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Brandes Investment Trust (BVNSC) N-CSRSCertified semi-annual shareholder report (management investment company)

Filed: 3 Jun 21, 5:03pm
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    • N-CSRS Certified semi-annual shareholder report (management investment company)
    • 99 EX-99.CERT
    • 99.906 EX-99.906CERT
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    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


    Table of Contents

    Brandes International Equity Fund

    2
    Brandes Global Equity Fund

    9
    Brandes Emerging Markets Value Fund

    15
    Brandes International Small Cap Equity Fund

    22
    Brandes Small Cap Value Fund

    28
    Brandes Core Plus Fixed Income Fund

    34
    Expense Example

    40
    Schedule of Investments

    43
    Brandes International Equity Fund

    43
    Brandes Global Equity Fund

    46
    Brandes Emerging Markets Value Fund

    49
    Brandes International Small Cap Equity Fund

    55
    Brandes Small Cap Value Fund

    60
    Brandes Core Plus Fixed Income Fund

    64
    Statements of Assets and Liabilities

    70
    Statements of Operations

    72
    Statements of Changes in Net Assets

    74
    Financial Highlights

    78
    Notes to Financial Statements

    90
    Additional Information

    111
    Trustees and Officers Information

    116
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    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
    7


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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.
    8


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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.
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    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.
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    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.
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    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.
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    Brandes Emerging Markets Value Fund
    The following chart compares the value of a hypothetical $100,000 investment in the Brandes Emerging Markets Value Fund – Class I from March 31, 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
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    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.
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    Brandes International Small Cap Equity Fund
    Dear Fellow Investor,
    The net asset value of the Brandes International Small Cap Equity Fund (Class I Shares) 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
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    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.
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    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.
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    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.
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    Brandes International Small Cap Equity Fund
    The following chart compares the value of a hypothetical $100,000 investment in the Brandes International Small Cap Fund – Class I from March 31, 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
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    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.
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    Brandes Small Cap Value Fund
    Dear Fellow Investor,
    The net asset value of the Brandes Small Cap Value Fund (Class I Shares) 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
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    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,
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    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.
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    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.
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    Brandes Small Cap Value Fund
    The following chart compares the value of a hypothetical $100,000 investment in the Brandes Small Cap Value Fund – Class I from March 31, 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”)
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    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.
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    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.
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    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
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    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.
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    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.
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    Brandes Core Plus Fixed Income Fund
    The following chart compares the value of a hypothetical $100,000 investment in the Brandes Core Plus Fixed Income Fund – Class I from March 31, 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.
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    Table of Contents
    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)
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    Brandes Investment Trust
    Expense Example (Unaudited)
    As a shareholder of a Fund, you incur ongoing costs, including investment advisory and administrative fees and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds.
    The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 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
        
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    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.
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    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).
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    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


    Table of Contents
    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


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    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


    Table of Contents
    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.
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    69


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    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


    Table of Contents
    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


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    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


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    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


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    Brandes Investment Trust
    STATEMENT OF CHANGES IN NET ASSETS 

     Brandes International Equity
    Fund
     Brandes Global
    Equity Fund
     Six Months Ended
    March 31,
    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


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    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


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    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.
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    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.
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    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.
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    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