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Brandes Investment Trust (BVNSC)

Filed: 3 Jun 21, 5:03pm

 

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

Date of reporting period: March 31, 2021


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):


 
SEMI-ANNUAL
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 six months ended March 31, 2021




Brandes International Equity Fund
Dear Fellow Investor,
The net asset value of the Brandes International Equity Fund (Class I Shares) advanced 32.98% in the six months ended March 31, 2021. During the same period, the MSCI EAFE Index advanced 20.08%.
The Fund benefited from various cyclically oriented holdings, including Mexico-based cement producer Cemex and media companies Publicis Groupe SA (France) and WPP Plc (United Kingdom). Other contributors included Fund holdings in oil gas and consumable fuels (e.g., Italy’s Eni and Spain’s Repsol) and banks (e.g., U.K.-based Barclays and France-based BNP Paribas).
Detractors included China Mobile, Spanish biotechnology company Grifols and Swiss pharmaceutical firm Novartis.
Recent Portfolio Activity
During the six-month period through March 31, 2021, the investment committee initiated positions in Germany-based Fresenius Medical Care and Brazil’s Telefonica Brasil, as well as health care firms Novartis (Switzerland) and Grifols (Spain).
Fresenius is a global health care conglomerate with a focus on four main segments: dialysis, injectables, hospitals and hospital technology. Our analysis shows that Fresenius boasts a strong competitive position and enjoys attractive long-term growth potential thanks to growing demand across all four of its main businesses. The most attractive division is, in our opinion, its injectables business, as the market has significant regulatory barriers to entry, resulting in solid margins for the segment. Fresenius’ share price declined over the last year and has not recovered along with the market. At its current valuation levels, the company trades at what we consider a compelling discount to its estimated long-term intrinsic value.
Telefonica Brasil is a company we’re very familiar with as we had owned it in the past. Similar to Fresenius, Telefonica Brasil saw its share price fall over the past year, creating a good entry point for investment for us—especially in light of the improving competitive environment in Brazil. The Brazilian wireless telecom market has consolidated down to three operators (including Telefonica Brasil), which should set up for more attractive economics for the remaining players going forward. As the market leader with a strong network and brand, Telefonica Brasil is, in our view, well positioned to benefit from continued growth in smartphone penetration and usage.
Novartis is one of the world’s largest pharmaceutical firms. The company’s shares have underperformed the general market (MSCI EAFE) over the last five years, including during the recent market rebound, resulting in a valuation level that provided what we considered an attractive entry point for an investment.
Over the last decade, Novartis has sold its vaccine and consumer businesses to focus on pharmaceuticals and generics. It is now the third-largest generic drug manufacturer in the world by revenue, while boasting a strong ophthalmic franchise and a solid position in immunology, neuroscience and respiratory drugs. We appreciate Novartis’ diversified global revenue base, its economies of scale and its drug pipeline that we believe provides long-term upside potential.
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Brandes International Equity Fund
Novartis currently trades at a discount to other European pharmaceutical companies as the market seems to focus on the upcoming ending of its patent and investors are concerned about pricing pressure on generic drugs. However, we believe the company should be able to manage its upcoming patent cliff well and its generic business is more attractive than that of its peers as Novartis specializes in higher-barrier and less-commoditized segments of biosimilars and other products that are difficult to manufacture. At its current valuation level, we see Novartis as an attractive opportunity with some downside protection and upside potential.
Biopharmaceutical firm Grifols develops, manufactures and distributes biological medicines derived from blood plasma. Processing blood plasma is a capital intensive and highly regulated industry that is an oligopoly comprising three vertically integrated players (including Grifols). The industry enjoys attractive long-term growth prospects because an aging patient population and the chronic nature of most illnesses treated by the drugs have resulted in a stable demand.
The industry’s primary revenue growth driver is the global demand for immunoglobulin (IgG/Ig) used for treating patients with immune deficiencies and autoimmune diseases. IgG/Ig is an antibody protein found in blood plasma which is a key part of a person’s immune system for fighting off bacteria, viruses, and fungi. IgG/Ig only accounts for 15% of the blood plasma volume and there is a global shortage, so it is significantly underutilized as a patient therapy. Global demand is estimated to be twice the current supply. IgG/Ig can be administered to a patient via two different methods: intravenous immunoglobulin (IVIG) infusions (medical supervision required), or subcutaneous immunoglobulin (SCIG) infusions (can be self-administered; more convenient but also more expensive for patients). In our opinion, Grifols can benefit not only from the long-term demand growth for IgG/Ig, but also from price inflation as patients migrate from IVIG treatment to the more highly priced SCIG infusions.
Grifols saw its profitability decline in 2020 as it invested in new collection centers to meet rising demand, which hurt its margins (those centers typically take at least two years to get up to scale). The shares underperformed the market in 2020 after not rebounding from their lows in March. We like the company’s strong competitive position and given the depressed profitability, which we believe is temporary in nature, we think the shares offer an attractive long-term appreciation potential at today’s valuation levels.
Other activity in the period included the divestment of our longtime holding, U.K.-based G4S.
G4S is the world’s largest security services provider, with over 500,000 employees in more than 80 countries. The company generates more than half of its revenue from Europe and North America but has a strong presence in emerging markets, which represent one-third of its business. When we first bought the stock in 2014, G4S was in the early stages of a major restructuring. The company had failed to deliver on some large contracts, and deteriorating business performance forced it to raise equity capital in 2013. Throughout our holding period, G4S reduced net debt by 40% through a combination of asset sales and better cash-flow generation. Moreover, the company’s
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Brandes International Equity Fund
operating margins have recovered in the past year, and it appeared the years of restructuring were finally bearing fruit.
The progress, combined with the company’s intention to spin off its cash management business, has made G4S a merger and acquisition target. Over the past several months, two potential acquirers, GardaWorld and Allied Universal Security Services, have bid increasing amounts for G4S. The board of directors at G4S finally agreed to accept a bid from Allied Universal in early December. Following the announcement, G4S’s share price appreciated beyond the acquisition price as many investors were hoping that GardaWorld would make a counteroffer. Given the share-price increase and the availability of other opportunities, the investment committee decided to sell G4S.
During the period we exited from Finnish communication equipment company Nokia after it got caught up in the speculative social media frenzy during the quarter, which led its share price to surge within a short period. Additionally, we sold South Korean auto maker Hyundai Motor after its share price appreciated significantly in the second half of 2020 and reached our estimate of its intrinsic value.
Looking Forward
The Brandes International Equity Fund’s portfolio 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 a higher dividend yield (all as of March 31, 2021). Many of our holdings also share what we consider appealing attributes, namely solid balance sheets, compelling growth prospects and strong free cash flows.
At the end of March 2021, from a sector perspective, we held our key exposures to financials, health care, energy and consumer staples, while maintaining significantly lower allocations to technology and industrials than the benchmark. On a country/region basis, we continued to have overweight positions in the United Kingdom, France and emerging markets, and underweight positions in Australia and Japan. While our investment decisions are based on company-by-company analysis and not dependent on any index’s compositions, we believe the differences between our portfolio and the benchmark continue to make the Fund an intelligent complement to index-tracking or growth-oriented alternatives.
We believe the Fund is well positioned for a potential value resurgence. During the period, we saw another validation of this as value stocks (the MSCI EAFE Value Index) outperformed the general market (the MSCI EAFE Index), and the Fund did better than the broad benchmark and the value index.
In our opinion, value stocks remain well positioned for the long term given a variety of potential tailwinds, including:
a possible increase in inflation and interest rates; and
a likely pickup in economic growth as global economies begin to reopen and potentially benefit from government stimulus.
More importantly, we believe the valuation discounts at which value stocks trade relative to the general market and growth stocks (MSCI EAFE Value vs. MSCI EAFE
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Brandes International Equity Fund
and MSCI EAFE Growth) continue to bode well for value stocks. At the end of the third quarter of 2020 (prior to the value rally), value stocks traded at close to their least expensive percentile relative to growth stocks based on a variety of valuation measures (P/E, P/B, P/CF, Forward P/E, EV/Sales, EV/EBITDA, dividend yield). Following two recent strong quarters, value stocks continue to trade within the least expensive decile relative to growth stocks (as of March 31), which indicates to us that there is still plenty of room for improvement when it comes to value’s return potential.
Given our historical tendency to do even better than the value index whenever that index outperformed the benchmark, combined with the prospects of earnings recoveries for value-oriented companies, we believe the Brandes International Equity Fund is well positioned for long-term return potential.
Thank you for the trust you have placed in us.
Sincerely yours,
The Brandes International Large-Cap Investment Committee
Brandes Investment Trust
Dividend Yield: Dividends per share divided by price per share.
EBITDA: Earnings before interest, taxes, depreciation and amortization.
Enterprise Value (EV): Market capitalization plus debt, minority interest and preferred shares, minus total cash and cash equivalents.
Enterprise Value/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation and amortization.
Enterprise Value/Sales (EV/S): Enterprise value divided by total company sales.
Forward/Price Earnings (F/PE): Price per share divided by expected earnings per share.
Free Cash Flow: Total cash flow from operations less capital expenditures.
Price/Book (P/B): Price per share divided by book value per share.
Price/Cash Flow (P/CF): Price per share divided by cash flow per share.
Price/Earnings (P/E): Price per share divided by earnings 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
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Brandes International Equity Fund
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.
The MSCI EAFE Value Index with gross dividends captures large and mid cap securities across developed market countries, excluding the United States and Canada, exhibiting value style characteristics, defined using book value to price, 12-month forward earnings to price, and dividend yield.
The MSCI EAFE Growth Index with gross dividends captures large and mid cap securities across developed market countries, excluding the United States and Canada, exhibiting growth style characteristics, defined using long-term forward earnings per share (EPS) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.
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.
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Brandes International Equity Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes International Equity Fund – Class I from March 31, 2011 to March 31, 2021 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 March 31, 2021
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes International Equity Fund       
Class A*

53.99% 6.02% 4.31% 7.27%
Class A *(with maximum sales charge)

45.14% 4.77% 3.69% 7.01%
Class C*

52.94% 5.24% 3.52% 6.46%
Class C *(with maximum sales charge)

51.94% 5.24% 3.52% 6.46%
Class I

54.53% 6.27% 4.52% 7.51%
Class R6*

54.66% 6.43% 4.63% 7.59%
MSCI EAFE (Europe, Australasia and Far East) Index

44.57% 8.85% 5.52% 5.12%
    
(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
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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. Brandes Investment Partners, L.P., the Advisor, has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Sector Allocation as a Percentage of Total Investments as of
March 31, 2021 (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's Financial Services LLC.
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Brandes Global Equity Fund
Dear Fellow Investor,
The net asset value of the Brandes Global Equity Fund (Class I Shares) increased 37.62% in the six months ended March 31, 2021. During the same period, the MSCI World Index increased 19.57%.
Most of the Fund’s strongest contributors were cyclically oriented businesses in the financials and energy sectors. Several of our health care and information technology holdings also performed well.
An overweight allocation to financials benefitted returns, as did our stock selection because our holdings increased in value more than those in the benchmark. In particular, our bank and insurance investments grew materially amid analyst expectations for rising interest rates and an increase in inflation. Leading contributors included U.S. banks, such as Bank of America, Wells Fargo and Citigroup.
Strong performance from the energy sector was driven by our overweight and stock selection, with holdings such as U.S.-based Halliburton and Spain-based Repsol rising significantly in the period. Meanwhile, performance in the health care sector was led by U.S. health care providers and services companies, namely Laboratory Corporation of America (Labcorp), HCA Healthcare, Cigna and Cardinal Health.
Other strong contributors included select U.S.-based holdings, such as flooring company Mohawk Industries and semiconductor equipment company Applied Materials. European media companies such as Publicis Groupe (France) and WPP Plc (United Kingdom) also rose significantly.
Amid the value rally in the period, only a few of the Fund’s holdings declined. These included China-based Alibaba and China Mobile, as well as pharmaceutical firms Merck, Sanofi and GlaxoSmithKline.
Recent Portfolio Activity
New additions to the Fund during the trailing six months included U.S.-based communications software company Amdocs, money center bank JPMorgan Chase, aerospace and defense company General Dynamics, Mexico-based FEMSA (Fomento Economico Mexicano), and OneMain Holdings, the largest non-prime personal loan provider in the United States.
OneMain is the only national, non-prime, branch-based installment lender, with almost 1,500 branches throughout the U.S. and more than a 20% market share of the non-prime personal loan market. It also has a strong omnichannel presence and closed almost half of its loans digitally in 2020. OneMain has a solid capital position and its capital generation over the past year has remained strong: this allowed it to pay two special dividends and it has the potential to pay more in future years. As the economy begins to open up, the company offers an attractive investment opportunity, we believe, because of its growth potential, strong underwriting history and appealing valuation.
Mexican holding company FEMSA is a business that is trading at multi-year valuation lows despite possessing a strong balance sheet. A major portion of FEMSA’s value stems from FEMSA Comercio, which owns OXXO, the largest convenience store chain in Latin America. Other FEMSA assets include stakes in Coca-Cola FEMSA, the largest
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Brandes Global Equity Fund
Coca-Cola bottler worldwide, and in Dutch brewer Heineken. FEMSA normally buys businesses for the long term and focuses on consumer staples distributors.
Though typically viewed as defensive, FEMSA’s stock tumbled after several acquisitions in 2019 and a double-digit same-store sales decline in OXXO in 2020 due to the pandemic. Nonetheless, we believe FEMSA can strengthen the profitability of its new and existing businesses over the longer term, which may improve market sentiment around the company’s growth prospects. With the stock trading at its lowest EV/EBITDA multiple in a decade, we believed it was a worthy entry point for investing in FEMSA.
Other activity in the period included the sale of semiconductor equipment company Applied Materials, which we first bought during the market downturn one year ago. Over our holding period, the stock more than doubled. While our estimate of its intrinsic value increased as global semiconductor capital expenditures expanded, the stock price grew even faster and when it reached our estimate of intrinsic value, we divested our position. Additionally, we exited position in Dutch semiconductor company NXP Semiconductors following its strong performance in 2020.
Lastly, Finnish communications equipment company Nokia became caught up in the speculative social media/trading frenzy of earlier this year, causing its share price to rise dramatically over a short period. We sold our position amid the share-price increase.
Looking Forward
We believe the Fund is well positioned for a potential value resurgence. We saw validation of that conviction as the MSCI World Value exceeded the broad benchmark during the period and the Fund did better than the benchmark and the value index.
We remain optimistic in the return potential of value stocks compared to other styles due to various foreseeable tailwinds. These include increasing inflation and interest rates and a pickup in growth globally as economies start to open and benefit from stimulus funding.
Most importantly, value stocks continue to trade at what we consider attractive discount levels relative to growth stocks. Against a composite ranking of valuation measures (P/E, P/B, P/CF, Forward P/E, EV/Sales, EV/EBITDA, dividend yield) the MSCI World Value Index traded at close to the least expensive percentile at the end of the third quarter of 2020 (prior to the value rally). Following the resurgence of value during the past six months, it remains in the least expensive decile in its history; this is a level that continues to bode well for future returns, in our opinion. The potential for earnings recoveries in value stocks coupled with historically wide valuation discounts is favorable for the future return prospects of the Fund, we believe.
At the end of March 2021, from a sector perspective, our key holdings were in financials, health care, energy and consumer staples. The Fund maintained significantly lower allocations than the benchmark in technology companies. From a country/region perspective, we remained overweight in the United Kingdom, France and emerging markets, and underweight in the United States and Japan. We believe the differences between our portfolio and the broader market continue to make the Fund an intelligent complement to index-tracking or growth-oriented alternatives.
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Brandes Global Equity Fund
In our view, the Brandes Global Equity Fund exhibits more appealing valuations than the MSCI World Index. The Fund’s holdings share a number of what we consider compelling characteristics, including strong balance sheets and free cash flow, as well as attractive growth prospects. We remain excited about the Fund’s potential and appreciate the trust you have placed in us.
Sincerely yours,
The Brandes Global Large-Cap Investment Committee
Brandes Investment Trust
Dividend Yield: Dividends per share divided by price per share.
EBITDA: Earnings before interest, taxes, depreciation and amortization.
Enterprise Value (EV): Market capitalization plus debt, minority interest and preferred shares, minus total cash and cash equivalents.
Enterprise Value/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation and amortization.
Enterprise Value/Sales (EV/S): Enterprise value divided by total company sales.
Forward/Price Earnings (F/PE): Price per share divided by expected earnings per share.
Free Cash Flow: Total cash flow from operations less capital expenditures.
Price/Book (P/B): Price per share divided by book value per share.
Price/Cash Flow (P/CF): Price per share divided by cash flow per share.
Price/Earnings (P/E): Price per share divided by earnings 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.
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Brandes Global Equity Fund
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.
The MSCI World Value Index with gross dividends captures large and mid cap securities across developed market countries 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 Global Equity Fund is distributed by ALPS Distributors, Inc.
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Brandes Global Equity Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes Global Equity Fund – Class I from March 31, 2011 to March 31, 2021 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 March 31, 2021
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Global Equity Fund       
Class A*

61.77% 8.79% 6.61% 7.14%
Class A *(with maximum sales charge)

52.46% 7.50% 5.99% 6.63%
Class C*

60.55% 7.96% 5.82% 6.32%
Class C *(with maximum sales charge)

59.55% 7.96% 5.82% 6.32%
Class I

62.17% 9.05% 6.88% 7.39%
MSCI World Index

54.03% 13.36% 9.88% 10.21%
    
(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.
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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. Brandes Investment Partners, L.P., the Advisor, has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Sector Allocation as a Percentage of Total Investments as of
March 31, 2021 (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's Financial Services LLC.
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Brandes Emerging Markets Value Fund
Dear Fellow Investor,
The net asset value of the Brandes Emerging Markets Value Fund (Class I Shares) increased 26.31% in the six months ended March 31, 2021. During the same period, the MSCI Emerging Markets Index gained 22.43%.
The Fund has benefitted from cyclically oriented and economically sensitive holdings, such as Brazil-based regional jet manufacturer Embraer, Mexican cement company Cemex and Thailand-based Siam Commercial Bank. The positive performance of these companies was mainly driven by their strong free-cash-flow generation and improved business outlook.
Embraer saw its business stabilize amid increased customer aircraft deliveries, resulting in positive cash flow and improving margins. Meanwhile, Cemex experienced its strongest period in many years and announced double-digit profit growth guidance for 2021.
In addition, South Korean based POSCO (Metals & Mining) and Samsung Electronics (Technology Hardware Storage & Peripherals) performed strongly.
Performance detractors during the period included higher education companies Cogna Educacao, India-based Zee Entertainment Enterprises, and Alibaba Group.
Alibaba saw its share price decline after Ant Group, its affiliate digital payment platform company, unexpectedly had its initial public offering (IPO) cancelled due to intervention by the Chinese government. The government not only suspended what would have been the world’s largest IPO, but also subsequently proposed new anti-monopoly regulations, which may jeopardize Ant Group’s lucrative asset-light business model. We have long been cognizant of the risk of government involvement in China’s internet companies and have incorporated this in our evaluation of Alibaba, a company that we believe does not represent a systemic financial risk and in fact plays an important role in the growth of China’s economy. The share price correction essentially wiped out the value we attribute to Alibaba’s stake in Ant Group, making it a “free” option for us. Given its growth potential and competitive position as China’s leading e-commerce firm and one of the world’s largest internet companies, we believe Alibaba offers an attractive risk/reward tradeoff for long-term investors.
Recent Portfolio Activity
New additions to the Fund during the trailing six months included China Education Group, Indonesia-based food products company Indofood, Mexican holding company FEMSA (Fomento Economico Mexicano) and Taiwan-based Largan Precision, the world’s largest manufacturer of camera lenses by revenue and the second largest by volume.
China Education Group (CEG) is the largest publicly traded private higher education operator in China by student enrollment. The strong demand for higher education in China necessitates active participation by the private sector and makes the segment a lucrative and growing market, in our view. Unlike in the K-12 segment, where profitability is restricted due to government concerns about unequal access to basic education, China’s regulations allow higher educational institutions to be for-profit
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Brandes Emerging Markets Value Fund
entities. We believe CEG offers an attractive business growth potential that is not fully appreciated by the market. The company plans to expand its schools and convert its independent colleges into full private universities, which should increase its appeal among potential students and allow the company to enhance its margins. Additionally, CEG has strong management, provides transparent and good corporate access to investors, and has shown the ability to add value through merger and acquisitions activities. We believe these attributes combine to make CEG a compelling value opportunity for us.
Largan Precision (Taiwan) commands a leading position in the high-end camera lenses segment, from which it has generated exceptional returns with approximately 60% operating margins in recent years. While the global smartphone market has declined slightly over the past few years, a steady increase in the average number of cameras per phone, combined with consistent upgrades in smartphone camera capabilities, has resulted in a stable growth for the camera lens market. This growth is expected to continue in the years ahead and we expect Largan to be able to sustain growth notwithstanding competitors’ increased technological capabilities and aggressive pricing. The company has a number of strengths that should help minimize market share loss and allow it to continue generating attractive returns. It boasts the largest patent portfolio in the industry and what we see as the best manufacturing technology with a vertically integrated business model. Moreover, Largan remains the “go-to” high-end lens supplier for smartphone manufacturers, which enables it to develop and offer leading edge solutions before its competitors.
We also purchased Mexican holding company FEMSA (Fomento Economico Mexicano), a business with a strong balance sheet which is trading at multi-year valuation lows. A major portion of FEMSA’s value stems from FEMSA Comercio, which owns OXXO, the largest convenience store chain in Latin America. Other FEMSA assets include stakes in Coca-Cola FEMSA, the largest Coca-Cola bottler worldwide, and in Dutch brewer Heineken. FEMSA normally buys businesses for the long term and focuses on consumer staples distributors. Though typically viewed as defensive, FEMSA’s stock tumbled after several acquisitions in 2019 and a double-digit same-store sales decline in OXXO in 2020 due to the pandemic. Nonetheless, we believe FEMSA can strengthen the profitability of its new and existing businesses over the longer term, which may improve market sentiment around the company’s growth prospects. With the stock trading at its lowest EV/EBITDA multiple in a decade, we believed it was a worthy entry point for investing in FEMSA.
Other activity in the period included the divestments of Russia-based diamond company Alrosa and Taiwanese Asustek Computer, as well as China-based Baidu and China Mobile. We sold Alrosa, Asustek and Baidu as the shares appreciated to our estimates of their intrinsic values. Meanwhile, we exited our position in China Mobile due to a change in its non-investment related risk profile. In January 2021, the New York Stock Exchange delisted China Mobile to comply with an executive order by then President Donald Trump barring U.S. investments in Chinese companies with links to the military.
16


Brandes Emerging Markets Value Fund
Looking Forward
At the end of March 2021, the Brandes Emerging Markets Value Fund held its largest sector weightings in financials and consumer discretionary, and maintained key underweights to technology and materials. From a country perspective, even though Chinese companies made up our largest allocation, we were still significantly underweight the country. Additionally, we had lower weighting to Taiwanese companies than the benchmark. While our investment decisions are based on company-by-company analysis and not dependent on any index’s compositions, the differences between our value-oriented portfolio and the benchmark make the Fund a potential complement to index-tracking and growth-oriented alternatives. 
As the pandemic has created significant uncertainty for businesses, we have applied conservative assumptions in estimating the intrinsic values of our holdings. We believe the Fund is well positioned to benefit from potential post-Covid economic recoveries in emerging markets (EM) outside China, Taiwan, and South Korea (three countries that have a “near Covid-free” status). Additionally, the Fund maintains a diversified exposure to what we consider attractively priced value opportunities, including companies with underappreciated growth potential, high dividend yields or those that are undergoing temporary setbacks. Before the positive news regarding Covid-19 vaccines broke in November, our analysts saw good operating results from our holdings which were not followed by major price movements for these securities. The Fund’s performance could get a lift with continued improvement in the fundamentals of our holdings and a re-rating of the companies’ multiples. Additionally, the potential strengthening of EM currencies against the U.S. dollar is another potential catalyst for the Fund’s future returns.
After a strong six-month period, value stocks (as represented by MSCI EM Value) remain attractive, in our opinion, for the long term given a variety of potential tailwinds, including:
an increase in inflation and interest rates;
pickup in economic growth as global economies begin to reopen and potentially benefit from government stimulus; and
the prospect of increased government regulation of technology companies, which make up a meaningful portion of growth indices (e.g., 25% of MSCI EM Growth vs. 17% of MSCI EM Value as of March 31).
More importantly, we believe the valuation discounts at which value stocks trade relative to growth stocks (MSCI EM Value vs. MSCI EM Growth, based on price/book, price/earnings and price/cash flow) continue to bode well for value stocks.
We remain excited about the prospects of the Brandes Emerging Markets Value Fund and thank you for your continued trust.
Sincerely yours,
The Brandes Emerging Markets Investment Committee
Brandes Investment Trust
Dividend Yield: Dividends per share divided by price per share.
17


Brandes Emerging Markets Value Fund
EBITDA: Earnings before interest, taxes, depreciation and amortization.
Enterprise Value (EV): Market capitalization plus debt, minority interest and preferred shares, minus total cash and cash equivalents.
Enterprise Value/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation and amortization.
Forward/Price Earnings (F/PE): Price per share divided by expected earnings per share.
Free Cash Flow: Total cash flow from operations less capital expenditures.
Price/Book (P/B): Price per share divided by book value per share.
Price/Cash Flow (P/CF): Price per share divided by cash flow per share.
Price/Earnings (P/E): Price per share divided by earnings 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 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.
18


Brandes Emerging Markets Value Fund
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.
The MSCI Emerging Markets Growth Index with gross dividends captures large and mid cap securities exhibiting growth style characteristics, defined using long-term forward earnings per share (EPS) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.
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.
19


Brandes Emerging Markets Value Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes Emerging Markets Value Fund – Class I from March 31, 2011 to March 31, 2021 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 March 31, 2021*
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Emerging Markets Value Fund       
Class A

47.25% 5.99% 0.77% 6.70%
Class A (with maximum sales charge)

38.78% 4.75% 0.18% 6.45%
Class C**

46.25% 5.22% 0.04% 5.88%
Class C **(with maximum sales charge)

45.25% 5.22% 0.04% 5.88%
Class I

47.66% 6.24% 1.03% 6.94%
Class R6**

47.79% 6.40% 1.14% 7.02%
MSCI Emerging Markets Index

58.39% 12.07% 3.65% 6.70%
    
(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
20


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. Brandes Investment Partners, L.P., the Advisor, has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Sector Allocation as a Percentage of Total Investments as of
March 31, 2021 (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's Financial Services LLC.
21


Brandes International Small Cap Equity Fund
Dear Fellow Investor,
The net asset value of the Brandes International Small Cap Equity Fund (Class I Shares) advanced 38.20% in the six months ended March 31, 2021. During the same period, the S&P Developed Ex-U.S. SmallCap Index advanced 23.01%.
The Fund benefited from holdings in the cyclically oriented industrials, financials, materials and energy sectors. Notable performers included U.K. facilities management company MITIE Group, Brazilian regional jet manufacturer Embraer, and Mexican cement producer Cemex. The strong performance of these companies was mainly driven by their earnings recoveries and optimistic profit guidance.
MITIE announced strong momentum in its Business Services segment and enjoyed an improvement in the discretionary projects within its Technical Services segment. The company also provided positive guidance for continued recovery in its profitability. Similarly, Cemex experienced its strongest period in many years and issued double-digit profit growth guidance for 2021. Meanwhile, Embraer saw its business stabilize amid increased customer aircraft deliveries, resulting in positive cash flow and improving margins.
Additionally, Irish bank AIB Group saw its share price rebound in late 2020. Banks around the world, including AIB, had faced a major headwind to their earnings for much of 2020 as new accounting rules required them to provision up front for expected loan losses. However, an improved economic outlook led to a drop in loan loss provisioning expectations, which helped alleviate investor concern.
Other notable contributors included Funai Electric, which was up significantly following its announced acquisition by Shuwa System Holdings at a total acquisition price of ¥25.6 billion. We sold our position in Funai Electric on the news.
From a geographic standpoint, the Fund saw strong contribution from its exposure to Europe, including the United Kingdom, Ireland and Spain.
Conversely, returns for the period were hampered by Chinese machinery company China Yuchai International Limited, Japanese machinery company Komori Corporation, and several Japanese banks, namely Kyushu Financial Group, Hachijuni Bank, Oita Bank and Hyakugo Bank. These Japanese financial companies did not participate in the fourth-quarter rally as investors seemed concerned about the post-COVID time to recovery of the Japanese economy in general and did not react strongly to the Bank of Japan’s announced negative rates exemptions.
Recent Portfolio Activity
During the trailing six-month period, the investment committee initiated a position in Canadian insurance company E-L Financial.
E-L Financial is a company we are very familiar with, having held it in the Fund as recently as 2018. The firm operates as an investment and insurance holding company and is effectively an extension of the Jackman family estate. The Jackman family owns an approximately 73% interest in E-L and has compounded book value per share at an
22


Brandes International Small Cap Equity Fund
annual rate of 12% for nearly 50 years. In 2012, E-L sold its property & casualty insurance company to Travelers and used some of the proceeds to pay a special dividend to shareholders, while reinvesting the remainder in global equities. In 2015, E-L acquired the 19% minority interest in Canadian life insurer Empire Life at 1x book value. The investment has since generated 8-10% return on equity annually, and it accounts for a meaningful percentage of our intrinsic value estimate for E-L, with the remainder comprising a diversified, global equity portfolio managed by value-oriented asset managers.
E-L’s shares have been under pressure due to pandemic-related concerns. We believe that this headwind is temporary in nature and that E-L’s shares have the potential to recover given the company’s strong balance sheet and savvy management team. At its current valuation levels, E-L represents an appealing risk/reward tradeoff for us.
Several holdings were sold from the Fund in the period, such as Funai Electric (as noted above) and Latin American agriculture company Adecoagro, as well as U.K. real estate firm Countrywide and security services provider G4S.
G4S is the world’s largest security services provider, with over 500,000 employees in more than 80 countries. The company generates more than half of its revenue from Europe and North America but has a strong presence in emerging markets, which represent one-third of its business. When we first bought the stock in 2018, G4S was in the midst of a major restructuring. The company had failed to deliver on some large contracts, and deteriorating business performance had forced it to raise equity capital a few years prior. In the last several years, G4S reduced net debt by 40% through a combination of asset sales and better cash-flow generation. Moreover, the company’s operating margin has recovered in the past year, and it appeared the major restructuring was finally bearing fruit.
Despite this progress, the share price declined in the first half of last year, prompting rival GardaWorld to approach G4S with an acquisition offer. The offer was rejected, but it led to a competitive bidding process for G4S. In early December, the board of directors agreed to accept a bid from Allied Universal and the share price appreciated beyond the acquisition price on the announcement as many investors were hoping that GardaWorld would make a counteroffer. Ultimately, GardaWorld did not increase its bid and an adequate number of shareholders approved the offer from Allied Universal in March 2021.
Other activity included the full sells of U.K.-based internet company Telit Communications and South Korean auto components manufacturer Hankook Tire & Technology, which both appreciated to our estimates of their intrinsic values on a strong second half of 2020 after reaching lows in early April 2020. While Telit was a long-time holding in the Fund, Hankook was one of the positions that we initiated by taking advantage of the market drawdown in the first quarter of 2020, during which the onset of the pandemic disproportionately affected the share prices of select companies with strong fundamentals.
23


Brandes International Small Cap Equity Fund
Looking Forward
At quarter end March 31, 2021, the Fund held its largest allocations to consumer staples, financials and industrials, while maintaining key underweights in information technology and materials. From a country standpoint, we continued to find value potential in the United Kingdom and Japan. Attractive value opportunities also persist in emerging markets, which accounted for over 25% of the Fund as of March 31.
After a strong period, value stocks remain attractive, in our opinion, for the long term given a variety of potential tailwinds, including:
a probable increase in inflation and interest rates; and
a likely pickup in economic growth as global economies begin to reopen and potentially benefit from government stimulus.
More importantly, we believe the valuation discounts at which value stocks trade relative to growth stocks continue to bode well for value stocks (S&P Developed ex-U.S. SmallCap Value vs. S&P Developed ex-U.S. SmallCap Growth, based on price/book, price/earnings and price/cash flow). Given our historical tendency to do even better than the value index when that index outperformed the benchmark, combined with the prospects of earnings recoveries for value-oriented companies, we believe the Brandes International Small Cap Equity Fund is well positioned for long-term return potential.
Thank you for the trust you have placed in us.
Sincerely yours,
The Brandes Small-Cap Investment Committee
Brandes Investment Trust
Book Value: Assets minus liabilities. Also known as shareholders’ equity.
Cash Flow: The amount of cash generated minus the amount of cash used by a company in a given period.
Dividend Yield: Dividends per share divided by price per share.
Forward/Price Earnings (F/PE): Price per share divided by expected earnings per share.
Operating Margin: Operating income divided by net sales; used to measure a company’s operating efficiency.
Price/Book (P/B): Price per share divided by book value per share.
Price/Cash Flow (P/CF): Price per share divided by cash flow per share.
Price/Earnings (P/E): Price per share divided by earnings per share.
Return on Equity: Net income divided by shareholders' equity.
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.
24


Brandes International Small Cap Equity Fund
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.
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 U.S. SmallCap Value Index with net dividends measures the equity performance of small cap companies in developed markets excluding the United States, which are classified as value stocks by book value-to-price, sales-to-price, cash flow-to-price, and dividend yield.
The S&P Developed Ex U.S. SmallCap Growth Index with net dividends measures the equity performance of small cap companies in developed markets excluding the United States, which are classified as growth stocks by sales growth, earnings change-to-price, and momentum.
One cannot invest directly in an index.
The Brandes International Equity Small Cap Equity Fund is distributed by ALPS Distributors, Inc.
25


Brandes International Small Cap Equity Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes International Small Cap Fund – Class I from March 31, 2011 to March 31, 2021 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 March 31, 2021*
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes International Small Cap Equity Fund       
Class A

64.61% 3.07% 4.99% 8.59%
Class A (with maximum sales charge)

55.15% 1.86% 4.37% 8.33%
Class C**

63.36% 2.30% 4.21% 7.78%
Class C **(with maximum sales charge)

62.36% 2.30% 4.21% 7.78%
Class I

64.76% 3.28% 5.21% 8.84%
Class R6**

64.94% 3.40% 5.30% 8.91%
S&P Developed Ex-U.S. SmallCap Index

66.31% 10.14% 7.17% 7.16%
    
(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
26


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. Brandes Investment Partners, L.P., the Advisor, has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Sector Allocation as a Percentage of Total Investments as of
March 31, 2021 (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's Financial Services LLC.
27


Brandes Small Cap Value Fund
Dear Fellow Investor,
The net asset value of the Brandes Small Cap Value Fund (Class I Shares) rose 47.99% in the six months ended March 31, 2021. During the same period, the Russell 2000 Index rose 48.05%.
The Fund’s top contributors included several cyclically oriented companies. From an industry perspective, Fund holdings in energy equipment & services, aerospace & defense, and insurance were solid contributors to performance.
Energy equipment and services companies Helmerich & Payne and Halliburton were among the largest individual contributors to performance in the period, as were oil and gas producer Chesapeake Energy and regional jet manufacturer Embraer. Among our bank and insurance holdings, notable contributors included Northrim BanCorp, Crawford & Company and American National Bankshares. These companies saw their share prices rise on increased expectations of rising U.S. interest rates and inflation.
Furthermore, the Fund’s holdings in the information technology sector also performed well, led by business intelligence software business MicroStrategy.
MicroStrategy announced strong business growth and continued to improve sales execution while managing its costs. MicroStrategy’s returns were also driven by its announcement that it would make bitcoin its primary treasury reserve asset. In late December, MicroStrategy announced that it had made more than $1 billion in bitcoin purchases in 2020. Given the company’s share price appreciation and the complete change in MicroStrategy’s risk/return profile, we sold out of our position during the fourth quarter.
Amid the value rally, only a few holdings declined in the period.
While our health care investments added to aggregate returns, a few fared poorly, including health care equipment manufacturers LENSAR and Utah Medical Products, as well as biotech firm PDL BioPharma.
Recent Portfolio Activity
During the trailing six months through March 31, 2021, the small cap investment committee initiated several new positions, including food retailer Ingles Markets, regional bank ACNB Corporation and health care company Mednax.
Mednax (MD) is a physician services company that offers services to women’s and children’s specialty units in hospitals. Following pressure from Starboard (which owns approximately 10% of Mednax) for its lagging margins and poor overall performance, the company recently divested its anesthesiology and radiology units; the segments sold contributed $1.265 billion (36% of total revenues) and $492 million (14%) of revenue in 2019, respectively.
Mednax has now reverted to its roots and provides mainly neonatology (approximately 85% of post-divestiture revenues), maternal-fetal medicine (MFM) services and
28


Brandes Small Cap Value Fund
pediatric cardiology. The company’s long-term strategy is to increase its share in the neonatal segment, while expanding peripheral businesses, such as MFM and pediatrics, that are synergistic to its sales efforts. In neonatology, Mednax currently has approximately 25% market share, up from 18.4% in 2011. It is also the largest national women’s and children’s provider group—10x bigger than its closest peer.
Mednax differs from a typical staffing/placement company because it buys physician practices and hospital contracts in exchange for providing reimbursement negotiations, staffing, professional liability protection, and compliance with regulations. It thereby realizes economies of scale as the administrative functions it oversees can cover more clinicians: this grants it bargaining power with hospitals and physicians.
The business’s key value drivers are its contracts with hospitals and the staffing of hospital specialty units with physicians. Traditionally, hospitals staff these units through local physician groups, which leads to administrative burdens. Mednax’s strategy is to add value by managing the operational side, providing staffing and optimizing systems with data analytics. It charges administrative fees to its hospital partners and seeks to profit from margin growth opportunities through improved efficiency in physician practices.
Mednax’s operating performance has been poor over the past five years as margins declined to 11.6% in 2019 from 22.3% in 2010, mainly due to the anesthesiology business which it recently sold off. The core women’s and children’s business was also negatively affected by a decline in birth rates, a lower percentage of revenue from the high margin neonatology business, and wage inflation outpacing reimbursement. With these recent divestments, Mednax is targeting long-term revenue growth of 6% and “high-teens” margins.
The restructuring following the sale of its anesthesiology and radiology businesses in 2020 has made Mednax’s balance sheet more manageable. We believe the company offers a regrowth story—focused on its core children and women’s health business—that is underappreciated by the market.
Given strong market appreciation, sales activity was elevated. We sold a number of securities after they appreciated to our intrinsic value estimates, including MicroStrategy (as mentioned above), Florida-based land developer St. Joe, AMAG Pharmaceuticals and machinery business Greenbrier Companies. Other sales included the Fund’s positions in Mohawk Industries, American National Bankshares, and Sensient Technologies (a manufacturer and marketer of colors, flavors and fragrances), after each appreciated to our estimate of its intrinsic value.
Looking Forward
After a strong period of value performance, we remain optimistic in the return potential of value stocks compared to other styles due to various potential tailwinds. These include increasing inflation and interest rates and a pickup in growth from global economies starting to open and benefitting from stimulus funding. Most importantly,
29


Brandes Small Cap Value Fund
from a value investor perspective, the valuation discount of value stocks relative to growth stocks remains compelling (as measured by the MSCI USA Small Cap Value Index versus MSCI USA Small Cap Growth Index).
We continued to find value potential in more cyclically oriented sectors such as industrials and energy, while being underweight to consumer discretionary and information technology. We believe the differences between the Brandes Small Cap Value Fund and the broader market continue to make the Fund an attractive complement to other small-cap offerings. The Fund exhibits more appealing valuations, in our view, than the Russell 2000 indices and our holdings feature what we consider to be strong balance sheets, compelling growth prospects and durable free cash flow.
As always, we appreciate the trust you have placed in us.
Sincerely yours,
The Brandes Small-Cap Investment Committee
Brandes Investment Trust
Dividend Yield: Dividends per share divided by price per share.
Free Cash Flow: Total cash flow from operations less capital expenditures.
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.
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 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.
30


Brandes Small Cap Value Fund
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 MSCI USA Small Cap Growth Index captures small cap securities exhibiting overall growth style characteristics across U.S. equity markets. The attributes for growth index construction are long-term forward earnings per share (EPS) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.
The MSCI USA Small Cap Value Index captures small cap securities exhibiting overall value style characteristics across U.S. equity markets. The attributes for value index construction are book value-to-price ratio, 12-months forward earnings-to-price ratio, 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 Small Cap Value Fund is distributed by ALPS Distributors, Inc.
31


Brandes Small Cap Value Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes Small Cap Value Fund – Class I from March 31, 2011 to March 31, 2021 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 March 31, 2021*
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Small Cap Value Fund       
Class A

82.23% 12.86% 11.81% 7.65%
Class A (with maximum sales charge)

71.79% 11.54% 11.15% 7.38%
Class I

82.75% 13.19% 12.09% 7.92%
Class R6**

83.39% 11.78% 11.39% 7.63%
Russell 2000 Total Return Index

94.85% 16.35% 11.68% 8.41%
Russell 2000 Value Total Return Index

97.05% 13.56% 10.06% 8.75%
    
(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”)
32


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. Brandes Investment Partners, L.P., the Advisor, has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Sector Allocation as a Percentage of Total Investments as of
March 31, 2021 (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's Financial Services LLC.
33


Brandes Core Plus Fixed Income Fund
Dear Fellow Investor,
In the six months ended March 31, 2021, the Brandes Core Plus Fixed Income Fund (Class I Shares) declined 1.08%, but outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which declined 2.73%.
For fixed-income investors, the recent story has been the upward bounce in interest rates, which led to negative total returns across most fixed-income asset classes. We were bemused to hear several market talking heads discuss dramatically higher rates and the implications for economic growth and recovery. What was scarcely discussed was that even with the 10-year U.S. Treasury rate’s move higher in March 2021, it is still in the 96th percentile of the 10-year Treasury rate data over the last 50 years.1 In other words, interest rates remain historically low.
There appear to be two drivers of higher rates.
First, the market is pricing in robust growth from an economy that is reopening at greater speed, continued unprecedented accommodative monetary policy from the Federal Reserve (Fed) and fiscal stimulus from the federal government.
The second driver of higher rates is the expectation that long-dormant inflation will begin to pick up steam. There are several fundamental factors behind this expectation, including:
enormous central-bank and fiscal accommodation;
pandemic-related supply chain bottlenecks;
de-globalization of supply chains in response to pandemic-related disruptions and shortages;
increasing commodity price pressures; and
U.S. savings rate near a 60-year high, indicating strong pent-up demand.
Additionally, a key factor driving inflation expectations is the Fed’s apparent resolve to continue showering the market with liquidity until inflation runs above its 2% target.
Demand for new issues has remained robust and the reach for yield has shown few signs of abating. For example, Carnival Cruise Lines came to the bond market with the intent of raising $2.5 billion in new debt in the first quarter of 2021. Demand was so strong for the issue that Carnival was able to upsize the offering to $3.5 billion. With the new issuance, the company has now raised $11 billion in new debt since the onset of COVID-19 has left all of the company’s ships in port and current Center for Disease Control and Prevention guidance continues to keep ships docked until this fall. Carnival also reported a net loss of $2 billion in the first quarter 2021 and is currently burning through approximately $500 million in cash per month.

1 Source: Bloomberg, based on weekly data from the last 50 years; as of 3/31/2021.
34


Brandes Core Plus Fixed Income Fund
Holdings in corporate bonds contributed to positive relative returns during the period. Energy holdings were the top contributors as the global reflation trade (i.e., those issuers expected to benefit from policies enacted after an economic slowdown) saw a strong bounce back in the price of oil. Moreover, holdings in other economically sensitive sectors such as lodging and automotive contributed to relative returns.
Term-structure positioning also boosted Fund returns as interest rates with maturities beyond five years moved sharply higher. The Fund was positioned near the bottom of its duration-controlled band during the quarter.
Our underweight to agency Mortgage-Backed Securities (“MBS”) detracted from returns. Agency MBS continues to be supported by direct Fed purchases of approximately $40 billion/month. Agency MBS offer negligible yield pick-up versus U.S. Treasury securities but continue to perform well since the Fed announced its unlimited market support in March 2020.
Recent Portfolio Activity
The Fund added new positions in T-Mobile (maturing 2/1/28, rated Ba3/BB), Continental Resources (maturing 4/15/23 and 1/15/28, rated Ba1/BB+), Avon Products (maturing 3/15/23, rated Ba3/BB-), Netflix (maturing 11/15/26, rated Ba3/BB+), Ford Motor Credit (maturing 11/1/22 and 11/13/25, rated Ba2/BB+) and Pilgrim’s Pride (maturing 9/30/27 and 4/15/31, rated B1/BB+). We also added to our existing holding in Telecom Italia (maturing 11/15/33, rated Ba2/BB+).
In our view, the consistent theme with the newly added positions is that they offer stronger longer-term credit profiles than the rating agencies are currently giving them credit. These holdings should also be less sensitive to interest-rate movements as their credit profiles exhibit positive correlation to the economic recovery.
Finally, our purchase of Pilgrim’s Pride 2031 maturity was a sustainability bond. The bond indenture includes specific metrics that the company must hit with respect to greenhouse gas emissions. If these benchmarks are not hit, the coupon on the bond steps up to a higher coupon.
Outlook
Bond and stock markets have grown to love accommodative central banks and appear to be sanguine about rising fiscal debt levels. It seems many have come to believe that debt levels don’t matter. Maybe we are old fashioned, but we feel it’s difficult to subscribe to the belief that overall debt levels don’t matter. Therefore, we continue to bias the Fund in what we believe is a defensive manner.
In this environment, the Brandes Core Plus Fixed Income Fund continues to favor shorter-maturity corporate bonds and those that exhibit strong, tangible asset coverage, in our view. We are underweight agency MBS and managing duration toward the shorter end of our duration-controlled range. We have a higher allocation to U.S. Treasuries that we will look to redeploy thoughtfully and efficiently—if and when
35


Brandes Core Plus Fixed Income Fund
market uncertainty and volatility cause credit fundamentals to become mispriced from our estimates of intrinsic value.
As always, thank you for your business and continued trust.
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 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.
Credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All Fund securities except for those labeled “Not Rated” and “Other” have been rated by Moody’s, S&P or Fitch, which are each a Nationally Recognized Statistical Rating Organization (“NRSRO”). All Index securities except for those labeled “Not Rated” have been rated by Moody’s or S&P. Credit ratings are subject to change.
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.
Coupon: The annual interest rate paid on a bond.
36


Brandes Core Plus Fixed Income Fund
Mortgage-Backed Security: A type of asset-backed security which is secured by a mortgage or collection of mortgages.
Yield: Annual income from the investment (dividend, interest, etc.) divided by the current market price of the investment.
Asset Coverage: Measures how well a company can repay its debts by selling or liquidating its assets.
Indenture: A legal and binding contract between a bond issuer and bondholder.
Term Structure of Interest Rates: A graph that plots different yields offered by bonds of different maturities.
Total Return: Income plus capital appreciation.
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.
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.
37


Brandes Core Plus Fixed Income Fund
The following chart compares the value of a hypothetical $100,000 investment in the Brandes Core Plus Fixed Income Fund – Class I from March 31, 2011 to March 31, 2021 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 March 31, 2021
 One
Year
 Five
Years
 Ten
Years
 Since
Inception(1)
Brandes Core Plus Fixed Income Fund       
Class A*

2.54% 2.86% 3.19% 3.46%
Class A *(with maximum sales charge)

-1.30% 2.07% 2.79% 3.16%
Class I

2.74% 3.13% 3.51% 3.77%
Class R6*

3.97% 3.77% 3.85% 4.04%
Bloomberg Barclays U.S. Aggregate Bond Index

0.71% 3.10% 3.44% 3.98%
    
(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.
38


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. Brandes Investment Partners, L.P., the Advisor, has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
Asset Allocation as a Percentage of Total Investments as of
March 31, 2021 (Unaudited)
39


Brandes Investment Trust
Expense Example (Unaudited)
As a shareholder of a Fund, you incur ongoing costs, including investment advisory and administrative fees and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2020 to March 31, 2021 (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 $1,327.80 1.11% $6.43
Global Equity Fund

 $1,000.00 $1,374.50 1.25% $7.39
Emerging Markets Value Fund

 $1,000.00 $1,259.90 1.30% $7.35
International Small Cap Fund

 $1,000.00 $1,380.80 1.32% $7.86
Small Cap Value Fund

 $1,000.00 $1,477.90 1.15% $7.10
Core Plus Fixed Income Fund

 $1,000.00 $ 988.00 0.50% $2.47
    
  Class C
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,322.90 1.86% $10.76
Global Equity Fund

 $1,000.00 $1,368.80 2.00% $11.80
Emerging Markets Value Fund

 $1,000.00 $1,255.30 2.05% $11.55
International Small Cap Fund

 $1,000.00 $1,375.10 2.07% $12.29
    
40


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 $1,329.80 0.85% $4.93
Global Equity Fund

 $1,000.00 $1,376.20 1.00% $5.92
Emerging Markets Value Fund

 $1,000.00 $1,263.10 1.12% $6.31
International Small Cap Fund

 $1,000.00 $1,382.00 1.14% $6.74
Small Cap Value Fund

 $1,000.00 $1,479.90 0.90% $5.56
Core Plus Fixed Income Fund

 $1,000.00 $ 989.20 0.30% $1.49
    
  Class R6
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,330.60 0.75% $4.35
Emerging Markets Value Fund

 $1,000.00 $1,263.00 0.97% $5.47
International Small Cap Fund

 $1,000.00 $1,383.70 1.00% $5.93
Small Cap Value Fund

 $1,000.00 $1,485.40 0.72% $4.46
Core Plus Fixed Income Fund

 $1,000.00 $ 996.70 0.30% $1.49
    
*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 182/365 (to reflect the one half-year period).
Hypothetical Example for Comparison Purposes
This section provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on purchase and sales of Fund shares. Therefore, the last column of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
41


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 $1,019.40 1.11% $5.58
Global Equity Fund

 $1,000.00 $1,018.71 1.25% $6.28
Emerging Markets Value Fund

 $1,000.00 $1,018.43 1.30% $6.56
International Small Cap Fund

 $1,000.00 $1,018.33 1.32% $6.66
Small Cap Value Fund

 $1,000.00 $1,019.20 1.15% $5.78
Core Plus Fixed Income Fund

 $1,000.00 $1,022.44 0.50% $2.52
    
  Class C
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,015.67 1.86% $ 9.34
Global Equity Fund

 $1,000.00 $1,014.97 2.00% $10.03
Emerging Markets Value Fund

 $1,000.00 $1,014.69 2.05% $10.32
International Small Cap Fund

 $1,000.00 $1,014.59 2.07% $10.42
    
  Class I
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,020.70 0.85% $4.28
Global Equity Fund

 $1,000.00 $1,019.95 1.00% $5.03
Emerging Markets Value Fund

 $1,000.00 $1,019.36 1.12% $5.63
International Small Cap Fund

 $1,000.00 $1,019.27 1.14% $5.71
Small Cap Value Fund

 $1,000.00 $1,020.45 0.90% $4.53
Core Plus Fixed Income Fund

 $1,000.00 $1,023.44 0.30% $1.51
    
  Class R6
Fund Beginning
Account
Value
 Ending
Account
Value
 Annualized
Expense
Ratio
 Expenses
Paid
During
the Period*
International Equity Fund

 $1,000.00 $1,021.20 0.75% $3.77
Emerging Markets Value Fund

 $1,000.00 $1,020.10 0.97% $4.88
International Small Cap Fund

 $1,000.00 $1,019.95 1.00% $5.03
Small Cap Value Fund

 $1,000.00 $1,021.34 0.72% $3.63
Core Plus Fixed Income Fund

 $1,000.00 $1,023.44 0.30% $1.51
    
*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 182/365 (to reflect the one half-year period).
42


Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) 

Shares Value
COMMON STOCKS – 94.42%
Belgium – 1.10%
108,008Anheuser-Busch InBev SA/NV$ 6,789,690
Brazil – 4.28%
2,961,200Ambev SA8,043,980
925,447Embraer SA Sponsored – ADR(a)9,263,724
1,150,100Telefonica Brasil SA9,037,500
  26,345,204
Canada – 0.69%
257,078Cameco Corp.4,270,065
France – 19.93%
170,605BNP Paribas SA(a)10,394,846
811,721Carrefour SA14,696,703
195,425Cie de Saint-Gobain(a)11,540,149
168,325Danone SA11,521,521
809,027Engie SA(a)11,492,492
852,807Orange SA10,494,609
272,138Publicis Groupe SA16,595,606
109,350Renault SA(a)4,728,496
155,731Sanofi15,399,328
109,119Societe BIC SA6,387,271
203,578Total SE9,490,760
  122,741,781
Germany – 6.86%
88,582BASF SE7,361,428
247,227Fresenius & Co. KGaA11,016,532
163,623HeidelbergCement AG14,866,452
91,017Henkel AG & Co. KGaA9,017,267
  42,261,679
Hong Kong – 0.64%
11,842,000First Pacific Co. Ltd.3,915,222
Ireland – 1.26%
165,736CRH Plc7,769,770
Italy – 5.99%
1,040,160Eni SpA12,817,072
4,158,760Intesa Sanpaolo SpA(a)11,268,466
20,990,411Telecom Italia Rsp12,069,966
1,365,052Telecom Italia SpA738,470
  36,893,974
Shares Value
Japan – 13.34%
243,700Dai Nippon Printing Co. Ltd.$ 5,111,748
311,800Honda Motor Co. Ltd.9,399,376
2,132,500Mitsubishi UFJ Financial Group, Inc.11,403,098
345,899MS&AD Insurance Group Holdings, Inc.10,174,961
983,300Nissan Motor Co. Ltd.(a)5,493,355
283,500Sumitomo Mitsui Trust Holdings, Inc.9,891,177
118,300Taisho Pharmaceutical Holdings Co. Ltd.7,644,657
632,083Takeda Pharmaceutical Co. Ltd.23,040,798
  82,159,170
Mexico – 5.56%
1,413,992Cemex SAB de CV Sponsored – ADR(a)9,855,524
12,910,084Fibra Uno Administracion SA de CV15,089,504
123,412Fomento Economico Mexicano SAB de CV – ADR9,296,626
  34,241,654
Netherlands – 1.09%
1,411,784Aegon NV6,707,783
South Korea – 4.35%
157,131Hana Financial Group, Inc.5,943,163
26,804Hyundai Mobis Co. Ltd.6,952,740
99,249KT&G Corp.7,149,565
23,883POSCO6,767,397
  26,812,865
Spain – 1.25%
619,579Repsol SA7,690,195
Switzerland – 9.49%
1,091,773Credit Suisse Group AG Registered11,550,264
143,252Novartis AG Registered12,245,284
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
43


Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

Shares Value
16,342Swatch Group AG Bearer$ 4,705,491
119,343Swatch Group AG Registered6,654,604
94,693Swiss Re AG9,312,404
903,408UBS Group AG Registered13,977,067
  58,445,114
Taiwan – 1.02%
481,000Asustek Computer, Inc.6,310,601
United Kingdom – 17.57%
3,660,794Barclays Plc9,375,005
3,059,491BP Plc12,427,520
966,701GlaxoSmithKline Plc17,113,337
400,385Imperial Brands Plc8,208,263
3,637,517J Sainsbury Plc12,163,819
2,225,208Kingfisher Plc(a)9,753,180
3,811,873Marks & Spencer Group Plc(a)7,923,277
2,396,264Tesco Plc7,565,555
Shares Value
3,080,264Wm Morrison Supermarkets Plc$ 7,747,084
1,250,278WPP Plc15,932,892
  108,209,932
TOTAL COMMON STOCKS
(Cost $601,315,055)
$581,564,699
PREFERRED STOCKS – 5.14%
Brazil – 1.55%
2,233,200Petroleo Brasileiro SA, 3.28%(b)$ 9,561,817
Russia – 1.43%
15,780,039Surgutneftegas PJSC, 2.31%(b)8,765,529
Spain – 2.16%
777,959Grifols SA – Class B, 2.21%(b)13,321,823
TOTAL PREFERRED STOCKS
(Cost $28,330,638)
$ 31,649,169
 
 SharesValue
SHORT-TERM INVESTMENTS – 1.06%
Money Market Funds — 1.06%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(c)

6,524,877$ 6,524,877
TOTAL SHORT-TERM INVESTMENTS

(Cost $6,524,877)

 $ 6,524,877
Total Investments

(Cost $636,170,570) – 100.62%

 $619,738,745
Liabilities in Excess of Other Assets – (0.62)%

 (3,806,210)
TOTAL NET ASSETS – 100.00%

 $615,932,535

Percentages are stated as a percent of net assets.
ADR American Depositary Receipt  
    
(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 March 31, 2021.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
44


Brandes International Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2021 

COMMON STOCKS 
Aerospace & Defense

1.50%
Auto Components

1.13%
Automobiles

3.19%
Banks

9.46%
Beverages

3.92%
Building Products

1.87%
Capital Markets

4.15%
Chemicals

1.20%
Commercial Services & Supplies

1.87%
Construction Materials

5.27%
Diversified Financial Services

0.64%
Diversified Telecommunication Services

5.25%
Equity Real Estate Investment Trusts

2.45%
Food & Staples Retailing

6.85%
Food Products

1.87%
Health Care Providers & Services

1.79%
Household Products

1.46%
Insurance

4.25%
Media

5.28%
Metals & Mining

1.10%
Multiline Retail

1.29%
Multi-Utilities

1.87%
Oil, Gas & Consumable Fuels

7.58%
Pharmaceuticals

12.25%
Specialty Retail

1.58%
Technology Hardware, Storage & Peripherals

1.02%
Textiles, Apparel & Luxury Goods

1.84%
Tobacco

2.49%
TOTAL COMMON STOCKS

94.42%
PREFERRED STOCKS 
Biotechnology

2.16%
Oil, Gas & Consumable Fuels

2.98%
TOTAL PREFERRED STOCKS

5.14%
SHORT-TERM INVESTMENTS

1.06%
TOTAL INVESTMENTS

100.62%
Liabilities in Excess of Other Assets

(0.62)%
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's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
45


Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) 

Shares Value
COMMON STOCKS – 97.77%
Austria – 1.95%
23,579Erste Group Bank AG(a)$ 798,817
Brazil – 1.26%
154,720Embraer SA(a)385,106
12,908Embraer SA Sponsored – ADR(a)129,209
  514,315
China – 1.96%
28,200Alibaba Group Holding Ltd.(a)801,236
France – 11.28%
21,495Carrefour SA389,180
25,147Engie SA(a)357,222
31,200Engie SA (Prime Fidelite 2019)(a)443,206
15,151Publicis Groupe SA923,943
11,990Sanofi1,185,621
3,056Schneider Electric SE465,536
18,112Total SE844,377
  4,609,085
Germany – 2.20%
9,903HeidelbergCement AG899,766
Ireland – 1.33%
11,612CRH Plc544,375
Italy – 1.18%
39,071Eni SpA481,441
Japan – 1.26%
17,100Honda Motor Co. Ltd.515,489
Malaysia – 1.56%
523,900Genting Berhad636,018
Mexico – 2.66%
603,134Fibra Uno Administracion SA de CV704,952
5,080Fomento Economico Mexicano SAB de CV – ADR382,677
  1,087,629
South Korea – 5.82%
2,301Hyundai Mobis Co. Ltd.596,861
3,619Hyundai Motor Co.701,389
Shares Value
4,813KT&G Corp.$ 346,712
10,141Samsung Electronics Co. Ltd.733,647
  2,378,609
Spain – 1.31%
42,988Repsol SA533,566
Switzerland – 3.52%
49,369Credit Suisse Group AG Registered522,292
59,244UBS Group AG Registered916,593
  1,438,885
United Kingdom – 15.30%
147,402Barclays Plc377,485
204,270BP Plc829,736
54,464GlaxoSmithKline Plc964,167
38,224Imperial Brands Plc783,627
177,095J Sainsbury Plc592,204
154,830Kingfisher Plc(a)678,626
10,818Royal Dutch Shell Plc – ADR – Class B398,427
145,629Tesco Plc459,784
145,089Wm Morrison Supermarkets Plc364,909
62,874WPP Plc801,234
  6,250,199
United States – 45.18%
1,746Amdocs Ltd.122,482
13,200American International Group, Inc.609,972
30,151Bank of America Corp.1,166,542
13,678Bank of New York Mellon Corp.646,833
12,049Cardinal Health, Inc.731,977
24,036Change Healthcare, Inc.(a)531,196
2,910Cigna Corp.703,463
17,550Citigroup, Inc.1,276,762
12,480Comcast Corp. – Class A675,293
11,340Corteva, Inc.528,671
8,496CVS Health Corp.639,154
5,508Emerson Electric Co.496,932
2,127FedEx Corp.604,153
2,939General Dynamics Corp.533,605
19,290Halliburton Co.413,963
3,338HCA Healthcare, Inc.628,679
4,558Ingredion, Inc.409,855
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
46


Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

Shares Value
3,040JPMorgan Chase & Co.$ 462,779
2,198Laboratory Corp. of America Holdings(a)560,556
4,165McKesson Corp.812,342
10,954Merck & Co., Inc.844,444
3,846Mohawk Industries, Inc.(a)739,624
20,899Old Republic International Corp.456,434
8,335OneMain Holdings, Inc.447,756
19,831Pfizer, Inc.718,477
1,185PNC Financial Services Group, Inc.207,861
7,368State Street Corp.618,986
9,436Textron, Inc.529,171
Shares Value
7,627Truist Financial Corp.$ 444,807
22,993Wells Fargo & Co.898,336
  18,461,105
TOTAL COMMON STOCKS
(Cost $31,532,279)
$39,950,535
PREFERRED STOCKS – 0.49%
South Korea – 0.49%
3,072Samsung Electronics Co. Ltd., 1.864%(b)$ 198,968
TOTAL PREFERRED STOCKS
(Cost $90,995)
$ 198,968
 
 SharesValue
SHORT-TERM INVESTMENTS – 2.54%
Money Market Funds — 2.54%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(c)

1,039,632$ 1,039,632
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,039,632)

 $ 1,039,632
Total Investments

(Cost $32,662,906) – 100.80%

 $41,189,135
Liabilities in Excess of Other Assets – (0.80)%

 (328,497)
TOTAL NET ASSETS – 100.00%

 $40,860,638

Percentages are stated as a percent of net assets.
ADR American Depositary Receipt  
    
(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 March 31, 2021.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
47


Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2021 

COMMON STOCKS 
Aerospace & Defense

3.87%
Air Freight & Logistics

1.48%
Auto Components

1.46%
Automobiles

2.98%
Banks

13.78%
Beverages

0.94%
Capital Markets

6.61%
Chemicals

1.29%
Construction Materials

3.53%
Consumer Finance

1.10%
Electrical Equipment

2.36%
Energy Equipment & Services

1.01%
Equity Real Estate Investment Trusts

1.72%
Food & Staples Retailing

4.42%
Food Products

1.00%
Health Care Providers & Services

9.97%
Health Care Technology

1.30%
Hotels, Restaurants & Leisure

1.56%
Household Durables

1.81%
Insurance

2.61%
Internet & Direct Marketing Retail

1.96%
IT Services

0.30%
Media

5.87%
Multi-Utilities

1.96%
Oil, Gas & Consumable Fuels

7.57%
Pharmaceuticals

9.09%
Specialty Retail

1.66%
Technology Hardware, Storage & Peripherals

1.79%
Tobacco

2.77%
TOTAL COMMON STOCKS

97.77%
PREFERRED STOCKS 
Technology Hardware, Storage & Peripherals

0.49%
TOTAL PREFERRED STOCKS

0.49%
SHORT-TERM INVESTMENTS

2.54%
TOTAL INVESTMENTS

100.80%
Liabilities in Excess of Other Assets

(0.80)%
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's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
48


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) 

Shares Value
COMMON STOCKS – 95.50%
Argentina – 1.44%
1,176,931Adecoagro SA(a)$ 9,250,677
2,415,979YPF SA Sponsored – ADR(a)9,929,674
  19,180,351
Brazil – 6.45%
6,258,400Cogna Educacao(a)4,425,294
3,339,780Embraer SA Sponsored – ADR(a)33,431,198
1,548,600Sendas Distribuidora SA(a)20,315,462
1,125,300Telefonica Brasil SA8,842,621
630,648Telefonica Brasil SA – ADR4,963,200
6,051,000TIM SA(a)13,620,703
  85,598,478
Chile – 2.15%
2,336,679Empresa Nacional de Telecomunicaciones SA14,669,753
102,629,673Enel Chile SA7,988,884
1,509,388Enel Chile SA Sponsored – ADR5,916,801
  28,575,438
China – 21.55%
2,320,000Alibaba Group Holding Ltd.(a)65,917,292
10,745,000China Education Group Holdings Ltd.19,170,956
25,636,136China Railway Signal & Communication Corp. Ltd. – Class H(b)10,527,172
5,259,728China South Publishing & Media Group Co. Ltd. – Class A8,419,324
2,074,000Galaxy Entertainment Group Ltd.(a)18,749,659
Shares Value
21,333,500Genertec Universal Medical Group Co. Ltd.(b)$ 17,530,769
2,128,614Gree Electric Appliances, Inc. of Zhuhai – Class A20,392,603
33,944,000PetroChina Co. Ltd. – Class H12,306,744
2,035,500Ping An Insurance Group Co. of China Ltd. – Class H24,347,341
11,240,200Shanghai Pharmaceuticals Holding Co. Ltd. – Class H22,093,355
10,868,000TravelSky Technology Ltd. – Class H25,496,246
10,355,400Wynn Macau Ltd.(a)20,146,717
724,569ZTO Express Cayman, Inc. – ADR21,121,186
  286,219,364
Czech Republic – 0.46%
521,469O2 Czech Republic AS6,068,402
Greece – 0.54%
444,037Hellenic Telecommunications Organization SA7,124,716
Hong Kong – 4.24%
1,754,400AIA Group Ltd.21,468,190
28,461,920First Pacific Co. Ltd.9,410,127
10,597,500Lifestyle International Holdings Ltd.(a)9,258,256
5,860,000Luk Fook Holdings International Ltd.16,163,110
  56,299,683
India – 6.49%
1,087,855HDFC Bank Ltd.(a)22,268,112
4,433,431Indus Towers Ltd.14,905,659
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
49


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

Shares Value
7,535,312Power Grid Corp. of India Ltd.$ 22,269,465
9,582,906Zee Entertainment Enterprises Ltd.26,752,801
  86,196,037
Indonesia – 4.54%
61,066,800Bank Rakyat Indonesia Persero Tbk PT(a)18,526,709
6,759,412Gudang Garam Tbk PT(a)16,855,630
23,202,900Indofood Sukses Makmur Tbk PT10,568,231
99,025,715XL Axiata Tbk PT14,286,836
  60,237,406
Malaysia – 1.92%
21,002,200Genting Berhad25,496,790
Mexico – 9.71%
31,044,840America Movil SAB de CV21,203,355
4,321,770Cemex SAB de CV Sponsored – ADR(a)30,122,737
30,944,403Fibra Uno Administracion SA de CV36,168,291
191,371Fomento Economico Mexicano SAB de CV – ADR14,415,978
4,099,700Macquarie Mexico Real Estate Management SA de CV(b)5,112,716
14,553,184PLA Administradora Industrial S de RL de CV21,687,907
512,122Urbi Desarrollos Urbanos SAB de CV(a)205,455
  128,916,439
Shares Value
Panama – 2.07%
644,836Banco Latinoamericano de Comercio Exterior SA – Class E$ 9,756,369
219,291Copa Holdings SA – Class A(a)17,716,520
  27,472,889
Philippines – 1.44%
11,369,764Bank of the Philippine Islands19,125,516
Russia – 6.09%
175,358Lukoil PJSC Sponsored – ADR14,209,767
4,751,561Mobile TeleSystems PJSC19,864,680
8,476,466Sberbank of Russia PJSC32,540,392
1,571,174Sistema PJSFC Sponsored – GDR14,203,103
  80,817,942
South Africa – 1.13%
1,760,684Absa Group Ltd.15,041,007
South Korea – 11.47%
468,867KT&G Corp.33,775,605
158,079POSCO44,792,670
115,629S-1 Corp.8,347,152
610,691Samsung Electronics Co. Ltd.44,180,210
636,890Shinhan Financial Group Co. Ltd.21,152,412
  152,248,049
Spain – 0.79%
11,548,879Prosegur Cash SA(b)10,544,879
Taiwan – 8.05%
256,000Largan Precision Co. Ltd.28,953,753
2,263,000Taiwan Semiconductor Manufacturng Co. Ltd.47,656,996
1,022,000Wiwynn Corp.30,297,112
  106,907,861
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
50


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

Shares Value
Thailand – 3.93%
1,578,500Bangkok Bank PCL – Class F$ 6,375,479
1,578,500Bangkok Bank PCL – NVDR6,381,591
88,047,881Jasmine Broadband Internet Infrastructure Fund – Class F27,060,343
3,474,400Siam Commercial Bank PCL – Class F12,412,000
  52,229,413
United Kingdom – 1.04%
10,376,419Vivo Energy Plc(b)13,875,785
TOTAL COMMON STOCKS
(Cost $1,345,553,466)
$1,268,176,445
PREFERRED STOCKS – 3.02%
Brazil – 1.59%
4,920,700Petroleo Brasileiro SA, 3.276%(c)$ 21,068,794
Shares Value
Russia – 1.43%
205,610Surgutneftegas PJSC Sponsored – ADR, 2.398%(c)$ 1,143,500
32,081,832Surgutneftegas PJSC, 2.310%(c)17,820,883
  18,964,383
TOTAL PREFERRED STOCKS
(Cost $41,816,635)
$ 40,033,177
PARTICIPATORY NOTES – 0.39%
China – 0.39%
3,247,557China South Publishing & Media Group Co. Ltd.(d)$ 5,189,166
TOTAL PARTICIPATORY NOTES
(Cost $5,613,680)
$ 5,189,166
 
 SharesValue
SHORT-TERM INVESTMENTS – 0.91%
Money Market Funds — 0.91%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(e)

12,063,445$ 12,063,445
TOTAL SHORT-TERM INVESTMENTS

(Cost $12,063,445)

 $ 12,063,445
Total Investments

(Cost $1,405,047,226) – 99.82%

 $1,325,462,233
Other Assets in Excess of Liabilities – 0.18%

 2,441,811
TOTAL NET ASSETS – 100.00%

 $1,327,904,044

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 $57,591,321 which represented 4.34% 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)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.
51


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

(e)The rate shown is the annualized seven day yield as of March 31, 2021.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
52


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2021 

COMMON STOCKS 
Aerospace & Defense

2.52%
Air Freight & Logistics

1.59%
Airlines

1.33%
Banks

11.57%
Beverages

1.09%
Commercial Services & Supplies

1.42%
Construction Materials

2.27%
Diversified Consumer Services

1.77%
Diversified Financial Services

1.45%
Diversified Telecommunication Services

3.16%
Electric Utilities

2.73%
Electronic Equipment, Instruments & Components

2.97%
Equity Real Estate Investment Trusts

4.73%
Food & Staples Retailing

1.53%
Food Products

1.49%
Health Care Providers & Services

2.98%
Hotels, Restaurants & Leisure

4.85%
Household Durables

1.56%
Insurance

3.44%
Internet & Direct Marketing Retail

4.96%
IT Services

1.92%
Media

2.65%
Metals & Mining

3.37%
Multiline Retail

0.70%
Oil, Gas & Consumable Fuels

2.75%
Semiconductors & Semiconductor Equipment

3.59%
Specialty Retail

2.26%
Technology Hardware, Storage & Peripherals

5.61%
Tobacco

3.82%
Wireless Telecommunication Services

9.42%
TOTAL COMMON STOCKS

95.50%
PREFERRED STOCKS 
Oil, Gas & Consumable Fuels

3.02%
TOTAL PREFERRED STOCKS

3.02%
PARTICIPATORY NOTES 
Media

0.39%
TOTAL PARTICIPATORY NOTES

0.39%
SHORT-TERM INVESTMENTS

0.91%
TOTAL INVESTMENTS

99.82%
Other Assets in Excess of Liabilities

0.18%
TOTAL NET ASSETS

100.00%
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
53


Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2021 (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's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
54


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) 

Shares Value
COMMON STOCKS – 96.75%
Austria – 0.93%
243,798Addiko Bank AG(a)$ 3,630,954
Brazil – 4.32%
6,739,240Embraer SA(a)16,774,316
Canada – 6.83%
438,723Cameco Corp.7,287,189
265,929Corby Spirit and Wine Ltd.3,717,970
533,960Dorel Industries, Inc. – Class B(a)5,391,862
5,781E-L Financial Corp. Ltd.4,255,132
395,438Sierra Wireless, Inc.(a)5,840,619
  26,492,772
China – 1.85%
12,512,900Boyaa Interactive International Ltd.(a)917,451
241,205China Yuchai International Ltd.3,733,853
9,469,000Weiqiao Textile Co. – Class H2,521,299
  7,172,603
France – 6.31%
636,642Elior Group SA(b)4,717,821
72,977Savencia SA(a)6,230,233
148,323Societe BIC SA8,682,074
99,979Vicat SA4,851,883
  24,482,011
Germany – 1.01%
51,795Draegerwerk AG & Co. KGaA3,928,052
Greece – 0.62%
236,992Sarantis SA2,406,792
Hong Kong – 5.06%
4,180,050APT Satellite Holdings Ltd.1,272,131
2,059,500Dickson Concepts International Ltd.1,099,939
70,600,000Emperor Watch & Jewellery Ltd.(a)1,282,501
Shares Value
20,663,000First Pacific Co. Ltd.$ 6,831,635
8,440,000PAX Global Technology Ltd.9,134,925
  19,621,131
Hungary – 2.18%
6,434,230Magyar Telekom Telecommunications Plc8,475,851
Ireland – 6.56%
3,839,514AIB Group Plc(a)10,072,857
517,024Avadel Pharmaceuticals Plc – ADR(a)4,673,897
2,772,645C&C Group Plc(a)10,716,501
  25,463,255
Israel – 0.93%
48,896Taro Pharmaceutical Industries Ltd.(a)3,606,080
Italy – 4.11%
160,158Buzzi Unicem SpA4,160,105
722,111Credito Emiliano SpA(a)4,214,873
357,331Danieli & C Officine Meccaniche SpA5,472,689
1,985,069Safilo Group SpA(a)2,119,544
  15,967,211
Japan – 16.03%
1,211,500Concordia Financial Group Ltd.4,913,930
384,800Fuji Media Holdings, Inc.4,717,388
160,500Futaba Corp.1,412,809
1,579,800Hachijuni Bank Ltd.5,752,700
1,252,200Hyakugo Bank Ltd.3,778,296
295,600Japan Petroleum Exploration Co. Ltd.5,495,932
271,800Kissei Pharmaceutical Co. Ltd.6,025,622
1,144,744Komori Corp.7,765,989
529,200Kyushu Financial Group, Inc.2,272,059
166,400Mitsubishi Shokuhin Co. Ltd.4,659,856
147,400Nichiban Co. Ltd.2,550,190
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
55


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

Shares Value
88,800Nippon Seiki Co. Ltd.$ 1,032,538
85,700Oita Bank Ltd.1,669,762
106,600Sankyo Co. Ltd.2,827,016
247,800Tachi-S Co. Ltd.2,692,399
290,000TSI Holdings Co. Ltd.(a)842,526
170,600Yodogawa Steel Works Ltd.3,786,760
  62,195,772
Malaysia – 1.22%
3,902,000Genting Berhad4,737,050
Mexico – 6.75%
475,905Cemex SAB de CV Sponsored – ADR(a)3,317,058
27,839,278Consorcio ARA SAB de CV(a)6,115,529
279,501,983Desarrolladora Homex SAB de CV(a),(c)423,913
10,894,848Fibra Uno Administracion SA de CV12,734,065
2,642,515Macquarie Mexico Real Estate Management SA de CV(b)3,295,467
806,929Urbi Desarrollos Urbanos SAB de CV(a),(c)323,727
  26,209,759
Panama – 1.49%
382,470Banco Latinoamericano de Comercio Exterior SA – Class E5,786,771
Philippines – 0.59%
1,581,332First Philippines Holdings Corp.2,274,056
Slovenia – 1.61%
474,148Nova Ljubljanska Banka – GDR(a),(b)5,838,350
33,305Nova Ljubljanska Banka dd Registered – GDR(a)410,096
  6,248,446
Shares Value
South Korea – 5.38%
95,834Binggrae Co. Ltd.$ 5,076,584
43,488Lotte Chilsung Beverage Co. Ltd.5,255,993
35,424Lotte Confectionery Co. Ltd.4,170,050
10,751Namyang Dairy Products Co. Ltd.2,878,967
50,208Samchully Co. Ltd.3,483,962
  20,865,556
Spain – 5.47%
1,402,369Atresmedia Corp de Medios de Comunicacion SA(a)5,785,321
716,097Bankinter SA4,983,337
1,234,863CaixaBank SA3,833,987
1,106,026Lar Espana Real Estate Socimi SA6,614,887
  21,217,532
United Kingdom – 17.50%
1,455,270Balfour Beatty Plc(a)5,921,890
2,501,936De La Rue Plc(a)7,126,041
3,567,587J Sainsbury Plc11,929,974
1,275,544LSL Property Services Plc(a)5,363,319
2,305,844Marks & Spencer Group Plc(a)4,792,878
14,349,096Mitie Group Plc(a)12,442,668
2,963,874Premier Foods Plc(a)3,889,869
4,728,021Wm Morrison Supermarkets Plc11,891,310
1,214,542Yellow Cake Plc(a),(b)4,562,525
  67,920,474
TOTAL COMMON STOCKS
(Cost $364,332,304)
$375,476,444
PREFERRED STOCKS – 1.58%
Germany – 1.58%
76,013Draegerwerk AG & Co. KGaA, 0.28%(d)$ 6,115,035
TOTAL PREFERRED STOCKS
(Cost $4,889,447)
$ 6,115,035
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
56


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

 SharesValue
SHORT-TERM INVESTMENTS – 2.05%
Money Market Funds — 2.05%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(e)

7,968,459$ 7,968,459
TOTAL SHORT-TERM INVESTMENTS

(Cost $7,968,459)

 $ 7,968,459
Total Investments

(Cost $377,190,210) – 100.38%

 $389,559,938
Liabilities in Excess of Other Assets – (0.38)%

 (1,468,765)
TOTAL NET ASSETS – 100.00%

 $388,091,173

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 $18,414,163 which represented 4.75% of the net assets of the Fund.
(c)Affiliated issuer. See Note 3 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 March 31, 2021.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
57


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2021 

COMMON STOCKS 
Aerospace & Defense

4.32%
Auto Components

0.96%
Banks

13.22%
Beverages

5.07%
Commercial Services & Supplies

7.95%
Communications Equipment

1.50%
Construction & Engineering

1.53%
Construction Materials

3.17%
Diversified Financial Services

3.25%
Diversified Telecommunication Services

2.51%
Electric Utilities

0.59%
Electrical Equipment

0.36%
Electronic Equipment, Instruments & Components

2.36%
Entertainment

0.24%
Equity Real Estate Investment Trusts

5.84%
Food & Staples Retailing

7.33%
Food Products

5.73%
Gas Utilities

0.90%
Health Care Equipment & Supplies

1.01%
Hotels, Restaurants & Leisure

2.44%
Household Durables

3.16%
Insurance

1.10%
Leisure Products

0.73%
Machinery

4.37%
Media

2.71%
Metals & Mining

0.98%
Multiline Retail

1.23%
Oil, Gas & Consumable Fuels

3.30%
Personal Products

0.62%
Pharmaceuticals

3.68%
Real Estate Management & Development

1.38%
Specialty Retail

0.61%
Textiles, Apparel & Luxury Goods

1.42%
Trading Companies & Distributors

1.18%
TOTAL COMMON STOCKS

96.75%
PREFERRED STOCKS 
Health Care Equipment & Supplies

1.58%
TOTAL PREFERRED STOCKS

1.58%
SHORT-TERM INVESTMENTS

2.05%
TOTAL INVESTMENTS

100.38%
Liabilities in Excess of Other Assets

(0.38)%
TOTAL NET ASSETS

100.00%
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
58


Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2021 (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's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
59


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) 

Shares Value
COMMON STOCKS – 87.23%
Aerospace & Defense – 9.26%
6,121Embraer SA Sponsored – ADR(a)$ 61,271
555National Presto Industries, Inc.56,649
4,945Park Aerospace Corp.65,373
481Textron, Inc.26,974
  210,267
Automobiles – 0.49%
277Harley-Davidson, Inc.11,108
Banks – 2.64%
551ACNB Corp.16,144
445Eagle Bancorp Montana, Inc.10,823
931National Bankshares, Inc.33,060
  60,027
Biotechnology – 6.23%
1,625Eagle Pharmaceuticals, Inc.(a)67,827
11,508PDL BioPharma, Inc.(a),(b)28,425
270United Therapeutics Corp.(a)45,163
  141,415
Communications Equipment – 5.19%
1,754NETGEAR, Inc.(a)72,089
3,101Sierra Wireless, Inc.(a)45,802
  117,891
Construction & Engineering – 2.06%
7,693Orion Group Holdings, Inc.(a)46,697
Electric Utilities – 1.14%
385ALLETE, Inc.25,868
Electronic Equipment, Instruments &
Components – 2.52%
1,817Arlo Technologies, Inc.(a)11,411
1,105Avnet, Inc.45,868
  57,279
Energy Equipment & Services – 4.67%
1,373Dril-Quip, Inc.(a)45,625
755Halliburton Co.16,202
1,638Helmerich & Payne, Inc.44,161
  105,988
Shares Value
Equity Real Estate Investment Trusts – 2.90%
2,369Equity Commonwealth$ 65,858
Food & Staples Retailing – 1.40%
516Ingles Markets, Inc. – Class A31,811
Food Products – 1.84%
556Cal-Maine Foods, Inc.(a)21,362
131Sanderson Farms, Inc.20,407
  41,769
Health Care Equipment & Supplies – 3.95%
1,295Invacare Corp.10,386
1,477LENSAR, Inc.(a)10,723
531Utah Medical Products, Inc.45,984
1,102Varex Imaging Corp.(a)22,580
  89,673
Health Care Providers & Services – 2.82%
1,354MEDNAX, Inc.(a)34,486
1,130Triple–S Management Corp. – Class B(a)29,414
  63,900
Health Care Technology – 0.54%
550Change Healthcare, Inc.(a)12,155
Household Durables – 2.38%
2,419Dorel Industries, Inc. – Class B(a)24,427
962Taylor Morrison Home Corp.(a)29,639
  54,066
Insurance – 8.62%
562American National Group, Inc.60,623
3,671Crawford & Co. – Class A39,096
215National Western Life Group, Inc. – Class A53,535
1,938Old Republic International Corp.42,326
  195,580
Machinery – 5.45%
3,996Graham Corp.56,903
1,029Hurco Companies, Inc.36,323
1,703L.B. Foster Co. – Class A(a)30,484
  123,710
 
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
60


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

Shares Value
Media – 1.20%
904Scholastic Corp.$ 27,219
Multi-Utilities – 1.01%
482Avista Corp.23,016
Oil, Gas & Consumable Fuels – 4.72%
1,433Chesapeake Energy Corp.(a)62,178
1,274World Fuel Services Corp.44,845
  107,023
Personal Products – 4.28%
2,452Edgewell Personal Care Co.97,099
Pharmaceuticals – 6.06%
3,020Avadel Pharmaceuticals Plc – ADR(a)27,301
2,095Phibro Animal Health Corp. – Class A51,118
1,344Prestige Consumer Healthcare, Inc.(a)59,243
  137,662
Professional Services – 2.95%
993Kelly Services, Inc. – Class A(a)22,114
3,312Resources Connection, Inc.44,845
  66,959
Shares Value
Textiles, Apparel & Luxury Goods – 1.19%
950Movado Group, Inc.$ 27,028
Thrifts & Mortgage Finance – 0.93%
799Territorial Bancorp, Inc.21,142
Trading Companies & Distributors – 0.79%
3,414Houston Wire & Cable Co.(a)17,821
TOTAL COMMON STOCKS
(Cost $1,725,518)
$1,980,031
WARRANTS – 1.15%
Oil, Gas & Consumable Fuels – 1.15%
615Chesapeake Energy Corp., Exp. 2/9/2026, Strike $27.63(a)$ 12,681
683Chesapeake Energy Corp., Exp. 2/9/2026, Strike $32.13(a)13,483
  26,164
TOTAL WARRANTS
(Cost $12,994)
$ 26,164
 
 Principal
Amount
Value
CORPORATE BONDS – 1.18%
Food & Staples Retailing – 0.58%
Ingles Markets, Inc.

5.750%, 6/15/2023

$    13,000$     13,097
Multi-Utilities – 0.60%
Avista Corp.

5.125%, 4/1/2022

     13,000     13,595
TOTAL CORPORATE BONDS (Cost $26,820)

 $ 26,692
    
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
61


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

 SharesValue
SHORT-TERM INVESTMENTS – 11.16%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.010%, (c)

   253,314$    253,314
TOTAL SHORT-TERM INVESTMENTS

(Cost $253,314)

 $ 253,314
Total Investments (Cost $2,018,646) – 100.72%

 $ 2,286,201
Liabilities in Excess of Other Assets – (0.72)%

 (16,339)
TOTAL NET ASSETS – 100.00%

 $ 2,269,862

Percentages are stated as a percent of net assets.
ADR American Depositary Receipt  
    
(a)Non-income producing security.
(b)The price for this security was derived from an estimate of fair market value using methods approved by the Fund’s Board of Trustees. This security represents $28,425 or 1.25% of the Fund’s net assets and is classified as a Level 3 security. See Note 2 in the Notes to Financial Statements.
(c)The rate shown is the annualized seven day yield as of March 31, 2021.
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's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
62


Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS BY COUNTRY — March 31, 2021 

COMMON STOCKS 
Brazil

2.70%
Canada

3.10%
Ireland

1.20%
United States

80.23%
TOTAL COMMON STOCKS

87.23%
CORPORATE BONDS 
United States

1.18%
TOTAL CORPORATE BONDS

1.18%
WARRANTS 
United States

1.15%
TOTAL WARRANTS

1.15%
SHORT-TERM INVESTMENTS

11.16%
TOTAL INVESTMENTS

100.72%
Liabilities in Excess of Other Assets

(0.72)%
TOTAL NET ASSETS

100.00%
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
63


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) 

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

1,564$        627
TOTAL COMMON STOCKS

(Cost $292,050)

 $ 627
    
 Principal
Amount
Value
FEDERAL AND FEDERALLY SPONSORED CREDITS – 7.79%
Federal Home Loan Mortgage Corporation – 2.58%
Pool A9-3505 4.500%, 8/1/2040

64,970$     72,903
Pool G0-6018 6.500%, 4/1/2039

18,031      20,809
Pool G1-8578 3.000%, 12/1/2030

884,333     935,478
Pool SD-8001 3.500%, 7/1/2049

395,544     417,263
Pool SD-8003 4.000%, 7/1/2049

470,640    504,678
  1,951,131
Federal National Mortgage Association – 5.21%
Pool 934124 5.500%, 7/1/2038

38,505      44,908
Pool AL9865 3.000%, 2/1/2047

1,032,811   1,084,484
Pool AS6201 3.500%, 11/1/2045

398,220     427,533
Pool BJ2553 3.500%, 12/1/2047

332,507     352,949
Pool BN6683 3.500%, 6/1/2049

738,589     779,636
Pool CA1624 3.000%, 4/1/2033

663,713     705,725
Pool MA0918 4.000%, 12/1/2041

152,719     169,069
Pool MA3687 4.000%, 6/1/2049

343,798    368,616
  3,932,920
TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS

(Cost $5,573,174)

 $ 5,884,051
OTHER MORTGAGE RELATED SECURITIES – 0.00%
Collateralized Mortgage Obligations – 0.00%
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14 3.080%, 10/25/2036(b)

606$        580
TOTAL OTHER MORTGAGE RELATED SECURITIES

(Cost $597)

 $ 580
US GOVERNMENTS – 49.43%
Sovereign – 49.43%
United States Treasury Note

2.375%, 8/15/2024

6,360,000$  6,766,941
2.250%, 2/15/2027

10,075,000  10,695,636
2.375%, 5/15/2029

9,900,000  10,512,562
   
United States Treasury Bond

4.750%, 2/15/2037

5,775,000   7,886,484
3.500%, 2/15/2039

1,250,000  1,495,752
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
64


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

 Principal
Amount
Value
   
TOTAL US GOVERNMENTS

(Cost $36,157,313)

 $ 37,357,375
CORPORATE BONDS – 39.02%
Automobiles – 1.52%
Ford Motor Credit Co. LLC

5.875%, 8/2/2021

410,000$    415,515
3.350%, 11/1/2022

370,000     377,474
3.375%, 11/13/2025

350,000     355,950
   
  1,148,939
Banks – 6.98%
Fifth Third Bancorp

8.250%, 3/1/2038

175,000     281,981
Goldman Sachs Group, Inc.

3.000%, 4/26/2022

780,000     781,220
JPMorgan Chase & Co.

3.682% (3M LIBOR + 3.470%), Perpetual(c)

1,317,000   1,314,695
USB Capital IX

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

1,830,000   1,756,800
Wells Fargo & Co.

2.100%, 7/26/2021

1,130,000  1,136,447
  5,271,143
Commercial Services & Supplies – 3.15%
Iron Mountain, Inc.

4.875%, 9/15/2027(d)

645,000     659,915
Prime Security Services Borrower LLC

5.750%, 4/15/2026(d)

715,000     771,646
6.250%, 1/15/2028(d)

915,000     952,506
   
  2,384,067
Consumer Products – 3.23%
Avon Products, Inc.

6.500%, 3/15/2023

1,625,000   1,730,625
Travel + Leisure Co.

3.900%, 3/1/2023

690,000    711,425
  2,442,050
Containers & Packaging – 0.58%
Sealed Air Corp.

4.000%, 12/1/2027(d)

430,000    440,213
Electric Utilities – 0.73%
Commonwealth Edison Co.

5.900%, 3/15/2036

175,000     232,719
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
65


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

 Principal
Amount
Value
FirstEnergy Corp.

7.375%, 11/15/2031

240,000$    320,930
  553,649
Equipment – 0.03%
Continental Airlines Pass Through Trust Series 2007-1

5.983%, 4/19/2022

20,751     21,181
Food, Beverage & Tobacco – 2.25%
Pilgrim's Pride Corp.

5.750%, 3/15/2025(d)

835,000     852,201
5.875%, 9/30/2027(d)

210,000     225,057
4.250%, 4/15/2031(d)

625,000     622,644
   
  1,699,902
Health Care Facilities & Services – 1.78%
Tenet Healthcare Corp.

5.125%, 5/1/2025

270,000     273,793
4.875%, 1/1/2026(d)

1,030,000   1,070,541
   
  1,344,334
Homebuilders – 2.61%
PulteGroup, Inc.

5.500%, 3/1/2026

980,000   1,143,439
Toll Brothers Finance Corp.

4.875%, 11/15/2025

745,000    829,744
  1,973,183
Media – 0.93%
Charter Communications Operating LLC

4.908%, 7/23/2025

295,000     334,577
Netflix, Inc.

4.375%, 11/15/2026

330,000    368,692
  703,269
Oil, Gas & Consumable Fuels – 9.20%
BP Capital Markets Plc

3.506%, 3/17/2025

810,000     882,761
Chevron Corp.

2.100%, 5/16/2021

1,150,000   1,151,427
Continental Resources, Inc.

4.500%, 4/15/2023

355,000     367,673
4.375%, 1/15/2028

215,000     227,051
   
Exxon Mobil Corp.

2.397%, 3/6/2022

945,000     960,413
Kinder Morgan, Inc.

4.300%, 6/1/2025

1,054,000  1,176,606
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
66


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

 Principal
Amount
Value
Occidental Petroleum Corp.

1.644% (3M LIBOR + 1.450%), 8/15/2022(c)

365,000$    361,150
3.500%, 6/15/2025

555,000     549,450
   
Range Resources Corp.

5.000%, 3/15/2023

1,256,000  1,276,410
  6,952,941
Technology – 3.10%
Microsoft Corp.

2.400%, 2/6/2022

1,000,000   1,016,470
VMware, Inc.

4.500%, 5/15/2025

215,000     239,712
3.900%, 8/21/2027

995,000   1,085,782
   
  2,341,964
Telecommunications – 2.93%
AT&T, Inc.

3.000%, 6/30/2022

1,630,000   1,675,310
Telecom Italia Capital SA

6.375%, 11/15/2033

185,000     219,225
T-Mobile USA, Inc.

4.750%, 2/1/2028

300,000    320,595
  2,215,130
TOTAL CORPORATE BONDS

(Cost $27,975,898)

 $ 29,491,965
ASSET BACKED SECURITIES – 1.89%
Student Loan – 1.89%
SLM Private Credit Student Loan Trust Series 2007-A, 0.424%, (3M LIBOR + 0.240%), 12/16/2041(c)

226,890$    220,924
SLM Private Credit Student Loan Trust Series 2004-B, 0.614%, (3M LIBOR + 0.430%), 9/15/2033(c)

300,000     291,750
SLM Private Credit Student Loan Trust Series 2005-A, 0.494%, (3M LIBOR + 0.310%), 12/15/2038(c)

358,636     353,385
SLM Private Credit Student Loan Trust Series 2006-A, 0.474%, (3M LIBOR + 0.290%), 6/15/2039(c)

571,808    558,648
TOTAL ASSET BACKED SECURITIES

(Cost $1,345,778)

 $ 1,424,707
    
 SharesValue
WARRANTS – 0.12%
Oil, Gas & Consumable Fuels – 0.12%
Chesapeake Energy Corp., Exp. 02/09/2026, Strike $27.63 (a)

4,411$     90,955
TOTAL WARRANTS

(Cost $20,554)

 $ 90,955
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
67


Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — March 31, 2021 (Unaudited) (continued)

 SharesValue
SHORT-TERM INVESTMENTS – 1.92%
Money Market Funds – 1.92%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.01%(e)

1,453,280$   1,453,280
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,453,280)

 $ 1,453,280
Total Investments (Cost $72,818,644) – 100.17%

 $75,703,540
Liabilities in Excess of Other Assets – (0.17)%

 (127,502)
Total Net Assets – 100.00%

 $75,576,038

Percentages are stated as a percent of net assets.
   
LIBOR London Interbank Offered Rate  
    
  
(a)Non-income producing security.
(b)Variable rate security. The coupon is based on an underlying pool of loans.
(c)Variable rate security. The coupon is based on a reference index and spread index.
(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 $5,594,722 which represented 7.40% of the net assets of the Fund.
(e)The rate shown is the annualized seven day yield as of March 31, 2021.
The industry classifications represented in the Schedule of Investments are in accordance with Bloomberg Industry Classification Standards (BICS) or were otherwise determined by the Advisor to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
68


(This Page Intentionally Left Blank)
69


Brandes Investment Trust
STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2021 (Unaudited) 

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

$ 619,738,745 $41,189,135
Affiliated issuers

 
Foreign Currency(1)

238,392 25,299
Receivables:   
Securities sold

1,731,063 
Fund shares sold

174,758 6,117
Dividends and interest

2,406,821 130,111
Tax reclaims

1,329,024 60,360
Securities lending

7,116 
Due from Advisor

24,525 6,741
Receivable from service providers

33,650 1,696
Prepaid expenses and other assets

56,698 33,249
Total Assets

625,740,792 41,452,708
LIABILITIES   
Payables:   
Securities purchased

3,461,786 279,186
Fund shares redeemed

5,333,256 181,765
Due to Advisor

393,462 27,653
12b-1 Fee

11,797 735
Trustee Fees

18,141 1,213
Custodian Fee Payable

25,367 2,420
Foreign capital gains taxes

 
Dividends payable

191,891 2,373
Accrued expenses

372,557 96,725
Total Liabilities

9,808,257 592,070
NET ASSETS

$ 615,932,535 $40,860,638
COMPONENTS OF NET ASSETS   
Paid in Capital

$ 719,714,733 $31,947,315
Total distributable earnings (loss)

(103,782,198) 8,913,323
Total Net Assets

$ 615,932,535 $40,860,638
Net asset value, offering price and redemption proceeds per share   
Class A Shares   
Net Assets

$ 27,209,611 $ 735,971
Shares outstanding (unlimited shares authorized without par value)

1,527,519 28,392
Offering and redemption price

$ 17.81 $ 25.92
Maximum offering price per share*

$ 18.90 $ 27.50
Class C Shares   
Net Assets

$ 9,459,912 $ 913,133
Shares outstanding (unlimited shares authorized without par value)

541,136 35,526
Offering and redemption price

$ 17.48 $ 25.70
Class I Shares   
Net Assets

$ 524,955,241 $39,211,534
Shares outstanding (unlimited shares authorized without par value)

29,331,189 1,499,465
Offering and redemption price

$ 17.90 $ 26.15
Class R6 Shares   
Net Assets

$ 54,307,771 $ N/A
Shares outstanding (unlimited shares authorized without par value)

3,017,468 N/A
Offering and redemption price

$ 18.00 $ N/A
(1)Cost of:   
Investments in securities   
Unaffiliated issuers

$ 636,170,570 $32,662,906
Affiliated issuers

 
Foreign currency

238,392 25,299

*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.
70


Brandes Investment Trust
STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2021 (Unaudited) (continued)


    
Brandes
Emerging
Markets
Value Fund
 Brandes
International
Small Cap
Equity Fund
 Brandes
Small Cap
Value Fund
 Brandes
Core Plus Fixed
Income Fund
       
       
$1,325,462,233 $ 388,812,298 $2,286,201 $75,703,540
 747,640  
313,641 141  
       
1,452,544 8,552,546 4,908 
1,965,375 21,567 4,001 98,671
4,963,095 1,182,714 1,769 553,514
119,255 481,976  
   
4,737 694 8,683 21,183
67,922 16,936 24 3,773
88,241 51,352 32,447 36,328
1,334,437,043 399,867,864 2,338,033 76,417,009
       
       
856,024 56,132 28,479 618,712
1,359,703 10,995,979 471 69,247
1,081,215 319,599 1,222 22,596
54,390 17,226 48 249
41,141 12,240 44 2,649
78,312 22,183 1,862 2,175
2,377,946   
 816 1 3,730
684,268 352,516 36,044 121,613
6,532,999 11,776,691 68,171 840,971
$1,327,904,044 $ 388,091,173 $2,269,862 $75,576,038
       
$1,530,001,927 $ 550,003,148 $2,105,491 $74,423,702
(202,097,883) (161,911,975) 164,371 1,152,336
$1,327,904,044 $ 388,091,173 $2,269,862 $75,576,038
       
       
$ 218,085,406 $ 65,637,925 $ 293,166 $ 1,099,604
24,575,515 5,111,682 23,629 118,583
$ 8.87 $ 12.84 $ 12.41 $ 9.27
$ 9.41 $ 13.62 $ 13.17 $ 9.63
       
$ 11,984,242 $ 5,241,744 $ N/A $ N/A
1,361,222 423,361 N/A N/A
$ 8.80 $ 12.38 $ N/A $ N/A
       
$1,023,087,423 $ 304,107,406 $1,976,550 $74,476,334
114,568,565 23,573,790 158,068 7,963,897
$ 8.93 $ 12.90 $ 12.50 $ 9.35
       
$ 74,746,973 $ 13,104,098 $ 146 $ 100
8,324,530 1,013,038 12 10
$ 8.98 $ 12.94 $ 11.70 $ 9.36
        
       
$1,405,047,226 $ 346,307,336 $2,018,646 $72,818,644
 30,882,874  
313,641 142  
$  $  $  $
The accompanying notes to financial statements are an integral part of this statement.
71


Brandes Investment Trust
STATEMENTS OF OPERATIONS — For the Six Months Ended March 31, 2021 (Unaudited) 

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

$ 9,336,978 $ 653,682
Non Cash Dividends

 
Less: Foreign taxes withheld

(562,722) (24,263)
Interest income

 11
Income from securities lending

85,087 1,258
Total Income

8,859,343 630,688
Expenses   
Advisory fees (Note 3)

2,044,566 144,372
Custody fees

28,709 2,388
Administration fees (Note 3)

62,642 8,802
Insurance expense

10,072 601
Legal fees

21,911 1,446
Printing fees

21,464 2,135
Miscellaneous

37,145 4,906
Registration expense

35,759 25,143
Trustees fees

33,085 2,183
Transfer agent fees

57,657 3,817
12b-1 Fees – Class A

31,557 878
12b-1 Fees – Class C

32,353 3,076
Shareholder Service Fees – Class C

10,784 1,026
Sub-Transfer Agency Fees – Class I

114,400 8,643
Auditing fees

23,862 21,668
Total expenses

2,565,966 231,084
Expenses waived by Advisor

(165,818) (43,939)
Expenses recouped

 
Expenses waived by Service Providers

(33,650) (1,696)
Total net expenses

2,366,498 185,449
Net investment income

6,492,845 445,239
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS   
Net realized gain (loss) on:   
Unaffiliated investments

(16,445,606) 1,029,057
Affiliated investments

 
Foreign currency transactions

43,671 (35)
Net realized gain (loss)

(16,401,935) 1,029,022
Net change in unrealized appreciation (depreciation) on:   
Unaffiliated investments (net of increase in estimated foreign capital gains taxes of $2,377,946 for the Emerging Markets Fund)

160,999,356 9,737,958
Affiliated investments

 
Foreign currency transactions

(55,216) (2,484)
Net change in unrealized appreciation (depreciation)

160,944,140 9,735,474
Net realized and unrealized gain (loss) on investments and foreign currency transactions

144,542,205 10,764,496
Net increase (decrease) in net assets resulting from operations

$151,035,050 $11,209,735
The accompanying notes to financial statements are an integral part of this statement.
72


Brandes Investment Trust
STATEMENTS OF OPERATIONS — For the Six Months Ended March 31, 2021 (Unaudited) 
(continued)

Brandes
Emerging
Markets
Value Fund
 Brandes
International
Small Cap
Equity Fund
 Brandes
Small Cap
Value Fund
 Brandes
Core Plus Fixed
Income Fund
       
       
       
$ 16,061,565 $ 3,490,168 $ 11,050 $ 45
  3,038 
(2,659,825) (336,550)  
  171 1,051,044
 9,639  
13,401,740 3,163,257 14,259 1,051,089
       
5,855,843 1,755,521 4,127 143,982
92,716 24,577 1,303 1,649
135,361 44,072 5,110 13,689
21,222 6,050  1,446
49,840 14,958 87 3,444
53,449 15,132 1,306 6,382
86,985 31,127 2,438 7,852
50,410 30,274 19,074 22,864
75,243 22,595 68 5,186
130,376 39,086 125 8,704
254,991 69,608 96 1,601
45,646 18,612  
15,215 6,204  
236,746 74,238 275 20,249
22,311 21,888 19,853 21,364
7,126,354 2,173,942 53,862 258,412
(29,705) (4,589) (48,402) (109,447)
66,402 14,808  
(67,922) (16,936) (24) (24,342)
7,095,129 2,167,225 5,436 124,623
6,306,611 996,032 8,823 926,466
       
       
12,073,598 7,433,093 74,941 2,018,377
 (1,197)  
(36,686) (59,970) (30) 
12,036,912 7,371,926 74,911 2,018,377
       
256,486,444 111,409,639 297,496 (3,702,825)
 (261,936)  
(128,640) (27,614)  
256,357,804 111,120,089 297,496 (3,702,825)
268,394,716 118,492,015 372,407 (1,684,448)
$274,701,327 $119,488,047 $381,230 $ (757,982)
The accompanying notes to financial statements are an integral part of this statement.
73


Brandes Investment Trust
STATEMENT OF CHANGES IN NET ASSETS 

 Brandes International Equity
Fund
 Brandes Global
Equity Fund
 Six Months Ended
March 31,
2021
(Unaudited)
 Year Ended
September 30,
2020
 Six Months Ended
March 31,
2021
(Unaudited)
 Year Ended
September 30,
2020
INCREASE (DECREASE) IN NET ASSETS FROM:       
OPERATIONS       
Net investment income

$ 6,492,845 $ 11,973,556 $ 445,239 $ 582,146
Net realized gain (loss) on:       
Investments

(16,445,606) (61,359,277) 1,029,057 982,919
Foreign currency transactions

43,671 (151,301) (35) (7,480)
Net unrealized appreciation (depreciation) on:       
Investments

160,999,356 (53,936,184) 9,737,958 (4,789,985)
Foreign currency transactions

(55,216) 130,348 (2,484) 4,758
Net increase (decrease) in net assets resulting from operations

151,035,050 (103,342,858) 11,209,735 (3,227,642)
DISTRIBUTIONS TO SHAREHOLDERS       
Distributions to shareholders       
Class A

(194,338) (633,619) (15,770) (23,271)
Class C

(40,324) (193,760) (17,104) (11,406)
Class I

(4,134,001) (13,239,310) (854,185) (643,170)
Class R6

(453,270) (1,236,134) N/A N/A
Decrease in net assets from distributions

(4,821,933) (15,302,823) (887,059) (677,847)
CAPITAL SHARE TRANSACTIONS       
Proceeds from shares sold

99,351,532 238,453,291 2,936,635 902,634
Net asset value of shares issued on reinvestment of distributions

4,576,160 14,391,141 879,300 670,579
Cost of shares redeemed

(113,401,077) (358,370,424) (3,484,346) (3,533,160)
Net increase (decrease) in net assets from capital share transactions

(9,473,385) (105,525,992) 331,589 (1,959,947)
Total increase (decrease) in net assets

136,739,732 (224,171,673) 10,654,265 (5,865,436)
NET ASSETS       
Beginning of the Period

479,192,803 703,364,476 30,206,373 36,071,809
End of the Period

$ 615,932,535 $ 479,192,803 $40,860,638 $30,206,373
The accompanying notes to financial statements are an integral part of this statement.
74


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

 Brandes Emerging Markets
Value Fund
 Brandes International Small
Cap Equity Fund
 Six Months Ended
March 31,
2021
(Unaudited)
 Year Ended
September 30,
2020
 Six Months Ended
March 31,
2021
(Unaudited)
 Year Ended
September 30,
2020
INCREASE (DECREASE) IN NET ASSETS FROM:       
OPERATIONS       
Net investment income

$ 6,306,611 $ 22,914,468 $ 996,032 $ 3,010,129
Net realized gain (loss) on:       
Investments

12,073,598 (108,076,408) 7,431,896 (45,423,208)
Foreign currency transactions

(36,686) (910,849) (59,970) 44,369
Net unrealized appreciation (depreciation) on:       
Investments

256,486,444 (154,143,873) 111,147,703 15,180,645
Foreign currency transactions

(128,640) 10,413 (27,614) 34,389
Net increase (decrease) in net assets resulting from operations

274,701,327 (240,206,249) 119,488,047 (27,153,676)
DISTRIBUTIONS TO SHAREHOLDERS       
Distributions to shareholders       
Class A

 (4,338,344) (200,774) (283,816)
Class C

 (208,593) (15,307) (29,177)
Class I

 (22,968,401) (1,193,611) (2,517,835)
Class R6

 (1,065,052) (52,305) (119,547)
Decrease in net assets from distributions

 (28,580,390) (1,461,997) (2,950,375)
CAPITAL SHARE TRANSACTIONS       
Proceeds from shares sold

215,649,919 506,169,480 38,445,778 97,928,290
Net asset value of shares issued on reinvestment of distributions

 26,396,697 1,456,141 2,829,694
Cost of shares redeemed

(221,601,349) (623,820,599) (81,399,836) (244,687,795)
Net increase (decrease) in net assets from capital share transactions

(5,951,430) (91,254,422) (41,497,917) (143,929,811)
Total increase (decrease) in net assets

268,749,897 (360,041,061) 76,528,133 (174,033,862)
NET ASSETS       
Beginning of the Period

1,059,154,147 1,419,195,208 311,563,040 485,596,902
End of the Period

$1,327,904,044 $1,059,154,147 $388,091,173 $ 311,563,040
The accompanying notes to financial statements are an integral part of this statement.
75


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

 Brandes Small Cap Value Fund Brandes Core Plus Fixed
Income Fund
 Six Months Ended
March 31,
2021
(Unaudited)
 Year Ended
September 30,
2020
 Six Months Ended
March 31,
2021
(Unaudited)
 Year Ended
September 30,
2020
INCREASE (DECREASE) IN NET ASSETS FROM:       
OPERATIONS       
Net investment income

$ 8,823 $ 8,325 $ 926,466 $ 2,050,242
Net realized gain (loss) on:       
Investments

74,941 21,006 2,018,377 (1,658,866)
Foreign currency transactions

(30) 156  
Net unrealized appreciation (depreciation) on:       
Investments

297,496 (22,544) (3,702,825) 4,583,064
Foreign currency transactions

   
Net increase (decrease) in net assets resulting from operations

381,230 6,943 (757,982) 4,974,440
DISTRIBUTIONS TO SHAREHOLDERS       
Distributions to shareholders       
Class A

(934) (95) (19,202) (37,997)
Class C

N/A N/A N/A N/A
Class I

(17,768) (2,749) (1,274,029) (1,911,433)
Class R6

(2) N/A (2) (3)
Decrease in net assets from distributions

(18,704) (2,844) (1,293,233) (1,949,433)
CAPITAL SHARE TRANSACTIONS       
Proceeds from shares sold

1,418,690 125,305 12,369,711 12,809,224
Net asset value of shares issued on reinvestment of distributions

18,702 2,844 1,263,057 1,913,508
Cost of shares redeemed

(79,651) (63,782) (22,816,690) (17,487,590)
Net increase (decrease) in net assets from capital share transactions

1,357,741 64,367 (9,183,922) (2,764,858)
Total increase (decrease) in net assets

1,720,267 68,466 (11,235,137) 260,149
NET ASSETS       
Beginning of the Period

549,595 481,129 86,811,175 86,551,026
End of the Period

$2,269,862 $549,595 $ 75,576,038 $ 86,811,175
The accompanying notes to financial statements are an integral part of this statement.
76


(This Page Intentionally Left Blank)
77


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      
3/31/2021 (Unaudited)

$13.510.174.264.43(0.13)$17.81
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      
3/31/2021 (Unaudited)

$13.270.114.174.28(0.07)$17.48
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      
3/31/2021 (Unaudited)

$13.570.194.284.47(0.14)$17.90
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      
3/31/2021 (Unaudited)

$13.640.204.314.51(0.15)$18.00
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(9) – 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)Not annualized.
(5)Annualized.
(6)Includes expenses not covered by the Trust’s expense limitation agreement.
(7)As of June 30, 2019, the expense cap for the class changed from 1.00% to 0.85%.
(8)As of June 30, 2019, the expense cap for the class changed from 0.82% to 0.75%.
(9)Commencement of operations.
(10)The total return figure is the since inception return for the class.
The accompanying notes to financial statements are an integral part of this statement.
78


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
       
       
32.78% (4)$ 27.21.11% (5)2.09% (5)1.12% (5)2.08% (5)18.00% (4)
(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% (6)1.77%1.18% (6)1.77%33.82%
7.90%$ 14.31.18%2.30%1.18%2.30%17.60%
       
32.29% (4)$ 9.51.86% (5)1.35% (5)1.87% (5)1.34% (5)18.00% (4)
(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% (6)1.01%1.93% (6)1.01%33.82%
7.10%$ 13.11.93%1.55%1.93%1.55%17.60%
       
32.98% (4)$525.00.85% (5)2.40% (5)0.92% (5)2.33% (5)18.00% (4)
(13.13)%$401.70.85%2.03%0.94%1.94%23.20%
(5.82)%$622.40.94% (7)3.43%0.96% (7)3.41%14.43%
3.23%$664.70.96%2.20%0.96%2.20%20.37%
15.33%$523.10.98% (6)1.96%0.98% (6)1.96%33.82%
8.10%$648.31.00%2.48%0.98%2.50%17.60%
       
33.06% (4)$ 54.30.75% (5)2.47% (5)0.87% (5)2.35% (5)18.00% (4)
(13.08)%$ 47.80.75%2.35%0.89%2.21%23.20%
(5.69)%$ 35.90.80% (8)3.57%0.91% (8)3.46%14.43%
3.44%$ 24.60.82%2.34%0.91%2.25%20.37%
15.48%$ 38.50.83% (6)2.12%0.93% (6)2.02%33.82%
11.60% (10)$ 27.70.82% (5)2.67% (5)0.93% (5)2.56% (5)17.60% (4)
       
The accompanying notes to financial statements are an integral part of this statement.
79


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      
3/31/2021 (Unaudited)

$19.300.246.947.18(0.26)(0.30)
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      
3/31/2021 (Unaudited)

$19.160.176.857.02(0.18)(0.30)
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      
3/31/2021 (Unaudited)

$19.460.296.987.27(0.28)(0.30)
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