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Brandes Investment Trust (BVNSC)

Filed: 2 Dec 20, 4:55pm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-08614

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, 2020

Date of reporting period: September 30, 2020


Item 1. Reports to Stockholders.

 

(a)

The following is a copy of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30e-1):

 

(b)

Not applicable.


 
ANNUAL REPORT
REPORT

INTERNATIONAL EQUITY FUND
GLOBAL EQUITY FUND
EMERGING MARKETS VALUE FUND
INTERNATIONAL SMALL CAP EQUITY FUND
SMALL CAP VALUE FUND
CORE PLUS FIXED INCOME FUND
For the year ended September 30, 2020
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.




Dear Shareholders,
Considering environmental, social, and governance (ESG) issues is certainly a topic du jour with record flows into dedicated strategies. At Brandes, as a fundamental manager, we have always sought to consider all issues that impact a company’s valuation, including ESG elements. We did this before ESG became a widely recognized acronym and continue to do so today. The core of our investment approach has not changed as a result of ESG becoming popular. But that does not mean we don’t take ESG issues very seriously and continue to evolve to promote more sustainable investment practices.
The growing trend in ESG investing points to a desire by many investors to make a difference with their investments— environmental considerations, improved social conditions and greater opportunities for everyone through diversity and inclusion. These desires are laudable and demand asset managers dig deep and really understand the underlying issues that drive business valuations. This is why Brandes believes that a fundamental investing approach is the best way to sort through ESG issues. We think an exclusionary or “box-checking” approach is far too simplistic and diminishes the sincere objectives of the average ESG conscious investor.
As the global ESG “industry” grows, evidenced by the staggering inflows of $71 billion in the second quarter of 20201, there is an understandable rush to categorize, quantify, rank and measure portfolios on their ESG characteristics. In less than a decade, sustainable funds went from being a non-existent Morningstar category to one where flows in 2019 were 4x the previous record for a calendar year. And to date in 2020, ESG fund flows have already nearly matched last year’s record.2 As is often the case, these rankings can be a blunt implement and belie the ESG analysis that an investment manager might be doing in the background. Therefore, there is a danger that these rankings become more of a marketing gimmick driven by box checking—arguably the antithesis of what an ESG conscious investor is trying to achieve.
For example, Prof. Samuel Hartzmark of the University of Chicago, noted that Morningstar’s introduction of “sustainability ratings” for more than 20,000 mutual funds in March of 2016 pointed to significant discrepancies in subsequent flows. “The worst 10% of funds were rated one globe (low sustainability) while the best 10% were rated five globes (high sustainability),” Hartzmark wrote. “Over the 11 months after the sustainability ratings were published, we estimate between 12 and 15 billion dollars in assets left one globe funds and between 24 and 32 billion dollars in assets entered five globe funds as a result of their globe rating.”3

1Emily Chasan, Long-Term Investors Now Hold Sway Over ESG. Bloomberg.com, UBS, August 13, 2020

2Jon Hale, Ph.D, CFA. Sustainable Funds Continue to Rake in Assets During the Second Quarter. Morningstar. July 30, 2022 Memo to Oaktree Clients, Howard Marks, Oaktree Capital Management, June 12, 2019.

3 Hartzmark, Samuel M. and Sussman, Abigail B., Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows (March 25, 2019). European Corporate Governance Institute (ECGI) - Finance Working Paper No. 565/2018, Available at SSRN: https://ssrn.com/abstract=3016092 or http://dx.doi.org/10.2139/ssrn.3016092
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Beyond a label to attract capital, we believe businesses who take ESG issues seriously will, over time, have a higher likelihood of performing better than businesses who don’t. If a company and its management take, for example, governance seriously, it would likely run a more efficient business, treat investor capital prudently, have a qualified and diverse board and be a good steward of the business on behalf of its shareholders. All of this is very positive, but may obscure the difference between a “good business” and a “good investment.”
The growth of the ESG industry and passive investing has contributed, in our opinion, to many ESG darlings being potentially overpriced. Bernstein reported “…there is evidence that in Europe, where the most capital has so far flowed into ESG investing, there is already a spread of valuations between companies that score highly vs. those that score poorly on popular ESG metrics.”4 Today, we see big price discrepancies in companies or industries that are [ESG] darlings vs. those in the [ESG] penalty box. Looking at the gap between those players—arguably, there should be a gap, but should it be as great as it is in some places?
Investing in these ESG darlings may check the box when it comes to investing in “good” ESG businesses. However, in our view, all investors—including those focused on ESG— should consider the price being paid and should try to avoid overpaying for a business. Many businesses that are highly rated when it comes to ESG are currently at or above what we estimate as their full value.
A research-intensive, fundamental investment approach can help navigate the intersection of ESG considerations and valuations. For example, with a focus on price and value, we believe some of the best investments, both from a return potential and ESG stewardship perspective, could be in lower-rated ESG businesses since an increase in share price could potentially be driven by improvements in its ESG practices. And as an active manager who is engaging with companies, that’s exactly how we can add value versus simply buying the highest ESG-rated companies and largely ignoring others. This company-specific focus along with responsible active ownership allows us to encourage the business to improve its ESG efforts—helping to achieve the objectives of the ESG conscious investor while keeping the price/value equation in sharp focus.
Despite the amount of money that has flowed into funds containing the ESG moniker, we do not believe that ESG analysis should be considered a stand-alone investment style, strategy, or asset class. Rather, from the perspective of a long-term investor, it should be thought of as a fundamental component of owning and operating a business. We encourage you to consider ESG from this perspective and also encourage you to review our Responsible Investment Statement to further understand how we incorporate ESG issues into our fundamental investment process.
Thank you,
Brandes Investment Partners

4 Fraser-Jenkins, Inigo; Sarah McCarthy, CFA; Alla Harmsworth; and Mark Diver. “Fund Management Strategy: The case for and against ESG.” Bernstein. February 28, 2020
3


Dividend Yield: Dividends per share divided by price per share.
EV/Sales: Enterprise value divided by sales.
Forward Price/Earnings: Price per share divided by earnings per share expected over the next 12 months or next fiscal year.
Price/Book: Price per share divided by book value per share.
Price/Cash Flow: Price per share divided by cash flow per share.
Price/Earnings: Price per share divided by earnings per share.
The MSCI ACWI with net dividends captures large and mid cap representation of developed and emerging markets.
The MSCI ACWI ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance (ESG) performance relative to their sector peers.
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.
This material is intended for informational purposes only. The information provided should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. The Brandes investment approach tends to result in portfolios that are materially different than their benchmarks with regard to characteristics such as risk, volatility, diversification, and concentration. Market conditions may impact performance. International and emerging markets investing is subject to certain risks such as currency fluctuation and social and political changes, differences in financial reporting standards and less stringent regulation of securities markets which may result in greater share price volatility.
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.
4


Brandes International Equity Fund
Dear Fellow Investor,
The net asset value of the Brandes International Equity Fund (Class I Shares) declined 13.13% in the year ended September 30, 2020. During the same period, the MSCI EAFE Index gained 0.49%, while the MSCI EAFE Value Index fell 11.93%.
The last year has been a difficult environment for value investors, both during the COVID-19 market correction and so far in the recovery, which is unusual as value stocks tend to lead in most recoveries. This being said, we are optimistic that value stocks are poised for a potential rebound given their current valuation levels and earnings growth potential.
Within MSCI EAFE Index for the period, we saw a wide dispersion in sector returns: information technology was up over 20%, while financials and energy, both value-oriented sectors, were down over 15% each.
For the Fund, an overweight to the United Kingdom, which was among the worst-performing markets within MSCI EAFE Index (down over 15%), hurt relative returns. Meanwhile, Japan was one of the better-performing markets within the index (up over 5%) and our underweight to the country, as well as the overall performance of our holdings there, weighed on the portfolio. Additionally, our allocation to emerging markets companies detracted from returns.
From an industry perspective, holdings in Aerospace & Defense, Oil Gas and Consumable Fuels, Media, and Equity Real Estate Investment Trusts (REITs) detracted from returns. Companies that detracted most from performance included Fibra Uno Administracion SA de CV (Mexico - Equity Real Estate Investment Trusts (REITs)), BP p.l.c. (United Kingdom - Oil Gas & Consumable Fuels) and Repsol SA (Spain - Oil Gas & Consumable Fuels).
Positive performance contributions came from the Fund’s investments in Taiwan, Canada and Ireland. From an industry perspective, Fund holdings in the Specialty Retail, Pharmaceuticals and Technology Hardware Storage & Peripherals industries were contributors to performance. Three of the largest individual contributors to performance were Kingfisher Plc (United Kingdom - Specialty Retail), Mitsubishi Tanabe Pharma Corporation (Japan - Pharmaceuticals) and Asustek Computer Inc. (Taiwan - Technology Hardware Storage & Peripherals).
During the third quarter ending September 30, the investment committee initiated positions in two consumer staples firms, namely France-based Danone and Mexican Fomento Economicao Mexicano SA (Femsa). Both companies have seen their shares negatively impacted by the coronavirus pandemic, but we believe they represent appealing long-term value potential.
Based in France, Danone is a global leader in the markets for branded dairy products, bottled water and baby nutrition. Although the company derives the majority of its revenue from dairy and plant-based yogurt and drinks, its profit comes mainly from the higher-margin specialized nutrition products (e.g., infant formula and food). The stock has underperformed the overall MSCI EAFE Index in the last decade, which was exacerbated by its over 30% decline over the past year. Danone now trades among the highest discounts ever relative to its European peers, while offering a near 4% dividend
5


Brandes International Equity Fund
yield (as of September 30). Although the company has seen slowing growth in its dairy and plant-based yogurt and drinks segment, we believe the defensive nature of the business offers an attractive risk/reward at its current valuation levels.
Similar to Danone, the holding company Femsa is a defensive business with a strong balance sheet and currently trades at multi-year valuation lows. A significant portion of Femsa’s value stems from Femsa Comercio, which owns Oxxo, the largest convenience store chain in the Americas. Other assets of Femsa’s include Coca-Cola Femsa, the largest Coca Cola bottler in the world, and a stake in Heineken. Femsa normally invests in businesses for the long term and focuses on consumer staples distributors. While typically viewed as defensive, Femsa’s stock has tumbled over the last year following several acquisitions in 2019 and a double-digit same-store sales decline in its Oxxo division this year due to the pandemic. Nonetheless, longer term, we believe Femsa has the ability to strengthen the profitability of its new and existing businesses, which may in turn improve market sentiment and the company’s credit rating. With the stock trading at its lowest EV/EBITDA multiple in a decade, we believe the current environment has provided an attractive entry point for an investment in Femsa.
Other activities in the third quarter included the full sells of Dutch NXP Semiconductor and France-based Schneider Electric, which reached our estimates of their intrinsic values after their strong rebound.
We initially purchased Schneider Electric in 2015 as many investors were concerned about slowing growth in emerging markets. We believed the market underappreciated Schneider’s potential and its diversified exposure to the growing industrial automation market. Over our holding period, the company has executed well and the share price nearly doubled as the market began to appreciate the attractive economics of the business, leading to an improved valuation and our decision to exit the position.
The Brandes International Equity Fund continues to exhibit more attractive valuations, in our view, than the MSCI EAFE Index, with lower price-to-earnings, price-to-book and price-to-cash flow, as well as higher dividend yield at quarter end. Additionally, many of our holdings share what we consider appealing attributes, namely solid balance sheets, compelling growth prospects and strong free cash flow.
Through our recent purchases, we increased our exposure to cyclical companies and also added what we view as attractively priced consumer staples businesses to the portfolio. Our allocation to the consumer staples sector increased from 9% at the beginning of the year to approximately 16% as of September 30.
The Fund’s largest overweight positions were in emerging markets, France and the United Kingdom. From a sector/industry standpoint, we maintained overweights in oil, gas & consumable fuels, food retailing and communication services. Meanwhile, we remained underweight Germany, Japan and Australia, as well as the technology and industrials sectors. We believe these differences between the Fund and the index continue to make our portfolio an attractive complement/diversifier to many investors with passive exposure or those with growth-oriented holdings.
We remain excited about the potential of the Brandes International Equity Fund and appreciate the trust you have placed in us.
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Brandes International Equity Fund
Sincerely yours,
The Brandes International Large-Cap Investment Committee
Brandes Investment Trust
EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation and amortization.
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. 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.
7


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 September 30, 2010 to September 30, 2020 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)
 Average Annual Total Return
Periods Ended September 30, 2020
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes International Equity Fund       
Class A*

-13.42% 0.81% 2.09% 6.15%
Class A *(with maximum sales charge)

-18.41% -0.38% 1.49% 5.89%
Class C*

-14.06% 0.06% 1.30% 5.35%
Class C *(with maximum sales charge)

-14.90% 0.06% 1.30% 5.35%
Class I

-13.13% 1.04% 2.28% 6.39%
Class R6*

-13.08% 1.18% 2.37% 6.46%
MSCI EAFE (Europe, Australasia and Far East) Index

0.49% 5.26% 4.62% 4.42%
    
(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
8


Brandes International Equity Fund
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
September 30, 2020 (Unaudited)
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


Brandes Global Equity Fund
Dear Fellow Investor,
The net asset value of the Brandes Global Equity Fund (Class I Shares) decreased 9.18% in the twelve months ended September 30, 2020. During the same period, the MSCI World Index rose 10.41%, while the MSCI World Value Index declined 8.35%.
Over the last year, the most significant detractor has been the poor performance of value stocks. To be sure, value style indices have performed poorly across both geographic and market cap spectrums, as noted with the MSCI World Value Index decline of 8.35%.
From a country perspective, the most significant detractor has been the United States—both in terms of the Fund’s holdings and underweight position. Thus, the detraction has been driven largely by value’s underperformance: our holdings in the United States are mostly financials and health care companies, which are down, while U.S.-based holdings in the index have risen over 10%, primarily driven by large technology holdings.
Outside the U.S., the Fund’s largest country detractors were holdings in emerging markets (Brazil and Mexico in particular) and the U.K. Although our holdings in the U.K. have performed slightly better than the U.K. portion of the MSCI World Index, our significant overweight has been a detractor because the U.K. market has been among the worst-performing markets in 2020.
From a sector viewpoint, our underweight to technology and overweight to financials were two of the largest drivers of relative underperformance. Additionally, companies in the Oil Gas & Consumable Fuels, Aerospace & Defense and Equity Real Estate Investment Trusts (REITs) industries detracted from returns. Three of the largest detractors in the period were Fibra Uno Administracion SA de CV (Mexico - Equity Real Estate Investment Trusts (REITs)), Wells Fargo & Company (United States - Banks) and Citigroup Inc. (United States - Banks).
Positive performance from a country perspective was driven by Fund holdings in South Korea, Japan, and select companies in the United States. From an industry perspective, the Air Freight & Logistics, Wireless Telecommunication Services and Specialty Retail industries were contributors to performance. Three of the largest individual positive contributors to performance were FedEx Corporation (United States - Air Freight & Logistics), SoftBank Group Corp. (Japan - Wireless Telecommunication Services) and Kingfisher Plc (United Kingdom - Specialty Retail).
After increased portfolio activity earlier in the year amid market volatility, our activity was fairly light in the most recent quarter ending September 30, 2020: our most significant move in third quarter was to divest our longtime stake in Microsoft.
Microsoft has been a great example of a long-term holding, the benefits of patience and ignoring conventional market narratives. We first bought Microsoft almost 15 years ago while its stock price languished following the hangover from the 1995-2001 tech bubble and then from poor consumer reception to its Vista operating system. While we pared and added a few times over the five years following our initial purchase, we significantly increased our position in 2011, making Microsoft our largest holding.
However, the market fretted about the company’s poor positioning in many consumer-facing businesses, especially in mobile because Apple had begun to
10


Brandes Global Equity Fund
dominate the mobile computing market with its iPhone. Microsoft was also perceived by the market as old and boring due to its focus on traditional enterprise computing and its stock hadn’t really gone anywhere for a decade-plus.
During our holding period and particularly the last couple of years, Microsoft’s valuation finally began to climb; market sentiment improved as it executed well on its cloud business, so we began to pare our position as the large margin of safety evident in the share price declined. This year, as the business continued to function well amid the pandemic, its valuation increased significantly and when the stock reached our estimate of its intrinsic value, we sold our position. Throughout our holding period, the company performed well and its free cash flow generation roughly doubled. Microsoft now trades closer to 40x enterprise value to free cash flow—this is a staggering increase for a company of its size and compared to its 8x multiple when we made Microsoft our largest holding in 2011.
As of September 30, the Fund’s allocations to emerging markets, France and the United Kingdom represented the largest overweight positions versus the benchmark, while the United States and Japan remained our largest underweights. Our portfolio is not tilted toward any certain economic outcome (i.e., quicker economic growth or a slower return to growth), but we believe it is well positioned for a potential value resurgence. The Brandes Global Equity Fund exhibits more appealing valuations, in our view, than the MSCI World Index; our companies also feature what we consider strong balance sheets, compelling growth prospects and strong free cash flow.
From an industry/sector perspective, the Fund’s key holdings were in financials, health care, energy, and food and staples retailing. The Fund maintained significantly lower allocations than the benchmark in technology companies. Taking advantage of market volatility earlier in the year, we added to our investments in industrials and materials, bringing our weights closer to the benchmark. We believe the differences between our portfolio and the broader market continue to make our portfolio an attractive complement to more index-like or growth-oriented alternatives.
Our financial holdings have experienced near-term headwinds from the economic downturn, low/zero interest rates and a conservative regulatory environment; however, we feel they offer an attractive mid-term return potential. Many bank stocks are trading near their great financial crisis (2008-09) lows; yet our analysis shows their balance sheets and lending profiles are meaningfully stronger than they were then. They also have the potential for noteworthy earnings growth when emerging from the pandemic-inspired recession as accounting rules largely dictated the front-end loading of loan loss provisioning: if growth improves and losses abate, they should see improving earnings growth. Several recent sell-side forecasts had financials leading earnings growth over the next year. We believe the potential for earnings recoveries in other value stocks, coupled with record-setting valuation discounts, bode well for the future return prospects of the Fund.
Based on the absolute valuation levels and the relative attractiveness compared to most of the market, we remain excited about the potential of this portfolio and appreciate the trust you have placed in us.
Sincerely yours,
The Brandes Global Large-Cap Investment Committee
Brandes Investment Trust
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Brandes Global Equity Fund
Enterprise Value: Market capitalization plus debt, minority interest and preferred shares, minus total cash and cash equivalents.
Free Cash Flow: Total cash flow from operations less capital expenditures.
Enterprise Value/Free Cash Flow: Enterprise value per share divided by free cash flow per share.
The margin of safety for any security is defined as the discount of its market price to what the firm believes is the intrinsic value of that security.
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. 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.
12


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 September 30, 2010 to September 30, 2020 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)
 Average Annual Total Return
Periods Ended September 30, 2020
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Global Equity Fund       
Class A*

-9.41% 2.04% 4.51% 4.63%
Class A *(with maximum sales charge)

-14.63% 0.84% 3.89% 4.12%
Class C*

-10.08% 1.27% 3.71% 3.84%
Class C *(with maximum sales charge)

-10.97% 1.27% 3.71% 3.84%
Class I

-9.18% 2.29% 4.74% 4.87%
MSCI World Index

10.41% 10.48% 9.37% 9.02%
    
(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.
13


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
September 30, 2020 (Unaudited)
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.
14


Brandes Emerging Markets Value Fund
Dear Fellow Investor,
The net asset value of the Brandes Emerging Markets Value Fund (Class I Shares) declined 15.96% in the year ended September 30, 2020. During the same period, the MSCI Emerging Markets Index gained 10.54%, while the MSCI Emerging Markets Value Index fell 5.70%.
This year has marked another challenging time for value investors, with value-oriented sectors, especially cyclicals (i.e., financials, energy, industrials and materials), underperforming the overall MSCI Emerging Markets Index. Companies directly affected by the oil-price volatility and those experiencing declining demand as an immediate result of the coronavirus pandemic have also felt the brunt of the correction.
The Fund’s underweight allocation to the mega-capitalization technology-related companies was the largest detractor from relative returns. The Fund held lower-than-benchmark allocations to Alibaba, Samsung and Taiwan Semiconductor Manufacturing, but did not own Tencent and Naspers. Without these five companies, the returns for the MSCI Emerging Markets Index would have been negative for the 12-month period ended 9/30/20. This concentration of performance is not new. Over the past five years, these five companies have accounted for over 100% of MSCI Emerging Markets Index’s cumulative returns.
Beyond technology-related businesses, the Fund’s underweight to China was also a significant detractor to returns, as were select holdings in Latin American countries, notably Brazil and Mexico.
Positive performance contributions came from the Fund’s investments in Taiwan, Russia, and India. From an industry perspective, Fund holdings within the internet & direct marketing retail, technology hardware storage & peripherals and semiconductors & semiconductor equipment industries helped performance.
Although the Fund was underweight mega-capitalization technology-related companies as mentioned above, it still benefited from select holdings in this area. In fact, three of the largest individual contributors to the Brandes Emerging Markets Value Fund’s performance were, Taiwan-based Asustek Computer and Taiwan Semiconductor Manufacturing, as well as China-based Alibaba.
At the end of September, the Fund's largest country weights were in South Korea and China (although, as mentioned above, the Fund was meaningfully underweight China relative to the MSCI Emerging Markets Index). The Fund's largest industry weights were in wireless telecommunication services and equity real estate investment trusts (REITs). Please note that while macro conditions are considered when we determine valuation estimates for individual companies, our country and industry weightings are a by-product of bottom-up stock selection, not the result of top-down observations.
For over 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.
15


Brandes Emerging Markets Value Fund
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 markets involve greater risk and volatility than more developed markets. Some emerging markets 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.
The MSCI Emerging Markets Value Index with gross dividends captures large and mid cap securities exhibiting value style characteristics, defined using book value to price, 12-month forward earnings to price, and dividend yield.
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.
16


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 September 30, 2010 to September 30, 2020 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)
 Average Annual Total Return
Periods Ended September 30, 2020*
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Emerging Markets Value Fund       
Class A

-16.10% 4.39% -0.35% 5.83%
Class A (with maximum sales charge)

-20.93% 3.16% -0.93% 5.58%
Class C**

-16.63% 3.61% -1.08% 5.01%
Class C **(with maximum sales charge)

-17.46% 3.61% -1.08% 5.01%
Class I

-15.96% 4.62% -0.11% 6.05%
Class R6**

-15.74% 4.79% 0.00% 6.14%
MSCI Emerging Markets Index

10.54% 8.97% 2.50% 5.95%
    
(1)The inception date is August 20, 1996.
*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 investment
17


Brandes Emerging Markets Value Fund
 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 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.
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
September 30, 2020 (Unaudited)
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.
18


Brandes International Small Cap Equity Fund
Dear Fellow Investor,
The net asset value of the Brandes International Small Cap Equity Fund (Class I Shares) declined 7.69% in the year ended September 30, 2020. During the same period, the S&P Developed Ex-U.S. SmallCap Index rose 7.58%, while the S&P Developed Ex-U.S. SmallCap Value Index fell 2.03%.
For the trailing 12 month-period ended September 30, 2020, we continued to see a wide dispersion in the primary benchmark’s (S&P Developed Ex-U.S. SmallCap Index) sector returns: information technology and heath care rose over 30% each, while value-oriented sectors such as financials and energy declined over 7% and 35%, respectively. As such, the Fund’s significant underweight to information technology and overweight to financials weighed on relative returns. Additionally, a number of the Fund’s larger positions in industrials declined, along with holdings in media firms and real estate investment trusts (REITs). Three of the largest detractors from performance were Mexican REIT Fibra Uno and household durables company Consorcio, as well as U.K.-based facility management firm MITIE Group.
From a country perspective, the Fund’s exposure to emerging markets, specifically Brazil, Mexico and South Korea, hurt returns, as did allocation to Japanese companies.
We believe most of our Japanese holdings represent undervalued, yet overlooked opportunities due to their low sell-side analyst coverage. Several of them trade near or below their net cash and investments, offering a very compelling value proposition and a good downside protection, in our opinion. We also like that many of these companies boast what we consider attractive dividend yields, and that some of them have been buying back shares.
Positive performance contributions came from the Fund’s investments in Germany, Canada and Italy. From an industry perspective, Fund holdings contributing to performance included those in the health care equipment & supplies, specialty retail and electronic equipment instruments & components industries. Three of the largest individual contributors were German medical equipment firm Draegerwerk, as well as U.K.-based retailer Kingfisher and food products company Premier Foods.
During the third quarter ending September 30, the small-cap investment committee initiated positions in French commercial foodservice company Elior Group, Malaysian resort operator Genting Berhad and Japan Petroleum Exploration.
Founded in 1991, Elior Group is the world’s fourth-largest contract caterer by revenue and serves clients in three segments: business and industry (46% of 2019 sales), education (29%) and health care (25%). The company holds a strong market position in six countries, including France, which is its biggest market accounting for over 40% of sales, Italy (10% of sales) and Spain (10% of sales). Elior’s 110,000 employees serve over five million people daily in 23,500 restaurants on three continents.
19


Brandes International Small Cap Equity Fund
We first reviewed Elior in 2018 when the company had relatively high financial leverage and was facing several company-specific challenges caused by poor operational execution. Since its initial public offering in 2014, Elior has changed its chief executive officer two times. We believe the company put too much emphasis on growing its top line, entering into many contracts that were either unprofitable or requiring significant capital expenditure, while neglecting its cost structure. As a result, its financial performance suffered, with its operating margin for the contract catering division falling from 5-6% range to about 4%. This was a significant drop in the contract catering world where margins are typically stable but low in the single digit range.
Since then, Elior has refocused on its contract catering core business by selling its concessions catering business to a private equity firm for EUR1.4bn. The sale reduced the capital intensity of the business (concessions catering is more capital intensive than contract catering) and allowed the company to significantly reduce financial leverage. Management also introduced a strategic plan 2024 called “New Elior,” which aims to improve margins through a more disciplined approach to contract signings and by tightening operations. The current management team is much more focused on cost control than past management teams that were more top line oriented. Additionally, management also promised to increase shareholder returns in the form of share buybacks or dividends over the next two to three years, depending on Elior’s share-price performance and external growth opportunities. Recently, Elior made true of this promise by buying back shares totaling EUR50m in 2019 and approving a dividend payout at its latest annual general meeting.
Despite these progresses Elior saw its share price decline sharply this year due to the coronavirus pandemic, granting us the opportunity to initiate a position at what we consider an attractive price. We believe that Elior has the potential to recover as the COVID-19 impact dissipates and that the stock offers a compelling risk/reward tradeoff for the patient investor.
Other activities included the full sells of U.K. home retailer Kingfisher, which reached our estimate of its intrinsic value following its strong run-up, Japan-based Tsutsumi Jewelry, and Canadian electronic equipment and instruments company Celestica.
At the end of September, the Fund's largest country weights were in the United Kingdom and Japan. We continue to find attractive value opportunities in these countries as the market seems focused on short-term economic struggles and headlines. Apart from Japan and the United Kingdom, we also continue to see tremendous value opportunities in emerging markets. At September 30, the Fund held approximately 28% weighting to the region. From a sector perspective, the Fund held its key overweights in consumer staples and financials, and its key underweights in information technology and materials. At Brandes, our investment process focuses on a bottom-up analysis of companies. As such, the Fund’s country and industry weightings are a byproduct of our research-driven stock selection and reflect our convictions.
20


Brandes International Small Cap Equity Fund
In the current environment, investors seem to have shown a preference for long duration assets and the hope for future growth with much of the focus on disruptive technology and health care-related businesses. In doing so, they may have overlooked a crucial factor that may drive future portfolio returns—the price paid in relation to the value received. We hold the view that focusing on valuations enables us to choose what we believe are the best opportunities to include in your portfolio. In our opinion, selectivity and a laser focus on margin of safety remain paramount in any market environment.
Thank you for your business and continued trust.
Sincerely yours,
The Brandes Small-Cap Investment Committee
Brandes Investment Trust
The margin of safety for any security is defined as the discount of its market price to what the firm believes is the intrinsic value of that security.
Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than 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.
21


Brandes International Small Cap Equity Fund
Index Guide
The S&P Developed Ex-U.S. SmallCap Index with net dividends measures the equity performance of small-capitalization companies from developed markets excluding the United States.
The S&P Developed Ex-US SmallCap Value Index with net dividends measures the equity performance of small cap companies in developed markets excluding the United States exhibiting value style characteristics, defined using book value to price, 12-month forward earnings to price, and dividend yield. Data prior to 2001 is gross dividend and linked to the net dividend returns.
One cannot invest directly in an index.
The Brandes International Equity Small Cap Equity Fund is distributed by ALPS Distributors, Inc.
22


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 September 30, 2010 to September 30, 2020 with the value of such an investment in the S&P Developed Ex-U.S. SmallCap Index for the same period.
Value of $100,000 Investment vs S&P Developed
Ex-U.S. SmallCap Index (Unaudited)
 Average Annual Total Return
Periods Ended September 30, 2020*
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes International Small Cap Equity Fund       
Class A

-7.95% -1.89% 3.66% 7.33%
Class A (with maximum sales charge)

-13.24% -3.05% 3.04% 7.07%
Class C**

-8.64% -2.63% 2.89% 6.53%
Class C **(with maximum sales charge)

-9.54% -2.63% 2.89% 6.53%
Class I

-7.69% -1.70% 3.89% 7.58%
Class R6**

-7.72% -1.61% 3.96% 7.64%
S&P Developed Ex-U.S. SmallCap Index

7.58% 6.84% 6.57% 6.40%
    
(1)The inception date is August 19, 1996.
*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
23


Brandes International Small Cap Equity Fund
 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 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.
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
September 30, 2020 (Unaudited)
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.
24


Brandes Small Cap Value Fund
Dear Fellow Investor,
The net asset value of the Brandes Small Cap Value Fund (Class I Shares) returned 0.10% in the year ended September 30, 2020. During the same period, the Russell 2000 Index increased 0.39%, while the Russell 2000 Value Index declined 14.88%.
Although the Brandes Small Cap Value Fund modestly underperformed its primary benchmark (the Russell 2000 Index), when compared to the value style version of the index, the Russell 2000 Value, the Fund has materially outperformed.
Performance relative to the primary benchmark over the past year was exceptionally strong in the first and early part of the second quarter as COVID-19 concerns led to significant volatility and market declines. During this period, the conservative positioning of the Fund led to outperformance, with cash and holdings in health care and consumer staples providing the largest benefits. However, more recent relative underperformance has been driven by the Fund’s underweights to technology and health care areas of the market.
From an industry perspective, Fund holdings in insurance, oil gas & consumable fuels and aerospace & defense detracted from returns. Three of the largest detractors from performance were machinery firm Briggs & Stratton, oil & gas company Chesapeake Energy Corp and electronic components distributor Avnet.
Positive performance from an industry perspective was driven by Fund holdings in the household durables, biotechnology and energy equipment & services industries. Key individual contributors included oilfield services provider Halliburton Company, biotech firm PDL BioPharma and household durables company Taylor Morrison Home Corporation.
In the third quarter ending September 30, portfolio activity continued to be above average. A number of effective recent performers were sold from the Fund as they appreciated to our estimates of their intrinsic value, including homebuilder Toll Brothers, Cooper Tire & Rubber Company, communications equipment firm Digi International, Rent-A-Center and Seneca Foods.
New portfolio additions included Prestige Consumer Healthcare, Park Aerospace, multi-utility Avista Corporation, energy equipment and services company Dril-Quip and health care business Varex Imaging Corporation.
Park Aerospace develops and manufactures solution and hot-melt advanced composite materials used to produce composite structures for the global aerospace markets. The company’s materials are used to produce primary and secondary structures for jet engines, large transport aircraft, regional transport aircraft, military aircraft, UAVs/drones, business jets and other general aviation aircraft. Park also provides materials for rocket motors and nozzles, and radomes. In fiscal 2020, 47% of its revenue was related to commercial aerospace, 35% to military and 18% to business aircraft. The
25


Brandes Small Cap Value Fund
Airbus A320 family of airliners is the most significant project for Park, accounting for 29% of consolidated revenues in 2020.
We are attracted to the company’s pristine balance sheet, secular growth outlook, leading position in its niche for composite coatings, and high exposure to new commercial aircraft programs with long-lived product lifecycles and high switching costs. We also find appealing the lack of sell-side coverage, and Park's long-term-oriented, capable and well-incentivized management team that is seeking to deploy capital despite industry distress. The company also boasts an uninterrupted 35-year quarterly dividend and has paid out more than $25/share since 2005. The stock price is down more than 50% from its 2019 highs due to investor concerns about the commercial aerospace and business jet markets, which we believe are in the early stages of a deep low-demand cycle.
The magnitude of the price decline is remarkable to us considering the company’s large net-cash position and exposure to stable/growing military programs. Regardless, the price compression should provide investors who have a long-term focus an opportunity to buy an attractively positioned business at what we believe is a reasonable price.
As of September 30, the Fund’s sector allocations were fairly diverse. Its largest allocations were to companies in health care and industrials. Notable underweights were to financials and real estate, which is relatively distinct compared to many of our active value peers in the asset class.
We believe our portfolio continues to be well positioned. In aggregate, we believe the U.S. small cap asset class isn’t extremely attractive on a valuation basis, and financial leverage is an issue. However, in our opinion when you assess the valuation levels and balance sheet strength of the individual companies within the Brandes Small Cap Value Fund, the picture is entirely different.
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 Small-Cap Investment Committee
Brandes Investment Trust
Dividends are not guaranteed and companies currently paying dividends can stop paying dividends without notice.
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
26


Brandes Small Cap Value Fund
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 Russell 2000 Index with gross dividends measures the performance of the small cap segment of the U.S. equity universe.
The Russell 2000 Value Index with gross dividends measures performance of the small cap segment of the U.S. equity universe. Securities are categorized as growth or value based on their relative book-to-price ratios, historical sales growth, and expected earnings growth.
One cannot invest directly in an index.
The Brandes Small Cap Value Fund is distributed by ALPS Distributors, Inc.
27


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 September 30, 2010 to September 30, 2020 with the value of such an investment in the Russell 2000 Total Return Index and Russell 2000 Value Total Return Index for the same period.
Value of $100,000 Investment vs Russell 2000 Total
Return Index & Russell 2000 Value Total
Return Index(Unaudited)
 Average Annual Total Return
Periods Ended September 30, 2020*
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Small Cap Value Fund       
Class A

-0.02% 5.42% 9.57% 6.00%
Class A (with maximum sales charge)

-5.73% 4.18% 8.92% 5.73%
Class I

0.10% 5.71% 9.86% 6.27%
Class R6**

1.11% 4.31% 9.14% 5.96%
Russell 2000 Total Return Index

0.39% 8.00% 9.85% 6.76%
Russell 2000 Value Total Return Index

-14.88% 4.11% 7.09% 6.70%
    
(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”)
28


Brandes Small Cap Value Fund
 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.
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
September 30, 2020 (Unaudited)
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.
29


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 6.07% in the year ended September 30, 2020. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index increased 6.98%.
The end of 2019 wrapped up an extraordinary year for both fixed-income and equity returns. The U.S. economic recovery completed its record of 127 months without a recession. Following solid gains among many equity and fixed-income sectors in January and February, the coronavirus pandemic upended the markets in March 2020.
As April began, we felt that there were attractive opportunities in the market and were able to deploy capital to a number of companies we believe represented solid value. But once the Federal Reserve (“Fed”) expanded their direct intervention in the credit markets, the amount of value in the market quickly dissipated, in our view. It seemed fairly clear to us that asset prices would be lower if not for the staggering amount of Fed support. The questions going forward, in our view, largely revolve around the Fed’s influence in the markets. Is the Fed now going to become a permanent or semi-permanent participant in the corporate markets similar to its role in the Treasury and mortgage-backed security (“MBS”) markets?
Specific to performance over the trailing twelve months (TTM), the Brandes Core Plus Fixed Income Fund delivered strong absolute performance that slightly lagged behind its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The largest detractor from relative performance was term-structure positioning. The Fund was positioned toward the shorter-end of its duration controlled band. Treasury rates fell by approximately 1.70% in the front-end of the curve and nearly 1.00% further out the curve as the Fed aggressively cut the Fed funds rate to respond to the COVID-19 pandemic in the first quarter 2020.
Within corporate bonds, the Fund’s exposure to the energy sector detracted from returns as the price of oil fell over 35% during the period. Also detracting from returns were select holdings in the telecommunications sector and select holdings in floating rate note money center banks which were hurt by falling interest rates in the front-end of the yield curve.
The Fund received positive contributions from holdings in cable, information technology, and healthcare. Additionally, the Fund’s underweight to agency mortgage-backed securities was a positive factor in relative performance.
In our view, the disconnect between the continued solid performance of both the fixed-income and equity markets against the backdrop of the fragile broader economy is mystifying. The Fed has been directly purchasing U.S. Treasuries and agency MBS for nearly 13 years now—quadrupling the size of its balance sheet. More recently, it has added direct purchases of corporate bonds and fixed-income ETFs. Looking forward, we believe one area to watch is the behavior of bonds that are not eligible for direct Fed purchases.
30


Brandes Core Plus Fixed Income Fund
The Brandes Core Plus Fixed Income Fund remained defensively positioned across a number of metrics. We continue to favor short-maturity corporate bonds and those exhibiting strong, tangible asset coverage. We are underweight agency MBS and managing duration toward the shorter end of our duration-controlled range. We have a high allocation 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.
Longer term, we believe fundamentals do and will continue to matter. In recent years, the fundamentals appear to have been overshadowed by massive central-bank intervention. But value opportunities will continue to emerge for those with measured, deliberate and cautious approaches in reallocating capital.
In September, the Fed announced interest rates will be anchored at historically low levels until at least 2023. We took this statement with a bit of skepticism, noting that forecasting the path of rates has historically proven to be quite difficult. What is clear to us, however, is the disconnect that has developed between the relatively placid financial markets and turmoil virtually everywhere else—including the struggles of many businesses and households as a result of the ongoing pandemic, social unrest, wildfires in the Western United States and political uncertainty. Regardless of the turmoil, we remain excited about the potential of the Brandes Core Plus Fixed Income Fund and appreciate the trust you have placed in us.
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 bond market and economic conditions. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies.
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 than higher grade debt. The market prices of these debt securities may
31


Brandes Core Plus Fixed Income Fund
fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.
Past performance is not a guarantee of future results.
Short-term debt refers to fixed income securities set to mature in 1 to 5 years from the issue or purchase date. Long-term debt refers to fixed income securities set to mature more than 10 years from the issue or purchase date.
Asset Coverage: A company's ability to cover debt obligations with its assets after all liabilities have been satisfied. Source: Investopedia.com
Basis Point: 1/100 of 1%.
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.
Free Cash Flow: Total cash flow from operations less capital expenditures.
Yield: Annual income from the investment (dividend, interest, etc.) divided by the current market price of the investment.
Yield Spread: The difference in yield from a Treasury security and another debt security of the same maturity.
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 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.
One cannot invest directly in an index.
The Brandes Core Plus Fixed Income Fund is distributed by ALPS Distributors, LLC.
32


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 September 30, 2010 to September 30, 2020 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)
 Average Annual Total Return
Periods Ended September 30, 2020
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Core Plus Fixed Income Fund       
Class A*

5.89% 3.34% 3.55% 3.70%
Class A *(with maximum sales charge)

1.90% 2.55% 3.15% 3.39%
Class I

6.07% 3.59% 3.88% 4.01%
Class R6*

6.89% 4.08% 4.15% 4.23%
Bloomberg Barclays U.S. Aggregate Bond Index

6.98% 4.18% 3.64% 4.37%
    
(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.
33


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
September 30, 2020 (Unaudited)
34


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 April 1, 2020 to September 30, 2020 (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
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,159.70 1.11% $6.00
Global Equity Fund

 $1,000.00 $1,177.00 1.25% $6.80
Emerging Markets Value Fund

 $1,000.00 $1,168.70 1.30% $7.06
International Small Cap Fund

 $1,000.00 $1,192.10 1.30% $7.10
Small Cap Value Fund

 $1,000.00 $1,233.00 1.15% $6.42
Core Plus Fixed Income Fund

 $1,000.00 $1,037.80 0.66% $3.36
    
  Class C
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,156.10 1.86% $10.05
Global Equity Fund

 $1,000.00 $1,172.90 2.00% $10.86
Emerging Markets Value Fund

 $1,000.00 $1,165.00 2.06% $11.13
International Small Cap Fund

 $1,000.00 $1,187.90 2.06% $11.27
    
35


Brandes Investment Trust
  Class I
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,162.00 0.85% $4.60
Global Equity Fund

 $1,000.00 $1,178.40 1.00% $5.45
Emerging Markets Value Fund

 $1,000.00 $1,169.10 1.12% $6.07
International Small Cap Fund

 $1,000.00 $1,192.20 1.15% $6.33
Small Cap Value Fund

 $1,000.00 $1,234.90 0.90% $5.03
Core Plus Fixed Income Fund

 $1,000.00 $1,038.60 0.46% $2.33
    
  Class R6
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,162.30 0.75% $4.05
Emerging Markets Value Fund

 $1,000.00 $1,170.10 0.97% $5.26
International Small Cap Fund

 $1,000.00 $1,192.00 1.14% $6.23
Small Cap Value Fund

 $1,000.00 $1,234.60 0.00% $0.00
Core Plus Fixed Income Fund

 $1,000.00 $1,043.10 0.00% $0.00
    
*The Fund’s expenses are equal to the Fund’s expense ratio for the period, multiplied by the average account value over the period, multiplied by 184/366 (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.
36


Brandes Investment Trust
  Class A
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,019.45 1.11% $5.61
Global Equity Fund

 $1,000.00 $1,018.75 1.25% $6.31
Emerging Markets Value Fund

 $1,000.00 $1,018.49 1.30% $6.57
International Small Cap Fund

 $1,000.00 $1,018.52 1.30% $6.54
Small Cap Value Fund

 $1,000.00 $1,019.25 1.15% $5.80
Core Plus Fixed Income Fund

 $1,000.00 $1,021.70 0.66% $3.33
    
  Class C
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,015.68 1.86% $ 9.39
Global Equity Fund

 $1,000.00 $1,015.00 2.00% $10.07
Emerging Markets Value Fund

 $1,000.00 $1,014.72 2.06% $10.36
International Small Cap Fund

 $1,000.00 $1,014.70 2.06% $10.37
    
  Class I
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,020.75 0.85% $4.29
Global Equity Fund

 $1,000.00 $1,020.00 1.00% $5.05
Emerging Markets Value Fund

 $1,000.00 $1,019.40 1.12% $5.65
International Small Cap Fund

 $1,000.00 $1,019.23 1.15% $5.83
Small Cap Value Fund

 $1,000.00 $1,020.50 0.90% $4.54
Core Plus Fixed Income Fund

 $1,000.00 $1,022.71 0.46% $2.32
    
  Class R6
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,021.25 0.75% $3.79
Emerging Markets Value Fund

 $1,000.00 $1,020.15 0.97% $4.90
International Small Cap Fund

 $1,000.00 $1,019.31 1.14% $5.74
Small Cap Value Fund

 $1,000.00 $1,025.00 0.00% $0.00
Core Plus Fixed Income Fund

 $1,000.00 $1,025.00 0.00% $0.00
    
*The Fund’s expenses are equal to the Fund’s expense ratio for the period, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one half-year period).
37


Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 

Shares Value
COMMON STOCKS – 96.66%
Belgium – 1.36%
120,719Anheuser-Busch InBev SA/NV$ 6,499,566
Brazil – 2.24%
2,974,900Ambev SA(a)6,642,790
925,447Embraer SA Sponsored – ADR(a)4,081,221
  10,724,011
Canada – 1.24%
586,187Cameco Corp.5,920,489
China – 1.72%
1,284,500China Mobile Ltd.8,245,572
Finland – 0.61%
741,479Nokia Oyj(a)2,902,044
France – 19.84%
196,447BNP Paribas SA(a)7,106,383
792,113Carrefour SA12,657,248
264,419Cie de Saint-Gobain SA(a)11,075,767
85,327Danone SA5,527,061
793,680Engie SA(a)10,606,360
794,897Orange SA8,279,297
342,972Publicis Groupe SA11,053,977
119,629Renault SA(a)3,103,283
138,770Sanofi13,906,398
99,302Societe BIC SA5,204,706
190,557Total SE(b)6,544,216
  95,064,696
Germany – 4.88%
155,093BASF SE9,444,555
170,312HeidelbergCement AG10,407,068
37,668Henkel AG & Co. KGaA3,523,019
  23,374,642
Hong Kong – 0.67%
11,842,000First Pacific Co. Ltd.3,219,100
Ireland – 1.21%
160,298CRH Plc5,781,061
Italy – 5.80%
1,231,936Eni SpA9,628,900
4,561,096Intesa Sanpaolo SpA(a)8,581,335
Shares Value
22,441,022Telecom Italia Rsp$ 9,061,089
1,365,052Telecom Italia SpA547,119
  27,818,443
Japan – 13.69%
198,200Dai Nippon Printing Co. Ltd.4,017,457
311,800Honda Motor Co. Ltd.7,404,404
2,132,500Mitsubishi UFJ Financial Group, Inc.8,510,548
323,599MS&AD Insurance Group Holdings, Inc.8,718,797
983,300Nissan Motor Co. Ltd.(a)3,477,536
269,800Sumitomo Mitsui Trust Holdings, Inc.(b)7,177,704
119,300Taisho Pharmaceutical Holdings Co. Ltd.7,856,718
515,283Takeda Pharmaceutical Co. Ltd.18,417,728
  65,580,892
Mexico – 5.64%
2,493,612Cemex SAB de CV Sponsored – ADR9,475,726
14,305,118Fibra Uno Administracion SA de CV11,315,221
111,248Fomento Economico Mexicano SAB de CV – ADR6,251,025
  27,041,972
Netherlands – 0.76%
1,411,784Aegon NV3,654,138
South Korea – 6.28%
181,653Hana Financial Group, Inc.4,363,863
44,464Hyundai Mobis Co. Ltd.8,723,122
33,287Hyundai Motor Co.5,070,282
98,188KT&G Corp.6,934,234
29,983POSCO5,019,568
  30,111,069
Spain – 1.27%
903,276Repsol SA6,102,187
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
38


Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

Shares Value
Switzerland – 7.98%
1,107,826Credit Suisse Group AG$ 11,059,097
16,342Swatch Group AG Bearer3,809,081
119,343Swatch Group AG Registered5,374,216
94,452Swiss Re AG7,006,349
982,795UBS Group AG10,980,675
  38,229,418
Taiwan – 1.56%
852,000Asustek Computer, Inc.7,496,092
United Kingdom – 19.91%
5,506,576Barclays Plc(a)6,946,875
3,815,709BP Plc11,034,961
4,560,286G4S Plc(a)11,761,966
688,599GlaxoSmithKline Plc12,909,514
318,542Imperial Brands Plc5,626,570
3,724,972J Sainsbury Plc9,171,377
Shares Value
1,904,470Kingfisher Plc$ 7,294,886
4,090,932Marks & Spencer Group Plc5,133,574
3,121,189Tesco Plc8,562,381
2,885,568Wm Morrison Supermarkets Plc6,333,640
1,353,138WPP Plc10,627,488
  95,403,232
TOTAL COMMON STOCKS
(Cost $642,133,230)
$463,168,624
PREFERRED STOCKS – 2.92%
Brazil – 1.33%
1,822,100Petroleo Brasileiro SA, 0.00%(c),(d)$ 6,362,539
Russia – 1.59%
15,078,544Surgutneftegas PJSC, 2.47%(c)7,634,361
TOTAL PREFERRED STOCKS
(Cost $12,463,475)
$ 13,996,900
 
 SharesValue
SHORT-TERM INVESTMENTS – 0.03%
Money Market Funds — 0.03%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%(e)

158,886$ 158,886
TOTAL SHORT-TERM INVESTMENTS

(Cost $158,886)

 $ 158,886
Total Investments

(Cost $654,755,591) – 99.61%

 $477,324,410
Other Assets in Excess of Liabilities – 0.39%

 1,868,393
TOTAL NET ASSETS – 100.00%

 $479,192,803

Percentages are stated as a percent of net assets.
ADR American Depositary Receipt  
    
(a)Non-income producing security.
(b)All or a portion of this security is on loan. See Note 2 in the Notes to Financial Statements.
(c)Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
(d)Current yield is less than 0.01%.
(e)The rate shown is the annualized seven day yield as of September 30, 2020.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
39


Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

COMMON STOCKS 
Aerospace & Defense

0.85%
Auto Components

1.82%
Automobiles

3.98%
Banks

8.91%
Beverages

4.05%
Building Products

2.31%
Capital Markets

4.60%
Chemicals

1.97%
Commercial Services & Supplies

4.39%
Communications Equipment

0.61%
Construction Materials

5.36%
Diversified Financial Services

0.67%
Diversified Telecommunication Services

3.73%
Equity Real Estate Investment Trusts

2.36%
Food & Staples Retailing

7.66%
Food Products

1.15%
Household Products

0.74%
Insurance

4.04%
Media

4.53%
Metals & Mining

1.05%
Multiline Retail

1.07%
Multi-Utilities

2.21%
Oil, Gas & Consumable Fuels

8.19%
Pharmaceuticals

11.07%
Specialty Retail

1.52%
Technology Hardware, Storage & Peripherals

1.56%
Textiles, Apparel & Luxury Goods

1.92%
Tobacco

2.62%
Wireless Telecommunication Services

1.72%
TOTAL COMMON STOCKS

96.66%
PREFERRED STOCKS 
Oil, Gas & Consumable Fuels

2.92%
TOTAL PREFERRED STOCKS

2.92%
SHORT-TERM INVESTMENTS

0.03%
TOTAL INVESTMENTS

99.61%
Other Assets in Excess of Liabilities

0.39%
TOTAL NET ASSETS

100.00%
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
40


Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 

Shares Value
COMMON STOCKS – 97.75%
Austria – 1.07%
15,451Erste Group Bank AG(a)$ 323,550
Brazil – 0.57%
154,720Embraer SA(a)171,914
China – 0.88%
41,500China Mobile Ltd.266,400
Finland – 1.36%
104,710Nokia Oyj(a)409,820
France – 12.39%
18,135Carrefour SA289,781
29,959Engie SA(a)400,358
31,200Engie SA Registered Shares (Prime Fidelite 2019)(a)416,942
15,151Publicis Groupe SA488,316
10,272Sanofi1,029,376
4,756Schneider Electric SE591,166
15,386Total SE528,394
  3,744,333
Germany – 1.38%
6,819HeidelbergCement AG416,681
Ireland – 1.49%
12,453CRH Plc449,111
Italy – 1.01%
39,071Eni SpA305,382
Japan – 3.12%
17,100Honda Motor Co. Ltd.406,079
64,100Nissan Motor Co. Ltd.(a)226,696
5,000SoftBank Group Corp.309,373
  942,148
Malaysia – 1.00%
394,700Genting Berhad302,900
Mexico – 1.28%
488,634Fibra Uno Administracion SA de CV386,505
Netherlands – 0.78%
1,887NXP Semiconductors NV235,517
South Korea – 7.31%
2,556Hyundai Mobis Co. Ltd.501,446
4,905Hyundai Motor Co.747,130
Shares Value
5,221KT&G Corp.$ 368,718
11,877Samsung Electronics Co. Ltd.589,624
  2,206,918
Spain – 0.93%
41,556Repsol SA280,736
Switzerland – 3.82%
49,369Credit Suisse Group AG492,836
59,244UBS Group AG661,928
  1,154,764
United Kingdom – 15.54%
162,158Barclays Plc(a)204,572
161,719BP Plc467,688
39,498GlaxoSmithKline Plc740,489
38,224Imperial Brands Plc675,170
177,095J Sainsbury Plc436,031
188,194Kingfisher Plc720,859
105,291Marks & Spencer Group Plc132,126
184,464Tesco Plc506,042
145,089Wm Morrison Supermarkets Plc318,461
62,874WPP Plc493,810
  4,695,248
United States – 43.82%
13,200American International Group, Inc.363,396
5,671Applied Materials, Inc.337,141
30,151Bank of America Corp.726,338
13,678Bank of New York Mellon Corp.469,703
13,321Cardinal Health, Inc.625,421
31,132Change Healthcare, Inc.(a)451,725
2,910Cigna Corp.492,983
17,550Citigroup, Inc.756,581
11,358Comcast Corp. – Class A525,421
15,378Corteva, Inc.443,040
7,152CVS Health Corp.417,677
6,867Emerson Electric Co.450,269
2,926FedEx Corp.735,948
30,292Halliburton Co.365,019
5,082HCA Healthcare, Inc.633,624
3,561Ingredion, Inc.269,496
2,581Laboratory Corp. of America Holdings(a)485,925
4,977McKesson Corp.741,225
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
41


Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

Shares Value
9,194Merck & Co., Inc.$ 762,642
3,846Mohawk Industries, Inc.(a)375,331
20,899Old Republic International Corp.308,051
16,898Pfizer, Inc.620,157
2,463PNC Financial Services Group, Inc.270,708
7,368State Street Corp.437,143
9,436Textron, Inc.340,545
7,627Truist Financial Corp.290,207
22,993Wells Fargo & Co.540,565
  13,236,281
TOTAL COMMON STOCKS
(Cost $30,792,437)
$29,528,208
Shares Value
PREFERRED STOCKS – 0.56%
South Korea – 0.56%
3,912Samsung Electronics Co. Ltd., 2.806%(b)$ 168,377
TOTAL PREFERRED STOCKS
(Cost $115,877)
$ 168,377
 
 SharesValue
SHORT-TERM INVESTMENTS – 1.01%
Money Market Funds — 1.01%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%(c)

305,377$ 305,377
TOTAL SHORT-TERM INVESTMENTS

(Cost $305,377)

 $ 305,377
Total Investments

(Cost $31,213,691) – 99.32%

 $30,001,962
Other Assets in Excess of Liabilities – 0.68%

 204,411
TOTAL NET ASSETS – 100.00%

 $30,206,373

Percentages are stated as a percent of net assets.
    
(a)Non-income producing security.
(b)Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
(c)The rate shown is the annualized seven day yield as of September 30, 2020.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
42


Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — September 30, 2020 

COMMON STOCKS 
Aerospace & Defense

1.70%
Air Freight & Logistics

2.44%
Auto Components

1.66%
Automobiles

4.58%
Banks

10.30%
Capital Markets

6.83%
Chemicals

1.47%
Communications Equipment

1.36%
Construction Materials

2.87%
Electrical Equipment

3.45%
Energy Equipment & Services

1.21%
Equity Real Estate Investment Trusts

1.28%
Food & Staples Retailing

5.13%
Food Products

0.89%
Health Care Providers & Services

11.24%
Health Care Technology

1.50%
Hotels, Restaurants & Leisure

1.00%
Household Durables

1.24%
Insurance

2.22%
Media

4.98%
Multiline Retail

0.44%
Multi-Utilities

2.70%
Oil, Gas & Consumable Fuels

5.24%
Pharmaceuticals

10.43%
Semiconductors & Semiconductor Equipment

1.90%
Specialty Retail

2.39%
Technology Hardware, Storage & Peripherals

1.95%
Tobacco

3.45%
Wireless Telecommunication Services

1.90%
TOTAL COMMON STOCKS

97.75%
PREFERRED STOCKS 
Technology Hardware, Storage & Peripherals

0.56%
TOTAL PREFERRED STOCKS

0.56%
SHORT-TERM INVESTMENTS

1.01%
TOTAL INVESTMENTS

99.32%
Other Assets in Excess of Liabilities

0.68%
TOTAL NET ASSETS

100.00%
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
43


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 

Shares Value
COMMON STOCKS – 92.58%
Argentina – 1.33%
1,176,931Adecoagro SA(a)$ 5,496,268
2,415,979YPF SA Sponsored – Class D – ADR(a)8,625,045
  14,121,313
Brazil – 3.55%
6,258,400Cogna Educacao5,772,630
1,375,900Companhia Brasileira de Distribuicao17,086,356
3,339,780Embraer SA Sponsored – ADR(a)14,728,429
  37,587,415
Chile – 2.40%
2,336,679Empresa Nacional de Telecomunicaciones SA14,548,715
80,887,795Enel Chile SA5,673,829
1,509,388Enel Chile SA Sponsored – ADR5,192,295
  25,414,839
China – 23.78%
953,800Alibaba Group Holding Ltd.(a)35,015,066
188,437Baidu, Inc. Sponsored – ADR(a)23,854,240
4,613,900China Mobile Ltd.29,617,943
25,636,136China Railway Signal & Communication Corp. Ltd.(b)8,465,685
3,458,259China South Publishing & Media Group Co. Ltd.5,553,802
3,065,000Galaxy Entertainment Group Ltd.20,721,543
21,333,500Genertec Universal Medical Group Co. Ltd.(b)14,182,136
1,754,814Gree Electric Appliances Inc. of Zhuhai – Class A13,871,608
33,944,000PetroChina Co. Ltd.9,988,933
2,035,500Ping An Insurance Group Co. of China Ltd. – Class H21,130,216
Shares Value
10,683,500Shanghai Pharmaceuticals Holding Co. Ltd. – Class H$ 17,918,984
11,983,000TravelSky Technology Ltd.25,755,464
10,355,400Wynn Macau Ltd.(a)16,618,396
304,779ZTO Express Cayman, Inc. – ADR9,118,988
  251,813,004
Czech Republic – 0.47%
521,469O2 Czech Republic AS4,959,496
Greece – 0.35%
254,779Hellenic Telecommunications Organization SA3,669,388
Hong Kong – 4.54%
1,754,400AIA Group Ltd.17,438,907
28,461,920First Pacific Co. Ltd.7,737,017
10,597,500Lifestyle International Holdings Ltd.(a)8,681,445
5,860,000Luk Fook Holdings International Ltd.14,207,619
  48,064,988
India – 6.01%
3,786,134Bharti Infratel Ltd.9,017,241
1,087,855HDFC Bank Ltd.(a)15,969,508
7,535,312Power Grid Corp. of India Ltd.16,618,516
7,773,364Zee Entertainment Enterprises Ltd.22,096,105
  63,701,370
Indonesia – 4.31%
82,750,600Bank Rakyat Indonesia Persero Tbk PT16,976,644
5,596,012Gudang Garam Tbk PT(a)15,078,376
99,025,715PT XL Axiata Tbk13,579,398
  45,634,418
Malaysia – 1.52%
21,002,200Genting Berhad16,117,482
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
44


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

Shares Value
Mexico – 9.77%
24,947,455America Movil SAB de CV$ 15,660,207
6,966,188Cemex SAB de CV Sponsored – ADR26,471,514
30,944,403Fibra Uno Administracion SA de CV24,476,748
12,183,131Macquarie Mexico Real Estate Management SA de CV(b)14,964,785
15,627,007PLA Administradora Industrial S de RL de CV21,626,141
512,122Urbi Desarrollos Urbanos SAB de CV(a)304,566
  103,503,961
Panama – 2.38%
644,836Banco Latinoamericano de Comercio Exterior SA – Class E7,834,758
345,880Copa Holdings SA – Class A17,411,599
  25,246,357
Philippines – 1.42%
11,369,764Bank of the Philippine Islands15,054,408
Russia – 6.56%
11,704,159Alrosa PJSC11,126,313
175,358Lukoil PJSC Sponsored – ADR10,128,117
2,244,044Mobile TeleSystems PJSC9,818,980
8,476,466Sberbank of Russia PJSC24,904,680
2,526,373Sistema PJSFC Sponsored – GDR13,539,443
  69,517,533
South Africa – 1.68%
3,357,013Absa Group Ltd.17,787,294
South Korea – 10.49%
435,941KT&G Corp.30,787,031
157,437POSCO26,357,123
115,629S-1 Corp.8,670,329
Shares Value
610,691Samsung Electronics Co. Ltd.$ 30,317,243
636,890Shinhan Financial Group Co. Ltd.14,941,808
  111,073,534
Spain – 0.89%
11,548,879Prosegur Cash SA(b)9,446,133
Taiwan – 5.62%
2,302,000Asustek Computer, Inc.20,253,526
1,534,000Taiwan Semiconductor Manufacturing Co. Ltd.23,077,616
713,000Wiwynn Corp.16,205,616
  59,536,758
Thailand – 4.19%
3,157,000Bangkok Bank PCL – NVDR9,619,362
78,547,281Jasmine Broadband Internet Infrastructure – Class F23,548,692
5,464,600Siam Commercial Bank PCL – Class F11,253,154
  44,421,208
Turkey – 0.37%
1,317,188Ulker Biskuvi Sanayi AS(a)3,871,475
United Kingdom – 0.95%
10,376,419Vivo Energy Plc(a),(b)10,041,910
TOTAL COMMON STOCKS
(Cost $1,300,920,508)
$980,584,284
PREFERRED STOCKS – 5.39%
Brazil – 2.45%
4,920,700Petroleo Brasileiro SA, 0.00%(c),(d)$ 17,182,451
630,648Telefonica Brasil SA Sponsored – ADR, 3.35%(c)4,837,070
498,300Telefonica Brasil SA, 6.17%(c)3,852,666
  25,872,187
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
45


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

Shares Value
Colombia – 0.08%
189,050Grupo Aval Acciones y Valores SA – ADR, 6.75%(c)$ 871,521
Russia – 1.63%
205,610Surgutneftegas PJSC Sponsored – ADR, 2.63%(c)1,041,024
32,081,832Surgutneftegas PJSC, 2.47%(c)16,243,233
  17,284,257
South Korea – 1.23%
180,777Hyundai Motor Co. Ltd., 3.61%(c)13,051,269
TOTAL PREFERRED STOCKS
(Cost $73,157,501)
$ 57,079,234
Shares Value
PARTICIPATORY NOTES – 1.12%
China – 1.12%
7,427,157China South Publishing & Media Group Co. Ltd. – Class A(e)$ 11,885,552
TOTAL PARTICIPATORY NOTES
(Cost $13,757,445)
$ 11,885,552
 
 SharesValue
SHORT-TERM INVESTMENTS – 0.69%
Money Market Funds — 0.69%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%

7,280,186$ 7,280,186
TOTAL SHORT-TERM INVESTMENTS

(Cost $7,280,186)

 $ 7,280,186
Total Investments

(Cost $1,395,115,640) – 99.78%

 $1,056,829,256
Other Assets in Excess of Liabilities – 0.22%

 2,324,891
TOTAL NET ASSETS – 100.00%

 $1,059,154,147

Percentages are stated as a percent of net assets.
ADR American Depositary Receipt  
GDR Global Depositary Receipt  
NVDR Non-Voting Depositary Receipt  
    
(a)Non-income producing security.
(b)Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $57,100,649 which represented 5.39% of the net assets of the Fund.
(c)Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
(d)Current yield is less than 0.01%.
(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.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
46


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — September 30, 2020 

COMMON STOCKS 
Aerospace & Defense

1.39%
Air Freight & Logistics

0.86%
Airlines

1.64%
Banks

11.94%
Commercial Services & Supplies

1.71%
Construction Materials

2.50%
Diversified Consumer Services

0.55%
Diversified Financial Services

1.47%
Diversified Telecommunication Services

1.67%
Electric Utilities

2.60%
Electronic Equipment, Instruments & Components

0.80%
Equity Real Estate Investment Trusts

7.98%
Food & Staples Retailing

1.61%
Food Products

0.89%
Health Care Providers & Services

3.03%
Hotels, Restaurants & Leisure

5.05%
Household Durables

1.34%
Insurance

3.65%
Interactive Media & Services

2.25%
Internet & Direct Marketing Retail

3.31%
IT Services

2.43%
Media

2.60%
Metals & Mining

3.54%
Multiline Retail

0.82%
Oil, Gas & Consumable Fuels

2.70%
Semiconductors & Semiconductor Equipment

2.18%
Specialty Retail

2.29%
Technology Hardware, Storage & Peripherals

6.30%
Tobacco

4.34%
Wireless Telecommunication Services

9.14%
TOTAL COMMON STOCKS

92.58%
PREFERRED STOCKS 
Automobiles

1.23%
Banks

0.08%
Diversified Telecommunication Services

0.83%
Oil, Gas & Consumable Fuels

3.25%
TOTAL PREFERRED STOCKS

5.39%
PARTICIPATORY NOTES 
Media

1.12%
TOTAL PARTICIPATORY NOTES

1.12%
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
47


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — September 30, 2020 (continued)

SHORT-TERM INVESTMENTS

0.69%
TOTAL INVESTMENTS

99.78%
Other Assets in Excess of Liabilities

0.22%
TOTAL NET ASSETS

100.00%
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
48


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 

Shares Value
COMMON STOCKS – 98.27%
Argentina – 0.42%
278,092Adecoagro SA(a)$ 1,298,690
Austria – 0.58%
207,043Addiko Bank AG(a)1,801,187
Brazil – 2.23%
6,250,740Embraer SA(a)6,945,390
Canada – 6.88%
479,903Cameco Corp.4,847,021
264,334Corby Spirit and Wine Ltd.3,114,716
569,897Dorel Industries, Inc. – Class B(a)5,080,303
752,329Sierra Wireless, Inc.(a)8,395,936
  21,437,976
China – 2.53%
12,973,900Boyaa Interactive International Ltd.(a)903,982
259,857China Yuchai International Ltd.4,677,426
10,073,000Weiqiao Textile Co. – Class H2,300,528
  7,881,936
France – 5.41%
677,279Elior Group SA(b)3,144,540
68,781Savencia SA(a)4,274,041
120,433Societe BIC SA6,312,243
93,151Vicat SA3,118,085
  16,848,909
Germany – 1.27%
53,931Draegerwerk AG & Co. KGaA3,976,463
Greece – 0.84%
260,968Sarantis SA2,613,000
Hong Kong – 5.09%
4,446,050APT Satellite Holdings Ltd.1,170,692
2,191,000Dickson Concepts International Ltd.982,347
73,200,000Emperor Watch & Jewellery Ltd.(a)1,067,296
Shares Value
22,483,000First Pacific Co. Ltd.$ 6,111,723
10,853,000PAX Global Technology Ltd.6,539,728
  15,871,786
Hungary – 1.88%
5,016,321Magyar Telekom Telecommunications Plc5,865,023
Ireland – 4.77%
4,267,379AIB Group Plc(a)4,377,755
551,064Avadel Pharmaceuticals Plc – ADR(a)2,777,362
3,043,756C&C Group Plc7,696,994
  14,852,111
Israel – 0.89%
50,699Taro Pharmaceutical Industries Ltd.(a)2,780,840
Italy – 3.93%
269,644Buzzi Unicem SpA3,539,694
465,083Credito Emiliano SpA(a)2,174,509
410,284Danieli & C Officine Meccaniche SpA4,574,666
2,919,798Safilo Group SpA(a)1,945,573
  12,234,442
Japan – 18.41%
1,032,600Concordia Financial Group Ltd.3,591,566
421,800Fuji Media Holdings, Inc.4,061,890
494,900Funai Electric Co. Ltd.(a)2,237,196
170,700Futaba Corp.1,531,301
1,206,900Hachijuni Bank Ltd.4,747,073
1,174,500Hyakugo Bank Ltd.3,674,698
187,800Japan Petroleum Exploration Co. Ltd.2,920,033
188,600Kissei Pharmaceutical Co. Ltd.4,264,746
1,165,300Komori Corp.8,166,582
696,500Kyushu Financial Group, Inc.3,266,893
158,100Mitsubishi Shokuhin Co. Ltd.4,164,572
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
49


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

Shares Value
165,800Nichiban Co. Ltd.$ 2,591,416
112,100Nippon Seiki Co. Ltd.1,227,667
70,400Oita Bank Ltd.1,636,303
89,700Sankyo Co. Ltd.2,348,839
270,800Tachi-S Co. Ltd.2,505,102
316,800TSI Holdings Co. Ltd.977,389
192,700Yodogawa Steel Works Ltd.3,451,545
  57,364,811
Malaysia – 0.87%
3,526,300Genting Berhad2,706,149
Mexico – 6.99%
725,768Cemex SAB de CV Sponsored – ADR2,757,918
28,562,819Consorcio ARA SAB de CV(a)3,281,078
279,501,983Desarrolladora Homex SAB de CV(a),(c)530,904
12,326,682Fibra Uno Administracion SA de CV9,750,296
4,047,416Macquarie Mexico Real Estate Management SA de CV(b)4,971,523
801,670Urbi Desarrollos Urbanos SAB de CV(a),(c)476,764
  21,768,483
Panama – 1.68%
430,306Banco Latinoamericano de Comercio Exterior SA – Class E5,228,218
Philippines – 0.68%
1,689,492First Philippines Holdings Corp.2,125,805
Slovenia – 1.39%
474,148Nova Ljubljanska Banka – GDR(a),(b)4,124,888
23,625Nova Ljubljanska Banka dd Registered - GDR(a)205,528
  4,330,416
Shares Value
South Korea – 6.79%
88,337Binggrae Co. Ltd.$ 4,468,966
115,088Hankook Tire & Technology Co. Ltd.3,101,255
50,267Lotte Chilsung Beverage Co. Ltd.3,856,645
46,024Lotte Confectionery Co. Ltd.3,985,564
9,438Namyang Dairy Products Co. Ltd.2,081,738
54,510Samchully Co. Ltd.3,659,224
  21,153,392
Spain – 5.06%
1,753,861Atresmedia Corp de Medios de Comunicacion SA4,639,045
3,000,071Bankia SA4,368,294
508,197Bankinter SA2,187,765
991,339Lar Espana Real Estate Socimi SA4,573,633
  15,768,737
United Kingdom – 19.68%
1,620,300Balfour Beatty Plc4,664,498
819,067Countrywide Plc(a)1,860,115
2,886,299De La Rue Plc(a)4,841,637
4,012,637G4S Plc(a)10,349,460
3,869,528J Sainsbury Plc9,527,293
30,179LivaNova Plc(a)1,364,393
1,436,156LSL Property Services Plc(a)4,002,791
2,457,801Marks & Spencer Group Plc3,084,212
14,370,504Mitie Group Plc6,082,098
2,930,944Premier Foods Plc(a)3,498,298
861,673Telit Communications Plc(a)1,512,129
4,173,341Wm Morrison Supermarkets Plc9,160,221
535,023Yellow Cake Plc(a),(b)1,372,450
  61,319,595
TOTAL COMMON STOCKS
(Cost $406,196,717)
$306,173,359
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
50


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

Shares Value
PREFERRED STOCKS – 0.99%
Germany – 0.99%
35,471Draegerwerk AG & Co. KGaA, 0.26%(d)$ 3,084,350
TOTAL PREFERRED STOCKS
(Cost $1,838,967)
$ 3,084,350
 SharesValue
SHORT-TERM INVESTMENTS – 0.04%
Money Market Funds — 0.04%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%(e)

128,454$ 128,454
TOTAL SHORT-TERM INVESTMENTS

(Cost $128,454)

 $ 128,454
Total Investments

(Cost $408,164,138) – 99.30%

 $309,386,163
Other Assets in Excess of Liabilities – 0.70%

 2,176,877
TOTAL NET ASSETS – 100.00%

 $311,563,040

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 $13,613,401 which represented 4.37% of the net assets of the Fund.
(c)Affiliated issuer. See Note 8 in the Notes to Financial Statements.
(d)Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
(e)The rate shown is the annualized seven day yield as of September 30, 2020.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
51


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — September 30, 2020 

COMMON STOCKS 
Aerospace & Defense

2.23%
Auto Components

2.20%
Banks

11.61%
Beverages

4.71%
Commercial Services & Supplies

9.68%
Communications Equipment

3.18%
Construction & Engineering

1.50%
Construction Materials

3.03%
Diversified Financial Services

3.64%
Diversified Telecommunication Services

2.26%
Electric Utilities

0.68%
Electrical Equipment

0.49%
Electronic Equipment, Instruments & Components

2.10%
Entertainment

0.29%
Equity Real Estate Investment Trusts

6.20%
Food & Staples Retailing

7.34%
Food Products

6.29%
Gas Utilities

1.17%
Health Care Equipment & Supplies

1.71%
Hotels, Restaurants & Leisure

1.88%
Household Durables

3.72%
Leisure Products

0.75%
Machinery

5.59%
Media

2.79%
Metals & Mining

1.11%
Multiline Retail

0.99%
Oil, Gas & Consumable Fuels

2.50%
Personal Products

0.84%
Pharmaceuticals

3.15%
Real Estate Management & Development

1.88%
Specialty Retail

0.65%
Textiles, Apparel & Luxury Goods

1.67%
Trading Companies & Distributors

0.44%
TOTAL COMMON STOCKS

98.27%
PREFERRED STOCKS 
Health Care Equipment & Supplies

0.99%
TOTAL PREFERRED STOCKS

0.99%
SHORT-TERM INVESTMENTS

0.04%
TOTAL INVESTMENTS

99.30%
Other Assets in Excess of Liabilities

0.70%
TOTAL NET ASSETS

100.00%
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
52


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — September 30, 2020 (continued)

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
53


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 

Shares Value
COMMON STOCKS – 95.18%
Aerospace & Defense – 9.77%
1,941Embraer SA Sponsored – ADR(a)$ 8,560
205National Presto Industries, Inc.16,781
1,593Park Aerospace Corp.17,396
304Textron, Inc.10,971
  53,708
Automobiles – 1.71%
384Harley-Davidson, Inc.9,423
Banks – 4.98%
278American National Bankshares, Inc.5,816
364Eagle Bancorp Montana, Inc.6,414
288National Bankshares, Inc.7,295
307Northrim BanCorp, Inc.7,825
  27,350
Biotechnology – 9.29%
383Eagle Pharmaceuticals, Inc.(a)16,270
5,659PDL BioPharma, Inc.(a)17,826
168United Therapeutics Corp.(a)16,968
  51,064
Chemicals – 2.24%
213Sensient Technologies Corp.12,299
Communications Equipment – 6.59%
677NETGEAR, Inc.(a)20,865
1,374Sierra Wireless, Inc.(a)15,334
  36,199
Construction & Engineering – 1.08%
2,166Orion Group Holdings, Inc.(a)5,957
Electric Utilities – 1.55%
165ALLETE, Inc.8,537
Electronic Equipment, Instruments &
Components – 2.86%
253Arlo Technologies, Inc.(a)1,331
557Avnet, Inc.14,393
  15,724
Energy Equipment & Services – 6.51%
366Dril-Quip, Inc.(a)9,062
1,266Halliburton Co.15,255
782Helmerich & Payne, Inc.11,456
  35,773
Shares Value
Equity Real Estate Investment Trusts – 1.92%
396Equity Commonwealth$ 10,545
Food Products – 1.90%
121Cal-Maine Foods, Inc.(a)4,643
49Sanderson Farms, Inc.5,780
  10,423
Health Care Equipment & Supplies – 1.72%
457Invacare Corp.3,436
472Varex Imaging Corp.(a)6,004
  9,440
Health Care Providers & Services – 2.60%
799Triple–S Management Corp. – Class B(a)14,278
Health Care Technology – 0.91%
344Change Healthcare, Inc.(a)4,991
Household Durables – 5.83%
620Dorel Industries, Inc. – Class B(a)5,527
129Mohawk Industries, Inc.(a)12,589
567Taylor Morrison Home Corp.(a)13,943
  32,059
Insurance – 5.22%
163American National Group, Inc.11,007
50National Western Life Group, Inc. – Class A9,139
579Old Republic International Corp.8,534
  28,680
Machinery – 5.71%
1,256Graham Corp.16,039
97Greenbrier Companies., Inc.2,852
167Hurco Companies, Inc.4,743
576L.B. Foster Co. – Class A(a)7,730
  31,364
Media – 1.24%
324Scholastic Corp.6,801
Multi-Utilities – 1.58%
254Avista Corp.8,666
Oil, Gas & Consumable Fuels – 1.47%
382World Fuel Services Corp.8,095
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
54


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

Shares Value
Personal Products – 3.70%
729Edgewell Personal Care Co.(a)$ 20,325
Pharmaceuticals – 5.84%
347AMAG Pharmaceuticals, Inc.(a)3,262
1,118Avadel Pharmaceuticals Plc – ADR(a)5,634
657Phibro Animal Health Corp. – Class A11,432
324Prestige Consumer Healthcare, Inc.(a)11,800
  32,128
Professional Services – 3.15%
377Kelly Services, Inc. – Class A6,424
945Resources Connection, Inc.10,915
  17,339
Real Estate Management & Development –
1.48%
395The St. Joe Co.(a)8,149
Software – 1.51%
55MicroStrategy, Inc. – Class A(a)8,281
Shares Value
Specialty Retail – 0.78%
76Aaron's, Inc.$ 4,305
Textiles, Apparel & Luxury Goods – 0.47%
263Movado Group, Inc.2,614
Thrifts & Mortgage Finance – 0.95%
257Territorial Bancorp, Inc.5,199
Trading Companies & Distributors – 0.62%
1,365Houston Wire & Cable Co.(a)3,413
TOTAL COMMON STOCKS
(Cost $541,944)
$523,129
PREFERRED STOCKS – 0.01%
Oil, Gas & Consumable Fuels – 0.01%
37Chesapeake Energy Corp., 5.750%$ 48
TOTAL PREFERRED STOCKS
(Cost $13,997)
$ 48
 
 Principal
Amount
Value
CORPORATE BONDS – 3.17%
Oil, Gas & Consumable Fuels – 3.17%
Chesapeake Energy Corp.

11.500%, 1/1/2025(b),(c)

$   129,000$     17,415
TOTAL CORPORATE BONDS (Cost $14,592)

 $ 17,415
    
 SharesValue
SHORT-TERM INVESTMENTS – 3.62%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.000%, (d)

    19,908$     19,908
TOTAL SHORT-TERM INVESTMENTS

(Cost $19,908)

 $ 19,908
Total Investments (Cost $590,441) – 101.98%

 $ 560,500
Liabilities in Excess of Other Assets – (1.98)%

 (10,905)
TOTAL NET ASSETS – 100.00%

 $ 549,595

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.
55


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

(b)Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $17,415 which represented 3.17% of the net assets of the Fund.
(c)Issuer is in default of interest payments.
(d)The rate shown is the annualized seven day yield as of September 30, 2020.
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
56


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS BY COUNTRY — September 30, 2020 

COMMON STOCKS 
Brazil

1.56%
Canada

3.79%
Ireland

1.02%
United States

88.81%
TOTAL COMMON STOCKS

95.18%
CORPORATE BONDS 
United States

3.17%
TOTAL CORPORATE BONDS

3.17%
PREFERRED STOCKS 
United States

0.01%
TOTAL PREFERRED STOCKS

0.01%
SHORT-TERM INVESTMENTS

3.62%
TOTAL INVESTMENTS

101.98%
Liabilities in Excess of Other Assets

(1.98)%
TOTAL NET ASSETS

100.00%
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
57


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 

 SharesValue
COMMON STOCKS – 0.00%
Household Durables – 0.00%
Urbi Desarrollos Urbanos SAB de CV (a)

      1,564$        930
TOTAL COMMON STOCKS

(Cost $292,050)

 $ 930
    
 Principal
Amount
Value
FEDERAL AND FEDERALLY SPONSORED CREDITS – 9.27%
Federal Home Loan Mortgage Corporation – 3.06%
Pool A9-3505 4.500%, 8/1/2040

$    80,188$     90,006
Pool G0-6018 6.500%, 4/1/2039

     19,144      22,288
Pool G1-8578 3.000%, 12/1/2030

  1,071,914   1,127,758
Pool SD-8001 3.500%, 7/1/2049

    635,192     669,167
Pool SD-8003 4.000%, 7/1/2049

    695,166    741,428
  2,650,647
Federal National Mortgage Association – 6.21%
Pool 934124 5.500%, 7/1/2038

     39,170      45,137
Pool AL9865 3.000%, 2/1/2047

  1,396,054   1,466,855
Pool AS6201 3.500%, 11/1/2045

    551,951     589,378
Pool BJ2553 3.500%, 12/1/2047

    504,251     534,646
Pool BN6683 3.500%, 6/1/2049

  1,101,661   1,160,366
Pool CA1624 3.000%, 4/1/2033

    810,264     857,275
Pool MA0918 4.000%, 12/1/2041

    186,268     204,484
Pool MA3687 4.000%, 6/1/2049

    501,255    533,973
  5,392,114
TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS

(Cost $7,652,302)

 $ 8,042,761
OTHER MORTGAGE RELATED SECURITIES – 0.00%
Collateralized Mortgage Obligations – 0.00%
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14 3.104%, 10/25/2036(b)

$       727$        706
TOTAL OTHER MORTGAGE RELATED SECURITIES

(Cost $716)

 $ 706
US GOVERNMENTS – 55.83%
Sovereign – 55.83%
United States Treasury Note
2.375%, 8/15/2024

$11,360,000$ 12,311,844
2.000%, 11/15/2021

    211,000     215,418
2.000%, 2/15/2023

  1,140,000   1,189,919
2.250%, 2/15/2027

15,075,000 16,833,357
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
58


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

 Principal
Amount
Value
2.375%, 5/15/2029

$ 7,650,000$  8,806,166
United States Treasury Bond

4.750%, 2/15/2037

  5,775,000  9,106,679
TOTAL US GOVERNMENTS

(Cost $43,575,320)

 $ 48,463,383
CORPORATE BONDS – 30.63%
Automobiles – 0.48%
Ford Motor Credit Co. LLC

5.875%, 8/2/2021

$   410,000$    417,688
Banks – 4.67%
Fifth Third Bancorp

8.250%, 3/1/2038

    175,000     285,660
Goldman Sachs Group, Inc.

3.000%, 4/26/2022

    780,000     791,266
JPMorgan Chase & Co.

3.738% (3M LIBOR + 3.470%), Perpetual(c)

  1,317,000   1,262,828
USB Capital IX

3.500% (3M LIBOR + 1.020%, minimum of 3.500%), Perpetual(c)

  1,830,000  1,713,813
  4,053,567
Commercial Services & Supplies – 2.71%
Iron Mountain, Inc.

4.875%, 9/15/2027(d)

    645,000    657,747
Prime Security Services Borrower LLC
5.750%, 4/15/2026(d)

    715,000     764,607
6.250%, 1/15/2028(d)

    915,000    926,437
  2,348,791
Consumer Products – 2.43%
Avon International Operations, Inc.

7.875%, 8/15/2022(d)

  1,415,000   1,431,676
Wyndham Destinations, Inc.

3.900%, 3/1/2023

    690,000    676,200
  2,107,876
Containers & Packaging – 0.52%
Sealed Air Corp.

4.000%, 12/1/2027(d)

    430,000    449,264
Electric Utilities – 0.29%
Commonwealth Edison Co.

5.900%, 3/15/2036

    175,000    252,379
Equipment – 0.03%
Continental Airlines Pass Through Trust Series 2007-1

5.983%, 4/19/2022

     24,286     23,817
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
59


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

 Principal
Amount
Value
Food, Beverage & Tobacco – 0.98%
Pilgrim's Pride Corp.

5.750%, 3/15/2025(d)

$   835,000$    850,656
Health Care Facilities & Services – 1.60%
CVS Health Corp.

4.100%, 3/25/2025

     58,000     65,518
Tenet Healthcare Corp.
5.125%, 5/1/2025

    270,000     272,511
4.875%, 1/1/2026(d)

  1,030,000  1,048,705
  1,386,734
Homebuilders – 2.23%
PulteGroup, Inc.

5.500%, 3/1/2026

    980,000   1,117,200
Toll Brothers Finance Corp.

4.875%, 11/15/2025

    745,000    819,500
  1,936,700
Insurance – 0.93%
American International Group, Inc.

6.400%, 12/15/2020

    800,000    809,697
Media – 1.20%
Charter Communications Operating LLC

4.908%, 7/23/2025

    295,000     341,086
Netflix, Inc.

5.375%, 2/1/2021

    695,000    701,950
  1,043,036
Oil, Gas & Consumable Fuels – 7.71%
BP Capital Markets Plc

3.506%, 3/17/2025

    810,000     901,785
Chesapeake Energy Corp.

11.500%, 1/1/2025(d),(e)

  3,616,000     488,160
Chevron Corp.

2.100%, 5/16/2021

  1,150,000   1,161,702
Exxon Mobil Corp.

2.397%, 3/6/2022

    945,000     970,090
Kinder Morgan, Inc.

4.300%, 6/1/2025

  1,054,000   1,187,165
Occidental Petroleum Corp.
1.730% (3M LIBOR + 1.450%), 8/15/2022(c)

    365,000     333,063
3.500%, 6/15/2025

    555,000     460,650
Range Resources Corp.

5.000%, 3/15/2023

  1,256,000  1,193,200
  6,695,815
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
60


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

 Principal
Amount
Value
Technology – 2.74%
Microsoft Corp.

2.400%, 2/6/2022

$ 1,000,000$  1,027,735
VMware, Inc.
4.500%, 5/15/2025

    215,000     243,386
3.900%, 8/21/2027

    995,000  1,111,358
  2,382,479
Telecommunications – 2.11%
AT&T, Inc.

3.000%, 6/30/2022

  1,630,000   1,695,170
Telefonica Emisiones SA

5.462%, 2/16/2021

    135,000    137,496
  1,832,666
TOTAL CORPORATE BONDS

(Cost $25,039,695)

 $ 26,591,165
ASSET BACKED SECURITIES – 1.72%
Student Loan – 1.72%
SLM Private Credit Student Loan Trust Series 2007-A, 0.553% (3M LIBOR + 0.240%), 12/16/2041(c)

$   251,252$    241,531
SLM Private Credit Student Loan Trust Series 2004-B, 0.681% (3M LIBOR + 0.430%), 9/15/2033(c)

    300,000     282,110
SLM Private Credit Student Loan Trust Series 2005-A, 0.561% (3M LIBOR + 0.310%), 12/15/2038(c)

    394,000     376,984
SLM Private Credit Student Loan Trust Series 2006-A, 0.540% (3M LIBOR + 0.290%), 6/15/2039(c)

    625,615    595,058
TOTAL ASSET BACKED SECURITIES

(Cost $1,446,824)

 $ 1,495,683
    
 SharesValue
SHORT-TERM INVESTMENTS – 3.89%
Money Market Funds – 3.89%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.00%(f)

 3,376,314$   3,376,314
TOTAL SHORT-TERM INVESTMENTS

(Cost $3,376,314)

 $ 3,376,314
Total Investments (Cost $81,383,221) – 101.34%

 $87,970,942
Liabilities in Excess of Other Assets – (1.34)%

 (1,159,767)
Total Net Assets – 100.00%

 $86,811,175

Percentages are stated as a percent of net assets.
LIBOR London Interbank Offered Rate  
    
(a)Non-income producing security.
(b)Variable rate security. The coupon is based on an underlying pool of loans.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
61


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — September 30, 2020 (continued)

(c)Variable rate security. The coupon is based on a reference index and spread index.
(d)Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $6,617,252 which represented 7.62% of the net assets of the Fund.
(e)Issuer has defaulted on terms of debt obligation. Income is not being accrued.
(f)The rate shown is the annualized seven day yield as of September 30, 2020.
The industry classifications represented in the Schedule of Investments are in accordance with Bloomberg Industry Classification Standards (BICS) or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
62


(This Page Intentionally Left Blank)
63


Brandes Investment Trust
STATEMENTS OF ASSETS AND LIABILITIES — September 30, 2020  

 Brandes
International
Equity Fund
 Brandes
Global
Equity Fund
ASSETS   
Investment in securities, at value(1), (2)   
Unaffiliated issuers

$ 477,324,410 $30,001,962
Affiliated issuers

 
Foreign Currency(1)

85,715 10,284
Receivables:   
Securities sold

 227,453
Fund shares sold

270,764 115
Dividends and interest

1,440,889 58,408
Tax reclaims

1,176,788 58,937
Securities lending

117,700 3,256
Due from Advisor

3,852 
Receivable from service providers

16,704 906
Prepaid expenses and other assets

29,828 34,478
Total Assets

480,466,650 30,395,799
LIABILITIES   
Payables:   
Securities purchased

 484
Fund shares redeemed

601,494 78,928
Due to Advisor

302,547 20,315
12b-1 Fee

9,443 651
Trustee Fees

17,319 1,104
Custodian Fee Payable

6,490 
Foreign capital gains taxes

 
Dividends payable

53,376 868
Accrued expenses

283,178 87,076
Total Liabilities

1,273,847 189,426
NET ASSETS

$ 479,192,803 $30,206,373
COMPONENTS OF NET ASSETS   
Paid in Capital

$ 729,188,118 $31,615,726
Total distributable earnings (loss)

(249,995,315) (1,409,353)
Total Net Assets

$ 479,192,803 $30,206,373
Net asset value, offering price and redemption proceeds per share   
Class A Shares   
Net Assets

$ 22,083,012 $ 911,207
Shares outstanding (unlimited shares authorized without par value)

1,634,147 47,204
Offering and redemption price

$ 13.51 $ 19.30
Maximum offering price per share*

$ 14.40 $ 20.64
Class C Shares   
Net Assets

$ 7,587,892 $ 717,254
Shares outstanding (unlimited shares authorized without par value)

571,712 37,437
Offering and redemption price

$ 13.27 $ 19.16
Class I Shares   
Net Assets

$ 401,730,441 $28,577,912
Shares outstanding (unlimited shares authorized without par value)

29,599,640 1,468,285
Offering and redemption price

$ 13.57 $ 19.46
Class R6 Shares   
Net Assets

$ 47,791,458 $ N/A
Shares outstanding (unlimited shares authorized without par value)

3,502,813 N/A
Offering and redemption price

$ 13.64 $ N/A
(1)Cost of:   
Investments in securities   
Unaffiliated issuers

$ 654,755,591 $31,213,691
Affiliated issuers

 
Foreign currency

85,714 10,253
(2)Market value of securities loaned of:

$ 5,179,523 $

*Includes a sales load of 5.75% for the International, Global, Emerging Markets, International Small Cap, and Small Cap Value Funds and 3.75% for the Core Plus Fund. (see Note 7 of the Notes to Financial Statements)
The accompanying notes to financial statements are an integral part of this statement.
64


Brandes Investment Trust
STATEMENTS OF ASSETS AND LIABILITIES — September 30, 2020  (continued)


    
Brandes
Emerging
Markets
Value Fund
 Brandes
International
Small Cap
Equity Fund
 Brandes
Small Cap
Value Fund
 Brandes
Core Plus Fixed
Income Fund
       
       
$1,056,829,256 $ 308,378,495 $ 560,500 $87,970,942
 1,007,668  
986 29,920  
       
4,227,474 1,875,744  
625,950 490,296  32,236
2,050,227 821,032 1,591 409,052
166,984 431,072  
   
  10,764 20,977
35,068 9,185 14 2,200
57,609 31,670 13,732 24,973
1,063,993,554 313,075,082 586,601 88,460,380
       
       
 726,314 2,973 1,398,709
2,906,355 167,527  115,879
849,204 245,974 322 24,700
43,728 10,248 5 258
38,781 11,029 20 3,018
16,615 5,147 971 1,097
162,998   
256,490 3,320  3,070
565,236 342,483 32,715 102,474
4,839,407 1,512,042 37,006 1,649,205
$1,059,154,147 $ 311,563,040 $ 549,595 $86,811,175
       
$1,535,953,357 $ 591,501,065 $ 747,750 $83,607,624
(476,799,210) (279,938,025) (198,155) 3,203,551
$1,059,154,147 $ 311,563,040 $ 549,595 $86,811,175
       
       
$ 174,183,974 $ 35,795,573 $ 29,205 $ 1,237,488
24,756,712 3,837,186 3,428 129,985
$ 7.04 $ 9.33 $ 8.52 $ 9.52
$ 7.50 $ 9.93 $ 9.09 $ 10.19
       
$ 11,131,493 $ 4,529,558 $ N/A $ N/A
1,589,002 501,824 N/A N/A
$ 7.01 $ 9.03 $ N/A $ N/A
       
$ 834,756,089 $ 260,767,216 $ 520,292 $85,573,587
118,019,731 27,833,782 60,675 8,914,262
$ 7.07 $ 9.37 $ 8.58 $ 9.60
       
$ 39,082,591 $ 10,470,693 $ 98 $ 100
5,499,626 1,115,075 12 10
$ 7.11 $ 9.39 $ 8.00 $ 9.60
        
       
$1,395,115,640 $ 377,283,172 $ 590,441 $81,383,221
 30,880,966  
985 29,919  
$  $  $  $
The accompanying notes to financial statements are an integral part of this statement.
65


Brandes Investment Trust
STATEMENTS OF OPERATIONS — For the Year Ended September 30, 2020  

 Brandes
International
Equity Fund
 Brandes
Global
Equity Fund
INVESTMENT INCOME   
Income   
Dividend income   
Unaffiliated issuers

$ 17,526,363 $ 954,922
Non Cash Dividends

945,227 
Less: Foreign taxes withheld

(1,804,882) (46,127)
Interest income

119,421 4,751
Income from securities lending

330,576 6,013
Total Income

17,116,705 919,559
Expenses   
Advisory fees (Note 3)

4,425,435 260,214
Custody fees

80,346 8,265
Administration fees (Note 3)

140,889 18,318
Insurance expense

18,937 967
Legal fees

56,852 3,006
Printing fees

50,887 3,060
Miscellaneous

63,414 6,840
Registration expense

110,812 34,316
Trustees fees

90,888 4,936
Transfer agent fees

120,298 19,679
12b-1 Fees – Class A

64,670 3,047
12b-1 Fees – Class C

75,019 6,849
Shareholder Service Fees – Class C

25,007 2,283
Sub-Transfer Agency Fees – Class I

254,672 15,197
Accounting fees

26,473 19,634
Auditing fees

53,513 46,116
Total expenses

5,658,112 452,727
Expenses waived by Advisor

(464,613) (112,731)
Expenses waived by Service Providers

(50,350) (2,583)
Total net expenses

5,143,149 337,413
Net investment income

11,973,556 582,146
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS   
Net realized gain (loss) on:   
Unaffiliated investments

(61,359,277) 982,919
Foreign currency transactions

(151,301) (7,480)
Net realized gain (loss)

(61,510,578) 975,439
Net change in unrealized appreciation (depreciation) on:   
Unaffiliated investments (net of increase in estimated foreign capital gains taxes of $162,998 for the Emerging Markets Fund)

(53,936,184) (4,789,985)
Affiliated investments

 
Foreign currency transactions

130,348 4,758
Net change in unrealized appreciation (depreciation)

(53,805,836) (4,785,227)
Net realized and unrealized gain (loss) on investments and foreign currency transactions

(115,316,414) (3,809,788)
Net increase (decrease) in net assets resulting from operations

$(103,342,858) $(3,227,642)
The accompanying notes to financial statements are an integral part of this statement.
66


Brandes Investment Trust
STATEMENTS OF OPERATIONS — For the Year Ended September 30, 2020  (continued)

Brandes
Emerging
Markets
Value Fund
 Brandes
International
Small Cap
Equity Fund
 Brandes
Small Cap
Value Fund
 Brandes
Core Plus Fixed
Income Fund
       
       
       
$ 42,723,403 $ 7,499,673 $ 8,592 $ 5,689
  3,365 
(5,598,139) (661,392)  
140,431 122,128 985 2,455,542
 25,687  
37,265,695 6,986,096 12,942 2,461,231
       
11,751,864 3,203,503 3,564 297,747
340,225 59,105 5,112 5,250
282,213 84,977 11,317 33,022
38,146 14,323 69 2,264
118,313 31,534 16 7,685
119,293 20,768 1,908 6,620
157,830 64,052 2,267 10,191
97,085 57,308 52,313 47,170
190,093 50,409  13,063
450,742 84,349 15,885 11,119
510,528 88,873 36 4,346
110,064 39,203  
36,686 13,068  
290,082 140,876 164 58,974
29,675 26,084 16,730 15,425
57,187 49,370 43,565 45,241
14,580,026 4,027,802 152,946 558,117
(126,168) (25,918) (148,291) (136,785)
(102,631) (25,917) (38) (10,343)
14,351,227 3,975,967 4,617 410,989
22,914,468 3,010,129 8,325 2,050,242
       
       
(108,076,408) (45,423,208) 21,006 (1,658,866)
(910,849) 44,369 156 
(108,987,257) (45,378,839) 21,162 (1,658,866)
       
(165,567,500) 16,510,605 (22,544) 4,583,064
11,423,627 (1,329,960)  
10,413 34,389  
(154,133,460) 15,215,034 (22,544) 4,583,064
(263,120,717) (30,163,805) (1,382) 2,924,198
$(240,206,249) $(27,153,676) $ 6,943 $ 4,974,440
The accompanying notes to financial statements are an integral part of this statement.
67


Brandes Investment Trust
STATEMENT OF CHANGES IN NET ASSETS 

 Brandes International Equity
Fund
 Brandes Global
Equity Fund
 Year Ended
September 30,
2020
 Year Ended
September 30,
2019
 Year Ended
September 30,
2020
 Year Ended
September 30,
2019
INCREASE (DECREASE) IN NET ASSETS FROM:       
OPERATIONS       
Net investment income

$ 11,973,556 $ 24,992,500 $ 582,146 $ 1,113,899
Net realized gain (loss) on:       
Investments

(61,359,277) (2,065,397) 982,919 (1,072,737)
Redemption in-kind

   91,756
Foreign currency transactions

(151,301) (312,368) (7,480) (34,297)
Net unrealized appreciation (depreciation) on:       
Investments

(53,936,184) (69,944,066) (4,789,985) (3,780,920)
Foreign currency transactions

130,348 (28,967) 4,758 (200)
Net increase (decrease) in net assets resulting from operations

(103,342,858) (47,358,298) (3,227,642) (3,682,499)
DISTRIBUTIONS TO SHAREHOLDERS       
Distributions to shareholders       
Class A

(633,619) (1,307,402) (23,271) (174,666)
Class C

(193,760) (502,763) (11,406) (90,070)
Class I

(13,239,310) (25,706,405) (643,170) (3,614,095)
Class R6

(1,236,134) (1,310,485) N/A N/A
Decrease in net assets from distributions

(15,302,823) (28,827,055) (677,847) (3,878,831)
CAPITAL SHARE TRANSACTIONS       
Proceeds from shares sold

238,453,291 352,119,388 902,634 5,549,682
Net asset value of shares issued on reinvestment of distributions

14,391,141 27,122,568 670,579 3,840,206
Cost of shares redeemed

(358,370,424) (342,230,968) (3,533,160) (31,256,592)
Cost of shares redeemed from redemption in-kind (Note 10)

   (2,112,940)
Net increase (decrease) in net assets from capital share transactions

(105,525,992) 37,010,988 (1,959,947) (23,979,644)
Total increase (decrease) in net assets

(224,171,673) (39,174,365) (5,865,436) (31,540,974)
NET ASSETS       
Beginning of the Period

703,364,476 742,538,841 36,071,809 67,612,783
End of the Period

$ 479,192,803 $ 703,364,476 $30,206,373 $ 36,071,809
The accompanying notes to financial statements are an integral part of this statement.
68


Brandes Investment Trust
STATEMENT OF CHANGES IN NET ASSETS (continued)

 Brandes Emerging Markets
Value Fund
 Brandes International Small
Cap Equity Fund
 Year Ended
September 30,
2020
 Year Ended
September 30,
2019
 Year Ended
September 30,
2020
 Year Ended
September 30,
2019
INCREASE (DECREASE) IN NET ASSETS FROM:       
OPERATIONS       
Net investment income

$ 22,914,468 $ 34,611,242 $ 3,010,129 $ 10,528,716
Net realized gain (loss) on:       
Investments

(108,076,408) 20,752,214 (45,423,208) (116,507,462)
Redemption in-kind

   
Foreign currency transactions

(910,849) 313,477 44,369 (42,701)
Net unrealized appreciation (depreciation) on:       
Investments

(154,143,873) (16,858,102) 15,180,645 (6,809,821)
Foreign currency transactions

10,413 (50,755) 34,389 13,121
Net increase (decrease) in net assets resulting from operations

(240,206,249) 38,768,076 (27,153,676) (112,818,147)
DISTRIBUTIONS TO SHAREHOLDERS       
Distributions to shareholders       
Class A

(4,338,344) (4,270,926) (283,816) (2,579,162)
Class C

(208,593) (219,104) (29,177) (381,674)
Class I

(22,968,401) (22,135,574) (2,517,835) (22,475,604)
Class R6

(1,065,052) (859,192) (119,547) (2,449,141)
Decrease in net assets from distributions

(28,580,390) (27,484,796) (2,950,375) (27,885,581)
CAPITAL SHARE TRANSACTIONS       
Proceeds from shares sold

506,169,480 469,166,542 97,928,290 193,681,212
Net asset value of shares issued on reinvestment of distributions

26,396,697 24,989,132 2,829,694 26,544,230
Cost of shares redeemed

(623,820,599) (563,551,771) (244,687,795) (725,653,118)
Cost of shares redeemed from redemption in-kind (Note 10)

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

(91,254,422) (69,396,097) (143,929,811) (505,427,676)
Total increase (decrease) in net assets

(360,041,061) (58,112,817) (174,033,862) (646,131,404)
NET ASSETS       
Beginning of the Period

1,419,195,208 1,477,308,025 485,596,902 1,131,728,306
End of the Period

$1,059,154,147 $1,419,195,208 $ 311,563,040 $ 485,596,902
The accompanying notes to financial statements are an integral part of this statement.
69


Brandes Investment Trust
STATEMENT OF CHANGES IN NET ASSETS (continued)

 Brandes Small Cap Value Fund Brandes Core Plus Fixed
Income Fund
 Year Ended
September 30,
2020
 Year Ended
September 30,
2019
 Year Ended
September 30,
2020
 Year Ended
September 30,
2019
INCREASE (DECREASE) IN NET ASSETS FROM:       
OPERATIONS       
Net investment income

$ 8,325 $ 61,126 $ 2,050,242 $ 2,444,013
Net realized gain (loss) on:       
Investments

21,006 (245,372) (1,658,866) (950,890)
Redemption in-kind

 (959,099)  
Foreign currency transactions

156 (52)  
Net unrealized appreciation (depreciation) on:       
Investments

(22,544) 83,063 4,583,064 3,872,912
Foreign currency transactions

   
Net increase (decrease) in net assets resulting from operations

6,943 (1,060,334) 4,974,440 5,366,035
DISTRIBUTIONS TO SHAREHOLDERS       
Distributions to shareholders       
Class A

(95) (1,892) (37,997) (58,426)
Class C

N/A N/A N/A N/A
Class I

(2,749) (396,607) (1,911,433) (2,372,519)
Class R6

N/A (347,896) (3) (4)
Decrease in net assets from distributions

(2,844) (746,395) (1,949,433) (2,430,949)
CAPITAL SHARE TRANSACTIONS       
Proceeds from shares sold

125,305 5,000 12,809,224 15,713,889
Net asset value of shares issued on reinvestment of distributions

2,844 746,395 1,913,508 2,391,447
Cost of shares redeemed

(63,782) (5,184,173) (17,487,590) (25,992,319)
Cost of shares redeemed from redemption in-kind (Note 10)

 (3,609,199)  
Net increase (decrease) in net assets from capital share transactions

64,367 (8,041,977) (2,764,858) (7,886,983)
Total increase (decrease) in net assets

68,466 (9,848,706) 260,149 (4,951,897)
NET ASSETS       
Beginning of the Period

481,129 10,329,835 86,551,026 91,502,923
End of the Period

$549,595 $ 481,129 $ 86,811,175 $ 86,551,026
The accompanying notes to financial statements are an integral part of this statement.
70


(This Page Intentionally Left Blank)
71


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

 Net asset
value,
beginning
of period
Net
investment
income(1)
Net
realized and
unrealized
gain (loss) on
investments
Total from
investment
operations
Dividends
from net
investment
income
Net asset
value, end
of period
Brandes International Equity Fund
Class A      
9/30/2020

$16.020.26(2.40)(2.14)(0.37)$13.51
9/30/2019

$17.710.53(1.59)(1.06)(0.63)$16.02
9/30/2018

$17.480.360.170.53(0.30)$17.71
9/30/2017

$15.700.292.032.32(0.54)$17.48
9/30/2016

$14.900.350.811.16(0.36)$15.70
Class C      
9/30/2020

$15.760.13(2.33)(2.20)(0.29)$13.27
9/30/2019

$17.470.40(1.58)(1.18)(0.53)$15.76
9/30/2018

$17.300.220.180.40(0.23)$17.47
9/30/2017

$15.580.172.002.17(0.45)$17.30
9/30/2016

$14.790.230.811.04(0.25)$15.58
Class I      
9/30/2020

$16.070.27(2.37)(2.10)(0.40)$13.57
9/30/2019

$17.760.56(1.60)(1.04)(0.65)$16.07
9/30/2018

$17.520.400.160.56(0.32)$17.76
9/30/2017

$15.720.332.042.37(0.57)$17.52
9/30/2016

$14.920.380.811.19(0.39)$15.72
Class R6      
9/30/2020

$16.150.36(2.47)(2.11)(0.40)$13.64
9/30/2019

$17.830.59(1.61)(1.02)(0.66)$16.15
9/30/2018

$17.560.420.180.60(0.33)$17.83
9/30/2017

$15.740.352.042.39(0.57)$17.56
2/1/2016(7) – 9/30/2016

$14.410.271.391.66(0.33)$15.74

(1)Net investment income per share has been calculated based on average shares outstanding during the period.
(2)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).
(3)After fees waived and expenses absorbed or recouped by the Advisor, where applicable.
(4)Includes expenses not covered by the Trust’s expense limitation agreement.
(5)As of June 30, 2019, the expense cap for the class changed from 1.00% to 0.85%.
(6)As of June 30, 2019, the expense cap for the class changed from 0.82% to 0.75%.
(7)Commencement of operations.
(8)The total return figure is the since inception return for the class.
(9)Annualized.
(10)Not annualized.
The accompanying notes to financial statements are an integral part of this statement.
72


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


    
Total
return(2)
Net assets,
end of
period
(millions)
Ratio of
net expenses
to average
net assets(3)
Ratio of net
investment
income to
average
net assets(3)
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
       
       
(13.42)%$ 22.11.13%1.80%1.14%1.79%23.20%
(5.98)%$ 32.01.16%3.21%1.16%3.21%14.43%
3.02%$ 34.91.16%2.00%1.16%2.00%20.37%
15.07%$ 31.51.18% (4)1.77%1.18% (4)1.77%33.82%
7.90%$ 14.31.18%2.30%1.18%2.30%17.60%
       
(14.06)%$ 7.61.88%1.01%1.89%1.00%23.20%
(6.73)%$ 13.11.91%2.46%1.91%2.46%14.43%
2.31%$ 18.31.91%1.25%1.91%1.25%20.37%
14.19%$ 17.91.93% (4)1.01%1.93% (4)1.01%33.82%
7.10%$ 13.11.93%1.55%1.93%1.55%17.60%
       
(13.13)%$401.70.85%2.03%0.94%1.94%23.20%
(5.82)%$622.40.94% (5)3.43%0.96% (5)3.41%14.43%
3.23%$664.70.96%2.20%0.96%2.20%20.37%
15.33%$523.10.98% (4)1.96%0.98% (4)1.96%33.82%
8.10%$648.31.00%2.48%0.98%2.50%17.60%
       
(13.08)%$ 47.80.75%2.35%0.89%2.21%23.20%
(5.69)%$ 35.90.80% (6)3.57%0.91% (6)3.46%14.43%
3.44%$ 24.60.82%2.34%0.91%2.25%20.37%
15.48%$ 38.50.83% (4)2.12%0.93% (4)2.02%33.82%
11.60% (8)$ 27.70.82% (9)2.67% (9)0.93% (9)2.56% (9)17.60% (10)
       
The accompanying notes to financial statements are an integral part of this statement.
73


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

 Net asset
value,
beginning
of period
Net
investment
income(1)
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      
9/30/2020

$21.750.28(2.33)(2.05)(0.40)
9/30/2019

$24.610.47(1.80)(1.33)(0.48)(1.05)
9/30/2018

$24.420.430.691.12(0.42)(0.51)
9/30/2017

$21.210.343.283.62(0.41)
9/30/2016

$21.850.400.671.07(0.42)(1.29)
Class C      
9/30/2020

$21.600.17(2.35)(2.18)(0.26)
9/30/2019

$24.450.30(1.78)(1.48)(0.32)(1.05)
9/30/2018

$24.280.240.690.93(0.25)(0.51)
9/30/2017

$21.090.183.253.43(0.24)
9/30/2016

$21.730.250.660.91(0.26)(1.29)
Class I      
9/30/2020

$21.910.38(2.39)(2.01)(0.44)
9/30/2019

$24.770.53(1.81)(1.28)(0.53)(1.05)
9/30/2018

$24.570.490.701.19(0.48)(0.51)
9/30/2017

$21.330.413.303.71(0.47)
9/30/2016

$21.950.460.671.13(0.46)(1.29)

(1)Net investment income per share has been calculated based on average shares outstanding during the period.
(2)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).
(3)After fees waived and expenses absorbed or recouped by the Advisor, where applicable.
(4)Includes expenses not covered by the Trust’s expense limitation agreement.
The accompanying notes to financial statements are an integral part of this statement.
74


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


    
Net asset
value, end
of period
Total
return(2)
Net assets,
end of
period
(millions)
Ratio of
net expenses
to average
net assets(3)
Ratio of net
investment
income to
average
net assets(3)
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
        
        
$19.30(9.41)%$ 0.91.25%1.56%1.58%1.23%17.16%
$21.75(5.22)%$ 1.51.25%2.11%1.56%1.81%12.11%
$24.614.68%$ 3.41.25%1.72%1.40%1.57%8.89%
$24.4217.20%$ 5.81.26% (4)1.52%1.45% (4)1.33%17.42%
$21.215.01%$ 4.61.25%1.95%1.58%1.62%15.68%
        
$19.16(10.08)%$ 0.72.00%0.84%2.32%0.52%17.16%
$21.60(5.91)%$ 1.22.00%1.37%2.32%1.05%12.11%
$24.453.88%$ 1.62.00%0.97%2.15%0.82%8.89%
$24.2816.31%$ 1.72.01% (4)0.77%2.21% (4)0.57%17.42%
$21.094.20%$ 2.02.00%1.20%2.32%0.88%15.68%
        
$19.46(9.18)%$28.61.00%1.83%1.36%1.47%17.16%
$21.91(4.98)%$33.41.00%2.37%1.36%2.00%12.11%
$24.774.95%$62.61.00%1.97%1.20%1.77%8.89%
$24.5717.48%$61.71.01% (4)1.77%1.26% (4)1.52%17.42%
$21.335.26%$47.31.00%2.20%1.38%1.82%15.68%
The accompanying notes to financial statements are an integral part of this statement.
75


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

 Net asset
value,
beginning
of period
Net
investment
income(1)
Net
realized and
unrealized
gain (loss) on
investments
Total from
investment
operations
Dividends
from net
investment
income
Net asset
value, end
of period
Brandes Emerging Markets Value Fund
Class A      
9/30/2020

$8.570.13(1.49)(1.36)(0.17)$7.04
9/30/2019

$8.460.190.070.26(0.15)$8.57
9/30/2018

$9.470.15(1.01)(0.86)(0.15)$8.46
9/30/2017

$7.910.101.601.70(0.14)$9.47
9/30/2016

$6.190.121.691.81(0.09)$7.91
Class C      
9/30/2020

$8.530.07(1.48)(1.41)(0.11)$7.01
9/30/2019

$8.440.130.060.19(0.10)$8.53
9/30/2018

$9.430.08(0.99)(0.91)(0.08)$8.44
9/30/2017

$7.860.051.581.63(0.06)$9.43
9/30/2016

$6.150.071.671.74(0.03)$7.86
Class I      
9/30/2020

$8.620.14(1.50)(1.36)(0.19)$7.07
9/30/2019

$8.500.210.080.29(0.17)$8.62
9/30/2018

$9.510.17(1.01)(0.84)(0.17)$8.50
9/30/2017

$7.940.131.601.73(0.16)$9.51
9/30/2016

$6.210.141.701.84(0.11)$7.94
Class R6      
9/30/2020

$8.650.16(1.51)(1.35)(0.19)$7.11
9/30/2019

$8.530.230.070.30(0.18)$8.65
9/30/2018

$9.530.19(1.02)(0.83)(0.17)$8.53
9/30/2017

$7.930.151.621.77(0.17)$9.53
7/11/2016(5) – 9/30/2016

$7.540.040.380.42(0.03)$7.93