Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited)
Shares | Value | |
COMMON STOCKS – 95.76% | ||
Belgium – 0.77% | ||
75,246 | Anheuser-Busch InBev SA/NV | $3,709,361 |
Brazil – 2.90% | ||
3,212,200 | Ambev SA(a) | 8,352,275 |
925,447 | Embraer SA Sponsored – ADR(a) | 5,534,173 |
13,886,448 | ||
Canada – 1.25% | ||
586,187 | Cameco Corp. | 6,008,417 |
China – 1.51% | ||
1,072,500 | China Mobile Ltd. | 7,241,585 |
Finland – 0.78% | ||
859,678 | Nokia Oyj | 3,756,679 |
France – 20.31% | ||
196,447 | BNP Paribas SA(a) | 7,848,846 |
792,113 | Carrefour SA(a) | 12,284,136 |
351,179 | Cie de Saint-Gobain SA(a) | 12,670,881 |
914,559 | Engie SA(a) | 11,342,303 |
706,579 | Orange SA | 8,449,251 |
349,765 | Publicis Groupe SA | 11,362,126 |
119,629 | Renault SA(a) | 3,061,741 |
138,770 | Sanofi | 14,152,416 |
34,669 | Schneider Electric SE | 3,856,467 |
99,302 | Societe BIC SA | 5,056,355 |
190,557 | Total SA(b) | 7,347,579 |
97,432,101 | ||
Germany – 4.54% | ||
169,045 | BASF SE | 9,495,147 |
170,312 | HeidelbergCement AG | 9,117,103 |
37,668 | Henkel AG & Co. KGaA | 3,151,319 |
21,763,569 | ||
Indonesia – 0.47% | ||
11,842,000 | First Pacific Co. Ltd. | 2,272,014 |
Ireland – 1.26% | ||
175,604 | CRH Plc | 6,026,273 |
Italy – 6.21% | ||
1,190,745 | Eni SpA | 11,414,500 |
4,744,128 | Intesa Sanpaolo SpA(a) | 9,116,748 |
Shares | Value | |
22,441,022 | Telecom Italia Rsp(b) | $8,734,083 |
1,365,052 | Telecom Italia SpA | 538,289 |
29,803,620 | ||
Japan – 13.14% | ||
198,200 | Dai Nippon Printing Co. Ltd. | 4,556,692 |
311,800 | Honda Motor Co. Ltd. | 7,980,106 |
2,132,500 | Mitsubishi UFJ Financial Group, Inc. | 8,392,507 |
283,599 | MS&AD Insurance Group Holdings, Inc. | 7,809,950 |
983,300 | Nissan Motor Co. Ltd. | 3,646,516 |
269,800 | Sumitomo Mitsui Trust Holdings, Inc. | 7,603,062 |
119,300 | Taisho Pharmaceutical Holdings Co. Ltd. | 7,321,093 |
436,783 | Takeda Pharmaceutical Co. Ltd. | 15,692,725 |
63,002,651 | ||
Mexico – 3.76% | ||
2,643,277 | Cemex SAB de CV Sponsored – ADR | 7,612,638 |
13,098,014 | Fibra Uno Administracion SA de CV | 10,399,998 |
18,012,636 | ||
Netherlands – 1.63% | ||
1,411,784 | Aegon NV | 4,173,189 |
31,968 | NXP Semiconductors NV | 3,645,631 |
7,818,820 | ||
South Korea – 5.76% | ||
181,653 | Hana Financial Group, Inc. | 4,131,217 |
51,446 | Hyundai Mobis Co. Ltd. | 8,258,072 |
54,285 | Hyundai Motor Co. | 4,459,154 |
98,188 | KT&G Corp. | 6,412,305 |
29,983 | POSCO | 4,367,221 |
27,627,969 | ||
Spain – 1.58% | ||
855,737 | Repsol SA | 7,561,277 |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
1
Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
Shares | Value | |
Switzerland – 8.02% | ||
1,153,717 | Credit Suisse Group AG | $12,004,277 |
16,342 | Swatch Group AG Bearer | 3,280,032 |
115,030 | Swatch Group AG Registered | 4,523,625 |
94,452 | Swiss Re AG | 7,323,292 |
982,795 | UBS Group AG | 11,350,363 |
38,481,589 | ||
Taiwan – 1.48% | ||
967,000 | Asustek Computer, Inc. | 7,104,921 |
United Kingdom – 20.39% | ||
5,506,576 | Barclays Plc | 7,768,670 |
2,839,420 | BP Plc | 10,877,943 |
4,778,563 | G4S Plc | 6,760,260 |
688,599 | GlaxoSmithKline Plc | 13,909,488 |
295,697 | Imperial Brands Plc | 5,629,079 |
3,724,972 | J Sainsbury Plc | 9,640,075 |
4,392,485 | Kingfisher Plc | 12,084,550 |
4,090,932 | Marks & Spencer Group Plc | 5,016,580 |
3,121,189 | Tesco Plc | 8,778,856 |
2,885,568 | Wm Morrison Supermarkets Plc | 6,797,639 |
1,353,138 | WPP Plc | 10,549,493 |
97,812,633 | ||
TOTAL COMMON STOCKS (Cost $650,095,279) | $459,322,563 |
Shares | Value | |
PREFERRED STOCKS – 3.05% | ||
Brazil – 1.50% | ||
1,822,100 | Petroleo Brasileiro SA(a),(c) | $7,220,583 |
Russia – 1.55% | ||
15,078,544 | Surgutneftegas PJSC(c) | 7,422,418 |
TOTAL PREFERRED STOCKS (Cost $12,463,475) | $14,643,001 |
Contracts | Value | |
RIGHTS – 0.09% | ||
Spain – 0.09% | ||
855,737 | Repsol SA, Expiration Date: September 2020, Exercise Price: EUR 1.00(a),(b) | $416,584 |
TOTAL RIGHTS (Cost $474,008) | $416,584 |
Shares | Value | |
SHORT-TERM INVESTMENTS – 0.78% | ||
Money Market Funds — 0.78% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%(d) | 3,755,255 | $3,755,255 |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,755,255) | $3,755,255 | |
Total Investments (Cost $666,788,017) – 99.68% | $478,137,403 | |
Other Assets in Excess of Liabilities – 0.32% | 1,514,687 | |
TOTAL NET ASSETS – 100.00% | $479,652,090 |
Percentages are stated as a percent of net assets. | ||
ADR American Depositary Receipt |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
2
Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. See Note 2 in the Notes to Financial Statements. |
(c) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(d) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
3
Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
COMMON STOCKS | |
Aerospace & Defense | 1.16% |
Auto Components | 1.72% |
Automobiles | 3.99% |
Banks | 9.36% |
Beverages | 2.51% |
Building Products | 2.64% |
Capital Markets | 4.87% |
Chemicals | 1.98% |
Commercial Services & Supplies | 3.41% |
Communications Equipment | 0.78% |
Construction Materials | 4.75% |
Diversified Financial Services | 0.47% |
Diversified Telecommunication Services | 3.69% |
Electrical Equipment | 0.80% |
Equity Real Estate Investment Trusts | 2.17% |
Food & Staples Retailing | 7.82% |
Household Products | 0.66% |
Insurance | 4.03% |
Media | 4.57% |
Metals & Mining | 0.91% |
Multiline Retail | 1.04% |
Multi-Utilities | 2.37% |
Oil, Gas & Consumable Fuels | 9.01% |
Pharmaceuticals | 10.65% |
Semiconductors & Semiconductor Equipment | 0.76% |
Specialty Retail | 2.52% |
Technology Hardware, Storage & Peripherals | 1.48% |
Textiles, Apparel & Luxury Goods | 1.62% |
Tobacco | 2.51% |
Wireless Telecommunication Services | 1.51% |
TOTAL COMMON STOCKS | 95.76% |
PREFERRED STOCKS | |
Oil, Gas & Consumable Fuels | 3.05% |
TOTAL PREFERRED STOCKS | 3.05% |
RIGHTS | |
Oil, Gas & Consumable Fuels | 0.09% |
TOTAL RIGHTS | 0.09% |
SHORT-TERM INVESTMENTS | 0.78% |
TOTAL INVESTMENTS | 99.68% |
Other Assets in Excess of Liabilities | 0.32% |
TOTAL NET ASSETS | 100.00% |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
4
Brandes International Equity Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
5
Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited)
Shares | Value | |
COMMON STOCKS – 98.27% | ||
Austria – 1.23% | ||
15,451 | Erste Group Bank AG(a) | $364,918 |
Brazil – 0.78% | ||
154,720 | Embraer SA(a) | 230,170 |
China – 0.94% | ||
41,500 | China Mobile Ltd. | 280,210 |
Finland – 1.54% | ||
104,710 | Nokia Oyj | 457,569 |
France – 12.91% | ||
18,135 | Carrefour SA | 281,239 |
29,959 | Engie SA(a) | 371,550 |
31,200 | Engie SA Registered Shares (Prime Fidelite 2019)(a) | 386,940 |
14,472 | Publicis Groupe SA | 470,123 |
11,141 | Sanofi | 1,136,212 |
5,286 | Schneider Electric SE | 587,997 |
15,386 | Total SA | 593,260 |
3,827,321 | ||
Germany – 0.95% | ||
5,287 | HeidelbergCement AG | 283,022 |
Ireland – 1.44% | ||
12,453 | CRH Plc | 427,355 |
Italy – 1.26% | ||
39,071 | Eni SpA | 374,535 |
Japan – 3.93% | ||
17,100 | Honda Motor Co. Ltd. | 437,652 |
64,100 | Nissan Motor Co. Ltd. | 237,712 |
9,700 | SoftBank Group Corp. | 489,148 |
1,164,512 | ||
Malaysia – 1.28% | ||
394,700 | Genting Berhad | 380,161 |
Mexico – 1.31% | ||
488,634 | Fibra Uno Administracion SA de CV | 387,982 |
Netherlands – 0.73% | ||
1,887 | NXP Semiconductors NV | 215,193 |
Russia – 0.41% | ||
44,308 | Gazprom PJSC | 120,162 |
South Korea – 5.83% | ||
2,556 | Hyundai Mobis Co. Ltd. | 410,287 |
Shares | Value | |
5,486 | Hyundai Motor Co. | $450,639 |
5,221 | KT&G Corp. | 340,965 |
11,877 | Samsung Electronics Co. Ltd. | 525,766 |
1,727,657 | ||
Spain – 0.82% | ||
27,597 | Repsol SA | 243,847 |
Switzerland – 4.04% | ||
49,369 | Credit Suisse Group AG | 513,678 |
59,244 | UBS Group AG | 684,213 |
1,197,891 | ||
United Kingdom – 15.64% | ||
162,158 | Barclays Plc | 228,772 |
130,274 | BP Plc | 499,085 |
39,498 | GlaxoSmithKline Plc | 797,847 |
32,113 | Imperial Brands Plc | 611,324 |
177,095 | J Sainsbury Plc | 458,315 |
204,088 | Kingfisher Plc | 561,484 |
105,291 | Marks & Spencer Group Plc | 129,115 |
184,464 | Tesco Plc | 518,835 |
145,089 | Wm Morrison Supermarkets Plc | 341,792 |
62,874 | WPP Plc | 490,186 |
4,636,755 | ||
United States – 43.23% | ||
13,200 | American International Group, Inc. | 411,576 |
5,671 | Applied Materials, Inc. | 342,812 |
30,151 | Bank of America Corp. | 716,086 |
13,678 | Bank of New York Mellon Corp. | 528,655 |
13,321 | Cardinal Health, Inc. | 695,223 |
31,132 | Change Healthcare, Inc.(a) | 348,678 |
2,910 | Cigna Corp. | 546,062 |
17,550 | Citigroup, Inc. | 896,805 |
11,358 | Comcast Corp. – Class A | 442,735 |
10,851 | Corteva, Inc. | 290,698 |
7,152 | CVS Health Corp. | 464,665 |
8,152 | Emerson Electric Co. | 505,669 |
3,556 | FedEx Corp. | 498,622 |
30,292 | Halliburton Co. | 393,190 |
5,082 | HCA Healthcare, Inc. | 493,259 |
3,561 | Ingredion, Inc. | 295,563 |
2,581 | Laboratory Corp. of America Holdings(a) | 428,730 |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
6
Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
Shares | Value | |
4,977 | McKesson Corp. | $763,571 |
9,194 | Merck & Co., Inc. | 710,972 |
1,208 | Microsoft Corp. | 245,840 |
3,266 | Mohawk Industries, Inc.(a) | 332,348 |
16,898 | Pfizer, Inc. | 552,565 |
2,463 | PNC Financial Services Group, Inc. | 259,132 |
7,368 | State Street Corp. | 468,236 |
9,436 | Textron, Inc. | 310,539 |
7,627 | Truist Financial Corp. | 286,394 |
22,993 | Wells Fargo & Co. | 588,621 |
12,817,246 | ||
TOTAL COMMON STOCKS (Cost $30,553,730) | $29,136,506 | |
PREFERRED STOCKS – 0.51% | ||
South Korea – 0.51% | ||
3,912 | Samsung Electronics Co. Ltd., 3.02%(b) | $152,389 |
TOTAL PREFERRED STOCKS (Cost $115,876) | $152,389 |
Contracts | Value | |
RIGHTS – 0.05% | ||
Spain – 0.05% | ||
27,597 | Repsol SA, Expiration Date: September 2020, Exercise Price: EUR 1.00(a) | $13,435 |
TOTAL RIGHTS (Cost $15,287) | $13,435 |
Shares | Value | |
SHORT-TERM INVESTMENTS – 1.61% | ||
Money Market Funds — 1.61% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%(c) | 477,398 | $477,398 |
TOTAL SHORT-TERM INVESTMENTS (Cost $477,398) | $477,398 | |
Total Investments (Cost $31,162,291) – 100.44% | $29,779,728 | |
Liabilities in Excess of Other Assets – (0.44)% | (129,538) | |
TOTAL NET ASSETS – 100.00% | $29,650,190 |
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. |
(b) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(c) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
7
Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2020
COMMON STOCKS | |
Aerospace & Defense | 1.83% |
Air Freight & Logistics | 1.68% |
Auto Components | 1.39% |
Automobiles | 3.80% |
Banks | 11.25% |
Capital Markets | 7.40% |
Chemicals | 0.98% |
Communications Equipment | 1.54% |
Construction Materials | 2.39% |
Electrical Equipment | 3.69% |
Energy Equipment & Services | 1.33% |
Equity Real Estate Investment Trusts | 1.31% |
Food & Staples Retailing | 5.40% |
Food Products | 1.00% |
Health Care Providers & Services | 11.44% |
Health Care Technology | 1.18% |
Hotels, Restaurants & Leisure | 1.28% |
Household Durables | 1.12% |
Insurance | 1.39% |
Media | 4.73% |
Multiline Retail | 0.44% |
Multi-Utilities | 2.56% |
Oil, Gas & Consumable Fuels | 6.17% |
Pharmaceuticals | 10.78% |
Semiconductors & Semiconductor Equipment | 1.89% |
Software | 0.83% |
Specialty Retail | 1.90% |
Technology Hardware, Storage & Peripherals | 1.77% |
Tobacco | 3.21% |
Wireless Telecommunication Services | 2.59% |
TOTAL COMMON STOCKS | 98.27% |
PREFERRED STOCKS | |
Technology Hardware, Storage & Peripherals | 0.51% |
TOTAL PREFERRED STOCKS | 0.51% |
RIGHTS | |
Oil, Gas & Consumable Fuels | 0.05% |
TOTAL RIGHTS | 0.05% |
SHORT-TERM INVESTMENTS | 1.61% |
TOTAL INVESTMENTS | 100.44% |
Liabilities in Excess of Other Assets | (0.44)% |
TOTAL NET ASSETS | 100.00% |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
8
Brandes Global Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2020 (continued)
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
9
Brandes Global Equity Income Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited)
Shares | Value | |
SHORT-TERM INVESTMENTS – 100.00% | ||
Money Market Funds — 100.00% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%(a) | 391,583 | $391,583 |
TOTAL SHORT-TERM INVESTMENTS (Cost $391,583) | $391,583 | |
Total Investments (Cost $391,583) – 100.00% | $391,583 | |
Liabilities in Excess of Other Assets–(100.00)% | $(391,583) | |
TOTAL NET ASSETS | $- |
Percentages are stated as a percent of total investments. |
(a) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
10
Brandes Global Equity Income Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2020
SHORT-TERM INVESTMENTS | 100.00% |
TOTAL INVESTMENTS | 100.00% |
Liabilities in Excess of Other Assets | (100.00)% |
TOTAL NET ASSETS | 0.00% |
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
11
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited)
Shares | Value | |
COMMON STOCKS – 89.21% | ||
Argentina – 1.30% | ||
2,415,979 | YPF SA Sponsored – Class D – ADR | $13,891,879 |
Brazil – 4.56% | ||
1,176,931 | Adecoagro SA(a) | 5,107,880 |
6,258,400 | Cogna Educacao | 7,607,073 |
1,238,400 | Companhia Brasileira de Distribuicao | 16,164,034 |
3,339,780 | Embraer SA Sponsored – ADR(a) | 19,971,884 |
48,850,871 | ||
Chile – 2.36% | ||
2,336,679 | Empresa Nacional de Telecomunicaciones SA | 15,077,184 |
60,466,723 | Enel Chile SA | 4,519,913 |
1,509,388 | Enel Chile SA Sponsored – ADR | 5,690,393 |
25,287,490 | ||
China – 18.22% | ||
119,225 | Alibaba Group Holding Ltd. Sponsored – ADR(a) | 25,716,832 |
188,437 | Baidu, Inc. Sponsored – ADR(a) | 22,591,712 |
4,613,900 | China Mobile Ltd. | 31,153,332 |
25,636,136 | China Railway Signal & Communication Corp. Ltd.(b) | 11,071,030 |
3,458,259 | China South Publishing & Media Group Co. Ltd. | 5,191,847 |
11,134,620 | Dongfeng Motor Group Co. Ltd. – Class H | 6,715,219 |
21,333,500 | Genertec Universal Medical Group Co. Ltd.(b) | 12,963,130 |
33,944,000 | PetroChina Co. Ltd. | 11,350,564 |
1,837,000 | Ping An Insurance Group Co. of China Ltd. - Class H | 18,313,038 |
10,683,500 | Shanghai Pharmaceuticals Holding Co. Ltd. – Class H | 17,954,945 |
Shares | Value | |
11,808,000 | TravelSky Technology Ltd. | $20,906,479 |
304,779 | ZTO Express Cayman, Inc. – ADR | 11,188,437 |
195,116,565 | ||
Czech Republic – 0.45% | ||
521,469 | O2 Czech Republic AS | 4,820,333 |
Greece – 0.32% | ||
254,779 | Hellenic Telecommunications Organization SA | 3,441,556 |
Hong Kong – 2.57% | ||
651,400 | AIA Group Ltd. | 6,095,544 |
10,597,500 | Lifestyle International Holdings Ltd. | 8,745,857 |
5,860,000 | Luk Fook Holdings International Ltd. | 12,740,042 |
27,581,443 | ||
India – 5.42% | ||
4,746,876 | Bharti Infratel Ltd. | 13,952,457 |
7,535,312 | Power Grid Corp. of India Ltd. | 17,477,312 |
1,420,561 | Tech Mahindra Ltd. | 10,221,140 |
7,234,791 | Zee Entertainment Enterprises Ltd. | 16,435,561 |
58,086,470 | ||
Indonesia – 5.98% | ||
97,044,300 | Bank Rakyat Indonesia Persero Tbk PT | 20,713,439 |
28,461,920 | First Pacific Co. Ltd. | 5,460,722 |
5,596,012 | Gudang Garam Tbk PT | 18,530,514 |
99,025,715 | PT XL Axiata Tbk | 19,329,202 |
64,033,877 | ||
Macau – 3.64% | ||
3,065,000 | Galaxy Entertainment Group Ltd. | 21,025,132 |
10,355,400 | Wynn Macau Ltd. | 17,960,762 |
38,985,894 | ||
Malaysia – 1.89% | ||
21,002,200 | Genting Berhad | 20,228,560 |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
12
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
Shares | Value | |
Mexico – 9.49% | ||
24,947,455 | America Movil SAB de CV | $16,009,701 |
10,054,422 | Cemex SAB de CV Sponsored – ADR | 28,956,735 |
30,944,403 | Fibra Uno Administracion SA de CV | 24,570,269 |
13,195,705 | Macquarie Mexico Real Estate Management SA de CV(b) | 13,543,331 |
15,627,007 | PLA Administradora Industrial S de RL de CV | 18,187,145 |
512,122 | Urbi Desarrollos Urbanos SAB de CV(a),(c) | 383,237 |
101,650,418 | ||
Morocco – 0.97% | ||
10,376,419 | Vivo Energy Plc(b) | 10,375,939 |
Philippines – 1.51% | ||
11,190,022 | Bank of the Philippine Islands | 16,214,343 |
Russia – 5.65% | ||
4,930,123 | Alrosa PJSC | 4,461,400 |
129,316 | Lukoil PJSC Sponsored – ADR | 9,581,501 |
2,244,044 | Mobile TeleSystems PJSC | 10,435,341 |
8,476,466 | Sberbank of Russia PJSC | 24,125,209 |
2,526,373 | Sistema PJSFC Sponsored – GDR | 11,930,729 |
60,534,180 | ||
South Africa – 1.55% | ||
3,357,013 | Absa Group Ltd. | 16,573,013 |
South Korea – 11.35% | ||
61,898 | Hyundai Mobis Co. Ltd. | 9,935,818 |
350,775 | Kia Motors Corp. | 9,478,843 |
435,941 | KT&G Corp. | 28,469,736 |
157,437 | POSCO | 22,931,735 |
115,629 | S-1 Corp. | 8,285,925 |
Shares | Value | |
610,691 | Samsung Electronics Co. Ltd. | $27,033,845 |
636,890 | Shinhan Financial Group Co. Ltd. | 15,391,220 |
121,527,122 | ||
Spain – 0.91% | ||
11,548,879 | Prosegur Cash SA(b) | 9,772,971 |
Taiwan – 3.43% | ||
2,771,000 | Asustek Computer, Inc. | 20,359,603 |
1,534,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 16,382,384 |
36,741,987 | ||
Thailand – 4.27% | ||
2,513,800 | Bangkok Bank PCL – NVDR | 8,768,571 |
78,547,281 | Jasmine Broadband Internet Infrastructure – Class F | 24,103,159 |
5,464,600 | Siam Commercial Bank PCL – Class F(d) | 12,879,738 |
45,751,468 | ||
Turkey – 0.44% | ||
1,317,188 | Ulker Biskuvi Sanayi AS(a) | 4,675,533 |
United Kingdom – 0.00% | ||
1 | Hyve Group Plc | 1 |
United States – 2.93% | ||
644,836 | Banco Latinoamericano de Comercio Exterior SA – Class E | 7,415,614 |
345,880 | Copa Holdings SA – Class A | 17,487,693 |
633,528 | Flex Ltd.(a) | 6,493,662 |
31,396,969 | ||
TOTAL COMMON STOCKS (Cost $1,311,227,178) | $955,538,882 | |
PREFERRED STOCKS – 6.22% | ||
Brazil – 2.75% | ||
4,920,700 | Petroleo Brasileiro SA(a) | $19,499,657 |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
13
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
Shares | Value | |
630,648 | Telefonica Brasil SA Sponsored – ADR, 2.85%(e) | $5,587,541 |
498,300 | Telefonica Brasil SA, 5.49%(e) | 4,401,050 |
29,488,248 | ||
Colombia – 0.50% | ||
224,569 | Grupo Aval Acciones y Valores SA – ADR, 6.53%(e) | 979,121 |
20,018,115 | Grupo Aval Acciones y Valores SA, 7.19%(e) | 4,421,244 |
5,400,365 | ||
Russia – 1.57% | ||
205,610 | Surgutneftegas PJSC Sponsored – ADR, 2.92%(e) | 1,012,115 |
32,081,832 | Surgutneftegas PJSC, 0.22%(e) | 15,792,292 |
16,804,407 |
Shares | Value | |
South Korea – 1.40% | ||
323,902 | Hyundai Motor Co. Ltd., 5.50%(e) | $14,995,137 |
TOTAL PREFERRED STOCKS (Cost $93,499,009) | $66,688,157 | |
PARTICIPATORY NOTES – 0.93% | ||
United Kingdom – 0.93% | ||
6,655,816 | China South Publishing & Media Group Co. Ltd. – Class A(f) | $9,963,360 |
TOTAL PARTICIPATORY NOTES (Cost $12,590,406) | $9,963,360 |
Shares | Value | |
SHORT-TERM INVESTMENTS – 1.19% | ||
Money Market Funds — 1.19% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100% | 12,728,236 | $12,728,236 |
TOTAL SHORT-TERM INVESTMENTS (Cost $12,728,236) | $12,728,236 | |
Total Investments (Cost $1,430,044,829) – 97.55% | $1,044,918,635 | |
Other Assets in Excess of Liabilities – 2.45% | 26,243,026 | |
TOTAL NET ASSETS – 100.00% | $1,071,161,661 |
Percentages are stated as a percent of net assets. | ||
ADR American Depositary Receipt | ||
GDR Global Depositary Receipt | ||
NVDR Non-Voting Depositary Receipt |
(a) | Non-income producing security. |
(b) | Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $57,726,401 which represented 5.39% of the net assets of the Fund. |
(c) | Affiliated issuer. See Note 3 in the Notes to Financial Statements. |
(d) | The price for this security was derived from an estimate of fair market value using methods approved by the Fund’s Board of Trustees. This security represents $12,879,738 or 1.20% of the Fund’s net assets. |
(e) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
14
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
(f) | Represents the underlying security of a participatory note with HSBC Bank Plc. China South Publishing & Media Group Co. Ltd. has a maturity date of November 23, 2021. |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
15
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2020
COMMON STOCKS | |
Aerospace & Defense | 1.86% |
Air Freight & Logistics | 1.04% |
Airlines | 1.63% |
Auto Components | 0.93% |
Automobiles | 1.52% |
Banks | 10.70% |
Commercial Services & Supplies | 1.68% |
Construction Materials | 2.70% |
Diversified Consumer Services | 0.71% |
Diversified Financial Services | 1.20% |
Diversified Telecommunication Services | 2.07% |
Electric Utilities | 2.58% |
Electronic Equipment, Instruments & Components | 1.64% |
Equity Real Estate Investment Trusts | 5.25% |
Food & Staples Retailing | 1.51% |
Food Products | 0.92% |
Health Care Providers & Services | 2.89% |
Hotels, Restaurants & Leisure | 5.53% |
Household Durables | 0.04% |
Insurance | 2.28% |
Interactive Media & Services | 2.11% |
Internet & Direct Marketing Retail | 2.40% |
IT Services | 2.90% |
Media | 2.03% |
Metals & Mining | 2.56% |
Multiline Retail | 0.81% |
Oil, Gas & Consumable Fuels | 3.26% |
Semiconductors & Semiconductor Equipment | 1.53% |
Specialty Retail | 2.16% |
Technology Hardware, Storage & Peripherals | 4.42% |
Tobacco | 4.39% |
Wireless Telecommunication Services | 11.96% |
TOTAL COMMON STOCKS | 89.21% |
PREFERRED STOCKS | |
Automobiles | 1.40% |
Banks | 0.50% |
Diversified Telecommunication Services | 0.93% |
Oil, Gas & Consumable Fuels | 3.39% |
TOTAL PREFERRED STOCKS | 6.22% |
PARTICIPATORY NOTES | |
Media | 0.93% |
TOTAL PARTICIPATORY NOTES | 0.93% |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
16
Brandes Emerging Markets Value Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2020 (continued)
SHORT-TERM INVESTMENTS | 1.19% |
TOTAL INVESTMENTS | 97.55% |
Other Assets in Excess of Liabilities | 2.45% |
TOTAL NET ASSETS | 100.00% |
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
17
Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited)
Shares | Value | |
COMMON STOCKS – 92.93% | ||
Austria – 0.47% | ||
190,478 | Addiko Bank AG(a) | $1,380,313 |
Brazil – 2.99% | ||
278,092 | Adecoagro SA(a) | 1,206,920 |
5,105,640 | Embraer SA(a) | 7,595,415 |
8,802,335 | ||
Canada – 6.88% | ||
498,516 | Cameco Corp. | 5,109,789 |
408,234 | Celestica, Inc.(a) | 2,788,238 |
220,082 | Corby Spirit and Wine Ltd. | 2,634,305 |
605,547 | Dorel Industries, Inc. – Class B | 2,422,010 |
815,310 | Sierra Wireless, Inc.(a) | 7,320,734 |
20,275,076 | ||
China – 2.75% | ||
4,446,050 | APT Satellite Holdings Ltd. | 1,150,775 |
12,973,900 | Boyaa Interactive International Ltd.(a) | 1,406,113 |
261,923 | China Yuchai International Ltd. | 3,766,453 |
10,073,000 | Weiqiao Textile Co. – Class H | 1,793,528 |
8,116,869 | ||
France – 3.50% | ||
68,399 | Savencia SA(a) | 4,149,699 |
116,830 | Societe BIC SA | 5,948,862 |
6,867 | Vicat SA | 211,008 |
10,309,569 | ||
Germany – 1.32% | ||
58,133 | Draegerwerk AG & Co. KGaA | 3,902,992 |
Greece – 0.82% | ||
260,968 | Sarantis SA | 2,404,220 |
Hong Kong – 3.83% | ||
2,191,000 | Dickson Concepts International Ltd. | 1,275,781 |
73,200,000 | Emperor Watch & Jewellery Ltd. | 1,152,235 |
Shares | Value | |
21,331,000 | First Pacific Co. Ltd. | $4,092,579 |
10,853,000 | PAX Global Technology Ltd. | 4,754,193 |
11,274,788 | ||
Hungary – 2.02% | ||
4,890,728 | Magyar Telekom Telecommunications Plc | 5,940,735 |
Ireland – 3.42% | ||
1,263,786 | AIB Group Plc(a) | 1,595,709 |
2,971,972 | C&C Group Plc | 8,471,791 |
10,067,500 | ||
Italy – 3.69% | ||
276,775 | Buzzi Unicem SpA | 3,451,108 |
465,083 | Credito Emiliano SpA(a) | 2,303,988 |
357,616 | Danieli & C Officine Meccaniche SpA | 2,930,996 |
2,724,811 | Safilo Group SpA(a) | 2,170,185 |
10,856,277 | ||
Japan – 17.48% | ||
864,600 | Concordia Financial Group Ltd. | 2,779,741 |
421,800 | Fuji Media Holdings, Inc. | 4,077,538 |
494,900 | Funai Electric Co. Ltd.(a) | 2,308,503 |
163,800 | Futaba Corp. | 1,499,476 |
1,142,700 | Hachijuni Bank Ltd. | 4,349,437 |
1,174,500 | Hyakugo Bank Ltd. | 3,584,481 |
188,600 | Kissei Pharmaceutical Co. Ltd. | 4,764,839 |
996,800 | Komori Corp. | 6,529,885 |
741,200 | Kyushu Financial Group, Inc. | 3,138,874 |
150,000 | Mitsubishi Shokuhin Co. Ltd. | 3,832,116 |
150,400 | Nichiban Co. Ltd. | 2,038,878 |
112,100 | Nippon Seiki Co. Ltd. | 1,318,305 |
70,400 | Oita Bank Ltd. | 1,557,529 |
81,800 | Sankyo Co. Ltd. | 1,980,002 |
270,800 | Tachi-S Co. Ltd. | 2,185,344 |
316,800 | TSI Holdings Co. Ltd. | 1,361,726 |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
18
Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
Shares | Value | |
47,000 | Tsutsumi Jewelry Co. Ltd. | $818,253 |
192,700 | Yodogawa Steel Works Ltd. | 3,358,649 |
51,483,576 | ||
Mexico – 6.68% | ||
725,768 | Cemex SAB de CV Sponsored – ADR | 2,090,212 |
24,922,319 | Consorcio ARA SAB de CV | 2,721,618 |
279,501,983 | Desarrolladora Homex SAB de CV(a),(b) | 595,862 |
10,673,582 | Fibra Uno Administracion SA de CV | 8,474,967 |
5,057,287 | Macquarie Mexico Real Estate Management SA de CV(c) | 5,190,515 |
801,670 | Urbi Desarrollos Urbanos SAB de CV(a),(b) | 599,914 |
19,673,088 | ||
Philippines – 0.70% | ||
1,689,492 | First Philippines Holdings Corp. | 2,075,201 |
Slovenia – 1.43% | ||
474,148 | Nova Ljubljanska Banka – GDR(c) | 4,101,831 |
13,064 | Nova Ljubljanska Banka dd Registered - GDR | 113,016 |
4,214,847 | ||
South Korea – 7.05% | ||
88,337 | Binggrae Co. Ltd. | 4,447,573 |
183,403 | Hankook Tire & Technology Co. Ltd. | 3,795,760 |
43,378 | Lotte Chilsung Beverage Co. Ltd. | 3,696,378 |
40,963 | Lotte Confectionery Co. Ltd. | 3,623,893 |
9,051 | Namyang Dairy Products Co. Ltd. | 2,140,456 |
54,510 | Samchully Co. Ltd. | 3,070,206 |
20,774,266 |
Shares | Value | |
Spain – 4.99% | ||
1,552,442 | Atresmedia Corp de Medios de Comunicacion SA | $4,056,937 |
2,921,233 | Bankia SA | 3,123,165 |
508,197 | Bankinter SA | 2,435,852 |
974,135 | Lar Espana Real Estate Socimi SA | 5,083,677 |
14,699,631 | ||
United Kingdom – 19.58% | ||
1,329,724 | Balfour Beatty Plc | 4,280,981 |
819,067 | Countrywide Plc(a) | 1,060,577 |
2,445,324 | De La Rue Plc | 3,931,865 |
4,357,352 | G4S Plc | 6,164,371 |
1 | Hyve Group Plc | 1 |
3,541,038 | J Sainsbury Plc | 9,164,061 |
2,264,055 | Kingfisher Plc | 6,228,840 |
30,179 | LivaNova Plc(a) | 1,452,515 |
1,348,423 | LSL Property Services Plc | 3,341,662 |
1,697,870 | Marks & Spencer Group Plc | 2,082,044 |
4,559,632 | Mitie Group Plc | 4,706,317 |
3,447,266 | Premier Foods Plc(a) | 2,971,909 |
1,375,470 | Telit Communications Plc(a) | 1,878,188 |
3,774,982 | Wm Morrison Supermarkets Plc | 8,892,864 |
578,555 | Yellow Cake Plc(a),(c) | 1,518,941 |
57,675,136 | ||
United States – 3.33% | ||
232,794 | Avadel Pharmaceuticals Plc(a) | 1,880,975 |
430,306 | Banco Latinoamericano de Comercio Exterior SA – Class E | 4,948,519 |
44,738 | Taro Pharmaceutical Industries Ltd.(a) | 2,974,630 |
9,804,124 | ||
TOTAL COMMON STOCKS (Cost $392,024,890) | $273,730,543 |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
19
Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
Shares | Value | |
PREFERRED STOCKS – 2.04% | ||
Germany – 2.04% | ||
73,428 | Draegerwerk AG & Co. KGaA(a) | $6,008,760 |
TOTAL PREFERRED STOCKS (Cost $4,122,215) | $6,008,760 |
Contracts | Value | |
RIGHTS – 0.10% | ||
United Kingdom – 0.10% | ||
1,183,959 | De La Rue Plc(a) | $293,409 |
TOTAL RIGHTS (Cost $0) | $293,409 |
Shares | Value | |
SHORT-TERM INVESTMENTS – 3.62% | ||
Money Market Funds — 3.62% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%(d) | 10,650,159 | $10,650,159 |
TOTAL SHORT-TERM INVESTMENTS (Cost $10,650,159) | $10,650,159 | |
Total Investments (Cost $406,797,264) – 98.69% | $290,682,871 | |
Other Assets in Excess of Liabilities – 1.31% | 3,857,013 | |
TOTAL NET ASSETS – 100.00% | $294,539,884 |
Percentages are stated as a percent of net assets. | ||
ADR American Depositary Receipt | ||
GDR Global Depositary Receipt |
(a) | Non-income producing security. |
(b) | Affiliated issuer. See Note 3 in the Notes to Financial Statements. |
(c) | Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,811,287 which represented 3.67% of the net assets of the Fund. |
(d) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
20
Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2020
COMMON STOCKS | |
Aerospace & Defense | 2.58% |
Auto Components | 2.48% |
Banks | 10.35% |
Beverages | 5.02% |
Commercial Services & Supplies | 7.74% |
Communications Equipment | 3.13% |
Construction & Engineering | 1.45% |
Construction Materials | 1.95% |
Diversified Financial Services | 3.07% |
Diversified Telecommunication Services | 2.41% |
Electric Utilities | 0.70% |
Electrical Equipment | 0.51% |
Electronic Equipment, Instruments & Components | 2.57% |
Entertainment | 0.47% |
Equity Real Estate Investment Trusts | 6.36% |
Food & Staples Retailing | 7.43% |
Food Products | 6.30% |
Gas Utilities | 1.04% |
Health Care Equipment & Supplies | 1.81% |
Household Durables | 2.93% |
Leisure Products | 0.67% |
Machinery | 4.50% |
Media | 2.76% |
Metals & Mining | 1.14% |
Multiline Retail | 0.71% |
Oil, Gas & Consumable Fuels | 1.73% |
Personal Products | 0.82% |
Pharmaceuticals | 3.27% |
Real Estate Management & Development | 1.49% |
Specialty Retail | 2.93% |
Textiles, Apparel & Luxury Goods | 2.09% |
Trading Companies & Distributors | 0.52% |
TOTAL COMMON STOCKS | 92.93% |
PREFERRED STOCKS | |
Health Care Equipment & Supplies | 2.04% |
TOTAL PREFERRED STOCKS | 2.04% |
RIGHTS | |
Commercial Services & Supplies | 0.10% |
TOTAL RIGHTS | 0.10% |
SHORT-TERM INVESTMENTS | 3.62% |
TOTAL INVESTMENTS | 98.69% |
Other Assets in Excess of Liabilities | 1.31% |
TOTAL NET ASSETS | 100.00% |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
21
Brandes International Small Cap Equity Fund
SCHEDULE OF INVESTMENTS BY INDUSTRY — June 30, 2020 (continued)
The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
22
Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited)
Shares | Value | |
COMMON STOCKS – 94.56% | ||
Aerospace & Defense – 6.85% | ||
1,322 | Embraer SA Sponsored – ADR(a) | $7,906 |
187 | National Presto Industries, Inc. | 16,342 |
377 | Textron, Inc. | 12,407 |
36,655 | ||
Auto Components – 1.30% | ||
252 | Cooper Tire & Rubber Co. | 6,958 |
Automobiles – 1.85% | ||
415 | Harley-Davidson, Inc. | 9,864 |
Banks – 4.58% | ||
226 | American National Bankshares, Inc. | 5,659 |
364 | Eagle Bancorp Montana, Inc. | 6,326 |
168 | National Bankshares, Inc. | 4,805 |
307 | Northrim BanCorp, Inc. | 7,718 |
24,508 | ||
Biotechnology – 8.21% | ||
246 | Eagle Pharmaceuticals, Inc.(a) | 11,803 |
5,659 | PDL BioPharma, Inc.(a) | 16,468 |
129 | United Therapeutics Corp.(a) | 15,609 |
43,880 | ||
Chemicals – 2.22% | ||
228 | Sensient Technologies Corp. | 11,892 |
Communications Equipment – 8.05% | ||
512 | Digi International, Inc.(a) | 5,965 |
902 | NETGEAR, Inc.(a) | 23,353 |
1,526 | Sierra Wireless, Inc.(a) | 13,703 |
43,021 | ||
Construction & Engineering – 1.27% | ||
2,166 | Orion Group Holdings, Inc.(a) | 6,801 |
Electric Utilities – 0.98% | ||
96 | ALLETE, Inc. | 5,243 |
Electronic Equipment, Instruments & Components – 2.76% | ||
253 | Arlo Technologies, Inc.(a) | 653 |
505 | Avnet, Inc. | 14,082 |
14,735 |
Shares | Value | |
Energy Equipment & Services – 5.68% | ||
1,670 | Halliburton Co. | $21,677 |
446 | Helmerich & Payne, Inc. | 8,701 |
30,378 | ||
Equity Real Estate Investment Trusts – 1.48% | ||
246 | Equity Commonwealth | 7,921 |
Food Products – 2.38% | ||
121 | Cal-Maine Foods, Inc.(a) | 5,382 |
34 | Sanderson Farms, Inc. | 3,940 |
101 | Seneca Foods Corp. – Class A(a) | 3,415 |
12,737 | ||
Health Care Equipment & Supplies – 0.54% | ||
457 | Invacare Corp. | 2,911 |
Health Care Providers & Services – 4.27% | ||
309 | Patterson Companies., Inc. | 6,798 |
842 | Triple–S Management Corp. – Class B(a) | 16,015 |
22,813 | ||
Health Care Technology – 0.72% | ||
344 | Change Healthcare, Inc.(a) | 3,853 |
Household Durables – 8.30% | ||
620 | Dorel Industries, Inc. – Class B | 2,480 |
135 | Mohawk Industries, Inc.(a) | 13,738 |
991 | Taylor Morrison Home Corp.(a) | 19,116 |
277 | Toll Brothers, Inc. | 9,027 |
44,361 | ||
Insurance – 4.51% | ||
114 | American National Insurance Co. | 8,216 |
50 | National Western Life Group, Inc. – Class A | 10,160 |
353 | Old Republic International Corp. | 5,757 |
24,133 | ||
Machinery – 6.67% | ||
1,057 | Graham Corp. | 13,466 |
448 | Greenbrier Companies., Inc. | 10,192 |
167 | Hurco Companies, Inc. | 4,671 |
576 | L B Foster Co. - Class A(a) | 7,356 |
35,685 |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
23
Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
Shares | Value | |
Media – 1.46% | ||
261 | Scholastic Corp. | $7,814 |
Oil, Gas & Consumable Fuels – 1.62% | ||
336 | World Fuel Services Corp. | 8,655 |
Personal Products – 4.10% | ||
704 | Edgewell Personal Care Co.(a) | 21,937 |
Pharmaceuticals – 2.85% | ||
347 | AMAG Pharmaceuticals, Inc.(a) | 2,655 |
477 | Avadel Pharmaceuticals Plc(a) | 3,854 |
333 | Phibro Animal Health Corp. – Class A | 8,748 |
15,257 | ||
Professional Services – 3.76% | ||
520 | Kelly Services, Inc. – Class A | 8,224 |
991 | Resources Connection, Inc. | 11,862 |
20,086 | ||
Real Estate Management & Development – 1.81% | ||
498 | The St. Joe Co.(a) | 9,671 |
Software – 2.12% | ||
96 | MicroStrategy, Inc. – Class A(a) | 11,356 |
Shares | Value | |
Specialty Retail – 2.12% | ||
121 | Aaron's, Inc. | $5,494 |
209 | Rent-A-Center, Inc. | 5,814 |
11,308 | ||
Textiles, Apparel & Luxury Goods – 0.53% | ||
263 | Movado Group, Inc. | 2,851 |
Thrifts & Mortgage Finance – 0.97% | ||
217 | Territorial Bancorp, Inc. | 5,162 |
Trading Companies & Distributors – 0.60% | ||
1,365 | Houston Wire & Cable Co.(a) | 3,221 |
TOTAL COMMON STOCKS (Cost $498,513) | $505,667 | |
PREFERRED STOCKS – 0.03% | ||
Oil, Gas & Consumable Fuels – 0.03% | ||
37 | Chesapeake Energy Corp., 5.750% | $148 |
TOTAL PREFERRED STOCKS (Cost $9,011) | $148 |
Principal Amount | Value | |
CORPORATE BONDS – 2.75% | ||
Oil, Gas & Consumable Fuels – 2.75% | ||
Chesapeake Energy Corp. 11.500%, 1/1/2025(b) | $129,000 | $14,732 |
SHORT-TERM INVESTMENTS – 1.78% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%, (c) | 9,526 | $9,526 |
TOTAL SHORT-TERM INVESTMENTS (Cost $9,526) | $9,526 | |
Total Investments (Cost $531,591) – 99.12% | $530,073 | |
Other Assets in Excess of Liabilities – 0.88% | 4,708 | |
TOTAL NET ASSETS – 100.00% | $534,781 |
Percentages are stated as a percent of net assets. | ||
ADR American Depositary Receipt |
(a) | Non-income producing security. |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
24
Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
(b) | Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $14,732 which represented 2.75% of the net assets of the Fund. |
(c) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
25
Brandes Small Cap Value Fund
SCHEDULE OF INVESTMENTS BY COUNTRY — June 30, 2020
COMMON STOCKS | |
Brazil | 1.48% |
Canada | 3.02% |
United States | 90.06% |
TOTAL COMMON STOCKS | 94.56% |
CORPORATE BONDS | |
United States | 2.75% |
TOTAL CORPORATE BONDS | 2.75% |
PREFERRED STOCKS | |
United States | 0.03% |
TOTAL PREFERRED STOCKS | 0.03% |
SHORT-TERM INVESTMENTS | 1.78% |
TOTAL INVESTMENTS | 99.12% |
Other Assets in Excess of Liabilities | 0.88% |
TOTAL NET ASSETS | 100.00% |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
26
Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited)
Shares | Value | |
COMMON STOCKS – 0.00% | ||
Household Durables – 0.00% | ||
Urbi Desarrollos Urbanos SAB de CV (a) | 1,564 | $ 1,170 |
TOTAL COMMON STOCKS (Cost $292,050) | $1,170 |
Principal Amount | Value | |
FEDERAL AND FEDERALLY SPONSORED CREDITS – 10.97% | ||
Federal Home Loan Mortgage Corporation – 3.62% | ||
Pool A9-3505 4.500%, 8/1/2040 | $ 90,362 | $ 100,419 |
Pool G0-6018 6.500%, 4/1/2039 | 20,362 | 23,702 |
Pool G1-8578 3.000%, 12/1/2030 | 1,167,750 | 1,230,483 |
Pool SD-8001 3.500%, 7/1/2049 | 812,557 | 853,920 |
Pool SD-8003 4.000%, 7/1/2049 | 838,925 | 888,541 |
3,097,065 | ||
Federal National Mortgage Association – 7.35% | ||
Pool 934124 5.500%, 7/1/2038 | 39,495 | 45,126 |
Pool AL9865 3.000%, 2/1/2047 | 1,549,113 | 1,638,353 |
Pool AS6201 3.500%, 11/1/2045 | 688,968 | 733,363 |
Pool BJ2553 3.500%, 12/1/2047 | 572,546 | 606,711 |
Pool BN6683 3.500%, 6/1/2049 | 1,344,165 | 1,412,312 |
Pool CA1624 3.000%, 4/1/2033 | 909,508 | 963,366 |
Pool MA0918 4.000%, 12/1/2041 | 211,477 | 232,183 |
Pool MA3687 4.000%, 6/1/2049 | 620,851 | 657,689 |
6,289,103 | ||
TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS (Cost $8,944,507) | $9,386,168 | |
OTHER MORTGAGE RELATED SECURITIES – 0.00% | ||
Collateralized Mortgage Obligations – 0.00% | ||
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14 4.511%, 10/25/2036(b) | $ 764 | $ 732 |
TOTAL OTHER MORTGAGE RELATED SECURITIES (Cost $752) | $732 | |
US GOVERNMENTS – 54.66% | ||
Sovereign – 54.66% | ||
United States Treasury Note | ||
2.375%, 8/15/2024 | $11,360,000 | $ 12,359,325 |
2.000%, 11/15/2021 | 211,000 | 216,275 |
2.000%, 2/15/2023 | 1,140,000 | 1,194,373 |
2.250%, 2/15/2027 | 15,825,000 | 17,677,638 |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
27
Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
Principal Amount | Value | |
2.375%, 5/15/2029 | $ 5,300,000 | $ 6,116,531 |
United States Treasury Bond 4.750%, 2/15/2037 | 5,775,000 | 9,209,997 |
TOTAL US GOVERNMENTS (Cost $41,519,392) | $46,774,139 | |
CORPORATE BONDS – 29.61% | ||
Automobiles – 0.48% | ||
Ford Motor Credit Co. LLC 5.875%, 8/2/2021 | $ 410,000 | $ 413,977 |
Banks – 4.43% | ||
Fifth Third Bancorp 8.250%, 3/1/2038 | 175,000 | 283,869 |
Goldman Sachs Group, Inc. 3.000%, 4/26/2022 | 780,000 | 795,104 |
JPMorgan Chase & Co. 4.230% (3M LIBOR + 3.470%), Perpetual(c) | 1,317,000 | 1,198,865 |
USB Capital IX 3.500% (3M LIBOR + 1.020%, minimum of 3.500%), Perpetual(c) | 1,830,000 | 1,511,580 |
3,789,418 | ||
Commercial Services & Supplies – 2.81% | ||
ADT Corp. 3.500%, 7/15/2022 | 915,000 | 909,510 |
Iron Mountain, Inc. 4.875%, 9/15/2027(d) | 645,000 | 628,353 |
Prime Security Services Borrower LLC 6.250%, 1/15/2028(d) | 915,000 | 862,387 |
2,400,250 | ||
Consumer Products – 2.41% | ||
Avon International Operations, Inc. 7.875%, 8/15/2022(d) | 1,415,000 | 1,417,122 |
Wyndham Destinations, Inc. 3.900%, 3/1/2023 | 690,000 | 644,150 |
2,061,272 | ||
Containers & Packaging – 0.50% | ||
Sealed Air Corp. 4.000%, 12/1/2027(d) | 430,000 | 430,000 |
Electric Utilities – 0.29% | ||
Commonwealth Edison Co. 5.900%, 3/15/2036 | 175,000 | 248,172 |
Equipment – 0.03% | ||
Continental Airlines Pass Through Trust Series 2007-1 5.983%, 4/19/2022 | 24,285 | 22,778 |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
28
Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
Principal Amount | Value | |
Food, Beverage & Tobacco – 0.97% | ||
Pilgrim's Pride Corp. 5.750%, 3/15/2025(d) | $ 835,000 | $ 832,562 |
Health Care Facilities & Services – 0.81% | ||
CVS Health Corp. 4.100%, 3/25/2025 | 240,000 | 271,426 |
Tenet Healthcare Corp. | ||
5.125%, 5/1/2025 | 270,000 | 260,607 |
4.875%, 1/1/2026(d) | 165,000 | 160,669 |
692,702 | ||
Homebuilders – 2.18% | ||
PulteGroup, Inc. 5.500%, 3/1/2026 | 980,000 | 1,068,788 |
Toll Brothers Finance Corp. 4.875%, 11/15/2025 | 745,000 | 794,513 |
1,863,301 | ||
Insurance – 0.96% | ||
American International Group, Inc. 6.400%, 12/15/2020 | 800,000 | 821,325 |
Media – 1.23% | ||
Charter Communications Operating LLC 4.908%, 7/23/2025 | 295,000 | 338,095 |
Netflix, Inc. 5.375%, 2/1/2021 | 695,000 | 710,637 |
1,048,732 | ||
Oil, Gas & Consumable Fuels – 7.65% | ||
BP Capital Markets Plc 3.506%, 3/17/2025 | 810,000 | 895,522 |
Chesapeake Energy Corp. 11.500%, 1/1/2025(e) | 3,616,000 | 412,947 |
Chevron Corp. 2.100%, 5/16/2021 | 1,150,000 | 1,165,805 |
Exxon Mobil Corp. 2.397%, 3/6/2022 | 945,000 | 974,207 |
Kinder Morgan, Inc. 4.300%, 6/1/2025 | 1,054,000 | 1,182,527 |
Occidental Petroleum Corp. 3.500%, 6/15/2025 | 555,000 | 468,975 |
Range Resources Corp. 5.000%, 3/15/2023 | 1,680,000 | 1,444,800 |
6,544,783 | ||
Technology – 2.71% | ||
Microsoft Corp. 2.400%, 2/6/2022 | 1,000,000 | 1,031,909 |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
29
Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
Principal Amount | Value | |
VMware, Inc. | ||
4.500%, 5/15/2025 | $ 215,000 | $ 235,230 |
3.900%, 8/21/2027 | 995,000 | 1,055,926 |
2,323,065 | ||
Telecommunications – 2.15% | ||
AT&T, Inc. 3.000%, 6/30/2022 | 1,630,000 | 1,702,231 |
Telefonica Emisiones SA 5.462%, 2/16/2021 | 135,000 | 138,984 |
1,841,215 | ||
TOTAL CORPORATE BONDS (Cost $24,338,326) | $25,333,552 | |
ASSET BACKED SECURITIES – 1.77% | ||
Student Loan – 1.77% | ||
SLM Private Credit Student Loan Trust Series 2007-A, 0.553% (3M LIBOR + 0.240%), 12/16/2041(c) | $ 263,967 | $ 250,089 |
SLM Private Credit Student Loan Trust Series 2004-B, 0.744% (3M LIBOR + 0.430%), 9/15/2033(c) | 300,000 | 282,256 |
SLM Private Credit Student Loan Trust Series 2005-A, 0.623% (3M LIBOR + 0.310%), 12/15/2038(c) | 400,000 | 377,527 |
SLM Private Credit Student Loan Trust Series 2006-A, 0.603% (3M LIBOR + 0.290%), 6/15/2039(c) | 652,381 | 605,014 |
TOTAL ASSET BACKED SECURITIES (Cost $1,486,788) | $1,514,886 |
Shares | Value | |
SHORT-TERM INVESTMENTS – 4.21% | ||
Money Market Funds – 4.21% | ||
Northern Institutional Funds - Treasury Portfolio (Premier), 0.100%(f) | $ 3,600,232 | $ 3,600,232 |
TOTAL SHORT-TERM INVESTMENTS (Cost $3,600,232) | $3,600,232 | |
Total Investments (Cost $80,182,047) – 101.22% | $86,610,879 | |
Liabilities in Excess of Other Assets – (1.22)% | (1,045,804) | |
Total Net Assets – 100.00% | $85,565,075 |
Percentages are stated as a percent of net assets. | ||
LIBOR London Interbank Offered Rate |
(a) | Non-income producing security. |
(b) | Variable rate security. The coupon is based on an underlying pool of loans. |
(c) | Variable rate security. The coupon is based on a reference index and spread index. |
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
30
Brandes Core Plus Fixed Income Fund
SCHEDULE OF INVESTMENTS — June 30, 2020 (Unaudited) (continued)
(d) | Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $4,331,093 which represented 5.06% of the net assets of the Fund. |
(e) | Issuer has defaulted on terms of debt obligation. Income is not being accrued. |
(f) | The rate shown is the annualized seven day yield as of June 30, 2020. |
The industry classifications represented in the Schedule of Investments are in accordance with Bloomberg Industry Classification Standards (BICS) or were otherwise determined by the Adviser to be appropriate. This information is unaudited.
The accompanying notes to financial statements are an integral part of these Schedule of Investments.
31
Brandes Investment Trust
NOTES TO FINANCIAL STATEMENTS
NOTE 1–ORGANIZATION
The Brandes International Equity Fund (the “International Fund”), the Brandes Global Equity Fund (the “Global Fund”), the Brandes Global Equity Income Fund (the “Global Income Fund”), the Brandes Emerging Markets Value Fund (the “Emerging Markets Fund”), the Brandes International Small Cap Equity Fund (the “International Small Cap Fund”), the Brandes Small Cap Value Fund (the “Small Cap Value Fund”) and the Brandes Core Plus Fixed Income Fund (the “Core Plus Fund”) (each a “Fund” and collectively the “Funds”) are series of Brandes Investment Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company.
The International Fund, Global Fund, Global Income Fund, Emerging Markets Fund, International Small Cap Fund, Small Cap Value Fund and Core Plus Fund began operations on January 2, 1997, October 6, 2008, December 31, 2014, January 31, 2011, February 1, 2012, January 2, 2018 and December 28, 2007, respectively. Prior to January 31, 2011 for the Emerging Markets Fund, February 1, 2012 for the International Small Cap and January 2, 2018 for the Small Cap Value Fund, these Funds’ portfolios were managed as private investment funds with investment objectives, investment policies and strategies that were, in all material respects, equivalent to those of the Emerging Markets Fund, International Small Cap Fund and Small Cap Value Fund, respectively.
The International Fund, Emerging Markets Fund and International Small Cap Fund have four classes of shares: Class A, Class C, Class I and Class R6. The Global Fund and Global Income Fund have three classes of shares: Class A, Class C and Class I. The Small Cap Value Fund and Core Plus Fund have three classes of shares: Class A, Class I and Class R6.
The International Fund and Global Fund invest their assets primarily in equity securities of issuers with market capitalizations greater than $5 billion. The International, International Small Cap and Emerging Markets Funds invest their assets in securities of foreign companies, while the Global Fund and Global Income Fund invest their assets in securities of foreign and domestic companies. The Small Cap Value Fund invests primarily in U.S. equity securities of issuers with market capitalizations less than $5 billion. The Core Plus Fund invests predominantly in debt securities issued by U.S. and foreign companies and debt obligations issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities.
NOTE 2–SIGNIFICANT ACCOUNTING POLICIES
Each Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, “Financial Services-Investment Companies”, by the Financial Accounting Standards Board (“FASB”). The following is a summary of
32
Brandes Investment Trust
NOTES TO FINANCIAL STATEMENTS — (continued)
significant accounting policies consistently followed by the Funds. These policies are in conformity with generally accepted accounting principles (“GAAP”) in the United States of America.
A. | Fair Value Measurements. The Trust has adopted GAAP accounting principles related to fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below: |
Level 1—Fair value measurement within Level 1 should be based on an unadjusted quoted price in an active market that the Funds have the ability to access for the asset or liability at the measurement date. Because a quoted price alone forms the basis for the measurement, the access requirement within Level 1 limits discretion in pricing the asset or liability, including in situations in which there are multiple markets for the asset or liability with different prices and no single market represents a principal market for the asset or liability. Importantly, the Financial Accounting Standards Board has indicated that when a quoted price in an active market for a security is available, that price should be used to measure fair value without regard to an entity’s intent to transact at that price. | |
Level 2—Fair value measurement within Level 2 should be based on all inputs other than unadjusted quoted prices included within Level 1 that are observable for the asset or liability. Other significant observable market inputs include quoted prices for similar instruments in active markets, quoted adjusted prices in active markets, quoted prices for identical or similar instruments in markets that are not active, and model derived valuations in which the majority of significant inputs and significant value drivers are observable in active markets. | |
Level 3—Fair value measurement within Level 3 should be based on unobservable inputs in such cases where markets do not exist or are illiquid. Significant unobservable inputs include model derived valuations in which the majority of significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information. | |
B. | Security Valuation. Common and preferred stocks, exchange-traded funds and financial derivative instruments, such as futures contracts and options contracts that are traded on a national securities or commodities exchange, are valued at the last reported sales price at the close of regular trading on |
33
Brandes Investment Trust
NOTES TO FINANCIAL STATEMENTS — (continued)
each day the exchange is open for trading, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. Securities listed on the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. | |
Equity securities traded on an exchange for which there have been no sales on the valuation date are generally valued at the mean between last bid and ask price on such day and are categorized as Level 2 of the fair value hierarchy, or are fair valued by the Fair Valuation Committee. | |
Investments in registered open-end management investment companies are valued based upon the Net Asset Values (“NAVs”) of such investments and are categorized as Level 1 of the fair value hierarchy. | |
Valuation adjustments may be applied to certain common and preferred stocks that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the New York Stock Exchange (“NYSE”). These securities are generally valued using pricing service providers that consider the correlation of the trading patterns of the foreign securities to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. As of June 30, 2020, the International Fund, Global Fund, Emerging Markets Fund and International Small Cap Fund had securities with market values of $417,769,431, $15,518,142, $618,100,282 and $177,051,190 that represent 87.10%, 52.34%, 57.70%, and 60.11% of each Fund’s net assets, respectively, that were fair valued using these valuation adjustments. | |
Fixed income securities (other than repurchase agreements and demand notes) including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities, fixed income securities purchased on a delayed delivery basis and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services or sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers’ internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/ |
34
Brandes Investment Trust
NOTES TO FINANCIAL STATEMENTS — (continued)
spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. | |
Rights that are traded on a national securities exchange are valued at the last reported sales price at the close of regular trading on each day the exchange is open. A right is a privilege offered by a corporation to its shareholders pro rata to subscribe to a certain security at a specified price, often for a short period. Rights may or may not be transferable. | |
The Funds may enter into mortgage dollar roll transactions in which the Funds sell a mortgage-backed security to a counterparty and simultaneously enter into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase a Fund’s portfolio turnover rate. | |
Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each package of underlying securities. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche level attributes, estimated cash flows and market based yield spreads for each tranche, and current market data and incorporate packaged collateral performance, as available. Mortgage and asset-backed securities that use such valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. | |
Repurchase agreements and demand notes, for which neither vendor pricing nor market maker prices are available, are valued at amortized cost on the day of valuation, unless Brandes Investment Partners, L.P. (the “Advisor”) determines that the use of amortized cost valuation on such day is not appropriate (in which case such instrument is fair valued in accordance with the fair value procedures of the Trust). | |
Certain securities may be fair valued in accordance with the fair valuation procedures approved by the Board of Trustees. The Fair Valuation Committee is generally responsible for overseeing the day-to-day valuation processes and reports periodically to the Board. The Fair Valuation Committee is authorized to make all necessary determinations of the fair value of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. The securities fair |
35
Brandes Investment Trust
NOTES TO FINANCIAL STATEMENTS — (continued)
valued by the Fair Valuation Committee are indicated in the Schedules of Investments and are categorized as Level 2 or Level 3 of the fair value hierarchy. Certain vendor priced securities may also be considered Level 3 if significant unobservable inputs are used by the vendors. | |
In using fair value pricing, each Fund attempts to establish the price that it might reasonably have expected to receive upon a sale of the security at 4:00 p.m. Eastern time. Valuing securities at fair value involves greater reliance on judgment than valuation of securities based on readily available market quotations. A Fund using fair value to price securities may value those securities higher or lower than another fund using market quotations or fair value to price the same securities. Further, there can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its net asset value. |
The following is a summary of the level inputs used, as of June 30, 2020, involving the Funds' assets carried at fair value. The inputs used for valuing securities may not be an indication of the risk associated with investing in those securities.
Description | Level 1 | Level 2 | Level 3 | Total | ||||
Investments in Securities | ||||||||
International Fund | ||||||||
Common Stocks | ||||||||
Communication Services | $— | $46,874,827 | $— | $46,874,827 | ||||
Consumer Discretionary | — | 52,310,376 | — | 52,310,376 | ||||
Consumer Staples | 8,352,275 | 56,402,770 | — | 64,755,045 | ||||
Energy | 6,008,417 | 37,201,299 | — | 43,209,716 | ||||
Financials | — | 89,794,135 | — | 89,794,135 | ||||
Health Care | — | 51,075,722 | — | 51,075,722 | ||||
Industrials | 5,534,173 | 32,900,655 | — | 38,434,828 | ||||
Materials | 7,612,638 | 29,005,744 | — | 36,618,382 | ||||
Real Estate | 10,399,998 | — | — | 10,399,998 | ||||
Technology | 3,645,631 | 10,861,600 | — | 14,507,231 | ||||
Utilities | — | 11,342,303 | — | 11,342,303 | ||||
Total Common Stocks | 41,553,132 | 417,769,431 | — | 459,322,563 | ||||
Preferred Stocks | ||||||||
Energy | 14,643,001 | — | — | 14,643,001 | ||||
Rights | ||||||||
Energy | 416,584 | — | — | 416,584 | ||||
Short-Term Investments | 3,755,255 | — | — | 3,755,255 | ||||
Total Investments in Securities | $60,367,972 | $417,769,431 | $— | $478,137,403 |
36
Brandes Investment Trust
NOTES TO FINANCIAL STATEMENTS — (continued)
Description | Level 1 | Level 2 | Level 3 | Total | ||||
Global Fund | ||||||||
Common Stocks | ||||||||
Communication Services | $442,735 | $1,729,667 | $— | $2,172,402 | ||||
Consumer Discretionary | 332,348 | 2,607,050 | — | 2,939,398 | ||||
Consumer Staples | 295,563 | 2,552,470 | — | 2,848,033 | ||||
Energy | 513,352 | 1,710,727 | — | 2,224,079 | ||||
Financials | 4,155,505 | 1,791,581 | — | 5,947,086 | ||||
Health Care | 5,003,725 | 1,934,059 | — | 6,937,784 | ||||
Industrials | 1,545,000 | 587,997 | — | 2,132,997 | ||||
Materials | 290,698 | 710,377 | — | 1,001,075 | ||||
Real Estate | 387,982 | — | — | 387,982 | ||||
Technology | 803,845 | 983,335 | — | 1,787,180 | ||||
Utilities | — | 758,490 | — | 758,490 | ||||
Total Common Stocks | 13,770,753 | 15,365,753 | — | 29,136,506 | ||||
Preferred Stocks | ||||||||
Technology | — | 152,389 | — | 152,389 | ||||
Rights | ||||||||
Energy | 13,435 | — | — | 13,435 | ||||
Short-Term Investments | 477,398 | — | — | 477,398 | ||||
Total Investments in Securities | $14,261,586 | $15,518,142 | $— | $29,779,728 | ||||
Global Income Fund | ||||||||
Short-Term Investments | $391,583 | $— | $— | $391,583 | ||||
Total Investments in Securities | $391,583 | $— | $— | $391,583 |
37
Brandes Investment Trust
NOTES TO FINANCIAL STATEMENTS — (continued)
Description | Level 1 | Level 2 | Level 3 | Total | ||||
Emerging Markets Fund | ||||||||
Common Stocks | ||||||||
Communication Services | $64,113,938 | $106,255,018 | $— | $170,368,956 | ||||
Consumer Discretionary | 44,083,081 | 106,830,233 | — | 150,913,314 | ||||
Consumer Staples | 21,271,914 | 51,675,783 | — | 72,947,697 | ||||
Energy | 13,891,879 | 20,932,065 | — | 34,823,944 | ||||
Financials | 31,540,823 | 120,409,628 | — | 151,950,451 | ||||
Health Care | — | 30,918,075 | — | 30,918,075 | ||||
Industrials | 48,648,014 | 18,058,896 | — | 66,706,910 | ||||
Materials | 33,418,135 | 47,034,894 | — | 80,453,029 | ||||
Real Estate | 56,300,745 | — | — | 56,300,745 | ||||
Technology | 6,493,662 | 105,974,481 | — | 112,468,143 | ||||
Utilities | 10,210,306 | 17,477,312 | — | 27,687,618 | ||||
Total Common Stocks | 329,972,497 | 625,566,385 | — | 955,538,882 | ||||
Preferred Stocks | ||||||||
Communication Services | 9,988,591 | — | — | 9,988,591 | ||||
Consumer Discretionary | — | 14,995,137 | — | 14,995,137 | ||||
Energy | 35,291,949 | 1,012,115 | — | 36,304,064 | ||||
Financials | 5,400,365 | — | — | 5,400,365 | ||||
Total Preferred Stocks | 50,680,905 | 16,007,252 | — | 66,688,157 | ||||
Participatory Notes | ||||||||
Communication Services | 9,963,360 | — | — | 9,963,360 | ||||
Short-Term Investments | 12,728,236 | — | — | 12,728,236 | ||||
Total Investments in Securities | $403,344,998 | $641,573,637 | $— | $1,044,918,635 | ||||
International Small Cap Fund | ||||||||
Common Stocks | ||||||||
Communication Services | $5,463,050 | $11,169,049 | $— | $16,632,099 | ||||
Consumer Discretionary | 9,285,167 | 25,524,743 | — | 34,809,910 | ||||
Consumer Staples | 10,395,144 | 47,241,041 | — | 57,636,185 | ||||
Energy | 5,109,789 | — | — | 5,109,789 | ||||
Financials | 6,441,848 | 33,063,186 | — | 39,505,034 | ||||
Health Care | 6,308,120 | 8,667,831 | — | 14,975,951 | ||||
Industrials | 16,068,185 | 34,844,255 | — | 50,912,440 | ||||
Materials | 2,301,220 | 6,809,757 | — | 9,110,977 | ||||
Real Estate | 23,151,398 | — | — | 23,151,398 | ||||
Technology | 11,987,160 | 4,754,193 | — | 16,741,353 | ||||
Utilities | 2,075,201 | 3,070,206 | — | 5,145,407 | ||||
Total Common Stocks | 98,586,282 | 175,144,261 | — | 273,730,543 | ||||
Preferred Stocks | ||||||||
Health Care | — | 6,008,760 | — | 6,008,760 | ||||
Rights | ||||||||
Industrials | 293,409 | — | — | 293,409 | ||||
Short-Term Investments | 10,650,159 | — | — | 10,650,159 | ||||
Total Investments in Securities | $109,529,850 | $181,153,021 | $— | $290,682,871 |
38
Brandes Investment Trust
NOTES TO FINANCIAL STATEMENTS — (continued)
Description | Level 1 | Level 2 | Level 3 | Total | ||||
Small Cap Value Fund | ||||||||
Common Stocks | ||||||||
Communication Services | $7,814 | $— | $— | $7,814 | ||||
Consumer Discretionary | 75,342 | — | — | 75,342 | ||||
Consumer Staples | 34,674 | — | — | 34,674 | ||||
Energy | 39,033 | — | — | 39,033 | ||||
Exchange Traded Funds | 7,921 | — | — | 7,921 | ||||
Financials | 53,803 | — | — | 53,803 | ||||
Health Care | 88,714 | — | — | 88,714 | ||||
Industrials | 102,448 | — | — | 102,448 | ||||
Materials | 11,892 | — | — | 11,892 | ||||
Real Estate | 9,671 | — | — | 9,671 | ||||
Technology | 69,112 | — | — | 69,112 | ||||
Utilities | 5,243 | — | — | 5,243 | ||||
Total Common Stocks | 505,667 | — | — | 505,667 | ||||
Corporate Bonds | — | 14,732 | — | 14,732 | ||||
Preferred Stocks | ||||||||
Energy | 148 | — | — | 148 | ||||
Short-Term Investments | 9,526 | — | — | 9,526 | ||||
Total Investments in Securities | $515,341 | $14,732 | $— | $530,073 | ||||
Core Plus Fund | ||||||||
Common Stocks | ||||||||
Consumer Discretionary | $1,170 | $— | $— | $1,170 | ||||
Asset Backed Securities | — | 1,514,886 | — | 1,514,886 | ||||
Corporate Bonds | — | 25,333,552 | — | 25,333,552 | ||||
Government Securities | — | 46,774,139 | — | 46,774,139 | ||||
Mortgage Backed Securities | — | 9,386,900 | — | 9,386,900 | ||||
Short-Term Investments | 3,600,232 | — | — | 3,600,232 | ||||
Total Investments in Securities | $3,601,402 | $83,009,477 | $— | $86,610,879 |
There were no Level 3 securities in the International, Global, Global Income, Emerging Markets, International Small Cap, Small Cap Value and Core Plus Funds at the beginning or during the periods presented.
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Brandes Investment Trust
NOTES TO FINANCIAL STATEMENTS — (continued)
NOTE 3–TRANSACTIONS WITH AFFILIATES
The following issuers were affiliated with the Emerging Markets Fund and International Small Cap Fund as defined in Section (2)(a)(3) of the 1940 Act, as these Funds held 5% or more of the outstanding voting securities of the following issuers during the period from October 1, 2019 through June 30, 2020:
Emerging Markets Fund | ||||||||||||||||
Issuer Name | Share Balance At October 1, 2019 | Additions | Reductions | Share Balance At June 30, 2020 | Dividend Income | Unrealized Appreciation/(Depreciation) | Realized Gain/(Loss) | Value At June 30, 2020 | ||||||||
Urbi Desarrollos Urbanos SAB de CV | 10,242,449 | — | (9,730,327) | 512,122 | $— | $(395,187) | $(115) | $383,237 | ||||||||
$— | $(395,187) | $(115) | $383,237 |
International Small Cap Fund | ||||||||||||||||
Issuer Name | Share Balance At October 1, 2019 | Additions | Reductions | Share Balance At June 30, 2020 | Dividend Income | Unrealized Appreciation/(Depreciation) | Realized Gain/(Loss) | Value At June 30, 2020 | ||||||||
Desarrolladora Homex SAB de CV | 279,501,983 | — | — | 279,501,983 | $— | $(523,052) | $— | $595,862 | ||||||||
Urbi Desarrollos Urbanos SAB de CV | 16,033,402 | — | (15,231,732) | 801,670 | — | (1,818,628) | — | 599,914 | ||||||||
$— | $(2,341,680) | $— | $1,195,776 |
NOTE 4–SUBSEQUENT EVENTS
In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Trust has concluded that there are no subsequent events to note, other than the item noted below.
The Board of Trustees, based on the recommendation of the Advisor, approved a plan of liquidation of the Global Equity Income Fund (the "Fund"). The liquidation of the Fund was completed on June 30, 2020.
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