

 

 

 

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

TIPS Treasury Inflation-Protected Security

(a)

Non-income producing security.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

39


Table of Contents

Brandes International Equity Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2019 (Unaudited)

 

 

 

COMMON STOCKS

  

Aerospace & Defense

   1.78

Auto Components

   1.71

Automobiles

   4.01

Banks

   8.14

Building Products

   1.88

Capital Markets

   4.17

Chemicals

   1.01

Commercial Services & Supplies

   3.27

Communications Equipment

   1.60

Construction Materials

   3.12

Diversified Financial Services

   0.54

Diversified Telecommunication Services

   4.08

Electrical Equipment

   1.55

Equity Real Estate Investment Trusts

   2.58

Food & Staples Retailing

   7.15

Insurance

   4.31

Media

   3.95

Metals & Mining

   0.54

Multiline Retail

   1.89

Multi-Utilities

   2.27

Oil, Gas & Consumable Fuels

   6.08

Pharmaceuticals

   11.96

Semiconductors & Semiconductor Equipment

   1.08

Specialty Retail

   1.87

Technology Hardware, Storage & Peripherals

   1.30

Textiles, Apparel & Luxury Goods

   1.30

Tobacco

   2.14

Wireless Telecommunication Services

   2.33
  

 

 

 

TOTAL COMMON STOCKS

   87.61
  

 

 

 

PREFERRED STOCKS

  

Diversified Telecommunication Services

   0.92

Oil, Gas & Consumable Fuels

   2.40
  

 

 

 

TOTAL PREFERRED STOCKS

   3.32
  

 

 

 

REPURCHASE AGREEMENTS

   7.78
  

 

 

 

TOTAL INVESTMENTS

   98.71

Other Assets in Excess of Liabilities

   1.29
  

 

 

 

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. This information is unaudited.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

40


Table of Contents

Brandes Global Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited)

 

 

 

Shares     Value 
 COMMON STOCKS – 96.45% 
 Austria – 1.45% 
 18,493  Erste Group Bank AG $679,689 
  

 

 

 
 Brazil – 2.27% 
 195,920  Embraer SA  927,722 
 7,378  Embraer SA
Sponsored – ADR
  140,256 
  

 

 

 
   1,067,978 
  

 

 

 
 China – 1.46% 
 67,000  China Mobile Ltd.  683,690 
  

 

 

 
 Finland – 1.95% 
 160,619  Nokia OYJ  914,990 
  

 

 

 
 France – 13.14% 
 26,736  Carrefour SA  499,354 
 30,367  Engie SA  452,861 
 31,200  Engie SA Registered Shares (Prime Fidelite 2019)  465,283 
 21,767  Engie SA Registered Shares (Prime Fidelite 2021)  324,609 
 12,618  Publicis Groupe SA  675,596 
 18,948  Sanofi  1,675,469 
 14,340  Schneider Electric SE  1,125,531 
 17,182  Total SA  956,171 
  

 

 

 
   6,174,874 
  

 

 

 
 Ireland – 1.19% 
 17,978  CRH Plc  557,043 
  

 

 

 
 Italy – 2.81% 
 48,572  Eni SpA  858,200 
 812,896  Telecom Italia Rsp  461,662 
  

 

 

 
   1,319,862 
  

 

 

 
 Japan – 3.31% 
 28,300  Honda Motor Co. Ltd.  768,650 
 95,900  Nissan Motor Co. Ltd.  787,545 
  

 

 

 
   1,556,195 
  

 

 

 
 Malaysia – 1.67% 
 482,100  Genting Berhad  785,141 
  

 

 

 
 Mexico – 1.99% 
 680,082  Fibra Uno Administracion SA de CV  937,247 
  

 

 

 
 Netherlands – 1.18% 
 6,272  NXP Semiconductors NV  554,382 
  

 

 

 
Shares     Value 
 Russia – 1.00% 
 205,296  Public Joint-Stock
Co. Gazprom
 $468,099 
  

 

 

 
 South Korea – 5.79% 
 3,735  Hyundai Mobis Co. Ltd.  686,845 
 8,881  Hyundai Motor Co.  936,387 
 5,418  KT&G Corp.  494,050 
 15,403  Samsung Electronics
Co. Ltd.
  607,539 
  

 

 

 
   2,724,821 
  

 

 

 
 Spain – 1.43% 
 39,210  Repsol SA  670,819 
  

 

 

 
 Switzerland – 4.73% 
 71,631  Credit Suisse Group AG  834,961 
 5,050  Swiss Resources AG  493,613 
 73,650  UBS Group AG  893,636 
  

 

 

 
   2,222,210 
  

 

 

 
 United Kingdom – 19.32% 
 177,585  Barclays Plc  357,706 
 170,710  BP Plc  1,239,613 
 84,308  GlaxoSmithKline Plc  1,751,575 
 55,265  HSBC Holdings Plc  449,078 
 36,785  Imperial Brands Plc  1,258,318 
 219,876  J Sainsbury Plc  674,728 
 243,914  Kingfisher Plc  748,019 
 162,252  Marks & Spencer
Group Plc
  588,860 
 291,885  Tesco Plc  883,394 
 131,383  Wm Morrison Supermarkets Plc  389,759 
 69,527  WPP Plc  734,491 
  

 

 

 
   9,075,541 
  

 

 

 
 United States – 31.76% 
 18,224  American International Group, Inc.  784,726 
 10,208  Apache Corp.  353,809 
 34,319  Bank of America Corp.  946,861 
 17,982  

Bank of New York

Mellon Corp.

  906,832 
 21,209  Cardinal Health, Inc.  1,021,213 
 2,818  Cigna Corp.  453,191 
 24,277  Citigroup, Inc.  1,510,515 
 8,518  CVS Health Corp.  459,376 
 8,427  Emerson Electric Co.  576,997 
 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

41


Table of Contents

Brandes Global Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

Shares     Value 
 4,044  HCA Healthcare, Inc. $527,256 
 24,063  

Jefferies Financial

Group, Inc.

  452,144 
 3,564  Laboratory Corp of America Holdings(a)  545,221 
 8,630  McKesson Corp.  1,010,228 
 12,857  Merck & Co., Inc.  1,069,317 
 3,081  Microsoft Corp.  363,373 
 3,522  PepsiCo, Inc.  431,621 
 27,624  Pfizer, Inc.  1,173,191 
 4,750  PNC Financial Services Group, Inc.  582,635 
Shares     Value 
 10,958  State Street Corp. $721,146 
 21,432  Wells Fargo & Co.  1,035,594 
  

 

 

 
   14,925,246 
  

 

 

 
 

TOTAL COMMON STOCKS
(Cost $41,470,882)

 $45,317,827 
  

 

 

 
 

PREFERRED STOCKS – 0.29%

 
 South Korea – 0.29% 
 4,331  Samsung Electronics Co. Ltd. $138,680 
  

 

 

 
 

TOTAL PREFERRED STOCKS
(Cost $128,288)

 $138,680 
  

 

 

 
 
   Principal
Amount
  Value 
REPURCHASE AGREEMENTS – 1.03%  

State Street Bank and Trust Repurchase Agreement,
(Dated 03/29/19), due 04/01/19, 1.20% [Collateralized
by $490,000 US Treasury Notes, 2.500%, 02/15/22,
(Market Value $495,651)] (proceeds $484,096)

 $484,047  $484,047 
  

 

 

 

TOTAL REPURCHASE AGREEMENTS
(Cost $484,047)

  $484,047 
  

 

 

 

Total Investments (Cost $42,083,217) – 97.77%

  $45,940,554 

Other Assets in Excess of Liabilities – 2.23%

   1,045,647 
  

 

 

 

TOTAL NET ASSETS – 100.00%

  $46,986,201 
  

 

 

 

 

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.

 

42


Table of Contents

Brandes Global Equity Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2019 (Unaudited)

 

 

 

COMMON STOCKS

  

Aerospace & Defense

   2.27

Auto Components

   1.46

Automobiles

   5.30

Banks

   11.84

Beverages

   0.92

Capital Markets

   7.14

Communications Equipment

   1.95

Construction Materials

   1.19

Diversified Financial Services

   0.96

Diversified Telecommunication Services

   0.98

Electrical Equipment

   3.62

Equity Real Estate Investment Trusts

   2.00

Food & Staples Retailing

   5.21

Health Care Providers & Services

   8.55

Hotels, Restaurants & Leisure

   1.67

Insurance

   2.72

Media

   3.00

Multiline Retail

   1.25

Multi-Utilities

   2.65

Oil, Gas & Consumable Fuels

   9.68

Pharmaceuticals

   12.07

Semiconductors & Semiconductor Equipment

   1.18

Software

   0.77

Specialty Retail

   1.59

Technology Hardware, Storage & Peripherals

   1.29

Tobacco

   3.73

Wireless Telecommunication Services

   1.46
  

 

 

 

TOTAL COMMON STOCKS

   96.45
  

 

 

 

PREFERRED STOCKS

  

Technology Hardware, Storage & Peripherals

   0.29
  

 

 

 

TOTAL PREFERRED STOCKS

   0.29
  

 

 

 

REPURCHASE AGREEMENTS

   1.03
  

 

 

 

TOTAL INVESTMENTS

   97.77

Other Assets in Excess of Liabilities

   2.23
  

 

 

 

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. This information is unaudited.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

43


Table of Contents

Brandes Global Equity Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited)

 

 

 

Shares     Value 
 COMMON STOCKS – 87.95% 
 Brazil – 3.96% 
 1,010  Companhia Paranaense de Energia $8,283 
 3,990  Telefonica Brasil SA  44,584 
  

 

 

 
   52,867 
  

 

 

 
 Chile – 1.75% 
 222,225  Enel Chile SA  23,284 
  

 

 

 
 China – 1.91% 
 2,500  China Mobile Ltd.  25,511 
  

 

 

 
 Finland – 1.93% 
 4,519  Nokia OYJ  25,743 
  

 

 

 
 France – 14.21% 
 1,491  Engie SA  22,235 
 400  Engie SA Registered Shares (Prime Fidelite 2019)  5,965 
 1,092  Engie SA Registered Shares (Prime Fidelite 2021)  16,285 
 461  Publicis Groupe SA  24,683 
 551  Sanofi  48,722 
 528  Schneider Electric SE  41,443 
 543  Total SA  30,218 
  

 

 

 
   189,551 
  

 

 

 
 Italy – 2.73% 
 2,057  Eni SpA  36,344 
  

 

 

 
 Japan – 2.04% 
 1,000  Honda Motor Co. Ltd.  27,161 
  

 

 

 
 Mexico – 3.34% 
 32,370  Fibra Uno Administracion SA de CV  44,610 
  

 

 

 
 South Korea – 1.56% 
 228  KT&G Corp.  20,791 
  

 

 

 
 Switzerland – 5.31% 
 1,738  Credit Suisse Group AG  20,259 
 240  Swiss Resources AG  23,459 
 2,237  UBS Group AG  27,143 
  

 

 

 
   70,861 
  

 

 

 
 United Kingdom – 24.74% 
 5,500  BP Plc  39,938 
Shares     Value 
 403  British American Tobacco Plc $16,812 
 2,390  GlaxoSmithKline Plc  49,654 
 2,038  HSBC Holdings Plc  16,561 
 1,102  Imperial Brands Plc  37,696 
 6,646  J Sainsbury Plc  20,394 
 11,678  Kingfisher Plc  35,813 
 4,816  Marks & Spencer Group Plc  17,479 
 814  Royal Dutch Shell Plc – Class A  25,581 
 8,470  Tesco Plc  25,635 
 4,210  Wm Morrison Supermarkets Plc  12,489 
 3,024  WPP Plc  31,946 
  

 

 

 
   329,998 
  

 

 

 
 United States – 24.47% 
 280  Bank of New York Mellon Corp.  14,120 
 234  BB&T Corp.  10,888 
 847  Cardinal Health, Inc.  40,783 
 466  Citigroup, Inc.  28,995 
 305  Emerson Electric Co.  20,883 
 166  Johnson & Johnson  23,205 
 475  Merck & Co., Inc.  39,506 
 129  Microsoft Corp.  15,214 
 118  PepsiCo, Inc.  14,461 
 934  Pfizer, Inc.  39,667 
 85  PNC Financial Services Group, Inc.  10,426 
 135  Procter & Gamble Co.  14,047 
 308  State Street Corp.  20,269 
 701  Wells Fargo & Co.  33,872 
  

 

 

 
   326,336 
  

 

 

 
 

TOTAL COMMON STOCKS
(Cost $1,151,795)

 $ 1,173,057 
  

 

 

 
 PREFERRED STOCKS – 9.19% 
 South Korea – 1.77% 
 736  Samsung Electronics Co. Ltd. $23,567 
  

 

 

 
 United States – 7.42% 
 1,632  Bank of America Corp., 4.000% (3M LIBOR + 0.500%, minimum of 4.000%)(a)  34,272 
 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

44


Table of Contents

Brandes Global Equity Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

Shares     Value 
 1,701  Goldman Sachs Group, Inc., 3.750% (3M LIBOR + 0.750%, minimum of 3.750%)(a) $32,353 
 1,668  Morgan Stanley, 4.000% (3M LIBOR + 0.700%, minimum of 4.000%)(a)  32,276 
  

 

 

 
   98,901 
  

 

 

 
 

TOTAL PREFERRED STOCKS
(Cost $120,946)

 $122,468 
  

 

 

 
 

Total Investments
(Cost $1,272,741) – 97.14%

 $1,295,525 
 

Other Assets in Excess of
Liabilities – 2.86%

  38,152 
  

 

 

 
 

TOTAL NET ASSETS – 100.00%

 $1,333,677 
  

 

 

 

 

Percentages are stated as a percent of net assets.

LIBOR London Inter-bank Offered Rate

(a)

Variable rate security. This coupon is based on a reference index and spread.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

45


Table of Contents

Brandes Global Equity Income Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2019 (Unaudited)

 

 

 

COMMON STOCKS

  

Automobiles

   2.04

Banks

   7.55

Beverages

   1.08

Capital Markets

   6.13

Communications Equipment

   1.93

Diversified Telecommunication Services

   3.34

Electric Utilities

   2.37

Electrical Equipment

   4.67

Equity Real Estate Investment Trusts

   3.34

Food & Staples Retailing

   4.39

Health Care Providers & Services

   3.06

Household Products

   1.05

Insurance

   1.76

Media

   4.25

Multiline Retail

   1.31

Multi-Utilities

   3.34

Oil, Gas & Consumable Fuels

   9.90

Pharmaceuticals

   15.05

Software

   1.14

Specialty Retail

   2.69

Tobacco

   5.65

Wireless Telecommunication Services

   1.91
  

 

 

 

TOTAL COMMON STOCKS

   87.95
  

 

 

 

PREFERRED STOCKS

  

Banks

   2.57

Capital Markets

   4.85

Technology Hardware, Storage & Peripherals

   1.77
  

 

 

 

TOTAL PREFERRED STOCKS

   9.19
  

 

 

 

TOTAL INVESTMENTS

   97.14

Other Assets in Excess of Liabilities

   2.86
  

 

 

 

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. This information is unaudited.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

46


Table of Contents

Brandes Global Opportunities Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited)

 

 

 

 

Shares     Value 
 COMMON STOCKS – 92.03% 
 Brazil – 6.12% 
 16,158  Embraer SA Sponsored – ADR $307,164 
 73,000  Marfrig Global Foods SA (a)  111,681 
 18,700  Telefonica Brasil SA  208,953 
  

 

 

 
   627,798 
  

 

 

 
 Canada – 1.03% 
 8,560  Sierra Wireless, Inc. (a)  105,691 
  

 

 

 
 China – 3.14% 
 25,000  China Mobile Ltd.  255,108 
 4,224  China Yuchai International Ltd.  66,950 
  

 

 

 
   322,058 
  

 

 

 
 France – 8.23% 
 9,805  Carrefour SA  183,130 
 3,845  Engie SA  57,340 
 4,400  Engie SA Registered Shares (Prime Fidelite 2019)  65,617 
 3,634  Engie SA Registered Shares (Prime Fidelite 2021)  54,194 
 2,864  Publicis Groupe SA  153,345 
 2,567  Sanofi  226,986 
 1,316  Schneider Electric SE  103,291 
  

 

 

 
   843,903 
  

 

 

 
 Hong Kong – 0.71% 
 199,340  First Pacific Co. Ltd.  72,831 
  

 

 

 
 Hungary – 1.05% 
 66,514  Magyar Telekom Telecommunications Plc  107,421 
  

 

 

 
 Ireland – 1.62% 
 46,257  C&C Group Plc  166,045 
  

 

 

 
 Italy – 2.85% 
 6,616  Eni SpA  116,896 
 308,973  Telecom Italia Rsp  175,473 
  

 

 

 
   292,369 
  

 

 

 
Shares     Value 
 Japan – 7.00% 
 6,300  Honda Motor Co. Ltd. $171,113 
 7,300  Mitsubishi Tanabe Pharma Corp.  97,779 
 20,500  Nissan Motor Co. Ltd.  168,349 
 2,200  NuFlare Technology, Inc.  122,295 
 6,700  Tachi-S Co. Ltd.  96,079 
 10,900  TSI Holdings Co. Ltd.  62,543 
  

 

 

 
   718,158 
  

 

 

 
 Mexico – 7.06% 
 23,214  Cemex SAB de CV Sponsored – ADR (a)  107,713 
 665,517  Consorcio ARA SAB de CV  170,406 
 209,818  Fibra Uno Administracion SA de CV  289,158 
 143,570  Macquarie Mexico Real Estate Management SA de CV (b)  156,734 
  

 

 

 
   724,011 
  

 

 

 
 Netherlands – 1.13% 
 1,309  NXP Semiconductors NV  115,703 
  

 

 

 
 Panama – 1.31% 
 6,733  Banco Latinoamericano de Comercio Exterior SA – Class E  134,122 
  

 

 

 
 Russia – 3.43% 
 31,027  Public Joint-Stock Co. Gazprom Sponsored – ADR  140,242 
 45,223  Sberbank of Russia OJSC  147,782 
 440,609  Sistema PJSFC  64,075 
  

 

 

 
   352,099 
  

 

 

 
 Slovenia – 1.34% 
 10,071  Nova Ljubljanska Banka – GDR (a)(b)  137,826 
  

 

 

 
 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

47


Table of Contents

Brandes Global Opportunities Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

Shares     Value 
 South Korea – 5.41% 
 904  Hyundai Mobis Co. Ltd. $166,240 
 1,474  KT&G Corp.  134,409 
 32  Lotte Chilsung Beverage Co. Ltd.  49,927 
 1,754  Lotte Corp. (a)  76,451 
 3,253  Samsung Electronics Co. Ltd.  128,308 
  

 

 

 
   555,335 
  

 

 

 
 Spain – 1.14% 
 24,871  Atresmedia Corp de Medios de Comunicacion SA  116,707 
  

 

 

 
 Switzerland – 3.22% 
 14,497  Credit Suisse Group AG  168,983 
 13,292  UBS Group AG  161,279 
  

 

 

 
   330,262 
  

 

 

 
 United Kingdom – 20.25% 
 51,886  Barclays Plc  104,513 
 17,570  BP Plc  127,585 
 952,162  Countrywide Plc (a)  93,977 
 30,146  De La Rue Plc  151,362 
 12,222  GlaxoSmithKline Plc  253,923 
 5,857  Imperial Brands Plc  200,353 
 37,186  J Sainsbury Plc  114,112 
 58,923  Kingfisher Plc  180,701 
 32,134  LSL Property Services Plc  113,003 
 52,730  Marks & Spencer Group Plc  191,373 
 103,241  Mitie Group Plc  200,087 
 33,507  Tesco Plc  101,409 
 33,481  Wm Morrison Supermarkets Plc  99,324 
 13,865  WPP Plc  146,472 
  

 

 

 
   2,078,194 
  

 

 

 
Shares     Value 
 United States – 15.99% 
 2,711  American International Group, Inc. $116,736 
 12,505  Briggs & Stratton Corp.  147,935 
 3,738  Cardinal Health, Inc.  179,984 
 2,944  Citigroup, Inc.  183,176 
 3,475  Edgewell Personal Care Co. (a)  152,518 
 3,722  Jefferies Financial Group, Inc.  69,936 
 1,449  McKesson Corp.  169,620 
 5,588  Owens & Minor, Inc.  22,911 
 11,768  St. Joe Co. (a)  194,055 
 1,711  State Street Corp.  112,601 
 2,397  Wells Fargo & Co.  115,823 
 6,082  World Fuel Services Corp.  175,708 
  

 

 

 
   1,641,003 
  

 

 

 
 

TOTAL COMMON STOCKS
(Cost $9,864,860)

 $9,441,536 
  

 

 

 
 PREFERRED STOCKS – 6.17% 
 Brazil – 1.43% 
 2,400  Companhia Brasileira de Distribuicao $55,744 
 12,840  Petroleo Brasileiro SA  91,266 
  

 

 

 
   147,010 
  

 

 

 
 Germany – 0.91% 
 1,974  Draegerwerk AG & Co. KGaA  93,578 
  

 

 

 
 Russia – 1.97% 
 324,131  Surgutneftegas PJSC  202,436 
  

 

 

 
 South Korea – 1.86% 
 3,119  Hyundai Motor Co. Ltd.  190,388 
  

 

 

 
 

TOTAL PREFERRED STOCKS
(Cost $579,482)

 $633,412 
  

 

 

 
 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

48


Table of Contents

Brandes Global Opportunities Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

 

   Principal
Amount
  Value 
REPURCHASE AGREEMENTS – 2.09%  

State Street Bank and Trust Repurchase Agreement,
(Dated 03/29/19), due 04/01/19, 1.20% [Collateralized
by $200,000 US Treasury Notes TIPS, 0.125%, 01/15/22,
(Market Value $220,484)] (proceeds $214,926)

 $214,905  $214,905 
  

 

 

 

TOTAL REPURCHASE AGREEMENTS(Cost $214,905)

  $214,905 
  

 

 

 

Total Investments (Cost $10,659,247) – 100.29%

  $10,289,853 

Liabilities in Excess of Other Assets – (0.29)%

   (29,868
  

 

 

 

TOTAL NET ASSETS – 100.00%

  $10,259,985 
  

 

 

 

 

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

GDR Global Depositary Receipt

TIPS Treasury Inflation-Protected Security

(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 $294,560, which represented 2.87% of the net assets of the Fund.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

49


Table of Contents

Brandes Global Opportunities Value Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2019 (Unaudited)

 

 

 

 

COMMON STOCKS

  

Aerospace & Defense

   2.99

Auto Components

   2.56

Automobiles

   3.31

Banks

   6.72

Beverages

   2.10

Capital Markets

   4.32

Commercial Services & Supplies

   3.43

Communications Equipment

   1.03

Construction Materials

   1.05

Diversified Financial Services

   2.70

Diversified Telecommunication Services

   4.79

Electrical Equipment

   1.01

Equity Real Estate Investment Trusts

   4.35

Food & Staples Retailing

   4.85

Food Products

   1.09

Health Care Providers & Services

   3.63

Household Durables

   1.66

Industrial Conglomerates

   0.74

Insurance

   1.14

Machinery

   2.09

Media

   4.06

Multiline Retail

   1.87

Multi-Utilities

   1.73

Oil, Gas & Consumable Fuels

   5.46

Personal Products

   1.49

Pharmaceuticals

   5.64

Real Estate Management & Development

   3.91

Semiconductors & Semiconductor Equipment

   2.32

Specialty Retail

   1.76

Technology Hardware, Storage & Peripherals

   1.25

Textiles, Apparel & Luxury Goods

   0.61

Tobacco

   3.26

Wireless Telecommunication Services

   3.11
  

 

 

 

TOTAL COMMON STOCKS

   92.03
  

 

 

 

PREFERRED STOCKS

  

Automobiles

   1.86

Food & Staples Retailing

   0.54

Health Care Equipment & Supplies

   0.91

Oil, Gas & Consumable Fuels

   2.86
  

 

 

 

TOTAL PREFERRED STOCKS

   6.17
  

 

 

 

REPURCHASE AGREEMENTS

   2.09
  

 

 

 

TOTAL INVESTMENTS

   100.29

Liabilities in Excess of Other Assets

   (0.29)% 
  

 

 

 

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. This information is unaudited.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

50


Table of Contents

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited)

 

 

 

Shares     Value 
 COMMON STOCKS – 88.90% 
 Argentina – 3.05% 
 1,176,931  Adecoagro SA(a) $8,109,055 
 2,625,116  YPF SA Sponsored – Class D – ADR  36,777,875 
  

 

 

 
   44,886,930 
  

 

 

 
 Austria – 1.05% 
 421,414  Erste Group Bank AG  15,488,576 
  

 

 

 
 Brazil – 9.71% 
 2,764,947  AES Tiete Energia SA  7,838,613 
 5,180,100  Cielo SA  12,529,032 
 297,783  Companhia Paranaense de Energia  2,442,135 
 2,748,762  Embraer SA Sponsored – ADR  52,253,966 
 4,202,093  Estacio Participacoes SA  28,515,870 
 1,243,200  Hapvida Participacoes e Investimentos SA(c)  9,782,776 
 5,600,500  Kroton Educacional SA  14,990,547 
 9,401,811  Marfrig Global Foods SA(a)  14,383,605 
  

 

 

 
   142,736,544 
  

 

 

 
 Chile – 1.48% 
 1,339,920  Empresa Nacional de Telecomunicaciones SA  13,952,393 
 1,509,388  Enel Chile SA Sponsored – ADR  7,818,630 
  

 

 

 
   21,771,023 
  

 

 

 
 China – 11.36% 
 25,571,000  China Construction Bank Corp. – Class H  21,949,345 
 6,243,900  China Mobile Ltd.  63,714,830 
Shares     Value 
 13,805,000  China Railway Signal & Communication Corp. Ltd.(c) $10,934,076��
 173,073  China Yuchai International Ltd.  2,743,207 
 34,409,000  Dongfeng Motor Group Co. Ltd. – Class H  34,519,697 
 18,143,000  Genertec Universal Medical Group Co. Ltd.(c)  16,520,215 
 5,423,200  Shanghai Pharmaceuticals Holding Co. Ltd. – Class H  11,819,960 
 12,307,077  Weiqiao Textile Co. Ltd. – Class H  4,877,758 
  

 

 

 
   167,079,088 
  

 

 

 
 Colombia – 1.13% 
 2,127,094  Grupo Aval Acciones y Valores Grupo Sponsored – ADR  16,570,062 
  

 

 

 
 Czech Republic – 0.46% 
 626,829  O2 Czech Republic AS  6,796,363 
  

 

 

 
 Greece – 0.73% 
 798,672  Hellenic Telecommunications Organization SA  10,697,220 
  

 

 

 
 Hong Kong – 3.45% 
 28,461,920  First Pacific Co. Ltd.  10,398,928 
 9,809,500  Lifestyle International Holdings Ltd.  17,014,550 
 5,090,000  Luk Fook Holdings International Ltd.  17,152,023 
 1,779,000  Yue Yuen Industrial Holdings Ltd.  6,124,665 
  

 

 

 
   50,690,166 
  

 

 

 
 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

51


Table of Contents

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

Shares     Value 
 India – 1.15% 
 5,904,971  Power Grid Corp of India Ltd. $16,869,248 
  

 

 

 
 Indonesia – 4.65% 
 136,241,600  Bank Rakyat Indonesia Persero Tbk PT  39,559,167 
 151,545,215  PT XL Axiata Tbk(a)  28,769,084 
  

 

 

 
   68,328,251 
  

 

 

 
 Malaysia – 1.92% 
 17,329,800  Genting Berhad  28,223,060 
  

 

 

 
 Mexico – 10.34% 
 30,167,817  America Movil SAB de CV  21,557,044 
 9,361,546  Cemex SAB de CV Sponsored – ADR(a)  43,437,574 
 32,196,641  Fibra Uno Administracion SA de CV  44,371,409 
 17,287,809  Fideicomiso PLA Administradora Industrial S de RL de CV  26,488,038 
 14,203,330  Macquarie Mexico Real Estate Management SA de CV(c)  15,505,651 
 10,242,449  Urbi Desarrollos Urbanos SA de CV(a)(d)  717,648 
  

 

 

 
   152,077,364 
  

 

 

 
 Pakistan – 0.50% 
 7,646,760  Nishat Mills Ltd.  7,313,182 
  

 

 

 
 Panama – 2.43% 
 644,836  Banco Latinoamericano de Comercio Exterior SA – Class E  12,845,133 
 283,222  Copa Holdings SA – Class A  22,830,525 
  

 

 

 
   35,675,658 
  

 

 

 
Shares     Value 
 Russia – 8.42% 
 6,017,014  Mobile TeleSystems PJSC $23,150,124 
 5,318,206  Public Joint-Stock Co. Gazprom  12,126,143 
 3,281,891  Public Joint-Stock Co. Gazprom Sponsored – ADR  14,834,147 
 12,312,844  Sberbank of Russia OJSC  40,236,541 
 2,684,906  Sistema JSFC Sponsored – GDR  7,569,016 
 1,038,411  X5 Retail Group NV – GDR  25,877,202 
  

 

 

 
   123,793,173 
  

 

 

 
 Singapore – 1.79% 
 2,637,874  Flex Ltd.(a)  26,378,740 
  

 

 

 
 South Africa – 1.51% 
 2,098,660  Absa Group Ltd.  22,209,861 
  

 

 

 
 South Korea – 12.63% 
 133,964  Hyundai Mobis Co. Ltd.  24,635,218 
 752,977  KIA Motors Corp.  23,466,688 
 431,744  KT&G Corp.  39,369,385 
 129,875  POSCO  29,001,069 
 260,480  S-1 Corp.  23,062,497 
 610,691  Samsung Electronics Co. Ltd.  24,087,444 
 592,275  Shinhan Financial Group Co. Ltd.  21,992,474 
  

 

 

 
   185,614,775 
  

 

 

 
 Spain – 1.47% 
 9,775,356  Prosegur Cash SA(c)  21,595,350 
  

 

 

 
 Taiwan – 1.59% 
 3,216,000  Asustek Computer, Inc.  23,304,224 
  

 

 

 
 Thailand – 3.09% 
 1,984,500  Bangkok Bank Plc – NVDR  12,960,215 
 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

52


Table of Contents

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

Shares     Value 
 43,617,600  Jasmine Broadband Internet Infrastructure – Class F $14,156,650 
 4,410,700  Siam Commercial Bank PCL – Class F  18,349,495 
  

 

 

 
   45,466,360 
  

 

 

 
 Turkey – 2.45% 
 10,120,663  Akbank T.A.S.(a)  11,523,700 
 54,766,538  Emlak Konut Gayrimenkul Yatirim Ortakligi AG  15,064,987 
 6,223,640  Turkiye Garanti Bankasi Anonim Sirketi  9,362,619 
  

 

 

 
   35,951,306 
  

 

 

 
 United Kingdom – 2.54% 
 22,007,865  ITE Group Plc  20,065,000 
 10,376,419  Vivo Energy Plc(c)  17,342,235 
  

 

 

 
   37,407,235 
  

 

 

 
 

TOTAL COMMON STOCKS
(Cost $1,463,522,277)

 $1,306,923,759 
  

 

 

 
 PREFERRED STOCKS – 8.28% 
 Brazil – 3.84% 
 1,166,900  Companhia Brasileira de Distribuicao $27,103,040 
 1,780,600  Petroleo Brasileiro SA  12,656,365 
Shares     Value 
 498,300  Telefonica Brasil SA $6,045,245 
 885,569  Telefonica Brasil SA Sponsored – ADR  10,688,818 
  

 

 

 
   56,493,468 
  

 

 

 
 Colombia – 0.53% 
 20,018,115  Grupo Aval Acciones y Valores SA  7,754,749 
  

 

 

 
 Russia – 2.19% 
 32,081,832  Surgutneftegas PJSC  20,036,771 
 1,977,282  Surgutneftegas PJSC Sponsored – ADR  12,160,284 
  

 

 

 
   32,197,055 
  

 

 

 
 South Korea – 1.72% 
 413,848  Hyundai Motor Co. Ltd.  25,261,861 
  

 

 

 
 

TOTAL PREFERRED
STOCKS
(Cost $119,426,072)

 $121,707,133 
  

 

 

 
 PARTICIPATORY NOTES – 1.04% 
 China – 1.04% 
 7,936,516  China South Publishing & Media Group Co. Ltd.(a)(b)(c)(e) $15,221,587 
  

 

 

 
 

TOTAL PARTICIPATORY
NOTES
(Cost $15,164,834)

 $15,221,587 
  

 

 

 
 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

53


Table of Contents

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

   Principal
Amount
  Value 
REPURCHASE AGREEMENTS – 1.95%  

State Street Bank and Trust Repurchase Agreement,
(Dated 03/29/19), due 04/01/19, 1.20% [Collateralized
by $5,260,000 US Treasury Notes, 2.500%, 02/15/22,
(Market Value $5,320,664)] (proceeds $5,216,859)

 $5,216,337  $5,216,337 

State Street Bank and Trust Repurchase Agreement,
(Dated 03/29/19), due 04/01/19, 1.20% [Collateralized
by $21,765,000 US Treasury Notes TIPS, 0.125%, 01/15/22,
(Market Value $23,994,150)] (proceeds $23,522,627)

  23,520,275   23,520,275 
  

 

 

 

TOTAL REPURCHASE AGREEMENTS
(Cost $28,736,612)

  $28,736,612 
  

 

 

 

Total Investments (Cost $1,626,849,795) –100.17%

  $1,472,589,091 

Liabilities in Excess of Other Assets – (0.17)%

   (2,461,587
  

 

 

 

TOTAL NET ASSETS – 100.00%

  $1,470,127,504 
  

 

 

 

 

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

TIPS Treasury Inflation-Protected Security

(a)

Non-income producing security.

(b)

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 $15,221,587 or 1.04% of the Fund's net assets and is classified as a Level 2 security. See Note 2 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 $106,901,890, which represented 7.27% of the net assets of the Fund.

(d)

Affiliated issuer. See Note 8 in the Notes to Financial Statements.

(e)

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. See Note 5 in the Notes to Financial Statements.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

54


Table of Contents

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2019 (Unaudited)

 

 

 

COMMON STOCKS

  

Aerospace & Defense

   3.55

Airlines

   1.55

Auto Components

   1.68

Automobiles

   3.94

Banks

   15.66

Commercial Services & Supplies

   3.04

Construction Materials

   2.95

Diversified Consumer Services

   2.96

Diversified Financial Services

   1.58

Diversified Telecommunication Services

   1.19

Electric Utilities

   1.85

Electronic Equipment, Instruments & Components

   2.54

Equity Real Estate Investment Trusts

   7.86

Food & Staples Retailing

   1.76

Food Products

   1.53

Health Care Providers & Services

   2.59

Hotels, Restaurants & Leisure

   1.92

Household Durables

   0.05

Independent Power & Renewable Electricity Producers

   0.53

IT Services

   0.85

Machinery

   0.19

Media

   1.36

Metals & Mining

   1.97

Multiline Retail

   1.16

Oil, Gas & Consumable Fuels

   4.34

Specialty Retail

   2.35

Technology Hardware, Storage & Peripherals

   3.22

Textiles, Apparel & Luxury Goods

   1.25

Tobacco

   2.68

Wireless Telecommunication Services

   10.80
  

 

 

 

TOTAL COMMON STOCKS

   88.90
  

 

 

 

PREFERRED STOCKS

  

Automobiles

   1.72

Banks

   0.53

Diversified Telecommunication Services

   1.14

Food & Staples Retailing

   1.84

Oil, Gas & Consumable Fuels

   3.05
  

 

 

 

TOTAL PREFERRED STOCKS

   8.28
  

 

 

 

PARTICIPATORY NOTES

  

Media

   1.04
  

 

 

 

TOTAL PARTICIPATORY NOTES

   1.04
  

 

 

 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

55


Table of Contents

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2019 (Unaudited) (continued)

 

 

 

REPURCHASE AGREEMENTS

   1.95
  

 

 

 

TOTAL INVESTMENTS

   100.17

Liabilities in Excess of Other Assets

   (0.17)% 
  

 

 

 

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. This information is unaudited.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

56


Table of Contents

Brandes International Small Cap Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited)

 

 

 

Shares

     Value 
 COMMON STOCKS – 91.44% 
 Argentina – 0.52% 
 
499,564
 
 

Adecoagro SA(a)

 $3,441,996 
  

 

 

 
 Belgium – 1.02% 
 
171,469
 
 

D’Ieteren SA

  6,792,399 
  

 

 

 
 Brazil – 4.59% 
 
5,619,547
 
 

Embraer SA

  26,609,729 
 
3,166,100
 
 

Mills Estruturas e Servicos de Engenharia SA(a)

  3,832,943 
  

 

 

 
   30,442,672 
  

 

 

 
 Canada – 4.87% 
 
1,096,395
 
 

Celestica, Inc.(a)

  9,264,538 
 
1,081,817
 
 

Dorel Industries, Inc. – Class B(a)

  9,552,468 
 
1,092,216
 
 

Sierra Wireless, Inc.(a)

  13,485,661 
  

 

 

 
   32,302,667 
  

 

 

 
 China – 1.30% 
 
19,938,900
 
 

Boyaa Interactive International Ltd.

  4,066,530 
 
11,485,500
 
 

Weiqiao Textile Co. Ltd. – Class H

  4,552,137 
  

 

 

 
   8,618,667 
  

 

 

 
 France – 1.71% 
 
100,150
 
 

Savencia SA

  7,122,597 
 
47,490
 
 

Societe BIC SA

  4,233,657 
  

 

 

 
   11,356,254 
  

 

 

 
 Germany – 2.18% 
 
124,701
 
 

Draegerwerk AG & Co. KGaA

  5,343,569 
 
317,426
 
 

Rhoen-Klinikum AG

  9,143,988 
  

 

 

 
   14,487,557 
  

 

 

 
 Greece – 0.50% 
 
419,475
 
 

GR Sarantis SA

  3,315,769 
  

 

 

 
 Hong Kong – 4.26% 
 
10,778,050
 
 

APT Satellite Holdings Ltd.

  4,832,991 
 
5,791,500
 
 

Dickson Concepts International Ltd.

  3,017,501 
 
110,420,000
 
 

Emperor Watch & Jewellery Ltd.

  3,870,014 

Shares

     Value 
 
27,354,000
 
 

First Pacific Co. Ltd.

 $9,994,135 
 
14,073,000
 
 

PAX Global Technology Ltd.

  6,533,393 
  

 

 

 
   28,248,034 
  

 

 

 
 Hungary – 2.12% 
 
8,693,708
 
 

Magyar Telekom Telecommunications Plc

  14,040,478 
  

 

 

 
 Indonesia – 1.11% 
 
38,849,000
 
 

PT XL Axiata Tbk(a)

  7,375,028 
  

 

 

 
 Ireland – 4.49% 
 
1,520,567
 
 

Avadel Pharmaceuticals Plc Sponsored – ADR(a)

  2,189,617 
 
7,689,402
 
 

C&C Group Plc

  27,602,008 
  

 

 

 
   29,791,625 
  

 

 

 
 Italy – 1.31% 
 
300,178
 
 

Buzzi Unicem SpA

  3,909,946 
 
5,938,906
 
 

Safilo Group SpA(a)

  4,756,667 
  

 

 

 
   8,666,613 
  

 

 

 
 Japan – 20.86% 
 138,600  Bank of Nagoya Ltd.  4,477,918 
 134,900  Denki Kogyo Co. Ltd.  4,064,336 
 1,100,200  Funai Electric Co. Ltd.(a)(d)  7,443,608 
 139,000  Futaba Corp.  2,113,200 
 3,046,400  Hachijuni Bank Ltd.  12,645,673 
 2,852,800  Hyakugo Bank Ltd.  9,084,164 
 415,400  Kato Sangyo Co. Ltd.  13,720,832 
 442,100  Kissei Pharmaceutical Co. Ltd.  11,604,117 
 1,427,900  Komori Corp.  16,192,107 
 124,100  Mitsubishi Shokuhin Co. Ltd.  3,248,463 
 191,700  Nippon Seiki Co. Ltd.  3,101,084 
 108,400  NuFlare Technology, Inc.  6,025,863 
 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

57


Table of Contents

Brandes International Small Cap Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

Shares

     Value 
 139,300  Oita Bank Ltd. $4,358,391 
 523,200  Tachi-S Co. Ltd.  7,502,745 
 305,100  Torii Pharmaceutical Co. Ltd.  6,139,517 
 529,400  Toyo Suisan Kaisha Ltd.  20,180,576 
 513,300  TSI Holdings Co. Ltd.  2,945,259 
 209,000  Tsutsumi Jewelry Co. Ltd.  3,551,728 
  

 

 

 
   138,399,581 
  

 

 

 
 Mexico – 5.95% 
 30,020,811  Consorcio ARA SAB de CV  7,686,837 
 279,501,983  Desarrolladora Homex SAB de CV(a)(c)  2,159,957 
 14,425,246  Fibra Uno Administracion SA de CV  19,879,977 
 8,095,587  Macquarie Mexico Real Estate Management SA de CV(b)  8,837,881 
 12,867,533  Urbi Desarrollos Urbanos SA de CV(a)(c)  901,578 
  

 

 

 
   39,466,230 
  

 

 

 
 Philippines – 0.95% 
 4,169,250  First Philippine Holdings Corp.  6,292,384 
  

 

 

 
 Russia – 0.62% 
 28,255,116  Sistema PJSFC  4,108,972 
  

 

 

 
 Slovenia – 1.80% 
 874,008  Nova Ljubljanska Banka – GDR(a)(b)  11,961,162 
  

 

 

 
 South Korea – 8.60% 
 106,914  Binggrae Co. Ltd.  6,320,086 
 861,828  Korean Reinsurance Co.  6,956,173 
 6,185  Lotte Chilsung Beverage Co. Ltd.  9,649,930 
 55,094  Lotte Confectionery Co. Ltd.  8,993,380 

Shares

     Value 
 317,794  Lotte Corp.(a) $13,851,563 
 6,540  Namyang Dairy Products Co. Ltd.  3,531,865 
 93,504  Samchully Co. Ltd.  7,769,933 
  

 

 

 
   57,072,930 
  

 

 

 
 Spain – 2.57% 
 2,015,223  Atresmedia Corp de Medios de Comunicacion SA  9,456,447 
 908,948  Lar Espana Real Estate Socimi SA  7,588,631 
  

 

 

 
   17,045,078 
  

 

 

 
 United Kingdom – 20.11% 
 1,987,175  Balfour Beatty Plc  6,790,399 
 3,453,644  Chemring Group Plc  6,243,530 
 77,195,504  Countrywide Plc(a)  7,619,107 
 
2,463,123
 
 

De La Rue Plc

  12,367,266 
 
26,819,043
 
 

Debenhams Plc

  942,428 
 3,390,490  G4S Plc  8,113,343 
 
11,987,787
 
 

ITE Group Plc

  10,929,499 
 
6,837,380
 
 

J Sainsbury Plc

  20,981,694 
 
2,886,404
 
 

LSL Property Services Plc

  10,150,422 
 
7,879,051
 
 

Mitie Group Plc

  15,270,036 
 
12,100,824
 
 

Premier Foods Plc(a)

  5,736,930 
 
3,648,998
 
 

Telit Communications Plc(a)

  7,642,279 
 
6,944,100
 
 

Wm Morrison Supermarkets Plc

  20,600,266 
  

 

 

 
   133,387,199 
  

 

 

 
 

TOTAL COMMON STOCKS
(Cost $695,714,940)


 $606,613,295 
  

 

 

 
 PREFERRED STOCKS – 1.61% 
 Germany – 1.61% 
 
225,010
 
 

Draegerwerk AG & Co. KGaA

 $10,666,685 
  

 

 

 
 

TOTAL PREFERRED
STOCKS
(Cost $14,940,922)

 $10,666,685 
 

 

 

 
 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

58


Table of Contents

Brandes International Small Cap Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

 

   Principal
Amount
  Value 
REPURCHASE AGREEMENTS – 5.96%  

State Street Bank and Trust Repurchase Agreement,
(Dated 03/29/19), due 04/01/19, 1.20% [Collateralized
by $39,890,000 US Treasury Notes, 2.500%, 02/15/22,
(Market Value $40,350,051)] (proceeds $39,559,337)

 $39,555,382  $39,555,382 
  

 

 

 

TOTAL REPURCHASE AGREEMENTS
(Cost $39,555,382)

  $39,555,382 
  

 

 

 

Total Investments (Cost $750,211,244) – 99.01%

  $656,835,362 

Other Assets in Excess of Liabilities – 0.99%

   6,563,515 
  

 

 

 

TOTAL NET ASSETS – 100.00%

  $663,398,877 
  

 

 

 

 

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

GDR Global 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 $20,799,043, which represented 3.14% of the net assets of the Fund.

(c)

Affiliated issuer. See Note 8 in the Notes to Financial Statements.

(d)

All or a portion of this security is on loan. See Note 2 in the Notes to Financial Statements.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

59


Table of Contents

Brandes International Small Cap Equity Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2019 (Unaudited)

 

 

 

COMMON STOCKS

  

Aerospace & Defense

   4.95

Auto Components

   1.60

Banks

   6.41

Beverages

   5.62

Commercial Services & Supplies

   6.03

Communications Equipment

   3.80

Construction & Engineering

   1.02

Construction Materials

   0.59

Distributors

   1.02

Diversified Financial Services

   1.51

Diversified Telecommunication Services

   2.84

Electric Utilities

   0.95

Electrical Equipment

   0.32

Electronic Equipment, Instruments & Components

   2.38

Entertainment

   0.61

Equity Real Estate Investment Trusts

   5.47

Food & Staples Retailing

   8.83

Food Products

   8.34

Gas Utilities

   1.17

Health Care Equipment & Supplies

   0.81

Health Care Providers & Services

   1.38

Household Durables

   4.18

Industrial Conglomerates

   2.09

Insurance

   1.05

Machinery

   2.44

Media

   3.07

Multiline Retail

   0.14

Personal Products

   0.50

Pharmaceuticals

   3.00

Real Estate Management & Development

   2.68

Semiconductors & Semiconductor Equipment

   0.91

Specialty Retail

   1.04

Textiles, Apparel & Luxury Goods

   2.38

Trading Companies & Distributors

   0.58

Wireless Telecommunication Services

   1.73
  

 

 

 

TOTAL COMMON STOCKS

   91.44
  

 

 

 

PREFERRED STOCKS

  

Health Care Equipment & Supplies

   1.61
  

 

 

 

TOTAL PREFERRED STOCKS

   1.61
  

 

 

 

REPURCHASE AGREEMENTS

   5.96
  

 

 

 

TOTAL INVESTMENTS

   99.01

Other Assets in Excess of Liabilities

   0.99
  

 

 

 

TOTAL NET ASSETS

   100.00
  

 

 

 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

60


Table of Contents

Brandes International Small Cap Equity Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2019 (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. This information is unaudited.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

61


Table of Contents

Brandes Small Cap Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited)

 

 

 

Shares     Value 
 COMMON STOCKS – 77.93% 
 Aerospace & Defense – 1.46% 
 6,970  Embraer SA Sponsored – ADR $132,500 
  

 

 

 
 Auto Components – 0.94% 
 2,848  Cooper Tire & Rubber Co.  85,127 
  

 

 

 
 Banks – 1.45% 
 1,054  National Bankshares, Inc.  45,164 
 2,487  Northrim BanCorp, Inc.  85,602 
  

 

 

 
   130,766 
  

 

 

 
 Biotechnology – 7.43% 
 5,604  Eagle Pharmaceuticals, Inc.(a)  282,946 
 104,650  PDL BioPharma, Inc.(a)  389,298 
  

 

 

 
   672,244 
  

 

 

 
 Capital Markets – 2.02% 
 6,225  Federated Investors, Inc.  182,455 
  

 

 

 
 Communications Equipment – 6.40% 
 13,387  Digi International, Inc.(a)  169,613 
 7,943  NETGEAR, Inc.(a)  263,072 
 11,793  Sierra Wireless, Inc.(a)  145,880 
  

 

 

 
   578,565 
  

 

 

 
 Construction & Engineering – 1.09% 
 33,864  Orion Group Holdings, Inc.(a)  98,883 
  

 

 

 
 
Electronic Equipment, Instruments &
Components – 3.18%
 
 
 7,111  Arlo Technologies, Inc.(a)  29,368 
 5,948  Avnet, Inc.  257,965 
  

 

 

 
   287,333 
  

 

 

 
 Equity Real Estate Investment Trusts – 0.75% 
 2,684  Alexander & Baldwin, Inc.  68,281 
  

 

 

 
 Food Products – 3.77% 
 1,476  Cal-Maine Foods, Inc.  65,874 
 11,184  Seneca Foods Corp. – Class A(a)  275,126 
  

 

 

 
   341,000 
  

 

 

 
 Health Care Equipment & Supplies – 0.73% 
 7,937  Invacare Corp.  66,433 
  

 

 

 
Shares     Value 
 Health Care Providers & Services – 3.17% 
 4,154  Patterson Companies, Inc. $90,765 
 8,594  Triple-S Management Corp. – Class B(a)  196,115 
  

 

 

 
   286,880 
  

 

 

 
 Hotels, Restaurants & Leisure – 2.31% 
 2,817  International Speedway Corp. – Class A  122,906 
 5,931  Speedway Motorsports, Inc.  85,821 
  

 

 

 
   208,727 
  

 

 

 
 Household Durables – 9.54% 
 3,867  Beazer Homes USA, Inc.(a)  44,509 
 14,846  CSS Industries, Inc.  88,927 
 12,921  Dorel Industries, Inc. – Class B  114,100 
 3,862  M.D.C. Holdings, Inc.  112,230 
 21,716  Taylor Morrison Home Corp. – Class A(a)  385,459 
 3,245  Toll Brothers, Inc.  117,469 
  

 

 

 
   862,694 
  

 

 

 
 Insurance – 3.65% 
 918  National Western Life Group, Inc.  240,947 
 4,255  Old Republic International Corp.  89,015 
  

 

 

 
   329,962 
  

 

 

 
 Machinery – 4.52% 
 34,572  Briggs & Stratton Corp.  408,987 
  

 

 

 
 Multi-Utilities – 0.74% 
 1,658  Avista Corp.  67,348 
  

 

 

 
 Oil, Gas & Consumable Fuels – 5.02% 
 26,866  Chesapeake Energy Corp.(a)  83,285 
 12,834  World Fuel Services Corp.  370,774 
  

 

 

 
   454,059 
  

 

 

 
 Personal Products – 4.64% 
 9,553  Edgewell Personal
Care Co.(a)
  419,281 
  

 

 

 
 Pharmaceuticals – 0.57% 
 35,764  Avadel Pharmaceuticals Plc Sponsored – ADR(a)  51,500 
  

 

 

 
 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

62


Table of Contents

Brandes Small Cap Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

Shares     Value 
 Professional Services – 3.76% 
 4,389  Kelly Services, Inc. $96,821 
 14,711  Resources Connection, Inc.  243,320 
  

 

 

 
   340,141 
  

 

 

 
 
Real Estate Management &
Development – 3.59%

 
 19,680  St. Joe Co.(a)  324,523 
  

 

 

 
 Software – 2.59% 
 1,627  MicroStrategy,
Inc. – Class A(a)
  234,695 
  

 

 

 
 Specialty Retail – 2.17% 
 9,383  Rent-A-Center, Inc.(a)  195,823 
  

 

 

 
Shares     Value 
 Thrifts & Mortgage Finance – 0.90% 
 3,021  Territorial Bancorp, Inc. $81,295 
  

 

 

 
 Trading Companies & Distributors – 1.54% 
 22,033  Houston Wire & Cable Co.(a)  139,469 
  

 

 

 
 

TOTAL COMMON STOCKS
(Cost $7,980,614)

 $7,048,971 
  

 

 

 
 PREFERRED STOCKS – 1.55% 
 Oil, Gas & Consumable Fuels – 1.55% 
 250  Chesapeake Energy Corp., 5.750% $140,000 
  

 

 

 
 

TOTAL PREFERRED STOCKS
(Cost $145,900)

 $140,000 
  

 

 

 
 
   Principal
Amount
  Value 
CORPORATE BONDS – 5.17%  
Containers & Packaging – 1.68%  

Bemis Co., Inc.
6.800%, 8/1/2019

 $150,000  $151,792 
  

 

 

 
Electric Utilities – 2.27%  

Portland General Electric Co.
6.100%, 4/15/2019

  205,000   205,215 
  

 

 

 
Household Durables – 0.91%  

Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc. 5.250%, 4/15/2021 (b)

  82,000   81,922 
  

 

 

 
Water Utilities – 0.31%  

California Water Service Co.
5.875%, 5/1/2019

  28,000   28,067 
  

 

 

 

TOTAL CORPORATE BONDS(Cost $467,191)

  $466,996 
  

 

 

 
REPURCHASE AGREEMENTS – 14.86%  

State Street Bank and Trust Repurchase Agreement, (Dated 03/29/19), due 04/01/19, 1.20% [Collateralized by $1,245,000 US Treasury Notes TIPS, 0.125%, 01/15/22, (Market Value $1,372,512)] (proceeds $1,344,572)

 $1,344,438  $1,344,438 
  

 

 

 

TOTAL REPURCHASE AGREEMENTS(Cost $1,344,438)

  $1,344,438 
  

 

 

 

Total Investments (Cost $9,938,143) – 99.51%

  $9,000,405 

Other Assets in Excess of Liabilities – 0.49%

   44,073 
  

 

 

 

TOTAL NET ASSETS – 100.00%

  $9,044,478 
  

 

 

 

 

Percentages are stated as a percent of net assets.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

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Table of Contents

Brandes Small Cap Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

ADR American Depositary Receipt

TIPS Treasury Inflation-Protected Security

(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 $81,922, which represented 0.91% of the net assets of the Fund.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

64


Table of Contents

Brandes Small Cap Value Fund

SCHEDULE OF INVESTMENTS BY COUNTRY — March 31, 2019 (Unaudited)

 

 

 

COMMON STOCKS

  

Brazil

   1.46

Canada

   2.87

Ireland

   0.57

United States

   73.03
  

 

 

 

TOTAL COMMON STOCKS

   77.93
  

 

 

 

PREFERRED STOCKS

  

United States

   1.55
  

 

 

 

TOTAL PREFERRED STOCKS

   1.55
  

 

 

 

CORPORATE BONDS

  

United States

   5.17
  

 

 

 

TOTAL CORPORATE BONDS

   5.17
  

 

 

 

REPURCHASE AGREEMENTS

   14.86
  

 

 

 

TOTAL INVESTMENTS

   99.51

Other Assets in Excess of Liabilities

   0.49
  

 

 

 

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. This information is unaudited.

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

65


Table of Contents

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited)

 

 

 

   Shares   Value 
COMMON STOCKS – 0.00%  
Household Durables – 0.00%  

Urbi Desarrollos Urbanos SA de CV(a)

  31,277  $2,191 
  

 

 

 

TOTAL COMMON STOCKS
(Cost $292,050)

  $2,191 
  

 

 

 
   Principal
Amount
  Value 
FEDERAL AND FEDERALLY SPONSORED CREDITS – 8.32%  
Federal Home Loan Mortgage Corporation – 2.07%  

PoolG1-8578, 3.000%, 12/1/2030

 $1,524,647  $1,539,674 

PoolG0-6018, 6.500%, 4/1/2039

  24,833   28,300 

PoolA9-3505, 4.500%, 8/1/2040

  117,010   123,909 
  

 

 

 
   1,691,883 
  

 

 

 
Federal National Mortgage Association – 6.25%  

Pool CA1624, 3.000%, 4/1/2033

  1,136,524   1,148,237 

Pool 934124, 5.500%, 7/1/2038

  45,170   48,578 

Pool MA0918, 4.000%, 12/1/2041

  268,135   278,119 

Pool AS6201, 3.500%, 11/1/2045

  1,030,173   1,047,954 

Pool AL9865, 3.000%, 2/1/2047

  1,865,151   1,859,468 

Pool BJ2553, 3.500%, 12/1/2047

  705,535   716,521 
  

 

 

 
   5,098,877 
  

 

 

 

TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS
(Cost $6,701,848)

  $6,790,760 
  

 

 

 
OTHER MORTGAGE RELATED SECURITIES – 0.02%  
Collateralized Mortgage Obligations – 0.00%  

Wells Fargo Mortgage Backed Securities Trust
Series 2006-AR14, 4.669%, 10/25/2036(c)

 $1,253  $1,215 
  

 

 

 
Near Prime Mortgage – 0.02%  

Bear StearnsALT-A Trust
Series2004-11, 3.166% (1M LIBOR + 0.680%), 11/25/2034(d)

  14,501   14,481 
  

 

 

 

TOTAL OTHER MORTGAGE RELATED SECURITIES
(Cost $15,159)

  $15,696 
  

 

 

 
US GOVERNMENTS – 48.22%  
Sovereign – 48.22%  

United States Treasury Bond
4.750%, 2/15/2037

 $4,835,000  $6,344,615 

United States Treasury Note
2.000%, 11/15/2021

  3,211,000   3,191,182 

2.000%, 2/15/2023

  4,140,000   4,103,613 

2.375%, 8/15/2024

  9,655,000   9,703,652 

2.250%, 2/15/2027

  16,100,000   15,976,106 
  

 

 

 

TOTAL US GOVERNMENTS
(Cost $38,902,311)

  $39,319,168 
  

 

 

 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

66


Table of Contents

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

   Principal
Amount
  Value 
ASSET BACKED SECURITIES – 2.27%  
Equipment – 0.04%  

Continental Airlines2007-1 Class A Pass Through Trust
Series2007-1, 5.983%, 4/19/2022

 $27,355  $28,775 
  

 

 

 
Student Loan – 2.23%  

SLM Private Credit Student Loan Trust2004-B
Series2004-B, 3.041% (3M LIBOR + 0.430%), 9/15/2033(d)

  300,000   287,797 

SLM Private Credit Student Loan Trust2005-A
Series2005-A, 2.921% (3M LIBOR + 0.310%), 12/15/2038(d)

  400,000   386,997 

SLM Private Credit Student Loan Trust2006-A
Series2006-A, 2.901% (3M LIBOR + 0.290%), 6/15/2039(d)

  829,350   806,035 

SLM Private Credit Student Loan Trust2007-A
Series2007-A, 2.851% (3M LIBOR + 0.240%), 12/16/2041(d)

  344,180   335,966 
  

 

 

 
   1,816,795 
  

 

 

 

TOTAL ASSET BACKED SECURITIES
(Cost $1,727,899)

  $1,845,570 
  

 

 

 
CORPORATE BONDS – 38.27%  
Automobiles – 2.21%  

Ford Motor Credit Co. LLC
8.125%, 1/15/2020

 $780,000  $808,411 

General Motors Financial Co., Inc.
2.650%, 4/13/2020

  1,000,000   995,989 
  

 

 

 
   1,804,400 
  

 

 

 
Banks – 7.42%  

Citibank, N.A.
2.100%, 6/12/2020

  1,650,000   1,638,144 

Fifth Third Bancorp
8.250%, 3/1/2038

  175,000   243,754 

Goldman Sachs Group, Inc.
3.000%, 4/26/2022

  780,000   778,308 

JPMorgan Chase & Co.
6.221%, (3M LIBOR + 3.470%), Perpetual(d)

  1,639,000   1,647,195 

USB Capital IX
3.807% (3M LIBOR + 1.020%, minimum of 3.500%), Perpetual(d)

  750,000   588,750 

Wells Fargo & Co.
6.381% (3M LIBOR + 3.770%), Perpetual(d)

  1,150,000   1,157,187 
  

 

 

 
   6,053,338 
  

 

 

 
Commercial Services & Supplies – 2.64%  

ADT Corp.
3.500%, 7/15/2022

  1,830,000   1,763,662 

Iron Mountain, Inc.
4.875%, 9/15/2027(b)

  410,000   393,600 
  

 

 

 
   2,157,262 
  

 

 

 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

67


Table of Contents

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

   Principal
Amount
  Value 
Consumer Products – 1.79%  

Avon International Operations, Inc.
7.875%, 8/15/2022(b)

 $925,000  $958,531 

Wyndham Destinations, Inc.
3.900%, 3/1/2023

  510,000   499,800 
  

 

 

 
   1,458,331 
  

 

 

 
Electric Utilities – 0.26%  

Commonwealth Edison Co.
5.900%, 3/15/2036

  175,000   214,166 
  

 

 

 
Food, Beverage & Tobacco – 1.86%  

Mead Johnson Nutrition Co.
4.900%, 11/1/2019

  775,000   784,124 

Pilgrim’s Pride Corp.
5.750%, 3/15/2025(b)

  725,000   732,250 
  

 

 

 
   1,516,374 
  

 

 

 
Health Care Providers & Services – 1.76%  

Tenet Healthcare Corp.
6.000%, 10/1/2020

  1,385,000   1,435,206 
  

 

 

 
Homebuilders – 2.16%  

PulteGroup, Inc.
5.500%, 3/1/2026

  980,000   1,009,400 

Toll Brothers Finance Corp.
4.875%, 11/15/2025

  745,000   749,656 
  

 

 

 
   1,759,056 
  

 

 

 
Insurance – 1.21%  

American International Group, Inc.
6.400%, 12/15/2020

  800,000   845,996 

CNA Financial Corp.
5.875%, 8/15/2020

  135,000   140,383 
  

 

 

 
   986,379 
  

 

 

 
Media – 0.53%  

Netflix, Inc.
5.375%, 2/1/2021

  420,000   436,144 
  

 

 

 
Metals & Mining – 0.11%  

Cloud Peak Energy Resources, LLC / Cloud Peak Energy Finance Corp.
12.000%, 11/1/2021(e)

  480,000   86,400 
  

 

 

 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

68


Table of Contents

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

   Principal
Amount
  Value 
Oil, Gas & Consumable Fuels – 9.20%  

BP Capital Markets Plc
3.506%, 3/17/2025

 $810,000  $825,750 

Chesapeake Energy Corp.
8.000%, 1/15/2025

  1,245,000   1,269,900 

Chevron Corp.
2.100%, 5/16/2021

  1,150,000   1,141,750 

Exxon Mobil Corp.
2.397%, 3/6/2022

  945,000   944,978 

Kinder Morgan, Inc.
4.300%, 6/1/2025

  1,054,000   1,099,308 

Occidental Petroleum Corp.
3.500%, 6/15/2025

  555,000   570,210 

Range Resources Corp.
5.000%, 3/15/2023

  1,680,000   1,646,400 
  

 

 

 
   7,498,296 
  

 

 

 
Retail – 1.28%  

JC Penney Corp, Inc.
5.875%, 7/1/2023(b)

  1,240,000   1,044,700 
  

 

 

 
Technology – 2.40%  

Microsoft Corp.
2.400%, 2/6/2022

  1,000,000   998,569 

VMware, Inc.
3.900%, 8/21/2027

  995,000   956,523 
  

 

 

 
   1,955,092 
  

 

 

 
Telecommunications – 3.44%  

AT&T, Inc.
3.000%, 6/30/2022

  1,630,000   1,637,186 

Frontier Communications Corp.
6.250%, 9/15/2021

  1,320,000   1,023,000 

Telefonica Emisiones SA
5.462%, 2/16/2021

  135,000   141,075 
  

 

 

 
   2,801,261 
  

 

 

 

TOTAL CORPORATE BONDS
(Cost $31,299,075)

  $31,206,405 
  

 

 

 

 

The accompanying notes to financial statements are an integral part of these Schedule of Investments.

 

69


Table of Contents

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2019 (Unaudited) (continued)

 

 

 

   Principal
Amount
  Value 
REPURCHASE AGREEMENTS – 3.11%  

State Street Bank and Trust Repurchase Agreement,
(Dated 03/29/19), due 04/01/19, 1.20% [Collateralized
by $2,560,000 US Treasury Notes, 2.500%, 02/15/22,
(Market Value $2,589,524)] (proceeds $2,538,444)

 $2,538,190  $2,538,190 
  

 

 

 

TOTAL REPURCHASE AGREEMENTS
(Cost $2,538,190)

  $2,538,190 
  

 

 

 

Total Investments (Cost $81,476,532) – 100.21%

  $81,717,980 

Liabilities in Excess of Other Assets – (0.21)%

   (177,222
  

 

 

 

TOTAL NET ASSETS – 100.00%

  $81,540,758 
  

 

 

 

 

Percentages are stated as a percent of net assets.

LIBOR London Inter-bank Offered Rate

(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 $3,129,081, which represented 3.84% of the net assets of the Fund.

(c)

Variable rate security. The coupon is based on an underlying pool of loans.

(d)

Variable rate security. The coupon is based on a reference index and spread index.

(e)

Issuer is in default of interest payments.

The industry classifications represented in the Schedule of Investments are comprised 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.

 

70


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(This Page Intentionally Left Blank.)

 

71


Table of Contents

Brandes Investment Trust

STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2019 (Unaudited)

 

 

 

   Brandes
International
Equity Fund
     Brandes
Global
Equity Fund
 

ASSETS

      

Investment in securities, at value(1)

      

Unaffiliated issuers

  $790,405,633     $45,940,554 

Affiliated issuers

          

Cash

          

Foreign Currency(1)

   407,887      51,924 

Receivables:

      

Securities sold

   3,945,991      967,870 

Fund shares sold

   6,417,406      23,777 

Dividends and interest

   4,525,662      215,326 

Foreign currency spot trade

          

Tax reclaims

   534,604      32,850 

Securities lending

   796      505 

Due from Advisor

          

Prepaid expenses and other assets

   123,918      24,136 
  

 

 

     

 

 

 

Total Assets

   806,361,897      47,256,942 
  

 

 

     

 

 

 

LIABILITIES

      

Payables:

      

Securities purchased

   1,597,006       

Fund shares redeemed

   2,421,007      126,613 

Due to Advisor

   529,551      17,999 

12b-1 Fee

   18,760      1,259 

Trustee Fees

   10,500      1,406 

Due to Custodian

   13,770      1,456 

Dividends payable

   292,374      2,768 

Foreign tax withholding

   455,542      19,566 

Foreign currency spot trade payable

         557 

Accrued expenses

   279,624      99,117 
  

 

 

     

 

 

 

Total Liabilities

   5,618,134      270,741 
  

 

 

     

 

 

 

NET ASSETS

  $800,743,763     $46,986,201 
  

 

 

     

 

 

 

COMPONENTS OF NET ASSETS

      

Capital Stock

  $906,482,377     $44,019,222 

Total distributable earnings

   (105,738,614     2,966,979 
  

 

 

     

 

 

 

Total Net Assets

  $800,743,763     $46,986,201 
  

 

 

     

 

 

 

Net asset value, offering price and redemption proceeds per share

      

Class A Shares

      

Net Assets

  $36,167,675     $1,673,511 

Shares outstanding (unlimited shares authorized without par value)

   2,181,799      75,998 

Offering and redemption price

  $16.58     $22.02 
  

 

 

     

 

 

 

Maximum offering price per share*

  $17.59     $23.36 
  

 

 

     

 

 

 

Class C Shares

      

Net Assets

  $17,053,748     $1,382,809 

Shares outstanding (unlimited shares authorized without par value)

   1,045,510      63,230 

Offering and redemption price

  $16.31     $21.87 
  

 

 

     

 

 

 

Class I Shares

      

Net Assets

  $713,630,937     $43,929,881 

Shares outstanding (unlimited shares authorized without par value)

   42,910,920      1,980,701 

Offering and redemption price

  $16.63     $22.18 
  

 

 

     

 

 

 

Class R6 Shares

      

Net Assets

  $33,891,403      N/A 

Shares outstanding (unlimited shares authorized without par value)

   2,029,730      N/A 

Offering and redemption price

  $16.70      N/A 
  

 

 

     

 

 

 

(1)Costof:

      

Investments in securities

      

Unaffiliated issuers

  $901,797,146     $42,083,217 

Affiliated issuers

          

Foreign currency

   408,181      52,050 

 

*

Includes a sales load of 5.75% for the International, Global, Global Equity Income, Global Opportunities Value, Emerging Markets Value, International Small Cap, and Small Cap Value Funds and 3.75% for the Core Plus Fixed Income Fund. (see Note 7 of the Notes to Financial Statements)

 

The accompanying notes to financial statements are an integral part of these statements.

 

72


Table of Contents

Brandes Investment Trust

STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2019 (Unaudited) (continued)

 

 

 

Brandes
Global Equity
Income Fund

  Brandes
Global
Opportunities
Value Fund
  Brandes
Emerging
Markets
Value Fund
  Brandes
International
Small Cap
Equity Fund
  Brandes
Small Cap
Value Fund
  Brandes
Core Plus Fixed
Income Fund
 
     
     
$1,295,525  $10,289,853  $1,471,871,443  $653,773,827  $9,000,405  $81,717,980 
       717,648   3,061,535       
 52,413               789,953 
 1,818   7,602      63,578       
     
 1,625      407,691   1,481,272   24,918    
    1,160   2,106,923   4,783,716      114,869 
 8,807   120,723   8,137,336   3,290,260   17,626   473,727 
 4      69,655   7,167       
 470   4,706   337,224   263,836   194    
          8,434       
 13,176   11,393         10,824    
 5,819   18,684   122,782   65,768   37,519   31,773 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
 1,379,657   10,454,121   1,483,770,702   666,799,393   9,091,486   83,128,302 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
     
     
    41,668   8,326,488   699,566      1,294,597 
 138   66,802   1,540,457   1,202,147      166,026 
       1,198,823   537,115      7,014 
 11   270   70,914   20,024   4   523 
 42   702   37,209   39,327      1,941 
 367   1,708   207,126   39,948   515   2,061 
 108   1,936   455,139   59,384      16,458 
 953   16,465   1,318,821   415,801   291    
    147             
 44,361   64,438   488,221   387,204   46,198   98,924 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
 45,980   194,136   13,643,198   3,400,516   47,008   1,587,544 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
$1,333,677  $10,259,985  $1,470,127,504  $663,398,877  $9,044,478  $81,540,758 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
     
$1,297,866  $13,961,035  $1,667,836,070  $885,279,386  $9,839,679  $82,985,604 
 35,811   (3,701,050  (197,708,566  (221,880,509  (795,201  (1,444,846

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
$1,333,677  $10,259,985  $1,470,127,504  $663,398,877  $9,044,478  $81,540,758 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
     
     
$30,797  $643,950  $260,093,096  $61,701,994  $16,247  $2,061,167 
 2,708   68,095   30,124,381   5,757,549   1,873   228,916 
$11.37  $9.46  $8.63  $10.72  $8.67  $9.00 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
$12.07  $10.03  $9.16  $11.37  $9.20  $9.36 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
     
$5,005  $201,888  $20,541,812  $9,608,078   N/A   N/A 
 457   21,428   2,390,948   921,234   N/A   N/A 
$10.95  $9.42  $8.59  $10.43   N/A   N/A 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
     
$1,297,875  $9,414,147  $1,152,845,247  $530,242,705  $4,987,456  $79,479,487 
 119,838   996,924   132,885,686   49,298,516   574,772   8,757,249 
$10.83  $9.44  $8.68  $10.76  $8.68  $9.08 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
     
 N/A   N/A  $36,647,349  $61,846,100   4,040,775   104 
 N/A   N/A   4,210,724   5,738,800   463,037   12 
 N/A   N/A  $8.70  $10.78  $8.73  $9.09 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
     
     
$1,272,741  $10,659,247  $1,614,647,630  $719,496,424  $9,938,143  $81,476,532 
       12,202,165   30,714,820       
 1,824   7,620      63,753       

 

The accompanying notes to financial statements are an integral part of these statements.

 

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Brandes Investment Trust

STATEMENTS OF OPERATIONS — For the Six Months Ended March 31, 2019 (Unaudited)

 

 

 

   Brandes
International
Equity Fund
  Brandes
Global
Equity Fund
 

INVESTMENT INCOME

   

Income

   

Dividend income

  $9,167,002  $779,775 

Less: Foreign taxes withheld

   (735,165  (37,857

Interest income

   197,368   5,312 

Income from securities lending

   102,242   4,685 
  

 

 

  

 

 

 

Total Income

   8,731,447   751,915 
  

 

 

  

 

 

 

Expenses

   

Advisory fees (Note 3)

   2,928,827   223,006 

Custody fees

   40,124   4,128 

Administration fees (Note 3)

   87,188   13,804 

Insurance expense

   7,269   728 

Legal fees

   15,662   1,538 

Printing fees

   19,896   2,822 

Miscellaneous

   12,627   2,655 

Registration expense

   45,490   22,984 

Trustee fees

   36,748   4,288 

Transfer agent fees

   71,500   24,564 

12b-1 Fees – Class A

   43,511   3,188 

12b-1 Fees – Class C

   63,694   5,469 

Shareholder Service Fees – Class C

   21,231   1,823 

Sub-Transfer Agency Fees – Class I

   163,459   12,936 

Accounting fees

   39,964   28,940 

Auditing fees

   22,858   19,854 

Organizational Costs

       
  

 

 

  

 

 

 

Total expenses

   3,620,048   372,727 

Expenses waived

   (12,041  (83,490

Expenses recouped

       
  

 

 

  

 

 

 

Total net expenses

   3,608,007   289,237 
  

 

 

  

 

 

 

Net investment income

   5,123,440   462,678 
  

 

 

  

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

   

Net realized gain (loss) on:

   

Unaffiliated investments

   12,400,366   (794,873

Affiliated investments

       

Foreign currency transactions

   (35,828  (10,440
  

 

 

  

 

 

 

Net realized gain (loss)

   12,364,538   (805,313
  

 

 

  

 

 

 

Net change in unrealized appreciation (depreciation) on:

   

Investments

   (57,840,582  (3,501,839

Foreign currency transactions

   988   (1,717
  

 

 

  

 

 

 

Net unrealized depreciation

   (57,839,594  (3,503,556
  

 

 

  

 

 

 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

   (45,475,056  (4,308,869
  

 

 

  

 

 

 

Net increase (decrease) in net assets resulting from operations

  $(40,351,616 $(3,846,191
  

 

 

  

 

 

 

 

The accompanying notes to financial statements are an integral part of these statements.

 

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Brandes Investment Trust

STATEMENTS OF OPERATIONS — For the Six Months Ended March 31, 2019 (continued)

 

 

 

Brandes
Global Equity
Income Fund

  Brandes
Global
Opportunities
Value Fund
  Brandes
Emerging
Markets
Value Fund
  Brandes
International
Small Cap

Equity Fund
  Brandes
Small Cap
Value Fund
  Brandes
Core Plus Fixed
Income Fund
 
     
     
$23,101  $265,594  $17,812,400  $6,665,157  $69,754  $ 
 (1,387  (22,147  (2,219,556  (725,936  (2,641   
    1,331   134,497   201,803   13,371   1,490,549 
          55,916       

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
 21,714   244,778   15,727,341   6,196,940   80,484   1,490,549 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
     
 5,229   95,026   6,764,107   3,814,585   32,244   148,616 
 1,004   4,120   372,892   104,342   1,002   6,258 
 6,660   10,200   172,452   128,724   7,622   16,834 
    272   15,648   13,354   90   994 
    628   37,574   32,920   374   2,358 
 1,369   2,182   55,906   36,434   2,014   3,812 
 1,286   1,556   26,766   26,114   732   2,314 
 3,710   28,796   50,604   38,964   12,734   29,156 
 834   2,332   78,940   62,862   1,072   5,676 
 22,568   23,538   171,250   111,632   22,750   25,832 
 38   1,130   314,884   86,604   31   2,335 
 19   832   79,510   42,309   N/A   N/A 
 6   277   26,503   14,103   N/A   N/A 
 318   4,720   279,142   164,458   1,249   20,764 
 28,134   30,322   45,428   43,030   25,260   29,812 
 17,304   18,390   21,668   20,394   17,010   20,120 
             15,691    

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
 88,479   224,321   8,513,274   4,740,829   139,875   314,881 
 (81,880  (107,050  (175,367  (60,862  (102,161  (100,703
       17,775          

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
 6,599   117,271   8,355,682   4,679,967   37,714   214,178 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
 15,115   127,507   7,371,659   1,516,973   42,770   1,276,371 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
     
     
 12,545   (2,683,130  6,942,745   (102,163,116  (48,481  (791,452
                 
 14   (12,518  (235,475  845       

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
 12,559   (2,695,648  6,707,270   (102,162,271  (48,481  (791,452

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
     
 (55,853  414,758   13,186,703   13,772,917   (847,278  2,109,703 
 180   1,104   (68,714  5,039       

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
 (55,673  415,862   13,117,989   13,777,956   (847,278  2,109,703 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
 
    
(43,114

  (2,279,786  19,825,259   (88,384,315  (895,759  1,318,251 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 
$(27,999 $(2,152,279 $27,196,918  $(86,867,342 $(852,989 $2,594,622 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

 

 

The accompanying notes to financial statements are an integral part of these statements.

 

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Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS

 

 

 

  Brandes International
Equity Fund
  Brandes Global
Equity Fund
 
  Six Months
Ended March 31,
2019
  Year ended
September 30,
2018(1)
  Six Months
Ended March 31,
2019
  Year ended
September 30,
2018(2)
 
  (Unaudited)     (Unaudited)    

INCREASE (DECREASE) IN NET ASSETS FROM:

    

OPERATIONS

    

Net investment income

 $5,123,440  $14,011,486  $462,678  $1,348,817 

Net realized gain (loss) on:

    

Investments

  12,400,366   25,391,080   (794,873  2,874,455 

Foreign currency transactions

  (35,828  (210,171  (10,440  (10,426

Net unrealized appreciation (depreciation) on:

    

Investments

  (57,840,582  (17,141,192  (3,501,839  (732,898

Foreign currency transactions

  988   (41,489  (1,717  (281
 

 

 

  

 

 

  

 

 

  

 

 

 

Net increase (decrease) in net assets resulting from operations

  (40,351,616  22,009,714   (3,846,191  3,479,667 
 

 

 

  

 

 

  

 

 

  

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

    

Distributions to shareholders

    

Class A

  (473,856  (569,062  (152,514  (195,704

Class C

  (197,585  (240,746  (77,599  (48,710

Class I

  (9,147,549  (10,567,066  (3,105,899  (2,487,609

Class R6

  (403,727  (440,184  N/A   N/A 
 

 

 

  

 

 

  

 

 

  

 

 

 

Decrease in net assets from distributions

  (10,222,717  (11,817,058  (3,336,012  (2,732,023
 

 

 

  

 

 

  

 

 

  

 

 

 

CAPITAL SHARE TRANSACTIONS

    

Proceeds from shares sold

  261,834,458   280,183,460   5,204,041   5,255,435 

Net asset value of shares issued on reinvestment of distributions

  9,614,754   11,008,451   3,304,635   2,710,260 

Cost of shares redeemed

  (162,669,957  (169,897,059  (21,953,055  (10,290,630
 

 

 

  

 

 

  

 

 

  

 

 

 

Net increase (decrease) in net assets from capital share transactions

  108,779,255   121,294,852   (13,444,379  (2,324,935
 

 

 

  

 

 

  

 

 

  

 

 

 

Total increase (decrease) in net assets

  58,204,922   131,487,508   (20,626,582  (1,577,291
 

 

 

  

 

 

  

 

 

  

 

 

 

NET ASSETS

    

Beginning of the Period

  742,538,841   611,051,333   67,612,783   69,190,074 
 

 

 

  

 

 

  

 

 

  

 

 

 

End of the Period

 $800,743,763  $742,538,841  $46,986,201  $67,612,783 
 

 

 

  

 

 

  

 

 

  

 

 

 

 

(1) 

Distributions to shareholders includes net investment income distributions of $569,062, $240,746, $10,567,066 and $440,184 for the A, C, I and R6 classes, respectively. End of period net assets includes accumulated undistributed net investment income of $1,537,706.

(2) 

Distributions to shareholders includes net investment income distributions of $72,745, $15,982 and $1,223,998, and net realized gains distributions of $122,959, $32,728 and $1,263,611 for the A, C and I classes, respectively. End of period net assets includes accumulated undistributed net investment loss of $62,335.

 

The accompanying notes to financial statements are an integral part of these statements.

 

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Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS (continued)

 

 

 

  Brandes Global Equity
Income Fund
  Brandes Global Opportunities
Value Fund
 
  Six Months
Ended March 31,
2019
  Year ended
September 30,
2018(1)
  Six Months
Ended March 31,
2019
  Year ended
September 30,
2018(2)
 
  (Unaudited)     (Unaudited)    

INCREASE (DECREASE) IN NET ASSETS FROM:

    

OPERATIONS

    

Net investment income

 $15,115  $31,967  $127,507  $573,397 

Net realized gain (loss) on:

    

Investments

  12,545   53,581   (2,683,130  1,518,371 

Foreign currency transactions

  14   (260  (12,518  (1,341

Net unrealized appreciation (depreciation) on:

    

Investments

  (55,853  (48,419  414,758   (3,226,983

Foreign currency transactions

  180   (171  1,104   (1,895
 

 

 

  

 

 

  

 

 

  

 

 

 

Net increase (decrease) in net assets resulting from operations

  (27,999  36,698   (2,152,279  (1,138,451
 

 

 

  

 

 

  

 

 

  

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

    

Distributions to shareholders

    

Class A

  (1,297  (685  (61,728  (70,029

Class C

  (194  (21  (15,251  (6,750

Class I

  (56,470  (64,304  (1,755,309  (966,526
 

 

 

  

 

 

  

 

 

  

 

 

 

Decrease in net assets from distributions

  (57,961  (65,010  (1,832,288  (1,043,305
 

 

 

  

 

 

  

 

 

  

 

 

 

CAPITAL SHARE TRANSACTIONS

    

Proceeds from shares sold

  22,500   339,640   823,712   4,818,934 

Net asset value of shares issued on reinvestment of distributions

  56,669   62,888   1,792,125   1,010,828 

Cost of shares redeemed

  (47,765  (28,697  (18,411,506  (5,250,648
 

 

 

  

 

 

  

 

 

  

 

 

 

Net increase (decrease) in net assets from capital share transactions

  31,404   373,831   (15,795,669  579,114 
 

 

 

  

 

 

  

 

 

  

 

 

 

Total increase (decrease) in net assets

  (54,556  345,519   (19,780,236  (1,602,642
 

 

 

  

 

 

  

 

 

  

 

 

 

NET ASSETS

    

Beginning of the Period

  1,388,233   1,042,714   30,040,221   31,642,863 
 

 

 

  

 

 

  

 

 

  

 

 

 

End of the Period

 $1,333,677  $1,388,233  $10,259,985  $30,040,221 
 

 

 

  

 

 

  

 

 

  

 

 

 

 

(1)

Distributions to shareholders includes net investment income distributions of $681, $17 and $30,179, and net realized gains distributions of $4, $4 and $34,125 for the A, C and I classes, respectively. End of period net assets includes accumulated undistributed net investment income of $953.

(2)

Distributions to shareholders includes net investment income distributions of $47,970, $4,499 and $719,259, and net realized gains distributions of $22,059, $2,251 and $247,267 for the A, C and I classes, respectively. End of period net assets includes accumulated undistributed net investment loss of $40,684.

 

The accompanying notes to financial statements are an integral part of these statements.

 

77


Table of Contents

Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS (continued)

 

 

 

  Brandes Emerging
Markets Value Fund
  Brandes International
Small Cap Equity Fund
 
  Six Months
Ended March 31,
2019
  Year ended
September 30,
2018(1)
  Six Months
Ended March 31,
2019
  Year ended
September 30,
2018(2)
 
  (Unaudited)     (Unaudited)    

INCREASE (DECREASE) IN NET ASSETS FROM:

    

OPERATIONS

    

Net investment income

 $7,371,659  $31,671,556  $1,516,973  $18,413,109 

Net realized gain (loss) on:

    

Investments

  6,942,745   101,866,689   (102,163,116  76,959,441 

Foreign currency transactions

  (235,475  (2,992,329  845   (807,207

Net unrealized appreciation (depreciation) on:

    

Investments

  13,186,703   (297,507,481  13,772,917   (212,419,367

Foreign currency transactions

  (68,714  31,294   5,039   166,032 
 

 

 

  

 

 

  

 

 

  

 

 

 

Net increase (decrease) in net assets resulting from operations

  27,196,918   (166,930,271  (86,867,342  (117,687,992
 

 

 

  

 

 

  

 

 

  

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

    

Distributions to shareholders

    

Class A

  (801,531  (4,492,509  (2,451,868  (11,119,388

Class C

  (22,136  (224,759  (381,674  (1,848,988

Class I

  (4,630,709  (23,654,042  (20,776,555  (109,207,423

Class R6

  (155,257  (1,345,870  (2,272,824  (5,700,213
 

 

 

  

 

 

  

 

 

  

 

 

 

Decrease in net assets from distributions

  (5,609,633  (29,717,180  (25,882,921  (127,876,012
 

 

 

  

 

 

  

 

 

  

 

 

 

CAPITAL SHARE TRANSACTIONS

    

Proceeds from shares sold

  310,136,115   532,236,709   129,843,752   400,890,576 

Net asset value of shares issued on reinvestment of distributions

  5,082,996   26,393,702   24,616,866   123,508,821 

Cost of shares redeemed

  (343,986,917  (640,989,583  (510,039,784  (971,216,787
 

 

 

  

 

 

  

 

 

  

 

 

 

Net decrease in net assets from capital share transactions

  (28,767,806  (82,359,172  (355,579,166  (446,817,390
 

 

 

  

 

 

  

 

 

  

 

 

 

Total decrease in net assets

  (7,180,521  (279,006,623  (468,329,429  (692,381,394
 

 

 

  

 

 

  

 

 

  

 

 

 

NET ASSETS

    

Beginning of the Period

  1,477,308,025   1,756,314,648   1,131,728,306   1,824,109,700 
 

 

 

  

 

 

  

 

 

  

 

 

 

End of the Period

 $1,470,127,504  $1,477,308,025  $663,398,877  $1,131,728,306 
 

 

 

  

 

 

  

 

 

  

 

 

 

 

(1)

Distributions to shareholders includes net investment income distributions of $4,492,509, $224,759, $23,654,042 and $1,345,870 for the A, C, I and R6 classes, respectively. End of period net assets includes accumulated undistributed net investment loss of $10,547,353.

(2)

Distributions to shareholders includes net investment income distributions of $5,950,910, $957,993, $60,072,418 and $3,193,839, and net realized gains distributions of $5,168,478, $890,995, $49,135,005 and $2,506,374 for the A, C, I and R6 classes, respectively. End of period net assets includes accumulated undistributed net investment loss of $11,039,962.

 

The accompanying notes to financial statements are an integral part of these statements.

 

78


Table of Contents

Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS (continued)

 

 

 

  Brandes Small Cap
Value Fund
  Brandes Core Plus Fixed
Income Fund
 
  Six Months
Ended March 31,
2019
  Period ended
September 30,
2018(1)(2)
  Six Months
Ended March 31,
2019
  Year ended
September 30,
2018(3)
 
  (Unaudited)     (Unaudited)    

INCREASE (DECREASE) IN NET ASSETS FROM:

    

OPERATIONS

    

Net investment income

 $42,770  $39,189  $1,276,371  $2,720,051 

Net realized gain (loss) on:

    

Investments

  (48,481  500,680   (791,452  (734,191

Foreign currency transactions

            

Net unrealized appreciation (depreciation) on:

    

Investments

  (847,278  (90,460  2,109,703   (2,975,754

Foreign currency transactions

            
 

 

 

  

 

 

  

 

 

  

 

 

 

Net increase (decrease) in net assets resulting from operations

  (852,989  449,409   2,594,622   (989,894
 

 

 

  

 

 

  

 

 

  

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

    

Distributions to shareholders

    

Class A

  (1,842  (166  (26,433  (64,040

Class I

  (393,339  (20,004  (1,256,491  (2,657,099

Class R6

  (333,613  (19,482  (2  (4
 

 

 

  

 

 

  

 

 

  

 

 

 

Decrease in net assets from distributions

  (728,794  (39,652  (1,282,926  (2,721,143
 

 

 

  

 

 

  

 

 

  

 

 

 

CAPITAL SHARE TRANSACTIONS

    

Proceeds from shares sold

     1,813,264   6,741,707   34,243,797 

Proceeds from Transferin-kind (Note 10)

     8,132,782       

Net asset value of shares issued on reinvestment of distributions

  728,795   39,652   1,250,360   2,679,959 

Cost of shares redeemed

  (432,369  (65,620  (19,265,928  (42,896,480
 

 

 

  

 

 

  

 

 

  

 

 

 

Net increase (decrease) in net assets from capital share transactions

  296,426   9,920,078   (11,273,861  (5,972,724
 

 

 

  

 

 

  

 

 

  

 

 

 

Total increase (decrease) in net assets

  (1,285,357  10,329,835   (9,962,165  (9,683,761
 

 

 

  

 

 

  

 

 

  

 

 

 

NET ASSETS

    

Beginning of the Period

  10,329,835      91,502,923   101,186,684 
 

 

 

  

 

 

  

 

 

  

 

 

 

End of the Period

 $9,044,478  $10,329,835  $81,540,758  $91,502,923 
 

 

 

  

 

 

  

 

 

  

 

 

 

 

(1)

Commenced operations on January 2, 2018.

(2)

Distributions to shareholders includes net investment income distributions of $166, $20,004 and $19,482 for the A, I and R6 classes, respectively. End of period net assets includes accumulated undistributed net investment income of $2,480.

(3)

Distributions to shareholders includes net investment income distributions of $64,040, $2,657,099 and $4 for the A, I and R6 classes, respectively. End of period net assets includes accumulated undistributed net investment income of $19,107.

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

   

Net asset

value,

beginning
of period

  

Net
investment

income(5)

  

Net
realized and

unrealized

gain (loss) on

investments

  

Total from

investment

operations

  

Dividends

from net

investment

income

 

Brandes International Equity Fund

 

   

Class A

     

3/31/2019 (Unaudited)

 $17.71   0.10   (1.01  (0.91  (0.22

9/30/2018

 $17.48   0.36   0.17   0.53   (0.30

9/30/2017

 $15.70   0.29   2.03   2.32   (0.54

9/30/2016

 $14.90   0.35   0.81   1.16   (0.36

9/30/2015

 $16.58   0.35   (1.73  (1.38  (0.30

9/30/2014

 $16.03   0.33   0.56   0.89   (0.34

Class C

     

3/31/2019 (Unaudited)

 $17.47   0.04   (1.01  (0.97  (0.19

9/30/2018

 $17.30   0.22   0.18   0.40   (0.23

9/30/2017

 $15.58   0.17   2.00   2.17   (0.45

9/30/2016

 $14.79   0.23   0.81   1.04   (0.25

9/30/2015

 $16.48   0.24   (1.73  (1.49  (0.20

9/30/2014

 $15.98   0.20   0.55   0.75   (0.25

Class I

     

3/31/2019 (Unaudited)

 $17.76   0.12   (1.02  (0.90  (0.23

9/30/2018

 $17.52   0.40   0.16   0.56   (0.32

9/30/2017

 $15.72   0.33   2.04   2.37   (0.57

9/30/2016

 $14.92   0.38   0.81   1.19   (0.39

9/30/2015

 $16.60   0.35   (1.70  (1.35  (0.33

9/30/2014

 $16.05   0.36   0.56   0.92   (0.37

Class R

     

6 3/31/2019 (Unaudited)

 $17.83   0.13   (1.03  (0.90  (0.23

9/30/2018

 $17.56   0.42   0.18   0.60   (0.33

9/30/2017

 $15.74   0.35   2.04   2.39   (0.57

2/1/2016(3) – 9/30/2016

 $14.41   0.27   1.39   1.66   (0.33

 

 

(1)

Not annualized.

(2)

Annualized.

(3)

Commencement of operations.

(4)

After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

(5)

Net investment income per share has been calculated based on average shares outstanding during the period.

(6)

The total return calculation does not reflect the sales loads that may be imposed on Class A or C shares (see Note 7 of the Notes to Financial Statements).

(7)

The total return figure is the since inception return for the class.

(8)

Includes expenses not covered by the Trust’s expense limitation agreement. See Note 3 for more information.

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

Net asset
value, end

of period

  Total
return(6)
  

Net assets,

end of
period

(millions)

  Ratio of
net expenses
to average
net assets(4)
  

Ratio of net
investment

income to

average

net assets(4)

  

Ratio of

expenses (prior
to reimburse-
ments) to
average
net assets

  Ratio of net
investment
income (prior
to reimburse-
ments) to
average net
assets
  Portfolio
turnover
rate
 
       
       
$16.58   -5.10%(1)  $36.2   1.16%(2)   1.22%(2)   1.16%(2)   1.22%(2)   6.71%(1) 
$17.71   3.02 $34.9   1.16  2.00  1.16  2.00  20.37
$17.48   15.07 $31.5   1.18%(8)   1.77  1.18%(8)   1.77  33.82
$15.70   7.90 $14.3   1.18  2.30  1.18  2.30  17.60
$14.90   -8.47 $13.1   1.18  2.08  1.18  2.08  27.50
$16.58   5.47 $9.0   1.19  1.92  1.18  1.93  39.53
       
$16.31   -5.51%(1)  $17.0   1.91%(2)   0.47%(2)   1.91%(2)   0.47%(2)   6.71%(1) 
$17.47   2.31 $18.3   1.91  1.25  1.91  1.25  20.37
$17.30   14.19 $17.9   1.93%(8)   1.01  1.93%(8)   1.01  33.82
$15.58   7.10 $13.1   1.93  1.55  1.93  1.55  17.60
$14.79   -9.14 $12.0   1.93  1.43  1.93  1.43  27.50
$16.48   4.64 $4.3   1.93  1.19  1.93  1.19  39.53
       
$16.63   -5.03%(1)  $713.6   0.96%(2)   1.43%(2)   0.96%(2)   1.43%(2)   6.71%(1) 
$17.76   3.23 $664.7   0.96  2.20  0.96  2.20  20.37
$17.52   15.33 $523.1   0.98%(8)   1.96  0.98%(8)   1.96  33.82
$15.72   8.10 $648.3   1.00  2.48  0.98  2.50  17.60
$14.92   -8.30 $562.5   1.00  2.10  0.98  2.12  27.50
$16.60   5.61 $521.9   1.00  2.12  0.99  2.13  39.53
       
$16.70   -4.99%(1)  $33.9   0.82%(2)   1.57%(2)   0.91%(2)   1.48%(2)   6.71%(1) 
$17.83   3.44 $24.6   0.82  2.34  0.91  2.25  20.37
$17.56   15.48 $38.5   0.83%(8)   2.12  0.93%(8)   2.02  33.82
$15.74   11.60%(7)  $27.7   0.82%(2)   2.67%(2)   0.93%(2)   2.56%(2)   17.60%(1) 

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

   Net asset
value,
beginning
of period
  Net
investment
income(2)
  

Net
realized and
unrealized
gain (loss) on
investments

  Total from
investment
operations
  Dividends
from net
investment
income
  Dividends
from net
realized
gains
 

Brandes Global Equity Fund

 

     

Class A

      

3/31/2019 (Unaudited)

 $24.61   0.16   (1.53  (1.37  (0.17  (1.05

9/30/2018

 $24.42   0.43   0.69   1.12   (0.42  (0.51

9/30/2017

 $21.21   0.34   3.28   3.62   (0.41   

9/30/2016

 $21.85   0.40   0.67   1.07   (0.42  (1.29

9/30/2015

 $25.43   0.27   (1.90  (1.63  (0.33  (1.62

9/30/2014

 $24.20   0.43   2.00   2.43   (0.44  (0.76

Class C

      

3/31/2019 (Unaudited)

 $24.45   0.08   (1.51  (1.43  (0.10  (1.05

9/30/2018

 $24.28   0.24   0.69   0.93   (0.25  (0.51

9/30/2017

 $21.09   0.18   3.25   3.43   (0.24   

9/30/2016

 $21.73   0.25   0.66   0.91   (0.26  (1.29

9/30/2015

 $25.31   0.16   (1.92  (1.76  (0.20  (1.62

9/30/2014

 $24.14   0.24   1.99   2.23   (0.30  (0.76

Class I

      

3/31/2019 (Unaudited)

 $24.77   0.19   (1.53  (1.34  (0.20  (1.05

9/30/2018

 $24.57   0.49   0.70   1.19   (0.48  (0.51

9/30/2017

 $21.33   0.41   3.30   3.71   (0.47   

9/30/2016

 $21.95   0.46   0.67   1.13   (0.46  (1.29

9/30/2015

 $25.52   0.39   (1.97  (1.58  (0.37  (1.62

9/30/2014

 $24.26   0.50   2.00   2.50   (0.48  (0.76

 

 

(1)

After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

(2)

Net investment income per share has been calculated based on average shares outstanding during the period.

(3)

The total return calculation does not reflect the sales loads that may be imposed on Class A or C shares (see Note 7 of the Notes to Financial Statements).

(4)

Includes expenses not covered by the Trust’s expense limitation agreement. See Note 3 for more information.

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

Net asset
value, end
of period
  Total
return(3)
  Net assets,
end of
period
(millions)
  Ratio of
net expenses
to average
net assets(1)
  Ratio of net
investment
income to
average
net assets(1)
  Ratio of
expenses (prior
to reimburse-
ments) to
average
net assets
  Ratio of net
investment
income (prior
to reimburse-
ments) to
average
net assets
  Portfolio
turnover
rate
 
       
       
$22.02   -5.35%(1)  $1.7   1.25%(2)   1.44%(2)   1.50%(2)   1.19%(2)   9.13%(1) 
$24.61   4.68 $3.4   1.25  1.72  1.40  1.57  8.89
$24.42   17.20 $5.8   1.26%(4)   1.52  1.45%(4)   1.33  17.42
$21.21   5.01 $4.6   1.25  1.95  1.58  1.62  15.68
$21.85   -6.99 $1.8   1.25  1.15  1.66  0.74  25.06
$25.43   10.18 $1.2   1.25  1.67  1.71  1.21  30.33
       
$21.87   -5.68%(1)  $1.4   2.00%(2)   0.70%(2)   2.26%(2)   0.44%(2)   9.13%(1) 
$24.45   3.88 $1.6   2.00  0.97  2.15  0.82  8.89
$24.28   16.31 $1.7   2.01%(4)   0.77  2.21%(4)   0.57  17.42
$21.09   4.20 $2.0   2.00  1.20  2.32  0.88  15.68
$21.73   -7.62 $2.4   2.00  0.66  2.42  0.24  25.06
$25.31   9.34 $1.1   2.00  0.92  2.46  0.46  30.33
       
$22.18   -5.20%(1)  $43.9   1.00%(2)   1.70%(2)   1.30%(2)   1.40%(2)   9.13%(1) 
$24.77   4.95 $62.6   1.00  1.97  1.20  1.77  8.89
$24.57   17.48 $61.7   1.01%(4)   1.77  1.26%(4)   1.52  17.42
$21.33   5.26 $47.3   1.00  2.20  1.38  1.82  15.68
$21.95   -6.75 $46.0   1.00  1.61  1.47  1.14  25.06
$25.52   10.46 $45.9   1.00  1.93  1.53  1.40  30.33

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

   Net asset
value,
beginning
of period
  Net
investment
income(5)
  

Net
realized and
unrealized
gain (loss) on
investments

  Total from
investment
operations
  Dividends
from net
investment
income
  Dividends
from net
realized
gains
 

Brandes Global Equity Income Fund

 

    

Class A

      

3/31/2019 (Unaudited)

 $12.12   0.12   (0.39  (0.27  (0.12  (0.36

9/30/2018

 $12.46   0.30   0.02   0.32   (0.26  (0.40

9/30/2017

 $10.79   0.24   1.73   1.97   (0.04  (0.26

9/30/2016

 $9.62   0.28   1.35   1.63   (0.26  (0.20

12/31/2014(3) – 9/30/2015

 $10.00   0.23   (0.46  (0.23  (0.15   

Class C

      

3/31/2019 (Unaudited)

 $11.69   0.07   (0.37  (0.30  (0.08  (0.36

9/30/2018

 $11.97   0.20   0.11   0.31   (0.19  (0.40

9/30/2017

 $10.72   0.16   1.50   1.66   (0.15  (0.26

9/30/2016

 $9.60   0.20   1.31   1.51   (0.19  (0.20

12/31/2014(3) – 9/30/2015

 $10.00   0.23   (0.52  (0.29  (0.11   

Class I

      

3/31/2019 (Unaudited)

 $11.57   0.13   (0.38  (0.25  (0.13  (0.36

9/30/2018

 $11.87   0.32   0.06   0.38   (0.28  (0.40

9/30/2017

 $10.68   0.27   1.45   1.72   (0.27  (0.26

9/30/2016

 $9.57   0.29   1.30   1.59   (0.28  (0.20

12/31/2014(3) – 9/30/2015

 $10.00   0.23   (0.45  (0.22  (0.21   

 

 

(1)

Not annualized.

(2)

Annualized.

(3)

Commencement of operations.

(4)

After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

(5)

Net investment income per share has been calculated based on average shares outstanding during the period.

(6)

The total return calculation does not reflect the sales loads that may be imposed on Class A or C shares (see Note 7 of the Notes to Financial Statements).

(7)

The total return figure is the since inception return for the class.

(8)

Amount is less than $50,000.

(9)

Includes expenses not covered by the Trust’s expense limitation agreement. See Note 3 for more information.

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

Net asset
value, end
of period
  Total
return(6)
  Net assets,
end of
period
(millions)
  Ratio of
net expenses
to average
net assets(4)
  Ratio of net
investment
income to
average
net assets(4)
  Ratio of
expenses (prior
to reimburse-
ments) to
average
net assets
  Ratio of net
investment
income (prior
to reimburse-
ments) to
average
net assets
  Portfolio
turnover
rate
 
       
       
$11.37   -2.03%(1)  $(8)   1.25%(2)   2.07%(2)   13.72%(2)   (10.40)%(2)   5.55%(1) 
$12.12   2.66 $(8)   1.25  2.47  13.81  (10.09)%   16.42
$12.46   18.81 $(8)   1.27%(9)   2.17  18.00%(9)   (14.56)%   12.97
$10.79   17.35 $(8)   1.25  2.67  20.41  (16.49)%   22.38
$9.62   -2.44%(7)  $(8)   1.25%(2)   2.90%(2)   570.42%(2)   (566.27)%(2)   16.78%(1) 
       
$10.95   -2.37%(1)  $(8)   2.00%(2)   1.30%(2)   14.47%(2)   (11.17)%(2)   5.55%(1) 
$11.69   2.64 $(8)   2.00  1.68  15.76  (12.08)%   16.42
$11.97   16.01 $(8)   2.00%(9)   1.44  17.88%(9)   (14.44)%   12.97
$10.72   16.01 $(8)   2.00  1.91  21.51  (17.60)%   22.38
$9.60   -2.99%(7)  $(8)   2.00%(2)   2.90%(2)   572.75%(2)   (567.85)%(2)   16.78%(1) 
       
$10.83   -1.93%(1)  $1.3   1.00%(2)   2.32%(2)   13.53%(2)   (10.21)%(2)   5.55%(1) 
$11.57   3.33 $1.4   1.00  2.70  14.47  (10.77)%   16.42
$11.87   16.71 $1.0   1.00%(9)   2.45  16.88%(9)   (13.43)%   12.97
$10.68   16.98 $0.9   1.00  2.91  24.04  (20.13)%   22.38
$9.57   -2.36%(7)  $0.6   1.00%(2)   2.90%(2)   37.61%(2)   (33.71)%(2)   16.78%(1) 

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

   Net asset
value,
beginning
of period
  Net
investment
income(5)
  

Net
realized and
unrealized
gain (loss) on
investments

  Total from
investment
operations
  Dividends
from net
investment
income
  Dividends
from net
realized
gains
 

Brandes Global Opportunities Value Fund

 

    

Class A

 

    

3/31/2019 (Unaudited)

 $10.96   0.06   (0.82  (0.76  (0.12  (0.62

9/30/2018

 $11.70   0.17   (0.57  (0.40  (0.24  (0.10

9/30/2017

 $10.17   0.15   1.53   1.68   (0.15   

9/30/2016

 $9.36   0.15   0.96   1.11   (0.21  (0.09

12/31/2014(3) – 9/30/2015

 $10.00   0.12   (0.68  (0.56  (0.08   

Class C

      

3/31/2019 (Unaudited)

 $10.92   0.01   (0.81  (0.80  (0.08  (0.62

9/30/2018

 $11.67   0.09   (0.58  (0.49  (0.16  (0.10

9/30/2017

 $10.15   0.07   1.53   1.60   (0.08   

9/30/2016

 $9.33   0.07   0.98   1.05   (0.14  (0.09

12/31/2014(3) – 9/30/2015

 $10.00   0.12   (0.75  (0.63  (0.04   

Class I

      

3/31/2019 (Unaudited)

 $10.94   0.06   (0.86  (0.80  (0.08  (0.62

9/30/2018

 $11.68   0.20   (0.57  (0.37  (0.27  (0.10

9/30/2017

 $10.15   0.19   1.52   1.71   (0.18   

9/30/2016

 $9.33   0.17   0.97   1.14   (0.23  (0.09

12/31/2014(3) – 9/30/2015

 $10.00   0.12   (0.71  (0.59  (0.08   

 

 

(1)

Not annualized.

(2)

Annualized.

(3)

Commencement of operations.

(4)

After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

(5)

Net investment income per share has been calculated based on average shares outstanding during the period.

(6)

The total return calculation does not reflect the sales loads that may be imposed on Class A or C shares (see Note 7 of the Notes to Financial Statements).

(7)

The total return figure is the since inception return for the class.

(8)

Amount is less than $50,000.

(9)

Includes expenses not covered by the Trust’s expense limitation agreement. See Note 3 for more information.

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

Net asset
value, end
of period
  Total
return(6)
  Net assets,
end of
period
(millions)
  Ratio of
net expenses
to average
net assets(4)
  Ratio of net
investment
income to
average
net assets(4)
  Ratio of
expenses (prior
to reimburse-
ments) to
average
net assets
  Ratio of net
investment
income (prior
to reimburse-
ments) to
average
net assets
  Portfolio
turnover
rate
 
       
       
$9.46   -6.79%(1)  $0.7   1.40%(2)   1.05%(2)   2.52%(2)   (0.07)%(2)   7.77%(1) 
$10.96   -3.51 $1.5   1.40  1.50  1.88  1.02  29.12
$11.70   16.66 $2.8   1.40%(9)   1.36  2.43%(9)   0.33  11.49
$10.17   12.13 $0.6   1.40  1.53  4.57  (1.64)%   71.20
$9.36   -5.66%(7)  $0.3   1.40%(2)   1.29%(2)   9.85%(2)   (7.16)%(2)   15.12%(1) 
       
$9.42   -7.14%(1)  $0.2   2.15%(2)   0.31%(2)   3.39%(2)   (0.93)%(2)   7.77%(1) 
$10.92   -4.29 $0.3   2.15  0.75  2.64  0.26  29.12
$11.67   15.80 $0.2   2.15%(9)   0.62  3.16%(9)   (0.39)%   11.49
$10.15   11.42 $(8)   2.15  0.78  5.32  (2.39)%   71.20
$9.33   -6.33%(7)  $(8)   2.15%(2)   1.86%(2)   13.79%(2)   (9.78)%(2)   15.12%(1) 
       
$9.44   -6.68%(1)  $9.4   1.15%(2)   1.30%(2)   2.22%(2)   0.23%(2)   7.77%(1) 
$10.94   -3.28 $28.2   1.15  1.75  1.69  1.21  29.12
$11.68   16.91 $28.6   1.15%(9)   1.62  2.05%(9)   0.72  11.49
$10.15   12.45 $5.1   1.15  1.78  4.25  (1.32)%   71.20
$9.33   -5.92%(7)  $3.0   1.15%(2)   1.55%(2)   11.77%(2)   (9.07)%(2)   15.12%(1) 

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

   Net asset
value,
beginning
of period
  Net
investment
income(5)
  

Net
realized and
unrealized
gain (loss) on
investments

  Total from
investment
operations
  Dividends
from net
investment
income
  Dividends
from net
realized
gains
 

Brandes Emerging Markets Value Fund

 

    

Class A

      

3/31/2019 (Unaudited)

 $8.46   0.04   0.16   0.20   (0.03   

9/30/2018

 $9.47   0.15   (1.01  (0.86  (0.15   

9/30/2017

 $7.91   0.10   1.60   1.70   (0.14   

9/30/2016

 $6.19   0.12   1.69   1.81   (0.09   

9/30/2015

 $9.56   0.11   (3.12  (3.01  (0.13  (0.23

9/30/2014

 $9.23   0.11   0.53   0.64   (0.10  (0.21

Class C

      

3/31/2019 (Unaudited)

 $8.44   0.00(10)   0.16   0.16   (0.01   

9/30/2018

 $9.43   0.08   (0.99  (0.91  (0.08   

9/30/2017

 $7.86   0.05   1.58   1.63   (0.06   

9/30/2016

 $6.15   0.07   1.67   1.74   (0.03   

9/30/2015

 $9.51   0.05   (3.10  (3.05  (0.08  (0.23

9/30/2014

 $9.19   0.03   0.54   0.57   (0.04  (0.21

Class I

      

3/31/2019 (Unaudited)

 $8.50   0.05   0.17   0.22   (0.04   

9/30/2018

 $9.51   0.17   (1.01  (0.84  (0.17   

9/30/2017

 $7.94   0.13   1.60   1.73   (0.16   

9/30/2016

 $6.21   0.14   1.70   1.84   (0.11   

9/30/2015

 $9.58   0.13   (3.12  (2.99  (0.15  (0.23

9/30/2014

 $9.24   0.13   0.54   0.67   (0.12  (0.21

Class R6

      

3/31/2019 (Unaudited)

 $8.53   0.05   0.16   0.21   (0.04   

9/30/2018

 $9.53   0.19   (1.02  (0.83  (0.17   

9/30/2017

 $7.93   0.15   1.62   1.77   (0.17   

7/11/2016(3) – 9/30/2016

 $7.54   0.04   0.38   0.42   (0.03   

 

 

(1)

Not annualized.

(2)

Annualized.

(3)

Commencement of operations.

(4)

After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

(5)

Net investment income per share has been calculated based on average shares outstanding during the period.

(6)

The total return calculation does not reflect the sales loads that may be imposed on Class A or C shares (see Note 7 of the Notes to Financial Statements).

(7)

The total return figure is the since inception return for the class.

(8)

Amount is less than $50,000.

(9)

Includes expenses not covered by the Trust’s expense limitation agreement. See Note 3 for more information.

(10)

Amount is less than $0.01 per share.

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

Net asset
value, end
of period
  Total
return(6)
  Net assets,
end of
period
(millions)
  Ratio of
net expenses
to average
net assets(4)
  Ratio of net
investment
income to
average
net assets(4)
  Ratio of
expenses (prior
to reimburse-
ments) to
average
net assets
  Ratio of net
investment
income (prior
to reimburse-
ments) to
average
net assets
  Portfolio
turnover
rate
 
       
       
$8.63   2.33%(1)  $260.1   1.36%(2)   0.85%(2)   1.35%(2)   0.86%(2)   14.24%(1) 
$8.46   -9.14 $258.8   1.37  1.62  1.34  1.65  37.66
$9.47   21.78 $319.2   1.42%(9)   1.27  1.40%(9)   1.29  23.67
$7.91   29.38 $305.0   1.37  1.74  1.39  1.72  26.48
$6.19   -32.32 $295.6   1.37  1.46  1.40  1.43  35.02
$9.56   7.09 $266.9   1.37  1.10  1.37  1.10  22.54
       
$8.59   1.89%(1)  $20.5   2.10%(2)   0.11%(2)   2.10%(2)   0.11%(2)   14.24%(1) 
$8.44   -9.70 $22.8   2.10  0.89  2.09  0.90  37.66
$9.43   20.83 $28.2   2.17%(9)   0.52  2.14%(9)   0.55  23.67
$7.86   28.38 $22.4   2.12  0.99  2.14  0.97  26.48
$6.15   -32.83 $18.4   2.12  0.62  2.14  0.60  35.02
$9.51   6.38 $25.3   2.12  0.35  2.13  0.34  22.54
       
$8.68   2.54%(1)  $1,152.8   1.12%(2)   1.09%(2)   1.15%(2)   1.06%(2)   14.24%(1) 
$8.50   -8.91 $1,162.1   1.12  1.88  1.14  1.86  37.66
$9.51   22.07 $1,311.5   1.17%(9)   1.51  1.20%(9)   1.48  23.67
$7.94   29.70 $829.0   1.12  1.99  1.19  1.92  26.48
$6.21   -32.13 $725.1   1.12  1.58  1.19  1.51  35.02
$9.58   7.41 $1,144.3   1.12  1.34  1.18  1.28  22.54
       
$8.70   2.44%(1)  $36.7   0.97%(2)   1.24%(2)   1.10%(2)   1.11%(2)   14.24%(1) 
$8.53   -8.74 $33.6   0.97  2.02  1.08  1.91  37.66
$9.53   22.53 $97.4   1.02%(9)   1.68  1.17%(9)   1.53  23.67
$7.93   5.59%(7)  $(8)   0.97%(2)   2.14%(2)   1.14%(2)   1.97%(2)   26.48%(1) 

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

   Net asset
value,
beginning
of period
  Net
investment
income
(loss)(5)
  

Net

realized and
unrealized
gain (loss) on
investments

  Total from
investment
operations
  Dividends
from net
investment
income
  Dividends
from net
realized
gains
 

Brandes International Small Cap Equity Fund

 

 

Class A

      

3/31/2019 (Unaudited)

 $12.10   0.01   (0.99  (0.98  (0.27  (0.13

9/30/2018

 $14.30   0.14   (1.32  (1.18  (0.54  (0.48

9/30/2017

 $13.46   0.14   1.32   1.46   (0.34  (0.28

9/30/2016

 $12.58   0.09   1.22   1.31   (0.23  (0.20

9/30/2015

 $13.55   0.04   (0.43  (0.39  (0.17  (0.41

9/30/2014

 $13.72   0.06   1.02   1.08   (0.36  (0.89

Class C

      

3/31/2019 (Unaudited)

 $11.81   (0.03  (0.97  (1.00  (0.25  (0.13

9/30/2018

 $14.03   0.04   (1.28  (1.24  (0.50  (0.48

9/30/2017

 $13.24   0.04   1.30   1.34   (0.27  (0.28

9/30/2016

 $12.42   0.00(9)   1.19   1.19   (0.17  (0.20

9/30/2015

 $13.45   (0.04  (0.44  (0.48  (0.14  (0.41

9/30/2014

 $13.68   (0.04  1.02   0.98   (0.32  (0.89

Class I

      

3/31/2019 (Unaudited)

 $12.14   0.01   (0.99  (0.98  (0.27  (0.13

9/30/2018

 $14.35   0.17   (1.32  (1.15  (0.58  (0.48

9/30/2017

 $13.50   0.17   1.32   1.49   (0.36  (0.28

9/30/2016

 $12.61   0.12   1.22   1.34   (0.25  (0.20

9/30/2015

 $13.58   0.08   (0.44  (0.36  (0.20  (0.41

9/30/2014

 $13.74   0.09   1.03   1.12   (0.39  (0.89

Class R6

      

3/31/2019 (Unaudited)

 $12.15   0.03   (0.99  (0.96  (0.28  (0.13

9/30/2018

 $14.36   0.18   (1.33  (1.15  (0.58  (0.48

9/30/2017

 $13.50   0.18   1.33   1.51   (0.37  (0.28

6/27/2016(3) – 9/30/2016

 $12.38   0.04   1.13   1.17   (0.05   

 

(1)

Not annualized.

(2)

Annualized.

(3)

Commencement of operations.

(4)

After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

(5)

Net investment income per share has been calculated based on average shares outstanding during the period.

(6)

The total return calculation does not reflect the sales loads that may be imposed on Class A or C shares (see Note 7 of the Notes to Financial Statements).

(7)

The total return figure is the since inception return for the class.

(8)

Includes expenses not covered by the Trust’s expense limitation agreement. See Note 3 for more information.

(9)

Amount is less than $0.01 per share.

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

Net asset
value, end
of period
  Total
return(6)
  Net assets,
end of
period
(millions)
  Ratio of
net expenses
to average
net assets(4)
  Ratio of net
investment
income to
average
net assets(4)
  Ratio of
expenses (prior
to reimburse-
ments) to
average
net assets
  Ratio of net
investment
income (prior
to reimburse-
ments) to
average
net assets
  Portfolio
turnover
rate
 
       
       
$10.72   -8.01%(1)  $61.7   1.36%(2)   0.19%(2)   1.36%(2)   0.19%(2)   11.16%(1) 
$12.10   -8.88 $80.9   1.30  1.05  1.30  1.05  21.97
$14.30   11.29 $176.9   1.30%(8)   1.04  1.30%(8)   1.04  21.37
$13.46   10.60 $121.1   1.32  0.71  1.31  0.72  21.00
$12.58   -2.76 $79.1   1.40  0.35  1.32  0.43  24.82
$13.55   8.36 $50.1   1.40  0.42  1.39  0.43  24.30
       
$10.43   -8.39%(1)  $9.6   2.11%(2)   (0.56)%(2)   2.11%(2)   (0.56)%(2)   11.16%(1) 
$11.81   -9.55 $14.5   2.05  0.30  2.05  0.30  21.97
$14.03   10.52 $27.2   2.05%(8)   0.29  2.05%(8)   0.29  21.37
$13.24   9.78 $19.8   2.06  (0.03)%   2.06  (0.03)%   21.00
$12.42   -3.49 $15.1   2.07  (0.34)%   2.07  (0.34)%   24.82
$13.45   7.60 $12.3   2.14  (0.32)%   2.14  (0.32)%   24.30
       
$10.76   -7.93%(1)  $530.2   1.15%(2)   0.40%(2)   1.15%(2)   0.40%(2)   11.16%(1) 
$12.14   -8.70 $963.8   1.10  1.25  1.10  1.25  21.97
$14.35   11.54 $1,543.9   1.10%(8)   1.24  1.10%(8)   1.24  21.37
$13.50   10.85 $1,212.4   1.13  0.90  1.11  0.92  21.00
$12.61   -2.58 $877.6   1.15  0.59  1.12  0.62  24.82
$13.58   8.67 $567.9   1.15  0.67  1.18  0.64  24.30
       
$10.78   -7.83%(1)  $61.9   1.00%(2)   0.55%(2)   1.11%(2)   0.44%(2)   11.16%(1) 
$12.15   -8.64 $72.5   1.00  1.35  1.05  1.30  21.97
$14.36   11.67 $76.1   1.01%(8)   1.33  1.05%(8)   1.29  21.37
$13.50   9.49%(7)  $16.5   1.00%(2)   1.03%(2)   1.06%(2)   0.97%(2)   21.00%(1) 

 

The accompanying notes to financial statements are an integral part of these statements.

 

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FINANCIAL HIGHLIGHTS For a capital share outstanding for the period ended:

 

 

 

<
   Net asset
value,
beginning
of period
  Net
investment
income(5)
  

Net

realized and
unrealized
gain (loss) on
investments

  Total from
investment
operations
  Dividends
from net
investment
income
  Dividends
from net
realized
gains
 

Brandes Small Cap Value Fund

 

 

Class A

      

3/31/2019 (Unaudited)

 $10.27   0.03   (0.90  (0.87  (0.04  (0.69

1/2/2018(3) – 9/30/2018

 $10.00   0.02   0.27   0.29   (0.02   

Class I

      

3/31/2019 (Unaudited)

 $10.27   0.04   (0.89  (0.85  (0.05  (0.69

1/2/2018(3) – 9/30/2018

 $10.00   0.04   0.27   0.31   (0.04   

Class R6

      

3/31/2019 (Unaudited)